Current quarter returns subject to performance examination. Performance represents the dollar weighted results of all accounts with substantially similar investment objectives, policies, strategies and risks present for the entire quarter managed by Transamerica Investment Management, LLC. Non-performance material such as, but not limited to, portfolio level fundamentals are deemed supplemental and complements the performance disclosure below which is an integral part of this presentation. 

DIVERSIFIED EQUITY COMPOSITE contains fully discretionary diversified equity accounts with approximately 40 to 70 issues in growth and core disciplines. For comparison purposes the composite is measured against the S&P 500 Total Return Index. The Russell 1000 Growth Index is reported as a secondary benchmark and is for supplemental information only. From April 1, 2005, through December 2006, the composite was measured against the Russell 1000 Growth index. Prior to April 1, 2005, the composite was measured against the S&P500 index. The benchmark used for comparison purposes has shifted between the Russell 1000 Growth and the S&P500 indices as the strategy has shifted between a focus on growth versus core equities, respectively. This composite was previously known as Diversified Large Growth Composite and Core Equity Composite. Beginning January 1, 2002, the minimum account size for this composite is $10 million. Prior to January 1, 2002, no minimum account size was required.

Transamerica Investment Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Transamerica Investment Management, LLC is an SEC-registered investment adviser, which commenced operations as of January 1, 2000.  Transamerica Investment Management, LLC is controlled by Transamerica Investment Services, Inc., which became part of the AEGON Group of companies in July 1999. 

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest management fee of 0.75% applied monthly. The annual composite dispersion measure presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding policies for calculating and reporting returns is available upon request. Past performance is not indicative of future results and individual account performance may vary.

The Diversified Equity Composite was created July 1, 2001. Performance prior to January 1, 2000, was generated under Transamerica Investment Services, Inc. Transamerica Investment Management, LLC’s compliance with the GIPS standards has been verified for the period January 1, 2000 through December 31, 2007, by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Diversified Equity Composite beginning January 1, 2000. Performance prior to January 1, 2000 was also examined by Ashland Partners & Company LLP. A copy of the verification report is available upon request. The firm maintains a complete list and description of composites, which is available upon request.

The investment management fee schedule for the Diversified Equity Composite is as follows: