Mutual Fund Summary Prospectus (497k)
31 Oktober 2012 - 9:01PM
Edgar (US Regulatory)
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T
RANSAMERICA
E
NHANCED
M
UNI
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Summary Prospectus
October 31, 2012
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Class
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CLASS A
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CLASS C
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CLASS I
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& Ticker
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TAMUX
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TCMUX
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TIMUX
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This summary prospectus is designed to provide shareholders with key fund information in a clear and concise format.
Before you invest, you may want to review the funds prospectus, which contains more information about the fund and its risks. You can find the funds prospectus and other information about the fund, including the funds statement of
additional information and most recent reports to shareholders, online at http://www.transamericafunds.com/prospectus. You can also get this information at no cost by calling
866-414-6349 or by sending an e-mail request to
orders@mysummaryprospectus.com, or from your financial professional. The funds prospectus, dated October 31, 2012, and statement of additional information, dated October 31, 2012, as supplemented from time to time, are incorporated
by reference into this summary prospectus. The fund commenced operations on October 31, 2012. The annual report for the fund for the fiscal year ending October 31, 2012 will be sent to shareholders once it becomes available.
Investment Objective:
Seeks to maximize
total return through a combination of current income that is exempt from federal income tax and capital appreciation.
Fees and Expenses:
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may qualify for sales
charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Transamerica Funds. More information about these and other discounts is available from your financial professional and in the Waivers and/or
Reductions of Charges section on page 28 of the funds prospectus and in the funds statement of additional information (SAI) under the heading Purchase of Shares.
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Shareholder Fees (fees paid directly from your investment)
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Class of Shares
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A
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C
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I
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Maximum sales charge (load) imposed on
purchases
(as a percentage of offering price)
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3.25%
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None
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None
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Maximum deferred sales charge (load) (as a percentage of purchase price or redemption proceeds, whichever is lower)
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None
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1.00%
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None
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
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Class of
Shares
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A
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C
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I
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Management fees
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0.44%
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0.44%
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0.44%
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Distribution and service (12b-1) fees
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0.30%
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1.00%
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None
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Other expenses
a
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0.25%
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0.24%
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0.27%
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Total annual fund operating expenses
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0.99%
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1.68%
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0.71%
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Fee waiver and/or expense reimbursement
b
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0.15%
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0.25%
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0.00%
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Total annual fund
operating expenses after fee waiver and/or expense
reimbursement
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0.84%
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1.43%
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0.71%
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a
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Other expenses are based on estimates for the current fiscal year.
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b
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Contractual arrangements have been made with the funds investment adviser, Transamerica Asset Management, Inc. (TAM), through
October 31, 2013, to waive fees and/or reimburse fund expenses to the extent that the funds 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 funds business. 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, 0.15% of the 0.30% 12b-1 fee for Class A shares and 0.25% of the 1.00% 12b-1 fee for Class
C shares will be contractually waived through October 31, 2013.
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Example:
This Example is intended to
help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods
(unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your
costs would be:
1
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If the shares are redeemed at the end of each period:
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Share Class
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1 year
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3 years
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A
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$408
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$616
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C
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$246
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$505
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I
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$ 73
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$227
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If the
shares are not redeemed:
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Share Class
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1 year
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3 years
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A
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$408
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$616
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C
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$146
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$505
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I
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$ 73
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$227
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Portfolio Turnover:
The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs
and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the funds performance.
Principal Investment Strategies:
Under
normal circumstances, the funds sub-adviser, Belle Haven Investments, L.P. (the sub-adviser), invests at least 80% of the funds net assets (plus the amount of borrowings, if any, for investment purposes) in municipal
fixed-income securities the interest from which is exempt from federal income tax and the federal alternative minimum tax (AMT) applicable to individuals. The fund invests primarily in general obligation and revenue bonds issued by U.S. municipal
issuers, as well as issuers in U.S. territories and possessions.
The fund is an actively managed, total return strategy that seeks to
identify inefficiencies in the municipal bond market. The fund will invest utilizing a process that seeks to maximize total return, while adhering to longer term strategic risk management through a disciplined commitment to the diversification
benefits of investment in a number of security types within the municipal bond market. The fund does this by taking a flexible approach to where it identifies value opportunities regardless of the par value. The sub-adviser also has the flexibility
to invest in a broad array of credit issues, although the fund is expected to have an investment grade bias.
Under normal conditions, the
duration of the fund will generally vary between 3 and 10 years. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security to changes in interest rates. The funds holdings may
range in maturity from overnight to approximately 20 years. A fixed income securitys maturity is the date at which the securitys issuer legally agrees to repay the principal.
The fund may invest no more than 25% of its assets in securities of issuers in the same state, political subdivision or U.S. territory. The fund may invest up to 20% of its net assets in taxable
investments, including U.S. high yield fixed income securities (commonly known as junk bonds) rated B or lower, which are those securities rated below investment grade by at least one nationally recognized statistical rating
organization, or, if unrated, determined by the sub-adviser to be of comparable quality.
The fund may invest in derivative instruments such
as options and futures contracts on U.S. Treasury securities for hedging purposes. The fund may also invest in exchange traded funds (ETFs).
Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive
investing, it will be more difficult for the fund to achieve its objective.
Principal
Risks:
Risk is inherent in all investing. Many factors affect the funds performance. There is no assurance the fund will
meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not
perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund.
You may lose money if you invest in this fund.
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Cash Management and Defensive Investing
Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to
risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the funds yield will
go down. To the extent that the funds assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its objective.
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Credit
If an issuer or
guarantor 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 credit quality or value of any underlying assets declines, the value of
your investment will decline.
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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 funds 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.
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Exchange Traded Funds
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.
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Expenses
Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net
assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.
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Extension
If interest rates
rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding
longer.
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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 markets 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.
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Interest Rate
Interest rates
may go up, causing the value of the funds investments to decline. 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.
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Liquidity
Some securities held
by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the
fund may be forced to sell at a loss.
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Manager
The sub-adviser to the
fund actively manages the funds investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser in this process 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.
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Market
The market prices of the
funds securities may go 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. The financial crisis that began in 2008 has caused a significant
decline in the value and liquidity of many securities. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of
this support could negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the
practical implications for market participants, may not be fully known for some time.
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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. Issuers often depend on revenues from these projects to make principal and interest payments. The value of
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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.
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Portfolio Selection
The value
of your investment may decrease if the sub-advisers 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.
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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 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.
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Taxable Investments.
Although
distributions of interest income from the funds 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 funds 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.
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Valuation
The sales price the
fund could receive for any particular portfolio investment may differ from the funds valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology.
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Performance:
No performance is shown for the fund. Performance information will appear in a future version of this prospectus once the fund has a full calendar year of performance information to
report to investors.
Management:
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Investment Adviser:
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Sub-Adviser:
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Transamerica Asset Management, Inc.
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Belle Haven Investments, L.P.
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Portfolio Managers:
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Mathew Dalton, Portfolio Manager since 2012
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Brian Steeves, Portfolio Manager since 2012
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Purchase and Sale of Fund Shares:
You may purchase, exchange or redeem shares of the fund on any day the New York Stock Exchange is open for business, online or through our website at www.transamericafunds.com, by mail to Transamerica
Fund Services, Inc., P.O. Box 219945, Kansas City, MO 64121-9945, by telephone at 1-888-233-4339, by overnight mail to Transamerica Fund Services, Inc., 330 W. 9th Street, Kansas City, MO 64105 or through a financial intermediary. The minimum
initial purchase for Class A and C shares is $1,000; the minimum subsequent investment is $50. The minimum initial purchase for payroll deduction and automatic investment plan is $500; the minimum subsequent investment is $50 per monthly fund
account investment. The minimum investment for Class I shares is $1,000,000.
Tax
Information:
The fund intends to distribute income that is exempt from regular federal income tax and the federal alternative minimum tax on individuals. A portion of the funds
distributions may be subject to taxes.
Payments to Broker-Dealers and Other Financial
Intermediaries:
If you purchase the fund through a broker-dealer or other financial intermediary, the fund and/or its affiliates may pay the intermediary for the sale of fund shares and
related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial
intermediarys website for more information.
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