Table of Contents
Exhibit (17)(b)
TRANSAMERICA FUNDS
Transamerica Tactical Income
Supplement to the Currently Effective Prospectus, Summary Prospectus
and Statement of Additional Information
* * *
Effective on or about May 1, 2015, the principal investment strategies of Transamerica Tactical Income (the “fund”), as well as the fund’s name, sub-adviser and portfolio managers, will change. The fund will also have a lower advisory fee schedule at certain asset levels. These changes are described below.
The fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), investment objective and benchmark indexes will remain the same.
Effective on or about May 1, 2015, Transamerica Tactical Income will be renamed “Transamerica Dynamic Income” and the following information will supplement and supersede any contrary information contained in the Prospectus, Summary Prospectus, and Statement of Additional Information concerning the fund:
PRINCIPAL INVESTMENT STRATEGIES:
The fund’s sub-adviser, QS Investors, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing primarily in a combination of underlying exchange-traded funds (“ETFs”).
The sub-adviser utilizes a dynamic optimization approach that seeks to maximize current income though the use of a proprietary quantitative model. The dynamic approach reallocates the portfolio’s assets in an effort to maximize income, within the context of the level of risk taken. The model is used as a tool by the sub-adviser in seeking to achieve the fund’s objective, however the sub-adviser has the ability to use discretion throughout the portfolio implementation process.
The sub-adviser’s asset allocation strategy involves making adjustments to the fund’s asset mix, utilizing among other things the sub-adviser’s research on various risk and income considerations, in an effort to optimize yields relative to risks as market and economic conditions change. The sub-adviser’s selections of individual ETFs to populate the allocation to a given asset class may be driven by income, risk, diversification, liquidity, fees, or other investment considerations.
Under normal circumstances, the fund’s equity allocation will generally vary between approximately 30% and 35% of its net assets. The equity allocation normally involves a combination of domestic and non-U.S. ETFs, consisting of any mixture of large, medium and small-cap styles and pursuing growth or value strategies. The fund’s allocation to non-U.S. equity ETFs will generally not exceed more than 18% of the total net assets of the fund. The fund’s allocation to bond ETFs (which may include domestic and non-U.S. government, corporate, high yield and structured bonds, including emerging markets) will generally vary between approximately 65% and 70% of net assets. The sum of the fund’s allocation to high yield (commonly known as “junk bonds”) and emerging market fixed income asset classes will generally not exceed 60% of the fund’s net assets. The fund’s allocation to non-U.S. fixed income ETFs will generally not exceed 35% of the net assets of the fund.
The sub-adviser dynamically rebalances assets on a monthly basis and rotates the fund’s assets semi-annually, or as needed dependent upon market conditions, among various asset classes in an effort to take advantage of changing conditions that the sub-adviser believes favor one asset class over another. Based on the analysis of risk and income characteristics, the sub-adviser will increase the allocation to the asset classes that the sub-adviser believes have a higher probability of contributing to a higher yield at a
Table of Contents
reasonable risk level. The investment process incorporates a limit of 20% to any single ETF and also employs diversification measures in an effort to ensure the fund includes exposure to multiple asset classes.
The sub-adviser uses a largely quantitative process to seek an income focused portfolio that has a high yield and corresponds to a desired risk level. As part of the investment process, the sub-adviser defines a universe of ETFs that generate regular income and then estimates the yield on each ETF. The sub-adviser incorporates various inputs focused on income and risk into the model and includes constraints and metrics that limit asset class exposures to ensure portfolio diversification. The sub-adviser may exercise its judgment in managing the fund and may, in its discretion, adjust, change, or even disregard the quantitative model at any time. The desired output of the process is a well-diversified income portfolio.
It is the fund’s goal to pay a monthly dividend that is generally consistent in amount based on current market conditions. The dividend will be calculated based on estimates of expected dividends from the fund’s holdings. Actual dividends received by the fund may vary from the estimates, and subsequent monthly dividends will be adjusted accordingly.
Each underlying ETF has its own investment objective, principal investment strategies and investment risks. It is not possible to predict the extent to which the fund will be invested in a particular underlying ETF at any time. The fund may be a significant shareholder in certain underlying ETFs. The sub-adviser may change the fund’s asset allocations and underlying ETFs at any time without investor approval and without notice to investors.
PORTFOLIO MANAGERS:
Name | Sub-Adviser | Positions Over Past Five Years | ||
Y. Wayne Lin | QS Investors, LLC | Portfolio Manager of the fund since 2015; Portfolio Manager with QS Investors, LLC since 2014; Portfolio Manager with Legg Mason Global Asset Allocation, LLC 2005-2014
| ||
Thomas Picciochi | QS Investors, LLC | Portfolio Manager of the fund since 2015; Portfolio Manager with QS Investors, LLC since 2010
| ||
Ellen Tesler | QS Investors, LLC | Portfolio Manager of the fund since 2015; Portfolio Manager with QS Investors, LLC since 2010 |
ADVISORY FEES:
TAM receives compensation, calculated daily and paid monthly, at the indicated annual rates (expressed as a percentage of the fund’s average daily net assets):
First $500 million | 0.47 | % | ||
Over $500 million up to $1 billion | 0.46 | % | ||
Over $1 billion up to $1.5 billion | 0.45 | % | ||
Over $1.5 billion up to $2 billion | 0.44 | % | ||
Over $2 billion up to $2.5 billion | 0.43 | % | ||
Over $2.5 billion | 0.42 | % |
* * *
Investors Should Retain this Supplement for Future Reference
March 18, 2015
Table of Contents
TRANSAMERICA FUNDS
Transamerica Tactical Allocation
Transamerica Tactical Rotation
Supplement to the Currently Effective Prospectus, Summary Prospectuses
and Statement of Additional Information
* * *
Effective on or about May 1, 2015, the investment objectives and principal investment strategies of Transamerica Tactical Allocation and Transamerica Tactical Rotation (each, a “fund” and together, the “funds”), as well as each fund’s name, sub-adviser, benchmark indexes and portfolio managers, will change. The funds will also be subject to certain additional principal risks. These changes are described below.
The fund’s investment adviser, Transamerica Asset Management, Inc., will remain the same.
The Board of Trustees of the funds has approved a reorganization pursuant to which Transamerica Tactical Allocation’s assets would be acquired, and its liabilities would be assumed, by Transamerica Tactical Rotation in exchange for shares of Transamerica Tactical Rotation. Transamerica Tactical Allocation would then be liquidated, and shares of Transamerica Tactical Rotation would be distributed to shareholders of Transamerica Tactical Allocation. The reorganization is subject to the satisfaction of certain closing conditions. An information statement describing the reorganization is expected to be sent to shareholders of Transamerica Tactical Allocation in the second quarter of 2015. The reorganization is expected to occur during the third quarter of 2015.
Effective on or about May 1, 2015, Transamerica Tactical Rotation will be renamed “Transamerica Dynamic Allocation,” Transamerica Tactical Allocation will be renamed “Transamerica Dynamic Allocation II,” and the following information will supplement and supersede any contrary information contained in the Prospectus, Summary Prospectuses, and Statement of Additional Information concerning each fund:
INVESTMENT OBJECTIVE:
The fund seeks the highest total return (that is, a combination of income and long-term capital appreciation) over time consistent with its asset mix. The fund will seek to reduce volatility as a secondary objective.
PRINCIPAL INVESTMENT STRATEGIES:
The fund seeks to achieve its objective by investing primarily in a combination of exchange-traded funds (“ETFs”) that are based on an index and managed by unaffiliated investment advisers.
QS Investors, LLC (the “sub-adviser”), the fund’s sub-adviser, is responsible for implementation of the fund’s overall asset allocation and the “Dynamic Risk Management” strategy described below. Western Asset Management Company (“Western Asset”), the fund’s sub-sub-adviser, is responsible for the fund’s “Event Risk Management” strategy described below and manages the fund’s cash and short-term instruments.
The fund seeks to achieve its objective by normally investing in a combination of underlying ETFs representing a broad range of asset classes and investment styles and focuses, combined with multiple layers of risk management strategies. The underlying equity ETFs may include large, mid and small cap
Table of Contents
ETFs, growth and value-oriented ETFs, international ETFs, and ETFs that are based on equity indexes. The underlying long-term fixed income ETFs may include ETFs that invest in U.S. and non-U.S. issuers, corporate, mortgage-backed and government securities, investment grade securities, securities rated below investment grade (commonly known as “junk bonds”) and ETFs that are based on fixed income indexes.
The fund generally seeks to maintain a certain target allocation for long-term investments (the “Target Allocation”). The fund’s current Target Allocation is 70% in equity and 30% in fixed income securities. However, the sub-adviser may from time to time make tactical increases or decreases to the fund’s investment in a particular asset class beyond the Target Allocation based on a broad range of market and economic trends and quantitative factors. The sub-adviser may also allow the relative weightings of the fund’s investments in asset classes to vary from its Target Allocation in response to the markets. When varying exposures among underlying funds, the sub-adviser will examine relative values and prospects among the underlying ETFs’ asset classes, as well as the capacity of the underlying funds to absorb additional cash flow. The fund’s tactical overweights or underweights may range from 60% of its net assets in equity ETFs and 40% of its net assets in long-term fixed income ETFs to 75% of its net assets in equity ETFs and 25% of its net assets in long-term fixed income ETFs as, in the sub-adviser’s opinion, market conditions warrant.
The sub-adviser will employ the Dynamic Risk Management strategy and, in its discretion, may adjust the fund’s asset mix as often as intra-day and may vary the fund’s allocation substantially from the Target Allocation. Western Asset will implement the Event Risk Management strategy in an effort to lessen the impact to the fund of steep market declines. As result, the fund’s asset mix may be significantly different than the Target Allocation.
In addition to these long-term investments, the fund may invest in short-term defensive instruments, including money market funds, Treasury bills and cash, and may enter into derivative transactions involving options, futures and swaps as a part of its risk management strategies.
Risk Management
The sub-adviser and Western Asset will implement a combination of risk management strategies that will attempt to reduce downside volatility within the fund. These strategies include Dynamic Risk Management and Event Risk Management, as described below. Through both strategies, the fund gives up some of the potential for high total return that could be achieved if the fund were to follow its Target Allocation under positive market conditions. In exchange, these strategies are intended to result in less significant declines in the fund’s net asset value (“NAV”) under negative market conditions. The fund’s NAV will fluctuate and is not guaranteed.
Dynamic Risk Management. The Dynamic Risk Management strategy seeks to reduce the fund’s market risk exposure and volatility. As frequently as intra-day, the Dynamic Risk Management strategy may increase the fund’s exposure to short-term defensive instruments in response to certain levels of negative fund performance. At other times, Dynamic Risk Management may decrease the fund’s exposure to short-term defensive instruments and increase its exposure to equity ETFs and long-term fixed income ETFs in order to return to the fund’s Target Allocation in response to certain levels of positive fund performance. The maximum daily allocation to short-term defensive instruments will be 95% of the fund’s net assets.
In response to certain levels of negative fund performance, the sub-adviser may increase the fund’s exposure to short-term defensive instruments (“derisking”) based on a formula that takes into account the fund’s current NAV, macro-economic conditions, and the fund’s underlying volatility. In order to implement this strategy, the sub-adviser anticipates that it will sell shares of equity and longer-term fixed-income ETFs and other liquid securities or engage in short sale transactions involving index options and index futures contracts. In response to certain levels of positive fund performance, the fund may purchase
Table of Contents
equity and longer-term fixed-income ETFs or cover short futures positions (when the fund is not managed strictly according to the standard Target Allocation). The sub-adviser, in its discretion, will determine the levels and timing for Dynamic Risk Management. If the sub-adviser determines that de-risking is no longer appropriate, the fund will reverse this process, sell short-term defensive instruments and purchase equity and longer-term fixed income ETFs in accordance with the fund’s Target Allocation.
Event Risk Management. The Event Risk Management strategy seeks to reduce the impact to the fund of market declines during a short period of time caused by, for example, sudden and substantial movements in the equity markets, interest rates or credit spreads.
The fund may invest up to 7% of its net assets at the time of purchase in this strategy (as measured by the premiums paid on options or initial margin on futures contracts). If the fund’s holdings in this strategy increase in value to over 7% of its net assets as a result of market movements, the fund will reduce, at least monthly, the amount of its assets invested in this strategy to no more than 7% of its net assets. The value of the fund’s assets invested in this strategy may be substantially higher than the value of the premiums paid or initial margin amounts on the instruments used to implement the strategy. If the value of the instruments in the Event Risk Management strategy declines after the fund has engaged in “de-risking,” the fund’s NAV could decline even if the broader markets rise in value. Conversely, if the value of the instruments in the Event Risk Management strategy increases after the fund has engaged in “de-risking,” the fund’s NAV could increase even if the broader markets fall in value.
Western Asset’s views and outlook regarding potential unexpected market movements will determine the investments and strategies it employs in implementing the Event Risk Management strategy. During normal market conditions, the fund will implement the Event Risk Management strategy through investments in options, futures, swaps or other instruments. Since the Event Risk Management strategy seeks to primarily benefit from large and unexpected market movements, there may be times when the investment and transaction costs related to hedging will result in losses to the fund. The Event Risk Management strategy will be actively managed in an effort to reduce these costs when possible.
ADDITIONAL PRINCIPAL RISKS
• Dynamic Risk Management – In implementing the Dynamic Risk Management strategy, the sub-adviser anticipates that it will sell shares the fund holds in equity and longer-term fixed income ETFs and, as a result, may be more concentrated in shorter-term defensive instruments. The fund may incur additional trading costs while implementing the Dynamic Risk Management strategy, which may reduce the fund’s performance. If the fund increases its exposure to short-term defensive instruments at inopportune times or for extended periods of time, the fund may experience lower performance and greater losses. There is no guarantee that the Dynamic Risk Management strategy will work as intended and shareholders should evaluate their ability to invest for the long term, especially during periods of downturn in the market.
• Event Risk Management. The Event Risk Management strategy may involve entering into transactions involving options, futures and swaps that are expected to increase in value during the occurrence of certain market events. An instrument used to hedge market event risk could lose all or a portion of its value even in a period of severe market stress. Implementation of the strategy may result in the fund holding options, futures and swaps positions that take contradictory views on market movements. The costs of purchasing and selling these instruments may reduce the fund’s return. The fund may not be able to close out a position at the desired time or price. There is no guarantee that the Event Risk Management strategy will work and shareholders should evaluate their ability to invest for the long term, especially during periods of downturn in the market.
Table of Contents
PERFORMANCE
The primary benchmark of the fund is the Russell 3000 Index. The secondary benchmark of the fund is the QS Legg Mason Dynamic Multi-Strategy Benchmark, which is comprised of the following: Russell 1000 Total Return Index, 50%; Barclays Global Aggregate ex USD Total Return Index, 15%; Barclays US Aggregate Bond Index, 15%; MSCI ACWI ex US, 10%; and the Russell 2000 Total Return Index, 10%.
PORTFOLIO MANAGERS:
Name | Sub-Adviser | Positions Over Past Five Years | ||
Y. Wayne Lin | QS Investors, LLC | Portfolio Manager of the fund since 2015; Portfolio Manager with QS Investors, LLC since 2014; Portfolio Manager with Legg Mason Global Asset Allocation, LLC 2005-2014
| ||
Thomas Picciochi | QS Investors, LLC | Portfolio Manager of the fund since 2015; Portfolio Manager with QS Investors, LLC since 2010
| ||
Ellen Tesler | QS Investors, LLC | Portfolio Manager of the fund since 2015; Portfolio Manager with QS Investors, LLC since 2010
| ||
S. Kenneth Leech | Western Asset Management Company | Portfolio Manager of the fund since 2015; Co-Chief Investment Officer with Western Asset Management Company since 1990
| ||
Prashant Chandran | Western Asset Management Company | Portfolio Manager of the fund since 2015; Global Head of Derivatives at Western Asset Management Company; Employed by Western Asset Management Company since 2005 |
* * *
Investors Should Retain this Supplement for Future Reference
March 18, 2015
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img8d93a3591.jpg)
Fund | Class A Ticker | Class B Ticker | Class C Ticker | Class I Ticker | Class R Ticker | Class T Ticker |
Transamerica Asset Allocation-Conservative Portfolio | ICLAX | ICLBX | ICLLX | TACIX | ICVRX | None |
Transamerica Asset Allocation-Growth Portfolio | IAAAX | IAABX | IAALX | TAGIX | IGWRX | None |
Transamerica Asset Allocation-Moderate Growth Portfolio | IMLAX | IMLBX | IMLLX | TMGIX | IMGRX | None |
Transamerica Asset Allocation-Moderate Portfolio | IMOAX | IMOBX | IMOLX | TMMIX | IMDRX | None |
Transamerica Capital Growth | IALAX | IACBX | ILLLX | TFOIX | None | None |
Transamerica Concentrated Growth | TORAX | None | TCCGX | TOREX | None | None |
Transamerica Dividend Focused | TDFAX | None | TDFCX | TDFIX | None | None |
Transamerica Emerging Markets Debt | EMTAX | None | EMTCX | EMTIX | None | None |
Transamerica Emerging Markets Equity | AEMTX | None | CEMTX | IEMTX | None | None |
Transamerica Enhanced Muni | TAMUX | None | TCMUX | TIMUX | None | None |
Transamerica Flexible Income | IDITX | IFLBX | IFLLX | TFXIX | None | None |
Transamerica Floating Rate | TFLAX | None | TFLCX | TFLIX | None | None |
Transamerica Global Bond | ATGBX | None | CTGBX | ITGBX | None | None |
Transamerica Global Equity | IMNAX | IMNBX | IMNCX | TMUIX | None | None |
Transamerica Growth Opportunities | ITSAX | ITCBX | ITSLX | TGPIX | None | None |
Transamerica High Yield Bond | IHIYX | INCBX | INCLX | TDHIX | None | None |
Transamerica High Yield Muni | THAYX | None | THCYX | THYIX | None | None |
Transamerica Income & Growth | TAIGX | None | TCIGX | TIIGX | None | None |
Transamerica Inflation Opportunities | TIOAX | None | TIOCX | ITIOX | None | None |
Transamerica International Equity | TRWAX | None | TRWCX | TSWIX | None | None |
Transamerica International Small Cap Value | None | None | None | TISVX | None | None |
Transamerica Large Cap Value | TWQAX | None | TWQCX | TWQIX | None | None |
Transamerica Mid Cap Growth | MCGAX | None | MGTCX | IMCGX | None | None |
Transamerica Mid Cap Value Opportunities | MCVAX | None | MCVCX | MVTIX | None | None |
Transamerica MLP & Energy Income | TMLAX | None | TMCLX | TMLPX | None | None |
Transamerica Money Market | IATXX | IBTXX | IMLXX | TAMXX | None | None |
Transamerica Multi-Managed Balanced | IBALX | IBABX | IBLLX | TBLIX | None | None |
Transamerica Multi-Manager Alternative Strategies Portfolio | IMUAX | None | IMUCX | TASIX | None | None |
Transamerica Opportunistic Allocation | None | None | None | None | None | None |
Transamerica Short-Term Bond | ITAAX | None | ITACX | TSTIX | None | None |
Transamerica Small Cap Core | SCCAX | None | SCCCX | ISMTX | None | None |
Transamerica Small Cap Growth | ASGTX | None | CSGTX | ISCGX | None | None |
Transamerica Small Cap Value | TSLAX | None | TSLCX | TSLIX | None | None |
Transamerica Small/Mid Cap Value | IIVAX | IIVBX | IIVLX | TSVIX | None | None |
Transamerica Strategic High Income | TASHX | None | TCSHX | TSHIX | None | None |
Transamerica Tactical Allocation | TTAAX | None | TTACX | TTAIX | None | None |
Transamerica Tactical Income | IGTAX | None | IGTCX | IGTIX | None | None |
Transamerica Tactical Rotation | ATTRX | None | CTTRX | ITTOX | None | None |
Transamerica Unconstrained Bond | TUNAX | None | TUNBX | TUNIX | None | None |
Transamerica US Growth | TADAX | TADBX | TADCX | TDEIX | None | TWMTX |
![]() | Neither the U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, nor any state securities commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense. |
Not insured by FDIC or any federal government agency. | May lose value. | Not a deposit of or guaranteed by any bank, bank affiliate, or credit union. |
Table of Contents
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% | 0.50% |
Other expenses | 0.16% | 0.18% | 0.12% | 0.16% | 0.22% |
Acquired fund fees and expenses | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
Total annual fund operating expenses1 | 1.29% | 2.06% | 2.00% | 1.04% | 1.60% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $674 | $936 | $1,219 | $2,021 |
B | $709 | $946 | $1,208 | $2,192 |
C | $303 | $627 | $1,078 | $2,327 |
I | $106 | $331 | $ 574 | $1,271 |
R | $163 | $505 | $ 871 | $1,900 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $674 | $936 | $1,219 | $2,021 |
B | $209 | $646 | $1,108 | $2,192 |
C | $203 | $627 | $1,078 | $2,327 |
I | $106 | $331 | $ 574 | $1,271 |
R | $163 | $505 | $ 871 | $1,900 |
Table of Contents
• | Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 35% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 65% of net assets in fixed-income, which may include bonds, cash, cash equivalents, and other money market instruments. These percentages may vary. |
• | The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | Asset Allocation – The Portfolio Construction Manager allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Commodities – To the extent the fund invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the fund will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. The fund's investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower |
Table of Contents
volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. | |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to |
Table of Contents
pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. | |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the Portfolio Construction Manager’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the Portfolio Construction Manager to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could |
Table of Contents
make identifying investment risks and opportunities especially difficult for the Portfolio Construction Manager. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617imgdb0ea45c2.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 12.20% |
Worst Quarter: | 12/31/2008 | -10.98% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 03/01/2002 | |||
Return before taxes | 4.18% | 6.30% | 4.96% | |
Return after taxes on distributions | 1.49% | 4.93% | 3.56% | |
Return after taxes on distributions and sale of fund shares | 3.83% | 4.60% | 3.53% | |
Class B (Return before taxes only) | 3.45% | 5.59% | 4.41% | 03/01/2002 |
Class C (Return before taxes only) | 3.57% | 5.65% | 4.31% | 11/11/2002 |
Class I (Return before taxes only) | 4.54% | 6.67% | 6.74% | 11/30/2009 |
Class R (Return before taxes only) | 3.95% | 6.03% | 4.91% | 06/15/2006 |
Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) | 12.10% | 15.64% | 8.13% | |
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 5.97% | 4.45% | 4.71% |
Investment Adviser: | Portfolio Construction Manager: | |
Transamerica Asset Management, Inc. | Morningstar Associates, LLC | |
Portfolio Construction Team: | ||
Dario Castagna, CFA, Co-Portfolio Manager since 2014 | ||
Dan McNeela, CFA, Co-Portfolio Manager since 2010 | ||
Michael Stout, CFA, Co-Portfolio Manager since 2006 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% | 0.50% |
Other expenses | 0.19% | 0.24% | 0.16% | 0.16% | 0.25% |
Acquired fund fees and expenses | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Total annual fund operating expenses1 | 1.47% | 2.27% | 2.19% | 1.19% | 1.78% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $691 | $ 989 | $1,309 | $2,211 |
B | $730 | $1,009 | $1,315 | $2,404 |
C | $322 | $ 685 | $1,175 | $2,524 |
I | $121 | $ 378 | $ 654 | $1,443 |
R | $181 | $ 560 | $ 964 | $2,095 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $691 | $989 | $1,309 | $2,211 |
B | $230 | $709 | $1,215 | $2,404 |
C | $222 | $685 | $1,175 | $2,524 |
I | $121 | $378 | $ 654 | $1,443 |
R | $181 | $560 | $ 964 | $2,095 |
Table of Contents
• | Under normal circumstances, the fund expects to invest primarily in underlying funds that invest in U.S. and foreign (including emerging market) equities, commodity-related securities, and alternative investments. |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks, historical performance, current valuations, and other global economic factors. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | Asset Allocation – The Portfolio Construction Manager allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Commodities – To the extent the fund invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the fund will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. The fund's investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
Table of Contents
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value |
Table of Contents
on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. | |
• | Manager – The fund is subject to the risk that the Portfolio Construction Manager’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the Portfolio Construction Manager to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the Portfolio Construction Manager. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img2d75a0da3.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 18.83% |
Worst Quarter: | 12/31/2008 | -22.63% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 03/01/2002 | |||
Return before taxes | 5.33% | 10.49% | 5.79% | |
Return after taxes on distributions | 3.53% | 9.88% | 5.23% | |
Return after taxes on distributions and sale of fund shares | 4.56% | 8.33% | 4.65% | |
Class B (Return before taxes only) | 4.52% | 9.67% | 5.23% | 03/01/2002 |
Class C (Return before taxes only) | 4.58% | 9.75% | 5.14% | 11/11/2002 |
Class I (Return before taxes only) | 5.63% | 10.88% | 11.38% | 11/30/2009 |
Class R (Return before taxes only) | 5.04% | 10.25% | 5.32% | 06/15/2006 |
Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) | 12.10% | 15.64% | 8.13% |
Table of Contents
Investment Adviser: | Portfolio Construction Manager: | |
Transamerica Asset Management, Inc. | Morningstar Associates, LLC | |
Portfolio Construction Team: | ||
Dario Castagna, CFA, Co-Portfolio Manager since 2014 | ||
Dan McNeela, CFA, Co-Portfolio Manager since 2010 | ||
Michael Stout, CFA, Co-Portfolio Manager since 2006 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% | 0.50% |
Other expenses | 0.15% | 0.20% | 0.13% | 0.15% | 0.15% |
Acquired fund fees and expenses | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
Total annual fund operating expenses1 | 1.37% | 2.17% | 2.10% | 1.12% | 1.62% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $682 | $960 | $1,259 | $2,106 |
B | $720 | $979 | $1,264 | $2,300 |
C | $313 | $658 | $1,129 | $2,431 |
I | $114 | $356 | $ 617 | $1,363 |
R | $165 | $511 | $ 881 | $1,922 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $682 | $960 | $1,259 | $2,106 |
B | $220 | $679 | $1,164 | $2,300 |
C | $213 | $658 | $1,129 | $2,431 |
I | $114 | $356 | $ 617 | $1,363 |
R | $165 | $511 | $ 881 | $1,922 |
Table of Contents
• | Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 70% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 30% of net assets in fixed-income, which may include bonds, cash, cash equivalents, and other money market instruments. These percentages may vary. |
• | The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks, volatility in the equity markets, historical performance, current valuations, and other global economic factors. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | Asset Allocation – The Portfolio Construction Manager allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Commodities – To the extent the fund invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the fund will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. The fund's investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to |
Table of Contents
derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. | |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
Table of Contents
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the Portfolio Construction Manager’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the Portfolio Construction Manager to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the Portfolio Construction Manager. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively |
Table of Contents
affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img12fd76614.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 15.57% |
Worst Quarter: | 12/31/2008 | -17.63% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 03/01/2002 | |||
Return before taxes | 5.04% | 8.96% | 5.69% | |
Return after taxes on distributions | 2.37% | 8.02% | 4.77% | |
Return after taxes on distributions and sale of fund shares | 4.90% | 6.98% | 4.40% | |
Class B (Return before taxes only) | 4.16% | 8.15% | 5.12% | 03/01/2002 |
Class C (Return before taxes only) | 4.22% | 8.22% | 5.01% | 11/11/2002 |
Class I (Return before taxes only) | 5.25% | 9.31% | 9.60% | 11/30/2009 |
Class R (Return before taxes only) | 4.70% | 8.76% | 5.38% | 06/15/2006 |
Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) | 12.10% | 15.64% | 8.13% | |
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 5.97% | 4.45% | 4.71% |
Investment Adviser: | Portfolio Construction Manager: | |
Transamerica Asset Management, Inc. | Morningstar Associates, LLC | |
Portfolio Construction Team: | ||
Dario Castagna, CFA, Co-Portfolio Manager since 2014 | ||
Dan McNeela, CFA, Co-Portfolio Manager since 2010 | ||
Michael Stout, CFA, Co-Portfolio Manager since 2006 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
Class of Shares | |||||
A | B | C | I | R | |
Management fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% | 0.50% |
Other expenses | 0.15% | 0.20% | 0.12% | 0.15% | 0.13% |
Acquired fund fees and expenses | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Total annual fund operating expenses1 | 1.33% | 2.13% | 2.05% | 1.08% | 1.56% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $948 | $1,239 | $2,063 |
B | $716 | $967 | $1,244 | $2,258 |
C | $308 | $643 | $1,103 | $2,379 |
I | $110 | $343 | $ 595 | $1,317 |
R | $159 | $493 | $ 850 | $1,856 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $948 | $1,239 | $2,063 |
B | $216 | $667 | $1,144 | $2,258 |
C | $208 | $643 | $1,103 | $2,379 |
I | $110 | $343 | $ 595 | $1,317 |
R | $159 | $493 | $ 850 | $1,856 |
Table of Contents
• | Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 50% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 50% of net assets in fixed-income, which may include bonds, cash, cash equivalents, and other money market instruments. These percentages may vary. |
• | The underlying funds may invest in a variety of U.S. and foreign (including emerging market) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks, historical performance, current valuations, and other global economic factors. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | Asset Allocation – The Portfolio Construction Manager allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Commodities – To the extent the fund invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the fund will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. The fund's investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to |
Table of Contents
derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. | |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
Table of Contents
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the Portfolio Construction Manager’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the Portfolio Construction Manager to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the Portfolio Construction Manager. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively |
Table of Contents
affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617imgb0fd49005.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 13.29% |
Worst Quarter: | 12/31/2008 | -13.46% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 03/01/2002 | |||
Return before taxes | 4.36% | 7.63% | 5.44% | |
Return after taxes on distributions | 1.67% | 6.32% | 4.17% | |
Return after taxes on distributions and sale of fund shares | 4.02% | 5.73% | 4.02% | |
Class B (Return before taxes only) | 3.51% | 6.85% | 4.87% | 03/01/2002 |
Class C (Return before taxes only) | 3.62% | 6.92% | 4.77% | 11/11/2002 |
Class I (Return before taxes only) | 4.55% | 7.95% | 8.11% | 11/30/2009 |
Class R (Return before taxes only) | 4.07% | 7.41% | 5.27% | 06/15/2006 |
Wilshire 5000 Total Market Index (reflects no deduction for fees, expenses or taxes) | 12.10% | 15.64% | 8.13% | |
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 5.97% | 4.45% | 4.71% |
Investment Adviser: | Portfolio Construction Manager: | |
Transamerica Asset Management, Inc. | Morningstar Associates, LLC | |
Portfolio Construction Team: | ||
Dario Castagna, CFA, Co-Portfolio Manager since 2014 | ||
Dan McNeela, CFA, Co-Portfolio Manager since 2010 | ||
Michael Stout, CFA, Co-Portfolio Manager since 2006 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees | 0.74% | 0.74% | 0.74% | 0.74% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.26% | 0.46% | 0.21% | 0.21% |
Recaptured expense1 | 0.00% | 0.04% | 0.00% | 0.00% |
All other expenses | 0.26% | 0.42% | 0.21% | 0.21% |
Total annual fund operating expenses | 1.25% 2 | 2.20% | 1.95% | 0.95% |
1 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.20%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
2 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $670 | $925 | $1,199 | $1,978 |
B | $723 | $988 | $1,280 | $2,293 |
C | $298 | $612 | $1,052 | $2,275 |
I | $ 97 | $303 | $ 525 | $1,166 |
Table of Contents
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $670 | $925 | $1,199 | $1,978 |
B | $223 | $688 | $1,180 | $2,293 |
C | $198 | $612 | $1,052 | $2,275 |
I | $ 97 | $303 | $ 525 | $1,166 |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
Table of Contents
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
Table of Contents
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Warrants and Rights – Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased. They do not represent any rights in the assets of the issuing company, and cease to have value if not exercised prior to the expiration date. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617mscg.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2012 | 20.41% |
Worst Quarter: | 9/30/2011 | -13.96% |
1 Year | 5 Years | Since Inception | Inception Date | |
Class A | 11/13/2009 | |||
Return before taxes | 5.69% | 16.67% | 16.71% | |
Return after taxes on distributions | 5.01% | 16.20% | 16.25% | |
Return after taxes on distributions and sale of fund shares | 3.80% | 13.51% | 13.57% | |
Class B (Return before taxes only) | 4.73% | 15.83% | 15.87% | 11/13/2009 |
Class C (Return before taxes only) | 4.96% | 15.95% | 15.98% | 11/13/2009 |
Class I (Return before taxes only) | 6.02% | 17.17% | 17.76% | 11/30/2009 |
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) | 13.05% | 15.81% | 16.22% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Morgan Stanley Investment Management Inc. | |
Portfolio Managers: | ||
Dennis P. Lynch, Lead Portfolio Manager since 2011 | ||
Sam G. Chainani, CFA, Portfolio Manager since 2011 | ||
David S. Cohen, Portfolio Manager since 2011 | ||
Armistead B. Nash, Portfolio Manager since 2011 | ||
Alexander T. Norton, Portfolio Manager since 2011 | ||
Jason C. Yeung, CFA, Portfolio Manager since 2011 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.65% | 0.65% | 0.65% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.28% | 0.28% | 0.30% |
Recaptured expense1 | 0.00% | 0.00% | 0.08% |
All other expenses | 0.28% | 0.28% | 0.22% |
Total annual fund operating expenses | 1.18% | 1.93% | 0.95% 2 |
1 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.95%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
2 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction in advisory fees effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $664 | $904 | $1,163 | $1,903 |
C | $296 | $606 | $1,042 | $2,254 |
I | $ 97 | $303 | $ 525 | $1,166 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $664 | $904 | $1,163 | $1,903 |
C | $196 | $606 | $1,042 | $2,254 |
I | $ 97 | $303 | $ 525 | $1,166 |
Table of Contents
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
Table of Contents
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617cgtorry.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2012 | 15.66% |
Worst Quarter: | 09/30/2011 | -13.01% |
1 Year | Since Inception | Inception Date | |
Class I | 12/31/2010 | ||
Return before taxes | 8.12% | 15.05% | |
Return after taxes on distributions | 7.28% | 14.64% | |
Return after taxes on distributions and sale of fund shares | 5.18% | 11.95% | |
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) | 13.05% | 15.53% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Torray LLC | |
Portfolio Manager: | ||
Nicholas C. Haffenreffer, Portfolio Manager of the fund since 2014; Portfolio Manager of the predecessor fund since 2010. |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.64% | 0.64% | 0.64% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.07% | 0.17% | 0.16% |
Total annual fund operating expenses | 0.96% | 1.81% | 0.80% |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $643 | $839 | $1,052 | $1,663 |
C | $284 | $569 | $ 980 | $2,127 |
I | $ 82 | $255 | $ 444 | $ 990 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $643 | $839 | $1,052 | $1,663 |
C | $184 | $569 | $ 980 | $2,127 |
I | $ 82 | $255 | $ 444 | $ 990 |
Table of Contents
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
Table of Contents
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617dfret.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2014 | 4.23% |
Worst Quarter: | 09/30/2014 | 0.85% |
1 Year | Since Inception | Inception Date | |
Class A | 01/04/2013 | ||
Return before taxes | 11.00% | 19.03% | |
Return after taxes on distributions | 9.51% | 17.82% | |
Return after taxes on distributions and sale of fund shares | 6.97% | 14.53% | |
Class C (Return before taxes only) | 10.03% | 18.10% | 01/04/2013 |
Class I (Return before taxes only) | 11.20% | 19.25% | 01/04/2013 |
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | 13.45% | 21.29% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Barrow, Hanley, Mewhinney & Strauss, LLC | |
Portfolio Managers: | ||
Ray Nixon, Jr., Portfolio Manager since 2013 | ||
Brian Quinn, CFA, Portfolio Manager since 2013 | ||
Lewis Ropp, Portfolio Manager since 2013 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.59% | 0.59% | 0.59% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.32% | 0.25% | 0.22% |
Total annual fund operating expenses | 1.16% 1 | 1.84% | 0.81% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $588 | $826 | $1,083 | $1,817 |
C | $287 | $579 | $ 995 | $2,159 |
I | $ 83 | $259 | $ 450 | $1,002 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $588 | $826 | $1,083 | $1,817 |
C | $187 | $579 | $ 995 | $2,159 |
I | $ 83 | $259 | $ 450 | $1,002 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Aggressive Investment – The fund’s investment strategies, techniques and/or portfolio investments differ from those of many other mutual funds and may be considered aggressive. This approach to investing may expose the fund to additional risks, make the fund a more volatile investment than other mutual funds and cause the fund to perform less favorably than other mutual funds under similar market or economic conditions. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be |
Table of Contents
less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. | |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Distressed or Defaulted Securities – Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks and are considered speculative. The fund may suffer significant losses if the reorganization or restructuring is not completed as anticipated. The fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
Table of Contents
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
Table of Contents
• | Non-Diversification – The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617emd.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2012 | 8.84% |
Worst Quarter: | 06/30/2013 | -6.82% |
Table of Contents
1 Year | Since Inception | Inception Date | |
Class A | 08/31/2011 | ||
Return before taxes | 1.91% | 5.90% | |
Return after taxes on distributions | -0.10% | 3.71% | |
Return after taxes on distributions and sale of fund shares | 1.12% | 3.67% | |
Class C (Return before taxes only) | 1.26% | 5.19% | 08/31/2011 |
Class I (Return before taxes only) | 2.40% | 6.28% | 08/31/2011 |
J.P. Morgan Emerging Markets Bond Index Global (reflects no deduction for fees, expenses or taxes) | 5.53% | 5.18% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Logan Circle Partners, LP | |
Portfolio Managers: | ||
Todd Howard, CFA, Portfolio Manager since 2011 | ||
Scott Moses, CFA, Portfolio Manager since 2011 | ||
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.95% | 0.95% | 0.95% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.40% | 0.34% | 0.34% |
Total annual fund operating expenses | 1.60% 1 | 2.29% | 1.29% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $704 | $1,027 | $1,373 | $2,346 |
C | $332 | $ 715 | $1,225 | $2,626 |
I | $131 | $ 409 | $ 708 | $1,556 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $704 | $1,027 | $1,373 | $2,346 |
C | $232 | $ 715 | $1,225 | $2,626 |
I | $131 | $ 409 | $ 708 | $1,556 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Aggressive Investment – The fund’s investment strategies, techniques and/or portfolio investments differ from those of many other mutual funds and may be considered aggressive. This approach to investing may expose the fund to additional risks, make the fund a more volatile investment than other mutual funds and cause the fund to perform less favorably than other mutual funds under similar market or economic conditions. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market |
Table of Contents
countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. | |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund |
Table of Contents
invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617cveme.jpg)
Table of Contents
Quarter Ended | Return | |
Best Quarter: | 09/30/2013 | 6.55% |
Worst Quarter: | 06/30/2013 | -7.91% |
1 Year | Since Inception | Inception Date | |
Class A | 04/30/2012 | ||
Return before taxes | 0.38% | 0.33% | |
Return after taxes on distributions | 0.37% | 0.20% | |
Return after taxes on distributions and sale of fund shares | 0.67% | 0.33% | |
Class C (Return before taxes only) | -0.32% | -0.34% | 04/30/2012 |
Class I (Return before taxes only) | 0.71% | 0.64% | 04/30/2012 |
MSCI Emerging Markets Index (reflects no deduction for fees, expenses or taxes) | -1.82% | 0.60% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | ClariVest Asset Management LLC | |
Portfolio Managers: | ||
David R. Vaughn, CFA, Portfolio Manager since 2012 | ||
Stacey Nutt, Portfolio Manager since 2014 | ||
Alex Turner, CFA, Assistant Portfolio Manager since 2012, Portfolio Manager since 2014 Priyanshu Mutreja, CFA, Assistant Portfolio Manager since 2014 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 3.25% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.44% | 0.44% | 0.44% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.43% | 0.43% | 0.48% |
Total annual fund operating expenses | 1.12% | 1.87% | 0.92% |
Fee waiver and/or expense reimbursement1 | 0.26% | 0.41% | 0.21% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 0.86% | 1.46% | 0.71% |
1 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.71%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. In addition, 0.10% of the 0.25% distribution and services (12b-1) fee for Class A shares and 0.25% of the 1.00% distribution and services (12b-1) fee for Class C shares will be contractually waived through March 1, 2016. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $410 | $644 | $898 | $1,621 |
C | $249 | $548 | $973 | $2,157 |
I | $ 73 | $272 | $489 | $1,112 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $410 | $644 | $898 | $1,621 |
C | $149 | $548 | $973 | $2,157 |
I | $ 73 | $272 | $489 | $1,112 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
Table of Contents
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
Table of Contents
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Municipal Securities – Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or get worse. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Taxable Investments – Although distributions of interest income from the fund’s tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the fund’s municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund distributions. |
Table of Contents
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617bhem.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2014 | 3.48% |
Worst Quarter: | 06/30/2013 | -1.97% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2012 | ||
Return before taxes | 11.30% | 7.80% | |
Return after taxes on distributions | 9.63% | 6.51% | |
Return after taxes on distributions and sale of fund shares | 6.38% | 5.40% | |
Class C (Return before taxes only) | 10.69% | 7.14% | 10/31/2012 |
Class I (Return before taxes only) | 11.41% | 7.88% | 10/31/2012 |
Barclays Managed Money Intermediate (1-17 Year) Index (reflects no deduction for fees, expenses or taxes) | 6.83% | 2.32% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Belle Haven Investments, L.P. | |
Portfolio Managers: | ||
Matthew Dalton, Portfolio Manager since 2012 | ||
Brian Steeves, Portfolio Manager since 2012 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees | 0.44% | 0.44% | 0.44% | 0.44% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.20% | 0.28% | 0.16% | 0.18% |
Total annual fund operating expenses | 0.89% | 1.72% | 1.60% | 0.62% |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $562 | $745 | $ 945 | $1,519 |
B | $675 | $842 | $1,033 | $1,810 |
C | $263 | $505 | $ 871 | $1,900 |
I | $ 63 | $199 | $ 346 | $ 774 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $562 | $745 | $945 | $1,519 |
B | $175 | $542 | $933 | $1,810 |
C | $163 | $505 | $871 | $1,900 |
I | $ 63 | $199 | $346 | $ 774 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be |
Table of Contents
less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. | |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
Table of Contents
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund's investments in loans are also subject to prepayment or call risk. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and |
Table of Contents
financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Structured Instruments – The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government |
Table of Contents
has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. | |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Warrants and Rights – Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased. They do not represent any rights in the assets of the issuing company, and cease to have value if not exercised prior to the expiration date. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617afi.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 12.36% |
Worst Quarter: | 12/31/2008 | -12.66% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 06/29/1987 | |||
Return before taxes | 3.74% | 7.06% | 4.75% | |
Return after taxes on distributions | 2.49% | 5.19% | 2.91% | |
Return after taxes on distributions and sale of fund shares | 2.12% | 4.73% | 2.92% | |
Class B (Return before taxes only) | 2.97% | 6.18% | 4.14% | 10/01/1995 |
Class C (Return before taxes only) | 3.03% | 6.31% | 4.06% | 11/11/2002 |
Class I (Return before taxes only) | 4.01% | 7.38% | 7.45% | 11/30/2009 |
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 5.97% | 4.45% | 4.71% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Brian W. Westhoff, CFA, Portfolio Manager since 2005 | ||
Rick Perry, CFA, Portfolio Manager since 2011 | ||
James K. Schaeffer, Jr., Portfolio Manager since 2011 | ||
Doug Weih, CFA, Portfolio Manager since 2014 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.61% | 0.61% | 0.61% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.34% | 0.36% | 0.36% |
Acquired fund fees and expenses | 0.01% | 0.01% | 0.01% |
Total annual fund operating expenses1 | 1.21% | 1.98% | 0.98% |
Fee waiver and/or expense reimbursement2 | 0.15% | 0.17% | 0.17% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.06% | 1.81% | 0.81% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.80%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $578 | $827 | $1,095 | $1,859 |
C | $284 | $605 | $1,052 | $2,293 |
I | $ 83 | $295 | $ 525 | $1,186 |
Table of Contents
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $578 | $827 | $1,095 | $1,859 |
C | $184 | $605 | $1,052 | $2,293 |
I | $ 83 | $295 | $ 525 | $1,186 |
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
Table of Contents
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Distressed or Defaulted Securities – Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks and are considered speculative. The fund may suffer significant losses if the reorganization or restructuring is not completed as anticipated. The fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Exchange Traded Funds (ETFs) – Fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political |
Table of Contents
conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. | |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Junior Loans – Junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower’s capital structure and possible unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same borrower. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund's investments in loans are also subject to prepayment or call risk. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
Table of Contents
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img13abde6e6.jpg)
Table of Contents
Quarter Ended | Return | |
Best Quarter: | 03/31/2014 | 1.03% |
Worst Quarter: | 09/30/2014 | -0.64% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2013 | ||
Return before taxes | 1.55% | 1.80% | |
Return after taxes on distributions | 0.04% | 0.41% | |
Return after taxes on distributions and sale of fund shares | 0.88% | 0.75% | |
Class C (Return before taxes only) | 0.80% | 1.06% | 10/31/2013 |
Class I (Return before taxes only) | 1.82% | 2.07% | 10/31/2013 |
Credit Suisse Leveraged Loan Index (reflects no deduction for fees, expenses or taxes) | 2.06% | 2.64% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
John F. Bailey, CFA, Portfolio Manager since 2013 | ||
Jason P. Felderman, CFA, Portfolio Manager since 2013 | ||
James K. Schaeffer, Jr., Portfolio Manager since 2013 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.54% | 0.54% | 0.54% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.30% | 0.27% | 0.37% |
Total annual fund operating expenses | 1.09% | 1.81% | 0.91% |
Fee waiver and/or expense reimbursement1 | 0.09% | 0.06% | 0.16% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.00% | 1.75% | 0.75% |
1 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.75%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $572 | $797 | $1,039 | $1,733 |
C | $278 | $564 | $ 974 | $2,122 |
I | $ 77 | $274 | $ 488 | $1,105 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $572 | $797 | $1,039 | $1,733 |
C | $178 | $564 | $ 974 | $2,122 |
I | $ 77 | $274 | $ 488 | $1,105 |
Table of Contents
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. |
Table of Contents
Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. | |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
Table of Contents
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and |
Table of Contents
financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | New Fund – The fund is newly formed. Investors in the fund bear the risk that the sub-adviser may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, or that the fund may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Structured Instruments – The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Logan Circle Partners, LP | |
Portfolio Managers: | ||
Todd Howard, CFA, Portfolio Manager since 2014 | ||
Scott Moses, CFA, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees1 | 0.81% | 0.81% | 0.81% | 0.81% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.29% | 0.44% | 0.29% | 0.24% |
Total annual fund operating expenses | 1.35% 2 | 2.25% | 2.10% | 1.05% |
Fee waiver and/or expense reimbursement3 | 0.00% | 0.15% | 0.00% | 0.00% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.35% | 2.10% | 2.10% | 1.05% |
1 | Management fees have been restated to reflect a change of advisory fees effective September 4, 2014. |
2 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
3 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.10%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $680 | $954 | $1,249 | $2,085 |
B | $713 | $989 | $1,291 | $2,346 |
C | $313 | $658 | $1,129 | $2,431 |
I | $107 | $334 | $ 579 | $1,283 |
Table of Contents
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $680 | $954 | $1,249 | $2,085 |
B | $213 | $689 | $1,191 | $2,346 |
C | $213 | $658 | $1,129 | $2,431 |
I | $107 | $334 | $ 579 | $1,283 |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
Table of Contents
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Frontier Markets – Frontier market countries generally have smaller economies and even less developed capital markets than emerging market countries, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. |
• | Large Capitalization Companies – The fund’s investments in large capitalization companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal |
Table of Contents
Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Warrants and Rights – Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased. They do not represent any rights in the assets of the issuing company, and cease to have value if not exercised prior to the expiration date. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617mmip.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 25.56% |
Worst Quarter: | 12/31/2008 | -22.43% |
1 Year | 5 Years | Since Inception | Inception Date | |
Class A | 3/1/2006 | |||
Return before taxes | 0.36% | 5.79% | 3.15% | |
Return after taxes on distributions | 0.36% | 5.54% | 2.75% | |
Return after taxes on distributions and sale of fund shares | 0.21% | 4.54% | 2.48% | |
Class B (Return before taxes only) | -0.45% | 4.96% | 2.47% | 3/1/2006 |
Class C (Return before taxes only) | -0.36% | 5.06% | 2.45% | 3/1/2006 |
Class I (Return before taxes only) | 0.64% | 6.17% | 6.55% | 11/30/2009 |
MSCI All Country World Index (Net Dividend) Unhedged (reflects no deduction for fees, expenses or taxes) | 4.17% | 9.17% | 5.13% | |
MSCI World ex-U.S.Index (reflects no deduction for fees, expenses or taxes) | -3.88% | 5.71% | 3.49% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Rockefeller & Co., Inc. | |
Portfolio Managers: | ||
David P. Harris, CFA, Portfolio Manager since 2014 | ||
Jimmy C. Chang, CFA, Portfolio Manager since 2014 | ||
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees | 0.75% | 0.75% | 0.75% | 0.75% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.35% | 0.48% | 0.39% | 0.24% |
Total annual fund operating expenses | 1.35% 1 | 2.23% | 2.14% | 0.99% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $680 | $954 | $1,249 | $2,085 |
B | $726 | $997 | $1,295 | $2,342 |
C | $317 | $670 | $1,149 | $2,472 |
I | $101 | $315 | $ 547 | $1,213 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $680 | $954 | $1,249 | $2,085 |
B | $226 | $697 | $1,195 | $2,342 |
C | $217 | $670 | $1,149 | $2,472 |
I | $101 | $315 | $ 547 | $1,213 |
Table of Contents
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument. |
Table of Contents
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken |
Table of Contents
steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Rule 144A and Privately Placed Securities – The fund’s investments may include privately placed securities such as Rule 144A securities, which are subject to resale restrictions. Rule 144A permits certain qualified institutional buyers, such as the fund, to trade in privately placed securities that have not been registered for sale to the public. Rule 144A and other privately placed securities may be deemed illiquid, and the fund might be unable to dispose of such securities promptly or at reasonable prices. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617msgo.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 20.38% |
Worst Quarter: | 12/31/2008 | -23.89% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 03/01/2000 | |||
Return before taxes | -0.88% | 12.59% | 7.72% | |
Return after taxes on distributions | -3.47% | 10.97% | 6.94% | |
Return after taxes on distributions and sale of fund shares | 1.67% | 10.20% | 6.34% | |
Class B (Return before taxes only) | -1.85% | 11.74% | 7.08% | 03/01/2000 |
Class C (Return before taxes only) | -1.73% | 11.78% | 6.95% | 11/11/2002 |
Class I (Return before taxes only) | -0.58% | 13.13% | 14.39% | 11/30/2009 |
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) | 11.90% | 16.94% | 9.43% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Morgan Stanley Investment Management Inc. | |
Portfolio Managers: | ||
Dennis P. Lynch, Lead Portfolio Manager since 2011 | ||
Sam G. Chainani, CFA, Portfolio Manager since 2011 | ||
David S. Cohen, Portfolio Manager since 2011 | ||
Armistead B. Nash, Portfolio Manager since 2011 | ||
Alexander T. Norton, Portfolio Manager since 2011 | ||
Jason C. Yeung, CFA, Portfolio Manager since 2011 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees1 | 0.55% | 0.55% | 0.55% | 0.55% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.15% | 0.25% | 0.19% | 0.20% |
Total annual fund operating expenses | 0.95% 2 | 1.80% | 1.74% | 0.75% |
1 | Management fees have been restated to reflect a reduction in advisory fees effective May 1, 2014. |
2 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $567 | $763 | $ 976 | $1,586 |
B | $683 | $866 | $1,075 | $1,892 |
C | $277 | $548 | $ 944 | $2,052 |
I | $ 77 | $240 | $ 417 | $ 930 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $567 | $763 | $976 | $1,586 |
B | $183 | $566 | $975 | $1,892 |
C | $177 | $548 | $944 | $2,052 |
I | $ 77 | $240 | $417 | $ 930 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
Table of Contents
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund's investments in loans are also subject to prepayment or call risk. |
Table of Contents
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617ahyb.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 22.80% |
Worst Quarter: | 12/31/2008 | -16.73% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 06/14/1985 | |||
Return before taxes | 3.43% | 8.55% | 7.32% | |
Return after taxes on distributions | 0.81% | 5.89% | 4.62% | |
Return after taxes on distributions and sale of fund shares | 2.12% | 5.59% | 4.57% | |
Class B (Return before taxes only) | 2.60% | 7.72% | 6.71% | 10/01/1995 |
Class C (Return before taxes only) | 2.69% | 7.80% | 6.59% | 11/11/2002 |
Class I (Return before taxes only) | 3.66% | 8.87% | 9.36% | 11/30/2009 |
Barclays U.S. Corporate High Yield 2% Issuer Capped Index (reflects no deduction for fees, expenses or taxes) | 2.46% | 8.98% | 7.73% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Kevin Bakker, CFA, Co-Lead Portfolio Manager since 2015, Portfolio Manager since 2007 | ||
Benjamin D. Miller, CFA, Portfolio Manager since 2006 | ||
James K. Schaeffer, Jr., Co-Lead Portfolio Manager since 2015, Portfolio Manager since 2011 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 3.25% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.51% | 0.51% | 0.51% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 1.51% | 1.47% | 1.53% |
Acquired fund fees and expenses | 0.03% | 0.03% | 0.03% |
Total annual fund operating expenses1 | 2.30% | 3.01% | 2.07% |
Fee waiver and/or expense reimbursement2 | 1.36% | 1.47% | 1.28% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 0.94% | 1.54% | 0.79% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.76%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. In addition, 0.10% of the 0.25% distribution and services (12b-1) fee for Class A shares and 0.25% of the 1.00% distribution and services (12b-1) fee for Class C shares will be contractually waived through March 1, 2016. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $418 | $893 | $1,395 | $2,773 |
C | $257 | $792 | $1,453 | $3,223 |
I | $ 81 | $525 | $ 995 | $2,298 |
Table of Contents
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $418 | $893 | $1,395 | $2,773 |
C | $157 | $792 | $1,453 | $3,223 |
I | $ 81 | $525 | $ 995 | $2,298 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Distressed or Defaulted Securities – Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks and are considered speculative. The fund may suffer significant losses if the reorganization or restructuring is not completed as anticipated. The fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
Table of Contents
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Municipal Securities – Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in |
Table of Contents
a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or get worse. | |
• | Non-Diversification – The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Taxable Investments – Although distributions of interest income from the fund’s tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the fund’s municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund distributions. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617hym.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2014 | 5.31% |
Worst Quarter: | 12/31/2014 | 2.66% |
Table of Contents
1 Year | Since Inception | Inception Date | |
Class A | 07/31/2013 | ||
Return before taxes | 17.23% | 15.03% | |
Return after taxes on distributions | 13.76% | 12.16% | |
Return after taxes on distributions and sale of fund shares | 9.68% | 10.16% | |
Class C (Return before taxes only) | 16.68% | 14.48% | 07/31/2013 |
Class I (Return before taxes only) | 17.49% | 15.34% | 07/31/2013 |
Barclays High Yield Municipal Index (reflects no deduction for fees, expenses or taxes) | 13.85% | 8.63% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Belle Haven Investments, L.P. | |
Portfolio Managers: | ||
Matthew Dalton, Portfolio Manager since 2013 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.67% | 0.67% | 0.67% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.17% | 0.17% | 0.18% |
Acquired fund fees and expenses | 0.19% | 0.19% | 0.19% |
Total annual fund operating expenses1 | 1.28% | 2.03% | 1.04% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $673 | $934 | $1,214 | $2,010 |
C | $306 | $637 | $1,093 | $2,358 |
I | $106 | $331 | $ 574 | $1,271 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $673 | $934 | $1,214 | $2,010 |
C | $206 | $637 | $1,093 | $2,358 |
I | $106 | $331 | $ 574 | $1,271 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Bank Obligations – To the extent the fund invests in U.S. bank obligations, the fund will be more susceptible to negative events affecting the U.S. banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce bank profitability. |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain |
Table of Contents
countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. | |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
Table of Contents
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Master Limited Partnerships – Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the fund’s investments in such securities may decline if interest rates rise. The value of the fund’s investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends |
Table of Contents
to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. | |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Tax – In order to qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), the fund must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. If the fund were to fail to meet any of these requirements, the fund might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at corporate rates (without reduction for distributions to shareholders). When distributed, that income would generally be taxable to shareholders as ordinary dividend income to the extent attributable to the fund’s earnings and profits. If the fund were to fail to qualify as a RIC, shareholders of the fund could realize significantly diminished returns from their investment in the fund. In the alternative, the fund may be able to preserve its RIC qualification under those circumstances by meeting certain conditions, in which case it may be subject to certain additional taxes. |
The fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships for federal income tax purposes. An MLP is an entity treated as a partnership under the Internal Revenue Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation and there could be a material decrease in the value of its securities. | |
Depreciation or other cost recovery deductions passed through to the fund from investments in MLPs in a given year will generally reduce the fund’s taxable income, but those deductions may be recaptured in the fund’s income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares |
Table of Contents
in the fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, the fund may need to liquidate investments, which may lead to additional recapture income. | |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Warrants and Rights – Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased. They do not represent any rights in the assets of the issuing company, and cease to have value if not exercised prior to the expiration date. |
• | Yield – The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund's expenses could absorb all or a significant portion of the fund's income. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617rig.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2013 | 9.90% |
Worst Quarter: | 09/30/2014 | -3.86% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2012 | ||
Return before taxes | 2.33% | 7.46% | |
Return after taxes on distributions | 1.12% | 6.05% | |
Return after taxes on distributions and sale of fund shares | 2.15% | 5.39% | |
Class C (Return before taxes only) | 1.64% | 6.68% | 10/31/2012 |
Class I (Return before taxes only) | 2.67% | 7.74% | 10/31/2012 |
MSCI All Country World Index – Gross (reflects no deduction for fees, expenses or taxes) | 4.71% | 14.43% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Ranger International Management, LP | |
Portfolio Manager: | ||
William R. Andersen, CFA, Portfolio Manager since 2012 | ||
Jeff Middleswart, Assistant Portfolio Manager since 2014 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.55% | 0.55% | 0.55% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.21% | 0.22% | 0.29% |
Total annual fund operating expenses | 1.01% | 1.77% | 0.84% |
Fee waiver and/or expense reimbursement1 | 0.01% | 0.02% | 0.09% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.00% | 1.75% | 0.75% |
1 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.75%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $572 | $780 | $1,005 | $1,652 |
C | $278 | $555 | $ 957 | $2,082 |
I | $ 77 | $259 | $ 457 | $1,029 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $572 | $780 | $1,005 | $1,652 |
C | $178 | $555 | $ 957 | $2,082 |
I | $ 77 | $259 | $ 457 | $1,029 |
Table of Contents
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be |
Table of Contents
less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. | |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors |
Table of Contents
affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. | |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Hybrid Instruments – The risks of investing in hybrid instruments include a combination of the risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities. |
• | Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related |
Table of Contents
efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Money Market Funds – An investment in a money market fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although money market funds generally seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in a money market fund. |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
• | New Fund – The fund is newly formed. Investors in the fund bear the risk that the sub-adviser may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, or that the fund may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. |
Table of Contents
government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. | |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Yield – The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund's expenses could absorb all or a significant portion of the fund's income. |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | PineBridge Investments LLC | |
Portfolio Managers: | ||
Amit Agrawal, Lead Portfolio Manager since 2014 | ||
Robert A. Vanden Assem, CFA, Portfolio Manager since 2014 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.73% | 0.73% | 0.73% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.30% | 0.25% | 0.22% |
Total annual fund operating expenses | 1.28% 1 | 1.98% | 0.95% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $673 | $934 | $1,214 | $2,010 |
C | $301 | $621 | $1,068 | $2,306 |
I | $ 97 | $303 | $ 525 | $1,166 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $673 | $934 | $1,214 | $2,010 |
C | $201 | $621 | $1,068 | $2,306 |
I | $ 97 | $303 | $ 525 | $1,166 |
Table of Contents
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
Table of Contents
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
Table of Contents
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617tswie.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 24.59% |
Worst Quarter: | 09/30/2008 | -21.12% |
Table of Contents
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class I | 12/18/1992 | |||
Return before taxes | -4.45% | 8.41% | 6.21% | |
Return after taxes on distributions | -5.31% | 7.74% | 5.35% | |
Return after taxes on distributions and sale of fund shares | -1.98% | 6.59% | 5.07% | |
Class C (Return before taxes only) | -5.40% | N/A | 5.18% | 03/01/2011 |
Class A (Return before taxes only) | -4.78% | N/A | 5.86% | 03/01/2011 |
MSCI EAFE Index (reflects no deduction for fees, expenses or taxes) | -4.48% | 5.81% | 4.91% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Thompson, Siegel & Walmsley LLC | |
Portfolio Manager: | ||
Brandon H. Harrell, CFA, Portfolio Manager since 2011 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |
Class of Shares | |
I | |
Management fees | 0.91% |
Distribution and service (12b-1) fees | None |
Other expenses | 0.24% |
Total annual fund operating expenses | 1.15% |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
I | $117 | $365 | $633 | $1,398 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
I | $117 | $365 | $633 | $1,398 |
Table of Contents
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
Table of Contents
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Small Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img186189247.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2014 | 4.49% |
Worst Quarter: | 09/30/2014 | -9.05% |
1 Year | Since Inception | Inception Date | |
Class I | 01/04/2013 | ||
Return before taxes | -6.28% | 8.78% | |
Return after taxes on distributions | -6.74% | 8.16% | |
Return after taxes on distributions and sale of fund shares | -3.06% | 6.70% | |
MSCI EAFE Small Cap Index – Gross (reflects no deduction for fees, expenses or taxes) | -4.63% | 10.38% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Thompson, Siegel & Walmsley LLC | |
Portfolio Managers: | ||
Brandon H. Harrell, CFA, Portfolio Manager since 2013 | ||
Stedman D. Oakey, CFA, Portfolio Manager since 2013 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.63% | 0.63% | 0.63% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.18% | 0.16% | 0.16% |
Total annual fund operating expenses | 1.06% 1 | 1.79% | 0.79% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $652 | $869 | $1,103 | $1,773 |
C | $282 | $563 | $ 970 | $2,105 |
I | $ 81 | $252 | $ 439 | $ 978 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $652 | $869 | $1,103 | $1,773 |
C | $182 | $563 | $ 970 | $2,105 |
I | $ 81 | $252 | $ 439 | $ 978 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
Table of Contents
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617wmcdg.jpg)
Quarter Ended | Return | |
Best Quarter: | 12/31/2011 | 12.47% |
Worst Quarter: | 09/30/2011 | -15.99% |
1 Year | Since Inception | Inception Date | |
Class A | 11/15/2010 | ||
Return before taxes | 8.58% | 15.42% | |
Return after taxes on distributions | 5.87% | 12.56% | |
Return after taxes on distributions and sale of fund shares | 6.59% | 11.52% | |
Class C (Return before taxes only) | 7.79% | 14.67% | 11/15/2010 |
Class I (Return before taxes only) | 8.96% | 15.86% | 11/15/2010 |
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | 13.45% | 16.46% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Levin Capital Strategies, L.P. | |
Portfolio Managers: | ||
John Levin, Portfolio Manager since 2012 | ||
Jack Murphy, Portfolio Manager since 2012 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.72% | 0.72% | 0.72% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.34% | 0.33% | 0.38% |
Total annual fund operating expenses | 1.31% 1 | 2.05% | 1.10% |
Fee waiver and/or expense reimbursement2 | 0.00% | 0.00% | 0.05% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.31% | 2.05% | 1.05% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.05%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $676 | $942 | $1,229 | $2,042 |
C | $308 | $643 | $1,103 | $2,379 |
I | $107 | $345 | $ 601 | $1,336 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $676 | $942 | $1,229 | $2,042 |
C | $208 | $643 | $1,103 | $2,379 |
I | $107 | $345 | $ 601 | $1,336 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
Table of Contents
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617imge758135b8.jpg)
Quarter Ended | Return | |
Best Quarter: | 12/31/2014 | 5.82% |
Worst Quarter: | 09/30/2014 | -3.25% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2013 | ||
Return before taxes | 7.13% | 11.21% | |
Return after taxes on distributions | 7.01% | 11.10% | |
Return after taxes on distributions and sale of fund shares | 4.13% | 8.56% | |
Class C (Return before taxes only) | 6.35% | 10.43% | 10/31/2013 |
Class I (Return before taxes only) | 7.40% | 11.46% | 10/31/2013 |
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) | 11.90% | 15.06% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Quantum Capital Management | |
Portfolio Managers: | ||
Howard Aschwald, CFA, Portfolio Manager since 2013 Timothy Chatard, CFA, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.67% | 0.67% | 0.67% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.26% | 0.26% | 0.29% |
Total annual fund operating expenses | 1.18% | 1.93% | 0.96% |
Fee waiver and/or expense reimbursement1 | 0.00% | 0.00% | 0.01% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.18% | 1.93% | 0.95% |
1 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.95%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $664 | $904 | $1,163 | $1,903 |
C | $296 | $606 | $1,042 | $2,254 |
I | $ 97 | $305 | $ 530 | $1,177 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $664 | $904 | $1,163 | $1,903 |
C | $196 | $606 | $1,042 | $2,254 |
I | $ 97 | $305 | $ 530 | $1,177 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
Table of Contents
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | New Fund – The fund is newly formed. Investors in the fund bear the risk that the sub-adviser may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, or that the fund may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. |
Table of Contents
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Thompson, Siegel & Walmsley LLC | |
Portfolio Manager: | ||
Brett P. Hawkins, CFA, Portfolio Manager since 2014 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 1.08% | 1.08% | 1.08% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.20% | 0.18% | 0.19% |
Total annual fund operating expenses | 1.53% 1 | 2.26% | 1.27% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $697 | $1,007 | $1,338 | $2,273 |
C | $329 | $ 706 | $1,210 | $2,595 |
I | $129 | $ 403 | $ 697 | $1,534 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $697 | $1,007 | $1,338 | $2,273 |
C | $229 | $ 706 | $1,210 | $2,595 |
I | $129 | $ 403 | $ 697 | $1,534 |
Table of Contents
Table of Contents
• | Arbitrage – Securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two or more securities may not perform as expected. |
• | Capital Markets – Energy companies may be unable to obtain new debt or equity financing on acceptable terms. If funding is not available when needed, or is available only on unfavorable terms, energy companies may not be able to meet their obligations as they come due. Moreover, without adequate funding, energy companies may be unable to execute their growth strategies, complete future acquisitions, take advantage of other business opportunities or respond to competitive pressures, any of which could have a material adverse effect on their revenues and results of operations. |
• | Cash Flow – A substantial portion of the income received by the fund is expected to be derived from investments in equity securities of energy companies. The amount and tax characterization of cash that any such company has available for distribution depends on the amount of cash generated from such company’s operations. Cash from operations may vary widely from quarter to quarter and is largely dependent on factors affecting the company’s operations and factors affecting the energy industry in general. In addition, operating costs, capital expenditures, acquisition costs, construction costs, exploration costs, borrowing costs and other costs of expenditures may reduce the amount of cash that a company has available for distribution in a given period. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Distressed or Defaulted Securities – Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks and are considered speculative. The fund may suffer significant losses if the reorganization or restructuring is not completed as anticipated. The fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. |
• | Energy Sector – Under normal circumstances, the fund concentrates its investments in industries in the energy sector. Investing in the energy sector involves a number of risks, including: |
Table of Contents
• | Supply and Demand. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution or a sustained decline in demand for such commodities, may adversely impact the financial performance of energy companies. |
• | Depletion and Exploration. Energy reserves naturally deplete as they are consumed over time. The financial performance of energy companies may be adversely affected if they, or the companies to whom they provide services, are unable to cost-effectively acquire additional energy deposits sufficient to replace the natural decline of existing reserves. Also, the quantities of reserves may be overstated, or deposits may not be produced in the time periods anticipated. |
• | Regulatory. Energy companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including (i) how facilities are constructed, maintained and operated, (ii) how and where wells are drilled, (iii) how services are provided, (iv) environmental and safety controls, and (v) the prices they may charge for the products and services they provide. |
• | Commodity Pricing. The operations and financial performance of energy companies may be directly affected by energy commodity prices, especially those energy companies which own the underlying energy commodity or receive payments for services that are based on commodity prices. |
• | Acquisition. The ability of energy companies to grow operating cash flow and increase such company’s enterprise value can be highly dependent on their ability to make accretive acquisitions. In the event that energy companies are unable to make such acquisitions, whether because they are unable to identify attractive acquisition candidates and negotiate and close acceptable purchase contracts or to raise financing for such acquisitions on economically acceptable terms, or otherwise, their future growth may be limited. |
• | Affiliated Party. Certain energy companies are dependent on their parents or sponsors for a majority of their revenues. Any failure by such company’s parents or sponsors to satisfy their payments or obligations would impact such company’s revenues and operating cash flows and ability to make interest payments and/or distributions. |
• | Catastrophe. The operations of energy companies are subject to many hazards inherent in the exploring, developing, producing, generating, transporting, transmission, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, including: damage to pipelines, storage tanks, plants or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; well blowouts; leaks of such energy commodities; fires and explosions. |
• | Terrorism/Market Disruption. Events in the Middle East and elsewhere could have significant adverse effects on the U.S. economy, financial and commodities markets. |
• | Weather . Extreme weather conditions, such as hurricanes, (i) could result in substantial damage to the facilities of certain energy companies located in the affected areas, (ii) significantly increase the volatility in the supply of energy commodities and (iii) adversely affect the financial performance of energy companies, and could therefore adversely affect their securities. The damage done by extreme weather also may serve to increase many insurance premiums paid by energy companies and could adversely affect such companies’ financial condition. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of |
Table of Contents
your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. | |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Industry Concentration – The fund concentrates its investments in a specific industry or industries. Concentration in a particular industry subjects the fund to the risks associated with that industry. As a result, the fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The yields for equity securities of MLPs and certain midstream companies (companies that own and operate midstream assets, which are used in energy logistics, including, assets used in transporting, storing, gathering, processing, distributing, or marketing of natural gas, natural gas liquids, crude oil or refined products) are susceptible in the short-term to fluctuations in interest rates and the prices of such equity securities may decline when interest rates rise. This is also true for investments in debt instruments of energy companies. Rising interest rates can adversely impact the financial performance of energy companies by increasing the cost of capital. This may reduce such companies’ ability to execute acquisitions or expansion projects in a cost-effective manner. |
• | IPOs – Initial public offerings (“IPOs”) are subject to specific risks which include, among others: |
• | high volatility; |
• | no track record for consideration; |
• | securities may be illiquid; and |
• | earnings are less predictable. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
Table of Contents
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Master Limited Partnerships – Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the fund’s investments in such securities may decline if interest rates rise. The value of the fund’s investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities. |
• | Non-Diversification – The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
Table of Contents
• | Privately Held Companies – Privately held companies are not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the sub-adviser may not have timely or accurate information about the business, financial condition and results of operations of the privately held companies in which the fund invests. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
• | Short Sales – A short sale may be effected by selling a security that the fund does not own. If the price of the security sold short increases, the fund would incur a loss; conversely, if the price declines, the fund will realize a gain. Although the gain is limited by the price at which the security was sold short, the loss is potentially unlimited. The fund may also pay transaction costs and borrowing fees in connection with short sales. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Tax – In order to qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), the fund must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. If the fund were to fail to meet any of these requirements, the fund might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at regular corporate rates (without reduction for distributions to shareholders). When distributed, that income would generally be taxable to shareholders as ordinary dividend income to the extent attributable to the fund’s earnings and profits. If the fund were to fail to qualify as a RIC, shareholders of the fund could realize significantly diminished returns from their investment in the fund. In the alternative, the fund may be able to preserve its RIC qualification under those circumstances by meeting certain conditions, in which case it may be subject to certain additional taxes. |
The fund may invest no more than 25% of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships for federal income tax purposes. An MLP is an entity treated as a partnership under the Internal Revenue Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation and there could be a material decrease in the value of its securities. | |
Depreciation or other cost recovery deductions passed through to the fund from investments in MLPs in a given year will generally reduce the fund’s taxable income, but those deductions may be recaptured in the fund’s income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, the fund may need to liquidate investments, which may lead to additional recapture income. |
Table of Contents
Changes in tax laws or regulations, or interpretations thereof in the future, could adversely affect the fund or the issuers in which the fund invests. Any such changes could negatively impact the value of the fund’s investments and the amount and tax characterization of distributions paid by the fund. | |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img2d1a0a399.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2014 | 13.70% |
Worst Quarter: | 12/31/2014 | -10.93% |
1 Year | Since Inception | Inception Date | |
Class A | 04/30/2013 | ||
Return before taxes | 3.35% | 6.53% | |
Return after taxes on distributions | 2.29% | 5.53% | |
Return after taxes on distributions and sale of fund shares | 2.08% | 4.64% | |
Class C (Return before taxes only) | 2.66% | 5.76% | 04/30/2013 |
Class I (Return before taxes only) | 3.59% | 6.74% | 04/30/2013 |
S&P 500® (reflects no deduction for fees, expenses or taxes) | 13.69% | 19.02% | |
Transamerica MLP & Energy Income Blended Benchmark (reflects no deduction for fees, expenses or taxes) | 3.45% | 1.47% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Kayne Anderson Capital Advisors, L.P. | |
Portfolio Manager: | ||
John C. Frey, Portfolio Manager since 2013 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees | 0.40% | 0.40% | 0.40% | 0.40% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.43% | 0.46% | 0.27% | 0.37% |
Total annual fund operating expenses | 1.08% 1 | 1.86% | 1.67% | 0.77% |
Fee waiver and/or expense reimbursement2 | 0.35% | 0.38% | 0.19% | 0.29% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 0.73% | 1.48% | 1.48% | 0.48% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.48%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $ 75 | $309 | $ 562 | $1,286 |
B | $651 | $848 | $1,071 | $1,944 |
C | $251 | $508 | $ 890 | $1,960 |
I | $ 49 | $217 | $ 399 | $ 927 |
Table of Contents
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $ 75 | $309 | $562 | $1,286 |
B | $151 | $548 | $971 | $1,944 |
C | $151 | $508 | $890 | $1,960 |
I | $ 49 | $217 | $399 | $ 927 |
• | short-term U.S. government obligations, corporate bonds and notes, bank obligations (such as certificates of deposit and bankers’ acceptances), commercial paper, asset-backed securities and repurchase agreements |
• | obligations issued or guaranteed by the U.S. and foreign governments and their agencies and instrumentalities |
• | obligations of U.S. and foreign banks, or their foreign branches, and U.S. savings banks |
• | Banking Industry – The fund may invest a significant portion of its assets in obligations that are issued or backed by U.S. and non-U.S. banks and other financial services companies, and thus will be more susceptible to negative |
Table of Contents
events affecting the worldwide financial services sector. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce bank profitability. | |
• | Credit – An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund may default or its credit may be downgraded, or the value of assets underlying a security may decline. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Interest Rate – The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. Interest rates in the United States have recently been at historically low levels. The fund's yield will tend to lag behind general changes in interest rates. The ability of the fund's yield to reflect current market rates will depend on how quickly the obligations in its portfolio mature and how much money is available for investment at current market rates. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The sub-adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. |
• | Market – A change in interest rates or a decline in the market value of a fund investment, lack of liquidity in the bond markets, real or perceived adverse economic or political conditions, inflation, or other market events could cause the value of your investment in the fund, or its yield, to decline. Financial markets in the United States, Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Money Market Fund Reform – New requirements for money market funds will take effect over the course of 2015 and 2016. The new regulations will impact funds differently depending upon the types of investors that will be permitted to invest in a fund, and the types of securities in which a fund may invest. “Retail” money market funds will generally limit their beneficial owners to natural persons. All other money market funds will be considered to be “institutional” money market funds. “Prime” money market funds will be permitted to invest primarily in corporate or other non-government securities, “U.S. government” money market funds will be required to invest a very high percentage of their assets in U.S. government securities and “municipal” money market funds will be required to |
Table of Contents
invest significantly in municipal securities. Under the new requirements, institutional prime money market funds and institutional municipal money market funds will be required to sell and redeem shares at prices based on their market value (a floating net asset value). Retail money market funds and institutional U.S. government money market funds will not be subject to the floating net asset value requirement. The new rules will also permit or require both retail and institutional money market funds to impose liquidity fees and suspend redemptions temporarily in certain circumstances. As a result, money market funds will be required to implement changes that will impact and may adversely affect the funds and their investors. | |
• | Portfolio Selection – The sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or sector, or about interest rates, may be incorrect. |
• | Redemption – The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value, and that could affect the fund’s ability to maintain a $1.00 share price. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Yield – The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund's expenses could absorb all or a significant portion of the fund's income. If interest rates increase, the fund’s yield may not increase proportionately. For example, TAM or its affiliates may discontinue any temporary voluntary fee limitation or recoup amounts previously waived or reimbursed. In addition, the recent adoption of more stringent regulations governing the management of money market funds could have a negative effect on yields. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617amm.jpg)
Quarter Ended | Return | |
Best Quarter: | 09/30/2007 | 1.15% |
Worst Quarter: | 12/31/2013 | 0.00% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 03/01/2002 | |||
Return before taxes | 0.01% | 0.01% | 1.32% | |
Return after taxes on distributions | 0.01% | 0.00% | 0.86% | |
Return after taxes on distributions and sale of fund shares | 0.01% | 0.00% | 0.86% | |
Class B (Return before taxes only) | 0.01% | 0.01% | 1.07% | 03/01/2002 |
Class C (Return before taxes only) | 0.01% | 0.01% | 1.07% | 11/11/2002 |
Class I (Return before taxes only) | 0.02% | 0.02% | 0.02% | 11/30/2009 |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees1 | 0.65% | 0.65% | 0.65% | 0.65% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.31% | 0.49% | 0.24% | 0.26% |
Total annual fund operating expenses | 1.21% 2 | 2.14% | 1.89% | 0.91% |
1 | Management fees have been restated to reflect a reduction in advisory fees effective May 1, 2014. |
2 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $667 | $913 | $1,178 | $1,935 |
B | $717 | $970 | $1,249 | $2,235 |
C | $292 | $594 | $1,021 | $2,212 |
I | $ 93 | $290 | $ 504 | $1,120 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $667 | $913 | $1,178 | $1,935 |
B | $217 | $670 | $1,149 | $2,235 |
C | $192 | $594 | $1,021 | $2,212 |
I | $ 93 | $290 | $ 504 | $1,120 |
Table of Contents
• | Equity component – The equity sub-adviser seeks to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the equity component’s net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund’s weightings are generally similar to those of the S&P 500®. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500®. |
• | Fixed income component – The fixed income component of the fund is normally invested primarily in investment grade debt securities including: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and mortgage-backed securities without government guarantees. Its portfolio weighted average duration will typically range from 3 to 10 years. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLO”s), collateralized bond obligations (“CBO”s) and collateralized debt obligations (“CDO”s)), commercial mortgage-backed securities (“CMBS”), high quality short-term obligations and repurchase agreements, and in securities of foreign issuer including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. |
The fund may invest in dollar rolls, which involve a sale by the fund of a mortgage-backed or other security concurrently with an agreement to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and stated maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold. | |
The fund may invest up to 10% of its net assets in emerging market debt securities and 10% in high-yield debt securities (commonly referred to as “junk bonds”), but is limited to 15% in aggregate between emerging market debt and high-yield securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor’s or Fitch or Baa from Moody’s or are of comparable quality as determined by the fund’s sub-adviser. |
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to |
Table of Contents
derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. | |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Dollar Rolls – Fixed income securities with buy-back features enable the fund to recover principal upon tendering the securities to the issuer or a third party. A dollar roll transaction involves a sale by the fund of a mortgage-backed or other security concurrently with an agreement by the fund to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and stated maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to |
Table of Contents
pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. | |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund's investments in loans are also subject to prepayment or call risk. |
Table of Contents
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
• | Municipal Securities – Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that |
Table of Contents
relate to a sector or industry, the fund will be more susceptible to associated risks and developments. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or get worse. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617mmb.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 13.89% |
Worst Quarter: | 12/31/2008 | -16.46% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 12/02/1994 | |||
Return before taxes | 10.34% | 13.18% | 7.43% | |
Return after taxes on distributions | 8.68% | 11.50% | 6.36% | |
Return after taxes on distributions and sale of fund shares | 6.81% | 10.35% | 5.86% | |
Class B (Return before taxes only) | 9.31% | 12.22% | 6.84% | 10/01/1995 |
Class C (Return before taxes only) | 9.59% | 12.51% | 6.83% | 11/11/2002 |
Class I (Return before taxes only) | 10.68% | 13.59% | 14.00% | 11/30/2009 |
S&P 500® (reflects no deduction for fees, expenses or taxes) | 13.69% | 15.45% | 7.67% | |
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 5.97% | 4.45% | 4.71% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Brian W. Westhoff, CFA, Portfolio Manager since 2014 | ||
Rick Perry, CFA, Portfolio Manager since 2014 | ||
Doug Weih, CFA, Portfolio Manager since 2014 | ||
Sub-Adviser: | ||
J.P. Morgan Investment Management Inc. | ||
Portfolio Managers: | ||
Aryeh Glatter, Portfolio Manager since 2014 | ||
Steven G. Lee, Portfolio Manager since 2014 | ||
Tim Snyder, CFA, Portfolio Manager since 2013 | ||
Raffaele Zingone, CFA, Portfolio Manager since 2011 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.20% | 0.20% | 0.20% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.25% | 0.25% | 0.21% |
Acquired fund fees and expenses | 1.58% | 1.58% | 1.58% |
Total annual fund operating expenses1 | 2.28% | 3.03% | 1.99% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $768 | $1,223 | $1,703 | $3,022 |
C | $406 | $ 936 | $1,591 | $3,346 |
I | $202 | $ 624 | $1,073 | $2,317 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $768 | $1,223 | $1,703 | $3,022 |
C | $306 | $ 936 | $1,591 | $3,346 |
I | $202 | $ 624 | $1,073 | $2,317 |
Table of Contents
• | Under normal circumstances, the fund expects to invest primarily in underlying funds that use alternative investment strategies or invest in alternative asset classes, including but not limited to: |
• | Long-short and market-neutral strategies; |
• | Bear-market strategies; |
• | Tactical investment strategies (bond and/or equity); |
• | Merger arbitrage; |
• | Real estate strategies; |
• | Managed futures strategies; |
• | Commodities and/or natural resources and/or precious metals; |
• | Foreign currency trading strategies; and |
• | Non-core investments (such as micro-cap stocks, emerging markets equities, TIPS and foreign bonds). |
• | From time to time the fund may invest in asset classes that are out of favor with the market. The fund considers these asset classes to be alternative investment strategies. |
• | The underlying funds may invest in a variety of U.S. and foreign (including emerging market) equity and fixed-income (including high-yield) instruments. Allocation of assets among the underlying funds is intended to achieve moderate capital appreciation with limited volatility and correlation with the mainstream equity and bond markets. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Aggressive Investment – The fund’s investment strategies, techniques and/or portfolio investments differ from those of many other mutual funds and may be considered aggressive. This approach to investing may expose the fund to additional risks, make the fund a more volatile investment than other mutual funds and cause the fund to perform less favorably than other mutual funds under similar market or economic conditions. |
• | Arbitrage – Securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two or more securities may not perform as expected. |
• | Asset Allocation – The Investment Adviser allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Commodities – To the extent the fund invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the fund will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. The fund's investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
Table of Contents
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
Table of Contents
• | Manager – The fund is subject to the risk that the Investment Adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the Investment Adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the Investment Adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Natural Resource-Related Securities – Because the fund invests in natural resource related securities, the fund is subject to the risks associated with natural resource investments in addition to the general risk of the stock market. This means the fund is more vulnerable to the price movements of natural resources and factors that particularly affect the oil, gas, mining, energy, chemicals, paper, steel or agriculture sectors than a more broadly diversified fund. Because the fund invests primarily in companies with natural resource assets, there is the risk that the fund will perform poorly during a downturn in natural resource prices. |
• | Precious Metals-Related Securities – Investments in precious metals-related securities are considered speculative and are affected by a variety of worldwide economic, financial and political factors. Prices of precious metals and of precious metals-related securities historically have been very volatile. The high volatility of precious metals prices may adversely affect the financial condition of companies involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Real Estate Securities – Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in operating expenses, property taxes or interest rates. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid |
Table of Contents
by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. | |
• | Small Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617mmasp.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 12.16% |
Worst Quarter: | 12/31/2008 | -10.35% |
Table of Contents
1 Year | 5 Years | Since Inception | Inception Date | |
Class A | 12/28/2006 | |||
Return before taxes | 2.97% | 3.58% | 2.48% | |
Return after taxes on distributions | 2.70% | 3.16% | 1.89% | |
Return after taxes on distributions and sale of fund shares | 1.72% | 2.63% | 1.74% | |
Class C (Return before taxes only) | 2.21% | 2.87% | 1.80% | 12/28/2006 |
Class I (Return before taxes only) | 3.32% | 3.95% | 4.12% | 11/30/2009 |
BofA Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index (reflects no deduction for fees, expenses or taxes) | 3.08% | 3.13% | 4.03% | |
HFRX Global Hedge Fund Index (reflects no deduction for fees, expenses or taxes) | -0.58% | 1.04% | -0.54% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Timothy S. Galbraith, Portfolio Manager since 2012 | ||
Prat Patel, CFA, Co-Portfolio Manager since 2014 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.42% | 0.42% | 0.42% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 8.95% | 8.95% | 9.05% |
Acquired fund fees and expenses | 1.32% | 1.32% | 1.32% |
Total annual fund operating expenses1 | 10.94% | 11.69% | 10.79% |
Fee waiver and/or expense reimbursement2 | 8.42% | 8.42% | 8.52% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 2.52% | 3.27% | 2.27% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.95%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $791 | $2,786 | $4,551 | $8,124 |
C | $430 | $2,552 | $4,486 | $8,298 |
I | $230 | $2,321 | $4,176 | $7,952 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $791 | $2,786 | $4,551 | $8,124 |
C | $330 | $2,552 | $4,486 | $8,298 |
I | $230 | $2,321 | $4,176 | $7,952 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Aggressive Investment – The fund’s investment strategies, techniques and/or portfolio investments differ from those of many other mutual funds and may be considered aggressive. This approach to investing may expose the fund to additional risks, make the fund a more volatile investment than other mutual funds and cause the fund to perform less favorably than other mutual funds under similar market or economic conditions. |
Table of Contents
• | Asset Allocation – The adviser allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
Table of Contents
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
Table of Contents
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Underlying Closed-end Funds and Exchange Traded Funds – Because the fund invests its assets in various underlying closed-end funds and ETFs (the “underlying funds”), its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. |
Equity-based ETFs are subject to risks similar to those of stocks; fixed income based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF or closed-end fund generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of a closed-end fund or an ETF can fluctuate up and down, and the fund could lose money investing in such a closed-end fund or an ETF if the prices of the securities owned by the closed-end fund or ETF go down. In addition, closed-end funds and ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of a closed-end fund’s or an ETF’s shares may be above or below the shares’ net asset value (shares of closed-end funds frequently trade at a discount from their net asset value); (ii) an active trading market for a closed-end fund’s or an ETF’s shares may not develop or be maintained; or (iii) trading of a closed-end fund’s or an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Closed-end funds and ETFs may employ leverage, which also subjects the funds to increased risks such as increased volatility. | |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617oa.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2014 | 5.47% |
Worst Quarter: | 09/30/2014 | -2.37% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2013 | ||
Return before taxes | 3.55% | 5.69% | |
Return after taxes on distributions | 1.51% | 3.16% | |
Return after taxes on distributions and sale of fund shares | 2.24% | 3.32% | |
Class C (Return before taxes only) | 2.79% | 4.92% | 10/31/2013 |
Class I (Return before taxes only) | 3.81% | 5.96% | 10/31/2013 |
S&P 500® (reflects no deduction for fees, expenses or taxes) | 13.69% | 16.59% | |
Transamerica Opportunistic Allocation Blended Benchmark (reflects no deduction for fees, expenses or taxes) | 10.62% | 11.56% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Todd R. Porter, CFA, Portfolio Manager since 2013 | ||
Maciej J. Kowara, CFA, Portfolio Manager since 2013 | ||
Nazar Suschko, Portfolio Manager since 2015 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 2.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.46% | 0.46% | 0.46% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.13% | 0.13% | 0.17% |
Total annual fund operating expenses | 0.84% | 1.59% | 0.63% |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $334 | $511 | $704 | $1,261 |
C | $262 | $502 | $866 | $1,889 |
I | $ 64 | $202 | $351 | $ 786 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $334 | $511 | $704 | $1,261 |
C | $162 | $502 | $866 | $1,889 |
I | $ 64 | $202 | $351 | $ 786 |
Table of Contents
• | short-term and intermediate-term corporate obligations |
• | obligations issued or guaranteed by the U.S. and foreign governments and their agencies and instrumentalities |
• | mortgage-backed securities |
• | asset-backed securities |
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Bank Obligations – To the extent the fund invests in U.S. bank obligations, the fund will be more susceptible to negative events affecting the U.S. banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce bank profitability. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
Table of Contents
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
Table of Contents
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage |
Table of Contents
loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Yield – The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund's expenses could absorb all or a significant portion of the fund's income. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617astb.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 4.77% |
Worst Quarter: | 12/31/2008 | -2.36% |
1 Year | 5 Years | Since Inception | Inception Date | |
Class A | 11/01/2007 | |||
Return before taxes | 1.37% | 3.59% | 4.29% | |
Return after taxes on distributions | 0.38% | 2.28% | 2.89% | |
Return after taxes on distributions and sale of fund shares | 0.80% | 2.29% | 2.81% | |
Class C (Return before taxes only) | 0.61% | 2.80% | 3.52% | 11/01/2007 |
Class I (Return before taxes only) | 1.58% | 3.80% | 3.76% | 11/30/2009 |
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index (reflects no deduction for fees, expenses or taxes) | 0.78% | 1.47% | 2.45% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Doug Weih, CFA, Lead Portfolio Manager since 2012, Portfolio Manager since 2011 | ||
Matthew Buchanan, CFA, Portfolio Manager since 2012 | ||
Glen Kneeland, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.80% | 0.80% | 0.80% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.25% | 0.26% | 0.28% |
Acquired fund fees and expenses | 0.09% | 0.09% | 0.09% |
Total annual fund operating expenses1 | 1.39% | 2.15% | 1.17% |
Fee waiver and/or expense reimbursement2 | 0.00% | 0.01% | 0.03% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.39% | 2.14% | 1.14% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.05%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $684 | $966 | $1,269 | $2,127 |
C | $317 | $672 | $1,153 | $2,482 |
I | $116 | $369 | $ 641 | $1,418 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $684 | $966 | $1,269 | $2,127 |
C | $217 | $672 | $1,153 | $2,482 |
I | $116 | $369 | $ 641 | $1,418 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
Table of Contents
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies |
Table of Contents
may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. | |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617img228c239910.jpg)
Quarter Ended | Return | |
Best Quarter: | 12/31/2014 | 5.74% |
Worst Quarter: | 09/30/2014 | -6.21% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2013 | ||
Return before taxes | 3.62% | 7.46% | |
Return after taxes on distributions | 2.59% | 6.51% | |
Return after taxes on distributions and sale of fund shares | 2.14% | 5.32% | |
Class C (Return before taxes only) | 2.85% | 6.67% | 10/31/2013 |
Class I (Return before taxes only) | 3.94% | 7.79% | 10/31/2013 |
Russell 2000® Index (reflects no deduction for fees, expenses or taxes) | 4.89% | 9.09% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Systematic Financial Management, L.P. | |
Portfolio Managers: | ||
Eoin E. Middaugh, CFA, Co-Portfolio Manager since 2013 | ||
D. Kevin McCreesh, CFA, Co-Portfolio Manager since 2013 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.82% | 0.82% | 0.82% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.26% | 0.17% | 0.21% |
Total annual fund operating expenses | 1.33% 1 | 1.99% | 1.03% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $948 | $1,239 | $2,063 |
C | $302 | $624 | $1,073 | $2,317 |
I | $105 | $328 | $ 569 | $1,259 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $948 | $1,239 | $2,063 |
C | $202 | $624 | $1,073 | $2,317 |
I | $105 | $328 | $ 569 | $1,259 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, |
Table of Contents
less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. | |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Small Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617rscg.jpg)
Quarter Ended | Return | |
Best Quarter: | 09/30/2013 | 12.30% |
Worst Quarter: | 09/30/2014 | -4.66% |
1 Year | Since Inception | Inception Date | |
Class A | 08/31/2012 | ||
Return before taxes | 2.74% | 12.40% | |
Return after taxes on distributions | 0.79% | 11.48% | |
Return after taxes on distributions and sale of fund shares | 3.15% | 9.62% | |
Class C (Return before taxes only) | 2.05% | 11.70% | 08/31/2012 |
Class I (Return before taxes only) | 3.04% | 12.70% | 08/31/2012 |
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) | 5.60% | 21.39% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Ranger Investment Management, L.P. | |
Portfolio Manager: | ||
W. Conrad Doenges, Portfolio Manager since 2012 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.85% | 0.85% | 0.85% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.26% | 0.14% | 0.19% |
Acquired fund fees and expenses | 0.32% | 0.32% | 0.32% |
Total annual fund operating expenses1 | 1.68% | 2.31% | 1.36% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $711 | $1,050 | $1,412 | $2,428 |
C | $334 | $ 721 | $1,235 | $2,646 |
I | $138 | $ 431 | $ 745 | $1,635 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $711 | $1,050 | $1,412 | $2,428 |
C | $234 | $ 721 | $1,235 | $2,646 |
I | $138 | $ 431 | $ 745 | $1,635 |
Table of Contents
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund |
Table of Contents
invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Small Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617lscv.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2013 | 12.40% |
Worst Quarter: | 09/30/2014 | -8.97% |
1 Year | Since Inception | Inception Date | |
Class A | 04/30/2012 | ||
Return before taxes | 1.86% | 14.15% | |
Return after taxes on distributions | -0.50% | 12.31% | |
Return after taxes on distributions and sale of fund shares | 2.92% | 10.89% | |
Class C (Return before taxes only) | 1.20% | 13.48% | 04/30/2012 |
Class I (Return before taxes only) | 2.17% | 14.55% | 04/30/2012 |
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) | 4.22% | 16.03% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Lombardia Capital Partners, LLC | |
Portfolio Managers: | ||
Andrew Absler, Portfolio Manager since 2012 | ||
Alvin W. Marley, CFA, Portfolio Manager since 2012 | ||
James Veers, CFA, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||
Class of Shares | ||||
A | B | C | I | |
Management fees | 0.77% | 0.77% | 0.77% | 0.77% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% |
Other expenses | 0.26% | 0.24% | 0.20% | 0.19% |
Total annual fund operating expenses | 1.28% 1 | 2.01% | 1.97% | 0.96% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $673 | $934 | $1,214 | $2,010 |
B | $704 | $930 | $1,183 | $2,150 |
C | $300 | $618 | $1,062 | $2,296 |
I | $ 98 | $306 | $ 531 | $1,178 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $673 | $934 | $1,214 | $2,010 |
B | $204 | $630 | $1,083 | $2,150 |
C | $200 | $618 | $1,062 | $2,296 |
I | $ 98 | $306 | $ 531 | $1,178 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors |
Table of Contents
affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. | |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617ssmcv.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2009 | 26.95% |
Worst Quarter: | 12/31/2008 | -25.24% |
1 Year | 5 Years | 10 Years or Since Inception | Inception Date | |
Class A | 04/02/2001 | |||
Return before taxes | 4.55% | 15.53% | 10.82% | |
Return after taxes on distributions | 2.00% | 14.23% | 9.76% | |
Return after taxes on distributions and sale of fund shares | 4.34% | 12.42% | 8.84% | |
Class B (Return before taxes only) | 3.83% | 14.75% | 10.21% | 04/02/2001 |
Class C (Return before taxes only) | 3.87% | 14.79% | 10.09% | 11/11/2002 |
Class I (Return before taxes only) | 4.92% | 16.01% | 17.47% | 11/30/2009 |
Russell 2500® Value Index (reflects no deduction for fees, expenses or taxes) | 7.11% | 15.48% | 7.91% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Systematic Financial Management, L.P. | |
Portfolio Managers: | ||
Kenneth Burgess, CFA, Portfolio Manager since 2011 | ||
Ron Mushock, CFA, Portfolio Manager since 2011 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.66% | 0.66% | 0.66% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.49% | 0.48% | 0.57% |
Acquired fund fees and expenses | 0.01% | 0.01% | 0.01% |
Total annual fund operating expenses1 | 1.41% | 2.15% | 1.24% |
Fee waiver and/or expense reimbursement2 | 0.20% | 0.19% | 0.28% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.21% | 1.96% | 0.96% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.95%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $667 | $953 | $1,261 | $2,132 |
C | $299 | $655 | $1,137 | $2,468 |
I | $ 98 | $366 | $ 654 | $1,475 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $667 | $953 | $1,261 | $2,132 |
C | $199 | $655 | $1,137 | $2,468 |
I | $ 98 | $366 | $ 654 | $1,475 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be |
Table of Contents
less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. | |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Exchange Traded Funds (ETFs) – Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. ETF shares may trade at a premium or discount to net asset value. ETFs are subject to secondary market trading risks. In addition, a fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below |
Table of Contents
investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. | |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Investment Companies – To the extent that the fund invests in other investment companies, such as closed-end or exchange-traded funds, it is subject to the risks of these investment companies and bears its pro rata share of the investment companies’ expenses. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund's investments in loans are also subject to prepayment or call risk. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | New Fund – The fund is newly formed. Investors in the fund bear the risk that the sub-adviser may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, or that the fund may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. |
Table of Contents
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
• | Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Thompson, Siegel & Walmsley LLC | |
Portfolio Manager: | ||
William M. Bellamy, CFA, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.55% | 0.55% | 0.55% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.68% | 0.66% | 0.66% |
Acquired fund fees and expenses | 0.23% | 0.23% | 0.23% |
Total annual fund operating expenses1 | 1.71% | 2.44% | 1.44% |
Fee waiver and/or expense reimbursement2 | 0.38% | 0.36% | 0.36% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.33% | 2.08% | 1.08% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.85%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $1,024 | $1,393 | $2,428 |
C | $311 | $ 726 | $1,268 | $2,749 |
I | $110 | $ 420 | $ 753 | $1,693 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $1,024 | $1,393 | $2,428 |
C | $211 | $ 726 | $1,268 | $2,749 |
I | $110 | $ 420 | $ 753 | $1,693 |
Table of Contents
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Asset Allocation – The sub-adviser allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Asset Class Variation – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed income). However, under normal market conditions, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class. |
• | Commodities – To the extent the fund invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the fund will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. The fund's investment exposure to the commodities markets may subject the fund to greater volatility than investments in more traditional securities, such as stocks and bonds. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments are subject to the credit risks associated with the issuer, and their values may decline substantially if the issuer's creditworthiness deteriorates. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the |
Table of Contents
amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. | |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt |
Table of Contents
securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected. | |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Model and Data – If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from |
Table of Contents
market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There can be no assurance that the use of Models will result in effective investment decisions for the fund. | |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. |
• | Structured Instruments – The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. |
Table of Contents
• | Tactical and Strategic Asset Allocation – Tactical asset allocation strategy involves making short-term adjustments to the fund's asset mix, utilizing the sub-adviser’s research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. Strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The fund may not achieve its objective and may not perform as well as other funds using other asset management strategies. |
• | Underlying Exchange Traded Funds – Because the fund invests its assets in various underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. |
Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and the fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may be above or below the shares’ net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF’s shares may not develop or be maintained; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. | |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617ta.jpg)
Quarter Ended | Return | |
Best Quarter: | 06/30/2014 | 3.26% |
Worst Quarter: | 09/30/2014 | -3.01% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2012 | ||
Return before taxes | 2.27% | 4.57% | |
Return after taxes on distributions | 0.57% | 3.00% | |
Return after taxes on distributions and sale of fund shares | 2.33% | 3.14% | |
Class C (Return before taxes only) | 1.53% | 3.82% | 10/31/2012 |
Class I (Return before taxes only) | 2.55% | 4.88% | 10/31/2012 |
FTSE All-World Index Total Return (reflects no deduction for fees, expenses or taxes) | 4.78% | 14.46% | |
Barclays Global Aggregate Index (reflects no deduction for fees, expenses or taxes) | 0.59% | -1.12% | |
Transamerica Tactical Allocation Blended Benchmark (reflects no deduction for fees, expenses or taxes) | 3.14% | 8.04% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Doug Weih, CFA, Lead Portfolio Manager since 2015 | ||
David Halfpap, CFA, Portfolio Manager since 2012 | ||
Frank Rybinski, CFA, Portfolio Manager since 2012 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.47% | 0.47% | 0.47% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.15% | 0.16% | 0.17% |
Acquired fund fees and expenses | 0.32% | 0.32% | 0.32% |
Total annual fund operating expenses1 | 1.19% | 1.95% | 0.96% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $591 | $835 | $1,098 | $1,850 |
C | $298 | $612 | $1,052 | $2,275 |
I | $ 98 | $306 | $ 531 | $1,178 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $591 | $835 | $1,098 | $1,850 |
C | $198 | $612 | $1,052 | $2,275 |
I | $ 98 | $306 | $ 531 | $1,178 |
Table of Contents
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Asset Allocation – The sub-adviser allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Asset Class Variation – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed income). However, under normal market conditions, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include |
Table of Contents
common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. | |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
Table of Contents
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Model and Data – If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There can be no assurance that the use of Models will result in effective investment decisions for the fund. |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less |
Table of Contents
information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Real Estate Securities – Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in operating expenses, property taxes or interest rates. |
• | REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. |
• | Structured Instruments – The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. |
• | Tactical and Strategic Asset Allocation – Tactical asset allocation strategy involves making short-term adjustments to the fund's asset mix, utilizing the sub-adviser’s research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. Strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The fund may not achieve its objective and may not perform as well as other funds using other asset management strategies. |
• | Underlying Exchange Traded Funds – Because the fund invests its assets in various underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. |
Table of Contents
Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. | |
Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and the fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may be above or below the shares’ net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF’s shares may not develop or be maintained; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. | |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617ti.jpg)
Table of Contents
Quarter Ended | Return | |
Best Quarter: | 12/31/2013 | 3.72% |
Worst Quarter: | 06/30/2013 | -2.91% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2011 | ||
Return before taxes | 4.55% | 5.76% | |
Return after taxes on distributions | 2.56% | 3.84% | |
Return after taxes on distributions and sale of fund shares | 2.71% | 3.70% | |
Class C (Return before taxes only) | 3.78% | 4.97% | 10/31/2011 |
Class I (Return before taxes only) | 4.79% | 5.99% | 10/31/2011 |
iBoxx $ Liquid High Yield Index (reflects no deduction for fees, expenses or taxes) | 2.13% | 7.07% | |
Transamerica Tactical Income Blended Benchmark (reflects no deduction for fees, expenses or taxes) | 6.71% | 9.23% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Doug Weih, CFA, Lead Portfolio Manager since 2015 | ||
David Halfpap, CFA, Portfolio Manager since 2012 | ||
Frank Rybinski, CFA, Portfolio Manager since 2012 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.55% | 0.55% | 0.55% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses | 0.51% | 0.54% | 0.48% |
Acquired fund fees and expenses | 0.23% | 0.23% | 0.23% |
Total annual fund operating expenses1 | 1.54% | 2.32% | 1.26% |
Fee waiver and/or expense reimbursement2 | 0.21% | 0.24% | 0.18% |
Total annual fund operating expenses after fee waiver and/or expense reimbursement | 1.33% | 2.08% | 1.08% |
1 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses and do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
2 | Contractual arrangements have been made with the fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2016 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.85%, excluding, as applicable, 12b-1 fees, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2016 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $990 | $1,325 | $2,267 |
C | $311 | $701 | $1,219 | $2,637 |
I | $110 | $382 | $ 674 | $1,507 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $678 | $990 | $1,325 | $2,267 |
C | $211 | $701 | $1,219 | $2,637 |
I | $110 | $382 | $ 674 | $1,507 |
Table of Contents
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Asset Allocation – The sub-adviser allocates the fund's assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund's return and/or avoiding investment losses, and may cause the fund to underperform. |
• | Asset Class Variation – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed income). However, under normal market conditions, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of |
Table of Contents
your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. | |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
�� | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Frontier Markets – Frontier market countries generally have smaller economies and even less developed capital markets than emerging market countries, and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. |
• | Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken |
Table of Contents
steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Model and Data – If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There can be no assurance that the use of Models will result in effective investment decisions for the fund. |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies |
Table of Contents
may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. | |
• | Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. |
• | Structured Instruments – The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. |
• | Tactical and Strategic Asset Allocation – Tactical asset allocation strategy involves making short-term adjustments to the fund's asset mix, utilizing the sub-adviser’s research on various risk and return considerations, in an effort to optimize returns relative to risks as market and economic conditions change. Strategic asset allocation strategy is similar, but with a somewhat longer-term outlook. These strategies tend to produce higher turnover than those that adhere to a longer term outlook, which may result in higher transaction costs. These strategies may not work as intended. The fund may not achieve its objective and may not perform as well as other funds using other asset management strategies. |
• | Underlying Exchange Traded Funds – Because the fund invests its assets in various underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. |
Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and the fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF’s shares may be above or below the shares’ net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF’s shares may not develop or be maintained; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are delisted from the exchange or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. | |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
Table of Contents
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617tr.jpg)
Quarter Ended | Return | |
Best Quarter: | 03/31/2013 | 6.50% |
Worst Quarter: | 09/30/2014 | -2.54% |
1 Year | Since Inception | Inception Date | |
Class A | 10/31/2012 | ||
Return before taxes | 3.92% | 10.89% | |
Return after taxes on distributions | 2.24% | 9.06% | |
Return after taxes on distributions and sale of fund shares | 3.36% | 7.94% | |
Class C (Return before taxes only) | 3.19% | 10.10% | 10/31/2012 |
Class I (Return before taxes only) | 4.26% | 11.22% | 10/31/2012 |
FTSE All-World Index Total Return (reflects no deduction for fees, expenses or taxes) | 4.78% | 14.46% | |
S&P 500® (reflects no deduction for fees, expenses or taxes) | 13.69% | 21.58% | |
Transamerica Tactical Rotation Blended Benchmark (reflects no deduction for fees, expenses or taxes) | 3.87% | 11.50% |
Table of Contents
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Aegon USA Investment Management, LLC | |
Portfolio Managers: | ||
Doug Weih, CFA, Lead Portfolio Manager since 2015 | ||
David Halfpap, CFA, Portfolio Manager since 2012 | ||
Frank Rybinski, CFA, Portfolio Manager since 2012 |
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||
Class of Shares | |||
A | C | I | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 4.75% | None | None |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 1.00% | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||
Class of Shares | |||
A | C | I | |
Management fees | 0.64% | 0.64% | 0.64% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.00% |
Other expenses1 | 0.25% | 0.25% | 0.25% |
Total annual fund operating expenses | 1.14% | 1.89% | 0.89% |
1 | Other expenses are based on estimates for the current fiscal year. |
If the shares are redeemed at the end of each period: | ||
Share Class | 1 year | 3 years |
A | $586 | $819 |
C | $292 | $594 |
I | $ 91 | $284 |
If the shares are not redeemed: | ||
Share Class | 1 year | 3 years |
A | $586 | $819 |
C | $192 | $594 |
I | $ 91 | $284 |
Table of Contents
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Bank Obligations – To the extent the fund invests in U.S. bank obligations, the fund will be more susceptible to negative events affecting the U.S. banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce bank profitability. |
• | Convertible Securities – Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt. |
Table of Contents
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument. |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Dollar Rolls – Fixed income securities with buy-back features enable the fund to recover principal upon tendering the securities to the issuer or a third party. A dollar roll transaction involves a sale by the fund of a mortgage-backed or other security concurrently with an agreement by the fund to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and stated maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold. |
• | Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
Table of Contents
• | Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile. |
• | Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Focused Investing – To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country’s or region’s securities markets. Geographic risk is especially high in emerging markets. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (that is, securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. |
• | Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected. |
• | Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
Table of Contents
• | Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible to sell, particularly during times of market turmoil. These illiquid investments may also be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. |
• | Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund's investments in loans are also subject to prepayment or call risk. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. |
• | Money Market Funds – An investment in a money market fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although money market funds generally seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in a money market fund. |
• | Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of |
Table of Contents
mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. | |
• | Municipal Securities – Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or get worse. |
• | New Fund – The fund is newly formed. Investors in the fund bear the risk that the sub-adviser may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, or that the fund may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights. |
• | Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security. |
• | Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund's ability to dispose of the underlying securities may be restricted. |
• | Short Sales – A short sale may be effected by selling a security that the fund does not own. If the price of the security sold short increases, the fund would incur a loss; conversely, if the price declines, the fund will realize a gain. Although the gain is limited by the price at which the security was sold short, the loss is potentially unlimited. The fund may also pay transaction costs and borrowing fees in connection with short sales. |
• | Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in |
Table of Contents
which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. | |
• | Structured Instruments – The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. |
• | To Be Announced (TBA) Transactions – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. |
• | U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. Although the U.S. government has provided financial support to the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | PineBridge Investments LLC | |
Portfolio Managers: | ||
Michael J Kelly, CFA, Portfolio Manager since 2014 | ||
Amit Agrawal, Portfolio Manager since 2014 | ||
Robert A. Vandem Assem, CFA, Portfolio Manager since 2014 | ||
Steven Oh, CFA, Portfolio Manager since 2014 | ||
Peter Hu, CFA, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
Shareholder Fees (fees paid directly from your investment) | |||||
Class of Shares | |||||
A | B | C | I | T | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | 8.50% |
Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower) | None | 5.00% | 1.00% | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||
Class of Shares | |||||
A | B | C | I | T | |
Management fees1 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Distribution and service (12b-1) fees | 0.25% | 1.00% | 1.00% | 0.00% | 0.00% |
Other expenses | 0.31% | 0.42% | 0.36% | 0.20% | 0.17% |
Total annual fund operating expenses | 1.22% 2 | 2.08% | 2.02% | 0.86% | 0.83% |
1 | Management fees have been restated to reflect a reduction in advisory fees effective July 1, 2014. |
2 | Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not reflect the reduction of 0.05% in the distribution and services (12b-1) fees on Class A shares effective March 1, 2014 for an entire fiscal year. |
If the shares are redeemed at the end of each period: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $667 | $ 916 | $1,183 | $1,946 |
B | $711 | $ 952 | $1,219 | $2,190 |
C | $305 | $ 634 | $1,088 | $2,348 |
I | $ 88 | $ 274 | $ 477 | $1,061 |
T | $928 | $1,092 | $1,271 | $1,788 |
If the shares are not redeemed: | ||||
Share Class | 1 year | 3 years | 5 years | 10 years |
A | $667 | $ 916 | $1,183 | $1,946 |
B | $211 | $ 652 | $1,119 | $2,190 |
C | $205 | $ 634 | $1,088 | $2,348 |
I | $ 88 | $ 274 | $ 477 | $1,061 |
T | $928 | $1,092 | $1,271 | $1,788 |
Table of Contents
• | Securities held in the Russell 1000® Growth and S&P 500® Growth Indexes |
• | Equity securities within the market-cap range of the index with historical or projected growth rates greater than the Russell 1000® Index median |
• | Stocks that meet other growth criteria as determined by the team |
• | Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would be subject to tax at ordinary income tax rates upon distribution. |
• | Counterparty – The fund will be subject to credit risk (that is, where changes in an issuer’s financial strength or credit rating may affect an instrument’s value) with respect to the amount it expects to receive from counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline. |
• | Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. |
• | Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the |
Table of Contents
depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts. | |
• | Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivatives themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. The U.S. government is in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, may limit their availability, may disrupt markets or may otherwise adversely affect their value or performance. |
• | Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. |
• | Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities. |
• | Growth Stocks – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. |
• | Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund's assets. The fund also may have to sell assets at inopportune times to satisfy its obligations. |
• | Manager – The fund is subject to the risk that the sub-adviser’s judgments and investment decisions, as well as the methods, tools, resources, information and data, and the analyses employed or relied on by the sub-adviser to make those judgments and decisions may be incorrect or otherwise may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. |
• | Market – The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security. Financial markets in the U.S., Europe and elsewhere have experienced increased volatility and decreased liquidity since the global financial crisis began in 2008. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and their central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. More recently, the Federal |
Table of Contents
Reserve has reduced its market support activities. Further reduction or withdrawal of this support, or other related efforts in response to the crisis could negatively affect financial markets generally and increase market volatility as well as result in higher interest rates and reduce the value and liquidity of certain securities. This environment could make identifying investment risks and opportunities especially difficult for the sub-adviser. Whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund's investments may be negatively affected. In addition, policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and in some instances may contribute to decreased liquidity and increased volatility in the financial markets. | |
• | Portfolio Selection – The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. |
• | Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. |
• | Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617wmcde.jpg)
Table of Contents
Quarter Ended | Return | |
Best Quarter: | 03/31/2012 | 17.01% |
Worst Quarter: | 09/30/2011 | -17.17% |
1 Year | 5 Years | Since Inception | Inception Date | |
Class A | 11/13/2009 | |||
Return before taxes | 10.54% | 12.38% | 12.56% | |
Return after taxes on distributions | 5.64% | 10.80% | 11.00% | |
Return after taxes on distributions and sale of fund shares | 10.07% | 9.93% | 10.09% | |
Class B (Return before taxes only) | 9.46% | 11.53% | 11.71% | 11/13/2009 |
Class C (Return before taxes only) | 9.60% | 11.56% | 11.73% | 11/13/2009 |
Class I (Return before taxes only) | 10.90% | 12.84% | 13.62% | 11/30/2009 |
Class T (Return before taxes only) | 10.95% | N/A | 15.08% | 02/10/2012 |
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) | 13.05% | 15.81% | 16.22% |
Investment Adviser: | Sub-Adviser: | |
Transamerica Asset Management, Inc. | Wellington Management Company LLP | |
Portfolio Manager: | ||
Mammen Chally, CFA, Portfolio Manager since 2014 |
Table of Contents
Table of Contents
• | Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 35% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 65% of net assets in fixed-income, which may include bonds, cash, cash equivalents, and other money market instruments. These percentages may vary. |
• | The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks (both domestic and global), volatility in the equity markets, historical performance, global markets’ current valuations, and other global economic factors. |
• | The fund may periodically adjust its allocations to favor investments in those underlying funds that it believes will provide the most favorable outlook for achieving its investment objective. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | Under normal circumstances, it expects to invest primarily in underlying funds that invest in U.S. and foreign (including emerging market) equities, which may include stocks, commodity-related securities and alternative investments. |
Table of Contents
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks (both domestic and global), historical performance, global markets’ current valuations, and other global economic factors. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | The fund may periodically adjust its allocations to favor investments in those underlying funds that it believes will provide the most favorable outlook for achieving its investment objective. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 70% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 30% of net assets in fixed-income, which may include bonds, cash, cash equivalents, and other money market instruments. These percentages may vary. |
• | The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks (both domestic and global), volatility in the equity markets, historical performance, global markets’ current valuations, and other global economic factors. |
• | The fund may periodically adjust its allocations to favor investments in those underlying funds that it believes will provide the most favorable outlook for achieving its investment objective. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
Table of Contents
• | Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 50% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 50% of net assets in fixed-income, which may include bonds, cash, cash equivalents, and other money market instruments. These percentages may vary. |
• | The underlying funds may invest in a variety of U.S. and foreign (including emerging market) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”). |
• | Allocation of assets among the underlying funds is based on factors such as diversification, general market outlooks (both domestic and global), volatility in the equity markets, historical performance, global markets’ current valuations, and other global economic factors. |
• | The fund may periodically adjust its allocations to favor investments in those underlying funds that it believes will provide the most favorable outlook for achieving its investment objective. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
• | U.S. government and foreign government bonds and notes (including emerging market countries); |
• | Mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations) (“CMOs”); |
• | Corporate bonds of issuers in the U.S. and foreign countries (including emerging market countries); |
• | Convertible bonds and other convertible securities; |
• | Bank loans and loan participations: |
• | Structured notes; and |
• | Preferred securities. |
1. | Under normal circumstances, at least 50% of the value of the fund’s assets will be invested in (a) debt securities which have a rating within the four highest grades as determined by Moody’s Investors Service, Inc. (“Moody’s”) (“Aaa, Aa, A or Baa”) or Standard & Poor’s Corporation (“S&P”) (“AAA, AA, A or BBB”); (b) securities issued or guaranteed by the United States Government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody’s Commercial Paper Division, Moody’s, or A-1 or A-2 by S&P; or (d) cash or cash equivalents; |
2. | Up to 50% of the value of the fund’s assets may be invested in other debt securities which are not rated by Moody’s or S&P or, if so rated, are not within the grades or ratings referred to above (commonly known as “junk bonds”); and |
3. | The fund may engage in options and futures transactions, foreign currency transactions, and swap transactions. Instead of investing directly in particular securities, the fund may use instruments such as derivatives, including credit default swaps and futures contracts, and synthetic instruments that are intended to provide economic exposure to the securities or the issuer. The fund may use one or more types of these instruments without limit. These instruments are taken into account when determining compliance with the fund’s 80% policy. |
• | Short-Term Trading – The fund may use short-term trading as a means of managing its portfolio to achieve its investment objectives. As used herein, “short-term trading” means selling securities held for a relatively brief period of time, usually less than three months. Short-term trading will be used by the fund primarily in two situations: |
(a) | Market Developments – A security may be sold to avoid depreciation in what the fund anticipates will be a market decline (a rise in interest rates), or a security may be purchased in anticipation of a market rise (a decline |
Table of Contents
in interest rates) and later sold; and | |
(b) | Yield Disparities – A security may be sold and another of comparable quality purchased at approximately the same time in order to take advantage of what the fund believes is a temporary disparity in the normal yield relationship between the two securities (a “yield disparity”). |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
• | short-term U.S. government obligations, corporate bonds and notes, bank obligations (such as certificates of deposit and bankers’ acceptances), commercial paper, asset-backed securities and repurchase agreements |
• | obligations issued or guaranteed by the U.S. and foreign governments and their agencies and instrumentalities |
• | obligations of U.S. and foreign banks, or their foreign branches, and U.S. savings banks |
Table of Contents
• | Equity component – The equity sub-adviser seeks to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the equity component’s net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund’s weightings are generally similar to those of the S&P 500®. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500®. |
• | Fixed income component – The fixed income component of the fund is normally invested primarily in investment grade debt securities including: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and mortgage-backed securities without government guarantees. Its portfolio weighted average duration will typically range from 3 to 10 years. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLO”s), collateralized bond obligations (“CBO”s) and collateralized debt obligations (“CDO”s)), commercial mortgage-backed securities (“CMBS”), high quality short-term obligations and repurchase agreements, and in securities of foreign issuer including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. |
• | The fund may invest in dollar rolls, which involve a sale by the fund of a mortgage-backed or other security concurrently with an agreement to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and stated maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold. |
• | The fund may invest up to 10% of its net assets in emerging market debt securities and 10% in high-yield debt securities (commonly referred to as “junk bonds”), but is limited to 15% in aggregate between emerging market debt and high-yield securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor’s or Fitch or Baa from Moody’s or are of comparable quality as determined by the fund’s sub-adviser. |
Table of Contents
• | Under normal circumstances, the fund expects to invest primarily in underlying funds that use alternative investment strategies and invest in alternative asset classes, including but not limited to: |
• | Long-short and market neutral strategies; |
• | Bear-market strategies; |
• | Tactical investment strategies (bond and/or equity); |
• | Merger arbitrage; |
• | Real estate securities; |
• | Managed futures strategies; |
• | Commodities and/or natural resources and/or precious metals; |
• | Foreign currency trading strategies; and |
• | Non-core investments (such as micro-cap stocks, emerging market equities, TIPS and foreign bonds). |
• | The underlying funds may invest in a variety of U.S. and foreign (including emerging market) equity and fixed-income (including high-yield) instrument. Allocation of assets among the underlying funds is intended to achieve moderate capital appreciation with limited volatility and correlation with the mainstream equity and bond markets. |
• | The fund seeks to periodically and gradually adjust its allocations to favor investments in those underlying funds that are expected to provide the most favorable outlook for achieving its investment objective. |
• | The fund may also invest directly in U.S. government securities and/or short-term commercial paper. |
• | From time to time the fund may invest in asset classes that are out of favor with the market. The fund considers these asset classes to be alternative investment strategies. |
Table of Contents
• | short-term and intermediate-term corporate obligations |
• | obligations issued or guaranteed by the U.S. and foreign governments and their agencies and instrumentalities |
• | mortgage-backed securities |
• | asset-backed securities |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
• | Securities held in the Russell 1000® Growth and S&P 500® Growth Indexes |
• | Equity securities within the market-cap range of the index with historical or projected growth rates greater than the Russell 1000® Index median |
• | Stocks that meet other growth criteria as determined by the team |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
• | As a hedging technique in an attempt to manage risk in the fund’s portfolio |
• | As a means of changing investment characteristics of the fund’s portfolio |
• | As a means of attempting to enhance returns |
• | As a means of providing additional exposure to types of investments or market factors |
• | As a substitute for buying or selling securities |
• | As a cash flow management technique |
Table of Contents
• | Supply and Demand. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution or a sustained decline in demand for such commodities, may adversely impact the financial performance of energy companies. Energy companies are subject to supply and demand fluctuations in the markets they serve which will be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events and economic conditions, among others. The United States relies heavily on foreign imports of energy such as crude oil and refined products. If a supply source decides to restrict supply to the United States or is unable to meet demand, some energy companies’ cash flows may be adversely impacted. |
• | Depletion and Exploration. Energy reserves naturally deplete as they are consumed over time. Energy companies that are either engaged in the production of natural gas, natural gas liquids, crude oil, or coal, or are engaged in transporting, storing, distributing and processing these items and refined products on behalf of the owners of such commodities. To maintain or grow their revenues, these companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources or through acquisitions. The financial performance of energy companies may be adversely affected if they, or the companies to whom they provide services, are unable to cost-effectively acquire additional energy deposits sufficient to replace the natural decline of existing reserves. Also, the quantities of reserves may be overstated, or deposits may not be produced in the time periods anticipated. If an energy company is not able to raise capital on favorable terms, it may not be able to add to or maintain its reserves. |
• | Regulatory. Energy companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including (i) how facilities are constructed, maintained and operated, (ii) how and where wells are drilled, (iii) how services are provided, (iv) environmental and safety controls, and, in some cases (v) the prices they may charge for the products and services they provide. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of energy companies. In particular, changes to laws and increased regulations or enforcement policies as a result of the Macondo oil spill in the Gulf of Mexico may adversely affect the financial performance of energy companies. |
• | Commodity Pricing. The operations and financial performance of energy companies may be directly affected by energy commodity prices, especially those energy companies which own the underlying energy commodity or receive payments for services that are based on commodity prices. Such impact may be a result of changes in the price for such commodity or a result of changes in the price of one energy commodity relative to the price of another energy commodity (i.e., the price of natural gas relative to the price of natural gas liquids). These prices may fluctuate widely in response to a variety of factors, including global and domestic economic conditions, weather conditions, the supply and price of imported energy commodities, the production and storage levels of energy commodities in certain regions or in the world, political stability, transportation facilities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices may also make it more difficult for energy companies to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices. |
• | Acquisition . The ability of energy companies to grow operating cash flow and increase such company’s enterprise value can be highly dependent on their ability to make acquisitions that result in an increase in cash available for distributions. Recently, the acquisition market has become more competitive as a result of the increased amount of energy companies, as well as significant private equity interest in midstream energy assets. As a result, the competitive nature of the market has resulted in higher multiples, which may reduce the attractiveness of returns on acquisitions. Accordingly, MLP Entities may be unable to make accretive acquisitions because they are unable to identify attractive acquisition candidates, negotiate acceptable purchase contracts, raise financing for such acquisitions on economically acceptable terms, or because they are outbid by competitors. . Such circumstances may limit future growth and their ability to raise distributions could be reduced. Furthermore, even if energy |
Table of Contents
companies do consummate acquisitions that they believe will be accretive, the acquisitions may instead result in a decrease in operating cash flow or a decrease in enterprise value. Any acquisition involves risks, including, among other things: mistaken assumptions about revenues and costs, including synergies; the assumption of unknown liabilities; limitations on rights to indemnity from the seller; the diversion of management’s attention from other business concerns; unforeseen difficulties operating in new product or geographic areas; and customer or key employee losses at the acquired businesses. | |
• | Affiliated Party. Certain energy companies are dependent on their parents or sponsors for a majority of their revenues. Any failure by such company’s parents or sponsors to satisfy their payments or obligations would impact such company’s revenues and operating cash flows and ability to make interest payments and/or distributions. |
• | Catastrophe. The operations of energy companies are subject to many hazards inherent in the exploring, developing, producing, generating, transporting, transmission, storing, gathering, processing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or electricity, including: damage to pipelines, storage tanks, plants or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; well blowouts; leaks of such energy commodities; fires and explosions. These hazards could result in substantial losses, severe damage to and destruction of property and equipment, and pollution or other environmental damage and may result in the curtailment or suspension of their related operations. Energy companies may not be insured against all risks inherent to their businesses. If a significant accident or event occurs that is not fully insured, it could adversely affect the energy company’s operations and financial condition. |
• | Terrorism/Market Disruption. Events in the Middle East and elsewhere could have significant adverse effects on the U.S. economy, financial and commodities markets. Energy assets could be direct targets, or indirect casualties, of an act of terror. The U.S. government has issued warnings that energy assets, specifically the United States’ pipeline infrastructure, may be the future target of terrorist organizations. |
• | Weather . Extreme weather conditions, such as hurricanes, (i) could result in substantial damage to the facilities of certain energy companies located in the affected areas, (ii) significantly increase the volatility in the supply of energy commodities and (iii) adversely affect the financial performance of energy companies, and could therefore adversely affect their securities. The damage done by extreme weather also may serve to increase many insurance premiums paid by energy companies and could adversely affect such companies’ financial condition. |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
• | declining real estate value |
• | risks relating to general and local economic conditions |
• | over-building |
• | increased competition for assets in local and regional markets |
• | increases in property taxes |
• | increases in operating expenses or interest rates |
• | change in neighborhood value or the appeal of properties to tenants |
Table of Contents
• | insufficient levels of occupancy |
• | inadequate rents to cover operating expenses |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Depreciation or other cost recovery deductions passed through to a fund from investments in MLPs in a given year will generally reduce the fund’s taxable income, but those deductions may be recaptured in the fund’s income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, a fund may need to liquidate investments, which may lead to additional recapture income.
Table of Contents
(1) | employ a new unaffiliated sub-adviser for a fund pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser; |
(2) | materially change the terms of any sub-advisory agreement; and |
(3) | continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser. |
Name of Fund | Advisory Fee |
Transamerica Asset Allocation – Conservative Portfolio | 0.10% |
Transamerica Asset Allocation – Growth Portfolio | 0.10% |
Transamerica Asset Allocation – Moderate Growth Portfolio | 0.10% |
Table of Contents
Name of Fund | Advisory Fee |
Transamerica Asset Allocation – Moderate Portfolio | 0.10% |
Transamerica Capital Growth | 0.74% |
Transamerica Dividend Focused | 0.64% |
Transamerica Emerging Markets Debt | 0.59% |
Transamerica Emerging Markets Equity | 0.95% |
Transamerica Enhanced Muni | 0.26% |
Transamerica Flexible Income | 0.44% |
Transamerica Floating Rate | 0.54% |
Transamerica Global Equity | 0.24% |
Transamerica Growth Opportunities | 0.75% |
Transamerica High Yield Bond | 0.56% |
Transamerica High Yield Muni | 0.00% |
Transamerica Income & Growth | 0.67% |
Transamerica International Equity | 0.73% |
Transamerica International Small Cap Value | 0.91% |
Transamerica Large Cap Value | 0.63% |
Transamerica Mid Cap Growth | 0.72% |
Transamerica MLP & Energy Income | 1.08% |
Transamerica Money Market | 0.00% |
Transamerica Multi-Managed Balanced | 0.66% |
Transamerica Multi-Manager Alternative Strategies Portfolio | 0.20% |
Transamerica Opportunistic Allocation | 0.00% |
Transamerica Short-Term Bond | 0.46% |
Transamerica Small Cap Core | 0.80% |
Transamerica Small Cap Growth | 0.82% |
Transamerica Small Cap Value | 0.85% |
Transamerica Small/Mid Cap Value | 0.77% |
Transamerica Tactical Allocation | 0.18% |
Transamerica Tactical Income | 0.47% |
Transamerica Tactical Rotation | 0.34% |
Transamerica US Growth | 0.70% |
Table of Contents
Transamerica Asset Allocation-Conservative Portfolio | |
Transamerica Asset Allocation-Growth Portfolio | |
Transamerica Asset Allocation-Moderate Portfolio | |
Transamerica Asset Allocation-Moderate Growth Portfolio |
Table of Contents
Name | Employer | Positions Over Past Five Years |
Dario Castagna, CFA | Morningstar Associates, LLC | Co-Portfolio Manager of the fund since 2014; Employee of Morningstar Associates, LLC since 2006 |
Dan McNeela, CFA | Morningstar Associates, LLC | Co-Portfolio Manager of the fund since 2010; Employee of Morningstar Associates, LLC since 2006 |
Michael Stout, CFA | Morningstar Associates, LLC | Co-Portfolio Manager of the fund since 2006; Employee of Morningstar, Inc. since 1993, then employee of Morningstar Associates, LLC since 1999 |
Fund | Sub-Adviser | Sub-Adviser Address |
Transamerica Flexible Income | Aegon USA Investment Management, LLC | 4333 Edgewood Road NE Cedar Rapids, IA 52499 |
Transamerica Floating Rate | ||
Transamerica High Yield Bond | ||
Transamerica Money Market | ||
Transamerica Multi-Managed Balanced | ||
Transamerica Multi-Manager Alternative Strategies Portfolio | ||
Transamerica Opportunistic Allocation | ||
Transamerica Short-Term Bond | ||
Transamerica Tactical Allocation | ||
Transamerica Tactical Income | ||
Transamerica Tactical Rotation | ||
Transamerica Dividend Focused | Barrow, Hanley, Mewhinney & Strauss, LLC | JP Morgan Chase Tower, 2200 Ross Avenue, 31st Floor, Dallas, TX 75201 |
Transamerica Enhanced Muni | Belle Haven Investments, L.P. | 1133 Westchester Avenue, Suite 221, White Plains, NY 10604 |
Transamerica High Yield Muni | ||
Transamerica Emerging Markets Equity | ClariVest Asset Management LLC | 3611 Valley Centre Drive, Suite 100, San Diego, CA 92130 |
Transamerica Multi-Managed Balanced | J.P. Morgan Investment Management Inc. | 270 Park Avenue New York, NY 10017 |
Table of Contents
Fund | Sub-Adviser | Sub-Adviser Address |
Transamerica MLP & Energy Income | Kayne Anderson Capital Advisors, L.P. | 1800 Avenue of the Stars, Third Floor Los Angeles, CA 90067 |
Transamerica Large Cap Value | Levin Capital Strategies, L.P. | 595 Madison Avenue, 17th Floor, New York, NY 10022 |
Transamerica Emerging Markets Debt | Logan Circle Partners, LP | 1717 Arch Street Suite 1500 Philadelphia, PA 19103 |
Transamerica Global Bond | ||
Transamerica Small Cap Value | Lombardia Capital Partners, LLC | 55 South Lake Avenue, Suite 750, Pasadena, CA 91101 |
Transamerica Capital Growth | Morgan Stanley Investment Management Inc. | 522 Fifth Avenue New York, NY 10036 |
Transamerica Growth Opportunities | ||
Transamerica Inflation Opportunities Transamerica Unconstrained Bond | PineBridge Investments LLC | 399 Park Avenue, 4th Floor New York, NY 10022 |
Transamerica Mid Cap Growth | Quantum Capital Management | 311 California Street, Suite 510 San Francisco, CA 94104 |
Transamerica Small Cap Growth | Ranger Investment Management, L.P. | 2828 N. Harwood Street, Suite 1900, Dallas, TX 75201 |
Transamerica Income & Growth | Ranger International Management, LP | 273 Market Square, Lake Forest, IL 60045 |
Transamerica Global Equity | Rockefeller & Co., Inc. | 10 Rockefeller Plaza, Floor 3, New York, NY 10020 |
Transamerica Small Cap Core Transamerica Small/Mid Cap Value | Systematic Financial Management, L.P. | 300 Frank W. Burr Blvd. Glenpointe East 7th Floor Teaneck, NJ 07666 |
Transamerica International Equity | Thompson, Siegel & Walmsley LLC | 6806 Paragon Place Suite 300 Richmond, VA 23230 |
Transamerica International Small Cap Value | ||
Transamerica Mid Cap Value Opportunities | ||
Transamerica Strategic High Income | ||
Transamerica Concentrated Growth | Torray LLC | 7501 Wisconsin Avenue Suite 750W Bethesda, Maryland 20814 |
Transamerica US Growth | Wellington Management Company LLP | 280 Congress Street Boston, MA 02210 |
Table of Contents
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Dennis P. Lynch | Morgan Stanley Investment Management Inc. | Lead Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 1998; Managing Director; Team leader for the Growth team |
Sam G. Chainani, CFA | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 1996; Managing Director; Investor on the Growth team |
David S. Cohen | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 1993; Managing Director; Investor on the Growth team |
Armistead B. Nash | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 2002; Managing Director; Investor on the Growth team |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Alexander T. Norton | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 2000; Executive Director; Investor on the Growth team |
Jason C. Yeung, CFA | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 2002; Managing Director; Investor on the Growth team |
Name | Sub-Adviser | Positions Over Past Five Years |
Nicholas C. Haffenreffer | Torray LLC | Portfolio Manager of the fund since 2014; Portfolio Manager of the predecessor fund since 2010; Principal of Torray LLC since 2010; President of Resolute Capital Management LLC (1998 to 2010). |
Name | Sub-Adviser | Positions Over Past Five Years |
Ray Nixon, Jr. | Barrow, Hanley, Mewhinney & Strauss, LLC | Portfolio Manager of the fund since 2013; Portfolio Manager at Barrow, Hanley, Mewhinney & Strauss, LLC since 1994 |
Brian Quinn, CFA | Barrow, Hanley, Mewhinney & Strauss, LLC | Portfolio Manager of the fund since 2013; Portfolio Manager with Barrow, Hanley, Mewhinney & Strauss, LLC since 2012; Equity Analyst (2005 – 2012) |
Lewis Ropp | Barrow, Hanley, Mewhinney & Strauss, LLC | Portfolio Manager of the fund since 2013; Portfolio Manager with Barrow, Hanley, Mewhinney & Strauss, LLC since 2011; Equity Analyst (2001 – 2011) |
Name | Sub-Adviser | Positions Over Past Five Years |
Scott Moses, CFA | Logan Circle Partners, LP | Portfolio Manager of the fund since 2011; Employee of Logan Circle Partners, LP since 2007; Portfolio Manager for the Logan Circle emerging markets fixed income strategies |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Todd Howard, CFA | Logan Circle Partners, LP | Portfolio Manager of the fund since 2011; Employee of Logan Circle Partners, LP since 2007; Portfolio Manager for the Logan Circle international strategies |
Name | Sub-Adviser | Positions Over Past Five Years |
David R. Vaughn, CFA | ClariVest Asset Management LLC | Portfolio Manager of the fund since 2012; founder and owner of ClariVest Asset Management LLC since 2006; primarily responsible for international, global and emerging market strategies |
Stacey Nutt | ClariVest Asset Management LLC | Portfolio Manager of the fund since 2014; President and Chief Investment Officer of ClariVest Asset Management LLC; founder and owner of ClariVest Asset Management LLC since 2006 |
Alex Turner, CFA | ClariVest Asset Management LLC | Portfolio Manager of the fund since 2014; Assistant Portfolio Manager of the fund since 2012; joined ClariVest Asset Management LLC in 2008; Prior to 2008, Quantitative Analytic Specialist at Factset Research Systems, Inc. |
Priyanshu Mutreja, CFA | ClariVest Asset Management LLC | Assistant Portfolio Manager of the fund since 2014; joined ClariVest Asset Management LLC in 2009 |
Name | Sub-Adviser | Positions Over Past Five Years |
Matthew Dalton | Belle Haven Investments, L.P. | Portfolio Manager of the fund since 2012; joined Belle Haven Investments, L.P. in 1996; Chief Executive Officer since 2002 |
Brian Steeves | Belle Haven Investments, L.P. | Portfolio Manager of the fund since 2012; joined Belle Haven Investments, L.P. in 2008 |
Name | Sub-Adviser | Positions Over Past Five Years |
Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund with Aegon USA Investment Management, LLC since 2011; Portfolio Manager of the fund with Transamerica Investment Management, LLC from 2005 – 2011 |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Rick Perry, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2011; Portfolio Manager with Aegon USA Investment Management, LLC since 2000; Director of Investment Grade since 2006 |
Doug Weih, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Director of Public Securitized Bonds since 2009 |
James K. Schaeffer, Jr. | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2011; Portfolio Manager with Aegon USA Investment Management, LLC since 2004; Director of Distressed Debt since 2004 |
Name | Sub-Adviser | Positions Over Past Five Years |
John F. Bailey, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2013; Portfolio Manager with Aegon USA Investment Management, LLC since 1997 |
Jason P. Felderman, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2013; Portfolio Manager with Aegon USA Investment Management, LLC since 2007 |
James K. Schaeffer, Jr. | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2013; Portfolio Manager with Aegon USA Investment Management, LLC since 2004; Director of Distressed Debt since 2004 |
Name | Sub-Adviser | Positions Over Past Five Years |
Todd Howard, CFA | Logan Circle Partners, LP | Portfolio Manager of the fund since 2014; Employee of Logan Circle Partners, LPsince 2007; Portfolio Manager for the Logan Circle emerging markets fixed income strategies |
Scott Moses, CFA | Logan Circle Partners, LP | Portfolio Manager of the fund since 2014; Employee of Logan Circle Partners, LP since 2007; Portfolio Manager for the Logan Circle international strategies |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
David P. Harris, CFA | Rockefeller & Co., Inc. | Portfolio Manager of the fund since 2014; Portfolio Manager at Rockefeller & Co., Inc. since 1999 |
Jimmy C. Chang, CFA | Rockefeller & Co., Inc. | Portfolio Manager of the fund since 2014; Portfolio Manager at Rockefeller & Co., Inc. since 2004 |
Name | Sub-Adviser | Positions Over Past Five Years |
Dennis P. Lynch | Morgan Stanley Investment Management Inc. | Lead Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 1998; Managing Director; Team leader for the Growth team |
Sam G. Chainani, CFA | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 1996; Managing Director; Investor on the Growth team |
David S. Cohen | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 1993; Managing Director; Investor on the Growth team |
Armistead B. Nash | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 2002; Managing Director; Investor on the Growth team |
Alexander T. Norton | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 2000; Executive Director; Investor on the Growth team |
Jason C. Yeung, CFA | Morgan Stanley Investment Management Inc. | Portfolio Manager of the fund since 2011; associated with Morgan Stanley Investment Management Inc. in an investment management capacity since 2002; Managing Director; Investor on the Growth team |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Kevin Bakker, CFA | Aegon USA Investment Management, LLC | Co-Lead Portfolio Manager of the fund since 2015; Portfolio Manager of the fund since 2007; Portfolio Manager with Aegon USA Investment Management, LLC since 2007; Senior Research Analyst 2003 – 2007 |
Benjamin D. Miller, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2006; Senior Research Analyst with Aegon USA Investment Management, LLC 1993 – 2006 |
James K. Schaeffer, Jr. | Aegon USA Investment Management, LLC | Co-Lead Portfolio Manager of the fund since 2015; Portfolio Manager of the fund since 2011; Portfolio Manager with Aegon USA Investment Management, LLC since 2004; Director of Distressed Debt since 2004 |
Name | Sub-Adviser | Positions Over Past Five Years |
Matthew Dalton | Belle Haven Investments, L.P. | Portfolio Manager of the fund since 2013; joined Belle Haven Investments, L.P. in 1996; Chief Executive Officer since 2002 |
Name | Sub-Adviser | Positions Over Past Five Years |
William R. Andersen, CFA | Ranger International Management, LP | Portfolio Manager of the fund since 2012; founding principal of Ranger International Management, LP (2010); Chief Investment Officer and Senior Portfolio Manager of the global and international portfolios since 2003. Founder and Portfolio Manager of Andersen Capital Management, LLC (2004) |
Jeff Middleswart | Ranger International Management, LP | Assistant Portfolio Manager of the Fund since 2014; Assistant Portfolio Manager at Ranger International Management, LP since 2014, Senior Analyst of the Ranger Global Income and Growth strategy between 2011 and 2014; Principal and President from 2007 to 2014, Behind the Numbers, LLC, and Senior Analyst, Vice President, and Director of Research from 1993 to 2007 |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Amit Agrawal | PineBridge Investments LLC | Lead Portfolio Manager of the fund since 2014; Employee of PineBridge Investments LLC since 2002; Senior Portfolio Manager in the Fixed Income group |
Robert A. Vanden Assem, CFA | PineBridge Investments LLC | Portfolio Manager of the fund since 2014; Employee of PineBridge Investments LLC since 2001; Managing Director and Head of Investment Grade Fixed Income |
Name | Sub-Adviser | Positions Over Past Five Years |
Brandon H. Harrell, CFA | Thompson, Siegel & Walmsley LLC | Portfolio Manager of the fund since 2011; Portfolio Manager of TS&W International Equity Portfolio from October 31, 2005 to February 28, 2011; Portfolio Manager of TS&W International Small Cap since December 31, 2007 |
Name | Sub-Adviser | Positions Over Past Five Years |
Brandon H. Harrell, CFA | Thompson, Siegel & Walmsley LLC | Portfolio Manager of the fund since 2013; Portfolio Manager at Thompson, Siegel & Walmsley LLC since 1996 |
Stedman D. Oakey, CFA | Thompson, Siegel & Walmsley LLC | Portfolio Manager of the fund since 2013; Portfolio Manager at Thompson, Siegel & Walmsley LLC since 2011 and International Research Analyst since 2005 |
Name | Sub-Adviser | Positions Over Past Five Years |
John Levin | Levin Capital Strategies, L.P. | Portfolio Manager of the fund since 2012; Chief Executive Officer and Senior Portfolio Manager at Levin Capital Strategies, L.P. since 2006 |
Jack Murphy | Levin Capital Strategies, L.P. | Portfolio Manager of the fund since 2012; Porfolio Manager and Senior Securities Analyst at Levin Capital Strategies, L.P. since 2006 |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Howard Aschwald, CFA | Quantum Capital Management | Portfolio Manager of the fund since 2013; Co- Founder, Chief Investment Officer & Director of Research with Quantum Capital Management since 1996 |
Timothy Chatard, CFA | Quantum Capital Management | Portfolio Manager of the fund since 2014; Employed with Quantum Capital Management since 2013 as part of the investment research team responsible for equity analysis in several economic sectors. Prior to joining Quantum Capital Management, he was an analyst at Morgan Stanley from 1991 to 1994; Portfolio Manager at Franklin Templeton Group from 1996 to 1999; Portfolio Manager at Sterling Johnston Capital Management from 1999 to 2009; and Portfolio Manager at Tano Capital from 2010 to 2013 |
Name | Sub-Adviser | Positions Over Past Five Years |
Brett P. Hawkins, CFA | Thompson, Siegel & Walmsley LLC | Portfolio Manager of the fund since 2014; Portfolio Manager at Thompson, Siegel & Walmsley LLC since 2001 |
Name | Sub-Adviser | Positions Over Past Five Years |
John C. Frey | Kayne Anderson Capital Advisors, L.P. | Portfolio Manager of the fund since 2013; Employed with Kayne Anderson Capital Advisors, L.P. since 1997 in various capacities, including portfolio manager, research analyst and controller |
Name | Sub-Adviser | Positions Over Past Five Years |
Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2011; Portfolio Manager with Transamerica Investment Management, LLC from 2005-2011 |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Rick Perry, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2000; Director of Investment Grade since 2006 |
Doug Weih, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Director of Public Securitized Bonds since 2009 |
Aryeh Glatter | J.P. Morgan Investment Management Inc. | Portfolio Manager of the fund since 2014; Employee of J.P. Morgan Investment Management Inc. since 2011; Executive Director; Portfolio Manager on the U.S. Disciplined Equity Team; Portfolio Manager at AllianceBernstein from 2000 to 2009 |
Steven G. Lee | J.P. Morgan Investment Management Inc. | Portfolio Manager of the fund since 2014; Employee of J.P. Morgan Investment Management Inc. since 2004; Managing Director; Portfolio Manager on the U.S. Disciplined Equity Team |
Tim Snyder, CFA | J.P. Morgan Investment Management Inc. | Portfolio Manager of the fund since 2013; Employee of J.P. Morgan Investment Management Inc. since 2003; Executive Director; Portfolio Manager on the U.S. Disciplined Equity Team; Specialties include Research Enhanced Index (REI) strategies |
Raffaele Zingone, CFA | J.P. Morgan Investment Management Inc. | Portfolio Manager of the fund since 2011; Employee of J.P. Morgan Investment Management Inc. since 1991; Managing Director; Portfolio Manager on the U.S. Disciplined Equity Team; Specialties include Research Enhanced Index (REI) strategies |
Name | Sub-Adviser | Positions Over Past Five Years |
Timothy S. Galbraith | Aegon USA Investment Management, LLC | Portfolio Manager of the fund with Aegon USA Investment Management, LLC since 2014; Chief Investment Officer – Alternative Investments and Portfolio Manager of the fund with Transamerica Asset Management, Inc. since 2012; Head of Alternative Investment Strategies at Morningstar Associates, LLC from 2009-2012 |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Prat Patel, CFA | Aegon USA Investment Management, LLC | Co-Portfolio Manager of the fund since 2014; Vice President at Transamerica Asset Management, Inc. since 2011; Analyst at GFG Capital, LLC from 2010-2011 |
Name | Sub-Adviser | Positions Over Past Five Years |
Todd R. Porter, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund with Aegon USA Investment Management, LLC since 2014; Chief Investment Officer-Asset Allocation and Portfolio Manager of the fund with Transamerica Asset Management, Inc. since 2012; Chief Investment Officer at Fund Architects, LLC from 2007-2012; Chief Investment Strategist at Morningstar Associates, LLC from 1999-2006 |
Maciej J. Kowara, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2013; Senior Research Consultant at Morningstar IBBOTSON from 2010-2012; Portfolio Manager at Morningstar Associates, LLC from 2005-2010 |
Nazar Suschko | Aegon USA Investment Management, LLC | Portfolio Manager of the fund with Aegon USA Investment Management, LLC since 2014; Senior Risk Analyst at AUIM from 2011 - 2013. Led the Portfolio Risk Management team at Aegon Asset Management in the Netherlands from 2009 - 2011. Senior Investment Risk manager at ING Investment Management from 2004 - 2009 |
Name | Sub-Adviser | Positions Over Past Five Years |
Doug Weih, CFA | Aegon USA Investment Management, LLC | Lead Portfolio Manager of the fund since 2012; Portfolio Manager of the fund since 2011; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Director of Public Securitized Bonds since 2009 |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Matthew Buchanan, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Senior Corporate Bond Manager with Aegon USA Investment Management, LLC since 2012; Investment Grade Bond Trader with Logan Circle Partners, LP (2007-2012), Investment Grade Bond Trader and Analyst with Delaware Investments (2004-2007) |
Glen Kneeland | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2006 |
Name | Sub-Adviser | Positions Over Past Five Years |
Eoin E. Middaugh, CFA | Systematic Financial Management, L.P. | Co-Portfolio Manager of the fund since 2013; Employed by Systematic Financial Management, L.P. since 2002; Portfolio Manager since 2006; Managing Partner since 2010 |
D. Kevin McCreesh, CFA | Systematic Financial Management, L.P. | Co-Portfolio Manager of the fund since 2013; Managing Partner of Systematic Financial Management, L.P. since 1996 |
Name | Sub-Adviser | Positions Over Past Five Years |
W. Conrad Doenges | Ranger Investment Management, L.P. | Portfolio Manager of the fund since 2012; Portfolio Manager at Ranger Investment Management, L.P. since 2004 (small, mid and small-mid growth strategies) |
Name | Sub-Adviser | Positions Over Past Five Years |
Andrew Absler | Lombardia Capital Partners, LLC | Portfolio Manager of the fund since 2012; associated with Lombardia Capital Partners, LLC since 2009; Senior Research Analyst and Portfolio Manager. From 2002 - 2009, Equity Analyst at Skyline Asset Management |
Alvin W. Marley, CFA | Lombardia Capital Partners, LLC | Portfolio Manager of the fund since 2012; associated with Lombardia Capital Partners, LLC since 2005; Managing Director and Senior Portfolio Manager |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
James Veers, CFA | Lombardia Capital Partners, LLC | Portfolio Manager of the fund since 2014; associated with Lombardia Capital Partners, LLC since 2007; Managing Director, Portfolio Manager, and Senior Research Analyst |
Name | Sub-Adviser | Positions Over Past Five Years |
Kenneth Burgess, CFA | Systematic Financial Management, L.P. | Portfolio Manager of the fund since 2011; Managing Partner of Systematic Financial Management, L.P. since 1997, and employed with the Firm since 1993; Specialties include cash flow analysis and small cap equities |
Ron Mushock, CFA | Systematic Financial Management, L.P. | Portfolio Manager of the fund since 2011; Managing Partner of Systematic Financial Management, L.P. since 2005, and employed with the Firm since 1997; Specialties include mid and small-mid cap portfolios |
Name | Sub-Adviser | Positions Over Past Five Years |
William M. Bellamy, CFA | Thompson, Siegel & Walmsley LLC | Portfolio Manager of the fund since 2014; Employee of Thompson, Siegel & Walmsley LLC since 2002; Director of Income Strategies |
Name | Sub-Adviser | Positions Over Past Five Years |
Doug Weih, CFA | Aegon USA Investment Management, LLC | Lead Portfolio Manager of the fund since 2015; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Head of U.S. Public Fixed Income since 2015; Director of Public Securitized Bonds since 2009 |
David Halfpap, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Portfolio Manager with Aegon USA Investment Management, LLC since 1979; Senior Vice President (1995 – present); Head of Investment Strategy and Co-Head of Global Strategy since 2011; Member of Pension Investment Committee |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Frank Rybinski, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Joined Aegon USA Investment Management, LLC in 2008; Portfolio Manager and Credit Strategist; Prior to 2008, Credit Analyst at UBS Investment Bank |
Name | Sub-Adviser | Positions Over Past Five Years |
Doug Weih, CFA | Aegon USA Investment Management, LLC | Lead Portfolio Manager of the fund since 2015; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Head of U.S. Public Fixed Income since 2015; Director of Public Securitized Bonds since 2009 |
David Halfpap, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Portfolio Manager with Aegon USA Investment Management, LLC since 1979; Senior Vice President (1995 – present); Head of Investment Strategy and Co-Head of Global Strategy since 2011; Member of Pension Investment Committee |
Frank Rybinski, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Joined Aegon USA Investment Management, LLC in 2008; Portfolio Manager and Credit Strategist; Prior to 2008, Credit Analyst at UBS Investment Bank |
Name | Sub-Adviser | Positions Over Past Five Years |
Doug Weih, CFA | Aegon USA Investment Management, LLC | Lead Portfolio Manager of the fund since 2015; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Head of U.S. Public Fixed Income since 2015; Director of Public Securitized Bonds since 2009 |
David Halfpap, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Portfolio Manager with Aegon USA Investment Management, LLC since 1979; Senior Vice President (1995 – present); Head of Investment Strategy and Co-Head of Global Strategy since 2011; Member of Pension Investment Committee |
Table of Contents
Name | Sub-Adviser | Positions Over Past Five Years |
Frank Rybinski, CFA | Aegon USA Investment Management, LLC | Portfolio Manager of the fund since 2012; Joined Aegon USA Investment Management, LLC in 2008; Portfolio Manager and Credit Strategist; Prior to 2008, Credit Analyst at UBS Investment Bank |
Name | Sub-Adviser | Positions Over Past Five Years |
Michael J. Kelly, CFA | PineBridge Investments LLC | Portfolio Manager of the fund since 2014; Portfolio Manager at PineBridge Investments LLC since 1999 |
Amit Agrawal | PineBridge Investments LLC | Portfolio Manager of the fund since 2014; Portfolio Manager at PineBridge Investments LLC since 2002 |
Robert A. Vandem Assem, CFA | PineBridge Investments LLC | Portfolio Manager of the fund since 2014; Portfolio Manager at PineBridge Investments LLC since 2001 |
Steven Oh, CFA | PineBridge Investments LLC | Portfolio Manager of the fund since 2014; Portfolio Manager at PineBridge Investments LLC since 2000 |
Peter Hu, CFA | PineBridge Investments LLC | Portfolio Manager of the fund since 2014; Portfolio Manager at PineBridge Investments LLC since 2006 |
Name | Sub-Adviser | Positions Over Past Five Years |
Mammen Chally, CFA | Wellington Management Company LLP | Portfolio Manager of the fund since 2014; Senior Managing Director and Equity Portfolio Manager of Wellington Management Company LLP; joined the firm as an investment professional in 1994 |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617df.jpg)
Table of Contents
1 Year | 5 Years | 10 Years | Inception Date | |
Barrow, Hanley, Mewhinney & Strauss, LLC– Dividend Focused Value Equity (gross of all expenses and sales charges) | 12.55% | 16.44% | 10.43% | 4/1/2000 |
Barrow, Hanley, Mewhinney & Strauss, LLC– Dividend Focused Value Equity (net of expenses and sales charges) | 5.41% | 13.88% | 8.55% | |
Barrow, Hanley, Mewhinney & Strauss, LLC– Dividend Focused Value Equity (net of expenses and excluding sales charges) | 11.54% | 15.17% | 9.17% | |
Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes) | 13.45% | 15.42% | 7.30% |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617emc.jpg)
Table of Contents
1 Year | 5 Years | Since Inception | Inception Date | |
ClariVest Asset Management LLC: Emerging Markets Strategy (gross of all expenses and sales charges) | 2.58% | 6.70% | 9.06% | 03/31/2006 |
ClariVest Asset Management LLC: Emerging Markets Strategy (net of expenses and sales charges) | -4.54% | 3.72% | 6.70% | |
ClariVest Asset Management LLC: Emerging Markets Strategy (net of expenses and excluding sales charges) | 1.02% | 4.90% | 7.39% | |
MSCI Emerging Markets (Net) Index (reflects no deduction for fees, expenses or taxes) | -2.19% | 1.78% | 4.72% |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617lcib.jpg)
Table of Contents
1 Year | 5 Years | Since Inception | Inception Date | |
Logan Circle International Bond Fund (gross of all expenses and sales charges) | -0.14% | 5.61% | 6.19% | 11/1/2006 |
Logan Circle International Bond Fund (net of expenses and sales charges) | -5.84% | 3.53% | 4.49% | |
Logan Circle International Bond Fund (net of expenses and excluding sales charges) | -1.14% | 4.54% | 5.11% | |
Citigroup Non-U.S. World Government Bond Index Unhedged (reflects no deduction for fees, expenses or taxes) | -2.68% | 0.85% | 3.74% |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617lcpscv.jpg)
1 Year | 5 Years | 10 Years | |
Lombardia Capital Partners, LLC: Small Cap Value Strategy (gross of all expenses and sales charges) | 3.09% | 15.55% | 9.14% |
Lombardia Capital Partners, LLC: Small Cap Value Strategy (net of expenses and sales charges) | -3.84% | 12.69% | 7.00% |
Lombardia Capital Partners, LLC: Small Cap Value Strategy (net of expenses and excluding sales charges) | 1.76% | 13.98% | 7.61% |
Russell 2000® Value Index (reflects no deduction for fees, expenses or taxes) | 4.22% | 14.26% | 6.89% |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617qcm.jpg)
1 Year | 5 Years | Since Inception | Inception Date | |
Quantum Capital Management: Mid Cap Growth (gross of all expenses and sales charges) | 8.39% | 19.91% | 12.01% | 9/30/2005 |
Quantum Capital Management: Mid Cap Growth (net of expenses and sales charges) | 1.23% | 17.23% | 10.03% | |
Quantum Capital Management: Mid Cap Growth (net of expenses and excluding sales charges) | 7.12% | 18.56% | 10.71% | |
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or taxes) | 11.90% | 16.94% | 9.27% |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617rgig.jpg)
1 Year | 5 Years | 10 Years | Inception Date | |
Ranger International Management, LP – Ranger Global Income & Growth Composite (gross of all expenses and sales charges) | 3.94% | 12.59% | 7.12% | 04/01/2003 |
Ranger International Management, LP - Ranger Global Income & Growth Composite (net of expenses and sales charges) | -2.82% | 10.03% | 5.24% | |
Ranger International Management, LP - Ranger Global Income & Growth Composite (net of expenses and excluding sales charges) | 2.84% | 11.28% | 5.84% | |
MSCI All Country World Index (reflects no deduction for fees, expenses or taxes) | 4.71% | 9.74% | 6.65% | |
S&P 500® (reflects no deduction for fees, expenses or taxes) | 13.69% | 15.45% | 7.67% |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617rscc.jpg)
1 Year | 5 Years | 10 Years | Inception Date | |
Ranger Investment Management, L.P. - Ranger Global Small Cap Composite (gross of all expenses and sales charges) | 3.84% | 16.91% | 9.63% | 07/01/2003 |
Ranger Investment Management, L.P. - Ranger Global Small Cap Composite (net of expenses and sales charges) | -3.14% | 14.04% | 7.49% | |
Ranger Investment Management, L.P. - Ranger Global Small Cap Composite (net of expenses and excluding sales charges) | 2.49% | 15.34% | 8.10% | |
Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes) | 5.60% | 16.80% | 8.54% |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617rgec.jpg)
1 Year | 5 Years | Since Inception | Inception Date | |
Rockefeller & Co., Inc.: Rockefeller Global Equity Composite (gross of all expenses and sales charges) | 8.07% | 13.93% | 8.30% | 1/1/2006 |
Rockefeller & Co., Inc.: Rockefeller Global Equity Composite (net of expenses and sales charges) | 0.80% | 11.21% | 6.06% | |
Rockefeller & Co., Inc.: Rockefeller Global Equity Composite (net of expenses and excluding sales charges) | 6.67% | 12.47% | 6.73% | |
MSCI All Country World Index (Net) Unhedged (reflects no deduction for fees, expenses or taxes) | 4.17% | 9.17% | 5.13% |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617sfmlp.jpg)
1 Year | 5 Years | Since Inception | Inception Date | |
Systematic Financial Management, L.P.: Small Cap Equity (gross of all expenses and sales charges) | 4.94% | 17.19% | 8.74% | 5/1/2006 |
Systematic Financial Management, L.P.: Small Cap Equity (net of expenses and sales charges) | -2.00% | 14.49% | 6.68% | |
Systematic Financial Management, L.P.: Small Cap Equity (net of expenses and excluding sales charges) | 3.70% | 15.79% | 7.38% | |
Russell 2000® Index (reflects no deduction for fees, expenses or taxes) | 4.89% | 15.55% | 9.09% |
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617iscg.jpg)
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617tswmcv.jpg)
Table of Contents
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617tswshie.jpg)
1 Year | 5 Years | Since Inception | Inception Date | |
Thompson, Siegel & Walmsley LLC – TS&W International Small Cap Value Composite (gross of all expenses and sales charges) | -4.58% | 13.93% | 4.88% | 12/31/2007 |
Thompson, Siegel & Walmsley LLC – TS&W International Small Cap Value Composite (net of expenses and sales charges) | -5.69% | 12.70% | 3.66% | |
Thompson, Siegel & Walmsley LLC – TS&W International Small Cap Value Composite (net of expenses and excluding sales charges) | -5.69% | 12.70% | 3.66% | |
MSCI EAFE Small Cap Index (reflects no deduction for fees, expenses or taxes) | -4.63% | 8.98% | 2.70% |
1 Year | 5 Years | 10 Years | Inception Date | |
Thompson, Siegel & Walmsley LLC – TS&W Mid Cap Value Composite (gross of all expenses and sales charges) | 16.22% | 18.14% | 11.89% | 12/31/2000 |
Thompson, Siegel & Walmsley LLC – TS&W Mid Cap Value Composite (net of expenses and sales charges) | 8.77% | 15.68% | 10.15% | |
Thompson, Siegel & Walmsley LLC – TS&W Mid Cap Value Composite (net of expenses and excluding sales charges) | 15.10% | 17.00% | 10.78% | |
Russell MidCap Value Index (reflects no deduction for fees, expenses or taxes) | 14.75% | 17.43% | 9.43% |
Table of Contents
1 Year | 5 Years | Since Inception | Inception Date | |
Thompson, Siegel & Walmsley LLC – TS&W Strategic High Income Composite (gross of all expenses and sales charges) | 9.46% | 11.28% | 11.28% | 12/31/2009 |
Thompson, Siegel & Walmsley LLC – TS&W Strategic High Income Composite (net of expenses and sales charges) | 2.25% | 8.79% | 8.79% | |
Thompson, Siegel & Walmsley LLC ] – TS&W Strategic High Income Composite (net of expenses and excluding sales charges) | 8.20% | 10.02% | 10.02% | |
S&P 500® reflects no deduction for fees, expenses or taxes) | 13.69% | 15.45% | 15.45% | |
40% Blend of S&P 500® and 60% Bank of America Merrill Lynch U.S. High Yield BB-B (Constrained 2%) (reflects no deduction for fees, expenses or taxes) | 9.55% | 12.84% | 12.84% |
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617wmdgc_compo.jpg)
Table of Contents
1 Year | 5 Years | 10 Years | |
Wellington Management Company LLP: Wellington Management Disciplined US Growth Composite (gross of all expenses and sales charges) | 14.02% | 17.30% | 8.93% |
Wellington Management Company LLP: Wellington Management Disciplined US Growth Composite (net of expenses and sales charges) | 6.53% | 14.69% | 7.07% |
Wellington Management Company LLP: Wellington Management Disciplined US Growth Composite (net of expenses and excluding sales charges) | 12.73% | 16.00% | 7.67% |
Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes) | 13.05% | 15.81% | 8.49% |
• | Customer Service: 1-888-233-4339 |
• | Internet: www.transamericafunds.com |
• | Fax: 1-888-329-4339 |
Mailing Address: | Transamerica Fund Services, Inc. P.O. Box 219945 Kansas City, MO 64121-9945 |
Overnight Address: | Transamerica Fund Services, Inc. 330 W. 9th Street Kansas City, MO 64105 |
Table of Contents
Type of Account | Minimum Initial Investment (per fund account) | Minimum Subsequent Investment (per fund account) |
Regular Accounts | $1,000 | $50 |
IRA, Roth IRA or Coverdell ESA | $1,000 | $50 |
Employer-sponsored Retirement Plans (includes 403(b), SEP and SIMPLE IRA plans) | $1,000 | $50 |
Uniform Gift to Minors (“UGMA”) or Transfer to Minors (“UTMA”) | $1,000 | $50 |
Payroll Deduction and Automatic Investment Plans | $ 500 | $50* |
Type of Account | Minimum Initial Investment (per fund account) | Minimum Subsequent Investment (per fund account) |
Regular Accounts | $1,000,000 | N/A |
IRA, Roth IRA or Coverdell ESA | $1,000,000 | N/A |
Employer-sponsored Retirement Plans | Waived | N/A |
Uniform Gift to Minors (“UGMA”) or Transfer to Minors (“UTMA”) | $1,000,000 | N/A |
Payroll Deduction and Automatic Investment Plans | $1,000,000 | $ 50* |
* | Minimum monthly per fund account investment. Note: Transamerica Funds reserves the right to change the amount of these minimums from time to time or to waive them in whole or in part. Omnibus accounts maintained on behalf of certain 401(k) and other retirement plans are not subject to these account minimum requirements. The minimums may be waived for certain employer-sponsored retirement plans under which the employee limits his or her salary deferral purchase to one fund account. There are no minimums for “wrap” accounts for the benefit of clients of certain broker-dealers, financial institutions, or financial planners who have entered into arrangements with Transamerica Funds or Transamerica Capital, Inc., and for investments made by a retirement plan described in Section 401(a), 401(k), 401(m), 403(b) or 457 of the Internal Revenue Code. |
** | Class I shares are currently primarily offered for investment to institutional investors including, but not limited to, fee-based programs, qualified retirement plans, certain endowment plans and foundations and Directors, Trustees and employees of the funds’ affiliates. The minimum investment for Class I shares is $1,000,000 per fund account, but will be waived for certain investors, including fee-based programs, qualified retirement plans, certain endowment plans and foundations, financial intermediaries that submit trades on behalf of underlying investors, shareholders who received Class I shares in the conversion of Class P shares to Class I shares on February 10, 2012, Directors, Trustees and officers of any Transamerica-sponsored funds, and employees of Transamerica and its affiliates. |
• | Send your completed application and check made payable to Transamerica Fund Services, Inc. |
• | The dealer is responsible for opening your account and providing Transamerica Funds with your taxpayer identification number. |
• | Existing Class B Shareholders may continue to exchange their Class B shares for Class B shares of other funds, subject to the requirements described in the prospectus under “Shareholder Information – Exchanging Shares.” |
Table of Contents
• | Existing Class B Shareholders may continue to add to their accounts through dividend and capital gains reinvestments. |
• | Existing Class B Shareholders may continue to hold their Class B shares until they automatically convert to Class A shares as provided in the existing conversion schedule set forth under “Shareholder Information – Choosing a Share Class.” |
• | Make your check payable and send to Transamerica Fund Services, Inc. |
• | If you are purchasing shares in an existing account(s), please reference your account number(s) and the Transamerica fund(s) in which you wish to invest. If you do not specify the fund(s) in which you wish to invest, and your referenced account is invested in one fund, your check will be deposited into such fund. |
• | Redemption proceeds will be withheld for 15 calendar days from the date of purchase for funds to clear. |
• | Transamerica Funds does not accept cash, money orders, traveler’s checks, credit card convenience checks, or starter checks without pre-printed information. Cashier’s checks and third-party checks may be accepted, subject to approval by Transamerica Funds. We reserve the right to reject or accept any form of payment. Any unacceptable forms of payment will be returned. |
• | If you are opening a new account, send your completed application along with your check. |
• | With an Automatic Investment Plan (“AIP”), a level dollar amount is invested monthly and payment is deducted electronically from your bank account. Due to your bank’s requirements, please allow up to 30 days for your AIP to begin. Investments may be made between the 3rd and 28th of each month only, and will occur on the 15th if no selection is made. Call Customer Service for information on how to establish an AIP or visit our website to obtain an AIP request form. |
• | You may request an electronic transfer of funds from your bank account to your Transamerica Funds account. The electronic bank link option must be established in advance before Automated Clearing House (“ACH”) purchases will be accepted. Call Customer Service or visit our website at www.transamericafunds.com for information on how to establish an electronic bank link. Due to your bank’s requirements, please allow up to 30 days to establish this option. |
• | If your dealer has already established your account for you, no additional documentation is needed. Call your dealer to place your order. Transamerica Funds must receive your payment within three business days after your order is accepted. |
• | You may request an electronic transfer of funds from your bank account to your Transamerica Funds account. The electronic bank link option must be established in advance before ACH purchases will be accepted. Call Customer Service or visit our website at www.transamericafunds.com for information on how to establish an electronic bank link. |
• | You may have money transferred regularly from your payroll to your Transamerica Funds account. Call Customer Service to establish this option. |
Table of Contents
• | You may request that your bank wire funds to your Transamerica Funds account (note that your bank may charge a fee for such service). You must have an existing account to make a payment by wire transfer. Ask your bank to send your payment to: |
State Street Bank and Trust Company, Boston, MA, ABA#011000028 Credit: Transamerica Funds Acct #00418533 Ref: Shareholder name, Transamerica fund and account numbers. | |
• | Shares will be purchased at the next determined public offering price after receipt of your wire if you have supplied all other required information. |
• | You may request an “ACH redemption” in writing, by phone or by internet access to your account. Payment should usually be received by your bank account 2-4 banking days after your request is received in good order. Transamerica Funds does not charge for this payment option. Certain IRAs and qualified retirement plans may not be eligible via the internet. |
• | You may request an expedited wire redemption in writing or by phone. The electronic bank link must be established in advance. Otherwise, an original signature guarantee will be required. Wire redemptions have a minimum of $1,000 per wire. Payment should be received by your bank account the next banking day after your request is received in good order. Transamerica Funds charges $10 for this service. Your bank may charge a fee as well. |
Table of Contents
• | Written Request – Send a letter requesting a withdrawal to Transamerica Funds. Specify the fund, account number, and dollar amount or number of shares you wish to redeem. Be sure to include all shareholders’ signatures and any additional documents, as well as an original signature guarantee(s) if required. If you are requesting a distribution from an IRA, federal tax withholding of 10% will apply unless you elect otherwise. If you elect to withhold, the minimum tax withholding rate is 10%. |
• | Telephone or Internet Request – You may request your redemption by phone or internet. Certain IRAs and qualified retirement plans may not be eligible. |
• | This request must be in writing, regardless of amount, signed by all account owners with an original signature guarantee. |
• | You can establish a Systematic Withdrawal Plan (“SWP”) either at the time you open your account or at a later date. Call Customer Service for information on how to establish a SWP, or visit our website to obtain the appropriate form to complete. |
• | You may redeem your shares through an authorized dealer (they may impose a service charge). Contact your Registered Representative or call Customer Service for assistance. |
• | The type of account you have and if there is more than one shareholder. |
• | The dollar amount you are requesting; redemptions over $50,000 must be in writing and those redemptions totaling more than $100,000 require a written request with an original signature guarantee for all shareholders on the account. |
• | A written request and original signature guarantee may be required if there have been recent changes made to your account (such as an address change) or other such circumstances. For your protection, if an address change was made in the last 10 days, Transamerica Funds requires a redemption request in writing, signed by all account owners with an original signature guarantee. |
• | When redeeming all shares from an account with an active AIP, your AIP will automatically be stopped. Please contact Customer Service if you wish to re-activate your AIP. |
• | Each fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice. |
• | Redemption proceeds will be withheld for 15 calendar days from the date of purchase for funds to clear. |
• | Shares will normally be redeemed for cash, although each fund retains the right to redeem its shares in kind. Please see the SAI for more details. |
• | If you request that a withdrawal check be delivered overnight, a $20 overnight fee will be charged; for Saturday delivery, a $30 overnight fee will be charged. |
Table of Contents
• | You may request an exchange in writing, by phone, or by accessing your account through the internet. |
• | You can exchange shares in one fund for shares in the same class of another fund. |
• | Class A, Class C and Class T shares minimum exchange to a new fund account is $1,000. This minimum is reduced to $500 per fund account if you elect to establish an AIP and invest a minimum of $50 per month, per fund account. If you want to exchange between existing fund accounts, the required minimum will be $50 per fund account. |
• | Class I shares minimum exchange to a new fund account is $1,000,000 per fund account but will be waived for certain investors as outlined within the Minimum Investment Section. |
• | An exchange is treated as a redemption of a fund’s shares, followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund that you do not own, please read the prospectus for that fund carefully. |
• | If you exchange all your shares to a new fund, any active systematic plan that you maintain with Transamerica Funds will also carry over to this new fund unless otherwise instructed. |
• | In certain circumstances, shares of one class of a fund may also be exchanged directly for shares of another class of the same fund, as described in the Statement of Additional Information. |
• | Transamerica Funds reserves the right to modify or terminate the exchange privilege at any time upon 60 days’ written notice. |
• | Transamerica Funds reserves the right to deny any exchange request involving transactions between classes of shares. Please review your individual circumstances with your financial professional. |
• | The minimum exchange amount may be waived with respect to transactions in omnibus accounts maintained on behalf of certain 401(k) and other retirement plans. |
• | Class T shares of Transamerica US Growth may be exchanged for only Class A shares of any Transamerica fund, other than Transamerica US Growth. |
• | You may not exchange other classes of shares of the Transamerica Funds for Class T shares of Transamerica US Growth. |
Table of Contents
Contingent Deferred Sales Charge – Class B Shares | |
Year after Purchasing | As a % of Dollar Amount (Subject to Change) |
First | 5% |
Second | 4% |
Third | 3% |
Fourth | 2% |
Fifth | 1% |
Sixth and Later | 0% |
Table of Contents
• | Substantial investments receive lower sales charge rates (see tables below). |
• | The “rights of accumulation” allows you, your spouse and children under age 21 to include the value of your existing holdings in any class of shares of the Transamerica Funds to determine your Class A or Class T sales charge. Breakpoints are derived from the daily NAV at the market close, the current combined NAV value at the time of the purchase and the gross amount of the new purchase. |
• | A Letter of Intent (“LOI”) allows you, your spouse and children under age 21 to count all share investments, up to a maximum of $1 million, in a Transamerica fund (except as noted below for Transamerica Short-Term Bond) over the next 13 months, as if you were making them all at once, to qualify for reduced sales charges on your Class A or Class T investments. The 13 month period will begin on the date of your first purchase following the execution of your LOI. The market value of your existing holdings eligible to be aggregated as of the trading day immediately before the start of your LOI period will be credited toward satisfying your LOI. Purchases made at NAV after the establishment of your LOI (as a result of another waiver or sales charge reduction) shall not count toward meeting the amount stated in your LOI. Transamerica Funds will reserve a portion of your shares to cover any additional sales charge that may apply if your LOI amount is not met. |
• | You may purchase shares of Transamerica Short-Term Bond pursuant to the LOI terms described above. However, an LOI for such purchases of Transamerica Short-Term Bond may be used only to aggregate investments in Transamerica Short-Term Bond up to a maximum of $250,000. Purchases of other Transamerica funds may not be aggregated with purchases of Transamerica Short-Term Bond for purposes of reaching the $250,000 threshold described in this paragraph. Additionally, purchases of Transamerica Short-Term Bond will not count towards satisfying the amount stated in your LOI for any other Transamerica fund. |
Table of Contents
• | By investing as part of a qualified group. An individual who is a member of a qualified group may purchase Class A or Class T shares at the reduced sales charge applicable to that group as a whole. A “qualified group” is one which has at least ten members; has been in existence for at least six months; has some purpose in addition to the purchase of mutual fund shares at a discount; has agreed to include fund sales publications in mailings to members; has arrangements made for access to the group which are satisfactory to Transamerica Funds’ transfer agent; has arrangements satisfactory to Transamerica Funds’ transfer agent established for verification that the group meets these requirements; and the group’s sole organizational nexus or connection is not that the members are credit card holders of a company, policy holders of an insurance company, customers of a bank or a broker-dealer, clients of an investment adviser or security holders of a company. Transamerica Funds reserves the right to waive the requirement that the group continue to meet the minimum membership requirement or the requirement that an investor continues to belong to the group in order to qualify for lower sales charges (but not to waive either of these requirements initially). To establish a group purchase program, both the group itself and each participant must complete an application. Please contact Customer Service (1-888-233-4339) for further information and assistance. Qualified group accounts are not eligible to be counted under a rights of accumulation or LOI sales charge reduction or waiver with accounts other than accounts in the qualified group. |
• | By investing in a SIMPLE IRA plan held by Transamerica Fund Services, Inc. with State Street Bank as custodian, you and all plan participants will receive a reduced sales charge on all plan contributions that exceed quantity discount amounts. SIMPLE IRA plan accounts are not eligible to be counted toward a sales charge reduction or waiver with accounts other than accounts in the SIMPLE IRA plan. |
• | Your Class I share investments may count toward a reduction of sales charge paid on Class A and Class T shares. You may be able to lower the sales charge percentage on Class A and Class T by requesting “rights of accumulation” or a “letter of intent”. If you would like to add one of these features to your Class A or Class T share account, please contact Customer Service. |
Table of Contents
Class A Share Quantity Discounts (all funds except Transamerica bond funds2 and Transamerica Money Market1) | ||
Amount of Purchase* | Sales Charge as % of Offering Price | Sales Charge as % of Amount Invested |
Under $50,000 | 5.50% | 5.82% |
$50,000 to under $100,000 | 4.75% | 4.99% |
$100,000 to under $250,000 | 3.50% | 3.63% |
$250,000 to under $500,000 | 2.75% | 2.83% |
$500,000 to under $1,000,000 | 2.00% | 2.04% |
$1,000,000 and over | 0.00% | 0.00% |
Class A Share Quantity Discounts (Transamerica bond funds2 except Transamerica Short-Term Bond) | ||
Amount of Purchase* | Sales Charge as % of Offering Price | Sales Charge as % of Amount Invested |
Under $50,000 | 4.75% | 4.99% |
$50,000 to under $100,000 | 4.00% | 4.17% |
$100,000 to under $250,000 | 3.50% | 3.63% |
$250,000 to under $500,000 | 2.25% | 2.30% |
$500,000 to under $1,000,000 | 1.25% | 1.27% |
$1,000,000 and over | 0.00% | 0.00% |
Class A Share Quantity Discounts (Transamerica Enhanced Muni and Transamerica High Yield Muni) | ||
Amount of Purchase* | Sales Charge as % of Offering Price | Sales Charge as % of Amount Invested |
Under $50,000 | 3.25% | 3.36% |
$50,000 to under $100,000 | 2.50% | 2.56% |
$100,000 to under $250,000 | 2.00% | 2.04% |
$250,000 to under $500,000 | 1.50% | 1.52% |
$500,000 to under $1,000,000 | 0.75% | 0.76% |
$1,000,000 and over | 0.00% | 0.00% |
Class A Share Quantity Discounts (Transamerica Short-Term Bond) | ||
Amount of Purchase* | Sales Charge as % of Offering Price | Sales Charge as % of Amount Invested |
Under $250,000 | 2.50% | 2.56% |
$250,000 and over | 0.00% | 0.00% |
Table of Contents
Class T Share Quantity Discounts (Transamerica US Growth) | ||
Amount of Purchase* | Sales Charge as % of Offering Price | Sales Charge as % of Amount Invested |
Under $10,000 | 8.50% | 9.29% |
$10,000 to under $25,000 | 7.75% | 8.40% |
$25,000 to under $50,000 | 6.25% | 6.67% |
$50,000 to under $75,000 | 5.75% | 6.10% |
$75,000 to under $100,000 | 5.00% | 5.26% |
$100,000 to under $250,000 | 4.25% | 4.44% |
$250,000 to under $500,000 | 3.00% | 3.09% |
$500,000 to under $1,000,000 | 1.25% | 1.27% |
$1,000,000 and over | 0.00% | 0.00% |
1 | There is no sales charge on Class A Shares of Transamerica Money Market. |
2 | Transamerica bond funds include Transamerica Emerging Markets Debt, Transamerica Flexible Income, Transamerica Floating Rate, Transamerica Global Bond, Transamerica High Yield Bond, Transamerica Inflation Opportunities, Transamerica Short-Term Bond, Transamerica Tactical Income and Transamerica Unconstrained Bond. |
* | The transfer agent, Transamerica Fund Services, Inc. must be notified when a purchase is made that qualifies under any of the above provisions. Consequently, when a purchaser acquires shares directly from Transamerica Funds, he/she must indicate in his/her purchase order that such purchase qualifies under any of the above provisions, and must provide enough information to substantiate that claim. When a purchaser acquires shares through a dealer or other financial intermediary, he/she must inform his/her dealer or other financial intermediary of any facts that may qualify a purchase for any of the above provisions, such as, for example, information about other holdings of Class A or Class T shares of the funds that the purchaser has, directly with Transamerica Funds, or through other accounts with dealers or financial intermediaries. To substantiate a claim, it may be necessary for a purchaser to provide TFS or his/her dealer or other financial intermediary information or records regarding shares of Transamerica Funds held in all accounts (e.g., retirement plan accounts) of the purchaser directly with Transamerica Funds or with one or several dealers or other financial intermediaries, including to substantiate “rights of accumulation” accounts held by a spouse and children under age 21. |
• | Current and former trustees, directors, officers, and employees of Transamerica Funds and its affiliates; employees of Transamerica Funds sub-advisers; sales representatives and employees of dealers having a sales agreement with Transamerica Funds’ distributor, TCI; and any family members thereof; |
• | Any trust, pension, profit-sharing or other benefit plan for any of the foregoing persons; |
• | “Wrap” accounts for the benefit of clients of certain broker-dealers, financial institutions, or financial planners who have entered into arrangements with Transamerica Funds or TCI; |
• | Employer-sponsored retirement plans described in Section 401(a), 401(k), 401(m), 403(b) or 457 of the Internal Revenue Code with assets of $1 million or more and whose accounts are held through an Omnibus or plan level arrangement; |
• | Retirement plans described in Section 401(a), 401(k), 401(m), 403(b), or 457 of the Internal Revenue Code whose accounts are held through an Omnibus or plan level arrangement that purchased Class A shares without a sales charge prior to August 31, 2007; |
• | Other retirement plans that purchased Class A shares without a sales charge prior to April 28, 2006; |
• | Other retirement plans whose accounts are held through an arrangement with Morgan Stanley & Co. Incorporated; |
• | Other retirement plans whose accounts are held through an arrangement with Ascensus (formerly BISYS Retirement); |
• | Other retirement plans whose accounts are held through an arrangement with Sammons Financial NetworkSM LLC. |
• | Other retirement plans, non-qualified brokerage accounts, and other accounts that are opened through an arrangement with Transamerica Retirement Advisors, Inc., Transamerica Retirement Solutions Corporation, Transamerica Investors Securities Corporation or Clark Consulting, LLC; |
• | Other individual retirement accounts held in the Merrill Lynch Investor Choice Annuity (IRA Series) with Transamerica Advisors Life Insurance Company and Transamerica Financial Life Insurance Company; and |
Table of Contents
• | Certain financial intermediaries who have entered into an agreement with Transamerica Capital, Inc. to offer shares to self-directed investment brokerage accounts that may or may not charge a transaction fee to their customers. |
• | Following the death of the shareholder on redemptions from the deceased person’s account only. If this deceased person’s account is re-registered to another name, sales charges would continue to apply to this new account. The transfer agent will require satisfactory proof of death before it determines to waive the CDSC fee. |
• | Following the total disability of the shareholder (as determined by the Social Security Administration — applies only to shares held at the time the disability is determined). The transfer agent will require satisfactory proof of disability before it determines to waive the CDSC fee. |
• | On redemptions made under Transamerica Funds’ systematic withdrawal plan (may not exceed an annualized 12% of the account value per fund on the day the systematic withdrawal plan was established). |
• | If you redeem your shares and reinvest the proceeds in the same class of any fund within 90 days of redeeming, the sales charge on the first redemption is waived. |
• | For clients of broker-dealers that redeem Class C shares for which the selling broker-dealer was not paid an up-front commission by TCI. |
• | 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans and non-qualified deferred compensation plans (eligible retirement plans). |
• | Class R shares are available only to eligible retirement plans where Class R shares are held on the books of the funds through omnibus or Network Level 3 accounts (either at the plan level or at the level of the financial service firm serving as an intermediary). |
• | The plan’s record-keeper or financial service firm serving as an intermediary must have an agreement with Transamerica Funds or its agents to utilize Class R shares in certain investment products or programs. |
Table of Contents
Table of Contents
Account Balance (per fund account) | Fee Assessment (per fund account) |
If your balance is below $1,000 per fund account, including solely due to declines in NAV | $25 annual fee assessed, until balance reaches $1,000 |
• | accounts opened within the preceding 12 months |
• | accounts with an active monthly Automatic Investment Plan or payroll deduction ($50 minimum per fund account) |
• | accounts owned by an individual that, when combined by Social Security Number, have a balance of $5,000 or more |
• | accounts owned by individuals in the same household (by address) that have a combined balance of $5,000 or more |
Table of Contents
• | accounts for which Transamerica Funds in its discretion has waived the minimum account balance requirements |
• | UTMA/UGMA accounts (held at Transamerica Funds) |
• | State Street Custodial Accounts (held at Transamerica Funds) |
• | Coverdell ESA accounts (held at Transamerica Funds) |
• | Omnibus and Network Level 3 accounts |
• | B share accounts whose shares have started to convert to A share accounts (as long as combined value of both accounts is at least $1,000) |
• | You request a redemption or distribution transaction totaling more than $100,000 or, in the case of an IRA with a market value in excess of $100,000, you request a custodian to custodian transfer. |
• | You would like a check made payable to anyone other than the shareholder(s) of record. |
• | You would like a check mailed to an address which has been changed within 10 days of the redemption request. |
• | You would like a check mailed to an address other than the address of record. |
• | You would like your redemption proceeds wired to a bank account other than a bank account of record. |
• | You are adding or removing a shareholder from an account. |
• | You are changing ownership of an account. |
Table of Contents
• | When establishing an electronic bank link, if the Transamerica Funds’ account holder’s name does not appear on the check. |
• | Transactions requiring supporting legal documentation. |
• | It does not appear valid or in good form. |
• | The transaction amount exceeds the surety bond limit of the signature guarantee. |
• | The guarantee stamp has been reported as stolen, missing or counterfeit. |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
• | Class A Shares – Up to 0.25% (Transamerica Enhanced Muni and Transamerica High Yield Muni will waive 0.10% of the 0.25% 12b-1 fee on Class A shares through March 1, 2016) |
• | Class B Shares – Up to 1.00% |
• | Class C Shares – Up to 1.00% (Transamerica Enhanced Muni and Transamerica High Yield Muni will waive 0.25% of the 1.00% 12b-1 fee on Class C shares through March 1, 2016) |
• | Class R Shares – Up to 0.50% |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Fund | Pay quarterly dividends | Pay monthly dividends | Declare dividends daily and pay monthly |
Transamerica Asset Allocation-Conservative Portfolio | X | ||
Transamerica Dividend Focused | X | ||
Transamerica Emerging Markets Debt | X | ||
Transamerica Enhanced Muni | X | ||
Transamerica Flexible Income | X | ||
Transamerica Floating Rate | X | ||
Transamerica Global Bond | X | ||
Transamerica High Yield Bond | X | ||
Transamerica High Yield Muni | X | ||
Transamerica Income & Growth | X | ||
Transamerica Inflation Opportunities | X | ||
Transamerica MLP & Energy Income | X | ||
Transamerica Money Market | X | ||
Transamerica Multi-Managed Balanced | X | ||
Transamerica Opportunistic Allocation | X | ||
Transamerica Large Cap Value | X | ||
Transamerica Short-Term Bond | X | ||
Transamerica Strategic High Income | X | ||
Transamerica Tactical Allocation | X | ||
Transamerica Tactical Income | X | ||
Transamerica Unconstrained Bond | X |
• | Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) will be taxed as long-term capital gains, generally at rates of up to 20%, regardless of how long the shareholders have held their shares. |
• | Distributions reported as paid from a fund’s “qualified dividend income” may be taxable to shareholders as qualified dividend income at rates of up to 20%. Qualified dividend income generally is income derived from certain dividends from U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a fund receives in respect of stock of |
Table of Contents
certain foreign corporations will be qualified dividend income if that stock is readily tradable on an established U.S. securities market. A shareholder (and the fund in which the shareholder invests) will have to satisfy certain holding period requirements in order for the shareholder to obtain the benefit of the tax rates applicable to qualified dividend income. | |
• | Distributions from tax-exempt interest income earned by Transamerica Enhanced Muni and Transamerica High Yield Muni, called “exempt-interest dividends,” are exempt from regular federal income tax and, in general, are not tax preference items for purposes of the federal alternative minimum tax (the “AMT”). Exempt-interest dividends distributed to corporate shareholders may result in increased liability under the AMT as applied to corporations. |
• | Distributions in excess of a fund’s earnings and profits will, as to each shareholder, be treated as a return of capital to the extent of the shareholder’s basis in his or her fund shares, and as a capital gain thereafter (assuming the shareholder holds the shares as capital assets). A distribution treated as a return of capital will not be taxable currently but will reduce the shareholder’s tax basis in his or her shares, which will generally increase the gain (or decrease the loss) that will be recognized on a subsequent sale or exchange of the shares. |
• | Other distributions generally will be taxed at ordinary income tax rates. |
Table of Contents
Table of Contents
Fund Name | Transamerica Asset Allocation-Conservative Portfolio | Transamerica Asset Allocation-Growth Portfolio | Transamerica Asset Allocation-Moderate Growth Portfolio | Transamerica Asset Allocation-Moderate Portfolio | Transamerica Multi-Manager Alternative Strategies Portfolio |
Transamerica Arbitrage Strategy | X | X | X | X | X |
Transamerica Bond | X | X | X | X | |
Transamerica Capital Growth | X | X | X | X | X |
Transamerica Commodity Strategy | X | X | X | X | X |
Transamerica Concentrated Growth | X | X | X | X | X |
Transamerica Core Bond | X | X | X | X | |
Transamerica Developing Markets Equity | X | X | X | X | X |
Transamerica Dividend Focused | X | X | X | X | X |
Transamerica Emerging Markets Debt | X | X | X | X | |
Transamerica Emerging Markets Equity | X | X | X | X | X |
Transamerica Flexible Income | X | X | X | X | |
Transamerica Floating Rate | X | X | X | X | |
Transamerica Global Bond | X | X | X | X | |
Transamerica Global Equity | X | X | X | X | X |
Transamerica Global Multifactor Macro | X | X | X | X | X |
Transamerica Global Real Estate Securities | X | X | X | X | X |
Transamerica Growth | X | X | X | X | X |
Transamerica Growth Opportunities | X | X | X | X | X |
Transamerica High Yield Bond | X | X | X | X | |
Transamerica Income & Growth | X | X | X | X | X |
Transamerica Inflation Opportunities | X | X | X | X | |
Transamerica Intermediate Bond | X | X | X | X | |
Transamerica International Equity | X | X | X | X | X |
Transamerica International Equity Opportunities | X | X | X | X | X |
Transamerica International Small Cap | X | X | X | X | X |
Transamerica International Small Cap Value | X | X | X | X | X |
Transamerica Large Cap Value | X | X | X | X | X |
Transamerica Long/Short Strategy | X | X | X | X | X |
Transamerica Managed Futures Strategy | X | X | X | X | X |
Transamerica Mid Cap Growth | X | X | X | X | X |
Table of Contents
Fund Name | Transamerica Asset Allocation-Conservative Portfolio | Transamerica Asset Allocation-Growth Portfolio | Transamerica Asset Allocation-Moderate Growth Portfolio | Transamerica Asset Allocation-Moderate Portfolio | Transamerica Multi-Manager Alternative Strategies Portfolio |
Transamerica Mid Cap Value | X | X | X | X | X |
Transamerica Mid Cap Value Opportunities | X | X | X | X | X |
Transamerica MLP & Energy Income | X | X | X | X | X |
Transamerica Money Market | X | X | X | X | X |
Transamerica Multi-Managed Balanced | X | X | X | X | X |
Transamerica Short-Term Bond | X | X | X | X | |
Transamerica Small Cap Core | X | X | X | X | X |
Transamerica Small Cap Growth | X | X | X | X | X |
Transamerica Small Cap Value | X | X | X | X | X |
Transamerica Small/Mid Cap Value | X | X | X | X | X |
Transamerica Strategic High Income | X | X | X | X | |
Transamerica Total Return | X | X | X | X | |
Transamerica Unconstrained Bond | X | X | X | X | |
Transamerica US Growth | X | X | X | X | X |
Table of Contents
Table of Contents
• | Fixed Income Investments – The fund attempts to enhance return by investing in investment grade fixed income securities, and may invest up to 10% of its assets in non-investment grade fixed income securities. The fund may invest in corporate securities, U.S. government securities, mortgage-backed securities, asset-backed securities, and municipal securities. The average duration will vary. The sub-adviser uses derivatives, including futures and swaps, to manage the duration of the fund’s investment portfolio. As a result of the fund’s use of derivatives, the fund may hold significant amounts of U.S. Treasury or short-term investments, including money market funds. |
• | Other – The fund may also invest in forwards, futures and interest rate swaps to seek to increase total return and/or for hedging purposes. The fund may invest up to 35% of its net assets in foreign securities. |
• | U.S. government securities, including Treasury obligations and government sponsored enterprises such as Fannie Mae, Ginnie Mae, Freddie Mac and securities issued by other government agencies and instrumentalities |
• | Medium- to high-quality corporate bonds |
Table of Contents
• | Mortgage-backed securities, including U.S. agency and non-agency pass through and collateralized mortgage obligations (“CMOs”) |
• | Asset-backed securities |
• | Commercial mortgage-backed securities (“CMBS”) |
• | U.S. dollar-denominated foreign bonds |
• | Short-term securities, including agency discount notes, commercial paper and money market funds |
Table of Contents
Table of Contents
• | Quantitative analysis measures an Instrument’s attractiveness based on the current level and historical evolution of key macroeconomic measures. These measures include, but are not limited to, growth and inflation forecasts, demand for exports, central bank actions and equity market performance. |
• | Qualitative input adds a perspective not available through quantitative analysis. These considerations include, but are not limited to, the sub-adviser’s assessment of fiscal and monetary policy, trade policy, geo-political risks and supply-and-demand conditions. |
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Fund Name | Transamerica Arbitrage Strategy | Transamerica Bond | Transamerica Commodity Strategy | Transamerica Core Bond | Transamerica Developing Markets Equity |
Active Trading | X | ||||
Aggressive Investment | X | X | X | ||
Arbitrage | X | ||||
Bank Obligations | X | ||||
Banking Industry | |||||
CFTC Regulation | X | ||||
Commodities | X | ||||
Convertible Securities | X | ||||
Counterparty | X | X | X | X | |
Credit | X | X | X | ||
Currency | X | X | X | X | X |
Currency Hedging | X | X | |||
Depository Receipts | X | ||||
Derivatives | X | X | X | X | |
Distressed or Defaulted Securities | |||||
Emerging Markets | X | X | X | X | |
Equity Securities | X | X | X | ||
Exchange Traded Funds | |||||
Extension | X | X | X | ||
Fixed-Income Securities | X | X | X | X | |
Focused Investing | X | X | X | ||
Foreign Investments | X | X | X | X | X |
Growth Stocks | X | ||||
High-Yield Debt Securities | X | X | X | ||
Industry Concentration | X | ||||
Inflation Protected Securities | |||||
Interest Rate | X | X | X | ||
Investment Companies | |||||
Leveraging | X | X | X | X | |
Liquidity | X | X | X | X | X |
Loans | |||||
Manager | X | X | X | X | X |
Market | X | X | X | X | X |
Master Limited Partnership | |||||
Medium Capitalization Companies | |||||
Model and Data | |||||
Mortgage-Related & Asset-Backed Securities | X | X | X | ||
Municipal Securities | X | ||||
New Fund |
Table of Contents
Fund Name | Transamerica Arbitrage Strategy | Transamerica Bond | Transamerica Commodity Strategy | Transamerica Core Bond | Transamerica Developing Markets Equity |
Non-Diversification | X | ||||
Portfolio Selection | X | X | X | X | X |
Precious Metals Related Securities | X | ||||
Preferred Stock | X | X | |||
Prepayment or Call | X | X | X | ||
Real Estate Securities | |||||
REITs | X | ||||
Repurchase Agreements | X | ||||
Rule 144A & Privately Placed Securities | X | ||||
Russian Securities | X | ||||
Short Sales | X | ||||
Structured Instruments | X | X | |||
Structured Sales | |||||
Small Capitalization Companies | |||||
Small & Medium Capitalization Companies | X | ||||
Sovereign Debt | |||||
Subsidiary | X | ||||
Tax | X | ||||
U.S. Government Agency Obligations | X | X | |||
Valuation | X | X | X | X | X |
Value Investing | |||||
Volatility Target | |||||
Warrants and Rights | |||||
Yield |
Fund Name | Transamerica Global Multifactor Macro | Transamerica Global Real Estate Securities | Transamerica Growth | Transamerica Intermediate Bond | Transamerica International Equity Opportunities |
Active Trading | X | X | X | ||
Aggressive Investment | X | ||||
Arbitrage | |||||
Bank Obligations | |||||
Banking Industry | |||||
CFTC Regulation | X | ||||
Commodities | X | ||||
Convertible Securities | X | X | |||
Counterparty | X | X | X | ||
Credit | X | X | |||
Currency | X | X | X | X | X |
Currency Hedging | |||||
Depository Receipts | X | X | X | X | |
Derivatives | X | X |
Table of Contents
Fund Name | Transamerica Global Multifactor Macro | Transamerica Global Real Estate Securities | Transamerica Growth | Transamerica Intermediate Bond | Transamerica International Equity Opportunities |
Distressed or Defaulted Securities | |||||
Dollar Rolls | X | ||||
Emerging Markets | X | X | X | X | |
Equity Securities | X | X | X | X | |
Exchange Traded Funds | X | ||||
Exchange-Traded Notes | X | ||||
Extension | X | X | X | ||
Fixed-Income Securities | X | X | X | ||
Focused Investing | X | X | |||
Foreign Investments | X | X | X | X | X |
Forwards and Future Contracts | X | ||||
Growth Stocks | X | X | |||
High-Yield Debt Securities | X | ||||
Industry Concentration | X | ||||
Inflation Protected Securities | |||||
Interest Rate | X | X | |||
Investment Companies | X | ||||
Leveraging | X | X | |||
Liquidity | X | X | X | ||
Loans | X | ||||
Manager | X | X | X | X | X |
Market | X | X | X | X | X |
Master Limited Partnership | |||||
Medium Capitalization Companies | X | ||||
Model and Data | X | ||||
Mortgage-Related & Asset-Backed Securities | X | X | |||
Municipal Securities | X | ||||
New Fund | X | X | |||
Non-Diversification | X | X | |||
Portfolio Selection | X | X | X | X | X |
Precious Metals Related Securities | |||||
Preferred Stock | X | X | |||
Prepayment or Call | X | X | X | ||
Real Estate Securities | X | ||||
Redemption | |||||
REITs | X | ||||
Repurchase Agreements | X | ||||
Rule 144A & Privately Placed Securities | |||||
Short Sales | X | ||||
Structured Instruments | |||||
Structured Sales | |||||
Small Capitalization Companies | |||||
Small & Medium Capitalization Companies | X | X |
Table of Contents
Fund Name | Transamerica Global Multifactor Macro | Transamerica Global Real Estate Securities | Transamerica Growth | Transamerica Intermediate Bond | Transamerica International Equity Opportunities |
Sovereign Debt | |||||
Subsidiary | X | ||||
Tax | X | ||||
U.S. Government Agency Obligations | X | X | |||
Valuation | X | X | X | X | X |
Value Investing | X | X | |||
Volatility Target | |||||
Warrants and Rights | X | ||||
Yield | X |
Fund Name | Transamerica International Small Cap | Transamerica Long/Short Strategy | Transamerica Managed Futures Strategy | Transamerica Mid Cap Value |
Active Trading | X | X | ||
Aggressive Investment | X | |||
Arbitrage | ||||
Bank Obligations | ||||
Banking Industry | ||||
CFTC Regulation | X | |||
Commodities | X | |||
Convertible Securities | X | X | ||
Counterparty | X | X | X | |
Credit | X | |||
Currency | X | X | X | X |
Currency Hedging | X | X | X | |
Depository Receipts | X | |||
Derivatives | X | X | X | X |
Distressed or Defaulted Securities | ||||
Emerging Markets | X | X | ||
Equity Securities | X | X | X | |
Exchange Traded Funds | X | |||
Exchange Traded Notes | X | |||
Extension | ||||
Fixed-Income Securities | X | |||
Focused Investing | X | X | ||
Foreign Investments | X | X | X | X |
Growth Stocks | X | X | ||
Hedging | X | |||
High-Yield Debt Securities | ||||
Industry Concentration | ||||
Inflation Protected Securities | ||||
Interest Rate | X | X | ||
Investment Companies | X | X | ||
Leveraging | X | X | X |
Table of Contents
Fund Name | Transamerica International Small Cap | Transamerica Long/Short Strategy | Transamerica Managed Futures Strategy | Transamerica Mid Cap Value |
Liquidity | X | X | X | |
Loans | ||||
Manager | X | X | X | X |
Market | X | X | X | X |
Master Limited Partnership | ||||
Medium Capitalization Companies | X | X | ||
Model and Data | X | |||
Mortgage-Related & Asset-Backed Securities | ||||
New Fund | ||||
Non-Diversification | X | |||
Portfolio Selection | X | X | X | X |
Precious Metals Related Securities | ||||
Preferred Stock | X | X | ||
Prepayment or Call | X | |||
Real Estate Securities | X | |||
Redemption | ||||
REITs | X | X | ||
Repurchase Agreements | ||||
Rule 144A & Privately Placed Securities | ||||
Short Sales | X | X | ||
Small Capitalization Companies | X | X | ||
Small & Medium Capitalization Companies | ||||
Sovereign Debt | ||||
Structured Instruments | X | X | ||
Structured Sales | ||||
Subsidiary | X | |||
Tax | X | |||
U.S. Government Agency Obligations | X | |||
Valuation | X | X | X | X |
Value Investing | X | |||
Volatility Target | X | |||
Warrants and Rights | X | |||
Yield |
Fund Name | Transamerica Total Return |
Active Trading | X |
Arbitrage | |
Bank Obligations | |
Banking Industry | |
CFTC Regulation | |
Commodities | |
Convertible Securities | X |
Counterparty | X |
Credit | X |
Currency | X |
Table of Contents
Fund Name | Transamerica Total Return |
Currency Hedging | X |
Depository Receipts | |
Derivatives | X |
Distressed or Defaulted Securities | |
Dollar Rolls | X |
Emerging Markets | X |
Equity Securities | X |
Exchange Traded Funds | |
Extension | X |
Fixed-Income Securities | X |
Focused Investing | |
Foreign Investments | X |
Growth Stocks | |
High-Yield Debt Securities | X |
Industry Concentration | |
Inflation Protected Securities | |
Interest Rate | X |
Investment Companies | |
Leveraging | X |
Liquidity | X |
Loans | |
Manager | X |
Market | X |
Master Limited Partnership | |
Medium Capitalization Companies | |
Model and Data | |
Mortgage-Related & Asset-Backed Securities | X |
New Fund | |
Non-Diversification | |
Portfolio Selection | X |
Precious Metals Related Securities | |
Preferred Stock | X |
Prepayment or Call | X |
Real Estate Securities | |
Redemption | |
REITs | |
Repurchase Agreements | X |
Rule 144A & Privately Placed Securities | X |
Short Sales | X |
Structured Instruments | |
Structured Sales | |
Small Capitalization Companies | |
Small & Medium Capitalization Companies | |
Sovereign Debt | X |
Subsidiary | |
Tax | |
To be Announced Transaction | X |
U.S. Government Agency Obligations | X |
Table of Contents
Fund Name | Transamerica Total Return |
Valuation | X |
Value Investing | |
Volatility Target | |
Warrants and Rights | |
Yield |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Conservative Portfolio | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $12.33 | $11.73 | $11.17 | $11.22 | $10.42 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.29 | 0.27 | 0.28 | 0.30 | 0.35 |
Net realized and unrealized gain (loss) | 0.39 | 0.64 | 0.55 | (0.06) | 0.83 |
Total investment operations | 0.68 | 0.91 | 0.83 | 0.24 | 1.18 |
Distributions | |||||
Net investment income | (0.30) | (0.27) | (0.27) | (0.29) | (0.38) |
Net realized gains | (0.33) | (0.04) | — | — | — |
Total distributions | (0.63) | (0.31) | (0.27) | (0.29) | (0.38) |
Net asset value | |||||
End of year | $12.38 | $12.33 | $11.73 | $11.17 | $11.22 |
Total return(C) | 5.65% | 7.90% | 7.55% | 2.20% | 11.59% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $416,116 | $451,868 | $495,444 | $489,240 | $485,473 |
Expenses to average net assets(D) | 0.53% | 0.58% | 0.59% | 0.62% | 0.63% |
Net investment income (loss) to average net assets(B) | 2.38% | 2.30% | 2.40% | 2.63% | 3.28% |
Portfolio turnover rate(E) | 26% | 6% | 20% | 31% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Conservative Portfolio | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $12.26 | $11.66 | $11.11 | $11.17 | $10.38 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.21 | 0.19 | 0.20 | 0.24 | 0.30 |
Net realized and unrealized gain (loss) | 0.38 | 0.63 | 0.55 | (0.07) | 0.80 |
Total investment operations | 0.59 | 0.82 | 0.75 | 0.17 | 1.10 |
Distributions | |||||
Net investment income | (0.20) | (0.18) | (0.20) | (0.23) | (0.31) |
Net realized gains | (0.33) | (0.04) | — | — | — |
Total distributions | (0.53) | (0.22) | (0.20) | (0.23) | (0.31) |
Net asset value | |||||
End of year | $12.32 | $12.26 | $11.66 | $11.11 | $11.17 |
Total return(C) | 4.96% | 7.13% | 6.81% | 1.50% | 10.82% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $37,192 | $52,694 | $65,549 | $80,696 | $114,303 |
Expenses to average net assets(D) | 1.28% | 1.29% | 1.28% | 1.27% | 1.26% |
Net investment income (loss) to average net assets(B) | 1.73% | 1.62% | 1.78% | 2.08% | 2.81% |
Portfolio turnover rate(E) | 26% | 6% | 20% | 31% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Conservative Portfolio | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $12.24 | $11.64 | $11.09 | $11.16 | $10.37 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.21 | 0.19 | 0.20 | 0.23 | 0.29 |
Net realized and unrealized gain (loss) | 0.38 | 0.64 | 0.55 | (0.06) | 0.82 |
Total investment operations | 0.59 | 0.83 | 0.75 | 0.17 | 1.11 |
Distributions | |||||
Net investment income | (0.21) | (0.19) | (0.20) | (0.24) | (0.32) |
Net realized gains | (0.33) | (0.04) | — | — | — |
Total distributions | (0.54) | (0.23) | (0.20) | (0.24) | (0.32) |
Net asset value | |||||
End of year | $12.29 | $12.24 | $11.64 | $11.09 | $11.16 |
Total return(C) | 4.97% | 7.24% | 6.90% | 1.50% | 10.92% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $508,285 | $548,471 | $584,283 | $578,193 | $601,625 |
Expenses to average net assets(D) | 1.22% | 1.23% | 1.22% | 1.21% | 1.22% |
Net investment income (loss) to average net assets(B) | 1.69% | 1.63% | 1.77% | 2.04% | 2.75% |
Portfolio turnover rate(E) | 26% | 6% | 20% | 31% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Asset Allocation - Conservative Portfolio | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 (A) | |
Net asset value | |||||
Beginning of period/year | $12.35 | $11.75 | $11.19 | $11.24 | $10.69 |
Investment operations | |||||
Net investment income (loss)(B) (C) | 0.32 | 0.30 | 0.30 | 0.32 | 0.22 |
Net realized and unrealized gain (loss) | 0.39 | 0.65 | 0.56 | (0.04) | 0.75 |
Total investment operations | 0.71 | 0.95 | 0.86 | 0.28 | 0.97 |
Distributions | |||||
Net investment income | (0.33) | (0.31) | (0.30) | (0.33) | (0.42) |
Net realized gains | (0.33) | (0.04) | — | — | — |
Total distributions | (0.66) | (0.35) | (0.30) | (0.33) | (0.42) |
Net asset value | |||||
End of period/year | $12.40 | $12.35 | $11.75 | $11.19 | $11.24 |
Total return(D) | 5.94% | 8.24% | 7.87% | 2.52% | 9.39% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $32,814 | $28,551 | $24,297 | $15,067 | $10,813 |
Expenses to average net assets(F) | 0.26% | 0.26% | 0.25% | 0.26% | 0.28% (G) |
Net investment income (loss) to average net assets(C) | 2.58% | 2.47% | 2.58% | 2.83% | 2.24% (G) |
Portfolio turnover rate(H) | 26% | 6% | 20% | 31% | 16% (E) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Conservative Portfolio | ||||
Class R | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $12.41 | $11.81 | $11.24 | $11.29 | $10.49 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.25 | 0.27 | 0.26 | 0.28 | 0.27 |
Net realized and unrealized gain (loss) | 0.40 | 0.61 | 0.55 | (0.07) | 0.88 |
Total investment operations | 0.65 | 0.88 | 0.81 | 0.21 | 1.15 |
Distributions | |||||
Net investment income | (0.26) | (0.24) | (0.24) | (0.26) | (0.35) |
Net realized gains | (0.33) | (0.04) | — | — | — |
Total distributions | (0.59) | (0.28) | (0.24) | (0.26) | (0.35) |
Net asset value | |||||
End of year | $12.47 | $12.41 | $11.81 | $11.24 | $11.29 |
Total return(C) | 5.40% | 7.61% | 7.30% | 1.90% | 11.23% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $2,051 | $2,439 | $2,589 | $2,425 | $3,061 |
Expenses to average net assets(D) | 0.82% | 0.81% | 0.85% | 0.90% | 0.88% |
Net investment income (loss) to average net assets(B) | 2.06% | 2.21% | 2.23% | 2.50% | 2.56% |
Portfolio turnover rate(E) | 26% | 6% | 20% | 31% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Growth Portfolio | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $15.26 | $12.37 | $11.49 | $11.36 | $9.92 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.32 | 0.16 | 0.07 | 0.07 | 0.05 |
Net realized and unrealized gain (loss) | 1.08 | 2.87 | 0.94 | 0.11 | 1.48 |
Total investment operations | 1.40 | 3.03 | 1.01 | 0.18 | 1.53 |
Distributions | |||||
Net investment income | (0.31) | (0.14) | (0.13) | (0.05) | (0.09) |
Net asset value | |||||
End of year | $16.35 | $15.26 | $12.37 | $11.49 | $11.36 |
Total return(C) | 9.30% | 24.75% | 8.96% | 1.59% | 15.55% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $728,850 | $693,517 | $601,498 | $610,951 | $645,459 |
Expenses to average net assets(D) | 0.55% | 0.62% | 0.65% | 0.67% | 0.68% |
Net investment income (loss) to average net assets(B) | 2.02% | 1.18% | 0.56% | 0.58% | 0.45% |
Portfolio turnover rate(E) | 31% | 22% | 21% | 30% | 10% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Growth Portfolio | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $14.91 | $12.07 | $11.20 | $11.09 | $9.70 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.23 | 0.07 | (0.01) | — (C) | (0.02) |
Net realized and unrealized gain (loss) | 1.03 | 2.80 | 0.91 | 0.11 | 1.44 |
Total investment operations | 1.26 | 2.87 | 0.90 | 0.11 | 1.42 |
Distributions | |||||
Net investment income | (0.19) | (0.03) | (0.03) | — | (0.03) |
Net asset value | |||||
End of year | $15.98 | $14.91 | $12.07 | $11.20 | $11.09 |
Total return (D) | 8.49% | 23.83% | 8.08% | 0.99% | 14.65% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $73,479 | $98,099 | $106,594 | $140,909 | $184,263 |
Expenses to average net assets(E) | 1.34% | 1.38% | 1.38% | 1.36% | 1.35% |
Net investment income (loss) to average net assets(B) | 1.51% | 0.51% | (0.12)% | (0.02)% | (0.18)% |
Portfolio turnover rate(F) | 31% | 22% | 21% | 30% | 10% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Growth Portfolio | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $14.88 | $12.06 | $11.20 | $11.09 | $9.69 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.20 | 0.07 | (0.01) | — (C) | (0.01) |
Net realized and unrealized gain (loss) | 1.06 | 2.81 | 0.92 | 0.11 | 1.45 |
Total investment operations | 1.26 | 2.88 | 0.91 | 0.11 | 1.44 |
Distributions | |||||
Net investment income | (0.22) | (0.06) | (0.05) | — | (0.04) |
Net asset value | |||||
End of year | $15.92 | $14.88 | $12.06 | $11.20 | $11.09 |
Total return(D) | 8.51% | 23.95% | 8.22% | 0.99% | 14.86% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $736,246 | $710,928 | $629,208 | $682,872 | $774,914 |
Expenses to average net assets(E) | 1.26% | 1.30% | 1.29% | 1.29% | 1.29% |
Net investment income (loss) to average net assets(B) | 1.32% | 0.51% | (0.08)% | —% (F) | (0.12)% |
Portfolio turnover rate(G) | 31% | 22% | 21% | 30% | 10% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Rounds to less than 0.01% or (0.01)%. |
(G) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Asset Allocation - Growth Portfolio | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 (A) | |
Net asset value | |||||
Beginning of period/year | $15.28 | $12.39 | $11.53 | $11.39 | $10.35 |
Investment operations | |||||
Net investment income (loss)(B) (C) | 0.35 | 0.20 | 0.10 | 0.11 | (0.02) |
Net realized and unrealized gain (loss) | 1.11 | 2.88 | 0.94 | 0.13 | 1.20 |
Total investment operations | 1.46 | 3.08 | 1.04 | 0.24 | 1.18 |
Distributions | |||||
Net investment income | (0.37) | (0.19) | (0.18) | (0.10) | (0.14) |
Net asset value | |||||
End of period/year | $16.37 | $15.28 | $12.39 | $11.53 | $11.39 |
Total return(D) | 9.64% | 25.21% | 9.28% | 2.10% | 11.57% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $30,595 | $23,052 | $17,219 | $14,642 | $13,112 |
Expenses to average net assets(F) | 0.26% | 0.27% | 0.25% | 0.27% | 0.30% (G) |
Net investment income (loss) to average net assets(C) | 2.19% | 1.49% | 0.86% | 0.93% | (0.15)% (G) |
Portfolio turnover rate(H) | 31% | 22% | 21% | 30% | 10% (E) |
(A) | Commenced operations on November 30, 2009. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Growth Portfolio | ||||
Class R | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $15.16 | $12.27 | $11.39 | $11.27 | $9.85 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.23 | 0.13 | 0.06 | 0.05 | 0.01 |
Net realized and unrealized gain (loss) | 1.12 | 2.86 | 0.92 | 0.11 | 1.49 |
Total investment operations | 1.35 | 2.99 | 0.98 | 0.16 | 1.50 |
Distributions | |||||
Net investment income | (0.27) | (0.10) | (0.10) | (0.04) | (0.08) |
Net asset value | |||||
End of year | $16.24 | $15.16 | $12.27 | $11.39 | $11.27 |
Total return(C) | 9.01% | 24.51% | 8.76% | 1.45% | 15.35% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $2,127 | $2,541 | $1,661 | $3,722 | $3,762 |
Expenses to average net assets(D) | 0.85% | 0.84% | 0.82% | 0.82% | 0.84% |
Net investment income (loss) to average net assets(B) | 1.47% | 0.97% | 0.52% | 0.44% | 0.15% |
Portfolio turnover rate(E) | 31% | 22% | 21% | 30% | 10% |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Growth Portfolio | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $14.39 | $12.34 | $11.55 | $11.59 | $10.39 |
Investment operations | |||||
Net investment income (loss) (A) (B) | 0.31 | 0.21 | 0.16 | 0.19 | 0.19 |
Net realized and unrealized gain (loss) | 0.83 | 2.06 | 0.80 | (0.06) | 1.27 |
Total investment operations | 1.14 | 2.27 | 0.96 | 0.13 | 1.46 |
Distributions | |||||
Net investment income | (0.30) | (0.22) | (0.17) | (0.17) | (0.23) |
Return of capital | — | — | — | — | (0.03) |
Total distributions | (0.30) | (0.22) | (0.17) | (0.17) | (0.26) |
Net asset value | |||||
End of year | $15.23 | $14.39 | $12.34 | $11.55 | $11.59 |
Total return(C) | 8.01% | 18.67% | 8.48% | 1.09% | 14.35% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $1,319,226 | $1,269,265 | $1,181,926 | $1,186,790 | $1,202,885 |
Expenses to average net assets (D) | 0.52% | 0.58% | 0.60% | 0.62% | 0.62% |
Net investment income (loss) to average net assets(B) | 2.09% | 1.60% | 1.30% | 1.58% | 1.80% |
Portfolio turnover rate(E) | 33% | 19% | 25% | 35% | 17% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Growth Portfolio | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $14.38 | $12.32 | $11.50 | $11.53 | $10.34 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.23 | 0.12 | 0.08 | 0.12 | 0.13 |
Net realized and unrealized gain (loss) | 0.79 | 2.05 | 0.80 | (0.07) | 1.25 |
Total investment operations | 1.02 | 2.17 | 0.88 | 0.05 | 1.38 |
Distributions | |||||
Net investment income | (0.17) | (0.11) | (0.06) | (0.08) | (0.16) |
Return of capital | — | — | — | — | (0.03) |
Total distributions | (0.17) | (0.11) | (0.06) | (0.08) | (0.19) |
Net asset value | |||||
End of year | $15.23 | $14.38 | $12.32 | $11.50 | $11.53 |
Total return(C) | 7.16% | 17.72% | 7.73% | 0.43% | 13.57% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $133,060 | $182,030 | $213,032 | $283,905 | $383,062 |
Expenses to average net assets(D) | 1.30% | 1.33% | 1.33% | 1.31% | 1.30% |
Net investment income (loss) to average net assets(B) | 1.52% | 0.94% | 0.65% | 1.02% | 1.19% |
Portfolio turnover rate(E) | 33% | 19% | 25% | 35% | 17% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Growth Portfolio | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $14.30 | $12.26 | $11.47 | $11.50 | $10.32 |
Investment operations | |||||
Net investment income (loss) (A) (B) | 0.21 | 0.12 | 0.08 | 0.12 | 0.13 |
Net realized and unrealized gain (loss) | 0.82 | 2.05 | 0.80 | (0.05) | 1.25 |
Total investment operations | 1.03 | 2.17 | 0.88 | 0.07 | 1.38 |
Distributions | |||||
Net investment income | (0.21) | (0.13) | (0.09) | (0.10) | (0.17) |
Return of capital | — | — | — | — | (0.03) |
Total distributions | (0.21) | (0.13) | (0.09) | (0.10) | (0.20) |
Net asset value | |||||
End of year | $15.12 | $14.30 | $12.26 | $11.47 | $11.50 |
Total return(C) | 7.23% | 17.88% | 7.74% | 0.56% | 13.58% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $1,526,267 | $1,506,825 | $1,379,454 | $1,468,164 | $1,606,227 |
Expenses to average net assets(D) | 1.23% | 1.26% | 1.25% | 1.25% | 1.25% |
Net investment income (loss) to average net assets(B) | 1.39% | 0.92% | 0.66% | 0.99% | 1.20% |
Portfolio turnover rate(E) | 33% | 19% | 25% | 35% | 17% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Asset Allocation - Moderate Growth Portfolio | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 (A) | |
Net asset value | |||||
Beginning of period/year | $14.40 | $12.36 | $11.58 | $11.61 | $10.76 |
Investment operations | |||||
Net investment income (loss) (B) (C) | 0.34 | 0.24 | 0.18 | 0.21 | 0.09 |
Net realized and unrealized gain (loss) | 0.84 | 2.06 | 0.81 | (0.03) | 1.07 |
Total investment operations | 1.18 | 2.30 | 0.99 | 0.18 | 1.16 |
Distributions | |||||
Net investment income | (0.35) | (0.26) | (0.21) | (0.21) | (0.28) |
Return of capital | — | — | — | — | (0.03) |
Total distributions | (0.35) | (0.26) | (0.21) | (0.21) | (0.31) |
Net asset value | |||||
End of period/year | $15.23 | $14.40 | $12.36 | $11.58 | $11.61 |
Total return(D) | 8.27% | 19.00% | 8.82% | 1.54% | 11.07% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $54,952 | $46,067 | $34,145 | $23,403 | $16,293 |
Expenses to average net assets(F) | 0.25% | 0.26% | 0.25% | 0.26% | 0.29% (G) |
Net investment income (loss) to average net assets(C) | 2.30% | 1.84% | 1.53% | 1.74% | 0.89% (G) |
Portfolio turnover rate(H) | 33% | 19% | 25% | 35% | 17% (E) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Growth Portfolio | ||||
Class R | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $14.32 | $12.28 | $11.50 | $11.53 | $10.36 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.26 | 0.19 | 0.14 | 0.17 | 0.15 |
Net realized and unrealized gain (loss) | 0.84 | 2.04 | 0.79 | (0.04) | 1.28 |
Total investment operations | 1.10 | 2.23 | 0.93 | 0.13 | 1.43 |
Distributions | |||||
Net investment income | (0.27) | (0.19) | (0.15) | (0.16) | (0.23) |
Return of capital | — | — | — | — | (0.03) |
Total distributions | (0.27) | (0.19) | (0.15) | (0.16) | (0.26) |
Net asset value | |||||
End of year | $15.15 | $14.32 | $12.28 | $11.50 | $11.53 |
Total return(C) | 7.77% | 18.46% | 8.21% | 1.06% | 14.08% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $5,364 | $5,202 | $4,965 | $5,306 | $5,413 |
Expenses to average net assets (D) | 0.75% | 0.77% | 0.77% | 0.77% | 0.79% |
Net investment income (loss) to average net assets(B) | 1.75% | 1.42% | 1.14% | 1.43% | 1.43% |
Portfolio turnover rate(E) | 33% | 19% | 25% | 35% | 17% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Portfolio | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $13.58 | $12.26 | $11.60 | $11.59 | $10.62 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.27 | 0.24 | 0.23 | 0.26 | 0.30 |
Net realized and unrealized gain (loss) | 0.54 | 1.34 | 0.67 | (0.02) | 1.04 |
Total investment operations | 0.81 | 1.58 | 0.90 | 0.24 | 1.34 |
Distributions | |||||
Net investment income | (0.27) | (0.26) | (0.24) | (0.23) | (0.37) |
Net realized gains | (0.56) | — | — | — | — |
Total distributions | (0.83) | (0.26) | (0.24) | (0.23) | (0.37) |
Net asset value | |||||
End of year | $13.56 | $13.58 | $12.26 | $11.60 | $11.59 |
Total return(C) | 6.20% | 13.13% | 7.95% | 2.10% | 12.95% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $899,852 | $900,887 | $866,505 | $877,866 | $857,469 |
Expenses to average net assets (D) | 0.52% | 0.56% | 0.58% | 0.61% | 0.61% |
Net investment income (loss) to average net assets(B) | 1.99% | 1.89% | 1.93% | 2.23% | 2.78% |
Portfolio turnover rate(E) | 27% | 21% | 22% | 30% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Portfolio | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $13.61 | $12.26 | $11.58 | $11.55 | $10.59 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.18 | 0.16 | 0.15 | 0.20 | 0.24 |
Net realized and unrealized gain (loss) | 0.52 | 1.34 | 0.65 | (0.03) | 1.02 |
Total investment operations | 0.70 | 1.50 | 0.80 | 0.17 | 1.26 |
Distributions | |||||
Net investment income | (0.15) | (0.15) | (0.12) | (0.14) | (0.30) |
Net realized gains | (0.56) | — | — | — | — |
Total distributions | (0.71) | (0.15) | (0.12) | (0.14) | (0.30) |
Net asset value | |||||
End of year | $13.60 | $13.61 | $12.26 | $11.58 | $11.55 |
Total return(C) | 5.32% | 12.36% | 7.06% | 1.49% | 12.13% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $71,121 | $95,350 | $115,595 | $152,538 | $220,658 |
Expenses to average net assets(D) | 1.30% | 1.31% | 1.31% | 1.28% | 1.28% |
Net investment income (loss) to average net assets(B) | 1.32% | 1.21% | 1.28% | 1.69% | 2.24% |
Portfolio turnover rate(E) | 27% | 21% | 22% | 30% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Portfolio | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $13.48 | $12.17 | $11.52 | $11.50 | $10.55 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.17 | 0.15 | 0.15 | 0.19 | 0.24 |
Net realized and unrealized gain (loss) | 0.53 | 1.34 | 0.66 | (0.01) | 1.02 |
Total investment operations | 0.70 | 1.49 | 0.81 | 0.18 | 1.26 |
Distributions | |||||
Net investment income | (0.18) | (0.18) | (0.16) | (0.16) | (0.31) |
Net realized gains | (0.56) | — | — | — | — |
Total distributions | (0.74) | (0.18) | (0.16) | (0.16) | (0.31) |
Net asset value | |||||
End of year | $13.44 | $13.48 | $12.17 | $11.52 | $11.50 |
Total return(C) | 5.39% | 12.37% | 7.17% | 1.50% | 12.22% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $1,138,082 | $1,142,473 | $1,069,033 | $1,088,747 | $1,142,029 |
Expenses to average net assets (D) | 1.22% | 1.24% | 1.23% | 1.22% | 1.22% |
Net investment income (loss) to average net assets(B) | 1.29% | 1.21% | 1.28% | 1.64% | 2.21% |
Portfolio turnover rate(E) | 27% | 21% | 22% | 30% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Asset Allocation - Moderate Portfolio | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 (A) | |
Net asset value | |||||
Beginning of period/year | $13.59 | $12.28 | $11.63 | $11.61 | $10.94 |
Investment operations | |||||
Net investment income (loss)(B) (C) | 0.30 | 0.28 | 0.25 | 0.28 | 0.17 |
Net realized and unrealized gain (loss) | 0.54 | 1.33 | 0.68 | 0.01 | 0.91 |
Total investment operations | 0.84 | 1.61 | 0.93 | 0.29 | 1.08 |
Distributions | |||||
Net investment income | (0.31) | (0.30) | (0.28) | (0.27) | (0.41) |
Net realized gains | (0.56) | — | — | — | — |
Total distributions | (0.87) | (0.30) | (0.28) | (0.27) | (0.41) |
Net asset value | |||||
End of period/year | $13.56 | $13.59 | $12.28 | $11.63 | $11.61 |
Total return(D) | 6.45% | 13.41% | 8.26% | 2.53% | 10.27% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $47,590 | $41,286 | $36,572 | $26,332 | $17,853 |
Expenses to average net assets(F) | 0.25% | 0.26% | 0.25% | 0.26% | 0.28% (G) |
Net investment income (loss) to average net assets(C) | 2.21% | 2.17% | 2.11% | 2.42% | 1.73% (G) |
Portfolio turnover rate(H) | 27% | 21% | 22% | 30% | 16% (E) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Asset Allocation - Moderate Portfolio | ||||
Class R | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $13.52 | $12.20 | $11.54 | $11.53 | $10.58 |
Investment operations | |||||
Net investment income (loss)(A) (B) | 0.22 | 0.21 | 0.20 | 0.23 | 0.24 |
Net realized and unrealized gain (loss) | 0.55 | 1.34 | 0.67 | — (C) | 1.06 |
Total investment operations | 0.77 | 1.55 | 0.87 | 0.23 | 1.30 |
Distributions | |||||
Net investment income | (0.25) | (0.23) | (0.21) | (0.22) | (0.35) |
Net realized gains | (0.56) | — | — | — | — |
Total distributions | (0.81) | (0.23) | (0.21) | (0.22) | (0.35) |
Net asset value | |||||
End of year | $13.48 | $13.52 | $12.20 | $11.54 | $11.53 |
Total return(D) | 5.88% | 12.93% | 7.72% | 2.01% | 12.60% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $5,665 | $4,990 | $4,954 | $5,314 | $4,278 |
Expenses to average net assets(E) | 0.73% | 0.76% | 0.79% | 0.82% | 0.83% |
Net investment income (loss) to average net assets(B) | 1.68% | 1.67% | 1.71% | 2.00% | 2.23% |
Portfolio turnover rate(F) | 27% | 21% | 22% | 30% | 16% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Capital Growth | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $21.40 | $15.34 | $15.47 | $13.78 | $11.77 |
Investment operations | |||||
Net investment income (loss)(B) | (0.15) | (0.07) | — (C) | (0.12) | (0.09) |
Net realized and unrealized gain (loss) | 3.64 | 6.49 | 0.32 | 1.81 | 2.12 |
Total investment operations | 3.49 | 6.42 | 0.32 | 1.69 | 2.03 |
Distributions | |||||
Net investment income | — | — | — | — | (0.02) |
Net realized gains | (0.49) | (0.36) | (0.45) | — | — |
Total distributions | (0.49) | (0.36) | (0.45) | — | (0.02) |
Net asset value | |||||
End of period/year | $24.40 | $21.40 | $15.34 | $15.47 | $13.78 |
Total return(D) | 16.52% | 42.74% | 2.38% | 12.34% | 17.24% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $124,413 | $88,843 | $65,782 | $66,058 | $48,547 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.26% | 1.48% | 1.52% | 1.55% | 1.55% (F) |
Before (waiver/reimbursement) recapture | 1.26% | 1.41% | 1.47% | 1.63% | 1.78% (F) |
Net investment income (loss) to average net assets | (0.63)% | (0.38)% | 0.01% | (0.76)% | (0.75)% (F) |
Portfolio turnover rate | 30% | 29% | 52% | 90% | 57% (E) |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Capital Growth | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $19.31 | $13.96 | $14.22 | $12.75 | $10.95 |
Investment operations | |||||
Net investment income (loss)(B) | (0.32) | (0.17) | (0.10) | (0.20) | (0.15) |
Net realized and unrealized gain (loss) | 3.26 | 5.88 | 0.29 | 1.67 | 1.96 |
Total investment operations | 2.94 | 5.71 | 0.19 | 1.47 | 1.81 |
Distributions | |||||
Net investment income | — | — | — (C) | — | (0.01) |
Net realized gains | (0.49) | (0.36) | (0.45) | — | — |
Total distributions | (0.49) | (0.36) | (0.45) | — | (0.01) |
Net asset value | |||||
End of period/year | $21.76 | $19.31 | $13.96 | $14.22 | $12.75 |
Total return(D) | 15.44% | 41.86% | 1.65% | 11.61% | 16.51% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $4,932 | $6,020 | $5,596 | $7,786 | $9,916 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 2.20% | 2.20% | 2.20% | 2.20% | 2.20% (F) |
Before (waiver/reimbursement) recapture | 2.16% | 2.28% | 2.33% | 2.45% | 2.51% (F) |
Net investment income (loss) to average net assets | (1.54)% | (1.07)% | (0.73)% | (1.41)% | (1.36)% (F) |
Portfolio turnover rate | 30% | 29% | 52% | 90% | 57% (E) |
(F) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Capital Growth | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $19.33 | $13.96 | $14.20 | $12.74 | $10.94 |
Investment operations | |||||
Net investment income (loss)(B) | (0.28) | (0.15) | (0.08) | (0.20) | (0.15) |
Net realized and unrealized gain (loss) | 3.28 | 5.88 | 0.29 | 1.66 | 1.96 |
Total investment operations | 3.00 | 5.73 | 0.21 | 1.46 | 1.81 |
Distributions | |||||
Net investment income | — | — | — (C) | — | (0.01) |
Net realized gains | (0.49) | (0.36) | (0.45) | — | — |
Total distributions | (0.49) | (0.36) | (0.45) | — | (0.01) |
Net asset value | |||||
End of period/year | $21.84 | $19.33 | $13.96 | $14.20 | $12.74 |
Total return(D) | 15.74% | 42.01% | 1.80% | 11.62% | 16.53% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $50,879 | $27,535 | $19,809 | $16,252 | $12,814 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.95% | 2.04% | 2.08% | 2.20% | 2.20% (F) |
Before (waiver/reimbursement) recapture | 1.95% | 2.04% | 2.06% | 2.18% | 2.26% (F) |
Net investment income (loss) to average net assets | (1.34)% | (0.95)% | (0.54)% | (1.41)% | (1.39)% (F) |
Portfolio turnover rate | 30% | 29% | 52% | 90% | 57% (E) |
(F) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Capital Growth | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $21.78 | $15.61 | $15.66 | $13.89 | $11.64 |
Investment operations | |||||
Net investment income (loss)(B) | (0.07) | 0.02 | 0.11 | (0.06) | (0.06) |
Net realized and unrealized gain (loss) | 3.70 | 6.59 | 0.30 | 1.83 | 2.33 |
Total investment operations | 3.63 | 6.61 | 0.41 | 1.77 | 2.27 |
Distributions | |||||
Net investment income | — | (0.08) | (0.01) | — | (0.02) |
Net realized gains | (0.49) | (0.36) | (0.45) | — | — |
Total distributions | (0.49) | (0.44) | (0.46) | — | (0.02) |
Net asset value | |||||
End of period/year | $24.92 | $21.78 | $15.61 | $15.66 | $13.89 |
Total return(C) | 16.88% | 43.45% | 2.96% | 12.81% | 19.58% (D) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $161,858 | $105,747 | $80,083 | $11,767 | $434 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.95% | 0.99% | 0.94% | 1.13% | 1.20% (E) |
Before (waiver/reimbursement) recapture | 0.95% | 0.99% | 0.94% | 1.10% | 1.85% (E) |
Net investment income (loss) to average net assets | (0.31)% | 0.11% | 0.66% | (0.37)% | (0.51)% (E) |
Portfolio turnover rate | 30% | 29% | 52% | 90% | 57% (D) |
For a share outstanding during the period indicated: | Transamerica Concentrated Growth | |
Class A | Class C | |
October 31, 2014(A) | October 31, 2014(A) | |
Net asset value | ||
Beginning of period | $15.57 | $15.57 |
Investment operations | ||
Net investment income (loss)(B) | — (C) | (0.07) |
Net realized and unrealized gain (loss) | 0.65 | 0.64 |
Total investment operations | 0.65 | 0.57 |
Net asset value | ||
End of period | $16.22 | $16.14 |
Total return(D) | 4.17% (E) | 3.66% (E) |
Ratio and supplemental data | ||
Net assets end of period (000’s) | $444 | $274 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.18% (F) | 1.93% (F) |
Before (waiver/reimbursement) recapture | 1.18% (F) | 1.93% (F) |
Net investment income (loss) to average net assets | 0.03% (F) | (0.67)% (F) |
Portfolio turnover rate | 18% (E) | 18% (E) |
(A) | Commenced operations on March 1, 2014. |
(F) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Concentrated Growth | ||||
Class I(A) | |||||
October 31, 2014(B) | December 31, 2013 | December 31, 2012 | December 31, 2011 | December 31, 2010(C) | |
Net asset value | |||||
Beginning of period/year | $15.76 | $12.240 | $10.220 | $10.000 | $10.000 |
Investment operations | |||||
Net investment income (loss)(D) | 0.02 | (0.003) | 0.009 (E) | 0.003 | 0.000 |
Net realized and unrealized gain (loss) | 0.76 | 3.869 | 2.064 | 0.221 (F) | 0.000 |
Total investment operations | 0.78 | 3.866 | 2.073 | 0.224 | 0.000 |
Distributions | |||||
Net investment income | — | (0.004) | (0.006) | (0.002) | 0.000 |
Net realized gains | (0.45) | (0.342) | (0.047) | (0.002) | — |
Total distributions | (0.45) | (0.346) | (0.053) | (0.004) | 0.000 |
Net asset value | |||||
End of period/year | $16.09 | $15.76 | $12.24 | $10.22 | $10.00 |
Total return(G) | 6.13% (H) | 31.84% | 20.28% | 2.23% | 0.00% |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $19,643 | $13,761 | $10,320 | $2,801 | $100 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.00% (I) | 1.25% | 1.25% | 1.25% | 0.00% |
Before (waiver/reimbursement) recapture | 1.08% (I) | 2.18% | 3.68% | 5.90% | 0.00% |
Net investment income (loss) to average net assets | 0.16% (I) | (0.02)% | 0.08% (E) | 0.03% | 0.00% |
Portfolio turnover rate | 18% (H) | 14.84% | 21.76% | 22.35% | 0.00% |
(A) | Prior to February 28, 2014, information provided in previous periods reflects The Torray Resolute Fund, which is the accounting survivor pursuant to a Plan of Reorganization. Prior to January 1, 2014, the Financial Highlights were audited by another independent registered public accounting firm. |
(B) | Effective at the close of business on February 28, 2014, the fiscal year end of the Fund changed to October 31. The Financial Highlights represent activity for the ten months of January 1, 2014 - October 31, 2014. Refer to the Notes to Financial Statements for details. |
(E) | For the year ended December 31, 2012, investment income per share reflects a special dividend which amounted to $0.01 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been (0.01)%. |
(F) | The amount of net gains on securities (both realized and unrealized) per share does not accord with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period. |
(I) | Annualized. |
For a share outstanding during the period and year indicated: | Transamerica Dividend Focused | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $11.98 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.20 | 0.14 |
Net realized and unrealized gain (loss) | 1.47 | 1.97 |
Total investment operations | 1.67 | 2.11 |
Distributions | ||
Net investment income | (0.20) | (0.13) |
Net realized gains | (0.10) | — |
Total distributions | (0.30) | (0.13) |
Net asset value | ||
End of period/year | $13.35 | $11.98 |
Total return(C) | 14.14% | 21.25% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $63,639 | $1,245 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 0.96% | 1.07% (E) |
Before (waiver/reimbursement) recapture | 0.96% | 1.07% (E) |
Net investment income (loss) to average net assets | 1.55% | 1.47% (E) |
Portfolio turnover rate | 21% | 23% (D) |
Table of Contents
For a share outstanding during the period and year indicated: | Transamerica Dividend Focused | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $11.96 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.09 | 0.08 |
Net realized and unrealized gain (loss) | 1.49 | 1.96 |
Total investment operations | 1.58 | 2.04 |
Distributions | ||
Net investment income | (0.12) | (0.08) |
Net realized gains | (0.10) | — |
Total distributions | (0.22) | (0.08) |
Net asset value | ||
End of period/year | $13.32 | $11.96 |
Total return(C) | 13.30% | 20.50% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $4,419 | $1,297 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.81% | 1.78% (E) |
Before (waiver/reimbursement) recapture | 1.81% | 1.78% (E) |
Net investment income (loss) to average net assets | 0.74% | 0.83% (E) |
Portfolio turnover rate | 21% | 23% (D) |
(E) | Annualized. |
For a share outstanding during the period and year indicated: | Transamerica Dividend Focused | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $11.98 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.23 | 0.17 |
Net realized and unrealized gain (loss) | 1.47 | 1.96 |
Total investment operations | 1.70 | 2.13 |
Distributions | ||
Net investment income | (0.23) | (0.15) |
Net realized gains | (0.10) | — |
Total distributions | (0.33) | (0.15) |
Net asset value | ||
End of period/year | $13.35 | $11.98 |
Total return(C) | 14.37% | 21.40% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $6,311 | $1,715 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 0.80% | 0.82% (E) |
Before (waiver/reimbursement) recapture | 0.80% | 0.82% (E) |
Net investment income (loss) to average net assets | 1.80% | 1.82% (E) |
Portfolio turnover rate | 21% | 23% (D) |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Emerging Markets Debt | |||
Class A | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $10.83 | $11.54 | $10.00 | $10.00 |
Investment operations | ||||
Net investment income (loss)(B) | 0.61 | 0.56 | 0.59 | 0.08 |
Net realized and unrealized gain (loss) | (0.11) | (0.55) | 1.45 | (0.08) |
Total investment operations | 0.50 | 0.01 | 2.04 | — |
Distributions | ||||
Net investment income | (0.58) | (0.47) | (0.50) | — (C) |
Net realized gains | — | (0.25) | — | — |
Total distributions | (0.58) | (0.72) | (0.50) | — (C) |
Net asset value | ||||
End of period/year | $10.75 | $10.83 | $11.54 | $10.00 |
Total return(D) | 4.81% | (0.07)% | 21.07% | 0.04% (E) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $81,684 | $129,805 | $60,754 | $2,247 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.18% | 1.11% | 1.21% | 1.35% (F) |
Before (waiver/reimbursement) recapture | 1.18% | 1.11% | 1.19% | 1.65% (F) |
Net investment income (loss) to average net assets | 5.68% | 5.02% | 5.47% | 5.24% (F) |
Portfolio turnover rate | 321% | 326% | 305% | 31% (E) |
(F) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Emerging Markets Debt | |||
Class C | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $10.80 | $11.51 | $9.99 | $10.00 |
Investment operations | ||||
Net investment income (loss)(B) | 0.54 | 0.48 | 0.52 | 0.07 |
Net realized and unrealized gain (loss) | (0.11) | (0.54) | 1.44 | (0.08) |
Total investment operations | 0.43 | (0.06) | 1.96 | (0.01) |
Distributions | ||||
Net investment income | (0.51) | (0.40) | (0.44) | — (C) |
Net realized gains | — | (0.25) | — | — |
Total distributions | (0.51) | (0.65) | (0.44) | — (C) |
Net asset value | ||||
End of period/year | $10.72 | $10.80 | $11.51 | $9.99 |
Total return(D) | 4.12% | (0.69)% | 20.24% | (0.08)% (E) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $27,202 | $30,547 | $10,543 | $1,025 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.84% | 1.81% | 1.87% | 2.00% (F) |
Before (waiver/reimbursement) recapture | 1.84% | 1.81% | 1.86% | 2.29% (F) |
Net investment income (loss) to average net assets | 5.02% | 4.36% | 4.87% | 4.35% (F) |
Portfolio turnover rate | 321% | 326% | 305% | 31% (E) |
(A) | Commenced operations on August 31, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Emerging Markets Debt | |||
Class I | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $10.85 | $11.56 | $10.01 | $10.00 |
Investment operations | ||||
Net investment income (loss)(B) | 0.65 | 0.60 | 0.63 | 0.09 |
Net realized and unrealized gain (loss) | (0.10) | (0.56) | 1.44 | (0.08) |
Total investment operations | 0.55 | 0.04 | 2.07 | 0.01 |
Distributions | ||||
Net investment income | (0.62) | (0.50) | (0.52) | — (C) |
Net realized gains | — | (0.25) | — | — |
Total distributions | (0.62) | (0.75) | (0.52) | — (C) |
Net asset value | ||||
End of period/year | $10.78 | $10.85 | $11.56 | $10.01 |
Total return(D) | 5.30% | 0.23% | 21.40% | 0.14% (E) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $340,068 | $133,449 | $46,190 | $2,064 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 0.81% | 0.79% | 0.86% | 1.00% (F) |
Before (waiver/reimbursement) recapture | 0.81% | 0.79% | 0.84% | 1.34% (F) |
Net investment income (loss) to average net assets | 6.00% | 5.38% | 5.68% | 5.46% (F) |
Portfolio turnover rate | 321% | 326% | 305% | 31% (E) |
(A) | Commenced operations on August 31, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Emerging Markets Equity | ||
Class A | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $10.40 | $9.42 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.11 | 0.12 | 0.09 |
Net realized and unrealized gain (loss) | (0.16) | 0.88 | (0.67) |
Total investment operations | (0.05) | 1.00 | (0.58) |
Distributions | |||
Net investment income | (0.10) | (0.02) | — |
Net asset value | |||
End of period/year | $10.25 | $10.40 | $9.42 |
Total return(C) | (0.40)% | 10.68% | (5.80)% (D) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $1,495 | $805 | $302 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.62% | 1.60% | 1.85% (E) |
Before (waiver/reimbursement) recapture | 1.62% | 1.60% | 1.85% (E) |
Net investment income (loss) to average net assets | 1.05% | 1.19% | 1.97% (E) |
Portfolio turnover rate | 69% | 63% | 76% (D) |
(A) | Commenced operations on April 30, 2012. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Emerging Markets Equity | ||
Class C | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $10.32 | $9.39 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.04 | 0.06 | 0.07 |
Net realized and unrealized gain (loss) | (0.15) | 0.87 | (0.68) |
Total investment operations | (0.11) | 0.93 | (0.61) |
Distributions | |||
Net investment income | (0.07) | — | — |
Net asset value | |||
End of period/year | $10.14 | $10.32 | $9.39 |
Total return(C) | (1.05)% | 9.90% | (6.10)% (D) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $1,424 | $916 | $253 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 2.29% | 2.23% | 2.52% (E) |
Before (waiver/reimbursement) recapture | 2.29% | 2.23% | 2.52% (E) |
Net investment income (loss) to average net assets | 0.36% | 0.57% | 1.43% (E) |
Portfolio turnover rate | 69% | 63% | 76% (D) |
(A) | Commenced operations on April 30, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Emerging Markets Equity | ||
Class I | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $10.43 | $9.43 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.12 | 0.17 | 0.11 |
Net realized and unrealized gain (loss) | (0.13) | 0.87 | (0.68) |
Total investment operations | (0.01) | 1.04 | (0.57) |
Distributions | |||
Net investment income | (0.12) | (0.04) | — |
Net asset value | |||
End of period/year | $10.30 | $10.43 | $9.43 |
Total return(C) | (0.04)% | 11.03% | (5.70)% (D) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $1,147 | $505 | $302 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.29% | 1.26% | 1.60% (E) |
Before (waiver/reimbursement) recapture | 1.29% | 1.26% | 1.60% (E) |
Net investment income (loss) to average net assets | 1.22% | 1.74% | 2.26% (E) |
Portfolio turnover rate | 69% | 63% | 76% (D) |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Enhanced Muni | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $10.37 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.25 | 0.22 |
Net realized and unrealized gain (loss) | 0.78 | 0.38 (D) |
Total investment operations | 1.03 | 0.60 |
Distributions | ||
Net investment income | (0.24) | (0.23) |
Net asset value | ||
End of year | $11.16 | $10.37 |
Total return(E) | 10.05% | 6.05% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $35,974 | $6,241 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 0.86% | 0.86% |
Before (waiver/reimbursement) recapture | 1.12% | 2.36% |
Net investment income (loss) to average net assets(C) | 2.27% | 2.12% |
Portfolio turnover rate(G) | 107% | 111% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the year. |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Enhanced Muni | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $10.36 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.18 | 0.15 |
Net realized and unrealized gain (loss) | 0.78 | 0.39 (D) |
Total investment operations | 0.96 | 0.54 |
Distributions | ||
Net investment income | (0.18) | (0.18) |
Net asset value | ||
End of year | $11.14 | $10.36 |
Total return(E) | 9.35% | 5.42% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $9,960 | $1,778 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 1.46% | 1.46% |
Before (waiver/reimbursement) recapture | 1.87% | 3.08% |
Net investment income (loss) to average net assets(C) | 1.69% | 1.47% |
Portfolio turnover rate(G) | 107% | 111% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the year. |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Enhanced Muni | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $10.41 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.26 | 0.23 |
Net realized and unrealized gain (loss) | 0.78 | 0.38 (D) |
Total investment operations | 1.04 | 0.61 |
Distributions | ||
Net investment income | (0.25) | (0.20) |
Net asset value | ||
End of year | $11.20 | $10.41 |
Total return(E) | 10.16% | 6.10% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $22,007 | $6,632 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 0.71% | 0.71% |
Before (waiver/reimbursement) recapture | 0.92% | 2.12% |
Net investment income (loss) to average net assets(C) | 2.44% | 2.21% |
Portfolio turnover rate(G) | 107% | 111% |
(A) | Commenced operations on October 31, 2012. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the year. |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Flexible Income | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.38 | $9.37 | $8.83 | $8.99 | $8.33 |
Investment operations | |||||
Net investment income (loss)(A) | 0.29 | 0.41 | 0.45 | 0.51 | 0.50 |
Net realized and unrealized gain (loss) | 0.08 | 0.03 | 0.55 | (0.16) | 0.70 |
Total investment operations | 0.37 | 0.44 | 1.00 | 0.35 | 1.20 |
Distributions | |||||
Net investment income | (0.29) | (0.43) | (0.46) | (0.51) | (0.54) |
Net asset value | |||||
End of year | $9.46 | $9.38 | $9.37 | $8.83 | $8.99 |
Total return(B) | 3.98% | 4.85% | 11.60% | 3.93% | 14.89% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $73,829 | $78,512 | $77,291 | $65,393 | $55,103 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.89% | 0.95% | 0.95% | 0.97% | 1.07% (C) |
Before (waiver/reimbursement) recapture | 0.91% | 1.00% | 1.01% | 1.07% | 1.15% (C) |
Net investment income (loss) to average net assets | 3.04% | 4.32% | 4.95% | 5.70% | 5.79% |
Portfolio turnover rate | 26% | 32% | 35% | 42% | 120% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(C) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Flexible Income | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.39 | $9.37 | $8.83 | $9.00 | $8.34 |
Investment operations | |||||
Net investment income (loss)(A) | 0.21 | 0.32 | 0.37 | 0.44 | 0.43 |
Net realized and unrealized gain (loss) | 0.07 | 0.05 | 0.55 | (0.18) | 0.71 |
Total investment operations | 0.28 | 0.37 | 0.92 | 0.26 | 1.14 |
Distributions | |||||
Net investment income | (0.21) | (0.35) | (0.38) | (0.43) | (0.48) |
Net asset value | |||||
End of year | $9.46 | $9.39 | $9.37 | $8.83 | $9.00 |
Total return(B) | 2.98% | 4.00% | 10.69% | 2.96% | 14.02% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $3,644 | $4,819 | $6,641 | $7,066 | $10,614 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.72% | 1.85% | 1.79% | 1.82% | 1.88% (C) |
Before (waiver/reimbursement) recapture | 1.72% | 1.85% | 1.79% | 1.82% | 1.88% (C) |
Net investment income (loss) to average net assets | 2.24% | 3.42% | 4.13% | 4.87% | 4.97% |
Portfolio turnover rate | 26% | 32% | 35% | 42% | 120% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(C) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
For a share outstanding during the years indicated: | Transamerica Flexible Income | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.32 | $9.31 | $8.79 | $8.96 | $8.31 |
Investment operations | |||||
Net investment income (loss)(A) | 0.22 | 0.34 | 0.38 | 0.45 | 0.44 |
Net realized and unrealized gain (loss) | 0.08 | 0.04 | 0.54 | (0.17) | 0.70 |
Total investment operations | 0.30 | 0.38 | 0.92 | 0.28 | 1.14 |
Distributions | |||||
Net investment income | (0.22) | (0.37) | (0.40) | (0.45) | (0.49) |
Net asset value | |||||
End of year | $9.40 | $9.32 | $9.31 | $8.79 | $8.96 |
Total return(B) | 3.26% | 4.10% | 10.71% | 3.21% | 14.15% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $68,629 | $71,692 | $81,874 | $50,314 | $36,264 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.60% | 1.67% | 1.65% | 1.68% | 1.74% (C) |
Before (waiver/reimbursement) recapture | 1.60% | 1.67% | 1.65% | 1.68% | 1.74% (C) |
Net investment income (loss) to average net assets | 2.33% | 3.60% | 4.22% | 4.98% | 5.14% |
Portfolio turnover rate | 26% | 32% | 35% | 42% | 120% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(C) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Flexible Income | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $9.39 | $9.38 | $8.85 | $9.02 | $8.48 |
Investment operations | |||||
Net investment income (loss)(B) | 0.31 | 0.43 | 0.47 | 0.53 | 0.50 |
Net realized and unrealized gain (loss) | 0.08 | 0.04 | 0.55 | (0.16) | 0.57 |
Total investment operations | 0.39 | 0.47 | 1.02 | 0.37 | 1.07 |
Distributions | |||||
Net investment income | (0.31) | (0.46) | (0.49) | (0.54) | (0.53) |
Net asset value | |||||
End of period/year | $9.47 | $9.39 | $9.38 | $8.85 | $9.02 |
Total return(C) | 4.25% | 5.13% | 11.87% | 4.19% | 13.10% (D) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $42,545 | $33,036 | $31,480 | $19,992 | $9,787 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.62% | 0.68% | 0.67% | 0.69% | 0.76% (E)(F) |
Before (waiver/reimbursement) recapture | 0.62% | 0.68% | 0.67% | 0.69% | 0.76% (E)(F) |
Net investment income (loss) to average net assets | 3.29% | 4.58% | 5.20% | 5.93% | 6.25% (F) |
Portfolio turnover rate | 26% | 32% | 35% | 42% | 120% (D) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
(F) | Annualized. |
For a share outstanding during the period indicated: | Transamerica Global Bond | ||
Class A | Class C | Class I | |
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | |
Net asset value | |||
Beginning of period | $10.00 | $10.00 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.15 | 0.09 | 0.16 |
Net realized and unrealized gain (loss) | (0.23) | (0.22) | (0.23) |
Total investment operations | (0.08) | (0.13) | (0.07) |
Distributions | |||
Net investment income | (0.08) | (0.05) | (0.09) |
Net asset value | |||
End of period | $9.84 | $9.82 | $9.84 |
Total return(C) | (0.82)% (D) | (1.34)% (D) | (0.71)% (D) |
Ratio and supplemental data | |||
Net assets end of period (000’s) | $300 | $254 | $323 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.00% (E) | 1.75% (E) | 0.75% (E) |
Before (waiver/reimbursement) recapture | 1.09% (E) | 1.81% (E) | 0.91% (E) |
Net investment income (loss) to average net assets | 2.15% (E) | 1.39% (E) | 2.42% (E) |
Portfolio turnover rate | 138% (D) | 138% (D) | 138% (D) |
(A) | Commenced operations on March 1, 2014. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Global Equity (formerly, Transamerica Multi-Manager International Portfolio) | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.96 | $9.22 | $9.09 | $9.84 | $8.53 |
Investment operations | |||||
Net investment income (loss)(A)(B) | 0.18 | 0.11 | 0.16 | 0.08 | 0.09 |
Net realized and unrealized gain (loss) | 0.10 | 1.73 | 0.22 | (0.75) | 1.33 |
Total investment operations | 0.28 | 1.84 | 0.38 | (0.67) | 1.42 |
Distributions | |||||
Net investment income | (0.16) | (0.10) | (0.25) | (0.08) | (0.11) |
Net asset value | |||||
End of year | $11.08 | $10.96 | $9.22 | $9.09 | $9.84 |
Total return(C) | 2.54% | 20.08% | 4.65% | (6.90)% | 16.80% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $56,663 | $82,534 | $86,834 | $118,070 | $135,479 |
Expenses to average net assets(D) | |||||
After (waiver/reimbursement) recapture | 0.74% | 0.69% | 0.68% | 0.67% | 0.70% |
Before (waiver/reimbursement) recapture | 0.75% | 0.69% | 0.68% | 0.67% | 0.70% |
Net investment income (loss) to average net assets(B) | 1.64% | 1.09% | 1.79% | 0.77% | 1.04% |
Portfolio turnover rate(E) | 150% | 18% | 41% | 13% | 11% |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Global Equity (formerly, Transamerica Multi-Manager International Portfolio) | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.89 | $9.16 | $9.00 | $9.74 | $8.45 |
Investment operations | |||||
Net investment income (loss)(A)(B) | 0.10 | 0.04 | 0.09 | 0.01 | 0.02 |
Net realized and unrealized gain (loss) | 0.08 | 1.71 | 0.24 | (0.75) | 1.32 |
Total investment operations | 0.18 | 1.75 | 0.33 | (0.74) | 1.34 |
Distributions | |||||
Net investment income | (0.07) | (0.02) | (0.17) | — (C) | (0.05) |
Net asset value | |||||
End of year | $11.00 | $10.89 | $9.16 | $9.00 | $9.74 |
Total return(D) | 1.64% | 19.11% | 3.92% | (7.59)% | 15.95% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $6,460 | $9,191 | $9,847 | $13,373 | $18,432 |
Expenses to average net assets(E) | |||||
After (waiver/reimbursement) recapture | 1.53% | 1.45% | 1.45% | 1.45% | 1.45% |
Before (waiver/reimbursement) recapture | 1.63% | 1.54% | 1.54% | 1.48% | 1.49% |
Net investment income (loss) to average net assets(B) | 0.95% | 0.37% | 1.05% | 0.11% | 0.19% |
Portfolio turnover rate(F) | 150% | 18% | 41% | 13% | 11% |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Global Equity (formerly, Transamerica Multi-Manager International Portfolio) | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.88 | $9.15 | $9.01 | $9.75 | $8.45 |
Investment operations | |||||
Net investment income (loss)(A)(B) | 0.09 | 0.04 | 0.09 | 0.02 | 0.02 |
Net realized and unrealized gain (loss) | 0.10 | 1.72 | 0.23 | (0.74) | 1.33 |
Total investment operations | 0.19 | 1.76 | 0.32 | (0.72) | 1.35 |
Distributions | |||||
Net investment income | (0.08) | (0.03) | (0.18) | (0.02) | (0.05) |
Net asset value | |||||
End of year | $10.99 | $10.88 | $9.15 | $9.01 | $9.75 |
Total return(C) | 1.73% | 19.26% | 3.87% | (7.42)% | 16.10% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $74,772 | $88,681 | $92,050 | $117,858 | $144,849 |
Expenses to average net assets(D) | |||||
After (waiver/reimbursement) recapture | 1.47% | 1.40% | 1.38% | 1.34% | 1.36% |
Before (waiver/reimbursement) recapture | 1.49% | 1.40% | 1.38% | 1.34% | 1.36% |
Net investment income (loss) to average net assets(B) | 0.87% | 0.40% | 1.07% | 0.16% | 0.27% |
Portfolio turnover rate(E) | 150% | 18% | 41% | 13% | 11% |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Global Equity (formerly, Transamerica Multi-Manager International Portfolio) | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $10.96 | $9.23 | $9.11 | $9.86 | $8.84 |
Investment operations | |||||
Net investment income (loss)(B)(C) | 0.21 | 0.14 | 0.16 | 0.11 | (0.02) |
Net realized and unrealized gain (loss) | 0.09 | 1.73 | 0.25 | (0.74) | 1.19 |
Total investment operations | 0.30 | 1.87 | 0.41 | (0.63) | 1.17 |
Distributions | |||||
Net investment income | (0.20) | (0.14) | (0.29) | (0.12) | (0.15) |
Net asset value | |||||
End of period/year | $11.06 | $10.96 | $9.23 | $9.11 | $9.86 |
Total return(D) | 2.75% | 20.53% | 5.07% | (6.49)% | 13.41% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $33,329 | $32,954 | $28,450 | $28,748 | $28,047 |
Expenses to average net assets(F) | |||||
After (waiver/reimbursement) recapture | 0.44% | 0.31% | 0.28% | 0.29% | 0.34% (G) |
Before (waiver/reimbursement) recapture | 0.46% | 0.31% | 0.28% | 0.29% | 0.34% (G) |
Net investment income (loss) to average net assets(C) | 1.88% | 1.39% | 1.87% | 1.12% | (0.21)% (G) |
Portfolio turnover rate(H) | 150% | 18% | 41% | 13% | 11% (E) |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Growth Opportunities | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.73 | $8.15 | $10.93 | $9.82 | $7.54 |
Investment operations | |||||
Net investment income (loss)(A) | (0.04) | (0.03) | 0.01 | (0.10) | (0.05) |
Net realized and unrealized gain (loss) | 1.05 | 2.71 | (0.55) | 1.21 | 2.33 |
Total investment operations | 1.01 | 2.68 | (0.54) | 1.11 | 2.28 |
Distributions | |||||
Net investment income | — | (0.02) | — (B) | — | — |
Net realized gains | (0.45) | (0.08) | (2.24) | — | — |
Total distributions | (0.45) | (0.10) | (2.24) | — | — |
Net asset value | |||||
End of year | $11.29 | $10.73 | $8.15 | $10.93 | $9.82 |
Total return(C) | 9.57% | 33.31% | (3.79)% | 11.30% | 30.41% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $104,933 | $105,245 | $91,110 | $103,177 | $59,685 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.37% | 1.46% | 1.67% | 1.75% | 1.75% |
Before (waiver/reimbursement) recapture | 1.37% | 1.46% | 1.54% | 1.64% | 1.98% |
Net investment income (loss) to average net assets | (0.39)% | (0.27)% | 0.10% | (0.83)% | (0.56)% |
Portfolio turnover rate | 53% | 45% | 38% | 125% | 63% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the years indicated: | Transamerica Growth Opportunities | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.43 | $7.21 | $10.01 | $9.05 | $6.99 |
Investment operations | |||||
Net investment income (loss)(A) | (0.12) | (0.09) | (0.04) | (0.15) | (0.10) |
Net realized and unrealized gain (loss) | 0.92 | 2.39 | (0.52) | 1.11 | 2.16 |
Total investment operations | 0.80 | 2.30 | (0.56) | 0.96 | 2.06 |
Distributions | |||||
Net investment income | — | — | — (B) | — | — |
Net realized gains | (0.45) | (0.08) | (2.24) | — | — |
Total distributions | (0.45) | (0.08) | (2.24) | — | — |
Net asset value | |||||
End of year | $9.78 | $9.43 | $7.21 | $10.01 | $9.05 |
Total return(C) | 8.63% | 32.23% | (4.47)% | 10.61% | 29.47% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $4,079 | $5,507 | $5,582 | $9,636 | $12,406 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 2.23% | 2.27% | 2.32% | 2.40% | 2.40% |
Before (waiver/reimbursement) recapture | 2.23% | 2.27% | 2.31% | 2.29% | 2.41% |
Net investment income (loss) to average net assets | (1.27)% | (1.06)% | (0.56)% | (1.40)% | (1.21)% |
Portfolio turnover rate | 53% | 45% | 38% | 125% | 63% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Growth Opportunities | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.48 | $7.25 | $10.05 | $9.08 | $7.01 |
Investment operations | |||||
Net investment income (loss)(A) | (0.11) | (0.09) | (0.04) | (0.15) | (0.10) |
Net realized and unrealized gain (loss) | 0.93 | 2.40 | (0.52) | 1.12 | 2.17 |
Total investment operations | 0.82 | 2.31 | (0.56) | 0.97 | 2.07 |
Distributions | |||||
Net realized gains | (0.45) | (0.08) | (2.24) | — | — |
Net asset value | |||||
End of year | $9.85 | $9.48 | $7.25 | $10.05 | $9.08 |
Total return(B) | 8.80% | 32.19% | (4.46)% | 10.68% | 29.53% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $13,296 | $13,099 | $10,943 | $14,288 | $12,781 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 2.14% | 2.25% | 2.28% | 2.40% | 2.40% |
Before (waiver/reimbursement) recapture | 2.14% | 2.25% | 2.28% | 2.28% | 2.41% |
Net investment income (loss) to average net assets | (1.16)% | (1.06)% | (0.51)% | (1.43)% | (1.21)% |
Portfolio turnover rate | 53% | 45% | 38% | 125% | 63% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the period and years indicated: | Transamerica Growth Opportunities | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $11.32 | $8.61 | $11.37 | $10.19 | $8.04 |
Investment operations | |||||
Net investment income (loss)(B) | — (C) | 0.02 | 0.08 | (0.02) | (0.02) |
Net realized and unrealized gain (loss) | 1.11 | 2.85 | (0.58) | 1.24 | 2.17 |
Total investment operations | 1.11 | 2.87 | (0.50) | 1.22 | 2.15 |
Distributions | |||||
Net investment income | — | (0.08) | (0.02) | (0.04) | — |
Net realized gains | (0.45) | (0.08) | (2.24) | — | — |
Total distributions | (0.45) | (0.16) | (2.26) | (0.04) | — |
Net asset value | |||||
End of period/year | $11.98 | $11.32 | $8.61 | $11.37 | $10.19 |
Total return(D) | 9.97% | 33.87% | (3.16)% | 12.01% | 26.74% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $65,747 | $68,609 | $80,359 | $9,954 | $815 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.99% | 1.01% | 0.99% | 1.08% | 1.40% (F) |
Before (waiver/reimbursement) recapture | 0.99% | 1.01% | 0.99% | 1.08% | 1.48% (F) |
Net investment income (loss) to average net assets | (0.02)% | 0.22% | 0.90% | (0.20)% | (0.23)% (F) |
Portfolio turnover rate | 53% | 45% | 38% | 125% | 63% (E) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Annualized. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica High Yield Bond | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.75 | $9.59 | $8.95 | $9.16 | $8.45 |
Investment operations | |||||
Net investment income (loss)(A) | 0.50 | 0.54 | 0.59 | 0.61 | 0.66 |
Net realized and unrealized gain (loss) | 0.05 | 0.17 | 0.67 | (0.21) | 0.73 |
Total investment operations | 0.55 | 0.71 | 1.26 | 0.40 | 1.39 |
Distributions | |||||
Net investment income | (0.49) | (0.55) | (0.62) | (0.61) | (0.68) |
Net realized gains | (0.13) | — | — | — | — |
Total distributions | (0.62) | (0.55) | (0.62) | (0.61) | (0.68) |
Net asset value | |||||
End of year | $9.68 | $9.75 | $9.59 | $8.95 | $9.16 |
Total return(B) | 5.85% | 7.58% | 14.57% | 4.41% | 17.21% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $135,250 | $404,077 | $256,099 | $228,920 | $193,332 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.97% | 1.04% | 1.06% | 1.17% | 1.15% |
Before (waiver/reimbursement) recapture | 0.97% | 1.04% | 1.06% | 1.17% | 1.15% |
Net investment income (loss) to average net assets | 5.10% | 5.49% | 6.44% | 6.65% | 7.52% |
Portfolio turnover rate | 48% | 64% | 78% | 93% | 91% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the years indicated: | Transamerica High Yield Bond | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.76 | $9.60 | $8.95 | $9.15 | $8.44 |
Investment operations | |||||
Net investment income (loss)(A) | 0.42 | 0.46 | 0.52 | 0.55 | 0.61 |
Net realized and unrealized gain (loss) | 0.05 | 0.17 | 0.67 | (0.21) | 0.72 |
Total investment operations | 0.47 | 0.63 | 1.19 | 0.34 | 1.33 |
Distributions | |||||
Net investment income | (0.41) | (0.47) | (0.54) | (0.54) | (0.62) |
Net realized gains | (0.13) | — | — | — | — |
Total distributions | (0.54) | (0.47) | (0.54) | (0.54) | (0.62) |
Net asset value | |||||
End of year | $9.69 | $9.76 | $9.60 | $8.95 | $9.15 |
Total return(B) | 4.99% | 6.69% | 13.77% | 3.81% | 16.38% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $6,435 | $8,234 | $9,236 | $9,431 | $13,887 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.80% | 1.83% | 1.84% | 1.83% | 1.83% |
Before (waiver/reimbursement) recapture | 1.80% | 1.83% | 1.83% | 1.84% | 1.83% |
Net investment income (loss) to average net assets | 4.28% | 4.72% | 5.69% | 5.99% | 6.93% |
Portfolio turnover rate | 48% | 64% | 78% | 93% | 91% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica High Yield Bond | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.72 | $9.56 | $8.92 | $9.13 | $8.42 |
Investment operations | |||||
Net investment income (loss)(A) | 0.42 | 0.47 | 0.53 | 0.55 | 0.61 |
Net realized and unrealized gain (loss) | 0.05 | 0.17 | 0.66 | (0.21) | 0.73 |
Total investment operations | 0.47 | 0.64 | 1.19 | 0.34 | 1.34 |
Distributions | |||||
Net investment income | (0.42) | (0.48) | (0.55) | (0.55) | (0.63) |
Net realized gains | (0.13) | — | — | — | — |
Total distributions | (0.55) | (0.48) | (0.55) | (0.55) | (0.63) |
Net asset value | |||||
End of year | $9.64 | $9.72 | $9.56 | $8.92 | $9.13 |
Total return(B) | 4.98% | 6.80% | 13.81% | 3.84% | 16.54% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $69,198 | $75,630 | $76,995 | $48,789 | $41,810 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.74% | 1.77% | 1.77% | 1.76% | 1.77% |
Before (waiver/reimbursement) recapture | 1.74% | 1.77% | 1.77% | 1.76% | 1.77% |
Net investment income (loss) to average net assets | 4.33% | 4.78% | 5.73% | 6.07% | 6.96% |
Portfolio turnover rate | 48% | 64% | 78% | 93% | 91% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the period and years indicated: | Transamerica High Yield Bond | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $9.82 | $9.66 | $9.00 | $9.20 | $8.55 |
Investment operations | |||||
Net investment income (loss)(B) | 0.52 | 0.57 | 0.62 | 0.65 | 0.63 |
Net realized and unrealized gain (loss) | 0.05 | 0.17 | 0.68 | (0.21) | 0.68 |
Total investment operations | 0.57 | 0.74 | 1.30 | 0.44 | 1.31 |
Distributions | |||||
Net investment income | (0.52) | (0.58) | (0.64) | (0.64) | (0.66) |
Net realized gains | (0.13) | — | — | — | — |
Total distributions | (0.65) | (0.58) | (0.64) | (0.64) | (0.66) |
Net asset value | |||||
End of period/year | $9.74 | $9.82 | $9.66 | $9.00 | $9.20 |
Total return(C) | 5.95% | 7.80% | 15.05% | 4.95% | 15.92% (D) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $305,992 | $82,840 | $103,181 | $82,736 | $27,057 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.75% | 0.79% | 0.78% | 0.77% | 0.83% (E) |
Before (waiver/reimbursement) recapture | 0.75% | 0.79% | 0.78% | 0.78% | 0.83% (E) |
Net investment income (loss) to average net assets | 5.32% | 5.78% | 6.64% | 7.09% | 7.71% (E) |
Portfolio turnover rate | 48% | 64% | 78% | 93% | 91% (D) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica High Yield Muni | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $10.21 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.34 | 0.09 |
Net realized and unrealized gain (loss) | 1.31 | 0.21 |
Total investment operations | 1.65 | 0.30 |
Distributions | ||
Net investment income | (0.38) | (0.09) |
Net realized gains | (0.02) | — |
Total distributions | (0.40) | (0.09) |
Net asset value | ||
End of period/year | $11.46 | $10.21 |
Total return(D) | 16.49% | 2.96% (E) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $4,492 | $262 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 0.91% | 0.91% (G) |
Before (waiver/reimbursement) recapture | 2.27% | 43.10% (G) |
Net investment income (loss) to average net assets(C) | 3.11% | 3.50% (G) |
Portfolio turnover rate(H) | 266% | 52% (E) |
(A) | Commenced operations on July 31, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica High Yield Muni | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $10.21 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.34 | 0.07 |
Net realized and unrealized gain (loss) | 1.26 | 0.21 |
Total investment operations | 1.60 | 0.28 |
Distributions | ||
Net investment income | (0.32) | (0.07) |
Net realized gains | (0.02) | — |
Total distributions | (0.34) | (0.07) |
Net asset value | ||
End of period/year | $11.47 | $10.21 |
Total return(D) | 15.94% | 2.83% (E) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $1,398 | $496 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 1.51% | 1.51% (G) |
Before (waiver/reimbursement) recapture | 2.98% | 43.79% (G) |
Net investment income (loss) to average net assets(C) | 3.08% | 2.88% (G) |
Portfolio turnover rate(H) | 266% | 52% (E) |
(A) | Commenced operations on July 31, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica High Yield Muni | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $10.21 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.43 | 0.09 |
Net realized and unrealized gain (loss) | 1.25 | 0.21 |
Total investment operations | 1.68 | 0.30 |
Distributions | ||
Net investment income | (0.40) | (0.09) |
Net realized gains | (0.02) | — |
Total distributions | (0.42) | (0.09) |
Net asset value | ||
End of period/year | $11.47 | $10.21 |
Total return(D) | 16.76% | 3.00% (E) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $5,042 | $258 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 0.76% | 0.76% (G) |
Before (waiver/reimbursement) recapture | 2.04% | 42.89% (G) |
Net investment income (loss) to average net assets(C) | 3.91% | 3.64% (G) |
Portfolio turnover rate(H) | 266% | 52% (E) |
(A) | Commenced operations on July 31, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Income & Growth | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $11.04 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.65 | 0.40 |
Net realized and unrealized gain (loss) | (0.30) | 1.03 |
Total investment operations | 0.35 | 1.43 |
Distributions | ||
Net investment income | (0.43) | (0.30) |
Return of capital | (0.11) | (0.09) |
Total distributions | (0.54) | (0.39) |
Net asset value | ||
End of year | $10.85 | $11.04 |
Total return(C) | 3.29% | 14.55% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $70,223 | $43,345 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.10% | 1.19% |
Before (waiver/reimbursement) recapture | 1.10% | 1.19% |
Net investment income (loss) to average net assets | 5.29% | 3.73% |
Portfolio turnover rate | 23% | 24% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Income & Growth | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $11.00 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.56 | 0.32 |
Net realized and unrealized gain (loss) | (0.29) | 1.02 |
Total investment operations | 0.27 | 1.34 |
Distributions | ||
Net investment income | (0.38) | (0.26) |
Return of capital | (0.09) | (0.08) |
Total distributions | (0.47) | (0.34) |
Net asset value | ||
End of year | $10.80 | $11.00 |
Total return(C) | 2.55% | 13.67% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $93,062 | $40,924 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.84% | 1.88% |
Before (waiver/reimbursement) recapture | 1.84% | 1.88% |
Net investment income (loss) to average net assets | 5.16% | 3.05% |
Portfolio turnover rate | 23% | 24% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the years indicated: | Transamerica Income & Growth | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $11.06 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.65 | 0.48 |
Net realized and unrealized gain (loss) | (0.27) | 0.98 |
Total investment operations | 0.38 | 1.46 |
Distributions | ||
Net investment income | (0.46) | (0.31) |
Return of capital | (0.11) | (0.09) |
Total distributions | (0.57) | (0.40) |
Net asset value | ||
End of year | $10.87 | $11.06 |
Total return(C) | 3.54% | 14.86% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $72,556 | $27,139 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 0.85% | 0.90% |
Before (waiver/reimbursement) recapture | 0.85% | 0.90% |
Net investment income (loss) to average net assets | 5.94% | 4.55% |
Portfolio turnover rate | 23% | 24% |
Table of Contents
For a share outstanding during the period indicated: | Transamerica Inflation Opportunities | ||
Class A | Class C | Class I | |
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | |
Net asset value | |||
Beginning of period | $10.00 | $10.00 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.16 | 0.09 | 0.18 |
Net realized and unrealized gain (loss) | (0.06) | (0.04) | (0.06) |
Total investment operations | 0.10 | 0.05 | 0.12 |
Distributions | |||
Net investment income | (0.15) | (0.11) | (0.17) |
Net asset value | |||
End of period | $9.95 | $9.94 | $9.95 |
Total return(C) | 1.01% (D) | 0.52% (D) | 1.16% (D) |
Ratio and supplemental data | |||
Net assets end of period (000’s) | $299 | $380 | $277 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.00% (E) | 1.75% (E) | 0.75% (E) |
Before (waiver/reimbursement) recapture | 1.01% (E) | 1.77% (E) | 0.84% (E) |
Net investment income (loss) to average net assets | 2.30% (E) | 1.39% (E) | 2.67% (E) |
Portfolio turnover rate | 57% (D) | 57% (D) | 57% (D) |
(A) | Commenced operations on March 1, 2014. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica International Equity | |||
Class A | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $18.44 | $14.57 | $13.47 | $15.03 |
Investment operations | ||||
Net investment income (loss)(B) | 0.48 | 0.30 | 0.24 | 0.15 |
Net realized and unrealized gain (loss) | (0.58) | 3.81 | 1.19 | (1.71) |
Total investment operations | (0.10) | 4.11 | 1.43 | (1.56) |
Distributions | ||||
Net investment income | (0.34) | (0.24) | (0.33) | — |
Net realized gains | (0.39) | — | — | — |
Total distributions | (0.73) | (0.24) | (0.33) | — |
Net asset value | ||||
End of period/year | $17.61 | $18.44 | $14.57 | $13.47 |
Total return(C) | (0.51)% | 28.61% | 11.10% | (10.38)% (D) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $61,566 | $21,102 | $2,999 | $490 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.29% | 1.42% | 1.46% | 1.50% (E) |
Before (waiver/reimbursement) recapture | 1.29% | 1.42% | 1.51% | 1.52% (E) |
Net investment income (loss) to average net assets | 2.62% | 1.82% | 1.76% | 1.56% (E) |
Portfolio turnover rate | 19% | 34% | 33% | 16% (D) |
(A) | Commenced operations on March 1, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica International Equity | |||
Class C | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $18.21 | $14.45 | $13.40 | $15.03 |
Investment operations | ||||
Net investment income (loss)(B) | 0.33 | 0.22 | 0.11 | 0.16 |
Net realized and unrealized gain (loss) | (0.54) | 3.76 | 1.24 | (1.79) |
Total investment operations | (0.21) | 3.98 | 1.35 | (1.63) |
Distributions | ||||
Net investment income | (0.27) | (0.22) | (0.30) | — |
Net realized gains | (0.39) | — | — | — |
Total distributions | (0.66) | (0.22) | (0.30) | — |
Net asset value | ||||
End of period/year | $17.34 | $18.21 | $14.45 | $13.40 |
Total return(C) | (1.19)% | 27.87% | 10.49% | (10.84)% (D) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $36,867 | $17,537 | $4,886 | $113 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.98% | 2.06% | 2.04% | 2.14% (E) |
Before (waiver/reimbursement) recapture | 1.98% | 2.06% | 2.04% | 2.14% (E) |
Net investment income (loss) to average net assets | 1.82% | 1.35% | 0.82% | 1.64% (E) |
Portfolio turnover rate | 19% | 34% | 33% | 16% (D) |
(A) | Commenced operations on March 1, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica International Equity | ||||
Class I(A) | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of period/year | $18.60 | $14.65 | $13.50 | $13.97 | $12.55 |
Investment operations | |||||
Net investment income (loss)(B) | 0.48 | 0.40 | 0.33 | 0.40 | 0.22 |
Net realized and unrealized gain (loss) | (0.52) | 3.81 | 1.17 | (0.68) | 1.36 |
Total investment operations | (0.04) | 4.21 | 1.50 | (0.28) | 1.58 |
Distributions | |||||
Net investment income | (0.37) | (0.26) | (0.35) | (0.19) | (0.16) |
Net realized gains | (0.39) | — | — | — | — |
Total distributions | (0.76) | (0.26) | (0.35) | (0.19) | (0.16) |
Net asset value | |||||
End of period/year | $17.80 | $18.60 | $14.65 | $13.50 | $13.97 |
Total return(C) | (0.20)% | 29.14% | 11.58% | (2.05)% | 12.73% |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $567,267 | $168,782 | $90,012 | $78,738 | $75,271 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.95% | 1.02% | 1.05% | 1.16% | 1.43% |
Before (waiver/reimbursement) recapture | 0.95% | 1.02% | 1.05% | 1.16% | 1.43% |
Net investment income (loss) to average net assets | 2.63% | 2.40% | 2.39% | 2.79% | 1.76% |
Portfolio turnover rate | 19% | 34% | 33% | 16% | 43% |
(A) | Prior to March 1, 2011, information provided in previous periods reflects TS&W International Equity Portfolio, which is the accounting survivor pursuant to a Plan of Reorganization. Prior to November 1, 2010, the financial highlights were audited by another independent registered public accounting firm. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica International Small Cap Value | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $12.24 | $10.00 |
Investment operations | ||
Net investment income (loss) (B) | 0.25 | 0.20 |
Net realized and unrealized gain (loss) | (0.44) | 2.04 |
Total investment operations | (0.19) | 2.24 |
Distributions | ||
Net investment income | (0.15) | — |
Net realized gains | (0.09) | — |
Total distributions | (0.24) | — |
Net asset value | ||
End of period/year | $11.81 | $12.24 |
Total return(C) | (1.67)% | 22.40% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $214,170 | $4,186 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.15% | 1.22% (E) |
Before (waiver/reimbursement) recapture | 1.15% | 1.23% (E) |
Net investment income (loss) to average net assets | 2.03% | 2.16% (E) |
Portfolio turnover rate | 21% | 23% (D) |
(A) | Commenced operations on January 4, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Large Cap Value | |||
Class A | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $14.24 | $11.77 | $10.30 | $10.00 |
Investment operations | ||||
Net investment income (loss)(B) | 0.15 | 0.17 | 0.16 | 0.11 |
Net realized and unrealized gain (loss) | 1.40 | 3.13 | 1.51 | 0.28 |
Total investment operations | 1.55 | 3.30 | 1.67 | 0.39 |
Distributions | ||||
Net investment income | (0.17) | (0.19) | (0.20) | (0.09) |
Net realized gains | (2.32) | (0.64) | — | — |
Total distributions | (2.49) | (0.83) | (0.20) | (0.09) |
Net asset value | ||||
End of period/year | $13.30 | $14.24 | $11.77 | $10.30 |
Total return(C) | 12.09% | 29.74% | 16.40% | 3.94% (D) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $31,677 | $8,605 | $1,949 | $1,021 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.07% | 1.13% | 1.26% | 1.32% (E) |
Before (waiver/reimbursement) recapture | 1.07% | 1.13% | 1.26% | 1.32% (E) |
Net investment income (loss) to average net assets | 1.13% | 1.32% | 1.45% | 1.09% (E) |
Portfolio turnover rate | 87% | 121% | 117% | 35% (D) |
(A) | Commenced operations on November 15, 2010. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Large Cap Value | |||
Class C | ||||
October 31, 2014 | October 31, 2013 | October 31,2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $14.20 | $11.76 | $10.29 | $10.00 |
Investment operations | ||||
Net investment income (loss)(B) | 0.06 | 0.09 | 0.10 | 0.06 |
Net realized and unrealized gain (loss) | 1.39 | 3.12 | 1.50 | 0.28 |
Total investment operations | 1.45 | 3.21 | 1.60 | 0.34 |
Distributions | ||||
Net investment income | (0.07) | (0.13) | (0.13) | (0.05) |
Net realized gains | (2.32) | (0.64) | — | — |
Total distributions | (2.39) | (0.77) | (0.13) | (0.05) |
Net asset value | ||||
End of period/year | $13.26 | $14.20 | $11.76 | $10.29 |
Total return(C) | 11.30% | 28.86% | 15.64% | 3.38% (D) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $9,402 | $7,783 | $1,716 | $1,752 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.79% | 1.79% | 1.87% | 1.91% (E) |
Before (waiver/reimbursement) recapture | 1.79% | 1.79% | 1.87% | 1.91% (E) |
Net investment income (loss) to average net assets | 0.49% | 0.68% | 0.90% | 0.49% (E) |
Portfolio turnover rate | 87% | 121% | 117% | 35% (D) |
(A) | Commenced operations on November 15, 2010. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Large Cap Value | |||
Class I | ||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011(A) | |
Net asset value | ||||
Beginning of period/year | $14.28 | $11.81 | $10.31 | $10.00 |
Investment operations | ||||
Net investment income (loss)(B) | 0.20 | 0.22 | 0.22 | 0.13 |
Net realized and unrealized gain (loss) | 1.39 | 3.13 | 1.51 | 0.30 |
Total investment operations | 1.59 | 3.35 | 1.73 | 0.43 |
Distributions | ||||
Net investment income | (0.20) | (0.24) | (0.23) | (0.12) |
Net realized gains | (2.32) | (0.64) | — | — |
Total distributions | (2.52) | (0.88) | (0.23) | (0.12) |
Net asset value | ||||
End of period/year | $13.35 | $14.28 | $11.81 | $10.31 |
Total return(C) | 12.40% | 30.11% | 17.00% | 4.31% (D) |
Ratio and supplemental data | ||||
Net assets end of period/year (000’s) | $13,348 | $16,805 | $3,550 | $7,855 |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 0.79% | 0.79% | 0.83% | 0.95% (E) |
Before (waiver/reimbursement) recapture | 0.79% | 0.79% | 0.83% | 0.95% (E) |
Net investment income (loss) to average net assets | 1.55% | 1.64% | 2.01% | 1.38% (E) |
Portfolio turnover rate | 87% | 121% | 117% | 35% (D) |
(A) | Commenced operations on November 15, 2010. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the year indicated: | Transamerica Mid Cap Growth | ||
Class A | Class C | Class I | |
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | |
Net asset value | |||
Beginning of year | $10.00 | $10.00 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | (0.06) | (0.14) | (0.03) |
Net realized and unrealized gain (loss) | 1.02 | 1.02 | 1.01 |
Total investment operations | 0.96 | 0.88 | 0.98 |
Distributions | |||
Net investment income | — | — | — (C) |
Net asset value | |||
End of year | $10.96 | $10.88 | $10.98 |
Total return(D) | 9.60% | 8.80% | 9.81% |
Ratio and supplemental data | |||
Net assets end of year (000’s) | $492 | $330 | $339 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.31% | 2.05% | 1.05% |
Before (waiver/reimbursement) recapture | 1.33% | 2.05% | 1.10% |
Net investment income (loss) to average net assets | (0.55)% | (1.28)% | (0.29)% |
Portfolio turnover rate | 67% | 67% | 67% |
(A) | Commenced operations on October 31, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the period indicated: | Transamerica Mid Cap Value Opportunities | ||
Class A | Class C | Class I | |
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | |
Net asset value | |||
Beginning of period | $10.00 | $10.00 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.07 | 0.04 | 0.06 |
Net realized and unrealized gain (loss) | 0.69 | 0.69 | 0.72 |
Total investment operations | 0.76 | 0.73 | 0.78 |
Distributions | |||
Net investment income | (0.08) | (0.05) | (0.09) |
Net asset value | |||
End of period | $10.68 | $10.68 | $10.69 |
Total return(C) | 7.62% (D) | 7.29% (D) | 7.83% (D) |
Ratio and supplemental data | |||
Net assets end of period (000’s) | $703 | $278 | $5,979 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.18% (E) | 1.93% (E) | 0.95% (E) |
Before (waiver/reimbursement) recapture | 1.18% (E) | 1.93% (E) | 0.96% (E) |
Net investment income (loss) to average net assets | 1.38% (E) | 0.71% (E) | 1.13% (E) |
Portfolio turnover rate | 23% (D) | 23% (D) | 23% (D) |
(A) | Commenced operations on April 30, 2014 |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica MLP & Energy Income | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $10.28 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.26 | 0.13 |
Net realized and unrealized gain (loss) | 1.40 | 0.20 |
Total investment operations | 1.66 | 0.33 |
Distributions | ||
Net investment income | (0.27) | (0.05) |
Net realized gains | (0.05) | — |
Total distributions | (0.32) | (0.05) |
Net asset value | ||
End of period/year | $11.62 | $10.28 |
Total return(C) | 16.36% | 3.35% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $64,300 | $16,419 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.54% | 1.65% (E) |
Before (waiver/reimbursement) recapture | 1.54% | 1.65% (E) |
Net investment income (loss) to average net assets | 2.24% | 2.67% (E) |
Portfolio turnover rate | 46% | 28% (D) |
(A) | Commenced operations on April 30, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica MLP & Energy Income | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $10.25 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.17 | 0.09 |
Net realized and unrealized gain (loss) | 1.41 | 0.20 |
Total investment operations | 1.58 | 0.29 |
Distributions | ||
Net investment income | (0.21) | (0.04) |
Net realized gains | (0.05) | — |
Total distributions | (0.26) | (0.04) |
Net asset value | ||
End of period/year | $11.57 | $10.25 |
Total return(C) | 15.59% | 2.90% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $53,064 | $5,008 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 2.26% | 2.35% (E) |
Before (waiver/reimbursement) recapture | 2.26% | 2.39% (E) |
Net investment income (loss) to average net assets | 1.47% | 1.71% (E) |
Portfolio turnover rate | 46% | 28% (D) |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica MLP & Energy Income | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of period/year | $10.28 | $10.00 |
Investment operations | ||
Net investment income (loss)(B) | 0.29 | 0.14 |
Net realized and unrealized gain (loss) | 1.41 | 0.20 |
Total investment operations | 1.70 | 0.34 |
Distributions | ||
Net investment income | (0.30) | (0.06) |
Net realized gains | (0.05) | — |
Total distributions | (0.35) | (0.06) |
Net asset value | ||
End of period/year | $11.63 | $10.28 |
Total return(C) | 16.69% | 3.40% (D) |
Ratio and supplemental data | ||
Net assets end of period/year (000’s) | $112,833 | $9,582 |
Expenses to average net assets | ||
After (waiver/reimbursement) recapture | 1.27% | 1.35% (E) |
Before (waiver/reimbursement) recapture | 1.27% | 1.42% (E) |
Net investment income (loss) to average net assets | 2.52% | 2.82% (E) |
Portfolio turnover rate | 46% | 28% (D) |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the years indicated: | Transamerica Money Market | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment operations | |||||
Net investment income (loss)(A) | — (B) | — (B) | — (B) | — (B) | — (B) |
Net realized and unrealized gain (loss) | — | — | — | — | — (B) |
Total investment operations | — (B) | — (B) | — (B) | — (B) | — (B) |
Net equalization credits and charges | — | — | — | — | — (B) |
Distributions | |||||
Net investment income | — (B) | — (B) | — (B) | — (B) | — (B) |
Net asset value | |||||
End of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return(C) | 0.01% | 0.01% | 0.01% | —% (D) | 0.01% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $100,310 | $90,423 | $95,801 | $112,490 | $119,744 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture(E) | 0.22% | 0.24% | 0.27% | 0.20% | 0.22% |
Before (waiver/reimbursement) recapture | 1.09% | 1.09% | 1.17% | 1.26% | 1.19% |
Net investment income (loss) to average net assets | 0.01% | —% (D) | —% (D) | —% (D) | —% (D) |
(A) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Rounds to less than 0.01% or (0.01)%. |
(E) | Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Money Market | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment operations | |||||
Net investment income (loss)(A) | — (B) | — (B) | — (B) | — (B) | — (B) |
Net realized and unrealized gain (loss) | — | — | — | — | — (B) |
Total investment operations | — (B) | — (B) | — (B) | — (B) | — (B) |
Net equalization credits and charges | — | — | — | — | — (B) |
Distributions | |||||
Net investment income | — (B) | — (B) | — (B) | — (B) | — (B) |
Net asset value | |||||
End of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return(C) | 0.01% | 0.01% | 0.01% | —% (D) | 0.01% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $3,820 | $6,189 | $9,289 | $15,318 | $19,442 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture(E) | 0.22% | 0.24% | 0.27% | 0.20% | 0.21% |
Before (waiver/reimbursement) recapture | 1.86% | 1.82% | 1.84% | 1.89% | 1.81% |
Net investment income (loss) to average net assets | 0.01% | —% (D) | —% (D) | —% (D) | —% (D) |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Rounds to less than 0.01% or (0.01)%. |
(E) | Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details. |
For a share outstanding during the years indicated: | Transamerica Money Market | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment operations | |||||
Net investment income (loss)(A) | — (B) | — (B) | — (B) | — (B) | — (B) |
Net realized and unrealized gain (loss) | — | — | — | — | — (B) |
Total investment operations | — (B) | — (B) | — (B) | — (B) | — (B) |
Net equalization credits and charges | — | — | — | — | — (B) |
Distributions | |||||
Net investment income | — (B) | — (B) | — (B) | — (B) | — (B) |
Net asset value | |||||
End of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return(C) | 0.01% | 0.01% | —% (D) | —% (D) | 0.01% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $24,180 | $30,196 | $31,391 | $36,078 | $33,800 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture(E) | 0.22% | 0.24% | 0.27% | 0.20% | 0.22% |
Before (waiver/reimbursement) recapture | 1.67% | 1.64% | 1.67% | 1.73% | 1.66% |
Net investment income (loss) to average net assets | 0.01% | —% (D) | —% (D) | —% (D) | —% (D) |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Rounds to less than 0.01% or (0.01)%. |
(E) | Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Money Market | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Investment operations | |||||
Net investment income (loss)(B) | — (C) | — (C) | — (C) | — (C) | — (C) |
Net realized and unrealized gain (loss) | — | — | — | — | — (C) |
Total investment operations | — (C) | — (C) | — (C) | — (C) | — (C) |
Net equalization credits and charges | — | — | — | — | — (C) |
Distributions | |||||
Net investment income | — (C) | — (C) | — (C) | — (C) | — (C) |
Net asset value | |||||
End of period/year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total return(D) | 0.01% | 0.04% | 0.02% | 0.01% | 0.01% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $19,325 | $22,305 | $25,460 | $55 | $55 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture(F) | 0.21% | 0.21% | 0.26% | 0.19% | 0.22% (G) |
Before (waiver/reimbursement) recapture | 0.77% | 0.71% | 0.72% | 3.60% | 3.17% (G) |
Net investment income (loss) to average net assets | 0.02% | 0.04% | 0.02% | 0.02% | 0.01% (G) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. Refer to the notes to the financial statements for details. |
(G) | Annualized. |
For a share outstanding during the years indicated: | Transamerica Multi-Manager Alternative Strategies Portfolio | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.01 | $9.92 | $9.68 | $9.82 | $9.35 |
Investment operations | |||||
Net investment income (loss) (A) (B) | 0.05 | 0.14 | 0.21 | 0.15 | 0.14 |
Net realized and unrealized gain (loss) | 0.49 | 0.14 | 0.25 | (0.23) | 0.58 |
Total investment operations | 0.54 | 0.28 | 0.46 | (0.08) | 0.72 |
Distributions | |||||
Net investment income | (0.05) | (0.19) | (0.22) | (0.06) | (0.15) |
Return of capital | — | — | — | — | (0.10) |
Total distributions | (0.05) | (0.19) | (0.22) | (0.06) | (0.25) |
Net asset value | |||||
End of year | $10.50 | $10.01 | $9.92 | $9.68 | $9.82 |
Total return (C) | 5.46% | 2.89% | 4.95% | (0.77)% | 7.83% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $129,568 | $200,903 | $176,808 | $171,567 | $128,041 |
Expenses to average net assets (D) | 0.72% | 0.72% | 0.74% | 0.76% | 0.80% |
Net investment income (loss) to average net assets (B) | 0.46% | 1.42% | 2.19% | 1.53% | 1.51% |
Portfolio turnover rate (E) | 79% | 116% | 62% | 31% | 35% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Multi-Manager Alternative Strategies Portfolio | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $9.91 | $9.82 | $9.59 | $9.73 | $9.27 |
Investment operations | |||||
Net investment income (loss)(A) (B) | (0.03) | 0.08 | 0.14 | 0.09 | 0.08 |
Net realized and unrealized gain (loss) | 0.49 | 0.13 | 0.25 | (0.22) | 0.57 |
Total investment operations | 0.46 | 0.21 | 0.39 | (0.13) | 0.65 |
Distributions | |||||
Net investment income | — | (0.12) | (0.16) | (0.01) | (0.09) |
Return of capital | — | — | — | — | (0.10) |
Total distributions | — | (0.12) | (0.16) | (0.01) | (0.19) |
Net asset value | |||||
End of year | $10.37 | $9.91 | $9.82 | $9.59 | $9.73 |
Total return(C) | 4.64% | 2.18% | 4.21% | (1.35)% | 7.12% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $125,950 | $140,309 | $142,788 | $141,413 | $114,662 |
Expenses to average net assets(D) | 1.45% | 1.44% | 1.41% | 1.42% | 1.44% |
Net investment income (loss) to average net assets(B) | (0.29)% | 0.80% | 1.47% | 0.91% | 0.82% |
Portfolio turnover rate(E) | 79% | 116% | 62% | 31% | 35% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Multi-Manager Alternative Strategies Portfolio | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31,2011 | October 31, 2010 (A) | |
Net asset value | |||||
Beginning of period/year | $10.03 | $9.94 | $9.70 | $9.84 | $9.49 |
Investment operations | |||||
Net investment income (loss)(B) (C) | 0.08 | 0.17 | 0.23 | 0.15 | 0.07 |
Net realized and unrealized gain (loss) | 0.50 | 0.15 | 0.27 | (0.19) | 0.57 |
Total investment operations | 0.58 | 0.32 | 0.50 | (0.04) | 0.64 |
Distributions | |||||
Net investment income | (0.09) | (0.23) | (0.26) | (0.10) | (0.19) |
Return of capital | — | — | — | — | (0.10) |
Total distributions | (0.09) | (0.23) | (0.26) | (0.10) | (0.29) |
Net asset value | |||||
End of period/year | $10.52 | $10.03 | $9.94 | $9.70 | $9.84 |
Total return(D) | 5.81% | 3.25% | 5.34% | (0.47)% | 6.90% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $238,046 | $207,733 | $175,506 | $120,465 | $34,131 |
Expenses to average net assets(F) | 0.41% | 0.39% | 0.37% | 0.40% | 0.50% (G) |
Net investment income (loss) to average net assets(C) | 0.74% | 1.74% | 2.37% | 1.56% | 0.82% (G) |
Portfolio turnover rate(H) | 79% | 116% | 62% | 31% | 35% (E) |
(A) | Commenced operations on November 30, 2009. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Multi-Managed Balanced | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $24.23 | $22.15 | $23.34 | $21.40 | $17.85 |
Investment operations | |||||
Net investment income (loss)(A)(B) | 0.24 | 0.23 | 0.26 | 0.25 | 0.52 |
Net realized and unrealized gain (loss) | 2.57 | 2.88 | 1.94 | 1.94 | 3.55 |
Total investment operations | 2.81 | 3.11 | 2.20 | 2.19 | 4.07 |
Distributions | |||||
Net investment income | (0.31) | (0.25) | (0.31) | (0.25) | (0.52) |
Net realized gains | (1.12) | (0.78) | (3.08) | — | — |
Total distributions | (1.43) | (1.03) | (3.39) | (0.25) | (0.52) |
Net asset value | |||||
End of year | $25.61 | $24.23 | $22.15 | $23.34 | $21.40 |
Total return(C) | 12.11% | 14.61% | 11.27% | 10.26% | 23.08% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $174,817 | $152,382 | $125,266 | $107,146 | $95,258 |
Expenses to average net assets(D) | |||||
After (waiver/reimbursement) recapture | 1.23% | 1.36% | 1.47% | 1.46% | 1.56% (E) |
Before (waiver/reimbursement) recapture | 1.23% | 1.36% | 1.43% | 1.49% | 1.56% (E) |
Net investment income (loss) to average net assets(B) | 1.00% | 0.99% | 1.20% | 1.09% | 2.67% |
Portfolio turnover rate(F) | 102% | 126% | 153% | 263% | 99% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Multi-Managed Balanced | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $24.09 | $22.01 | $23.23 | $21.34 | $17.79 |
Investment operations | |||||
Net investment income (loss)(A)(B) | 0.02 | 0.03 | 0.08 | 0.06 | 0.33 |
Net realized and unrealized gain (loss) | 2.55 | 2.87 | 1.92 | 1.92 | 3.58 |
Total investment operations | 2.57 | 2.90 | 2.00 | 1.98 | 3.91 |
Distributions | |||||
Net investment income | (0.09) | (0.04) | (0.14) | (0.09) | (0.36) |
Net realized gains | (1.12) | (0.78) | (3.08) | — | — |
Total distributions | (1.21) | (0.82) | (3.22) | (0.09) | (0.36) |
Net asset value | |||||
End of year | $25.45 | $24.09 | $22.01 | $23.23 | $21.34 |
Total return(C) | 11.07% | 13.66% | 10.30% | 9.33% | 22.15% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $6,579 | $8,186 | $9,074 | $9,996 | $14,658 |
Expenses to average net assets(D) | |||||
After (waiver/reimbursement) recapture | 2.15% | 2.24% | 2.33% | 2.29% | 2.34% (E) |
Before (waiver/reimbursement) recapture | 2.15% | 2.24% | 2.29% | 2.32% | 2.34% (E) |
Net investment income (loss) to average net assets(B) | 0.10% | 0.13% | 0.36% | 0.25% | 1.73% |
Portfolio turnover rate(F) | 102% | 126% | 153% | 263% | 99% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Multi-Managed Balanced | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $23.88 | $21.85 | $23.09 | $21.20 | $17.69 |
Investment operations | |||||
Net investment income (loss)(A)(B) | 0.08 | 0.08 | 0.13 | 0.13 | 0.40 |
Net realized and unrealized gain (loss) | 2.53 | 2.85 | 1.92 | 1.91 | 3.53 |
Total investment operations | 2.61 | 2.93 | 2.05 | 2.04 | 3.93 |
Distributions | |||||
Net investment income | (0.16) | (0.12) | (0.21) | (0.15) | (0.42) |
Net realized gains | (1.12) | (0.78) | (3.08) | — | — |
Total distributions | (1.28) | (0.90) | (3.29) | (0.15) | (0.42) |
Net asset value | |||||
End of year | $25.21 | $23.88 | $21.85 | $23.09 | $21.20 |
Total return(C) | 11.38% | 13.90% | 10.63% | 9.63% | 22.43% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $132,473 | $95,601 | $62,789 | $38,868 | $24,194 |
Expenses to average net assets(D) | |||||
After (waiver/reimbursement) recapture | 1.90% | 1.98% | 2.04% | 2.03% | 2.11% (E) |
Before (waiver/reimbursement) recapture | 1.90% | 1.98% | 2.01% | 2.05% | 2.11% (E) |
Net investment income (loss) to average net assets(B) | 0.32% | 0.36% | 0.61% | 0.55% | 2.09% |
Portfolio turnover rate(F) | 102% | 126% | 153% | 263% | 99% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Multi-Managed Balanced | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $24.31 | $22.22 | $23.40 | $21.46 | $18.49 |
Investment operations | |||||
Net investment income (loss)(B)(C) | 0.33 | 0.32 | 0.36 | 0.38 | 0.57 |
Net realized and unrealized gain (loss) | 2.57 | 2.89 | 1.94 | 1.91 | 2.98 |
Total investment operations | 2.90 | 3.21 | 2.30 | 2.29 | 3.55 |
Distributions | |||||
Net investment income | (0.39) | (0.34) | (0.40) | (0.35) | (0.58) |
Net realized gains | (1.12) | (0.78) | (3.08) | — | — |
Total distributions | (1.51) | (1.12) | (3.48) | (0.35) | (0.58) |
Net asset value | |||||
End of period/year | $25.70 | $24.31 | $22.22 | $23.40 | $21.46 |
Total return(D) | 12.46% | 15.07% | 11.76% | 10.70% | 19.52% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $176,667 | $174,902 | $176,788 | $12,086 | $265 |
Expenses to average net assets(F) | |||||
After (waiver/reimbursement) recapture | 0.92% | 0.98% | 0.99% | 1.00% | 1.46% (G)(H) |
Before (waiver/reimbursement) recapture | 0.92% | 0.98% | 0.96% | 1.01% | 2.01% (G)(H) |
Net investment income (loss) to average net assets(C) | 1.32% | 1.39% | 1.63% | 1.61% | 3.15% (G) |
Portfolio turnover rate(I) | 102% | 126% | 153% | 263% | 99% (E) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Annualized. |
(H) | Includes extraordinary expenses. The impact of the extraordinary expenses was 0.01%. |
(I) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Opportunistic Allocation | ||
Class A | Class C | Class I | |
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | |
Net asset value | |||
Beginning of year | $10.00 | $10.00 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | 0.66 | 0.58 | 0.69 |
Net realized and unrealized gain (loss) | (0.21) | (0.20) | (0.21) |
Total investment operations | 0.45 | 0.38 | 0.48 |
Distributions | |||
Net investment income | (0.63) | (0.56) | (0.65) |
Net asset value | |||
End of year | $9.82 | $9.82 | $9.83 |
Total return(C) | 4.38% | 3.69% | 4.74% |
Ratio and supplemental data | |||
Net assets end of year (000’s) | $268 | $259 | $531 |
Expenses to average net assets(D) | |||
After (waiver/reimbursement) recapture | 1.22% | 1.95% | 0.95% |
Before (waiver/reimbursement) recapture | 9.64% | 10.37% | 9.47% |
Net investment income (loss) to average net assets | 6.41% | 5.68% | 6.67% |
Portfolio turnover rate(E) | 118% | 118% | 118% |
(A) | Commenced operations on October 31, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Does not include expenses of the investment companies in which the Fund invests. |
(E) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Short-Term Bond | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.45 | $10.51 | $10.33 | $10.53 | $10.26 |
Investment operations | |||||
Net investment income (loss)(A) | 0.21 | 0.25 | 0.33 | 0.37 | 0.43 |
Net realized and unrealized gain (loss) | — (B) | 0.01 | 0.27 | (0.16) | 0.29 |
Total investment operations | 0.21 | 0.26 | 0.60 | 0.21 | 0.72 |
Distributions | |||||
Net investment income | (0.23) | (0.27) | (0.35) | (0.39) | (0.45) |
Net realized gains | (0.06) | (0.05) | (0.07) | (0.02) | — |
Total distributions | (0.29) | (0.32) | (0.42) | (0.41) | (0.45) |
Net asset value | |||||
End of year | $10.37 | $10.45 | $10.51 | $10.33 | $10.53 |
Total return(C) | 1.97% | 2.46% | 5.95% | 2.01% | 7.15% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $1,012,764 | $953,044 | $793,493 | $779,041 | $856,959 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.84% | 0.83% | 0.83% | 0.82% | 0.83% |
Before (waiver/reimbursement) recapture | 0.86% | 0.88% | 0.89% | 0.92% | 0.97% |
Net investment income (loss) to average net assets | 2.05% | 2.38% | 3.22% | 3.58% | 4.16% |
Portfolio turnover rate | 52% | 73% | 61% | 51% | 54% |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Short-Term Bond | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $10.43 | $10.49 | $10.31 | $10.51 | $10.24 |
Investment operations | |||||
Net investment income (loss)(A) | 0.14 | 0.17 | 0.25 | 0.29 | 0.36 |
Net realized and unrealized gain (loss) | (0.01) | 0.01 | 0.27 | (0.17) | 0.28 |
Total investment operations | 0.13 | 0.18 | 0.52 | 0.12 | 0.64 |
Distributions | |||||
Net investment income | (0.15) | (0.19) | (0.27) | (0.30) | (0.37) |
Net realized gains | (0.06) | (0.05) | (0.07) | (0.02) | — |
Total distributions | (0.21) | (0.24) | (0.34) | (0.32) | (0.37) |
Net asset value | |||||
End of year | $10.35 | $10.43 | $10.49 | $10.31 | $10.51 |
Total return(B) | 1.20% | 1.67% | 5.15% | 1.23% | 6.32% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $847,407 | $867,319 | $837,435 | $846,464 | $834,859 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.59% | 1.60% | 1.59% | 1.59% | 1.59% |
Before (waiver/reimbursement) recapture | 1.59% | 1.60% | 1.59% | 1.59% | 1.63% |
Net investment income (loss) to average net assets | 1.30% | 1.63% | 2.46% | 2.81% | 3.40% |
Portfolio turnover rate | 52% | 73% | 61% | 51% | 54% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the period and years indicated: | Transamerica Short-Term Bond | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $10.27 | $10.33 | $10.15 | $10.35 | $10.14 |
Investment operations | |||||
Net investment income (loss)(B) | 0.23 | 0.26 | 0.35 | 0.38 | 0.39 |
Net realized and unrealized gain (loss) | (0.01) | 0.01 | 0.26 | (0.16) | 0.24 |
Total investment operations | 0.22 | 0.27 | 0.61 | 0.22 | 0.63 |
Distributions | |||||
Net investment income | (0.24) | (0.28) | (0.36) | (0.40) | (0.42) |
Net realized gains | (0.06) | (0.05) | (0.07) | (0.02) | — |
Total distributions | (0.30) | (0.33) | (0.43) | (0.42) | (0.42) |
Net asset value | |||||
End of period/year | $10.19 | $10.27 | $10.33 | $10.15 | $10.35 |
Total return(C) | 2.18% | 2.66% | 6.21% | 2.16% | 6.34% (D) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $804,004 | $485,299 | $368,296 | $270,667 | $198,461 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.63% | 0.63% | 0.63% | 0.64% | 0.65% (E) |
Before (waiver/reimbursement) recapture | 0.63% | 0.63% | 0.63% | 0.64% | 0.67% (E) |
Net investment income (loss) to average net assets | 2.25% | 2.58% | 3.40% | 3.75% | 4.17% (E) |
Portfolio turnover rate | 52% | 73% | 61% | 51% | 54% (D) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the year indicated: | Transamerica Small Cap Core | |||
Class A | Class C | Class I | ||
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | ||
Net asset value | ||||
Beginning of year | $10.00 | $10.00 | $10.00 | |
Investment operations | ||||
Net investment income (loss)(B) | 0.06 | (0.02) | 0.08 | |
Net realized and unrealized gain (loss) | 0.76 | 0.76 | 0.76 | |
Total investment operations | 0.82 | 0.74 | 0.84 | |
Distributions | ||||
Net investment income | (0.02) | (0.01) | (0.02) | |
Net asset value | ||||
End of year | $10.80 | $10.73 | $10.82 | |
Total return(C) | 8.18% | 7.36% | 8.44% | |
Ratio and supplemental data | ||||
Net assets end of year (000’s) | $333 | $380 | $685 | |
Expenses to average net assets | ||||
After (waiver/reimbursement) recapture | 1.32% | 2.05% | 1.05% | |
Before (waiver/reimbursement) recapture | 1.32% | 2.06% | 1.08% | |
Net investment income (loss) to average net assets | 0.55% | (0.20)% | 0.79% | |
Portfolio turnover rate | 140% | 140% | 140% |
(A) | Commenced operations on October 31, 2013. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the period and years indicated: | Transamerica Small Cap Growth | ||
Class A | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $12.37 | $9.38 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | (0.11) | (0.08) | (0.02) |
Net realized and unrealized gain (loss) | 0.61 | 3.07 | (0.60) |
Total investment operations | 0.50 | 2.99 | (0.62) |
Distributions | |||
Net investment income | — | — (C) | — |
Net asset value | |||
End of period/year | $12.87 | $12.37 | $9.38 |
Total return(D) | 4.04% | 31.90% | (6.20)% (E) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $862 | $591 | $236 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.35% | 1.29% | 1.45% (F) |
Before (waiver/reimbursement) recapture | 1.35% | 1.29% | 1.52% (F) |
Net investment income (loss) to average net assets | (0.87)% | (0.70)% | (1.17)% (F) |
Portfolio turnover rate | 73% | 74% | 11% (E) |
(A) | Commenced operations on August 31, 2012. |
(C) | Rounds to less than $0.01 or $(0.01). |
(F) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Small Cap Growth | ||
Class C | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $12.28 | $9.37 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | (0.19) | (0.14) | (0.03) |
Net realized and unrealized gain (loss) | 0.61 | 3.05 | (0.60) |
Total investment operations | 0.42 | 2.91 | (0.63) |
Net asset value | |||
End of period/year | $12.70 | $12.28 | $9.37 |
Total return(C) | 3.42% | 31.06% | (6.30)% (D) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $628 | $404 | $234 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.99% | 1.95% | 2.15% (E) |
Before (waiver/reimbursement) recapture | 1.99% | 1.95% | 2.21% (E) |
Net investment income (loss) to average net assets | (1.51)% | (1.32)% | (1.89)% (E) |
Portfolio turnover rate | 73% | 74% | 11% (D) |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica Small Cap Growth | ||
Class I | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $12.39 | $9.39 | $10.00 |
Investment operations | |||
Net investment income (loss)(B) | (0.07) | (0.04) | (0.01) |
Net realized and unrealized gain (loss) | 0.62 | 3.05 | (0.60) |
Total investment operations | 0.55 | 3.01 | (0.61) |
Distributions | |||
Net investment income | — | (0.01) | — |
Net asset value | |||
End of period/year | $12.94 | $12.39 | $9.39 |
Total return(C) | 4.44% | 32.08% | (6.10)% (D) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $510 | $490 | $235 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 1.03% | 1.04% | 1.15% (E) |
Before (waiver/reimbursement) recapture | 1.03% | 1.02% | 1.31% (E) |
Net investment income (loss) to average net assets | (0.54)% | (0.41)% | (0.89)% (E) |
Portfolio turnover rate | 73% | 74% | 11% (D) |
(A) | Commenced operations on August 31, 2012. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Small Cap Value | ||
Class A | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $13.21 | $9.83 | $10.00 |
Investment operations | |||
Net investment income (loss)(B)(C) | 0.08 | 0.06 | 0.04 |
Net realized and unrealized gain (loss) | 0.56 | 3.39 | (0.21) |
Total investment operations | 0.64 | 3.45 | (0.17) |
Distributions | |||
Net investment income | (0.08) | (0.07) | — |
Net realized gains | (0.82) | — (D) | — |
Total distributions | (0.90) | (0.07) | — |
Net asset value | |||
End of period/year | $12.95 | $13.21 | $9.83 |
Total return(E) | 4.99% | 35.30% | (1.70)% (F) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $955 | $996 | $268 |
Expenses to average net assets(G) | |||
After (waiver/reimbursement) recapture | 1.38% | 1.37% | 1.36% (H) |
Before (waiver/reimbursement) recapture | 1.38% | 1.37% | 1.36% (H) |
Net investment income (loss) to average net assets(C) | 0.61% | 0.50% | 0.91% (H) |
Portfolio turnover rate(I) | 37% | 49% | 22% (F) |
(A) | Commenced operations on April 30, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Rounds to less than $0.01 or $(0.01). |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Not annualized. |
(G) | Does not include expenses of the investment companies in which the Fund invests. |
(I) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Small Cap Value | ||
Class C | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $13.15 | $9.79 | $10.00 |
Investment operations | |||
Net investment income (loss)(B)(C) | (0.01) | — (D) | 0.01 |
Net realized and unrealized gain (loss) | 0.58 | 3.38 | (0.22) |
Total investment operations | 0.57 | 3.38 | (0.21) |
Distributions | |||
Net investment income | (0.03) | (0.02) | — |
Net realized gains | (0.82) | — (D) | — |
Total distributions | (0.85) | (0.02) | — |
Net asset value | |||
End of period/year | $12.87 | $13.15 | $9.79 |
Total return(E) | 4.39% | 34.65% | (2.10)% (F) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $921 | $635 | $251 |
Expenses to average net assets(G) | |||
After (waiver/reimbursement) recapture | 1.99% | 1.98% | 2.04% (H) |
Before (waiver/reimbursement) recapture | 1.99% | 1.98% | 2.04% (H) |
Net investment income (loss) to average net assets(C) | (0.05)% | —% (I) | 0.24% (H) |
Portfolio turnover rate(J) | 37% | 49% | 22% (F) |
(A) | Commenced operations on April 30, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Rounds to less than $0.01 or $(0.01). |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Not annualized. |
(G) | Does not include expenses of the investment companies in which the Fund invests. |
(H) | Annualized. |
Table of Contents
(J) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica Small Cap Value | ||
Class I | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $13.26 | $9.84 | $10.00 |
Investment operations | |||
Net investment income (loss)(B)(C) | 0.12 | 0.12 | 0.06 |
Net realized and unrealized gain (loss) | 0.57 | 3.38 | (0.22) |
Total investment operations | 0.69 | 3.50 | (0.16) |
Distributions | |||
Net investment income | (0.11) | (0.08) | — |
Net realized gains | (0.82) | — (D) | — |
Total distributions | (0.93) | (0.08) | — |
Net asset value | |||
End of period/year | $13.02 | $13.26 | $9.84 |
Total return(E) | 5.37% | 35.87% | (1.60)% (F) |
Ratio and supplemental data | |||
Net assets end of period/year (000’s) | $655 | $719 | $371 |
Expenses to average net assets(G) | |||
After (waiver/reimbursement) recapture | 1.04% | 1.03% | 1.12% (H) |
Before (waiver/reimbursement) recapture | 1.04% | 1.03% | 1.12% (H) |
Net investment income (loss) to average net assets(C) | 0.93% | 1.01% | 1.17% (H) |
Portfolio turnover rate(I) | 37% | 49% | 22% (F) |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Not annualized. |
(H) | Annualized. |
(I) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Small/Mid Cap Value | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $29.05 | $21.86 | $20.65 | $18.89 | $14.72 |
Investment operations | |||||
Net investment income (loss)(A) | 0.07 | 0.11 | 0.11 | (0.06) | (0.02) |
Net realized and unrealized gain (loss) | 2.18 | 7.18 | 2.24 | 1.82 | 4.19 |
Total investment operations | 2.25 | 7.29 | 2.35 | 1.76 | 4.17 |
Distributions | |||||
Net investment income | (0.10) | (0.10) | — (B) | — | — |
Net realized gains | (2.32) | — | (1.14) | — | — |
Total distributions | (2.42) | (0.10) | (1.14) | — | — |
Net asset value | |||||
End of year | $28.88 | $29.05 | $21.86 | $20.65 | $18.89 |
Total return(C) | 8.13% | 33.47% | 12.28% | 9.32% | 28.33% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $473,644 | $519,376 | $332,085 | $323,147 | $283,240 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.30% | 1.38% | 1.41% | 1.43% | 1.47% |
Before (waiver/reimbursement) recapture | 1.30% | 1.38% | 1.41% | 1.43% | 1.47% |
Net investment income (loss) to average net assets | 0.24% | 0.44% | 0.50% | (0.27)% | (0.12)% |
Portfolio turnover rate | 96% | 97% | 74% | 174% | 57% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Small/Mid Cap Value | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $27.23 | $20.55 | $19.60 | $18.05 | $14.16 |
Investment operations | |||||
Net investment income (loss)(A) | (0.12) | (0.05) | (0.03) | (0.20) | (0.12) |
Net realized and unrealized gain (loss) | 2.04 | 6.73 | 2.12 | 1.75 | 4.01 |
Total investment operations | 1.92 | 6.68 | 2.09 | 1.55 | 3.89 |
Distributions | |||||
Net investment income | — | — | — (B) | — | — |
Net realized gains | (2.32) | — | (1.14) | — | — |
Total distributions | (2.32) | — | (1.14) | — | — |
Net asset value | |||||
End of year | $26.83 | $27.23 | $20.55 | $19.60 | $18.05 |
Total return(C) | 7.38% | 32.51% | 11.58% | 8.59% | 27.47% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $27,010 | $32,286 | $29,615 | $33,830 | $38,355 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 2.01% | 2.08% | 2.08% | 2.09% | 2.12% |
Before (waiver/reimbursement) recapture | 2.01% | 2.08% | 2.08% | 2.09% | 2.12% |
Net investment income (loss) to average net assets | (0.47)% | (0.22)% | (0.16)% | (0.95)% | (0.74)% |
Portfolio turnover rate | 96% | 97% | 74% | 174% | 57% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
For a share outstanding during the years indicated: | Transamerica Small/Mid Cap Value | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010 | |
Net asset value | |||||
Beginning of year | $26.95 | $20.33 | $19.40 | $17.86 | $14.00 |
Investment operations | |||||
Net investment income (loss)(A) | (0.12) | (0.05) | (0.02) | (0.18) | (0.12) |
Net realized and unrealized gain (loss) | 2.03 | 6.67 | 2.09 | 1.72 | 3.98 |
Total investment operations | 1.91 | 6.62 | 2.07 | 1.54 | 3.86 |
Distributions | |||||
Net investment income | — (B) | — | — (B) | — | — |
Net realized gains | (2.32) | — | (1.14) | — | — |
Total distributions | (2.32) | — | (1.14) | — | — |
Net asset value | |||||
End of year | $26.54 | $26.95 | $20.33 | $19.40 | $17.86 |
Total return(C) | 7.42% | 32.56% | 11.60% | 8.62% | 27.57% |
Ratio and supplemental data | |||||
Net assets end of year (000’s) | $314,999 | $288,038 | $198,356 | $181,765 | $169,903 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.97% | 2.03% | 2.04% | 2.05% | 2.07% |
Before (waiver/reimbursement) recapture | 1.97% | 2.03% | 2.04% | 2.05% | 2.07% |
Net investment income (loss) to average net assets | (0.44)% | (0.20)% | (0.13)% | (0.89)% | (0.73)% |
Portfolio turnover rate | 96% | 97% | 74% | 174% | 57% |
(A) | Calculated based on average number of shares outstanding. |
(B) | Rounds to less than $0.01 or $(0.01). |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica Small/Mid Cap Value | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $29.74 | $22.38 | $21.03 | $19.15 | $15.44 |
Investment operations | |||||
Net investment income (loss)(B) | 0.17 | 0.22 | 0.20 | 0.05 | (0.02) |
Net realized and unrealized gain (loss) | 2.24 | 7.34 | 2.29 | 1.83 | 3.73 |
Total investment operations | 2.41 | 7.56 | 2.49 | 1.88 | 3.71 |
Distributions | |||||
Net investment income | (0.20) | (0.20) | — (C) | — | — |
Net realized gains | (2.32) | — | (1.14) | — | — |
Total distributions | (2.52) | (0.20) | (1.14) | — | — |
Net asset value | |||||
End of period/year | $29.63 | $29.74 | $22.38 | $21.03 | $19.15 |
Total return(D) | 8.51% | 34.02% | 12.75% | 9.82% | 24.03% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $235,418 | $180,096 | $105,664 | $68,499 | $40,346 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.96% | 0.98% | 0.97% | 1.00% | 1.04% (F) |
Before (waiver/reimbursement) recapture | 0.96% | 0.98% | 0.97% | 1.00% | 1.04% (F) |
Net investment income (loss) to average net assets | 0.57% | 0.84% | 0.93% | 0.24% | (0.11)% (F) |
Portfolio turnover rate | 96% | 97% | 74% | 174% | 57% (E) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Annualized. |
For a share outstanding during the period indicated: | Transamerica Strategic High Income | |||
Class A | Class C | Class I | ||
October 31, 2014(A) | October 31, 2014(A) | October 31, 2014(A) | ||
Net asset value | ||||
Beginning of period | $10.00 | $10.00 | $10.00 | |
Investment operations | ||||
Net investment income (loss)(B) | 0.24 | 0.18 | 0.26 | |
Net realized and unrealized gain (loss) | 0.26 | 0.26 | 0.26 | |
Total investment operations | 0.50 | 0.44 | 0.52 | |
Distributions | ||||
Net investment income | (0.20) | (0.15) | (0.21) | |
Net asset value | ||||
End of period | $10.30 | $10.29 | $10.31 | |
Total return(C) | 4.99% (D) | 4.46% (D) | 5.24% (D) | |
Ratio and supplemental data | ||||
Net assets end of period (000’s) | $1,200 | $1,073 | $13,897 | |
Expenses to average net assets(E) | ||||
After (waiver/reimbursement) recapture | 1.20% (F) | 1.95% (F) | 0.95% (F) | |
Before (waiver/reimbursement) recapture | 1.40% (F) | 2.14% (F) | 1.23% (F) | |
Net investment income (loss) to average net assets | 3.43% (F) | 2.66% (F) | 3.80% (F) | |
Portfolio turnover rate(G) | 61% (D) | 61% (D) | 61% (D) |
(A) | Commenced operations on March 1, 2014. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(D) | Not annualized. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Annualized. |
(G) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Tactical Allocation | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $10.28 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.21 | 0.13 |
Net realized and unrealized gain (loss) | 0.10 | 0.54 |
Total investment operations | 0.31 | 0.67 |
Distributions | ||
Net investment income | (0.25) | (0.39) |
Net realized gains | (0.02) | — |
Total distributions | (0.27) | (0.39) |
Net asset value | ||
End of year | $10.32 | $10.28 |
Total return(D) | 3.05% | 6.91% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $5,432 | $4,050 |
Expenses to average net assets(E) | ||
After (waiver/reimbursement) recapture | 1.11% | 1.15% |
Before (waiver/reimbursement) recapture | 1.49% | 3.06% |
Net investment income (loss) to average net assets(C) | 1.99% | 1.33% |
Portfolio turnover rate(F) | 228% | 425% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Tactical Allocation | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $10.20 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.13 | 0.04 |
Net realized and unrealized gain (loss) | 0.10 | 0.56 |
Total investment operations | 0.23 | 0.60 |
Distributions | ||
Net investment income | (0.18) | (0.40) |
Net realized gains | (0.02) | — |
Total distributions | (0.20) | (0.40) |
Net asset value | ||
End of year | $10.23 | $10.20 |
Total return(D) | 2.24% | 6.18% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $6,362 | $5,909 |
Expenses to average net assets(E) | ||
After (waiver/reimbursement) recapture | 1.85% | 1.85% |
Before (waiver/reimbursement) recapture | 2.21% | 3.72% |
Net investment income (loss) to average net assets(C) | 1.30% | 0.43% |
Portfolio turnover rate(F) | 228% | 425% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Tactical Allocation | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $10.22 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.24 | 0.14 |
Net realized and unrealized gain (loss) | 0.09 | 0.56 |
Total investment operations | 0.33 | 0.70 |
Distributions | ||
Net investment income | (0.28) | (0.48) |
Net realized gains | (0.02) | — |
Total distributions | (0.30) | (0.48) |
Net asset value | ||
End of year | $10.25 | $10.22 |
Total return(D) | 3.25% | 7.32% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $874 | $1,533 |
Expenses to average net assets(E) | ||
After (waiver/reimbursement) recapture | 0.85% | 0.85% |
Before (waiver/reimbursement) recapture | 1.21% | 2.73% |
Net investment income (loss) to average net assets(C) | 2.37% | 1.36% |
Portfolio turnover rate(F) | 228% | 425% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Tactical Income | ||
Class A | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of year | $10.16 | $10.25 | $10.00 |
Investment operations | |||
Net investment income (loss)(B)(C) | 0.38 | 0.34 | 0.33 |
Net realized and unrealized gain (loss) | 0.26 | 0.10 | 0.45 |
Total investment operations | 0.64 | 0.44 | 0.78 |
Distributions | |||
Net investment income | (0.32) | (0.47) | (0.53) |
Net realized gains | — | (0.04) | — |
Return of capital | — | (0.02) | — |
Total distributions | (0.32) | (0.53) | (0.53) |
Net asset value | |||
End of year | $10.48 | $10.16 | $10.25 |
Total return(D) | 6.39% | 4.49% | 8.02% |
Ratio and supplemental data | |||
Net assets end of year (000’s) | $259,348 | $342,367 | $254,763 |
Expenses to average net assets(E) | |||
After (waiver/reimbursement) recapture | 0.87% | 0.88% | 0.92% |
Before (waiver/reimbursement) recapture | 0.89% | 0.93% | 0.98% |
Net investment income (loss) to average net assets(C) | 3.63% | 3.32% | 3.27% |
Portfolio turnover rate(F) | 102% | 237% | 142% |
(A) | Commenced operations on October 31, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Tactical Income | ||
Class C | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of year | $10.12 | $10.22 | $10.00 |
Investment operations | |||
Net investment income (loss)(B)(C) | 0.29 | 0.25 | 0.25 |
Net realized and unrealized gain (loss) | 0.27 | 0.11 | 0.46 |
Total investment operations | 0.56 | 0.36 | 0.71 |
Distributions | |||
Net investment income | (0.24) | (0.40) | (0.49) |
Net realized gains | — | (0.04) | — |
Return of capital | — | (0.02) | — |
Total distributions | (0.24) | (0.46) | (0.49) |
Net asset value | |||
End of year | $10.44 | $10.12 | $10.22 |
Total return(D) | 5.61% | 3.63% | 7.26% |
Ratio and supplemental data | |||
Net assets end of year (000’s) | $400,142 | $464,339 | $279,728 |
Expenses to average net assets(E) | |||
After (waiver/reimbursement) recapture | 1.63% | 1.63% | 1.67% |
Before (waiver/reimbursement) recapture | 1.63% | 1.63% | 1.68% |
Net investment income (loss) to average net assets(C) | 2.86% | 2.54% | 2.48% |
Portfolio turnover rate(F) | 102% | 237% | 142% |
(A) | Commenced operations on October 31, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Tactical Income | ||
Class I | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of year | $10.16 | $10.26 | $10.00 |
Investment operations | |||
Net investment income (loss)(B)(C) | 0.40 | 0.36 | 0.37 |
Net realized and unrealized gain (loss) | 0.26 | 0.10 | 0.44 |
Total investment operations | 0.66 | 0.46 | 0.81 |
Distributions | |||
Net investment income | (0.34) | (0.50) | (0.55) |
Net realized gains | — | (0.04) | — |
Return of capital | — | (0.02) | — |
Total distributions | (0.34) | (0.56) | (0.55) |
Net asset value | |||
End of year | $10.48 | $10.16 | $10.26 |
Total return(D) | 6.64% | 4.62% | 8.35% |
Ratio and supplemental data | |||
Net assets end of year (000’s) | $242,703 | $270,502 | $240,339 |
Expenses to average net assets(E) | |||
After (waiver/reimbursement) recapture | 0.64% | 0.67% | 0.67% |
Before (waiver/reimbursement) recapture | 0.64% | 0.65% | 0.72% |
Net investment income (loss) to average net assets(C) | 3.83% | 3.57% | 3.61% |
Portfolio turnover rate(F) | 102% | 237% | 142% |
(A) | Commenced operations on October 31, 2011. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Tactical Rotation | |
Class A | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $11.12 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.08 | 0.05 |
Net realized and unrealized gain (loss) | 0.61 | 1.56 |
Total investment operations | 0.69 | 1.61 |
Distributions | ||
Net investment income | (0.05) | (0.49) |
Net realized gains | (0.03) | — |
Total distributions | (0.08) | (0.49) |
Net asset value | ||
End of year | $11.73 | $11.12 |
Total return(D) | 6.31% | 16.86% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $12,115 | $6,456 |
Expenses to average net assets(E) | ||
After (waiver/reimbursement) recapture | 1.11% | 1.15% |
Before (waiver/reimbursement) recapture | 1.32% | 3.94% |
Net investment income (loss) to average net assets(C) | 0.70% | 0.45% |
Portfolio turnover rate(F) | 194% | 301% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the years indicated: | Transamerica Tactical Rotation | |
Class C | ||
October 31, 2014 | October 31, 2013(A) | |
Net asset value | ||
Beginning of year | $11.05 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | — (D) | (0.03) |
Net realized and unrealized gain (loss) | 0.60 | 1.56 |
Total investment operations | 0.60 | 1.53 |
Distributions | ||
Net investment income | (0.02) | (0.48) |
Net realized gains | (0.03) | — |
Total distributions | (0.05) | (0.48) |
Net asset value | ||
End of year | $11.60 | $11.05 |
Total return(E) | 5.46% | 16.03% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $7,266 | $3,840 |
Expenses to average net assets(F) | ||
After (waiver/reimbursement) recapture | 1.85% | 1.85% |
Before (waiver/reimbursement) recapture | 2.09% | 4.69% |
Net investment income (loss) to average net assets(C) | (0.03)% | (0.28)% |
Portfolio turnover rate(G) | 194% | 301% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Rounds to less than $0.01 or $(0.01). |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Does not include expenses of the investment companies in which the Fund invests. |
(G) | Does not include portfolio activity of the investment companies in which the Fund invests. |
Table of Contents
For a share outstanding during the years indicated: | Transamerica Tactical Rotation | |
Class I | ||
October 31, 2014 | October 31, 2013(A) | |
Netasset value | ||
Beginning of year | $11.09 | $10.00 |
Investment operations | ||
Net investment income (loss)(B)(C) | 0.11 | 0.07 |
Net realized and unrealized gain (loss) | 0.61 | 1.57 |
Total investment operations | 0.72 | 1.64 |
Distributions | ||
Net investment income | (0.07) | (0.55) |
Net realized gains | (0.03) | — |
Total distributions | (0.10) | (0.55) |
Net asset value | ||
End of year | $11.71 | $11.09 |
Total return(D) | 6.57% | 17.26% |
Ratio and supplemental data | ||
Net assets end of year (000’s) | $3,521 | $2,824 |
Expenses to average net assets(E) | ||
After (waiver/reimbursement) recapture | 0.85% | 0.85% |
Before (waiver/reimbursement) recapture | 1.03% | 3.63% |
Net investment income (loss) to average net assets(C) | 0.98% | 0.67% |
Portfolio turnover rate(F) | 194% | 301% |
(A) | Commenced operations on October 31, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Does not include expenses of the investment companies in which the Fund invests. |
(F) | Does not include portfolio activity of the investment companies in which the Fund invests. |
For a share outstanding during the period and years indicated: | Transamerica US Growth (formerly, Transamerica Diversified Equity) | ||||
Class A | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $16.95 | $13.41 | $14.63 | $14.29 | $12.85 |
Investment operations | |||||
Net investment income (loss)(B) | 0.02 | 0.07 | 0.01 | (0.06) | 0.15 |
Net realized and unrealized gain (loss) | 2.38 | 3.50 | 0.76 (C) | 0.56 | 1.31 |
Total investment operations | 2.40 | 3.57 | 0.77 | 0.50 | 1.46 |
Distributions | |||||
Net investment income | (0.13) | (0.03) | — | (0.16) | (0.02) |
Net realized gains | — | — | (1.99) | — | — |
Total distributions | (0.13) | (0.03) | (1.99) | (0.16) | (0.02) |
Net asset value | |||||
End of period/year | $19.22 | $16.95 | $13.41 | $14.63 | $14.29 |
Total return(D) | 14.25% | 26.62% | 7.04% (C) | 3.44% | 11.32% (E) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $459,677 | $447,645 | $420,504 | $77,197 | $83,766 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 1.27% | 1.36% | 1.47% | 1.52% | 1.52% (F) |
Before (waiver/reimbursement) recapture | 1.27% | 1.36% | 1.39% | 1.66% | 1.72% (F) |
Net investment income (loss) to average net assets | 0.13% | 0.49% | 0.08% | (0.42)% | 1.14% (F) |
Portfolio turnover rate | 111% | 55% | 80% | 141% | 79% (E) |
(A) | Commenced operations on November 13, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica US Growth (formerly, Transamerica Diversified Equity) | ||||
Class B | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $16.64 | $13.25 | $14.57 | $14.22 | $12.85 |
Investment operations | |||||
Net investment income (loss)(B) | (0.13) | (0.05) | (0.09) | (0.16) | 0.06 |
Net realized and unrealized gain (loss) | 2.34 | 3.44 | 0.76 (C) | 0.55 | 1.32 |
Total investment operations | 2.21 | 3.39 | 0.67 | 0.39 | 1.38 |
Distributions | |||||
Net investment income | — | — | — (D) | (0.04) | (0.01) |
Net realized gains | — | — | (1.99) | — | — |
Total distributions | — | — | (1.99) | (0.04) | (0.01) |
Net asset value | |||||
End of period/year | $18.85 | $16.64 | $13.25 | $14.57 | $14.22 |
Total return(E) | 13.28% | 25.59% | 6.29% (C) | 2.71% | 10.68% (F) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $16,421 | $19,658 | $20,668 | $5,420 | $7,375 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 2.17% | 2.17% | 2.17% | 2.17% | 2.17% (G) |
Before (waiver/reimbursement) recapture | 2.11% | 2.17% | 2.19% | 2.30% | 2.44% (G) |
Net investment income (loss) to average net assets | (0.76)% | (0.31)% | (0.63)% | (1.07)% | 0.40% (G) |
Portfolio turnover rate | 111% | 55% | 80% | 141% | 79% (F) |
(A) | Commenced operations on November 13, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return. |
(D) | Rounds to less than $0.01 or $(0.01). |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Not annualized. |
(G) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica US Growth (formerly, Transamerica Diversified Equity) | ||||
Class C | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $16.61 | $13.22 | $14.55 | $14.22 | $12.85 |
Investment operations | |||||
Net investment income (loss)(B) | (0.12) | (0.05) | (0.08) | (0.16) | 0.06 |
Net realized and unrealized gain (loss) | 2.34 | 3.44 | 0.74 (C) | 0.55 | 1.32 |
Total investment operations | 2.22 | 3.39 | 0.66 | 0.39 | 1.38 |
Distributions | |||||
Net investment income | (0.01) | — | — (D) | (0.06) | (0.01) |
Net realized gains | — | — | (1.99) | — | — |
Total distributions | (0.01) | — | (1.99) | (0.06) | (0.01) |
Net asset value | |||||
End of period/year | $18.82 | $16.61 | $13.22 | $14.55 | $14.22 |
Total return(E) | 13.37% | 25.64% | 6.22% (C) | 2.72% | 10.68% (F) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $49,041 | $47,397 | $42,637 | $13,393 | $15,013 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 2.05% | 2.16% | 2.17% | 2.17% | 2.17% (G) |
Before (waiver/reimbursement) recapture | 2.05% | 2.14% | 2.16% | 2.25% | 2.31% (G) |
Net investment income (loss) to average net assets | (0.65)% | (0.32)% | (0.63)% | (1.07)% | 0.48% (G) |
Portfolio turnover rate | 111% | 55% | 80% | 141% | 79% (F) |
(A) | Commenced operations on November 13, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return. |
(D) | Rounds to less than $0.01 or $(0.01). |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Not annualized. |
(G) | Annualized. |
Table of Contents
For a share outstanding during the period and years indicated: | Transamerica US Growth (formerly, Transamerica Diversified Equity) | ||||
Class I | |||||
October 31, 2014 | October 31, 2013 | October 31, 2012 | October 31, 2011 | October 31, 2010(A) | |
Net asset value | |||||
Beginning of period/year | $17.19 | $13.60 | $14.74 | $14.41 | $12.65 |
Investment operations | |||||
Net investment income (loss)(B) | 0.09 | 0.15 | 0.09 | — (C) | 0.26 |
Net realized and unrealized gain (loss) | 2.41 | 3.54 | 0.76 (D) | 0.56 | 1.53 |
Total investment operations | 2.50 | 3.69 | 0.85 | 0.56 | 1.79 |
Distributions | |||||
Net investment income | (0.20) | (0.10) | — | (0.23) | (0.03) |
Net realized gains | — | — | (1.99) | — | — |
Total distributions | (0.20) | (0.10) | (1.99) | (0.23) | (0.03) |
Net asset value | |||||
End of period/year | $19.49 | $17.19 | $13.60 | $14.74 | $14.41 |
Total return(E) | 14.67% | 27.16% | 7.62% (D) | 3.82% | 14.16% (F) |
Ratio and supplemental data | |||||
Net assets end of period/year (000’s) | $212,866 | $249,718 | $310,170 | $1,127 | $421 |
Expenses to average net assets | |||||
After (waiver/reimbursement) recapture | 0.90% | 0.91% | 0.90% | 1.17% | 1.17% (G) |
Before (waiver/reimbursement) recapture | 0.90% | 0.91% | 0.90% | 1.15% | 1.81% (G) |
Net investment income (loss) to average net assets | 0.51% | 0.97% | 0.67% | 0.01% | 2.14% (G) |
Portfolio turnover rate | 111% | 55% | 80% | 141% | 79% (F) |
(A) | Commenced operations on November 30, 2009. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Rounds to less than $0.01 or $(0.01). |
(D) | Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return. |
(E) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(F) | Not annualized. |
(G) | Annualized. |
For a share outstanding during the period and years indicated: | Transamerica US Growth (formerly, Transamerica Diversified Equity) | ||
Class T | |||
October 31, 2014 | October 31, 2013 | October 31, 2012(A) | |
Net asset value | |||
Beginning of period/year | $36.39 | $28.69 | $28.70 |
Income (loss) from investment operations: | |||
Net investment income (loss) (B) | 0.21 | 0.30 | 0.14 |
Net realized and unrealized gain (loss) | 5.14 | 7.49 | (0.15) (C) |
Total investment operations | 5.35 | 7.79 | (0.01) |
Distributions | |||
Net investment income | (0.19) | (0.09) | — |
Net asset value | |||
End of period/year | $41.55 | $36.39 | $28.69 |
Total return(D) | 14.74% | 27.16% | (0.04)% (C)(E) |
Ratios and supplemental data | |||
Net assets end of period/year (000’s) | $101,029 | $94,866 | $81,976 |
Expenses to average net assets | |||
After (waiver/reimbursement) recapture | 0.87% | 0.91% | 0.90% (F) |
Before (waiver/reimbursement) recapture | 0.87% | 0.91% | 0.90% (F) |
Net investment income (loss) to average net assets | 0.53% | 0.93% | 0.65% (F) |
Portfolio turnover rate | 111% | 55% | 80% (E) |
(A) | Commenced operations on February 10, 2012. |
(B) | Calculated based on average number of shares outstanding. |
(C) | Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return. |
(D) | Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase. |
(E) | Not annualized. |
(F) | Annualized. |
Table of Contents
Table of Contents
Table of Contents
Denver, CO 80237
Transamerica Fund Services, Inc.
P.O. Box 219945
Sales Support: 1-800-851-7555
Distributor: Transamerica Capital, Inc.
![](https://capedge.com/proxy/N-14/0001193125-15-142173/g910617tf_black.jpg)