As filed with the Securities and Exchange Commission on September 4, 2013.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07717
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
570 Carillon Parkway, St. Petersburg, Florida 33716
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (727) 299-1800
Dennis P. Gallagher, Esq. P.O. Box 9012, Clearwater, Florida 33758-9771
(Name and Address of Agent for Service)
Date of fiscal year end: December 31
Date of reporting period: January 1, 2013 – June 30, 2013
Item 1: Report(s) to Shareholders. The Semi-Annual Report is attached.
TRANSAMERICA PARTNERS VARIABLE FUNDS
TRANSAMERICA ASSET
ALLOCATION VARIABLE FUNDS
Semi-Annual Report
June 30, 2013
This report is not to be construed as an offering for sale of any contracts participating in the Subaccounts (Series) of the Transamerica Partners Variable Funds or the Transamerica Asset Allocation Variable Funds, or as a solicitation of an offer to buy contracts unless preceded by or accompanied by a current prospectus which contains complete information about charges and expenses.
This report consists of the semi-annual report of the Transamerica Asset Allocation Variable Funds and the semi-annual reports of the Transamerica Partners Portfolios and the Calvert VP SRI Balanced Portfolio, the underlying portfolios in which the Transamerica Partners Variable Funds invest.
Proxy Voting Policies and Procedures
A description of the proxy voting policies and procedures of the Transamerica Asset Allocation Variable Funds and Transamerica Partners Portfolios is included in the Statement of Additional Information (“SAI”), which is available without charge, upon request: (i) by calling 1-888-233-4339; (ii) on the Subaccounts’ website at www.transamericapartners.com or (iii) on the SEC’s website at www.sec.gov. In addition, the Transamerica Asset Allocation Variable Funds and the Transamerica Partners Portfolios are required to file Form N-PX, with the complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2013, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.
Quarterly Portfolios
Transamerica Asset Allocation Variable Funds will file their portfolios of investments on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Subaccounts’ Form N-Q is available on the SEC’s website at www.sec.gov. The Subaccounts’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. For information on the operation of the SEC’s Public Reference Room, call 1-800-SEC-0330. You may also obtain a copy of Form N-Q without charge, upon request, by calling 1-888-233-4339. Form N-Q for the corresponding Transamerica Partners Portfolios is also available without charge on the SEC website, at the SEC’s Public Reference Room, or by calling 1-888-233-4339.
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
440 Mamaroneck Avenue
Harrison, New York 10528
June 30, 2013
To Contract Holders with Interests in
the Transamerica Partners Variable Funds:
We are pleased to present the most recent semi-annual reports for the Transamerica Partners Portfolios and for the Calvert VP SRI Balanced Portfolio. As required under applicable law, we are sending these semi-annual reports to contract holders of Group Variable Annuity Contracts issued by Transamerica Financial Life Insurance Company with unit interests in one or more of the subaccounts of Transamerica Partners Variable Funds. Each subaccount available within the Transamerica Partners Variable Funds, other than the Calvert Subaccount, invests its assets in a corresponding mutual fund that is a series of Transamerica Partners Portfolios. The Calvert Subaccount invests in the Calvert VP SRI Balanced Portfolio, a series of Calvert Variable Series, Inc.
Please call your retirement plan administrator, Transamerica Retirement Solutions Corporation (formerly, Diversified Retirement Corporation), at (800) 755-5801 if you have any questions regarding these reports.
Dear Fellow Shareholder,
On behalf of Transamerica Asset Allocation Variable Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial adviser in the future. We value the trust you have placed in us.
This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.
We believe it is important to understand market conditions over the last six months in order to provide a context for reading this report. As 2013 began, investor concern over the fiscal cliff had held the U.S. markets down despite improving economic conditions. However, on January 2, 2013 the U.S. Congress resolved the fiscal cliff and as a result U.S. markets moved up strongly over the first three months of the year. February and March brought slowing growth in China and increasing economic weakness in Europe, which drove international markets down. However, in April, Japan announced a new monetary easing program which helped international markets recover. U.S. economics continued to improve in May, pushing U.S. equity markets to new highs even as bond yields began creeping up. In June, the Federal Reserve announced plans to gradually reduce purchases of bonds if the economy continued to improve. As a result, forward-looking markets sold both bonds and high-yielding securities, pushing prices down and both yields and interest rates even higher.
For the six months ended June 30, 2013, the Dow Jones Industrial Average returned 15.20%, the Standard & Poor‘s 500® Index returned 12.63%, and the Barclays U.S. Aggregate Bond Index returned (2.44)%. It is always important to maintain a diversified portfolio as investment returns have historically been difficult to predict.
In addition to your active involvement in the investment process, we firmly believe that a financial adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.
Please contact your financial adviser if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.
Sincerely,
Thomas A. Swank
President & Chief Executive Officer
Transamerica Asset Allocation Variable Funds
Christopher A. Staples
Vice President & Chief Investment Officer-Advisory Services
Transamerica Asset Allocation Variable Funds
Understanding Your Funds’ Expenses
(unaudited)
UNIT HOLDER EXPENSES
Transamerica Asset Allocation Variable Funds (each individually, a “Subaccount” and collectively, the “Subaccounts”) is a separate investment account established by Transamerica Financial Life Insurance Company, Inc. (“TFLIC”), and is used as an investment vehicle under certain tax-deferred annuity contracts issued by TFLIC. Each Subaccount invests in underlying subaccounts of Transamerica Partners Variable Funds (“TPVF”), a unit investment trust. As a contractholder of a Subaccount, you will bear the ongoing costs of managing the corresponding subaccount in which your Subaccount invests. You will also bear the cost of operating the Subaccount. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.
The examples are based on an investment of $1,000 invested at January 1, 2013 and held for the entire period until June 30, 2013.
ACTUAL EXPENSES
The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number shown under the heading “Expenses paid during Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the Subaccount’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Subaccount’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Actual Expenses | | | Hypothetical Expenses(A) | | | | |
| Fund Name | | Beginning
Account Value | | | Ending Account
Value | | | Expenses Paid
During Period(B) | | | Ending Account
Value | | | Expenses Paid
During Period(B) | | | Annualized
Expense Ratio(C) | |
Transamerica Asset Allocation Variable - Short Horizon Subaccount | | $ | 1,000.00 | | | $ | 984.00 | | | $ | 0.97 | | | $ | 1,023.54 | | | $ | 0.99 | | | | 0.20 | % |
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount | | | 1,000.00 | | | | 1,036.80 | | | | 1.00 | | | | 1,023.54 | | | | 0.99 | | | | 0.20 | |
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount | | | 1,000.00 | | | | 1,060.00 | | | | 1.01 | | | | 1,023.54 | | | | 0.99 | | | | 0.20 | |
| (A) | 5% return per year before expenses. |
| (B) | Expenses are equal to each Subaccount’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (179), and divided by the number of days in the year (365 days). |
| (C) | Expense ratios do not include expenses of the investment companies in which the Subaccounts invest. |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 2
Schedules of Investments Composition
At June 30, 2013
(The following charts summarize the Schedule of Investments of each Subaccount by asset type)
(unaudited)
| | | | |
Transamerica Asset Allocation Variable -
Short Horizon Subaccount | | % of Net
Assets | |
Fixed Income | | | 89.0 | % |
Domestic Equity | | | 8.7 | |
International Equity | | | 2.1 | |
Money Market | | | 0.2 | |
Other Assets and Liabilities - Net | | | (0.0 | )(A) |
Total | | | 100.0 | % |
| | | | |
| |
Transamerica Asset Allocation Variable -
Intermediate Horizon Subaccount | | % of Net
Assets | |
Fixed Income | | | 47.3 | % |
Domestic Equity | | | 41.4 | |
International Equity | | | 11.1 | |
Money Market | | | 0.2 | |
Other Assets and Liabilities - Net | | | (0.0 | )(A) |
Total | | | 100.0 | % |
| | | | |
| |
Transamerica Asset Allocation Variable -
Intermediate/Long Horizon Subaccount | | % of Net
Assets | |
Domestic Equity | | | 56.1 | % |
Fixed Income | | | 27.4 | |
International Equity | | | 16.4 | |
Money Market | | | 0.1 | |
Other Assets and Liabilities - Net | | | (0.0 | )(A) |
Total | | | 100.0 | % |
| | | | |
| (A) | Amount rounds to less than 0.1% |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 3
Transamerica Asset Allocation Variable - Short Horizon Subaccount
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES - 100.0% | | | | | | | | |
Domestic Equity - 8.7% | | | | | | | | |
Transamerica Partners Variable Large Growth (A) (B) | | | 3,718 | | | | $ 236,596 | |
Transamerica Partners Variable Large Value (A) (B) | | | 3,779 | | | | 235,557 | |
Transamerica Partners Variable Small Core (A) (B) | | | 3,462 | | | | 164,163 | |
Fixed Income - 89.0% | | | | | | | | |
Transamerica Partners Variable Core Bond (A) (B) | | | 80,053 | | | | 3,394,572 | |
Transamerica Partners Variable High Quality Bond (A) (B) | | | 65,706 | | | | 1,163,660 | |
Transamerica Partners Variable High Yield Bond (A) (B) | | | 27,865 | | | | 786,217 | |
Transamerica Partners Variable Inflation-Protected Securities (A) (B) | | | 42,078 | | | | 1,135,575 | |
International Equity - 2.1% | | | | | | | | |
Transamerica Partners Variable International Equity (A) (B) | | | 7,520 | | | | 154,772 | |
Money Market - 0.2% | | | | | | | | |
Transamerica Partners Variable Money Market (A) (B) | | | 534 | | | | 11,255 | |
| | | | | | | | |
Total Investment Companies (cost $6,130,907) | | | | 7,282,367 | |
| | | | | | | | |
Total Investment Securities (cost $6,130,907) (C) | | | | 7,282,367 | |
Other Assets and Liabilities - Net | | | | | | | (1,130 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 7,281,237 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds. |
| (C) | Aggregate cost for federal income tax purposes is $6,130,907. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $1,151,460. |
VALUATION SUMMARY: (D)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 7,282,367 | | | $ | — | | | $ | — | | | $ | 7,282,367 | |
Total Investment Securities | | $ | 7,282,367 | | | $ | — | | | $ | — | | | $ | 7,282,367 | |
| (D) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 4
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES - 100.0% | | | | | |
Domestic Equity - 41.4% | | | | | | | | |
Transamerica Partners Variable Large Growth (A) (B) | | | 46,295 | | | | $ 2,945,880 | |
Transamerica Partners Variable Large Value (A) (B) | | | 47,892 | | | | 2,985,484 | |
Transamerica Partners Variable Small Core (A) (B) | | | 41,387 | | | | 1,962,479 | |
Fixed Income - 47.3% | | | | | |
Transamerica Partners Variable Core Bond (A) (B) | | | 100,242 | | | | 4,250,663 | |
Transamerica Partners Variable High Quality Bond (A) (B) | | | 82,833 | | | | 1,466,971 | |
Transamerica Partners Variable High Yield Bond (A) (B) | | | 42,460 | | | | 1,198,007 | |
Transamerica Partners Variable Inflation-Protected Securities (A) (B) | | | 77,591 | | | | 2,093,968 | |
International Equity - 11.1% | | | | | | | | |
Transamerica Partners Variable International Equity (A) (B) | | | 102,691 | | | | 2,113,549 | |
Money Market - 0.2% | | | | | | | | |
Transamerica Partners Variable Money Market (A) (B) | | | 2,212 | | | | 46,662 | |
| | | | | | | | |
Total Investment Companies (cost $15,261,986) | | | | 19,063,663 | |
| | | | | | | | |
Total Investment Securities (cost $15,261,986) (C) | | | | 19,063,663 | |
Other Assets and Liabilities - Net | | | | | | | (2,971 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 19,060,692 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds. |
| (C) | Aggregate cost for federal income tax purposes is $15,261,986. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $3,801,677. |
VALUATION SUMMARY: (D)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 19,063,663 | | | $ | — | | | $ | — | | | $ | 19,063,663 | |
Total Investment Securities | | $ | 19,063,663 | | | $ | — | | | $ | — | | | $ | 19,063,663 | |
| (D) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 5
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES - 100.0% | | | | | |
Domestic Equity - 56.1% | | | | | | | | |
Transamerica Partners Variable Large Growth (A) (B) | | | 93,297 | | | $ | 5,936,776 | |
Transamerica Partners Variable Large Value (A) (B) | | | 93,737 | | | | 5,843,417 | |
Transamerica Partners Variable Small Core (A) (B) | | | 89,196 | | | | 4,229,478 | |
Fixed Income - 27.4% | | | | | |
Transamerica Partners Variable Core Bond (A) (B) | | | 91,905 | | | | 3,897,121 | |
Transamerica Partners Variable High Quality Bond (A) (B) | | | 30,342 | | | | 537,363 | |
Transamerica Partners Variable High Yield Bond (A) (B) | | | 38,120 | | | | 1,075,547 | |
Transamerica Partners Variable Inflation-Protected Securities (A) (B) | | | 84,955 | | | | 2,292,702 | |
International Equity - 16.4% | | | | | | | | |
Transamerica Partners Variable International Equity (A) (B) | | | 227,060 | | | | 4,673,285 | |
Money Market - 0.1% | | | | | | | | |
Transamerica Partners Variable Money Market (A) (B) | | | 2,010 | | | | 42,394 | |
| | | | | | | | |
Total Investment Companies (cost $22,753,261) | | | | 28,528,083 | |
| | | | | | | | |
Total Investment Securities (cost $22,753,261) (C) | | | | 28,528,083 | |
Other Assets and Liabilities - Net | | | | | | | (4,416 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | $ | 28,523,667 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds. |
| (C) | Aggregate cost for federal income tax purposes is $22,753,261. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $5,774,822. |
VALUATION SUMMARY: (D)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 28,528,083 | | | $ | — | | | $ | — | | | $ | 28,528,083 | |
Total Investment Securities | | $ | 28,528,083 | | | $ | — | | | $ | — | | | $ | 28,528,083 | |
| (D) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 6
STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2013
(unaudited)
| | | | | | | | | | | | |
| | | Short
Horizon | | | Intermediate
Horizon | | | Intermediate/
Long Horizon | |
Assets: | | | | | | | | | | | | |
Investments in affiliated investment companies, at value | | $ | 7,282,367 | | | $ | 19,063,663 | | | $ | 28,528,083 | |
Receivables: | | | | | | | | | | | | |
Units sold | | | 884 | | | | 4,599 | | | | 8,544 | |
Total assets | | | 7,283,251 | | | | 19,068,262 | | | | 28,536,627 | |
Liabilities: | | | | | | | | | | | | |
Accounts payable and accrued liabilities: | | | | | | | | | | | | |
Units redeemed | | | 439 | | | | — | | | | — | |
Investments in affiliated investment companies purchased | | | 445 | | | | 4,598 | | | | 8,543 | |
Investment advisory fees | | | 1,130 | | | | 2,972 | | | | 4,417 | |
Total liabilities | | | 2,014 | | | | 7,570 | | | | 12,960 | |
Net assets | | $ | 7,281,237 | | | $ | 19,060,692 | | | $ | 28,523,667 | |
| | | | |
Net assets consist of: | | | | | | | | | | | | |
Costs of accumulation units | | $ | 2,623,509 | | | $ | 7,809,854 | | | $ | 16,478,681 | |
Undistributed (accumulated) net investment income (loss) | | | (247,341 | ) | | | (689,524 | ) | | | (955,573 | ) |
Undistributed (accumulated) net realized gain (loss) from investments in affiliated investment companies | | | 3,753,609 | | | | 8,138,685 | | | | 7,225,737 | |
Net unrealized appreciation (depreciation) on investments in affiliated investment companies | | | 1,151,460 | | | | 3,801,677 | | | | 5,774,822 | |
Net assets | | $ | 7,281,237 | | | $ | 19,060,692 | | | $ | 28,523,667 | |
Accumulation units | | | 363,225 | | | | 914,445 | | | | 1,350,427 | |
Unit value | | $ | 20.05 | | | $ | 20.84 | | | $ | 21.12 | |
| | | | | | | | | | | | | |
Investments in affiliated investment companies, at cost | | $ | 6,130,907 | | | $ | 15,261,986 | | | $ | 22,753,261 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 7
STATEMENTS OF OPERATIONS
For the period ended June 30, 2013
(unaudited)
| | | | | | | | | | | | |
| | | Short
Horizon | | | Intermediate
Horizon | | | Intermediate/
Long Horizon | |
Expenses: | | | | | | | | | | | | |
Investment advisory | | $ | 7,829 | | | $ | 19,606 | | | $ | 28,207 | |
Net investment income (loss) | | | (7,829 | ) | | | (19,606 | ) | | | (28,207 | ) |
| | | | |
Net realized and change in unrealized gain (loss) on investments in affiliated investment companies: | | | | | | | | | | | | |
Net realized gain (loss) from investments in affiliated investment companies | | | 398,148 | | | | 483,072 | | | | 358,922 | |
| | | | 398,148 | | | | 483,072 | | | | 358,922 | |
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies | | | (497,107 | ) | | | 284,300 | | | | 1,338,370 | |
Net realized and change in unrealized gain (loss) on investments in affiliated investment companies | | | (98,959 | ) | | | 767,372 | | | | 1,697,292 | |
Net increase (decrease) in net assets resulting from operations | | $ | (106,788 | ) | | $ | 747,766 | | | $ | 1,669,085 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 8
STATEMENTS OF CHANGES IN NET ASSETS
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Short Horizon | | | Intermediate Horizon | | | Intermediate/Long Horizon | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | June 30, 2013
(unaudited) | | | December 31,
2012 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (7,829 | ) | | $ | (17,693 | ) | | $ | (19,606 | ) | | $ | (43,224 | ) | | $ | (28,207 | ) | | $ | (57,139 | ) |
Net realized gain (loss) on investments in affiliated investment companies | | | 398,148 | | | | 532,247 | | | | 483,072 | | | | 986,992 | | | | 358,922 | | | | 608,260 | |
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies | | | (497,107 | ) | | | 114,594 | | | | 284,300 | | | | 1,306,365 | | | | 1,338,370 | | | | 2,906,322 | |
Net increase (decrease) in net assets resulting from operations | | | (106,788 | ) | | | 629,148 | | | | 747,766 | | | | 2,250,133 | | | | 1,669,085 | | | | 3,457,443 | |
From unit transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Units sold | | | 801,711 | | | | 1,581,801 | | | | 1,311,691 | | | | 2,061,876 | | | | 1,505,382 | | | | 2,412,732 | |
Units redeemed | | | (1,640,235 | ) | | | (2,868,608 | ) | | | (2,716,932 | ) | | | (6,192,904 | ) | | | (2,444,650 | ) | | | (6,079,030 | ) |
Net increase (decrease) in net assets resulting from unit transactions | | | (838,524 | ) | | | (1,286,807 | ) | | | (1,405,241 | ) | | | (4,131,028 | ) | | | (939,268 | ) | | | (3,666,298 | ) |
Net increase (decrease) in net assets | | | (945,312 | ) | | | (657,659 | ) | | | (657,475 | ) | | | (1,880,895 | ) | | | 729,817 | | | | (208,855 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | $ | 8,226,549 | | | $ | 8,884,208 | | | $ | 19,718,167 | | | $ | 21,599,062 | | | $ | 27,793,850 | | | $ | 28,002,705 | |
End of period/year | | $ | 7,281,237 | | | $ | 8,226,549 | | | $ | 19,060,692 | | | $ | 19,718,167 | | | $ | 28,523,667 | | | $ | 27,793,850 | |
Undistributed (accumulated) net investment income (loss) | | $ | (247,341 | ) | | $ | (239,512 | ) | | $ | (689,524 | ) | | $ | (669,918 | ) | | $ | (955,573 | ) | | $ | (927,366 | ) |
Units outstanding beginning of period/year | | | 403,808 | | | | 467,918 | | | | 980,782 | | | | 1,189,012 | | | | 1,394,888 | | | | 1,582,502 | |
Units sold | | | 39,148 | | | | 80,080 | | | | 62,868 | | | | 106,778 | | | | 72,111 | | | | 126,303 | |
Units redeemed | | | (79,731 | ) | | | (144,190 | ) | | | (129,205 | ) | | | (315,008 | ) | | | (116,572 | ) | | | (313,917 | ) |
Units outstanding end of period/year | | | 363,225 | | | | 403,808 | | | | 914,445 | | | | 980,782 | | | | 1,350,427 | | | | 1,394,888 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 9
FINANCIAL HIGHLIGHTS
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| For a unit outstanding throughout each period/year | | Short Horizon | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Unit value | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | $ | 20.37 | | | $ | 18.99 | | | $ | 18.24 | | | $ | 16.95 | | | $ | 14.66 | | | $ | 16.28 | |
Investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(A) | | | (0.02 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) on affiliated investments | | | (0.30 | ) | | | 1.42 | | | | 0.79 | | | | 1.33 | | | | 2.32 | | | | (1.59 | ) |
Total investment operations | | | (0.32 | ) | | | 1.38 | | | | 0.75 | | | | 1.29 | | | | 2.29 | | | | (1.62 | ) |
Unit value | | | | | | | | | | | | | | | | | | | | | | | | |
End of period/year | | $ | 20.05 | | | $ | 20.37 | | | $ | 18.99 | | | $ | 18.24 | | | $ | 16.95 | | | $ | 14.66 | |
Total return | | | (1.60 | )%(B) | | | 7.30 | % | | | 4.07 | % | | | 7.65 | % | | | 15.62 | % | | | (9.95 | )% |
Net assets end of period/year (000’s) | | $ | 7,281 | | | $ | 8,227 | | | $ | 8,884 | | | $ | 9,608 | | | $ | 10,112 | | | $ | 9,450 | |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets(C) | | | 0.20 | %(D) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
Net investment income (loss) to average net assets | | | (0.20 | )%(D) | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% |
Portfolio turnover rate(E) | | | 32 | %(B) | | | 51 | % | | | 46 | % | | | 36 | % | | | 28 | % | | | 125 | % |
| (A) | Calculated based on average number of shares outstanding. |
| (C) | Ratios exclude expenses incurred by the underlying affiliated investment companies in which the Subaccount invests. |
| (E) | Does not include the portfolio activity of the underlying affiliated investment companies. |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| For a unit outstanding throughout each period/year | | Intermediate Horizon | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Unit value | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | $ | 20.10 | | | $ | 18.17 | | | $ | 18.13 | | | $ | 16.22 | | | $ | 13.46 | | | $ | 18.16 | |
Investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(A) | | | (0.02 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) on affiliated investments | | | 0.76 | | | | 1.97 | | | | 0.08 | | | | 1.94 | | | | 2.79 | | | | (4.67 | ) |
Total investment operations | | | 0.74 | | | | 1.93 | | | | 0.04 | | | | 1.91 | | | | 2.76 | | | | (4.70 | ) |
Unit value | | | | | | | | | | | | | | | | | | | | | | | | |
End of period/year | | $ | 20.84 | | | $ | 20.10 | | | $ | 18.17 | | | $ | 18.13 | | | $ | 16.22 | | | $ | 13.46 | |
Total return | | | 3.68 | %(B) | | | 10.67 | % | | | 0.19 | % | | | 11.81 | % | | | 20.51 | % | | | (25.88 | )% |
Net assets end of period/year (000’s) | | $ | 19,061 | | | $ | 19,718 | | | $ | 21,599 | | | $ | 24,180 | | | $ | 24,295 | | | $ | 21,990 | |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets(C) | | | 0.20 | %(D) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
Net investment income (loss) to average net assets | | | (0.20 | )%(D) | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% |
Portfolio turnover rate(E) | | | 24 | %(B) | | | 37 | % | | | 42 | % | | | 25 | % | | | 34 | % | | | 111 | % |
| (A) | Calculated based on average number of shares outstanding. |
| (C) | Ratios exclude expenses incurred by the underlying affiliated investment companies in which the Subaccounts invest. |
| (E) | Does not include the portfolio activity of the underlying affiliated investment companies. |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 10
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| For a unit outstanding throughout each period/year | | Intermediate/Long Horizon | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Unit value | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | $ | 19.93 | | | $ | 17.70 | | | $ | 17.99 | | | $ | 15.78 | | | $ | 12.89 | | | $ | 19.30 | |
Investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(A) | | | (0.02 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) on affiliated investments | | | 1.21 | | | | 2.27 | | | | (0.25 | ) | | | 2.24 | | | | 2.92 | | | | (6.38 | ) |
Total investment operations | | | 1.19 | | | | 2.23 | | | | (0.29 | ) | | | 2.21 | | | | 2.89 | | | | (6.41 | ) |
Unit value | | | | | | | | | | | | | | | | | | | | | | | | |
End of period/year | | $ | 21.12 | | | $ | 19.93 | | | $ | 17.70 | | | $ | 17.99 | | | $ | 15.78 | | | $ | 12.89 | |
Total return | | | 6.00 | %(B) | | | 12.60 | % | | | (1.66 | )% | | | 14.05 | % | | | 22.42 | % | | | (33.21 | )% |
Net assets end of period/year (000’s) | | $ | 28,524 | | | $ | 27,794 | | | $ | 28,003 | | | $ | 30,991 | | | $ | 30,478 | | | $ | 33,453 | |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets(C) | | | 0.20 | %(D) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
Net investment income (loss) to average net assets | | | (0.20 | )%(D) | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% |
Portfolio turnover rate(E) | | | 15 | %(B) | | | 30 | % | | | 34 | % | | | 23 | % | | | 54 | % | | | 105 | % |
| (A) | Calculated based on average number of shares outstanding. |
| (C) | Ratios exclude expenses incurred by the underlying affiliated investment companies in which the Subaccounts invest. |
| (E) | Does not include the portfolio activity of the underlying affiliated investment companies. |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 11
NOTES TO FINANCIAL STATEMENTS
At June 30, 2013
(unaudited)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate account of Transamerica Financial Life Insurance Company (“TFLIC”), and is registered as a management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Separate Account is composed of three different subaccounts that are separate investment funds: Transamerica Asset Allocation Variable—Short Horizon Subaccount (“Short Horizon”), Transamerica Asset Allocation Variable—Intermediate Horizon Subaccount (“Intermediate Horizon”), and Transamerica Asset Allocation Variable—Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”), (each, a “Subaccount” and collectively, the “Subaccounts”). Each Subaccount invests all of its investable assets among certain Transamerica Partners Variable Funds (“TPVF”). Certain TPVF subaccounts invest all of their investable assets in the Transamerica Partners Portfolios.
This report should be read in conjunction with the Subaccounts’ current prospectus, which contains additional information about the Subaccounts, including investment objectives and strategies.
In the normal course of business, the Subaccounts enter into contracts that contain a variety of representations that provide general indemnifications. The Subaccounts’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Subaccounts and/or their affiliates that have not yet occurred. However, based on experience, the Subaccounts expect the risk of loss to be remote.
In preparing the Subaccount’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Subaccounts.
Operating expenses: The Separate Account accounts separately for the assets, liabilities, and operations of each Subaccount. Each Subaccount will indirectly bear its share of fees and expenses incurred by TPVF. These expenses are not reflected in the expenses in the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.
Security transactions: Security transactions are recorded on the trade date. Net realized gain (loss) is from investments in units of affiliated investment companies.
NOTE 2. SECURITY VALUATIONS
All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding subaccount of TPVF is valued at the unit value per share of each Subaccount determined as of the close of business of the New York Stock Exchange (“NYSE”), normally 4:00 P.M. Eastern time, each day the NYSE is open for business. The Subaccounts utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1—Unadjusted quoted prices in active markets for identical securities.
Level 2—Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3—Unobservable inputs, which may include Transamerica Asset Management, Inc.‘s (“TAM”) internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The Subaccounts’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 12
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 2. (continued)
approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Subaccounts use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.
Fair value measurements: Descriptions of the valuation techniques applied to the Subaccounts’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:
Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.
The hierarchy classification of inputs used to value the Subaccount’s investments at June 30, 2013, is disclosed in the Valuation Summary of each of the Subaccounts’ Schedule of Investments.
NOTE 3. RELATED PARTY TRANSACTIONS
TAM, the Subaccounts’ investment adviser, is directly owned by Western Reserve Life Assurance Co. of Ohio and AUSA Holding Company (“AUSA”), both of which are indirect, wholly-owned subsidiaries of Aegon NV. AUSA is wholly-owned by Aegon USA, LLC (“Aegon USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Aegon USA is owned by Aegon US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.
Pursuant to the Investment Advisory Agreement, and subject to further policies as the Board of Trustees may determine, TAM provides general investment advice to each Subaccount. As compensation for providing these services and facilities and for bearing the related expenses, each Subaccount pays TAM a fee, which is accrued daily and payable monthly at an annual rate equal to 0.20% of each Subaccount’s average daily net assets.
TFLIC is the legal holder of the assets in the Subaccounts and will at all times maintain assets in the Subaccounts with a total market value of at least equal to the contract liabilities for the Subaccounts.
Certain Managing Board Members and officers of TFLIC are also trustees, officers, or employees of TAM or its affiliates. No interested Managing Board Member receives compensation from the Separate Account. Similarly, none of the Separate Account’s officers receive compensation from the Subaccounts. The independent board members are also trustees of the Transamerica Partners Portfolios for which they receive fees.
Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 13
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 3. (continued)
Separate Account to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), as elected by the Trustee.
NOTE 4. INVESTMENT TRANSACTIONS
The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the period ended June 30, 2013 were as follows:
| | | | | | | | |
| Fund | | Purchases of
affiliated investments | | | Proceeds from
maturities and
sales of
affiliated investments | |
Short Horizon | | $ | 2,535,803 | | | $ | 3,382,462 | |
Intermediate Horizon | | | 4,817,813 | | | | 6,243,022 | |
Intermediate/Long Horizon | | | 4,315,240 | | | | 5,282,953 | |
There were no transactions of U.S. Government securities during the period ended June 30, 2013.
NOTE 5. FEDERAL INCOME TAX MATTERS
The operations of the Separate Account form a part of, and are taxed with, the operations of TFLIC, a wholly-owned subsidiary of Aegon USA. TFLIC does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains attributable to the Separate Account. Based upon this expectation, no charges are currently being deducted from the Separate Account for federal income tax purposes. Management has evaluated the Separate Account’s tax positions taken or expected to be taken for all open tax years 2009-2012, and has concluded that there are no tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
NOTE 6. SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Subaccounts’ financial statements.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 14
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
INVESTMENT ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Managing Board of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 12-13, 2013, the Board reviewed and considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of Transamerica Asset Allocation — Intermediate Horizon Subaccount, Transamerica Asset Allocation — Intermediate/Long Horizon Subaccount, and Transamerica Asset Allocation — Short Horizon Subaccount (each a “Fund” and collectively the “Funds”) and Transamerica Asset Management, Inc. (“TAM”).
Following their review and consideration, the Board Members determined that the terms of each Investment Advisory Agreement are reasonable and that the renewal of the Investment Advisory Agreements is in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the renewal of each Investment Advisory Agreement through June 30, 2014. In reaching their decision, the Board Members requested and received from TAM such information as they deemed reasonably necessary to evaluate the Investment Advisory Agreements. The Board Members also considered information they had previously received from TAM as part of their regular oversight of each Fund, as well as comparative fee, expense, and performance information prepared by TAM based on information provided by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and other fee, expense and profitability information prepared by TAM.
In their deliberations, the Independent Board Members had the opportunity to meet privately without representatives of TAM present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and/or their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.
Nature, Extent and Quality of the Services Provided
The Board considered the nature, extent and quality of the services provided by TAM to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; and the professional qualifications of TAM’s portfolio management team.
Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s operations, the competitive landscape of the investment company business and investor needs.
Investment Performance
The Board considered the short- and longer-term performance of each Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of mutual funds, based on Lipper information, for various trailing periods ended December 31, 2012. On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the applicable Fund’s investment objectives, policies and strategies and that is competitive with other investment companies.
Management Fees and Total Expense Ratios
The Board considered the management fee and total expense ratio of each Fund, including information comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of peer investment companies, based on Lipper information. On the basis of these considerations, together with the other information it considered, the Board determined that the management fees to be received by TAM under the Investment Advisory Agreements are reasonable in light of the services provided.
Cost of Services Provided and Level of Profitability
The Board reviewed information provided by TAM about the cost of providing fund management, administration and other services to each Fund by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund, as well as the allocation methodology used for calculating profitability.
Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 15
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
INVESTMENT ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
Economies of Scale
The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from these economies of scale. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Funds through investments in maintaining and developing its capabilities and services. The Board Members concluded that each Fund’s fee structure reflected economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and whether each Fund has achieved economies of scale in the future.
Benefits to TAM or its Affiliates from their Relationships with the Funds
The Board considered any other benefits derived by TAM and its affiliates from their relationships with the Funds. The Board noted that TAM does not realize soft dollar benefits from its relationship with the Funds.
Other Considerations
The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of each Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Funds.
Conclusion
After consideration of the factors described above, as well as other factors, the Board Members, including the Independent Board Members, concluded that the renewal of each Investment Advisory Agreement is in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of each Investment Advisory Agreement.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 16
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Subaccounts solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Alan F. Warrick | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Sandra N. Bane | | $ 30,270,903.979 | | $ 87,568.473 | | — | | — |
Leo J. Hill | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
David W. Jennings | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Russell A. Kimball, Jr. | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Eugene M. Mannella | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Norman R. Nielsen | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Joyce G. Norden | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
Patricia L. Sawyer | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
John W. Waechter | | $ 30,271,657.957 | | $ 86,814.495 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 29,807,878.246 | | $ 23,182.561 | | $ 527,411.645 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 27,666,996.297 | | $ 514,021.771 | | $ 2,177,454.384 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 29,795,883.602 | | $ 49,358.033 | | $ 513,230.817 | | — |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 17
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
Transamerica Asset Allocation - Short Horizon Subaccount
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Subaccount solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 4,255,977.309 | | $ 18,006.482 | | $ 45,935.608 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 4,288,282.177 | | $ 19,510.986 | | $ 12,126.236 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 4,266,360.614 | | $ 19,510.986 | | $ 34,047.799 | | — |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 18
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
Transamerica Asset Allocation - Intermediate Horizon Subaccount
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Subaccount solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 10,018,136.325 | | $ 2,498.270 | | $ 129,463.823 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 10,015,270.798 | | $ 5,363.798 | | $ 129,463.823 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 9,995,758.376 | | $ 24,876.220 | | $ 129,463.823 | | — |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 19
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
Transamerica Asset Allocation - Intermediate/Long Horizon Subaccount
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Subaccount solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 15,533,764.612 | | $ 2,677.808 | | $ 352,012.214 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 13,363,443.322 | | $ 489,146.987 | | $ 2,035,864.325 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 15,533,764.612 | | $ 4,970.827 | | $ 349,719.195 | | — |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2013 |
Page 20
| | | | | | |
Transamerica Partners Portfolios | | | | | | |
| | | | I | | |
| | | | | | |
(This page intentionally left blank)
Schedules of Investments Composition
At June 30, 2013
(The following charts summarize the Schedule of Investments of each portfolio by asset type)
(unaudited)
| | | | |
| Transamerica Partners Money Market Portfolio | | % of Net
Assets | |
Commercial Paper | | | 69.1 | % |
Certificates of Deposit | | | 14.7 | |
Repurchase Agreements | | | 10.8 | |
Corporate Debt Securities | | | 2.7 | |
Investment Company | | | 2.2 | |
Asset-Backed Security | | | 0.5 | |
Other Assets and Liabilities - Net | | | (0.0 | )(A) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners High Quality Bond Portfolio | | % of Net
Assets | |
Corporate Debt Securities | | | 28.7 | % |
Asset-Backed Securities | | | 26.4 | |
Mortgage-Backed Securities | | | 16.4 | |
U.S. Government Agency Obligations | | | 12.9 | |
U.S. Government Obligations | | | 11.7 | |
Repurchase Agreement | | | 2.3 | |
Securities Lending Collateral | | | 1.9 | |
Convertible Bond | | | 0.8 | |
Foreign Government Obligations | | | 0.5 | |
Other Assets and Liabilities - Net | | | (1.6 | ) |
Total | | | 100.0 | % |
| | | | |
| |
Transamerica Partners Inflation-Protected Securities
Portfolio | | % of Net
Assets | |
U.S. Government Obligations | | | 95.6 | % |
Foreign Government Obligations | | | 3.6 | |
Securities Lending Collateral | | | 3.0 | |
Purchased Swaptions | | | 0.5 | |
Structured Notes Debt | | | 0.2 | |
Purchased Options | | | 0.2 | |
Mortgage-Backed Security | | | 0.0 | (A) |
Purchased Foreign Exchange Option | | | 0.0 | (A) |
Short-Term Investment Company | | | 0.0 | (A) |
Other Assets and Liabilities - Net(B) | | | (3.1 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Core Bond Portfolio | | % of Net
Assets | |
U.S. Government Agency Obligations | | | 43.7 | % |
Corporate Debt Securities | | | 26.9 | |
Asset-Backed Securities | | | 14.2 | |
Mortgage-Backed Securities | | | 13.1 | |
U.S. Government Obligations | | | 11.9 | |
Securities Lending Collateral | | | 8.0 | |
Foreign Government Obligations | | | 3.4 | |
Short-Term Investment Company | | | 2.4 | |
Preferred Stocks | | | 0.4 | |
Preferred Corporate Debt Securities | | | 0.3 | |
Municipal Government Obligations | | | 0.3 | |
Warrant | | | 0.0 | (A) |
Other Assets and Liabilities - Net(B) | | | (24.6 | ) |
Total | | | 100.0 | % |
| | | | |
| | | | |
| Transamerica Partners High Yield Bond Portfolio | | % of Net
Assets | |
Corporate Debt Securities | | | 85.4 | % |
Loan Assignments | | | 5.6 | |
Repurchase Agreement | | | 4.8 | |
Convertible Preferred Stocks | | | 1.2 | |
Structured Notes Debt | | | 0.5 | |
Common Stocks | | | 0.3 | |
Preferred Stock | | | 0.3 | |
Convertible Bonds | | | 0.3 | |
Right | | | 0.1 | |
Warrants | | | 0.0 | (A) |
Investment Company | | | 0.0 | (A) |
Other Assets and Liabilities - Net | | | 1.5 | |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Balanced Portfolio | | % of Net
Assets | |
Common Stocks | | | 59.7 | % |
U.S. Government Agency Obligations | | | 16.8 | |
Corporate Debt Securities | | | 9.5 | |
Asset-Backed Securities | | | 5.4 | |
Mortgage-Backed Securities | | | 5.3 | |
Securities Lending Collateral | | | 4.4 | |
U.S. Government Obligations | | | 3.7 | |
Short-Term Investment Company | | | 3.5 | |
Foreign Government Obligations | | | 1.3 | |
Repurchase Agreement | | | 0.5 | |
Preferred Stocks | | | 0.2 | |
Short-Term U.S. Government Obligation | | | 0.1 | |
Municipal Government Obligations | | | 0.1 | |
Preferred Corporate Debt Securities | | | 0.1 | |
Warrant | | | 0.0 | (A) |
Other Assets and Liabilities - Net(B) | | | (10.6 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Large Value Portfolio | | % of Net
Assets | |
Common Stocks | | | 99.0 | % |
Securities Lending Collateral | | | 3.1 | |
Repurchase Agreement | | | 1.0 | |
Other Assets and Liabilities - Net | | | (3.1 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Large Core Portfolio | | % of Net
Assets | |
Common Stocks | | | 97.4 | % |
Securities Lending Collateral | | | 3.1 | |
Repurchase Agreement | | | 2.1 | |
Other Assets and Liabilities - Net | | | (2.6 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Large Growth Portfolio | | % of Net
Assets | |
Common Stocks | | | 99.8 | % |
Securities Lending Collateral | | | 3.4 | |
Repurchase Agreement | | | 0.2 | |
Other Assets and Liabilities - Net | | | (3.4 | ) |
Total | | | 100.0 | % |
| | | | |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 1
Schedules of Investments Composition (continued)
At June 30, 2013
(The following charts summarize the Schedule of Investments of each portfolio by asset type)
(unaudited)
| | | | |
| Transamerica Partners Mid Value Portfolio | | % of Net
Assets | |
Common Stocks | | | 97.8 | % |
Securities Lending Collateral | | | 7.0 | |
Repurchase Agreement | | | 2.2 | |
Other Assets and Liabilities - Net | | | (7.0 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Mid Growth Portfolio | | % of Net
Assets | |
Common Stocks | | | 99.4 | % |
Repurchase Agreement | | | 1.0 | |
Other Assets and Liabilities - Net | | | (0.4 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Small Value Portfolio | | % of Net
Assets | |
Common Stocks | | | 96.6 | % |
Securities Lending Collateral | | | 25.7 | |
Repurchase Agreement | | | 2.4 | |
Other Assets and Liabilities - Net | | | (24.7 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Small Core Portfolio | | % of Net
Assets | |
Common Stocks | | | 97.5 | % |
Repurchase Agreement | | | 2.7 | |
Other Assets and Liabilities - Net | | | (0.2 | ) |
Total | | | 100.0 | % |
| | | | |
| | | | |
| Transamerica Partners Small Growth Portfolio | | % of Net
Assets | |
Common Stocks | | | 97.9 | % |
Securities Lending Collateral | | | 25.6 | |
Repurchase Agreement | | | 2.2 | |
Other Assets and Liabilities - Net | | | (25.7 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners International Equity Portfolio | | % of Net
Assets | |
Common Stocks | | | 96.2 | % |
Securities Lending Collateral | | | 6.1 | |
Repurchase Agreement | | | 2.5 | |
Other Assets and Liabilities - Net(B) | | | (4.8 | ) |
Total | | | 100.0 | % |
| | | | |
| (A) | Amount rounds to less than 0.1% |
| (B) | The Other Assets and Liabilities - Net category may include, but is not limited to, Reverse Repurchase Agreements, Forward Foreign Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, TBA Short Commitments, and Cash Collateral. |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 2
Transamerica Partners Money Market Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITY - 0.5% | | | | | |
CCG Receivables Trust | | | | | | | | |
Series 2013-1, Class A1 0.37%, 04/14/2014 - 144A | | | $ 5,205,397 | | | | $ 5,205,397 | |
| | | | | | | | |
Total Asset-Backed Security (cost $5,205,397) | | | | 5,205,397 | |
| | | | | | | | |
| |
CORPORATE DEBT SECURITIES - 2.7% | | | | | |
Commercial Banks - 2.1% | | | | | | | | |
Royal Bank of Canada, | | | | | | | | |
Series GMTN 1.13%, 01/15/2014 | | | 6,100,000 | | | | 6,127,452 | |
Westpac Banking Corp.
0.65%, 09/16/2013 - 144A (A) | | | 13,150,000 | | | | 13,162,020 | |
Diversified Financial Services - 0.6% | | | | | | | | |
JPMorgan Chase & Co., | | | | | | | | |
Series MTN 1.03%, 09/30/2013 (A) | | | 5,300,000 | | | | 5,310,433 | |
| | | | | | | | |
Total Corporate Debt Securities (cost $24,599,905) | | | | 24,599,905 | |
| | | | | | | | |
| | |
CERTIFICATES OF DEPOSIT - 14.7% | | | | | | | | |
Automobiles - 0.2% | | | | | | | | |
Prestige Auto Receivables Trust
0.28%, 04/15/2014 - 144A | | | 2,045,240 | | | | 2,045,240 | |
Commercial Banks - 14.5% | | | | | | | | |
Bank of Montreal
0.06%, 07/05/2013 | | | 30,000,000 | | | | 30,000,000 | |
Bank of Nova Scotia | | | | | | | | |
0.20%, 03/14/2014 | | | 18,000,000 | | | | 18,000,000 | |
0.25%, 04/09/2014 | | | 15,000,000 | | | | 15,000,000 | |
Barclays Bank PLC
0.58%, 10/02/2013 - 144A (B) | | | 21,000,000 | | | | 21,000,000 | |
Mizuho Bank, Ltd. | | | | | | | | |
0.12%, 07/03/2013 | | | 15,000,000 | | | | 15,000,000 | |
0.27%, 11/12/2013 | | | 25,000,000 | | | | 25,000,000 | |
Westpac Banking Corp.
0.29%, 04/25/2014 | | | 10,000,000 | | | | 10,000,000 | |
| | | | | | | | |
Total Certificates of Deposit (cost $136,045,240) | | | | 136,045,240 | |
| | | | | | | | |
| | |
COMMERCIAL PAPER - 69.1% | | | | | | | | |
Automobiles - 0.1% | | | | | | | | |
VW Credit, Inc.
0.26%, 07/01/2013 - 144A | | | 1,000,000 | | | | 999,985 | |
Capital Markets - 2.2% | | | | | | | | |
Goldman Sachs Co.
Promissory Note
0.47%, 09/05/2013 (B) | | | 20,000,000 | | | | 20,000,000 | |
Chemicals - 0.4% | | | | | | | | |
Ecolab, Inc.
0.23%, 07/26/2013 - 144A | | | 4,000,000 | | | | 3,999,310 | |
Commercial Banks - 31.6% | | | | | | | | |
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.37%, 06/20/2014 (A) | | | 20,000,000 | | | | 20,000,000 | |
BNP Paribas Canada
0.13%, 07/02/2013 | | | 30,000,000 | | | | 29,999,675 | |
Deutsche Bank Financial LLC
0.34%, 10/30/2013 | | | 25,000,000 | | | | 24,970,958 | |
DNB Bank ASA | | | | | | | | |
0.25%, 10/01/2013 - 144A | | | 15,000,000 | | | | 14,990,208 | |
0.26%, 09/17/2013 - 144A | | | 11,500,000 | | | | 11,493,356 | |
| | | | | | | | |
| | | Principal | | | Value | |
Commercial Banks (continued) | | | | | | | | |
HSBC USA, Inc.
0.21%, 09/18/2013 | | | $ 5,000,000 | | | | $ 4,997,638 | |
Kells Funding LLC
0.24%, 12/13/2013 | | | 30,000,000 | | | | 29,966,600 | |
Skandinaviska Enskilda Banken AB | | | | | | | | |
0.27%, 09/19/2013 - 144A | | | 15,000,000 | | | | 14,990,775 | |
0.29%, 08/26/2013 - 144A | | | 20,000,000 | | | | 19,990,736 | |
Standard Chartered Bank
0.25%, 07/11/2013 - 12/23/2013 - 144A | | | 22,200,000 | | | | 22,185,546 | |
Straight-A Funding LLC
0.08%, 07/03/2013 | | | 23,160,000 | | | | 23,159,794 | |
Sumitomo Mitsui Banking Corp. | | | | | | | | |
0.22%, 09/09/2013 - 144A | | | 5,000,000 | | | | 4,997,800 | |
0.23%, 07/03/2013 - 144A | | | 20,000,000 | | | | 19,999,489 | |
0.24%, 11/18/2013 - 144A | | | 10,000,000 | | | | 9,990,533 | |
Swedbank AB | | | | | | | | |
0.28%, 12/02/2013 | | | 15,000,000 | | | | 14,981,800 | |
0.30%, 11/18/2013 | | | 15,000,000 | | | | 14,982,546 | |
Westpac Securities NZ, Ltd.
0.24%, 08/19/2013 - 144A | | | 10,000,000 | | | | 9,996,600 | |
Diversified Financial Services - 32.4% | | | | | |
BNP Paribas Finance, Inc.
0.08%, 07/03/2013 | | | 11,400,000 | | | | 11,399,899 | |
CAFCO LLC | | | | | | | | |
0.28%, 09/19/2013 - 144A | | | 20,000,000 | | | | 19,987,244 | |
0.29%, 09/26/2013 - 144A | | | 10,000,000 | | | | 9,992,831 | |
Cancara Asset Securitisation LLC
0.19%, 08/05/2013 - 08/19/2013 - 144A | | | 25,000,000 | | | | 24,994,379 | |
CIESCO LLC | | | | | | | | |
0.25%, 09/04/2013 - 144A | | | 10,000,000 | | | | 9,995,347 | |
0.27%, 08/16/2013 - 144A | | | 15,000,000 | | | | 14,994,600 | |
ING US Funding LLC | | | | | | | | |
0.24%, 09/19/2013 | | | 13,800,000 | | | | 13,792,613 | |
0.26%, 08/27/2013 | | | 20,000,000 | | | | 19,991,478 | |
0.33%, 09/20/2013 | | | 5,000,000 | | | | 4,996,196 | |
Kells Funding LLC
0.24%, 10/23/2013 | | | 10,000,000 | | | | 9,992,267 | |
Mont Blanc Capital Corp. | | | | | | | | |
0.22%, 08/07/2013 - 144A | | | 12,026,000 | | | | 12,023,134 | |
0.24%, 10/09/2013 - 144A | | | 15,000,000 | | | | 14,989,800 | |
Natixis US Finance Co. LLC
0.11%, 07/01/2013 | | | 42,500,000 | | | | 42,499,740 | |
Nieuw Amsterdam Receivables Corp.
0.12%, 07/02/2013 - 144A | | | 15,000,000 | | | | 14,999,850 | |
Rabobank USA Financial Corp.
0.19%, 07/03/2013 | | | 5,000,000 | | | | 4,999,894 | |
Regency Markets No. 1 LLC
0.17%, 07/22/2013 - 144A | | | 35,000,000 | | | | 34,996,199 | |
Salisbury Receivables Co. LLC
0.29%, 10/18/2013 - 144A | | | 10,000,000 | | | | 9,991,058 | |
Sheffield Receivables Corp.
0.24%, 07/25/2013 - 144A | | | 25,000,000 | | | | 24,995,667 | |
Electric Utilities - 0.9% | | | | | | | | |
American Electric Power Co., Inc.
0.29%, 07/24/2013 - 144A | | | 4,300,000 | | | | 4,299,134 | |
Duke Energy Corp.
0.25%, 08/01/2013 - 144A | | | 4,300,000 | | | | 4,299,015 | |
Independent Power Producers & Energy Traders - 0.5% | |
Southern Power Co.
0.27%, 07/30/2013 - 144A | | | 4,300,000 | | | | 4,299,000 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 3
Transamerica Partners Money Market Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Multi-Utilities - 0.5% | | | | | | | | |
Dominion Resources, Inc.
0.25%, 07/12/2013 - 144A | | | $ 4,300,000 | | | | $ 4,299,612 | |
Oil, Gas & Consumable Fuels - 0.5% | | | | | |
Kinder Morgan Energy Partners, LP 0.28%, 07/24/2013 - 144A | | | 4,300,000 | | | | 4,299,164 | |
| | | | | | | | |
Total Commercial Paper (cost $637,821,470) | | | | 637,821,470 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
INVESTMENT COMPANY - 2.2% | | | | | |
Commercial Banks - 2.2% | | | | | | | | |
Bank of Tokyo-Mitsubishi UFJ, Ltd. | | | 20,000,000 | | | | 19,999,783 | |
| | | | | | | | |
Total Investment Company (cost $19,999,783) | | | | 19,999,783 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENTS - 10.8% | | | | | |
Barclays Capital PLC
0.12% (C), dated 06/28/2013, to be repurchased at $99,500,000 on 07/01/2013. Collateralized by U.S. Government Obligations,
0.54% - 11.37%, due
11/15/2025 - 05/25/2043, and with a total value of $101,490,000. | | | $ 99,500,000 | | | | $ 99,500,000 | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to be repurchased at $192,403 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $198,205. | | | 192,403 | | | | 192,403 | |
| | | | | | | | |
Total Repurchase Agreements (cost $99,692,403) | | | | 99,692,403 | |
| | | | | | | | |
| | | | | |
Total Investment Securities (cost $923,364,198) (D) | | | | 923,364,198 | |
Other Assets and Liabilities - Net | | | | (143,448 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 923,220,750 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Floating or variable rate note. Rate is listed as of June 30, 2013. |
| (B) | Illiquid. Total aggregate market value of illiquid securities is $41,000,000, or 4.44% of the portfolio’s net assets. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $923,364,198. |
DEFINITIONS:
| | |
| 144A | | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities aggregated $388,503,029, or 42.08% of the portfolio’s net assets. |
| GMTN | | Global Medium Term Note |
| MTN | | Medium Term Note |
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Asset-Backed Security | | $ | — | | | $ | 5,205,397 | | | $ | — | | | $ | 5,205,397 | |
Corporate Debt Securities | | | — | | | | 24,599,905 | | | | — | | | | 24,599,905 | |
Certificates of Deposit | | | — | | | | 136,045,240 | | | | — | | | | 136,045,240 | |
Commercial Paper | | | — | | | | 637,821,470 | | | | — | | | | 637,821,470 | |
Investment Company | | | — | | | | 19,999,783 | | | | — | | | | 19,999,783 | |
Repurchase Agreements | | | — | | | | 99,692,403 | | | | — | | | | 99,692,403 | |
Total Investment Securities | | $ | — | | | $ | 923,364,198 | | | $ | — | | | $ | 923,364,198 | |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 4
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT OBLIGATIONS - 11.7% | | | | | |
U.S. Treasury Note | | | | | | | | |
0.13%, 12/31/2014 | | | $ 17,000,000 | | | | $ 16,969,451 | |
0.25%, 02/28/2015 - 08/15/2015 | | | 26,250,000 | | | | 26,225,130 | |
0.25%, 05/15/2016 (A) | | | 2,810,000 | | | | 2,780,144 | |
0.75%, 12/31/2017 | | | 3,460,000 | | | | 3,385,122 | |
| | | | | | | | |
Total U.S. Government Obligations
(cost $49,484,989) | | | | 49,359,847 | |
| | | | | | | | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS - 12.9% | | | | | |
Fannie Mae | | | | | | | | |
2.50%, 05/15/2014 | | | 950,000 | | | | 968,862 | |
4.00%, 07/25/2033 | | | 2,131 | | | | 2,150 | |
5.50%, 12/01/2022 | | | 395,692 | | | | 429,290 | |
6.00%, 07/01/2014 - 09/01/2014 | | | 22,535 | | | | 22,801 | |
Freddie Mac | | | | | | | | |
3.38%, 03/15/2018 | | | 876,375 | | | | 901,377 | |
4.50%, 05/01/2023 - 09/01/2026 | | | 5,994,929 | | | | 6,307,790 | |
5.50%, 04/01/2017 | | | 140,861 | | | | 150,474 | |
FREMF Mortgage Trust | | | | | | | | |
Series 2013-K502, Class B 2.84%, 03/25/2045 - 144A (B) | | | 1,820,000 | | | | 1,778,848 | |
Ginnie Mae | | | | | | | | |
1.49%, 03/16/2043 | | | 3,907,626 | | | | 3,883,961 | |
1.78%, 09/16/2041 | | | 4,000,000 | | | | 4,030,625 | |
4.52%, 12/20/2061 | | | 2,638,516 | | | | 2,903,502 | |
4.80%, 02/20/2063 | | | 3,766,807 | | | | 4,169,572 | |
4.95%, 05/20/2062 | | | 4,532,870 | | | | 4,992,788 | |
5.32%, 04/20/2061 | | | 2,349,266 | | | | 2,612,135 | |
5.47%, 01/20/2060 | | | 7,254,129 | | | | 8,115,651 | |
5.59%, 11/20/2059 | | | 6,829,534 | | | | 7,491,637 | |
5.65%, 06/20/2059 | | | 4,603,321 | | | | 5,059,451 | |
5.75%, 12/15/2022 | | | 569,348 | | | | 630,143 | |
| | | | | | | | |
Total U.S. Government Agency Obligations
(cost $54,961,734) | | | | 54,451,057 | |
| | | | | | | | |
| |
FOREIGN GOVERNMENT OBLIGATIONS - 0.5% | | | | | |
Province of Ontario Canada
2.30%, 05/10/2016 (A) | | | 1,985,000 | | | | 2,058,445 | |
| | | | | | | | |
Total Foreign Government Obligations
(cost $2,023,384) | | | | 2,058,445 | |
| | | | | | | | |
| |
MORTGAGE-BACKED SECURITIES - 16.4% | | | | | |
Bear Stearns Commercial Mortgage Securities | | | | | | | | |
Series 2005-PWR8, Class A4 4.67%, 06/11/2041 | | | 2,600,000 | | | | 2,735,795 | |
CFCRE Commercial Mortgage Trust | | | | | | | | |
Series 2011-C1, Class A2 3.76%, 04/15/2044 - 144A | | | 3,000,000 | | | | 3,158,475 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2006-C8, Class A3 | | | | | | | | |
5.31%, 12/10/2046 | | | 5,690,000 | | | | 5,773,142 | |
Series 2012-9W57, Class A | | | | | | | | |
2.37%, 02/10/2029 - 144A | | | 4,050,000 | | | | 4,134,576 | |
Commercial Mortgage Trust | | | | | | | | |
Series 2004-GG1, Class A7 5.32%, 06/10/2036 (B) | | | 3,815,151 | | | | 3,885,567 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Credit Suisse Mortgage Capital Certificates | | | | | | | | |
Series 2007-C5, Class A2 5.59%, 09/15/2040 | | | $ 316,382 | | | | $ 315,731 | |
DBUBS Mortgage Trust | | | | | | | | |
Series 2011-LC1A, Class A1 | | | | | | | | |
3.74%, 11/10/2046 - 144A | | | 4,266,375 | | | | 4,508,338 | |
Series 2011-LC3A, Class A2 | | | | | | | | |
3.64%, 08/10/2044 | | | 1,400,000 | | | | 1,478,179 | |
Del Coronado Trust | | | | | | | | |
Series 2013-HDC, Class A 0.99%, 03/15/2026 - 144A (B) | | | 2,050,000 | | | | 2,044,752 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2006-GG6, Class A2 | | | | | | | | |
5.51%, 04/10/2038 (B) | | | 283,652 | | | | 289,259 | |
Series 2006-GG8, Class AAB | | | | | | | | |
5.54%, 11/10/2039 | | | 3,074,509 | | | | 3,124,749 | |
Series 2007-GG10, Class AAB | | | | | | | | |
5.98%, 08/10/2045 (B) | | | 4,089,258 | | | | 4,263,048 | |
JPMBB Commercial Mortgage
Securities Trust | | | | | | | | |
Series 2013-C12, Class A1 1.09%, 07/15/2045 | | | 1,730,000 | | | | 1,716,474 | |
JPMorgan Chase Commercial Mortgage Securities Corp. | | | | | | | | |
Series 2007-C1, Class A3 | | | | | | | | |
5.79%, 02/15/2051 | | | 7,000,000 | | | | 7,191,835 | |
Series 2007-CB18, Class A3 | | | | | | | | |
5.45%, 06/12/2047 | | | 1,575,801 | | | | 1,616,462 | |
JPMorgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2002-C2, Class E | | | | | | | | |
5.56%, 12/12/2034 (B) | | | 1,120,000 | | | | 1,141,194 | |
Series 2006-CB14, Class A4 | | | | | | | | |
5.48%, 12/12/2044 (B) | | | 4,000,000 | | | | 4,330,444 | |
Series 2007-CB20, Class A3 | | | | | | | | |
5.82%, 02/12/2051 | | | 950,000 | | | | 977,149 | |
LB-UBS Commercial Mortgage Trust | | | | | | | | |
Series 2005-C7, Class A2 | | | | | | | | |
5.10%, 11/15/2030 | | | 24,138 | | | | 24,258 | |
Series 2006-C4, Class AAB | | | | | | | | |
6.04%, 06/15/2032 (B) | | | 2,516,913 | | | | 2,600,948 | |
Series 2007-C2, Class A2 | | | | | | | | |
5.30%, 02/15/2040 | | | 374,080 | | | | 374,427 | |
Merrill Lynch / Countrywide Commercial Mortgage Trust | | | | | | | | |
Series 2007-8, Class A2 6.06%, 08/12/2049 (B) | | | 1,628,520 | | | | 1,669,407 | |
Merrill Lynch Mortgage Trust | | | | | | | | |
Series 2005-MKB2, Class A2 | | | | | | | | |
4.81%, 09/12/2042 | | | 15,836 | | | | 15,826 | |
Series 2006-C1, Class A2 | | | | | | | | |
5.83%, 05/12/2039 (B) | | | 187,851 | | | | 188,012 | |
ML-CFC Commercial Mortgage Trust | | | | | | | | |
Series 2007-7, Class ASB 5.75%, 06/12/2050 (B) | | | 1,751,016 | | | | 1,812,249 | |
Sequoia Mortgage Trust | | | | | | | | |
Series 2012-2, Class A2 3.50%, 04/25/2042 (B) | | | 589,599 | | | | 579,045 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 5
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Wachovia Bank Commercial
Mortgage Trust | | | | | | | | |
Series 2007-C30, Class A3 | | | | | | | | |
5.25%, 12/15/2043 | | | $ 1,354,246 | | | | $ 1,388,638 | |
Series 2007-C30, Class APB | | | | | | | | |
5.29%, 12/15/2043 | | | 3,778,338 | | | | 3,836,233 | |
Series 2007-C33, Class A3 | | | | | | | | |
6.12%, 02/15/2051 (B) | | | 3,635,773 | | | | 3,722,024 | |
| | | | | | | | |
Total Mortgage-Backed Securities (cost $69,142,731) | | | | 68,896,236 | |
| | | | | | | | |
| |
ASSET-BACKED SECURITIES - 26.4% | | | | | |
ARI Fleet Lease Trust | | | | | | | | |
Series 2012-B, Class A 0.49%, 01/15/2021 - 144A (B) | | | 598,783 | | | | 597,660 | |
Avis Budget Rental Car Funding
AESOP LLC | | | | | | | | |
Series 2010-5A, Class A 3.15%, 03/20/2017 - 144A | | | 2,000,000 | | | | 2,085,752 | |
BMW Vehicle Owner Trust | | | | | | | | |
Series 2010-A, Class A4 2.10%, 10/25/2016 | | | 2,519,241 | | | | 2,522,231 | |
Capital One Multi-Asset Execution Trust | | | | | | | | |
Series 2006-A3, Class A3 5.05%, 12/17/2018 | | | 4,000,000 | | | | 4,417,976 | |
Series 2007-A7, Class A7 5.75%, 07/15/2020 | | | 1,000,000 | | | | 1,164,028 | |
CarMax Auto Owner Trust | | | | | | | | |
Series 2010-2, Class A3 1.41%, 02/16/2015 | | | 436,473 | | | | 436,990 | |
CenterPoint Energy Restoration
Bond Co. LLC | | | | | | | | |
Series 2009-1, Class A1 1.83%, 02/15/2016 | | | 2,056,569 | | | | 2,079,734 | |
Chase Issuance Trust | | | | | | | | |
Series 2012-A3, Class A3 0.79%, 06/15/2017 | | | 3,000,000 | | | | 2,998,899 | |
Series 2012-A5, Class A5 0.59%, 08/15/2017 | | | 3,875,000 | | | | 3,857,295 | |
Citibank Credit Card Issuance Trust | | | | | | | | |
Series 2009-A4, Class A4 4.90%, 06/23/2016 | | | 2,100,000 | | | | 2,188,555 | |
CLI Funding LLC | | | | | | | | |
Series 2013-1A 2.83%, 03/18/2028 - 144A | | | 1,072,500 | | | | 1,038,270 | |
CNH Equipment Trust | | | | | | | | |
Series 2010-A, Class B 4.04%, 09/15/2016 | | | 2,175,000 | | | | 2,183,013 | |
Series 2010-B, Class A4 1.74%, 01/17/2017 | | | 3,050,889 | | | | 3,069,118 | |
Series 2011-B, Class A 4 1.29%, 09/15/2017 | | | 3,495,000 | | | | 3,512,555 | |
Series 2012-C, Class B 1.30%, 03/16/2020 | | | 640,000 | | | | 633,567 | |
Detroit Edison Securitization Funding LLC
Series 2001-1, Class A6
6.62%, 03/01/2016 | | | 2,750,000 | | | | 2,906,173 | |
Discover Card Master Trust
Series 2007-A1, Class A1
5.65%, 03/16/2020 | | | 4,000,000 | | | | 4,627,472 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | |
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A1
1.00%, 02/01/2016 | | | $ 900,703 | | | | $ 910,985 | |
Ford Credit Auto Owner Trust | | | | | | | | |
Series 2010-B, Class A4
1.58%, 09/15/2015 | | | 2,555,690 | | | | 2,570,041 | |
Series 2010-B, Class B
2.54%, 02/15/2016 | | | 5,500,000 | | | | 5,628,062 | |
Series 2013-A, Class A4
0.78%, 05/15/2018 | | | 2,600,000 | | | | 2,579,140 | |
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class A1
1.50%, 09/15/2015 | | | 2,000,000 | | | | 2,004,418 | |
Series 2012-4, Class B
0.94%, 09/15/2016 | | | 555,000 | | | | 554,919 | |
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A | | | | | | | | |
1.03%, 01/15/2018 | | | 4,400,000 | | | | 4,418,748 | |
Series 2012-5, Class B 1.51%, 06/15/2018 | | | 1,850,000 | | | | 1,845,164 | |
GE Equipment Transportation LLC | | | | | | | | |
Series 2011-1, Class A4 1.33%, 05/20/2019 | | | 1,000,000 | | | | 1,002,653 | |
Series 2013-1, Class B 1.23%, 03/24/2021 | | | 2,150,000 | | | | 2,110,829 | |
Huntington Auto Trust | | | | | | | | |
Series 2011-1A, Class A4 1.31%, 11/15/2016 - 144A | | | 2,000,000 | | | | 2,010,500 | |
Series 2011-1A, Class B 1.84%, 01/17/2017 - 144A | | | 1,500,000 | | | | 1,519,907 | |
Hyundai Auto Receivables Trust | | | | | | | | |
Series 2010-B, Class A4 1.63%, 03/15/2017 | | | 2,000,000 | | | | 2,025,420 | |
Series 2011-A, Class A4 1.78%, 12/15/2015 | | | 3,000,000 | | | | 3,034,323 | |
Series 2012-C, Class C 1.42%, 02/15/2019 | | | 1,010,000 | | | | 1,002,071 | |
John Deere Owner Trust
Series 2012-B, Class A4
0.69%, 01/15/2019 | | | 1,440,000 | | | | 1,428,994 | |
Macquarie Equipment Funding Trust
Series 2011-A, Class A3
1.91%, 04/20/2017 - 144A | | | 1,364,673 | | | | 1,373,909 | |
MBNA Credit Card Master Note Trust
Series 2004-B1, Class B1
4.45%, 08/15/2016 | | | 1,100,000 | | | | 1,128,442 | |
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3
1.42%, 08/15/2014 | | | 56,102 | | | | 56,123 | |
MMAF Equipment Finance LLC | | | | | | | | |
Series 2009-AA, Class A4 3.51%, 01/15/2030 - 144A | | | 4,001,428 | | | | 4,100,428 | |
Series 2011-AA, Class A3 1.27%, 09/15/2015 - 144A | | | 1,145,283 | | | | 1,147,363 | |
North Carolina State Education Assistance Authority
Series 2011-2, Class A1
0.73%, 10/26/2020 (B) | | | 673,526 | | | | 664,622 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 6
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | |
SMART Trust | | | | | | | | |
Series 2012-4US, Class A4A 1.25%, 08/14/2018 | | | $ 1,100,000 | | | | $ 1,106,875 | |
Series 2013-2US, Class A3B 0.62%, 01/14/2017 (B) | | | 2,805,000 | | | | 2,801,914 | |
Volkswagen Auto Loan Enhanced Trust | | | | | | | | |
Series 2010-1, Class A4 2.14%, 08/22/2016 | | | 706,612 | | | | 708,752 | |
Series 2011-1, Class A3 1.22%, 06/22/2015 (A) | | | 1,602,021 | | | | 1,606,013 | |
Series 2013-1, Class A4 0.78%, 07/22/2019 | | | 3,850,000 | | | | 3,790,648 | |
Volvo Financial Equipment LLC
Series 2012-1A, Class C
2.38%, 09/16/2019 - 144A | | | 2,250,000 | | | | 2,279,804 | |
World Financial Network Credit Card Master Trust | | | | | | | | |
Class A 1.61%, 12/15/2021 - 144A | | | 5,000,000 | | | | 4,889,405 | |
Series 2009-D, Class A 4.66%, 05/15/2017 | | | 1,250,000 | | | | 1,252,456 | |
Series 2010-A, Class A 3.96%, 04/15/2019 | | | 4,750,000 | | | | 5,027,400 | |
Series 2013-B, Class A 0.91%, 03/16/2020 | | | 560,000 | | | | 555,757 | |
World Omni Auto Receivables Trust
Series 2010-A, Class A4
2.21%, 09/15/2013 | | | 1,076,670 | | | | 1,081,826 | |
World Omni Automobile Lease Securitization Trust | | | | | | | | |
Series 2011-A, Class A3 1.49%, 10/15/2014 | | | 1,603,199 | | | | 1,605,270 | |
Series 2012-A, Class B 1.49%, 02/15/2018 | | | 865,000 | | | | 863,277 | |
| | | | | | | | |
Total Asset-Backed Securities (cost $111,412,164) | | | | 111,005,746 | |
| | | | | | | | |
| |
CORPORATE DEBT SECURITIES - 28.7% | | | | | |
Aerospace & Defense - 0.3% | | | | | | | | |
Lockheed Martin Corp.
2.13%, 09/15/2016 | | | 1,320,000 | | | | 1,347,572 | |
Beverages - 1.0% | | | | | | | | |
Bottling Group LLC
6.95%, 03/15/2014 | | | 4,210,000 | | | | 4,393,594 | |
Capital Markets - 2.2% | | | | | | | | |
Goldman Sachs Group, Inc.
3.63%, 02/07/2016 (A) | | | 3,005,000 | | | | 3,136,802 | |
Morgan Stanley, Series GMTN
0.58%, 01/09/2014 (B) | | | 6,100,000 | | | | 6,083,689 | |
Chemicals - 0.8% | | | | | | | | |
Airgas, Inc.
4.50%, 09/15/2014 (A) | | | 3,301,000 | | | | 3,442,798 | |
Commercial Banks - 5.1% | | | | | | | | |
Bank of Nova Scotia
1.32%, 01/12/2015 (B) | | | 3,875,000 | | | | 3,919,396 | |
Credit Suisse
5.50%, 05/01/2014 | | | 4,230,000 | | | | 4,402,389 | |
Export-Import Bank of Korea
1.25%, 11/20/2015 | | | 2,220,000 | | | | 2,194,619 | |
| | | | | | | | |
| | | Principal | | | Value | |
Commercial Banks (continued) | | | | | |
KFW
1.00%, 01/12/2015 | | | $ 1,250,000 | | | | $ 1,261,930 | |
PNC Funding Corp.
2.70%, 09/19/2016 | | | 4,175,000 | | | | 4,345,165 | |
Wells Fargo Bank NA
4.75%, 02/09/2015 | | | 5,000,000 | | | | 5,276,950 | |
Consumer Finance - 2.1% | | | | | | | | |
American Express Credit Corp.
1.12%, 06/24/2014 (A) (B) | | | 4,345,000 | | | | 4,370,101 | |
Capital One Financial Corp. | | | | | | | | |
2.13%, 07/15/2014 | | | 2,195,000 | | | | 2,220,723 | |
7.38%, 05/23/2014 | | | 2,200,000 | | | | 2,325,081 | |
Diversified Consumer Services - 0.8% | | | | | | | | |
Yale University, Series MTN
2.90%, 10/15/2014 | | | 3,125,000 | | | | 3,219,091 | |
Diversified Financial Services - 5.8% | | | | | | | | |
Citigroup, Inc., Series GMTN
5.50%, 10/15/2014 | | | 4,625,000 | | | | 4,864,496 | |
CME Group, Inc.
5.40%, 08/01/2013 | | | 2,275,000 | | | | 2,283,707 | |
Ford Motor Credit Co., LLC | | | | | | | | |
3.98%, 06/15/2016 | | | 1,750,000 | | | | 1,833,353 | |
4.21%, 04/15/2016 | | | 2,060,000 | | | | 2,151,975 | |
General Electric Capital Corp.
1.63%, 07/02/2015 | | | 7,700,000 | | | | 7,790,005 | |
JPMorgan Chase & Co.
2.00%, 08/15/2017 | | | 5,610,000 | | | | 5,567,622 | |
Diversified Telecommunication Services - 0.3% | | | | | |
Nippon Telegraph & Telephone Corp. 1.40%, 07/18/2017 | | | 1,300,000 | | | | 1,278,182 | |
Electric Utilities - 0.5% | | | | | | | | |
Hydro-Quebec
1.38%, 06/19/2017 | | | 2,160,000 | | | | 2,152,656 | |
Food & Staples Retailing - 0.3% | | | | | | | | |
CVS Caremark Corp.
3.25%, 05/18/2015 | | | 1,100,000 | | | | 1,144,761 | |
Insurance - 3.2% | | | | | | | | |
Berkshire Hathaway, Inc.
3.20%, 02/11/2015 | | | 2,465,000 | | | | 2,563,925 | |
Metropolitan Life Global Funding I | | | | | | | | |
1.50%, 01/10/2018 - 144A | | | 3,600,000 | | | | 3,490,233 | |
2.50%, 09/29/2015 - 144A | | | 3,685,000 | | | | 3,811,860 | |
New York Life Global Funding
1.30%, 10/30/2017 - 144A | | | 3,745,000 | | | | 3,650,169 | |
Machinery - 0.9% | | | | | | | | |
Caterpillar, Inc.
1.38%, 05/27/2014 | | | 3,775,000 | | | | 3,803,864 | |
Media - 0.6% | | | | | | | | |
Comcast Corp.
5.30%, 01/15/2014 | | | 2,600,000 | | | | 2,663,801 | |
Office Electronics - 0.8% | | | | | | | | |
Xerox Corp.
8.25%, 05/15/2014 | | | 3,005,000 | | | | 3,192,686 | |
Oil, Gas & Consumable Fuels - 1.8% | | | | | | | | |
Shell International Finance BV
4.00%, 03/21/2014 | | | 4,025,000 | | | | 4,125,424 | |
Total Capital Canada, Ltd.
1.63%, 01/28/2014 (A) | | | 1,960,000 | | | | 1,973,114 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 7
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Oil, Gas & Consumable Fuels (continued) | | | | | |
Total Capital SA
3.00%, 06/24/2015 | | | $ 1,500,000 | | | | $ 1,567,485 | |
Pharmaceuticals - 0.5% | | | | | | | | |
Novartis Capital Corp.
4.13%, 02/10/2014 | | | 2,015,000 | | | | 2,059,098 | |
Real Estate Investment Trusts - 0.8% | | | | | | | | |
Simon Property Group, LP
5.10%, 06/15/2015 | | | 2,975,000 | | | | 3,216,448 | |
Wireless Telecommunication Services - 0.9% | | | | | |
America Movil SAB de CV
2.38%, 09/08/2016 | | | 3,618,000 | | | | 3,665,790 | |
| | | | | | | | |
Total Corporate Debt Securities (cost $119,434,203) | | | | 120,790,554 | |
| | | | | | | | |
| | |
CONVERTIBLE BOND - 0.8% | | | | | | | | |
Consumer Finance - 0.8% | | | | | | | | |
American Express Credit Corp.,
Series MTN
2.38%, 03/24/2017 | | | 3,305,000 | | | | 3,374,012 | |
| | | | | | | | |
Total Convertible Bond (cost $3,298,200) | | | | | | | 3,374,012 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
SECURITIES LENDING COLLATERAL - 1.9% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 8,035,805 | | | | 8,035,805 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $8,035,805) | | | | 8,035,805 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.3% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to
be repurchased at $9,470,477 on 07/01/2013.
Collateralized by a U.S. Government
Agency Obligation, 3.25%, due
05/01/2041, and with a value of $9,661,003. | | | $ 9,470,453 | | | | $ 9,470,453 | |
| | | | | | | | |
Total Repurchase Agreement (cost $9,470,453) | | | | 9,470,453 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $427,263,663) (D) | | | | 427,442,155 | |
Other Assets and Liabilities - Net | | | | | | | (6,547,988 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 420,894,167 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $7,872,611. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | Floating or variable rate note. Rate is listed as of June 30, 2013. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $427,263,663. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $3,365,890 and $3,187,398, respectively. Net unrealized appreciation for tax purposes is $178,492. |
DEFINITIONS:
| | |
| 144A | | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities aggregated $47,620,249, or 11.31% of the portfolio’s net assets. |
| GMTN | | Global Medium Term Note |
| MTN | | Medium Term Note |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 8
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
U.S. Government Obligations | | $ | — | | | $ | 49,359,847 | | | $ | — | | | $ | 49,359,847 | |
U.S. Government Agency Obligations | | | — | | | | 54,451,057 | | | | — | | | | 54,451,057 | |
Foreign Government Obligations | | | — | | | | 2,058,445 | | | | — | | | | 2,058,445 | |
Mortgage-Backed Securities | | | — | | | | 68,896,236 | | | | — | | | | 68,896,236 | |
Asset-Backed Securities | | | — | | | | 111,005,746 | | | | — | | | | 111,005,746 | |
Corporate Debt Securities | | | — | | | | 120,790,554 | | | | — | | | | 120,790,554 | |
Convertible Bond | | | — | | | | 3,374,012 | | | | — | | | | 3,374,012 | |
Securities Lending Collateral | | | 8,035,805 | | | | — | | | | — | | | | 8,035,805 | |
Repurchase Agreement | | | — | | | | 9,470,453 | | | | — | | | | 9,470,453 | |
Total Investment Securities | | $ | 8,035,805 | | | $ | 419,406,350 | | | $ | — | | | $ | 427,442,155 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (8,035,805 | ) | | $ | — | | | $ | (8,035,805 | ) |
Total Other Liabilities | | $ | — | | | $ | (8,035,805 | ) | | $ | — | | | $ | (8,035,805 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 9
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT OBLIGATIONS - 95.6% | |
U.S. Treasury Inflation Indexed Bond | | | | | | | | |
0.63%, 02/15/2043 (A) | | | $ 6,463,499 | | | | $ 5,435,906 | |
0.75%, 02/15/2042 | | | 10,436,914 | | | | 9,187,741 | |
1.75%, 01/15/2028 | | | 8,986,017 | | | | 10,067,852 | |
2.00%, 01/15/2026 | | | 3,743,582 | | | | 4,322,961 | |
2.13%, 02/15/2040 - 02/15/2041 | | | 11,298,282 | | | | 13,745,879 | |
2.38%, 01/15/2025 - 01/15/2027 | | | 22,747,357 | | | | 27,178,113 | |
2.50%, 01/15/2029 (A) | | | 7,500,883 | | | | 9,251,874 | |
3.38%, 04/15/2032 (A) | | | 932,055 | | | | 1,309,173 | |
3.63%, 04/15/2028 | | | 7,613,310 | | | | 10,566,444 | |
3.88%, 04/15/2029 | | | 9,859,971 | | | | 14,210,683 | |
U.S. Treasury Inflation Indexed Note | | | | | | | | |
0.13%, 04/15/2016 - 01/15/2023 | | | 117,545,261 | | | | 118,035,086 | |
0.50%, 04/15/2015 | | | 18,730,599 | | | | 19,197,403 | |
0.63%, 07/15/2021 | | | 192,228 | | | | 198,385 | |
1.13%, 01/15/2021 | | | 10,832,989 | | | | 11,585,373 | |
1.25%, 07/15/2020 | | | 5,694,309 | | | | 6,185,443 | |
1.38%, 07/15/2018 - 01/15/2020 | | | 7,063,786 | | | | 7,702,231 | |
1.63%, 01/15/2015 | | | 2,667,245 | | | | 2,773,311 | |
1.88%, 07/15/2015 | | | 6,731,228 | | | | 7,155,612 | |
1.88%, 07/15/2019 (B) | | | 4,438,327 | | | | 5,003,868 | |
2.00%, 07/15/2014 - 01/15/2016 | | | 2,637,682 | | | | 2,832,772 | |
2.13%, 01/15/2019 | | | 1,484,254 | | | | 1,678,482 | |
2.50%, 07/15/2016 | | | 8,560,088 | | | | 9,462,244 | |
U.S. Treasury Note
1.75%, 05/15/2023 (A) | | | 175,000 | | | | 163,898 | |
| | | | | | | | |
Total U.S. Government Obligations (cost $302,973,999) | | | | 297,250,734 | |
| | | | | | | | |
| |
FOREIGN GOVERNMENT OBLIGATIONS - 3.6% | | | | | |
Hellenic Republic Government Bond
4.40%, 10/15/2042 (C) | | | EUR 366,000 | | | | 5,002 | |
International Bank for Reconstruction & Development Series CPI
2.09%, 12/10/2013 (C) | | | $ 315,000 | | | | 311,220 | |
Italy Buoni Poliennali del Tesoro | | | | | | | | |
2.10%, 09/15/2016 | | | EUR 7,563,754 | | | | 9,875,089 | |
2.15%, 09/15/2014 | | | 626,333 | | | | 826,859 | |
| | | | | | | | |
Total Foreign Government Obligations (cost $11,087,259) | | | | 11,018,170 | |
| | | | | | | | |
| |
MORTGAGE-BACKED SECURITY - 0.0% (D) | | | | | |
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class A4
4.55%, 12/10/2041 | | | $ 127,686 | | | | 128,025 | |
| | | | | | | | |
Total Mortgage-Backed Security (cost $122,444) | | | | 128,025 | |
| | | | | | | | |
| | |
STRUCTURED NOTES DEBT - 0.2% | | | | | | | | |
Diversified Financial Services - 0.2% | | | | | | | | |
Bear Stearns Cos. LLC,
Series MTN
5.37%, 03/10/2014 (C) | | | 649,000 | | | | 653,855 | |
| | | | | | | | |
Total Structured Notes Debt (cost $639,584) | | | | 653,855 | |
| | | | | | | | |
| | | | | | | | |
| | | Contracts | | | Value | |
PURCHASED OPTIONS - 0.2% | |
Call Option - 0.1% | |
Eurodollar, Mid-Curve 2-Year Future
Exercise Price $ 98.88
Expires 09/13/2013 | | | 350 | | | $ | 109,375 | |
Put Option - 0.1% | | | | | | | | |
30-Year U.S. Treasury Note Future
Exercise Price $ 142.00
Expires 08/23/2013 | | | 51 | | | | 336,281 | |
| | | | | | | | |
Total Purchased Options (cost $261,604) | | | | 445,656 | |
| | | | | | | | |
| | |
| | | Notional Amount | | | Value | |
PURCHASED FOREIGN EXCHANGE OPTION - 0.0% (D) (E) (F) | | | | | |
Call Option - 0.0% (D) | | | | | | | | |
OTC- USD vs. JPY
Exercise Price $ 99.00
Expires 09/09/2013
Counterparty: UBS | | | $ 3,200,000 | | | | 85,955 | |
| | | | | | | | |
Total Purchased Foreign Exchange Option (cost $56,624) | | | | 85,955 | |
| | | | | | | | |
| | |
PURCHASED SWAPTIONS - 0.5% (E) (F) | | | | | | | | |
Call Options - 0.0% (D) | | | | | | | | |
OTC-If exercised the Series receives
floating 3 month LIBOR,
and pays 2.00%, European Style
Expires 05/10/2014
Counterparty: DUB | | | 11,100,000 | | | | 5,437 | |
OTC-If exercised the Series receives
floating 3 month LIBOR,
and pays 2.00%, European Style
Expires 05/10/2014
Counterparty: DUB | | | 3,700,000 | | | | 1,812 | |
OTC-If exercised the Series receives
floating 3 month LIBOR,
and pays 2.00%, European Style
Expires 05/13/2014
Counterparty: DUB | | | 1,855,000 | | | | 896 | |
Put Options - 0.5% | | | | | | | | |
OTC-If exercised the Series receives
floating 3 month LIBOR,
and pays 2.50%, European Style
Expires 06/08/2022
Counterparty: DUB | | | EUR 3,200,000 | | | | 506,584 | |
OTC-If exercised the Series receives
floating 3 month LIBOR,
and pays 3.00%, European Style
Expires 03/13/2014
Counterparty: DUB | | | $ 5,600,000 | | | | 168,654 | |
OTC-If exercised the Series receives
floating 3 month LIBOR,
and pays 3.25%, European Style
Expires 01/29/2016
Counterparty: DUB | | | 5,600,000 | | | | 396,076 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 10
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Notional Amount | | | Value | |
Put Options (continued) | | | | | | | | |
OTC-If exercised the Series receives floating 3 month LIBOR,
and pays 3.25%, European Style Expires 02/01/2016
Counterparty: DUB | | | $ 5,600,000 | | | | $ 396,640 | |
OTC-If exercised the Series receives floating 3 month LIBOR,
and pays 3.90%, European Style Expires 09/19/2013
Counterparty: CITI | | | 3,600,000 | | | | 1,841 | |
| | | | | | | | |
Total Purchased Swaptions (cost $1,095,436) | | | | 1,477,940 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
SHORT-TERM INVESTMENT COMPANY - 0.0% (D) | | | | | |
BlackRock Provident
TempFund 24 (G) | | | 30,443 | | | | 30,443 | |
| | | | | | | | |
Total Short-Term Investment Company (cost $30,443) | | | | 30,443 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 3.0% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (H) | | | 9,362,335 | | | | 9,362,335 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $9,362,335) | | | | 9,362,335 | |
| | | | | | | | |
Total Investment Securities (cost $325,629,728) (I) | | | | 320,453,113 | |
Other Assets and Liabilities - Net | | | | | | | (9,636,975 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 310,816,138 | |
| | | | | | | | |
| | | | | | | | |
| | | Contracts | | | Value | |
WRITTEN OPTIONS - (0.1%) | | | | | | | | |
Call Option - (0.0%) (D) | | | | | | | | |
Eurodollar, Mid-Curve 2-Year Future Exercise Price $ 99.13
Expires 09/13/2013 | | | 699 | | | | $ (56,794 | ) |
| | | | | | | | |
Put Options - (0.1%) | | | | | | | | |
30-Year U.S. Treasury Note Future Exercise Price $ 132.00
Expires 08/23/2013 | | | 51 | | | | (45,422 | ) |
30-Year U.S. Treasury Note Future Exercise Price $ 138.00
Expires 08/23/2013 | | | 51 | | | | (177,703 | ) |
| | | | | | | | |
Total Written Options (premiums $(156,256)) | | | | (279,919 | ) |
| | | | | | | | |
| | |
| | | Notional Amount | | | Value | |
WRITTEN FOREIGN EXCHANGE OPTIONS - (0.0%) (D) (E) (F) | |
Call Options - (0.0%) (D) | | | | | | | | |
OTC-EUR vs. USD Exercise Price EUR 1.32 Expires 07/03/2013 Counterparty: DUB | | | EUR 3,905,000 | | | | (4,712 | ) |
| | | | | | | | |
| | | | | | | (4,712 | ) |
| | | | | | | | |
Put Options - (0.0%) (D) | | | | | | | | |
OTC-AUD vs. NOK Exercise Price AUD 5.20 Expires 09/19/2013 Counterparty: DUB | | | AUD 1,700,000 | | | | (9,557 | ) |
OTC-USD vs. JPY Exercise Price $ 93.00 Expires 09/09/2013 Counterparty: UBS | | | $ 3,200,000 | | | | (21,049 | ) |
OTC-USD vs. JPY Exercise Price $ 96.00 Expires 08/06/2013 Counterparty: DUB | | | 5,000,000 | | | | (37,310 | ) |
| | | | | | | | |
| | | | | | | (67,916 | ) |
| | | | | | | | |
Total Written Foreign Exchange Options (cost $(176,481)) | | | | (72,628 | ) |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| WRITTEN INFLATION CAP OPTIONS: (E) (F) | |
| Description | | Counterparty | | | Strike
Index | | | Exercise
Index | | | Expiration
Date | | | Notional
Amount | | | Premiums
Paid
(Received) | | | Value | |
Cap-OTC Eurostat Eurozone HICP Ex Tobacco Unrevised
Series NSA | | | DUB | | | | 2.50 | | | | HICP Index | | | | 04/26/2022 | | | | EUR 1,070,000 | | | $ | (74,168 | ) | | $ | (32,362 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 11
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| WRITTEN SWAPTIONS: (E) (F) | |
| Description | | Counterparty | | | Floating Rate Index | | Pay/Receive
Floating Rate | | Exercise
Rate | | | Expiration
Date | | | Notional
Amount | | | Premiums
Paid
(Received) | | | Value | |
Call-OTC 10-Year Interest Rate Swap | | | CITI | | | 3-Month USD LIBOR
BBA | | Receive | | | 2.15 | % | | | 09/09/2013 | | | | $ 3,600,000 | | | $ | (81,072 | ) | | $ | (4,567 | ) |
Call-OTC 5-Year Interest Rate Swap | | | DUB | | | 3-Month USD LIBOR
BBA | | Receive | | | 1.00 | | | | 12/06/2013 | | | | 7,200,000 | | | | (10,800 | ) | | | (3,438 | ) |
Call-OTC 5-Year Interest Rate Swap | | | CITI | | | 3-Month USD LIBOR
BBA | | Receive | | | 1.00 | | | | 10/17/2014 | | | | 9,600,000 | | | | (44,160 | ) | | | (4,823 | ) |
Call-OTC 5-Year Interest Rate Swap | | | DUB | | | 3-Month USD LIBOR
BBA | | Receive | | | 1.25 | | | | 06/27/2014 | | | | 4,500,000 | | | | (47,362 | ) | | | (8,133 | ) |
Call-OTC 5-Year Interest Rate Swap | | | BCLY | | | 3-Month USD LIBOR
BBA | | Receive | | | 1.25 | | | | 08/18/2014 | | | | 8,000,000 | | | | (55,200 | ) | | | (14,163 | ) |
Call-OTC 5-Year Interest Rate Swap | | | DUB | | | 3-Month USD LIBOR
BBA | | Receive | | | 1.40 | | | | 02/13/2015 | | | | 6,000,000 | | | | (47,766 | ) | | | (14,290 | ) |
Put-OTC 20-Year Interest Rate Swap | | | DUB | | | 6-Month EUR
EURIBOR | | Pay | | | 4.50 | | | | 06/08/2022 | | | | EUR 3,200,000 | | | | (150,269 | ) | | | (203,967 | ) |
Put-OTC 5-Year Interest Rate Swap | | | DUB | | | 3-Month USD LIBOR
BBA | | Pay | | | 2.00 | | | | 12/06/2013 | | | | $ 7,200,000 | | | | (25,200 | ) | | | (69,782 | ) |
Put-OTC 5-Year Interest Rate Swap | | | CITI | | | 3-Month USD LIBOR
BBA | | Pay | | | 2.00 | | | | 10/17/2014 | | | | 9,600,000 | | | | (77,040 | ) | | �� | (287,110 | ) |
Put-OTC 5-Year Interest Rate Swap | | | DUB | | | 3-Month USD LIBOR
BBA | | Pay | | | 2.25 | | | | 06/27/2014 | | | | 4,500,000 | | | | (47,363 | ) | | | (78,330 | ) |
Put-OTC 5-Year Interest Rate Swap | | | BCLY | | | 3-Month USD LIBOR
BBA | | Pay | | | 2.25 | | | | 08/18/2014 | | | | 8,000,000 | | | | (120,000 | ) | | | (164,651 | ) |
Put-OTC 5-Year Interest Rate Swap | | | DUB | | | 3-Month USD LIBOR
BBA | | Pay | | | 2.40 | | | | 02/13/2016 | | | | 6,000,000 | | | | (85,434 | ) | | | (168,270 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (791,666 | ) | | $ | (1,021,524 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CENTRALLY CLEARED SWAP AGREEMENTS: | |
|
| INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE: | |
| Floating Rate Index | | Fixed Rate | | | Expiration
Date | | | Currency
Code | | | Notional
Amount | | | Market
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
3-Month USD-LIBOR | | | 2.39 | % | | | 06/17/2023 | | | | USD | | | | 1,200,000 | | | $ | 33,802 | | | $ | 0 | | | $ | 33,802 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| OVER THE COUNTER SWAP AGREEMENTS: (E) (F) | |
|
| INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE: | |
| Floating Rate Index | | Fixed Rate | | | Expiration
Date | | | Counterparty | | | Currency
Code | | | Notional
Amount | | | Market Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
3-Month USD-LIBOR | | | 1.98 | % | | | 03/07/2023 | | | | DUB | | | | USD | | | | 1,200,000 | | | $ | (62,673 | ) | | $ | 0 | | | $ | (62,673 | ) |
3-Month USD-LIBOR | | | 2.06 | | | | 02/04/2023 | | | | DUB | | | | USD | | | | 2,200,000 | | | | (91,655 | ) | | | 0 | | | | (91,655 | ) |
3-Month USD-LIBOR | | | 2.50 | | | | 03/17/2024 | | | | DUB | | | | USD | | | | 2,600,000 | | | | (111,545 | ) | | | 0 | | | | (111,545 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (265,873 | ) | | $ | 0 | | | $ | (265,873 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE: | |
| Floating Rate Index | | Fixed Rate | | | Expiration
Date | | | Counterparty | | | Currency
Code | | | Notional
Amount | | | Market
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
3-Month USD-LIBOR | | | 2.49 | % | | | 07/09/2042 | | | | DUB | | | | USD | | | | 1,000,000 | | | $ | 167,534 | | | $ | 0 | | | $ | 167,534 | |
3-Month USD-LIBOR | | | 2.51 | | | | 08/10/2042 | | | | DUB | | | | USD | | | | 1,000,000 | | | | 165,930 | | | | 0 | | | | 165,930 | |
3-Month USD-LIBOR | | | 2.72 | | | | 08/21/2042 | | | | DUB | | | | USD | | | | 700,000 | | | | 88,343 | | | | 0 | | | | 88,343 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 421,807 | | | $ | 0 | | | $ | 421,807 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 12
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | |
| FUTURES CONTRACTS: | | | | | | | | | | | | |
| Description | | Type | | | Contracts | | | Expiration Date | | | Net Unrealized
Appreciation
(Depreciation) | |
10-Year U.S. Treasury Note | | | Long | | | | 213 | | | | 09/19/2013 | | | $ | (504,162 | ) |
2-Year U.S. Treasury Note | | | Short | | | | (24 | ) | | | 09/30/2013 | | | | 10,250 | |
5-Year U.S. Treasury Note | | | Long | | | | 12 | | | | 09/30/2013 | | | | 11,324 | |
90-Day Eurodollar | | | Long | | | | 63 | | | | 12/16/2013 | | | | 9,450 | |
Long U.S. Treasury Bond | | | Short | | | | (66 | ) | | | 09/19/2013 | | | | 338,117 | |
U.K. Long Gilt Bond | | | Short | | | | (7 | ) | | | 09/26/2013 | | | | 41,126 | |
Ultra Long U.S. Treasury Bond | | | Short | | | | (59 | ) | | | 09/19/2013 | | | | 164,295 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 70,400 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY CONTRACTS: (E) (F) | | | | | | | | | | |
| Currency | | Counterparty | | Contracts
Bought (Sold) | | | Settlement
Date | | | Amount in U.S.
Dollars Bought
(Sold) | | | Net Unrealized
Appreciation
(Depreciation) | |
EUR | | BCLY | | | (4,073,000 | ) | | | 07/23/2013 | | | $ | (5,316,662 | ) | | $ | 14,544 | |
EUR | | DUB | | | (950,000 | ) | | | 07/23/2013 | | | | (1,237,501 | ) | | | 817 | |
EUR | | GSC | | | (939,000 | ) | | | 07/23/2013 | | | | (1,228,566 | ) | | | 6,202 | |
EUR | | UBS | | | (1,975,000 | ) | | | 07/23/2013 | | | | (2,542,666 | ) | | | (28,334 | ) |
EUR | | UBS | | | (905,419 | ) | | | 07/23/2013 | | | | (1,171,703 | ) | | | (6,946 | ) |
EUR | | UBS | | | (839,009 | ) | | | 07/23/2013 | | | | (1,084,046 | ) | | | (8,153 | ) |
EUR | | UBS | | | (431,737 | ) | | | 07/23/2013 | | | | (572,943 | ) | | | 10,920 | |
JPY | | RBS | | | 152,316,160 | | | | 07/17/2013 | | | | 1,600,000 | | | | (64,145 | ) |
JPY | | GSC | | | (59,717,000 | ) | | | 08/20/2013 | | | | (582,156 | ) | | | (20,080 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | (95,175 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CROSS CURRENCY CONTRACTS: (E) (F) | | | | | | | |
| Currency | | Counterparty | | Contracts
Bought
(Sold) | | | Settlement
Date | | | Amount in U.S.
Dollars Bought
(Sold) | | | Net Unrealized
Appreciation
(Depreciation) | |
NOK | | DUB | | | 4,742,549 | | | | 07/17/2013 | | | $ | 823,781 | | | $ | (43,497 | ) |
AUD | | DUB | | | (800,000 | ) | | | 07/17/2013 | | | | (823,781 | ) | | | 93,085 | |
EUR | | DUB | | | 1,233,345 | | | | 07/10/2013 | | | | 1,610,317 | | | | (4,868 | ) |
CHF | | DUB | | | (1,520,000 | ) | | | 07/10/2013 | | | | (1,610,317 | ) | | | 943 | |
NOK | | DUB | | | 13,891,391 | | | | 08/20/2013 | | | | 2,388,520 | | | | (105,773 | ) |
AUD | | DUB | | | (2,440,000 | ) | | | 08/20/2013 | | | | (2,388,520 | ) | | | 165,544 | |
EUR | | UBS | | | 1,200,000 | | | | 07/23/2013 | | | | 1,595,940 | | | | (33,814 | ) |
CHF | | UBS | | | (1,477,956 | ) | | | 07/23/2013 | | | | (1,595,940 | ) | | | 30,903 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 102,523 | |
| | | | | | | | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $9,175,738. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $200,681. |
| (C) | Floating or variable rate note. Rate is listed as of June 30, 2013. |
| (D) | Percentage rounds to less than 0.1%. |
| (E) | Cash in the amount of $1,000,000 has been segregated by the broker with the custodian as collateral for open options, swaps, swaptions and/or forward foreign currency contracts. |
| (F) | Cash in the amount of $80,000 has been segregated by the custodian with the broker as collateral for open options, swaps, swaptions and/or forward foreign currency contracts. |
| (G) | The investment issuer is affiliated with the sub-adviser of the portfolio. |
| (H) | Rate shown reflects the yield at June 30, 2013. |
| (I) | Aggregate cost for federal income tax purposes is $325,629,728. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $4,886,738 and $10,063,353, respectively. Net unrealized depreciation for tax purposes is $5,176,615. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 13
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
DEFINITIONS:
| | |
| BBA | | British Bankers’ Association |
| BCLY | | Barclays Bank PLC |
| CITI | | Citigroup, Inc. |
| CPI | | Consumer Price Index |
| DUB | | Deutsche Bank AG |
| EURIBOR | | Euro InterBank Offered Rate |
| GSC | | Goldman Sachs & Co. |
| HICP | | Harmonized Index of Consumer Prices |
| LIBOR | | London Interbank Offered Rate |
| MSC | | Morgan Stanley |
| MTN | | Medium Term Note |
| NSA | | Not Seasonally Adjusted |
| OTC | | Over the Counter |
| RBS | | Royal Bank of Scotland Group PLC |
| UBS | | UBS AG |
CURRENCY ABBREVIATIONS:
| | |
| AUD | | Australian Dollar |
| CHF | | Swiss Franc |
| EUR | | Euro |
| JPY | | Japanese Yen |
| NOK | | Norwegian Krone |
| USD | | United States Dollar |
VALUATION SUMMARY: (K)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
U.S. Government Obligations | | $ | — | | | $ | 297,250,734 | | | $ | — | | | $ | 297,250,734 | |
Foreign Government Obligations | | | — | | | | 11,018,170 | | | | — | | | | 11,018,170 | |
Mortgage-Backed Security | | | — | | | | 128,025 | | | | — | | | | 128,025 | |
Structured Notes Debt | | | — | | | | 653,855 | | | | — | | | | 653,855 | |
Purchased Options | | | 445,656 | | | | — | | | | — | | | | 445,656 | |
Purchased Foreign Exchange Option | | | — | | | | 85,955 | | | | — | | | | 85,955 | |
Purchased Swaptions | | | — | | | | 1,477,940 | | | | — | | | | 1,477,940 | |
Short-Term Investment Company | | | 30,443 | | | | — | | | | — | | | | 30,443 | |
Securities Lending Collateral | | | 9,362,335 | | | | — | | | | — | | | | 9,362,335 | |
Total Investment Securities | | $ | 9,838,434 | | | $ | 310,614,679 | | | $ | — | | | $ | 320,453,113 | |
| | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Cross Currency Contracts (L) | | $ | — | | | $ | 290,475 | | | $ | — | | | $ | 290,475 | |
Forward Foreign Currency Contracts (L) | | | — | | | | 32,483 | | | | — | | | | 32,483 | |
Futures Contracts (L) | | | 574,562 | | | | — | | | | — | | | | 574,562 | |
Interest Rate Swap Agreements (L) | | | 33,802 | | | | 421,807 | | | | — | | | | 455,609 | |
Total Derivative Financial Instruments | | $ | 608,364 | | | $ | 744,765 | | | $ | — | | | $ | 1,353,129 | |
| | | | | | | | | | | | | | | | | |
Other Assets (M) | | | | | | | | | | | | | | | | |
Cash on Deposit with Broker | | $ | 80,000 | | | $ | — | | | $ | — | | | $ | 80,000 | |
Foreign Currency | | | 21,463 | | | | — | | | | — | | | | 21,463 | |
Total Other Assets | | $ | 101,463 | | | $ | — | | | $ | — | | | $ | 101,463 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 14
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY (continued):
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Cross Currency Contracts (L) | | $ | — | | | $ | (187,952 | ) | | $ | — | | | $ | (187,952 | ) |
Forward Foreign Currency Contracts (L) | | | — | | | | (127,658 | ) | | | — | | | | (127,658 | ) |
Futures Contracts (L) | | | (504,162 | ) | | | — | | | | — | | | | (504,162 | ) |
Interest Rate Swap Agreements (L) | | | — | | | | (265,873 | ) | | | — | | | | (265,873 | ) |
Written Foreign Exchange Options | | | — | | | | (72,628 | ) | | | — | | | | (72,628 | ) |
Written Inflation Cap Options | | | — | | | | (32,362 | ) | | | — | | | | (32,362 | ) |
Written Options | | | (279,919 | ) | | | — | | | | — | | | | (279,919 | ) |
Written Swaptions | | | — | | | | (1,021,524 | ) | | | — | | | | (1,021,524 | ) |
Total Derivative Financial Instruments | | $ | (784,081 | ) | | $ | (1,707,997 | ) | | $ | — | | | $ | (2,492,078 | ) |
| | | | | | | | | | | | | | | | | |
Other Liabilities (M) | | | | | | | | | | | | | | | | |
Cash Deposit due to Broker | | $ | (1,000,000 | ) | | $ | — | | | $ | — | | | $ | (1,000,000 | ) |
Collateral for Securities on Loan | | | — | | | | (9,362,335 | ) | | | — | | | | (9,362,335 | ) |
Total Other Liabilities | | $ | (1,000,000 | ) | | $ | (9,362,335 | ) | | $ | — | | | $ | (10,362,335 | ) |
| (K) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (L) | Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument. |
| (M) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 15
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT OBLIGATIONS - 11.9% | |
U.S. Treasury Bond | | | | | | | | |
2.75%, 11/15/2042 (A) | | | $ 175,000 | | | | $ 150,883 | |
2.88%, 05/15/2043 (A) | | | 78,497,000 | | | | 69,469,845 | |
3.13%, 02/15/2043 (A) | | | 16,385,000 | | | | 15,294,382 | |
U.S. Treasury Inflation Indexed Bond | | | | | | | | |
0.75%, 02/15/2042 | | | 6,205,955 | | | | 5,463,177 | |
U.S. Treasury Inflation Indexed Note | | | | | | | | |
0.13%, 01/15/2023 | | | 18,321,569 | | | | 17,764,758 | |
U.S. Treasury Note | | | | | | | | |
0.38%, 06/30/2015 (B) | | | 865,000 | | | | 865,338 | |
1.38%, 06/30/2018 (B) | | | 1,525,000 | | | | 1,524,166 | |
1.63%, 11/15/2022 (A) | | | 240,000 | | | | 224,044 | |
1.75%, 05/15/2023 (A) | | | 57,875,000 | | | | 54,203,526 | |
| | | | | | | | |
Total U.S. Government Obligations (cost $174,444,244) | | | | 164,960,119 | |
| | | | | | | | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS - 43.7% | | | | | |
Fannie Mae | | | | | | | | |
Zero Coupon, 10/09/2019 | | | 5,460,000 | | | | 4,586,400 | |
1.46%, 08/01/2037 (C) | | | 11,098 | | | | 11,839 | |
2.02%, 01/01/2035 (C) | | | 50,333 | | | | 53,189 | |
2.03%, 08/01/2034 (C) | | | 23,914 | | | | 25,114 | |
2.74%, 08/01/2035 (C) | | | 123,616 | | | | 131,374 | |
2.95%, 03/01/2041 (C) | | | 948,209 | | | | 989,795 | |
3.00%, 02/01/2028 - 06/01/2043 | | | 63,844,471 | | | | 62,578,115 | |
3.16%, 03/01/2041 (C) | | | 1,167,080 | | | | 1,216,927 | |
3.27%, 12/01/2040 (C) | | | 1,908,217 | | | | 1,992,371 | |
3.33%, 06/01/2041 (C) | | | 2,033,319 | | | | 2,118,552 | |
3.50%, 07/01/2027 | | | 19,379,008 | | | | 20,205,959 | |
3.50%, 09/01/2041 (C) | | | 1,485,504 | | | | 1,554,702 | |
4.00%, 01/01/2025 - 10/01/2042 | | | 23,609,014 | | | | 24,794,125 | |
4.50%, 02/01/2025 - 08/01/2042 | | | 21,743,192 | | | | 23,065,529 | |
5.00%, 11/01/2032 - 01/01/2042 | | | 37,125,913 | | | | 40,088,774 | |
5.50%, 07/01/2014 - 04/01/2041 | | | 3,849,492 | | | | 4,208,900 | |
6.00%, 02/01/2034 - 12/01/2038 | | | 5,939,939 | | | | 6,574,578 | |
6.00%, 04/01/2035 (C) | | | 10,441,639 | | | | 11,652,114 | |
6.50%, 05/01/2040 | | | 8,153,770 | | | | 9,033,643 | |
7.00%, 01/01/2015 - 09/01/2016 | | | 13,508 | | | | 14,034 | |
7.00%, 01/01/2016 (C) | | | 31,948 | | | | 33,431 | |
Fannie Mae, IO | | | | | | | | |
2.53%, 01/25/2022 (C) | | | 5,504,730 | | | | 794,498 | |
Fannie Mae, TBA | | | | | | | | |
2.50% | | | 13,800,000 | | | | 13,849,593 | |
3.00% | | | 17,400,000 | | | | 17,789,204 | |
3.50% | | | 15,100,000 | | | | 15,304,422 | |
4.00% | | | 16,100,000 | | | | 16,737,082 | |
4.50% | | | 28,100,000 | | | | 29,746,367 | |
5.00% | | | 6,200,000 | | | | 6,672,266 | |
5.50% | | | 8,900,000 | | | | 9,660,672 | |
6.00% | | | 700,000 | | | | 761,250 | |
Farmer Mac Guaranteed Notes Trust Series 2007-1 | | | | | | | | |
5.13%, 04/19/2017 - 144A | | | 900,000 | | | | 1,024,519 | |
Freddie Mac | | | | | | | | |
2.07%, 02/01/2037 - 04/01/2037 (C) | | | 293,343 | | | | 309,591 | |
2.15%, 05/01/2037 (C) | | | 131,168 | | | | 138,421 | |
2.55%, 01/01/2038 (C) | | | 408,315 | | | | 433,963 | |
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) | |
Freddie Mac (continued) | | | | | | | | |
2.62%, 01/25/2023 | | | $ 5,310,000 | | | | $ 5,022,787 | |
2.62%, 05/01/2037 (C) | | | 134,474 | | | | 142,381 | |
2.64%, 12/01/2034 (C) | | | 31,386 | | | | 33,305 | |
2.64%, 01/25/2023 | | | 3,015,000 | | | | 2,872,005 | |
2.68%, 10/25/2022 | | | 2,620,000 | | | | 2,511,113 | |
2.86%, 09/01/2035 (C) | | | 2,073,507 | | | | 2,194,441 | |
3.00%, 03/01/2043 - 04/01/2043 | | | 30,755,158 | | | | 30,024,161 | |
3.05%, 02/01/2041 (C) | | | 1,599,658 | | | | 1,673,314 | |
4.00%, 10/01/2040 | | | 983,402 | | | | 1,030,305 | |
4.50%, 10/01/2041 | | | 13,570,375 | | | | 14,287,977 | |
5.00%, 03/01/2038 | | | 11,408,826 | | | | 12,184,118 | |
5.50%, 06/15/2015 - 12/01/2016 | | | 1,714,952 | | | | 1,750,540 | |
5.63%, 06/13/2016 | | | 9,195,000 | | | | 10,437,373 | |
6.00%, 09/01/2013 - 05/01/2031 | | | 1,287,343 | | | | 1,429,263 | |
6.02%, 09/01/2037 (C) | | | 41,394 | | | | 44,682 | |
Freddie Mac, IO | | | | | | | | |
1.03%, 10/25/2022 (C) | | | 18,407,921 | | | | 1,194,011 | |
1.51%, 11/25/2019 (C) | | | 58,422,705 | | | | 4,149,648 | |
1.65%, 06/25/2022 (C) | | | 19,686,161 | | | | 2,046,455 | |
1.69%, 12/25/2018 (C) | | | 10,232,866 | | | | 735,446 | |
1.91%, 05/25/2019 (C) | | | 7,980,791 | | | | 695,263 | |
Freddie Mac, TBA | | | | | | | | |
3.50% | | | 36,000,000 | | | | 36,360,000 | |
4.00% | | | 11,800,000 | | | | 12,244,805 | |
4.50% | | | 2,200,000 | | | | 2,316,531 | |
5.50% | | | 4,700,000 | | | | 5,056,172 | |
FREMF Mortgage Trust | | | | | | | | |
3.68%, 08/25/2045 - 144A (C) | | | 1,645,000 | | | | 1,575,777 | |
3.78%, 10/25/2045 - 144A (C) | | | 1,240,000 | | | | 1,119,075 | |
4.16%, 11/25/2044 - 144A (C) | | | 319,700 | | | | 295,993 | |
Ginnie Mae | | | | | | | | |
4.00%, 02/20/2041 - 09/15/2042 | | | 18,956,850 | | | | 19,928,283 | |
4.50%, 05/20/2041 - 02/15/2042 | | | 33,595,127 | | | | 36,032,721 | |
5.00%, 12/15/2038 - 12/15/2040 | | | 3,835,399 | | | | 4,155,616 | |
6.50%, 12/20/2031 | | | 33,461 | | | | 37,959 | |
Ginnie Mae, IO | | | | | | | | |
1.01%, 02/16/2053 (C) | | | 10,367,382 | | | | 869,004 | |
Ginnie Mae, TBA | | | | | | | | |
3.00% | | | 3,230,000 | | | | 3,193,158 | |
3.50% | | | 22,100,000 | | | | 22,680,123 | |
4.00% | | | 3,300,000 | | | | 3,463,453 | |
4.50% | | | 4,900,000 | | | | 5,199,168 | |
5.00% | | | 11,100,000 | | | | 11,970,656 | |
5.50% | | | 4,500,000 | | | | 4,899,024 | |
Resolution Funding Corp., Interest STRIPS | | | | | |
Zero Coupon, 07/15/2018 (A) | | | 1,200,000 | | | | 1,100,879 | |
Zero Coupon, 10/15/2018 | | | 1,200,000 | | | | 1,099,403 | |
Tennessee Valley Authority | | | | | | | | |
5.25%, 09/15/2039 | | | 7,500,000 | | | | 8,438,452 | |
5.98%, 04/01/2036 | | | 440,000 | | | | 548,248 | |
U.S. Small Business Administration | | | | | | | | |
Series P10A, Class 1 | | | | | | | | |
4.50%, 02/01/2014 | | | 157,970 | | | | 160,696 | |
| | | | | | | | |
Total U.S. Government Agency Obligations (cost $611,642,715) | | | | 605,355,097 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 16
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
FOREIGN GOVERNMENT OBLIGATIONS - 3.4% | | | | | |
Argentine Republic Government International Bond | | | | | | | | |
2.50%, 12/31/2038 (A) (D) | | | $ 1,350,000 | | | | $ 438,750 | |
Brazilian Government International Bond | | | | | |
7.13%, 01/20/2037 | | | 670,000 | | | | 797,300 | |
Italy Buoni Poliennali del Tesoro | | | | | | | | |
3.75%, 04/15/2016 | | | EUR 19,080,000 | | | | 25,668,205 | |
5.25%, 08/01/2017 | | | 3,810,000 | | | | 5,339,890 | |
Mexico Government International Bond | | | | | |
5.13%, 01/15/2020 | | | $ 3,605,000 | | | | 3,961,895 | |
5.63%, 01/15/2017 | | | 1,693,000 | | | | 1,881,769 | |
Poland Government International Bond | | | | | |
5.13%, 04/21/2021 | | | 1,465,000 | | | | 1,593,188 | |
6.38%, 07/15/2019 | | | 490,000 | | | | 571,492 | |
Series 2013-NPL1, Class A | | | | | | | | |
5.00%, 03/23/2022 | | | 1,200,000 | | | | 1,290,000 | |
Republic of South Africa | | | | | | | | |
5.50%, 03/09/2020 | | | 1,185,000 | | | | 1,248,694 | |
Russian Federation | | | | | | | | |
7.50%, 03/31/2030 - Reg S (D) | | | 2,685,725 | | | | 3,145,655 | |
South Africa Government International Bond | | | | | |
4.67%, 01/17/2024 (A) | | | 1,060,000 | | | | 1,012,300 | |
| | | | | | | | |
Total Foreign Government Obligations (cost $47,772,885) | | | | 46,949,138 | |
| | | | | | | | |
| |
MORTGAGE-BACKED SECURITIES - 13.1% | | | | | |
Adjustable Rate Mortgage Trust | | | | | | | | |
Series 2004-2, Class 7A2 | | | | | | | | |
1.03%, 02/25/2035 (C) | | | 19,847 | | | | 19,492 | |
American Home Mortgage Assets LLC | | | | | | | | |
Series 2006-2, Class 2A1 | | | | | | | | |
0.38%, 09/25/2046 (C) | | | 1,055,827 | | | | 714,932 | |
Banc of America Funding Corp. | | | | | | | | |
Series 2005-E, Class 4A1 | | | | | | | | |
2.69%, 03/20/2035 (C) | | | 328,611 | | | | 326,649 | |
Banc of America Large Loan, Inc. | | | | | | | | |
Series 2010-HLTN, Class HLTN | | | | | | | | |
2.49%, 11/15/2015 - 144A (C) | | | 3,588,283 | | | | 3,591,068 | |
Series 2010-UB4, Class A4A | | | | | | | | |
5.03%, 12/20/2041 - 144A (C) | | | 3,479,310 | | | | 3,595,519 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc. | | | | | |
Series 2007-1, Class AMFX | | | | | | | | |
5.48%, 01/15/2049 (C) | | | 245,000 | | | | 256,159 | |
Series 2007-3, Class A2 | | | | | | | | |
5.86%, 06/10/2049 (C) | | | 247,479 | | | | 247,463 | |
Series 2007-3, Class A4 | | | | | | | | |
5.86%, 06/10/2049 (C) | | | 4,240,000 | | | | 4,747,732 | |
Series 2007-3, Class AM | | | | | | | | |
5.86%, 06/10/2049 (C) | | | 1,755,000 | | | | 1,897,952 | |
Bear Stearns Adjustable Rate Mortgage Trust | | | | | |
Series 2005-1, Class 4A1 | | | | | | | | |
5.25%, 03/25/2035 (C) | | | 1,694,005 | | | | 1,606,052 | |
Bear Stearns Alt-A Trust | | | | | | | | |
Series 2004-11, Class 2A2 | | | | | | | | |
3.08%, 11/25/2034 (C) | | | 124,331 | | | | 105,691 | |
Bear Stearns Commercial Mortgage Securities | | | | | |
Series 2005-PW10, Class AM | | | | | | | | |
5.45%, 12/11/2040 (C) | | | 610,000 | | | | 652,192 | |
Bear Stearns Mortgage Funding Trust | | | | | | | | |
Series 2006-AR5, Class 1A2 | | | | | | | | |
0.40%, 12/25/2046 (C) | | | 552,384 | | | | 70,403 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
COMM Mortgage Trust | | | | | | | | |
Series 2010-RR1, Class GEB | | | | | | | | |
5.54%, 12/11/2049 - 144A (C) | | | $ 960,000 | | | | $ 1,038,852 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2006-C8, Class AM | | | | | | | | |
5.35%, 12/10/2046 | | | 2,050,000 | | | | 2,220,968 | |
Series 2012-LTRT, Class A2 | | | | | | | | |
3.40%, 10/05/2030 - 144A | | | 1,560,000 | | | | 1,464,902 | |
Series 2013-GAM, Class A2 | | | | | | | | |
3.37%, 02/10/2028 - 144A | | | 2,110,000 | | | | 2,035,833 | |
Commercial Mortgage Pass-Through Certificates, IO | | | | | | | | |
Series 2012-CR1, Class XA | | | | | | | | |
2.43%, 05/15/2045 (C) | | | 10,008,400 | | | | 1,277,712 | |
Series 2013-LC6, Class XA | | | | | | | | |
1.96%, 01/10/2046 (C) | | | 41,273,487 | | | | 4,237,301 | |
Commercial Mortgage Trust | | | | | | | | |
Series 2005-GG3, Class A3 | | | | | | | | |
4.57%, 08/10/2042 | | | 2,532,830 | | | | 2,530,859 | |
Series 2007-GG11, Class A4 | | | | | | | | |
5.74%, 12/10/2049 | | | 870,000 | | | | 974,363 | |
Countrywide Alternative Loan Trust | | | | | | | | |
Series 2005-36, Class 2A1A | | | | | | | | |
0.50%, 08/25/2035 (C) | | | 1,731,683 | | | | 1,182,514 | |
Series 2005-50CB, Class 1A1 | | | | | | | | |
5.50%, 11/25/2035 | | | 3,553,613 | | | | 3,035,653 | |
Series 2005-51, Class 3A3A | | | | | | | | |
0.51%, 11/20/2035 (C) | | | 1,520,454 | | | | 1,130,308 | |
Series 2006-OA21, Class A1 | | | | | | | | |
0.38%, 03/20/2047 (C) | | | 4,237,894 | | | | 2,980,943 | |
Series 2007-22, Class 2A16 | | | | | | | | |
6.50%, 09/25/2037 | | | 10,608,105 | | | | 8,165,398 | |
Series 2007-5CB, Class 1A31 | | | | | | | | |
5.50%, 04/25/2037 | | | 2,565,438 | | | | 1,903,906 | |
Countrywide Home Loan Mortgage Pass-Through Trust | | | | | | | | |
Series 2003-60, Class 1A1 | | | | | | | | |
3.15%, 02/25/2034 (C) | | | 171,126 | | | | 164,153 | |
Series 2004-23, Class A | | | | | | | | |
2.44%, 11/25/2034 (C) | | | 103,218 | | | | 78,111 | |
Series 2005-3, Class 1A2 | | | | | | | | |
0.48%, 04/25/2035 (C) | | | 313,400 | | | | 265,039 | |
Credit Suisse First Boston Mortgage Securities Corp. | | | | | | | | |
Series 2004-AR5, Class 7A2 | | | | | | | | |
2.66%, 06/25/2034 (C) | | | 347,526 | | | | 341,620 | |
Series 2005-C3, Class AJ | | | | | | | | |
4.77%, 07/15/2037 | | | 380,000 | | | | 392,876 | |
Credit Suisse Mortgage Capital Certificates | | | | | | | | |
Series 2007-C2, Class A2 | | | | | | | | |
5.45%, 01/15/2049 (C) | | | 75,347 | | | | 75,283 | |
Series 2007-TF2A, Class A3 | | | | | | | | |
0.46%, 04/15/2022 - 144A (C) | | | 1,655,000 | | | | 1,564,046 | |
Series 2011-4R, Class 5A1 | | | | | | | | |
2.69%, 05/27/2036 - 144A (C) | | | 3,215,477 | | | | 3,095,044 | |
DBRR Trust | | | | | | | | |
Series 2011-C32, Class A3A | | | | | | | | |
5.94%, 06/17/2049 - 144A (C) | | | 1,500,000 | | | | 1,681,244 | |
Series 2012-EZ1, Class A | | | | | | | | |
0.95%, 09/25/2045 - 144A | | | 6,567,045 | | | | 6,579,943 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 17
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Deutsche Mortgage Securities, Inc. | | | | | | | | |
Series 2005-WF1, Class 1A3 | | | | | | | | |
5.24%, 06/26/2035 - 144A (C) | | | $ 1,270,000 | | | | $ 1,296,272 | |
Extended Stay America Trust | | | | | | | | |
Series 2013-ESH5, Class C5 | | | | | | | | |
2.68%, 12/05/2031 - 144A | | | 1,210,000 | | | | 1,177,128 | |
Series 2013-ESH7, Class A27 | | | | | | | | |
2.96%, 12/05/2031 - 144A | | | 1,630,000 | | | | 1,582,014 | |
First Horizon Alternative Mortgage Securities | | | | | |
Series 2006-FA8, Class 1A8 | | | | | | | | |
0.56%, 02/25/2037 (C) | | | 385,552 | | | | 237,194 | |
FREMF Mortgage Trust | | | | | | | | |
Series 2013-K713, Class B | | | | | | | | |
3.17%, 04/25/2046 - 144A (C) | | | 255,000 | | | | 233,461 | |
GMAC Mortgage Corp., Loan Trust | | | | | | | | |
Series 2003-AR2, Class 1A1 | | | | | | | | |
3.88%, 12/19/2033 (C) | | | 34,712 | | | | 32,576 | |
Series 2005-AR1, Class 3A | | | | | | | | |
3.43%, 03/18/2035 (C) | | | 111,626 | | | | 105,764 | |
Greenpoint Mortgage Funding Trust | | | | | | | | |
Series 2006-AR4, Class A1A | | | | | | | | |
0.35%, 09/25/2046 (C) | | | 6 | | | | 6 | |
Greenwich Capital Commercial Funding Corp. | | | | | |
Series 2007-GG11, Class AM | | | | | | | | |
5.87%, 12/10/2049 (C) | | | 1,175,000 | | | | 1,258,733 | |
Series 2007-GG9, Class AM | | | | | | | | |
5.48%, 03/10/2039 | | | 630,000 | | | | 662,228 | |
GS Mortgage Securities Corp. II | | | | | | | | |
Series 2005-GG4, Class A4A | | | | | | | | |
4.75%, 07/10/2039 | | | 3,175,000 | | | | 3,334,871 | |
Series 2012-SHOP, Class C | | | | | | | | |
3.63%, 06/05/2031 - 144A | | | 410,000 | | | | 405,741 | |
Series 2013-KING, Class E | | | | | | | | |
3.55%, 12/10/2027 - 144A (C) | | | 3,320,000 | | | | 2,838,743 | |
GS Mortgage Securities Corp. II, IO | | | | | | | | |
Series 2013-GC10, Class XA | | | | | | | | |
1.93%, 02/10/2046 (C) | | | 40,793,808 | | | | 4,590,976 | |
Series 2013-KYO, Class XB1 | | | | | | | | |
3.25%, 11/08/2029 - 144A (C) | | | 13,005,000 | | | | 884,635 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2006-GG8, Class AJ | | | | | | | | |
5.62%, 11/10/2039 | | | 1,740,000 | | | | 1,634,199 | |
Series 2006-GG8, Class AM | | | | | | | | |
5.59%, 11/10/2039 | | | 710,000 | | | | 770,288 | |
GSR Mortgage Loan Trust | | | | | | | | |
Series 2005-AR1, Class 2A1 | | | | | | | | |
2.97%, 01/25/2035 (C) | | | 2,353,342 | | | | 2,283,133 | |
Impac CMB Trust | | | | | | | | |
Series 2004-6, Class 1A1 | | | | | | | | |
0.99%, 10/25/2034 (C) | | | 62,483 | | | | 52,838 | |
IndyMac INDA Mortgage Loan Trust | | | | | | | | |
Series 2006-AR2, Class 4A1 | | | | | | | | |
5.06%, 09/25/2036 (C) | | | 1,837,072 | | | | 1,451,270 | |
Series 2007-AR7, Class 1A1 | | | | | | | | |
3.21%, 09/25/2037 (C) | | | 623,056 | | | | 550,491 | |
IndyMac Index Mortgage Loan Trust | | | | | | | | |
Series 2005-AR14, Class 2A1A | | | | | | | | |
0.49%, 07/25/2035 (C) | | | 1,486,520 | | | | 1,245,108 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
IndyMac Index Mortgage Loan Trust (continued) | | | | | |
Series 2007-AR15, Class 2A1 | | | | | | | | |
4.59%, 08/25/2037 (C) | | | $ 1,017,195 | | | | $ 830,991 | |
JPMorgan Chase Commercial Mortgage Securities Corp. | | | | | | | | |
Series 2004-CB8, Class A1A | | | | | | | | |
4.16%, 01/12/2039 - 144A | | | 1,260,827 | | | | 1,277,717 | |
Series 2006-CB14, Class AM | | | | | | | | |
5.63%, 12/12/2044 (C) | | | 2,000,000 | | | | 2,165,466 | |
Series 2006-LDP9, Class AM | | | | | | | | |
5.37%, 05/15/2047 | | | 590,000 | | | | 622,523 | |
Series 2007-CB18, Class A3 | | | | | | | | |
5.45%, 06/12/2047 | | | 1,221,740 | | | | 1,253,264 | |
Series 2007-LD11, Class ASB | | | | | | | | |
6.00%, 06/15/2049 (C) | | | 1,473,440 | | | | 1,588,953 | |
Series 2013-C10, Class C | | | | | | | | |
4.30%, 12/15/2047 (C) | | | 420,000 | | | | 389,830 | |
JPMorgan Chase Commercial Mortgage Securities Corp., IO | | | | | | | | |
Series 2012-CBX, Class XA | | | | | | | | |
2.21%, 06/15/2045 (C) | | | 9,799,007 | | | | 1,038,842 | |
Series 2013-LC11, Class XA | | | | | | | | |
1.73%, 04/15/2046 (C) | | | 10,724,738 | | | | 1,096,529 | |
Series 2013-LC11, Class XB | | | | | | | | |
0.73%, 04/15/2046 (C) | | | 1,908,000 | | | | 88,838 | |
JPMorgan Mortgage Trust | | | | | | | | |
Series 2004-A1, Class 1A1 | | | | | | | | |
4.74%, 02/25/2034 (C) | | | 206,058 | | | | 201,793 | |
Series 2006-A2, Class 5A1 | | | | | | | | |
2.89%, 11/25/2033 (C) | | | 159,928 | | | | 157,518 | |
Series 2006-S3, Class 1A12 | | | | | | | | |
6.50%, 08/25/2036 | | | 773,529 | | | | 691,039 | |
LB-UBS Commercial Mortgage Trust | | | | | | | | |
Series 2005-C2, Class AJ | | | | | | | | |
5.21%, 04/15/2030 (C) | | | 1,280,000 | | | | 1,343,828 | |
Series 2007-C2, Class A3 | | | | | | | | |
5.43%, 02/15/2040 | | | 9,658,000 | | | | 10,593,619 | |
Series 2007-C7, Class A3 | | | | | | | | |
5.87%, 09/15/2045 (C) | | | 4,772,018 | | | | 5,318,863 | |
MASTR Adjustable Rate Mortgages Trust | | | | | | | | |
Series 2007-R5, Class A1 | | | | | | | | |
2.67%, 11/25/2035 - 144A (C) | | | 803,777 | | | | 525,801 | |
Merrill Lynch Mortgage Investors Trust | | | | | | | | |
Series 2003-F, Class A1 | | | | | | | | |
0.83%, 10/25/2028 (C) | | | 80,169 | | | | 78,539 | |
Series 2004-A1, Class 2A1 | | | | | | | | |
2.56%, 02/25/2034 (C) | | | 345,427 | | | | 340,010 | |
Series 2004-A3, Class 4A3 | | | | | | | | |
5.07%, 05/25/2034 (C) | | | 223,074 | | | | 219,321 | |
Series 2005-A3, Class A1 | | | | | | | | |
0.46%, 04/25/2035 (C) | | | 73,314 | | | | 69,689 | |
Series 2005-A4, Class 2A2 | | | | | | | | |
2.67%, 07/25/2035 (C) | | | 352,798 | | | | 309,775 | |
Merrill Lynch Mortgage Trust | | | | | | | | |
Series 2005-CKI1, Class AJ | | | | | | | | |
5.46%, 11/12/2037 (C) | | | 1,760,000 | | | | 1,815,018 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 1998-WF2, Class G | | | | | | | | |
6.34%, 07/15/2030 - 144A (C) | | | 695,185 | | | | 709,965 | |
Series 2007-HQ12, Class AM | | | | | | | | |
5.76%, 04/12/2049 (C) | | | 2,855,000 | | | | 3,038,853 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 18
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Morgan Stanley Capital I Trust (continued) | | | | | |
Series 2007-IQ13, Class AM | | | | | | | | |
5.41%, 03/15/2044 | | | $ 1,090,000 | | | | $ 1,167,785 | |
Series 2007-IQ15, Class A2 | | | | | | | | |
6.05%, 06/11/2049 (C) | | | 1,411,484 | | | | 1,434,473 | |
Series 2007-IQ15, Class AM | | | | | | | | |
6.09%, 06/11/2049 (C) | | | 1,980,000 | | | | 2,131,927 | |
Morgan Stanley Capital I Trust, IO | | | | | | | | |
Series 2012-C4, Class XA | | | | | | | | |
2.87%, 03/15/2045 - 144A (C) | | | 17,968,566 | | | | 2,382,326 | |
Morgan Stanley Mortgage Loan Trust | | | | | | | | |
Series 2004-8AR, Class 4A2 | | | | | | | | |
2.64%, 10/25/2034 (C) | | | 330,632 | | | | 329,903 | |
Series 2006-3AR, Class 2A3 | | | | | | | | |
2.80%, 03/25/2036 (C) | | | 684,170 | | | | 501,307 | |
Morgan Stanley Re-REMIC Trust | | | | | | | | |
Series 2011-IO, Class A | | | | | | | | |
2.50%, 03/23/2051 - 144A | | | 1,782,312 | | | | 1,798,459 | |
Series 2012-IO, Class AXB2 | | | | | | | | |
1.00%, 03/27/2051 - 144A | | | 1,120,000 | | | | 1,087,576 | |
Series 2012-XA, Class A | | | | | | | | |
2.00%, 07/27/2049 - 144A | | | 2,352,193 | | | | 2,381,595 | |
Morgan Stanley Re-REMIC Trust, IO | | | | | | | | |
Series 2012-C4, Class XA | | | | | | | | |
1.00%, 03/27/2051 - 144A | | | 1,090,284 | | | | 1,089,303 | |
Motel 6 Trust | | | | | | | | |
Series 2012-MTL6, Class B | | | | | | | | |
2.74%, 10/05/2025 - 144A | | | 3,735,000 | | | | 3,656,248 | |
NACC Reperforming Loan REMIC Trust | | | | | | | | |
Series 2004-R2, Class A1 | | | | | | | | |
6.50%, 10/25/2034 - 144A (C) | | | 132,251 | | | | 135,508 | |
Prime Mortgage Trust | | | | | | | | |
Series 2006-DR1, Class 2A2 | | | | | | | | |
6.00%, 05/25/2035 - 144A | | | 716,758 | | | | 734,847 | |
Queens Center Mortgage Trust | | | | | | | | |
Series 2013-QCA, Class D | | | | | | | | |
3.59%, 01/11/2037 - 144A (C) | | | 4,200,000 | | | | 3,497,836 | |
RALI Trust | | | | | | | | |
Series 2007-QO1, Class A1 | | | | | | | | |
0.34%, 02/25/2047 (C) | | | 729,920 | | | | 546,336 | |
Series 2007-QO4, Class A1A | | | | | | | | |
0.38%, 05/25/2047 (C) | | | 1,426,956 | | | | 1,118,681 | |
RBSCF Trust
Series 2010-RR3, Class WBTA
6.12%, 04/16/2017 - 144A (C) | | | 7,423,133 | | | | 8,196,267 | |
RBSGC Mortgage Pass-Through Certificates
Series 2007-B, Class 1A4
0.64%, 01/25/2037 (C) | | | 641,920 | | | | 433,925 | |
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025 - 144A | | | 1,044,890 | | | | 1,043,663 | |
STRIPs, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A | | | 3,557,257 | | | | 3,518,127 | |
Structured Adjustable Rate Mortgage Loan Trust | | | | | | | | |
Series 2004-20, Class 3A1 | | | | | | | | |
2.61%, 01/25/2035 (C) | | | 608,393 | | | | 556,657 | |
Series 2005-15, Class 1A1 | | | | | | | | |
2.52%, 07/25/2035 (C) | | | 866,139 | | | | 709,261 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Structured Adjustable Rate Mortgage Loan Trust (continued) | |
Series 2007-3, Class 3A1 | | | | | | | | |
5.16%, 04/25/2047 (C) | | | $ 2,583,247 | | | | $ 1,951,070 | |
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.89%, 01/19/2034 (C) | | | 87,431 | | | | 83,557 | |
Voyager BRSTN Delaware Trust, IO
Series 2009-1, Class UAU7
0.45%, 12/26/2036 - 144A (C) | | | 537,021 | | | | 437,494 | |
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class AJ
6.12%, 02/15/2051 (C) | | | 2,125,000 | | | | 2,010,847 | |
WaMu Alternative Mortgage Pass-Through Certificates
Series 2006-AR3, Class A1A
1.14%, 05/25/2046 (C) | | | 1,997,390 | | | | 1,281,921 | |
WaMu Mortgage Pass-Through Certificates | | | | | | | | |
Series 2005-AR8, Class 2A1A | | | | | | | | |
0.48%, 07/25/2045 (C) | | | 90,559 | | | | 83,719 | |
Series 2006-AR14, Class 1A3 | | | | | | | | |
2.38%, 11/25/2036 (C) | | | 1,584,355 | | | | 1,298,243 | |
Series 2007-OA6, Class 1A1B | | | | | | | | |
0.98%, 07/25/2047 (C) | | | 1,933,548 | | | | 533,400 | |
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021 - 144A | | | 2,174,316 | | | | 2,175,621 | |
WF-RBS Commercial Mortgage Trust
Series 2013-C11, Class A4
3.04%, 03/15/2045 | | | 2,430,000 | | | | 2,280,416 | |
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C10, Class XA
1.99%, 12/15/2045 - 144A (C) | | | 15,334,629 | | | | 1,746,936 | |
| | | | | | | | |
Total Mortgage-Backed Securities (cost $183,137,874) | | | | | | | 180,977,662 | |
| | | | | | | | |
| | |
ASSET-BACKED SECURITIES - 14.2% | | | | | | | | |
AmeriCredit Automobile Receivables Trust | | | | | |
Series 2011-5, Class C | | | | | | | | |
3.44%, 10/08/2017 | | | 1,650,000 | | | | 1,709,032 | |
Series 2012-2, Class C | | | | | | | | |
2.64%, 10/10/2017 | | | 1,400,000 | | | | 1,421,468 | |
Series 2012-3, Class C | | | | | | | | |
2.42%, 05/08/2018 | | | 1,350,000 | | | | 1,366,583 | |
Series 2012-4, Class B | | | | | | | | |
1.31%, 11/08/2017 | | | 785,000 | | | | 783,492 | |
Series 2012-4, Class C | | | | | | | | |
1.93%, 08/08/2018 | | | 1,235,000 | | | | 1,221,222 | |
Series 2012-5, Class C | | | | | | | | |
1.69%, 11/08/2018 | | | 1,475,000 | | | | 1,451,341 | |
Amortizing Residential Collateral Trust
Series 2002-BC5, Class M1
1.23%, 07/25/2032 (C) | | | 263,707 | | | | 231,357 | |
AUTO Asset-Backed Securities Srl
Series 2012-2, Class A
2.80%, 04/27/2025 - Reg S | | | EUR 2,021,773 | | | | 2,656,095 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 19
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | |
Capital Auto Receivables Asset Trust
Series 2013-1, Class C
1.74%, 10/22/2018 | | | $ 2,130,000 | | | | $ 2,089,879 | |
Chase Funding Trust
Series 2003-4, Class 1A5
5.42%, 05/25/2033 (C) | | | 1,020,740 | | | | 1,073,077 | |
Chesapeake Funding LLC | | | | | | | | |
Series 2012-1A, Class B | | | | | | | | |
1.79%, 11/07/2023 - 144A (C) | | | 1,235,000 | | | | 1,240,655 | |
Series 2012-1A, Class C | | | | | | | | |
2.19%, 11/07/2023 - 144A (C) | | | 795,000 | | | | 798,627 | |
Conseco Finance Securitizations Corp. | | | | | | | | |
Series 2002-1, Class A | | | | | | | | |
6.68%, 12/01/2033 (C) | | | 494,399 | | | | 508,006 | |
Series 2002-2, Class A2 | | | | | | | | |
6.03%, 03/01/2033 (C) | | | 880,465 | | | | 908,114 | |
Countrywide Home Equity Loan Trust
Series 2006-RES, Class 4Q1B
0.49%, 12/15/2033 - 144A (C) | | | 270,887 | | | | 204,661 | |
Credit Acceptance Auto Loan Trust | | | | | | | | |
Series 2012-2A, Class A | | | | | | | | |
1.52%, 03/16/2020 - 144A | | | 1,780,000 | | | | 1,783,635 | |
Series 2013-1A, Class A | | | | | | | | |
1.21%, 10/15/2020 - 144A | | | 1,060,000 | | | | 1,051,834 | |
DT Auto Owner Trust | | | | | | | | |
Series 2011-3A, Class C | | | | | | | | |
4.03%, 02/15/2017 - 144A | | | 1,010,000 | | | | 1,017,812 | |
Series 2012-1A, Class B | | | | | | | | |
2.26%, 10/16/2017 - 144A | | | 1,360,000 | | | | 1,363,959 | |
Series 2012-1A, Class C | | | | | | | | |
3.38%, 10/16/2017 - 144A | | | 810,000 | | | | 817,153 | |
Series 2012-1A, Class D | | | | | | | | |
4.94%, 07/16/2018 - 144A | | | 1,750,000 | | | | 1,793,162 | |
Series 2012-2A, Class B | | | | | | | | |
1.85%, 04/17/2017 - 144A | | | 260,000 | | | | 260,384 | |
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019 | | | 1,210,000 | | | | 1,182,298 | |
Ford Credit Floorplan Master Owner Trust | | | | | |
Series 2010-5, Class C | | | | | | | | |
2.07%, 09/15/2015 - 144A | | | 1,260,000 | | | | 1,263,427 | |
Series 2010-5, Class D | | | | | | | | |
2.41%, 09/15/2015 - 144A | | | 670,000 | | | | 672,663 | |
Series 2011-2, Class C | | | | | | | | |
2.37%, 09/15/2015 | | | 1,600,000 | | | | 1,605,752 | |
Series 2011-2, Class D | | | | | | | | |
2.86%, 09/15/2015 | | | 1,110,000 | | | | 1,115,892 | |
Series 2012-1, Class C | | | | | | | | |
1.69%, 01/15/2016 (C) | | | 1,955,000 | | | | 1,965,837 | |
Series 2012-1, Class D | | | | | | | | |
2.29%, 01/15/2016 (C) | | | 1,830,000 | | | | 1,845,185 | |
Series 2012-2, Class C | | | | | | | | |
2.86%, 01/15/2019 | | | 455,000 | | | | 472,076 | |
Series 2012-2, Class D | | | | | | | | |
3.50%, 01/15/2019 | | | 815,000 | | | | 859,165 | |
Series 2012-4, Class C | | | | | | | | |
1.39%, 09/15/2016 | | | 910,000 | | | | 913,165 | |
Series 2012-4, Class D | | | | | | | | |
2.09%, 09/15/2016 | | | 1,595,000 | | | | 1,607,436 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | |
HLSS Servicer Advance Receivables Backed Notes | | | | | | | | |
Series 2012-T2, Class A1 | | | | | | | | |
1.34%, 10/15/2043 - 144A | | | $ 670,000 | | | | $ 669,732 | |
Series 2012-T2, Class A2 | | | | | | | | |
1.99%, 10/15/2045 - 144A | | | 1,345,000 | | | | 1,346,211 | |
Series 2013-T1, Class A2 | | | | | | | | |
1.50%, 01/16/2046 - 144A | | | 3,550,000 | | | | 3,503,495 | |
Series 2013-T2, Class B2 | | | | | | | | |
1.50%, 05/16/2044 - 144A | | | 440,000 | | | | 439,032 | |
Series 2013-T3, Class A3 | | | | | | | | |
1.79%, 05/15/2046 - 144A | | | 6,720,000 | | | | 6,636,000 | |
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018 | | | 2,235,000 | | | | 2,273,522 | |
JG Wentworth XX LLC
Series 2010-1A, Class A
5.56%, 07/15/2059 - 144A | | | 7,509,319 | | | | 8,594,356 | |
JG Wentworth XXI LLC
Series 2010-2A, Class A
4.07%, 01/15/2048 - 144A | | | 577,153 | | | | 609,813 | |
JG Wentworth XXII LLC
Series 2010-3A, Class A
3.82%, 12/15/2048 - 144A | | | 1,929,987 | | | | 2,019,511 | |
Lehman XS Trust
Series 2007-2N, Class 3A1
0.34%, 02/25/2037 (C) (E) | | | 5 | | | | 5 | |
Nationstar Agency Advance Funding Trust
Series T2A, Class AT2
1.89%, 02/18/2048 - 144A | | | 3,680,000 | | | | 3,553,040 | |
Nationstar Mortgage Advance Receivable Trust | | | | | |
Series 2013-T1A, Class A1 | | | | | | | | |
1.08%, 06/20/2044 - 144A | | | 3,770,000 | | | | 3,765,954 | |
Series 2013-T2A, Class A2 | | | | | | | | |
1.68%, 06/20/2046 - 144A | | | 5,365,000 | | | | 5,359,254 | |
Nelnet Student Loan Trust | | | | | | | | |
Series 2006-1, Class A5 | | | | | | | | |
0.38%, 08/23/2027 (C) | | | 2,230,000 | | | | 2,158,138 | |
Series 2008-3, Class A4 | | | | | | | | |
1.92%, 11/25/2024 (C) | | | 2,500,000 | | | | 2,615,467 | |
PFS Financing Corp.
Series 2012-AA, Class A
1.39%, 02/15/2016 - 144A (C) | | | 1,970,000 | | | | 1,977,354 | |
RAAC Series Series
2007-RP4, Class A
0.54%, 06/25/2037 - 144A (C) | | | 1,164,321 | | | | 889,484 | |
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6
5.88%, 06/25/2037 (C) | | | 1,471,862 | | | | 824,533 | |
Santander Drive Auto Receivables Trust | | | | | | | | |
Series 2011-S1A, Class B | | | | | | | | |
1.48%, 07/15/2013 - 144A | | | 756,933 | | | | 759,410 | |
Series 2012-1, Class B | | | | | | | | |
2.72%, 05/16/2016 | | | 1,000,000 | | | | 1,018,029 | |
Series 2012-1, Class C | | | | | | | | |
3.78%, 11/15/2017 | | | 1,345,000 | | | | 1,396,207 | |
Series 2012-2, Class C | | | | | | | | |
3.20%, 02/15/2018 | | | 4,455,000 | | | | 4,587,910 | |
Series 2012-3, Class B | | | | | | | | |
1.94%, 12/15/2016 | | | 3,285,000 | | | | 3,313,928 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 20
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | |
Santander Drive Auto Receivables Trust (continued) | | | | | |
Series 2012-3, Class C | | | | | | | | |
3.01%, 04/16/2018 | | | $ 4,475,000 | | | | $ 4,595,821 | |
Series 2012-4, Class C | | | | | | | | |
2.94%, 12/15/2017 | | | 1,400,000 | | | | 1,422,569 | |
Series 2012-5, Class B | | | | | | | | |
1.56%, 08/15/2018 | | | 750,000 | | | | 755,969 | |
Series 2012-5, Class C | | | | | | | | |
2.70%, 08/15/2018 | | | 355,000 | | | | 357,234 | |
Series 2012-6, Class B | | | | | | | | |
1.33%, 05/15/2017 | | | 1,555,000 | | | | 1,561,694 | |
Series 2012-6, Class C | | | | | | | | |
1.94%, 03/15/2018 | | | 1,070,000 | | | | 1,062,156 | |
Series 2012-AA, Class B | | | | | | | | |
1.21%, 10/16/2017 - 144A | | | 3,780,000 | | | | 3,776,874 | |
Series 2012-AA, Class C | | | | | | | | |
1.78%, 11/15/2018 - 144A | | | 7,060,000 | | | | 6,919,873 | |
Series 2013-2, Class B | | | | | | | | |
1.33%, 03/15/2018 | | | 3,740,000 | | | | 3,726,820 | |
Series 2013-2, Class C | | | | | | | | |
1.95%, 03/15/2019 | | | 6,130,000 | | | | 5,990,898 | |
Series 2013-3, Class B | | | | | | | | |
1.19%, 05/15/2018 | | | 3,320,000 | | | | 3,290,691 | |
Scholar Funding Trust | | | | | | | | |
Series 2011-A, Class A | | | | | | | | |
1.18%, 10/28/2043 - 144A (C) | | | 1,569,454 | | | | 1,547,262 | |
Series 2013-A, Class A | | | | | | | | |
0.84%, 01/30/2045 - 144A (C) | | | 6,809,468 | | | | 6,760,050 | |
Securitized Asset Backed Receivables LLC
Series 2007-BR3, Class A2B
0.41%, 04/25/2037 (C) | | | 2,443,781 | | | | 1,345,353 | |
SLC Private Student Loan Trust
Series 2006-A, Class A5
0.45%, 07/15/2036 (C) | | | 3,935,000 | | | | 3,802,977 | |
SLC Student Loan Trust
Series 2008-1, Class A4A
1.87%, 12/15/2032 (C) | | | 400,000 | | | | 409,308 | |
SLM Student Loan Trust | | | | | | | | |
Series 2004-B, Class A2 | | | | | | | | |
0.47%, 06/15/2021 (C) | | | 3,118,708 | | | | 3,057,147 | |
Series 2008-5, Class A4 | | | | | | | | |
1.98%, 07/25/2023 (C) | | | 2,445,000 | | | | 2,526,000 | |
Series 2011-B, Class A2 | | | | | | | | |
3.74%, 02/15/2029 - 144A | | | 595,000 | | | | 626,982 | |
Series 2011-C, Class A2B | | | | | | | | |
4.54%, 10/17/2044 - 144A | | | 1,930,000 | | | | 2,090,999 | |
Series 2012-A, Class A1 | | | | | | | | |
1.59%, 08/15/2025 - 144A (C) | | | 1,104,820 | | | | 1,116,590 | |
Series 2012-A, Class A2 | | | | | | | | |
3.83%, 01/17/2045 - 144A | | | 3,340,000 | | | | 3,550,610 | |
Series 2012-B, Class A2 | | | | | | | | |
3.48%, 10/15/2030 - 144A | | | 2,555,000 | | | | 2,669,801 | |
Series 2012-C, Class A1 | | | | | | | | |
1.29%, 08/15/2023 - 144A (C) | | | 2,279,348 | | | | 2,291,782 | |
Series 2012-C, Class A2 | | | | | | | | |
3.31%, 10/15/2046 - 144A | | | 4,850,000 | | | | 5,018,499 | |
Series 2012-D, Class A2 | | | | | | | | |
2.95%, 02/15/2046 - 144A | | | 5,720,000 | | | | 5,869,103 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | |
SLM Student Loan Trust (continued) | | | | | |
Series 2012-E, Class A1 | | | | | | | | |
0.94%, 10/16/2023 - 144A (C) | | | $ 2,050,454 | | | | $ 2,051,978 | |
Series 2013-A, Class A2A | | | | | | | | |
1.77%, 05/17/2027 - 144A | | | 1,535,000 | | | | 1,452,623 | |
SpringCastle America Funding LLC
Series 2013-1A, Class A
3.75%, 04/03/2021 - 144A | | | 7,800,040 | | | | 7,803,940 | |
Structured Asset Securities Corp. | | | | | | | | |
Series 2003-AL2, Class A | | | | | | | | |
3.36%, 01/25/2031 - 144A | | | 2,232,766 | | | | 2,189,140 | |
Series 2007-TC1, Class A | | | | | | | | |
0.49%, 04/25/2031 - 144A (C) | | | 1,346,022 | | | | 1,294,966 | |
World Financial Network Credit Card Master Trust | | | | | | | | |
Series 2012-C, Class A | | | | | | | | |
2.23%, 08/15/2022 | | | 4,000,000 | | | | 3,978,348 | |
Series 2012-D, Class A | | | | | | | | |
2.15%, 04/17/2023 | | | 4,780,000 | | | | 4,636,524 | |
| | | | | | | | |
Total Asset-Backed Securities (cost $197,811,191) | | | | 197,115,410 | |
| | | | | | | | |
| |
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3% | | | | | |
New York City Water & Sewer System | | | | | | | | |
5.38%, 06/15/2043 | | | 1,670,000 | | | | 1,802,347 | |
5.50%, 06/15/2043 | | | 2,000,000 | | | | 2,182,480 | |
| | | | | | | | |
Total Municipal Government Obligations (cost $3,618,052) | | | | 3,984,827 | |
| | | | | | | | |
| |
PREFERRED CORPORATE DEBT SECURITIES - 0.3% | | | | | |
Capital Markets - 0.0% (F) | | | | | | | | |
State Street Capital Trust IV
1.27%, 06/15/2037 (C) | | | 290,000 | | | | 235,123 | |
Commercial Banks - 0.1% | | | | | | | | |
Fifth Third Capital Trust IV
6.50%, 04/15/2037 (A) (C) | | | 2,125,000 | | | | 2,117,031 | |
Diversified Financial Services - 0.1% | | | | | | | | |
Lehman Brothers Holdings Capital Trust VII,
Series MTN
5.86%, 08/01/2013 (E) (G) (H) (I) | | | 1,945,000 | | | | 389 | |
ZFS Finance USA Trust V
6.50%, 05/09/2037 - 144A (C) | | | 1,067,000 | | | | 1,136,355 | |
Insurance - 0.1% | | | | | | | | |
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A | | | 1,240,000 | | | | 1,476,725 | |
| | | | | | | | |
Total Preferred Corporate Debt Securities (cost $6,713,229) | | | | 4,965,623 | |
| | | | | | | | |
| |
CORPORATE DEBT SECURITIES - 26.9% | | | | | |
Auto Components - 0.1% | | | | | | | | |
BorgWarner, Inc.
4.63%, 09/15/2020 | | | 1,185,000 | | | | 1,244,627 | |
Automobiles - 0.0% (F) | | | | | | | | |
Jaguar Land Rover Automotive PLC
8.25%, 03/15/2020 - Reg S | | | GBP 110,000 | | | | 181,525 | |
Building Products - 0.0% (F) | | | | | | | | |
Eco-Bat Finance PLC
7.75%, 02/15/2017 - Reg S (A) | | | EUR 110,000 | | | | 144,613 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 21
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Capital Markets - 0.7% | | | | | | | | |
Goldman Sachs Group, Inc. | | | | | | | | |
3.63%, 01/22/2023 (A) | | | $ 3,470,000 | | | | $ 3,320,002 | |
5.75%, 01/24/2022 | | | 1,181,000 | | | | 1,302,658 | |
Morgan Stanley | | | | | | | | |
2.13%, 04/25/2018 | | | 3,385,000 | | | | 3,239,550 | |
3.80%, 04/29/2016 | | | 1,045,000 | | | | 1,086,864 | |
Chemicals - 0.8% | | | | | | | | |
CF Industries, Inc.
7.13%, 05/01/2020 | | | 4,340,000 | | | | 5,192,228 | |
LyondellBasell Industries NV
5.00%, 04/15/2019 | | | 5,402,000 | | | | 5,877,895 | |
Rain CII Carbon LLC / CII Carbon Corp.
8.50%, 01/15/2021 - Reg S (A) | | | EUR 130,000 | | | | 169,214 | |
Commercial Banks - 1.4% | | | | | | | | |
ABN Amro Bank NV,
Series EMTN
6.38%, 04/27/2021 - Reg S | | | 380,000 | | | | 544,585 | |
Caixa Economica Federal | | | | | | | | |
2.38%, 11/06/2017 - 144A | | | $ 1,650,000 | | | | 1,522,125 | |
3.50%, 11/07/2022 - 144A | | | 875,000 | | | | 735,000 | |
Canadian Imperial Bank of Commerce
2.60%, 07/02/2015 - 144A | | | 2,420,000 | | | | 2,510,750 | |
Commerzbank AG,
Series EMTN
6.38%, 03/22/2019 (A) | | | EUR 1,000,000 | | | | 1,347,207 | |
Discover Bank
8.70%, 11/18/2019 | | | $ 354,000 | | | | 452,225 | |
Eksportfinans ASA
5.50%, 05/25/2016 (A) | | | 1,770,000 | | | | 1,843,898 | |
Glitnir Banki HF
6.33%, 07/28/2011 - 144A (G) | | | 290,000 | | | | 83,375 | |
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A | | | 5,850,000 | | | | 5,996,250 | |
KFW
1.38%, 07/15/2013 | | | 3,000,000 | | | | 3,001,080 | |
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A (G) (I) | | | 320,000 | | | | 24,800 | |
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/2017 - 144A | | | 170,000 | | | | 180,404 | |
Sberbank of Russia Via SB Capital SA
6.13%, 02/07/2022 - Reg S | | | 1,370,000 | | | | 1,429,869 | |
Commercial Services & Supplies - 0.3% | | | | | |
EC Finance PLC
9.75%, 08/01/2017 - Reg S | | | EUR 124,000 | | | | 173,946 | |
GCL Holdings SCA
9.38%, 04/15/2018 - Reg S | | | 110,000 | | | | 152,488 | |
Odeon & UCI Finco PLC,
Series EMTN
9.00%, 08/01/2018 - Reg S | | | GBP 105,000 | | | | 168,084 | |
Servus Luxembourg Holding SCA,
Series EMTN
7.75%, 06/15/2018 - Reg S | | | EUR 100,000 | | | | 127,887 | |
United Rentals North America, Inc.
7.63%, 04/15/2022 | | | $ 3,320,000 | | | | 3,593,900 | |
| | | | | | | | |
| | | Principal | | | Value | |
Commercial Services & Supplies (continued) | | | | | |
Verisure Holding AB,
Series EMTN
8.75%, 12/01/2018 - Reg S (A) | | | EUR 110,000 | | | | $ 148,193 | |
Communications Equipment - 0.1% | | | | | | | | |
CC Holdings GS V LLC / Crown Castle GS III Corp
3.85%, 04/15/2023 (A) | | | $ 1,550,000 | | | | 1,461,582 | |
Construction Materials - 0.0% (F) | | | | | | | | |
Buzzi Unicem SpA
6.25%, 09/28/2018 - Reg S | | | EUR 230,000 | | | | 316,085 | |
Consumer Finance - 0.1% | | | | | | | | |
Discover Financial Services
3.85%, 11/21/2022 | | | $ 1,136,000 | | | | 1,066,803 | |
SLM Corp, Series MTN
4.63%, 09/25/2017 | | | 369,000 | | | | 363,465 | |
Unique Pub Finance Co. PLC
Series A4
5.66%, 06/30/2027 | | | GBP 97,000 | | | | 136,514 | |
Containers & Packaging - 0.2% | | | | | | | | |
Ardagh Glass Finance PLC
8.75%, 02/01/2020 - Reg S | | | EUR 62,000 | | | | 82,316 | |
Ardagh Packaging Finance PLC
9.25%, 10/15/2020 - Reg S | | | 100,000 | | | | 136,348 | |
Rock Tenn Co. | | | | | | | | |
3.50%, 03/01/2020 | | | $ 666,000 | | | | 651,696 | |
4.00%, 03/01/2023 | | | 1,690,000 | | | | 1,628,379 | |
Distributors - 0.2% | | | | | | | | |
Glencore Funding LLC
2.50%, 01/15/2019 - 144A | | | 2,755,000 | | | | 2,492,473 | |
Diversified Financial Services - 4.5% | | | | | | | | |
Bank of America Corp. | | | | | | | | |
2.00%, 01/11/2018 | | | 7,435,000 | | | | 7,201,645 | |
3.88%, 03/22/2017 (A) | | | 1,563,000 | | | | 1,636,981 | |
5.20%, 06/01/2023 (C) (H) | | | 1,537,000 | | | | 1,444,780 | |
5.70%, 01/24/2022 | | | 3,660,000 | | | | 4,062,765 | |
6.50%, 08/01/2016 | | | 985,000 | | | | 1,110,534 | |
Bank of America Corp., Series GMTN 5.65%, 05/01/2018 | | | 10,735,000 | | | | 11,926,392 | |
Bank of America Corp., Series MTN
3.30%, 01/11/2023 | | | 1,630,000 | | | | 1,540,590 | |
Citigroup, Inc. | | | | | | | | |
3.38%, 03/01/2023 (A) | | | 1,450,000 | | | | 1,387,090 | |
4.45%, 01/10/2017 | | | 900,000 | | | | 963,711 | |
4.59%, 12/15/2015 | | | 11,710,000 | | | | 12,505,507 | |
5.35%, 05/15/2023 (C) (H) | | | 890,000 | | | | 834,375 | |
Ford Motor Credit Co., LLC | | | | | | | | |
5.00%, 05/15/2018 | | | 8,319,000 | | | | 8,871,581 | |
6.63%, 08/15/2017 | | | 1,740,000 | | | | 1,969,320 | |
JPMorgan Chase & Co. | | | | | | | | |
3.20%, 01/25/2023 | | | 1,615,000 | | | | 1,533,131 | |
3.25%, 09/23/2022 | | | 1,240,000 | | | | 1,177,258 | |
5.15%, 05/01/2023 (C) (H) | | | 1,097,000 | | | | 1,044,893 | |
Kaupthing Bank Hf Series 6A, Class A1A 7.13%, 05/19/2016 - 144A (E) (G) | | | 200,000 | | | | 0 | |
Novus USA Trust
1.57%, 02/28/2014 - 144A (C) | | | 2,930,000 | | | | 2,925,605 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 22
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Diversified Telecommunication Services - 0.9% | | | | | |
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 | | | $ 1,902,000 | | | | $ 1,989,967 | |
Level 3 Financing, Inc.
8.13%, 07/01/2019 | | | 2,053,000 | | | | 2,155,650 | |
Lynx I Corp.
6.00%, 04/15/2021 - Reg S | | | GBP 110,000 | | | | 165,889 | |
Sprint Capital Corp.
6.88%, 11/15/2028 | | | $ 822,000 | | | | 789,120 | |
Telenet Finance III Luxembourg SCA 6.63%, 02/15/2021 - Reg S | | | EUR 100,000 | | | | 132,931 | |
Telenet Finance V Luxembourg SCA 6.75%, 08/15/2024 - Reg S | | | 100,000 | | | | 131,844 | |
Verizon Communications, Inc.
3.85%, 11/01/2042 (A) | | | $ 5,234,000 | | | | 4,342,870 | |
Virgin Media Secured Finance PLC 6.50%, 01/15/2018 | | | 2,160,000 | | | | 2,219,400 | |
Electric Utilities - 2.3% | | | | | | | | |
Cleveland Electric Illuminating Co. | | | | | | | | |
5.95%, 12/15/2036 | | | 468,000 | | | | 505,447 | |
8.88%, 11/15/2018 | | | 459,000 | | | | 596,687 | |
Duke Energy Carolinas LLC
4.25%, 12/15/2041 | | | 1,560,000 | | | | 1,453,439 | |
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc.
10.00%, 12/01/2020 (A) | | | 6,135,000 | | | | 6,717,825 | |
Florida Power Corp.
6.40%, 06/15/2038 | | | 1,000,000 | | | | 1,225,033 | |
Georgia Power Co.
3.00%, 04/15/2016 | | | 3,370,000 | | | | 3,526,607 | |
Hydro-Quebec | | | | | | | | |
8.05%, 07/07/2024 | | | 8,200,000 | | | | 11,277,714 | |
8.40%, 01/15/2022 | | | 3,065,000 | | | | 4,165,084 | |
Jersey Central Power & Light Co.
7.35%, 02/01/2019 | | | 1,025,000 | | | | 1,237,621 | |
Trans-Allegheny Interstate Line Co. 4.00%, 01/15/2015 - 144A | | | 1,050,000 | | | | 1,090,580 | |
Electronic Equipment & Instruments - 0.0% (F) | | | | | |
Trionista Holdco GmbH
5.00%, 04/30/2020 - Reg S | | | EUR 100,000 | | | | 128,864 | |
Trionista TopCo GmbH
6.88%, 04/30/2021 - Reg S | | | 100,000 | | | | 128,863 | |
Energy Equipment & Services - 1.3% | | | | | | | | |
DCP Midstream LLC
5.85%, 05/21/2043 - 144A (A) (C) | | | $ 377,000 | | | | 361,920 | |
Enterprise Products Operating LLC 4.45%, 02/15/2043 (A) | | | 1,035,000 | | | | 918,728 | |
Noble Holding International, Ltd.
5.25%, 03/15/2042 (A) | | | 1,705,000 | | | | 1,527,143 | |
Transocean, Inc. | | | | | | | | |
2.50%, 10/15/2017 (A) | | | 3,595,000 | | | | 3,552,727 | |
5.05%, 12/15/2016 | | | 2,575,000 | | | | 2,800,119 | |
6.00%, 03/15/2018 | | | 5,826,000 | | | | 6,528,855 | |
6.50%, 11/15/2020 | | | 2,475,000 | | | | 2,785,882 | |
Food & Staples Retailing - 0.2% | | | | | | | | |
Bakkavor Finance 2 PLC | | | | | | | | |
8.25%, 02/15/2018 - Reg S | | | 100,000 | | | | 151,715 | |
8.75%, 06/15/2020 - Reg S | | | 100,000 | | | | 152,855 | |
| | | | | | | | |
| | | Principal | | | Value | |
Food & Staples Retailing (continued) | | | | | |
House of Fraser Funding PLC
8.88%, 08/15/2018 - Reg S | | | GBP 100,000 | | | | $ 157,760 | |
Wal-Mart Stores, Inc.
4.00%, 04/11/2043 | | | $ 1,718,000 | | | | 1,565,416 | |
Food Products - 0.1% | | | | | | | | |
Mondelez International, Inc.
6.50%, 08/11/2017 | | | 1,120,000 | | | | 1,302,168 | |
Health Care Equipment & Supplies - 0.4% | | | | | |
Boston Scientific Corp.
6.25%, 11/15/2015 | | | 5,230,000 | | | | 5,788,323 | |
IDH Finance PLC, Series EMTN
6.00%, 12/01/2018 - Reg S | | | GBP 110,000 | | | | 167,305 | |
Health Care Providers & Services - 0.8% | | | | | |
Care UK Health & Social Care PLC 9.75%, 08/01/2017 - Reg S | | | 110,000 | | | | 169,814 | |
Coventry Health Care, Inc.
5.45%, 06/15/2021 | | | $ 1,667,000 | | | | 1,856,805 | |
HCA, Inc.
7.25%, 09/15/2020 | | | 4,395,000 | | | | 4,719,131 | |
Priory Group NO 3 PLC
7.00%, 02/15/2018 - Reg S | | | GBP 130,000 | | | | 199,701 | |
Tenet Healthcare Corp.
6.25%, 11/01/2018 | | | $ 2,010,000 | | | | 2,115,525 | |
UnitedHealth Group, Inc.
3.38%, 11/15/2021 | | | 665,000 | | | | 662,905 | |
WellPoint, Inc.
1.88%, 01/15/2018 | | | 1,975,000 | | | | 1,933,809 | |
Hotels, Restaurants & Leisure - 0.0% (F) | | | | | |
Cirsa Funding Luxembourg SA
8.75%, 05/15/2018 - Reg S (A) | | | EUR 140,000 | | | | 183,324 | |
Enterprise Inns PLC
6.50%, 12/06/2018 | | | GBP 136,000 | | | | 202,613 | |
Gala Group Finance PLC
8.88%, 09/01/2018 - Reg S | | | 110,000 | | | | 176,674 | |
Household Durables - 0.0% (F) | | | | | | | | |
DFS Furniture Holdings PLC
7.63%, 08/15/2018 - Reg S | | | 103,000 | | | | 161,749 | |
Household Products - 0.4% | | | | | | | | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu | | | | | | | | |
6.88%, 02/15/2021 | | | $ 2,320,000 | | | | 2,436,000 | |
7.88%, 08/15/2019 | | | 2,595,000 | | | | 2,828,550 | |
Insurance - 2.1% | | | | | | | | |
Allianz Finance II BV, Series EMTN 5.75%, 07/08/2041 (C) | | | EUR 2,400,000 | | | | 3,450,762 | |
American International Group, Inc. | | | | | | | | |
3.80%, 03/22/2017 | | | $ 3,465,000 | | | | 3,632,415 | |
4.88%, 06/01/2022 (A) | | | 3,350,000 | | | | 3,570,845 | |
8.18%, 05/15/2058 (C) | | | 1,095,000 | | | | 1,335,900 | |
American International Group, Inc.,
Series GMTN
5.45%, 05/18/2017 | | | 1,555,000 | | | | 1,714,133 | |
AXA SA,Series EMTN
5.25%, 04/16/2040 (C) | | | EUR 1,800,000 | | | | 2,388,352 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 23
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Insurance (continued) | | | | | | | | |
Manulife Financial Corp.
3.40%, 09/17/2015 | | | $ 680,000 | | | | $ 710,453 | |
Muenchener Rueckversicherungs AG, Series EMTN
6.00%, 05/26/2041 - Reg S (C) | | | EUR 1,400,000 | | | | 2,070,080 | |
Prudential Financial, Inc. | | | | | | | | |
5.20%, 03/15/2044 (C) | | | $ 95,000 | | | | 89,775 | |
5.88%, 09/15/2042 (A) (C) | | | 962,000 | | | | 964,405 | |
Prudential Financial, Inc.,
Series MTN | | | | | | | | |
4.50%, 11/15/2020 (A) | | | 1,000,000 | | | | 1,065,861 | |
4.75%, 09/17/2015 | | | 1,686,000 | | | | 1,814,249 | |
5.38%, 06/21/2020 | | | 1,500,000 | | | | 1,681,562 | |
7.38%, 06/15/2019 | | | 1,630,000 | | | | 1,991,788 | |
XL Group PLC
6.50%, 04/15/2017 (A) (C) (H) | | | 3,100,000 | | | | 3,022,500 | |
Internet Software & Services - 0.0% (F) | | | | | | | | |
Cerved Technologies SpA,
Series EMTN | | | | | | | | |
6.38%, 01/15/2020 - Reg S | | | EUR 111,000 | | | | 141,594 | |
8.00%, 01/15/2021 - Reg S (A) | | | 110,000 | | | | 136,022 | |
Life Sciences Tools & Services - 0.1% | | | | | | | | |
Life Technologies Corp.
6.00%, 03/01/2020 | | | $ 1,150,000 | | | | 1,295,554 | |
Marine - 0.2% | | | | | | | | |
DP World Sukuk, Ltd.
6.25%, 07/02/2017 - Reg S | | | 2,440,000 | | | | 2,610,800 | |
Media - 2.2% | | | | | | | | |
CBS Corp. | | | | | | | | |
4.63%, 05/15/2018 | | | 670,000 | | | | 725,800 | |
5.75%, 04/15/2020 | | | 530,000 | | | | 601,139 | |
8.88%, 05/15/2019 | | | 1,460,000 | | | | 1,881,566 | |
Comcast Corp. | | | | | | | | |
4.65%, 07/15/2042 | | | 2,887,000 | | | | 2,768,431 | |
5.88%, 02/15/2018 | | | 2,709,000 | | | | 3,162,804 | |
COX Communications, Inc. | | | | | | | | |
3.25%, 12/15/2022 - 144A | | | 2,768,000 | | | | 2,604,207 | |
4.70%, 12/15/2042 - 144A (A) | | | 906,000 | | | | 803,617 | |
8.38%, 03/01/2039 - 144A | | | 3,525,000 | | | | 4,777,612 | |
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021 - 144A (H) | | | 1,500,000 | | | | 1,500,000 | |
NBCUniversal Media LLC | | | | | | | | |
4.38%, 04/01/2021 | | | 575,000 | | | | 620,249 | |
4.45%, 01/15/2043 | | | 1,389,000 | | | | 1,296,664 | |
5.15%, 04/30/2020 | | | 5,746,000 | | | | 6,541,769 | |
News America, Inc.
7.63%, 11/30/2028 | | | 1,070,000 | | | | 1,304,364 | |
Time Warner Cable, Inc.
4.50%, 09/15/2042 (A) | | | 2,354,000 | | | | 1,825,489 | |
Unitymedia KabelBW GmbH
9.50%, 03/15/2021 - Reg S | | | EUR 130,000 | | | | 187,828 | |
Metals & Mining - 0.5% | | | | | | | | |
Freeport-McMoRan Copper & Gold, Inc. | | | | | | | | |
3.10%, 03/15/2020 - 144A | | | $ 1,934,000 | | | | 1,787,623 | |
5.45%, 03/15/2043 - 144A | | | 2,049,000 | | | | 1,806,917 | |
Novelis, Inc.
8.75%, 12/15/2020 | | | 2,735,000 | | | | 2,933,288 | |
| | | | | | | | |
| | | Principal | | | Value | |
Multi-Utilities - 0.6% | | | | | | | | |
Dominion Resources, Inc.
1.95%, 08/15/2016 | | | $ 2,650,000 | | | | $ 2,702,897 | |
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037 | | | 4,565,000 | | | | 5,071,797 | |
Multiline Retail - 0.1% | | | | | | | | |
Macy’s Retail Holdings, Inc.
7.45%, 07/15/2017 | | | 1,374,000 | | | | 1,644,321 | |
Oil, Gas & Consumable Fuels - 3.6% | | | | | | | | |
Anadarko Petroleum Corp.
5.95%, 09/15/2016 | | | 3,035,000 | | | | 3,404,281 | |
CNOOC Finance 2013, Ltd.
1.75%, 05/09/2018 (A) | | | 743,000 | | | | 710,691 | |
CONSOL Energy, Inc.
8.25%, 04/01/2020 | | | 290,000 | | | | 303,775 | |
Energy Transfer Partners, LP | | | | | | | | |
3.60%, 02/01/2023 | | | 2,690,000 | | | | 2,517,541 | |
6.50%, 02/01/2042 | | | 1,493,000 | | | | 1,592,174 | |
Laredo Petroleum, Inc.
7.38%, 05/01/2022 (A) | | | 1,370,000 | | | | 1,438,500 | |
Linn Energy LLC / Linn Energy
Finance Corp.
6.25%, 11/01/2019 - 144A | | | 2,820,000 | | | | 2,686,050 | |
MEG Energy Corp. | | | | | | | | |
6.38%, 01/30/2023 - 144A | | | 740,000 | | | | 717,800 | |
6.50%, 03/15/2021 - 144A | | | 4,030,000 | | | | 3,994,737 | |
Murphy Oil Corp. | | | | | | | | |
2.50%, 12/01/2017 | | | 2,286,000 | | | | 2,254,645 | |
3.70%, 12/01/2022 | | | 3,217,000 | | | | 2,984,176 | |
4.00%, 06/01/2022 | | | 509,000 | | | | 486,207 | |
Nexen, Inc. | | | | | | | | |
5.88%, 03/10/2035 | | | 110,000 | | | | 114,934 | |
6.40%, 05/15/2037 | | | 3,810,000 | | | | 4,141,032 | |
7.50%, 07/30/2039 | | | 830,000 | | | | 1,013,658 | |
Noble Energy, Inc. | | | | | | | | |
4.15%, 12/15/2021 | | | 740,000 | | | | 764,060 | |
6.00%, 03/01/2041 (A) | | | 1,260,000 | | | | 1,419,524 | |
Novatek OAO via Novatek Finance, Ltd. 4.42%, 12/13/2022 - 144A | | | 1,135,000 | | | | 1,041,363 | |
Peabody Energy Corp.
6.25%, 11/15/2021 (A) | | | 1,715,000 | | | | 1,654,975 | |
Petrobras International Finance Co. - Pifco
3.88%, 01/27/2016 | | | 5,825,000 | | | | 5,992,911 | |
Plains Exploration & Production Co.
6.50%, 11/15/2020 | | | 1,380,000 | | | | 1,463,083 | |
Range Resources Corp.
5.75%, 06/01/2021 | | | 450,000 | | | | 463,500 | |
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 (C) | | | 125,000 | | | | 2,500 | |
Sibur Securities, Ltd.
3.91%, 01/31/2018 - 144A | | | 650,000 | | | | 601,250 | |
Western Gas Partners, LP | | | | | | | | |
4.00%, 07/01/2022 | | | 1,212,000 | | | | 1,176,481 | |
5.38%, 06/01/2021 (A) | | | 3,081,000 | | | | 3,306,101 | |
Williams Cos., Inc. | | | | | | | | |
3.70%, 01/15/2023 | | | 1,575,000 | | | | 1,463,306 | |
7.88%, 09/01/2021 | | | 1,631,000 | | | | 1,968,881 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 24
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Paper & Forest Products - 0.3% | | | | | | | | |
International Paper Co.
4.75%, 02/15/2022 (A) | | | $ 4,304,000 | | | | 4,529,047 | |
Personal Products - 0.0% (F) | | | | | | | | |
Ontex IV SA
9.00%, 04/15/2019 - Reg S | | | EUR 110,000 | | | | 143,683 | |
Pharmaceuticals - 0.1% | | | | | | | | |
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 | | | $ 850,000 | | | | 850,078 | |
Professional Services - 0.0% (F) | | | | | | | | |
La Financiere Atalian SA
7.25%, 01/15/2020 - Reg S (A) | | | EUR 100,000 | | | | 127,725 | |
TMF Group Holding BV
9.88%, 12/01/2019 - Reg S | | | 119,000 | | | | 154,896 | |
Real Estate Investment Trusts - 0.3% | | | | | | | | |
Ventas Realty, LP / Ventas Capital Corp. | | | | | |
2.70%,04/01/2020 | | | $ 545,000 | | | | 515,320 | |
4.75%,06/01/2021 | | | 1,155,000 | | | | 1,213,381 | |
Vornado Realty, LP
5.00%, 01/15/2022 (A) | | | 2,405,000 | | | | 2,524,463 | |
Real Estate Management & Development - 0.2% | | | | | |
Algeco Scotsman Global Finance PLC,
Series EMTN
9.00%, 10/15/2018 - Reg S (A) | | | EUR 110,000 | | | | 144,284 | |
Realogy Corp.
Series 2012 - 3A, Class A1
7.88%, 02/15/2019 - 144A (A) | | | $ 2,020,000 | | | | 2,131,100 | |
Road & Rail - 0.2% | | | | | | | | |
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023 (A) | | | 2,437,000 | | | | 2,322,285 | |
Software - 0.1% | | | | | | | | |
First Data Corp.
7.38%, 06/15/2019 - 144A | | | 1,060,000 | | | | 1,089,150 | |
Specialty Retail - 0.1% | | | | | | | | |
QVC, Inc.
7.50%, 10/01/2019 - 144A | | | 1,730,000 | | | | 1,880,875 | |
Trading Companies & Distributors - 0.0% (F) | | | | | |
Rexel SA
5.13%, 06/15/2020 - Reg S | | | EUR 100,000 | | | | 129,839 | |
Transportation Infrastructure - 0.0% (F) | | | | | |
Gategroup Finance Luxembourg SA, Series EMTN
6.75%, 03/01/2019 - Reg S | | | 110,000 | | | | 141,750 | |
Wireless Telecommunication Services - 1.4% | | | | | |
America Movil SAB de CV
2.38%, 09/08/2016 | | | $ 3,420,000 | | | | 3,465,175 | |
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A | | | 7,340,000 | | | | 8,422,467 | |
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 | | | 117,000 | | | | 124,605 | |
Phones4u Finance PLC
9.50%, 04/01/2018 - Reg S (A) | | | GBP 210,000 | | | | 325,787 | |
SBA Tower Trust
5.10%, 04/17/2017 - 144A | | | $ 1,570,000 | | | | 1,717,101 | |
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A | | | 3,570,000 | | | | 4,176,900 | |
VimpelCom Holdings BV
7.50%, 03/01/2022 - Reg S | | | 360,000 | | | | 372,600 | |
| | | | | | | | |
Total Corporate Debt Securities (cost $370,259,740) | | | | 372,072,091 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
PREFERRED STOCKS - 0.4% | | | | | | | | |
Capital Markets - 0.1% | | | | | | | | |
Goldman Sachs Group, Inc. - Series J, 5.50% (C) | | | 42,730 | | | | $ 1,031,502 | |
Consumer Finance - 0.0% (F) | | | | | | | | |
Ally Financial, Inc. 144A,7.00% | | | 341 | | | | 324,110 | |
Diversified Financial Services - 0.2% | | | | | |
Citigroup Capital XIII,7.88% (C) | | | 126,052 | | | | 3,510,548 | |
U.S. Government Agency Obligation - 0.1% | | | | | |
Fannie Mae - Series O, 0.00% (H) (J) | | | 1,300 | | | | 10,374 | |
Fannie Mae - Series S, 8.25% (C) (H) (J) | | | 81,175 | | | | 369,347 | |
Freddie Mac - Series Z, 8.38% (C) (H) (J) | | | 93,300 | | | | 433,845 | |
| | | | | | | | |
Total Preferred Stocks (cost $6,667,328) | | | | 5,679,726 | |
| | | | | | | | |
| | |
WARRANT - 0.0% (F) | | | | | | | | |
Oil, Gas & Consumable Fuels - 0.0% (F) | | | | | |
SemGroup Corp. (A) (J)
Expiration: 11/30/2014
Exercise Price: $25.0 | | | 340 | | | | 7,636 | |
| | | | | | | | |
Total Warrant (cost $4) | | | | | | | 7,636 | |
| | | | | | | | |
| |
SHORT-TERM INVESTMENT COMPANY - 2.4% | | | | | |
BlackRock Provident TempFund 24 (K) | | | 33,213,475 | | | | 33,213,475 | |
| | | | | | | | |
Total Short-Term Investment Company (cost $33,213,475) | | | | 33,213,475 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 8.0% | | | | | |
State Street Navigator Securities LendingTrust - Prime Portfolio, 0.18% (L) | | | 110,511,765 | | | | 110,511,765 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $110,511,765) | | | | | | | 110,511,765 | |
| | | | | | | | |
Total Investment Securities (cost $1,745,792,502) (M) | | | | 1,725,792,569 | |
Other Assets and Liabilities - Net | | | | | | | (341,142,825 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 1,384,649,744 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
TBA SHORT COMMITMENTS - (12.0%) | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS - (12.0%) | |
Fannie Mae, TBA | | | | | | | | |
3.00% | | | $ (27,800,000) | | | | $ (27,347,952 | ) |
3.50% | | | (18,900,000) | | | | (19,503,328 | ) |
4.00% | | | (10,800,000) | | | | (11,383,453 | ) |
5.00% | | | (28,700,000) | | | | (30,886,133 | ) |
5.50% | | | (8,900,000) | | | | (9,666,235 | ) |
6.00% | | | (17,000,000) | | | | (18,487,500 | ) |
Freddie Mac, TBA
3.00% | | | (21,100,000 | ) | | | (20,565,906 | ) |
Ginnie Mae, TBA | | | | | | | | |
4.00% | | | (7,800,000) | | | | (8,175,375 | ) |
4.50% | | | (18,200,000) | | | | (19,402,195 | ) |
5.00% | | | (500,000) | | | | (541,094 | ) |
| | | | | | | | |
Total U.S. Government Agency Obligations (proceeds $(167,372,875)) | | | | (165,959,171 | ) |
| | | | | | | | |
Total TBA Short Commitments (proceeds $(167,372,875)) | | | | (165,959,171 | ) |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 25
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CENTRALLY CLEARED SWAP AGREEMENTS: (N) INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE: | | | | | | | | | | |
| Floating Rate Index | | Fixed Rate | | | Expiration
Date | | | Currency
Code | | | Notional
Amount | | | Market
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
3-Month USD-LIBOR | | | 2.30 | % | | | 06/11/2023 | | | | USD | | | | 745,000 | | | $ | (25,775 | ) | | $ | 13 | | | $ | (25,788 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OVER THE COUNTER SWAP AGREEMENTS: (O) CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION: (P) | | | | | | | |
| Reference Obligation | | Fixed Deal
Pay Rate | | | Expiration
Date | | | Counterparty | | | Implied
Credit
Spread (BP)
at 06/30/13 (R) | | | Notional
Amount (Q) | | | Market
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
Spain Government Bond, 5.00%, 07/30/2017 | | | 1.00 | % | | | 03/20/2016 | | | | DUB | | | | 211.77 | | | $ | 8,000,000 | | | $ | 235,777 | | | $ | 305,689 | | | $ | (69,912 | ) |
Spain Government Bond, 5.00%, 07/30/2017 | | | 1.00 | | | | 03/20/2016 | | | | MSC | | | | 211.77 | | | | 8,000,000 | | | | 235,776 | | | | 306,611 | | | | (70,835 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 471,553 | | | $ | 612,300 | | | $ | (140,747 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION: (P) | | | | | | | |
| Reference Obligation | | Fixed Deal
Pay Rate | | | Expiration
Date | | | Counterparty | | | Currency
Code | | Notional
Amount (Q) | | | Market
Value (S) | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
North America High Yield Index - Series 19, 5.00% | | | 5.00 | % | | | 12/20/2017 | | | | DUB | | | USD | | | 5,821,000 | | | $ | (273,746 | ) | | $ | (9,482 | ) | | $ | (264,264 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION: (T) | | | | | | | | | | | | |
| Reference Obligation | | Fixed Deal
Pay Rate | | | Expiration
Date | | | Counterparty | | | Currency
Code | | Notional
Amount (Q) | | | Market
Value (S) | | | Premiums Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
North America High Yield Index -
Series 17, 1.00% | | | 5.00 | % | | | 12/20/2016 | | | | CITI | | | USD | | | 14,400,000 | | | $ | 745,929 | | | $ | (959,076 | ) | | $ | 1,705,005 | |
North America High Yield Index -
Series 17, 2.00% | | | 5.00 | | | | 12/20/2016 | | | | DUB | | | USD | | | 3,120,000 | | | | 161,618 | | | | (164,830 | ) | | | 326,448 | |
North America High Yield Index -
Series 19, 5.00% | | | 5.00 | | | | 12/20/2017 | | | | DUB | | | USD | | | 7,500,000 | | | | 352,704 | | | | (57,594 | ) | | | 410,298 | |
North American CMBS Basket Index - Series AM2 | | | 0.50 | | | | 03/15/2049 | | | | DUB | | | USD | | | 2,265,000 | | | | (150,044 | ) | | | (322,780 | ) | | | 172,736 | |
North American CMBS Basket Index - Series AM4 | | | 0.50 | | | | 02/17/2051 | | | | DUB | | | USD | | | 870,000 | | | | (104,525 | ) | | | (129,857 | ) | | | 25,332 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 1,005,682 | | | $ | (1,634,137 | ) | | $ | 2,639,819 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE: | | | | | | | |
| Floating Rate Index | | Fixed
Rate | | | Expiration
Date | | | Counterparty | | | Currency
Code | | Notional
Amount | | | Market
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
6-Month JPY-LIBOR | | | 1.75 | % | | | 01/15/2033 | | | | CITI | | | JPY | | | 268,900,000 | | | $ | 25,776 | | | $ | 0 | | | $ | 25,776 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 26
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE: | | | | | | | |
| Floating Rate Index | | Fixed Rate | | | Expiration
Date | | | Counterparty | | | Currency
Code | | Notional
Amount | | | Market
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
3-Month USD-LIBOR | | | 2.80 | % | | | 04/23/2043 | | | | BOA | | | USD | | | 3,610,000 | | | $ | 392,408 | | | $ | 0 | | | $ | 392,408 | |
3-Month USD-LIBOR | | | 2.80 | | | | 04/23/2043 | | | | DUB | | | USD | | | 3,680,000 | | | | 398,047 | | | | 0 | | | | 398,047 | |
3-Month USD-LIBOR | | | 2.80 | | | | 04/23/2043 | | | | BCLY | | | USD | | | 3,630,000 | | | | 392,638 | | | | 0 | | | | 392,638 | |
3-Month USD-LIBOR | | | 2.89 | | | | 01/14/2043 | | | | DUB | | | USD | | | 20,240,000 | | | | 1,843,294 | | | | 0 | | | | 1,843,294 | |
3-Month USD-LIBOR | | | 3.00 | | | | 02/11/2043 | | | | GSC | | | USD | | | 12,000,000 | | | | 855,829 | | | | 0 | | | | 855,829 | |
3-Month USD-LIBOR | | | 3.01 | | | | 02/06/2043 | | | | BOA | | | USD | | | 7,518,000 | | | | 518,144 | | | | 0 | | | | 518,144 | |
3-Month USD-LIBOR | | | 3.03 | | | | 02/19/2043 | | | | DUB | | | USD | | | 3,600,000 | | | | 240,991 | | | | 0 | | | | 240,991 | |
3-Month USD-LIBOR | | | 3.04 | | | | 05/24/2043 | | | | BOA | | | USD | | | 24,160,000 | | | | 1,541,013 | | | | 0 | | | | 1,541,013 | |
3-Month USD-LIBOR | | | 3.04 | | | | 05/23/2043 | | | | BCLY | | | USD | | | 16,100,000 | | | | 1,020,467 | | | | 0 | | | | 1,020,467 | |
3-Month USD-LIBOR | | | 3.05 | | | | 05/24/2043 | | | | DUB | | | USD | | | 21,740,000 | | | | 1,356,957 | | | | 0 | | | | 1,356,957 | |
3-Month USD-LIBOR | | | 3.27 | | | | 05/16/2021 | | | | DUB | | | USD | | | 3,650,000 | | | | (265,856 | ) | | | 0 | | | | (265,856 | ) |
6-Month JPY-LIBOR | | | 1.68 | | | | 01/25/2033 | | | | BCLY | | | JPY | | | 268,900,000 | | | | 10,813 | | | | 0 | | | | 10,813 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | $ | 8,304,745 | | | | 0 | | | $ | 8,304,745 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| FUTURES CONTRACTS: (U) (V) | | | | | | | | | | | | |
| Description | | Type | | | Contracts | | | Expiration Date | | | Net Unrealized
Appreciation
(Depreciation) | |
10-Year Australian Treasury Bond | | | Long | | | | 80 | | | | 09/16/2013 | | | $ | (46,321 | ) |
10-Year U.S. Treasury Note | | | Short | | | | (1,691 | ) | | | 09/19/2013 | | | | 2,222,909 | |
2-Year U.S. Treasury Note | | | Long | | | | 503 | | | | 09/30/2013 | | | | (179,617 | ) |
5-Year U.S. Treasury Note | | | Long | | | | 980 | | | | 09/30/2013 | | | | (1,664,625 | ) |
Long U.S. Treasury Bond | | | Long | | | | 213 | | | | 09/19/2013 | | | | 83,941 | |
Ultra Long U.S. Treasury Bond | | | Long | | | | 665 | | | | 09/19/2013 | | | | (2,777,911 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | $ | (2,361,624 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY CONTRACTS: (O) | |
| Currency | | Counterparty | | Contracts
Bought
(Sold) | | | Settlement Date | | | Amount in U.S. Dollars Bought (Sold) | | | Net Unrealized
Appreciation
(Depreciation) | |
EUR | | BOA | | | (19,989,000 | ) | | | 07/23/2013 | | | $ | (26,402,571 | ) | | $ | 381,448 | |
EUR | | CITI | | | 6,981,000 | | | | 07/23/2013 | | | | 9,109,975 | | | | (22,304 | ) |
EUR | | CITI | | | (3,095,000 | ) | | | 07/23/2013 | | | | (4,129,398 | ) | | | 100,414 | |
EUR | | CITI | | | (12,633,878 | ) | | | 07/23/2013 | | | | (16,588,282 | ) | | | 141,852 | |
EUR | | MSC | | | (2,952,000 | ) | | | 07/23/2013 | | | | (3,876,118 | ) | | | 33,286 | |
GBP | | BCLY | | | (1,489,000 | ) | | | 07/17/2013 | | | | (2,279,541 | ) | | | 15,118 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | $ | 649,814 | |
| | | | | | | | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $108,231,154. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | When-issued security. A conditional transaction in a security authorized for issuance, but not yet issued. |
| (C) | Floating or variable rate note. Rate is listed as of June 30, 2013. |
| (D) | Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of June 30, 2013. Maturity date disclosed is the ultimate maturity date. |
| (E) | Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $394, or less than 0.01% of the portfolio’s net assets. |
| (F) | Percentage rounds to less than 0.1%. |
| (H) | The security has a perpetual maturity. The date shown is the next call date. |
| (I) | Illiquid. Total aggregate market value of illiquid securities is $25,189, or less than 0.01% of the portfolio’s net assets. |
| (J) | Non-income producing security. |
| (K) | The investment issuer is affiliated with the sub-adviser of the portfolio. |
| (L) | Rate shown reflects the yield at June 30, 2013. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 27
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| (M) | Aggregate cost for federal income tax purposes is $1,745,792,502. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $26,694,456 and $46,694,389, respectively. Net unrealized depreciation for tax purposes is $19,999,933. |
| (N) | Cash in the amount of $40,000 has been segregated by the custodian as collateral for centrally cleared swaps. |
| (O) | Cash in the amount of $9,870,000 has been segregated by the broker as collateral for open swap and/or forward foreign currency contracts. |
| (P) | If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced obligation or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| (Q) | The maximum potential amount the fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (R) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
| (S) | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
| (T) | If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced obligation or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation. |
| (U) | Cash in the amount of $2,229,000 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. |
| (V) | Securities with an aggregate market value of $1,543,761 have been pledged by the broker as collateral for open futures contracts. |
DEFINITIONS:
| | |
| 144A | | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities aggregated $245,496,029, or 17.73% of the portfolio’s net assets. |
| BCLY | | Barclays Bank PLC |
| BOA | | Bank of America |
| BP | | Basis Point |
| CITI | | Citigroup, Inc. |
| DUB | | Deutsche Bank AG |
| EMTN | | European Medium Term Note |
| GMTN | | Global Medium Term Note |
| GSC | | Goldman Sachs & Co. |
| IO | | Interest Only |
| LIBOR | | London Interbank Offered Rate |
| MSC | | Morgan Stanley |
| MTN | | Medium Term Note |
| OAO | | Otkrytoe Aktsionernoe Obschestvo (Russian: Open Joint Stock Corporation) |
| OJSC | | Open Joint Stock Company |
| REMIC | | Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities) |
| Reg S | | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| STRIPS | | Separate Trading of Registered Interest and Principal of Securities |
| TBA | | To Be Announced |
|
| CURRENCY ABBREVIATIONS: |
| |
| EUR | | Euro |
| GBP | | Pound Sterling |
| JPY | | Japanese Yen |
| USD | | United States Dollar |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 28
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY: (W)
| | | | | | | | | | | | | | | | |
| | | Level 1 Quoted Prices | | | Level 2 Other
Significant Observable
Inputs | | | Level 3 Significant Unobservable
Inputs | | | Value at June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
U.S. Government Obligations | | $ | — | | | $ | 164,960,119 | | | $ | — | | | $ | 164,960,119 | |
U.S. Government Agency Obligations | | | — | | | | 605,355,097 | | | | — | | | | 605,355,097 | |
Foreign Government Obligations | | | — | | | | 46,949,138 | | | | — | | | | 46,949,138 | |
Mortgage-Backed Securities | | | — | | | | 180,977,662 | | | | — | | | | 180,977,662 | |
Asset-Backed Securities | | | — | | | | 197,115,410 | | | | — | | | | 197,115,410 | |
Municipal Government Obligations | | | — | | | | 3,984,827 | | | | — | | | | 3,984,827 | |
Preferred Corporate Debt Securities | | | — | | | | 4,965,623 | | | | — | | | | 4,965,623 | |
Corporate Debt Securities | | | | | | | | | | | | | | | | |
Auto Components | | | — | | | | 1,244,627 | | | | — | | | | 1,244,627 | |
Automobiles | | | — | | | | 181,525 | | | | — | | | | 181,525 | |
Building Products | | | — | | | | 144,613 | | | | — | | | | 144,613 | |
Capital Markets | | | — | | | | 8,949,074 | | | | — | | | | 8,949,074 | |
Chemicals | | | — | | | | 11,239,337 | | | | — | | | | 11,239,337 | |
Commercial Banks | | | — | | | | 19,671,568 | | | | — | | | | 19,671,568 | |
Commercial Services & Supplies | | | — | | | | 4,364,498 | | | | — | | | | 4,364,498 | |
Communications Equipment | | | — | | | | 1,461,582 | | | | — | | | | 1,461,582 | |
Construction Materials | | | — | | | | 316,085 | | | | — | | | | 316,085 | |
Consumer Finance | | | — | | | | 1,566,782 | | | | — | | | | 1,566,782 | |
Containers & Packaging | | | — | | | | 2,498,739 | | | | — | | | | 2,498,739 | |
Distributors | | | — | | | | 2,492,473 | | | | — | | | | 2,492,473 | |
Diversified Financial Services | | | — | | | | 62,136,158 | | | | 0 | | | | 62,136,158 | |
Diversified Telecommunication Services | | | — | | | | 11,927,671 | | | | — | | | | 11,927,671 | |
Electric Utilities | | | — | | | | 31,796,037 | | | | — | | | | 31,796,037 | |
Electronic Equipment & Instruments | | | — | | | | 257,727 | | | | — | | | | 257,727 | |
Energy Equipment & Services | | | — | | | | 18,475,374 | | | | — | | | | 18,475,374 | |
Food & Staples Retailing | | | — | | | | 2,027,746 | | | | — | | | | 2,027,746 | |
Food Products | | | — | | | | 1,302,168 | | | | — | | | | 1,302,168 | |
Health Care Equipment & Supplies | | | — | | | | 5,955,628 | | | | — | | | | 5,955,628 | |
Health Care Providers & Services | | | — | | | | 11,657,690 | | | | — | | | | 11,657,690 | |
Hotels, Restaurants & Leisure | | | — | | | | 562,611 | | | | — | | | | 562,611 | |
Household Durables | | | — | | | | 161,749 | | | | — | | | | 161,749 | |
Household Products | | | — | | | | 5,264,550 | | | | — | | | | 5,264,550 | |
Insurance | | | — | | | | 29,503,080 | | | | — | | | | 29,503,080 | |
Internet Software & Services | | | — | | | | 277,616 | | | | — | | | | 277,616 | |
Life Sciences Tools & Services | | | — | | | | 1,295,554 | | | | — | | | | 1,295,554 | |
Marine | | | — | | | | 2,610,800 | | | | — | | | | 2,610,800 | |
Media | | | — | | | | 30,601,539 | | | | — | | | | 30,601,539 | |
Metals & Mining | | | — | | | | 6,527,828 | | | | — | | | | 6,527,828 | |
Multi-Utilities | | | — | | | | 7,774,694 | | | | — | | | | 7,774,694 | |
Multiline Retail | | | — | | | | 1,644,321 | | | | — | | | | 1,644,321 | |
Oil, Gas & Consumable Fuels | | | — | | | | 49,678,136 | | | | — | | | | 49,678,136 | |
Paper & Forest Products | | | — | | | | 4,529,047 | | | | — | | | | 4,529,047 | |
Personal Products | | | — | | | | 143,683 | | | | — | | | | 143,683 | |
Pharmaceuticals | | | — | | | | 850,078 | | | | — | | | | 850,078 | |
Professional Services | | | — | | | | 282,621 | | | | — | | | | 282,621 | |
Real Estate Investment Trusts | | | — | | | | 4,253,164 | | | | — | | | | 4,253,164 | |
Real Estate Management & Development | | | — | | | | 2,275,384 | | | | — | | | | 2,275,384 | |
Road & Rail | | | — | | | | 2,322,285 | | | | — | | | | 2,322,285 | |
Software | | | — | | | | 1,089,150 | | | | — | | | | 1,089,150 | |
Specialty Retail | | | — | | | | 1,880,875 | | | | — | | | | 1,880,875 | |
Trading Companies & Distributors | | | — | | | | 129,839 | | | | — | | | | 129,839 | |
Transportation Infrastructure | | | — | | | | 141,750 | | | | — | | | | 141,750 | |
Wireless Telecommunication Services | | | — | | | | 18,604,635 | | | | — | | | | 18,604,635 | |
Preferred Stocks | | | 5,679,726 | | | | — | | | | — | | | | 5,679,726 | |
Warrant | | | 7,636 | | | | — | | | | — | | | | 7,636 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 29
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY (continued):
| | | | | | | | | | | | | | | | |
| | | Level 1 Quoted Prices | | | Level 2 Other
Significant Observable
Inputs | | | Level 3 Significant Unobservable
Inputs | | | Value at
June 30, 2013 | |
Short-Term Investment Company | | $ | 33,213,475 | | | $ | — | | | $ | — | | | $ | 33,213,475 | |
Securities Lending Collateral | | | 110,511,765 | | | | — | | | | — | | | | 110,511,765 | |
Total Investment Securities | | $ | 149,412,602 | | | $ | 1,576,379,967 | | | $ | 0 | | | $ | 1,725,792,569 | |
| | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Credit Default Swap Agreements (X) | | $ | — | | | $ | 2,639,819 | | | $ | — | | | $ | 2,639,819 | |
Forward Foreign Currency Contracts (X) | | | — | | | | 672,118 | | | | — | | | | 672,118 | |
Futures Contracts (X) | | | 2,306,850 | | | | — | | | | — | | | | 2,306,850 | |
Interest Rate Swap Agreements (X) | | | — | | | | 8,596,377 | | | | — | | | | 8,596,377 | |
Total Derivative Financial Instruments | | $ | 2,306,850 | | | $ | 11,908,314 | | | $ | — | | | $ | 14,215,164 | |
| | | | | | | | | | | | | | | | | |
Other Assets (Y) | | | | | | | | | | | | | | | | |
Cash | | $ | 446,065 | | | $ | — | | | $ | — | | | $ | 446,065 | |
Cash on Deposit with Broker | | | 4,131,169 | | | | — | | | | — | | | | 4,131,169 | |
Cash on Deposit with Custodian | | | 2,269,000 | | | | — | | | | — | | | | 2,269,000 | |
Foreign Currency | | | 2,557,596 | | | | — | | | | — | | | | 2,557,596 | |
Total Other Assets | | $ | 9,403,830 | | | $ | — | | | $ | — | | | $ | 9,403,830 | |
| | | | | | | | | | | | | | | | |
| | | Level 1 Quoted Prices | | | Level 2 Other Significant Observable
Inputs | | | Level 3
Significant Unobservable
Inputs | | | Value at June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
TBA Short Commitments | | | | | | | | | | | | | | | | |
U.S. Government Agency Obligations | | $ | — | | | $ | (165,959,171 | ) | | $ | — | | | $ | (165,959,171 | ) |
Total TBA Short Commitments | | $ | — | | | $ | (165,959,171 | ) | | $ | — | | | $ | (165,959,171 | ) |
| | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Credit Default Swap Agreements (X) | | $ | — | | | $ | (405,011 | ) | | $ | — | | | $ | (405,011 | ) |
Forward Foreign Currency Contracts (X) | | | — | | | | (22,304 | ) | | | — | | | | (22,304 | ) |
Futures Contracts (X) | | | (4,668,474 | ) | | | — | | | | — | | | | (4,668,474 | ) |
Interest Rate Swap Agreements (X) | | | (25,788 | ) | | | (265,856 | ) | | | — | | | | (291,644 | ) |
Total Derivative Financial Instruments | | $ | (4,694,262 | ) | | $ | (693,171 | ) | | $ | — | | | $ | (5,387,433 | ) |
| | | | | | | | | | | | | | | | | |
Other Liabilities (Y) | | | | | | | | | | | | | | | | |
Cash Collateral due to Broker | | $ | (9,870,000 | ) | | $ | — | | | $ | — | | | $ | (9,870,000 | ) |
Collateral for Securities on Loan | | | — | | | | (110,511,765 | ) | | | — | | | | (110,511,765 | ) |
Total Other Liabilities | | $ | (9,870,000 | ) | | $ | (110,511,765 | ) | | $ | — | | | $ | (120,381,765 | ) |
| (W) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (X) | Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument. |
| (Y) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
Level 3 Rollforward - Investment Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securities | | Beginning
Balance at
December 31, 2012 | | | Purchases | | | Sales | | | Accrued
Discounts
(Premiums) | | | Total
Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) (Z) | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Ending
Balance at
June 30, 2013 (AA) | | | Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
Held at
June 30, 2013 (Z) | |
| Corporate Debt Securities | | $ | 0 | | | $ | — | | | $ | — | | | $ | (1,534 | ) | | $ | (1,335,398 | ) | | $ | 1,336,932 | | | $ | — | | | $ | — | | | $ | 0 | | | $ | 671 | |
| (Z) | Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end. |
| (AA) | Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 30
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES - 85.4% | | | | | | | | |
Aerospace & Defense - 1.1% | | | | | | | | |
Bombardier, Inc. | | | | | | | | |
6.13%, 01/15/2023 - 144A | | | $ 610,000 | | | | $ 605,425 | |
GenCorp, Inc. | | | | | | | | |
7.13%, 03/15/2021 - 144A | | | 1,350,000 | | | | 1,397,250 | |
Huntington Ingalls Industries, Inc. | | | | | | | | |
7.13%, 03/15/2021 | | | 1,465,000 | | | | 1,574,875 | |
Silver II Borrower / Silver II US Holdings LLC | | | | | | | | |
7.75%, 12/15/2020 - 144A | | | 1,365,000 | | | | 1,371,825 | |
TransDigm, Inc. | | | | | | | | |
7.75%, 12/15/2018 | | | 3,750,000 | | | | 3,946,875 | |
Air Freight & Logistics - 0.3% | | | | | | | | |
Air Medical Group Holdings, Inc. | | | | | | | | |
9.25%, 11/01/2018 | | | 1,944,000 | | | | 2,094,660 | |
Auto Components - 0.5% | | | | | | | | |
American Axle & Manufacturing Holdings, Inc. | | | | | | | | |
9.25%, 01/15/2017 - 144A | | | 1,704,000 | | | | 1,836,060 | |
Schaeffler Finance BV | | | | | | | | |
4.75%, 05/15/2021 - 144A | | | 1,465,000 | | | | 1,391,750 | |
Tomkins LLC / Tomkins, Inc. | | | | | | | | |
9.00%, 10/01/2018 | | | 588,000 | | | | 640,920 | |
Tower Automotive Holdings USA LLC | | | | | | | | |
10.63%, 09/01/2017 - 144A | | | 263,000 | | | | 278,780 | |
Automobiles - 0.4% | | | | | | | | |
DaimlerDaimlerChrysler Group LLC / CG Co.-Issuer, Inc. | | | | | | | | |
8.25%, 06/15/2021 | | | 2,815,000 | | | | 3,107,056 | |
Beverages - 0.5% | | | | | | | | |
Constellation Brands, Inc. | | | | | | | | |
4.25%, 05/01/2023 | | | 2,835,000 | | | | 2,675,531 | |
6.00%, 05/01/2022 | | | 1,240,000 | | | | 1,329,900 | |
Biotechnology - 0.4% | | | | | | | | |
STHI Holding Corp. | | | | | | | | |
8.00%, 03/15/2018 - 144A | | | 1,115,000 | | | | 1,204,200 | |
Warner Chilcott Co. LLC | | | | | | | | |
7.75%, 09/15/2018 | | | 2,043,000 | | | | 2,206,440 | |
Building Products - 1.0% | | | | | | | | |
Builders FirstSource, Inc. | | | | | | | | |
7.63%, 06/01/2021 - 144A | | | 1,975,000 | | | | 1,910,813 | |
Interline Brands, Inc. | | | | | | | | |
10.00%, 11/15/2018 | | | 2,665,000 | | | | 2,864,875 | |
Nortek, Inc. | | | | | | | | |
8.50%, 04/15/2021 - 144A | | | 1,440,000 | | | | 1,526,400 | |
10.00%, 12/01/2018 | | | 1,560,000 | | | | 1,692,600 | |
Capital Markets - 0.1% | | | | | | | | |
E*TRADE Financial Corp. | | | | | | | | |
6.00%, 11/15/2017 | | | 250,000 | | | | 252,500 | |
6.38%, 11/15/2019 | | | 860,000 | | | | 872,900 | |
Chemicals - 2.3% | | | | | | | | |
Ashland, Inc. | | | | | | | | |
3.00%, 03/15/2016 - 144A | | | 460,000 | | | | 462,300 | |
Celanese US Holdings LLC | | | | | | | | |
5.88%, 06/15/2021 | | | 765,000 | | | | 810,900 | |
6.63%, 10/15/2018 | | | 655,000 | | | | 692,663 | |
Chemtura Corp. | | | | | | | | |
7.88%, 09/01/2018 | | | 1,520,000 | | | | 1,645,400 | |
Ineos Finance PLC | | | | | | | | |
8.38%, 02/15/2019 - 144A | | | 3,190,000 | | | | 3,485,075 | |
| | | | | | | | |
| | | Principal | | | Value | |
Chemicals (continued) | | | | | | | | |
Kraton Polymers LLC / Kraton Polymers Capital Corp. | | | | | | | | |
6.75%, 03/01/2019 | | | $ 750,000 | | | | $ 757,500 | |
Rain CII Carbon LLC / CII Carbon Corp. | | | | | | | | |
8.00%, 12/01/2018 - 144A | | | 400,000 | | | | 410,000 | |
Rockwood Specialties Group, Inc. | | | | | | | | |
4.63%, 10/15/2020 | | | 2,380,000 | | | | 2,391,900 | |
Scotts Miracle-Gro Co. | | | | | | | | |
6.63%, 12/15/2020 | | | 360,000 | | | | 381,600 | |
TPC Group, Inc. | | | | | | | | |
8.75%, 12/15/2020 - 144A | | | 1,335,000 | | | | 1,365,037 | |
Tronox Finance LLC | | | | | | | | |
6.38%, 08/15/2020 - 144A | | | 3,780,000 | | | | 3,562,650 | |
US Coatings Acquisition, Inc. / Flash Dutch 2 BV | | | | | | | | |
7.38%, 05/01/2021 - 144A | | | 2,620,000 | | | | 2,672,400 | |
Commercial Banks - 0.2% | | | | | | | | |
CIT Group, Inc. | | | | | | | | |
5.00%, 08/15/2022 | | | 385,000 | | | | 382,113 | |
5.25%, 03/15/2018 | | | 525,000 | | | | 539,437 | |
5.38%, 05/15/2020 | | | 190,000 | | | | 194,513 | |
5.50%, 02/15/2019 - 144A | | | 865,000 | | | | 893,112 | |
UBS AG (Escrow Shares) | | | | | | | | |
5.75%, 08/15/2017 | | | 1,110,000 | | | | 38,850 | |
Commercial Services & Supplies - 2.5% | | | | | | | | |
ADS Waste Holdings, Inc. | | | | | | | | |
8.25%, 10/01/2020 - 144A | | | 960,000 | | | | 979,200 | |
Alphabet Holding Co., Inc. | | | | | | | | |
7.75%, 11/01/2017 | | | 2,385,000 | | | | 2,444,625 | |
Ceridian Corp. | | | | | | | | |
11.00%, 03/15/2021 - 144A | | | 475,000 | | | | 524,875 | |
Clean Harbors, Inc. | | | | | | | | |
5.13%, 06/01/2021 | | | 865,000 | | | | 871,488 | |
5.25%, 08/01/2020 | | | 925,000 | | | | 938,875 | |
Covanta Holding Corp. | | | | | | | | |
6.38%, 10/01/2022 | | | 1,700,000 | | | | 1,718,018 | |
Envision Healthcare Corp. | | | | | | | | |
8.13%, 06/01/2019 | | | 690,000 | | | | 733,125 | |
Hertz Corp. | | | | | | | | |
6.25%, 10/15/2022 | | | 955,000 | | | | 996,781 | |
7.50%, 10/15/2018 | | | 735,000 | | | | 788,288 | |
Interface, Inc. | | | | | | | | |
7.63%, 12/01/2018 | | | 730,000 | | | | 773,800 | |
Polymer Group, Inc. | | | | | | | | |
7.75%, 02/01/2019 | | | 1,265,000 | | | | 1,315,600 | |
ServiceMaster Co. | | | | | | | | |
8.00%, 02/15/2020 | | | 1,025,000 | | | | 1,022,437 | |
United Rentals North America, Inc. | | | | | | | | |
7.38%, 05/15/2020 | | | 4,950,000 | | | | 5,284,125 | |
7.63%, 04/15/2022 | | | 715,000 | | | | 773,988 | |
8.25%, 02/01/2021 | | | 290,000 | | | | 317,550 | |
10.25%, 11/15/2019 | | | 1,075,000 | | | | 1,204,000 | |
Communications Equipment - 1.1% | | | | | | | | |
Avaya, Inc. | | | | | | | | |
7.00%, 04/01/2019 - 144A | | | 890,000 | | | | 803,225 | |
9.00%, 04/01/2019 - 144A | | | 2,085,000 | | | | 2,001,600 | |
9.75%, 11/01/2015 | | | 560,000 | | | | 554,400 | |
10.50%, 03/01/2021 - 144A | | | 3,607,405 | | | | 2,732,609 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 31
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Communications Equipment (continued) | | | | | | | | |
CommScope Holding Co., Inc. | | | | | | | | |
6.63%, 06/01/2020 - 144A | | | $ 1,460,000 | | | | $ 1,394,300 | |
CommScope, Inc. | | | | | | | | |
8.25%, 01/15/2019 - 144A | | | 1,065,000 | | | | 1,136,888 | |
Computers & Peripherals - 0.5% | |
NCR Corp. | | | | | | | | |
5.00%, 07/15/2022 | | | 1,145,000 | | | | 1,104,925 | |
Seagate HDD Cayman | | | | | | | | |
7.00%, 11/01/2021 | | | 2,720,000 | | | | 2,910,400 | |
Consumer Finance - 1.5% | | | | | | | | |
Ally Financial, Inc. | | | | | | | | |
4.63%, 06/26/2015 | | | 3,340,000 | | | | 3,423,607 | |
5.50%, 02/15/2017 | | | 1,700,000 | | | | 1,776,177 | |
6.25%, 12/01/2017 | | | 3,830,000 | | | | 4,097,219 | |
8.00%, 12/31/2018 - 11/01/2031 | | | 2,430,000 | | | | 2,895,825 | |
Containers & Packaging - 1.2% | | | | | | | | |
Ardagh Packaging Finance PLC / Ardagh | | | | | | | | |
MP Holdings USA, Inc. | | | | | | | | |
7.00%, 11/15/2020 - 144A | | | 2,705,000 | | | | 2,606,944 | |
BOE Merger Corp. | | | | | | | | |
9.50%, 11/01/2017 - 144A | | | 1,670,000 | | | | 1,703,400 | |
BWAY Holding Co. | | | | | | | | |
10.00%, 06/15/2018 | | | 455,000 | | | | 498,225 | |
Crown Americas LLC / Crown Americas | | | | | | | | |
Capital Corp. IV | | | | | | | | |
4.50%, 01/15/2023 - 144A | | | 1,245,000 | | | | 1,173,412 | |
Sealed Air Corp. | | | | | | | | |
8.38%, 09/15/2021 - 144A | | | 3,625,000 | | | | 4,096,250 | |
Distributors - 0.6% | | | | | | | | |
American Builders & Contractors Supply Co., Inc. | | | | | | | | |
5.63%, 04/15/2021 - 144A | | | 940,000 | | | | 923,550 | |
HD Supply, Inc. | | | | | | | | |
7.50%, 07/15/2020 - 144A | | | 890,000 | | | | 901,125 | |
8.13%, 04/15/2019 | | | 695,000 | | | | 761,025 | |
11.50%, 07/15/2020 | | | 900,000 | | | | 1,044,000 | |
VWR Funding, Inc. | | | | | | | | |
7.25%, 09/15/2017 | | | 1,325,000 | | | | 1,371,375 | |
Diversified Consumer Services - 1.1% | | | | | | | | |
Laureate Education, Inc. | | | | | | | | |
9.25%, 09/01/2019 - 144A | | | 8,740,000 | | | | 9,351,800 | |
Diversified Financial Services - 1.6% | | | | | | | | |
AWAS Aviation Capital, Ltd. | | | | | | | | |
7.00%, 10/17/2016 - 144A | | | 121,600 | | | | 126,464 | |
CEVA Group PLC | | | | | | | | |
8.38%, 12/01/2017 - 144A | | | 1,845,000 | | | | 1,808,100 | |
11.63%, 10/01/2016 - 144A | | | 1,455,000 | | | | 1,469,550 | |
General Motors Financial Co., Inc. | | | | | | | | |
2.75%, 05/15/2016 - 144A | | | 185,000 | | | | 181,994 | |
3.25%, 05/15/2018 - 144A | | | 320,000 | | | | 311,200 | |
4.25%, 05/15/2023 - 144A | | | 1,060,000 | | | | 987,125 | |
4.75%, 08/15/2017 - 144A | | | 1,350,000 | | | | 1,383,750 | |
6.75%, 06/01/2018 | | | 1,075,000 | | | | 1,169,062 | |
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. | | | | | | | | |
5.63%, 03/15/2020 - 144A | | | 2,870,000 | | | | 2,970,450 | |
Nuveen Investments, Inc. | | | | | | | | |
9.50%, 10/15/2020 - 144A | | | 2,415,000 | | | | 2,402,925 | |
| | | | | | | | |
| | | Principal | | | Value | |
Diversified Telecommunication Services - 4.8% | | | | | |
Digicel, Ltd. | | | | | | | | |
6.00%, 04/15/2021 - 144A | | | $ 1,825,000 | | | | $ 1,724,625 | |
Frontier Communications Corp. | | | | | | | | |
7.63%, 04/15/2024 | | | 1,405,000 | | | | 1,408,512 | |
Hughes Satellite Systems Corp. | | | | | | | | |
6.50%, 06/15/2019 | | | 2,725,000 | | | | 2,888,500 | |
Intelsat Jackson Holdings SA | | | | | | | | |
7.25%, 10/15/2020 | | | 1,895,000 | | | | 1,989,750 | |
Intelsat Luxembourg SA | | | | | | | | |
7.75%, 06/01/2021 - 144A | | | 4,210,000 | | | | 4,252,100 | |
8.13%, 06/01/2023 - 144A | | | 3,205,000 | | | | 3,309,162 | |
Lynx II Corp. | | | | | | | | |
6.38%, 04/15/2023 - 144A | | | 945,000 | | | | 952,088 | |
SBA Telecommunications, Inc. | | | | | | | | |
5.75%, 07/15/2020 - 144A | | | 1,640,000 | | | | 1,644,100 | |
8.25%, 08/15/2019 | | | 429,000 | | | | 464,393 | |
Sprint Capital Corp. | | | | | | | | |
8.75%, 03/15/2032 | | | 1,090,000 | | | | 1,199,000 | |
UPCB Finance V, Ltd. | | | | | | | | |
7.25%, 11/15/2021 - 144A | | | 4,730,000 | | | | 5,001,975 | |
UPCB Finance VI, Ltd. | | | | | | | | |
6.88%, 01/15/2022 - 144A | | | 1,620,000 | | | | 1,676,700 | |
Wind Acquisition Holdings Finance SA | | | | | | | | |
12.25%, 07/15/2017 - 144A (A) | | | 2,865,334 | | | | 2,726,923 | |
Windstream Corp. | | | | | | | | |
6.38%, 08/01/2023 | | | 2,385,000 | | | | 2,229,975 | |
7.50%, 06/01/2022 | | | 1,200,000 | | | | 1,224,000 | |
7.75%, 10/01/2021 | | | 5,410,000 | | | | 5,599,350 | |
8.13%, 09/01/2018 | | | 555,000 | | | | 591,075 | |
Electric Utilities - 0.3% | | | | | | | | |
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. | | | | | | | | |
6.88%, 08/15/2017 - 144A | | | 640,000 | | | | 649,600 | |
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc. | | | | | | | | |
11.50%, 10/01/2020 - 144A | | | 1,880,000 | | | | 1,405,300 | |
Electrical Equipment - 0.2% | | | | | | | | |
Belden, Inc. | | | | | | | | |
5.50%, 09/01/2022 - 144A | | | 380,000 | | | | 373,350 | |
General Cable Corp. | | | | | | | | |
5.75%, 10/01/2022 - 144A | | | 1,430,000 | | | | 1,415,700 | |
Energy Equipment & Services - 2.9% | | | | | | | | |
Atlas Pipeline Partners, LP / Atlas Pipeline | | | | | | | | |
Finance Corp. | | | | | | | | |
4.75%, 11/15/2021 - 144A | | | 2,635,000 | | | | 2,371,500 | |
Atwood Oceanics, Inc. | | | | | | | | |
6.50%, 02/01/2020 | | | 1,035,000 | | | | 1,073,813 | |
Bristow Group, Inc. | | | | | | | | |
6.25%, 10/15/2022 | | | 1,050,000 | | | | 1,076,250 | |
Calfrac Holdings, LP | | | | | | | | |
7.50%, 12/01/2020 - 144A | | | 690,000 | | | | 683,100 | |
FTS International Services LLC / FTS International Bonds, Inc. | | | | | | | | |
8.13%, 11/15/2018 - 144A | | | 2,284,000 | | | | 2,369,650 | |
Holly Energy Partners, LP / Holly Energy Finance Corp. | | | | | | | | |
6.50%, 03/01/2020 | | | 505,000 | | | | 508,788 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 32
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Energy Equipment & Services (continued) | | | | | |
Oil States International, Inc. | | | | | | | | |
6.50%, 06/01/2019 | | | $ 2,110,000 | | | | $ 2,183,850 | |
Pacific Drilling SA | | | | | | | | |
5.38%, 06/01/2020 - 144A | | | 1,015,000 | | | | 949,025 | |
Precision Drilling Corp. | | | | | | | | |
6.50%, 12/15/2021 | | | 1,835,000 | | | | 1,857,937 | |
6.63%, 11/15/2020 | | | 835,000 | | | | 847,525 | |
Sabine Pass Liquefaction LLC | | | | | | | | |
5.63%, 02/01/2021 - 04/15/2023 - 144A | | | 5,200,000 | | | | 4,996,750 | |
Seadrill, Ltd. | | | | | | | | |
5.63%, 09/15/2017 - 144A | | | 3,610,000 | | | | 3,555,850 | |
SESI LLC | | | | | | | | |
6.38%, 05/01/2019 | | | 1,315,000 | | | | 1,357,737 | |
Food & Staples Retailing - 0.4% | | | | | | | | |
Dufry Finance SCA | | | | | | | | |
5.50%, 10/15/2020 - 144A | | | 1,500,000 | | | | 1,503,963 | |
Pantry, Inc. | | | | | | | | |
8.38%, 08/01/2020 | | | 1,885,000 | | | | 2,024,019 | |
Food Products - 1.1% | |
American Seafoods Group LLC
10.75%, 05/15/2016 - 144A | | | 2,875,000 | | | | 2,990,000 | |
ARAMARK Corp.
5.75%, 03/15/2020 - 144A | | | 895,000 | | | | 915,137 | |
ASG Consolidated LLC / ASG Finance, Inc.
15.00%, 05/15/2017 - 144A (A) (B) | | | 1,958,326 | | | | 2,039,923 | |
B&G Foods, Inc.
4.63%, 06/01/2021 | | | 665,000 | | | | 635,075 | |
Michael Foods Group, Inc.
9.75%, 07/15/2018 | | | 1,025,000 | | | | 1,122,375 | |
Michael Foods Holding, Inc.
8.50%, 07/15/2018 - 144A | | | 1,335,000 | | | | 1,375,050 | |
Gas Utilities - 1.0% | | | | | | | | |
AmeriGas Finance LLC / AmeriGas Finance Corp. | | | | | | | | |
6.75%, 05/20/2020 | | | 985,000 | | | | 1,019,475 | |
7.00%, 05/20/2022 | | | 3,665,000 | | | | 3,747,463 | |
AmeriGas Partners, LP / AmeriGas Finance Corp.
6.25%, 08/20/2019 | | | 1,220,000 | | | | 1,226,100 | |
Sabine Pass LNG, LP
6.50%, 11/01/2020 - 144A | | | 1,915,000 | | | | 1,934,150 | |
Health Care Equipment & Supplies - 3.5% | | | | | | | | |
Accellent, Inc.
8.38%, 02/01/2017 | | | 2,950,000 | | | | 3,053,250 | |
Alere, Inc. | | | | | | | | |
6.50%, 06/15/2020 - 144A | | | 4,890,000 | | | | 4,743,300 | |
8.63%, 10/01/2018 | | | 1,180,000 | | | | 1,244,900 | |
Bausch & Lomb, Inc.
9.88%, 11/01/2015 | | | 903,000 | | | | 927,833 | |
Biomet, Inc.
6.50%, 08/01/2020 | | | 2,100,000 | | | | 2,164,312 | |
ConvaTec Healthcare E SA
10.50%, 12/15/2018 - 144A | | | 4,540,000 | | | | 4,959,950 | |
DJO Finance LLC / DJO Finance Corp.
8.75%, 03/15/2018 | | | 1,245,000 | | | | 1,344,600 | |
Hologic, Inc.
6.25%, 08/01/2020 | | | 4,430,000 | | | | 4,593,356 | |
| | | | | | | | |
| | | Principal | | | Value | |
Health Care Equipment & Supplies (continued) | | | | | |
Kinetic Concepts, Inc. / KCI USA, Inc.
10.50%, 11/01/2018 | | | $ 3,095,000 | | | | $ 3,327,125 | |
Physio-Control International, Inc.
9.88%, 01/15/2019 - 144A | | | 1,300,000 | | | | 1,430,000 | |
Teleflex, Inc.
6.88%, 06/01/2019 | | | 435,000 | | | | 458,925 | |
Health Care Providers & Services - 3.5% | | | | | | | | |
Amsurg Corp.
5.63%, 11/30/2020 | | | 625,000 | | | | 625,000 | |
CDRT Holding Corp.
9.25%, 10/01/2017 - 144A | | | 1,695,000 | | | | 1,716,188 | |
CHS/Community Health Systems, Inc. | | | | | | | | |
5.13%, 08/15/2018 | | | 2,170,000 | | | | 2,202,550 | |
7.13%, 07/15/2020 | | | 2,295,000 | | | | 2,363,850 | |
DaVita HealthCare Partners, Inc. 5.75%, 08/15/2022 | | | 3,765,000 | | | | 3,755,587 | |
Fresenius Medical Care U.S. Finance II, Inc. | | | | | |
5.63%, 07/31/2019 - 144A | | | 1,300,000 | | | | 1,352,000 | |
5.88%, 01/31/2022 - 144A | | | 755,000 | | | | 794,638 | |
HCA Holdings, Inc.
6.25%, 02/15/2021 | | | 1,510,000 | | | | 1,540,200 | |
HCA, Inc. | | | | | | | | |
6.50%, 02/15/2020 | | | 2,905,000 | | | | 3,142,847 | |
7.50%, 02/15/2022 | | | 3,410,000 | | | | 3,776,575 | |
INC Research LLC
11.50%, 07/15/2019 - 144A | | | 970,000 | | | | 1,042,750 | |
MultiPlan, Inc.
9.88%, 09/01/2018 - 144A | | | 2,885,000 | | | | 3,137,437 | |
ResCare, Inc.
10.75%, 01/15/2019 | | | 1,975,000 | | | | 2,212,000 | |
United Surgical Partners International, Inc.
9.00%, 04/01/2020 | | | 1,180,000 | | | | 1,274,400 | |
Health Care Technology - 0.2% | | | | | | | | |
IMS Health, Inc.
6.00%, 11/01/2020 - 144A | | | 1,855,000 | | | | 1,887,463 | |
Hotels, Restaurants & Leisure - 7.1% | | | | | | | | |
Buffalo Thunder Development Authority 9.38%, 12/15/2014 - 144A (C) | | | 3,095,000 | | | | 967,188 | |
Caesars Entertainment Operating Co., Inc. | | | | | | | | |
5.63%, 06/01/2015 | | | 5,740,000 | | | | 5,137,300 | |
8.50%, 02/15/2020 | | | 3,195,000 | | | | 3,011,287 | |
11.25%, 06/01/2017 | | | 2,045,000 | | | | 2,129,356 | |
Caesars Operating Escrow LLC / Caesars Escrow Corp.
9.00%, 02/15/2020 - 144A | | | 1,435,000 | | | | 1,366,838 | |
Carlson Wagonlit BV
6.88%, 06/15/2019 - 144A | | | 1,340,000 | | | | 1,353,400 | |
Cinemark USA, Inc.
7.38%, 06/15/2021 | | | 540,000 | | | | 585,900 | |
Greektown Holdings LLC (Escrow Shares)
10.75%, 12/01/2013 (C) | | | 1,495,000 | | | | 0 | |
Inn of the Mountain Gods Resort & Casino
8.75%, 11/30/2020 - 144A (B) | | | 240,000 | | | | 238,800 | |
MGM Resorts International | | | | | | | | |
5.88%, 02/27/2014 | | | 945,000 | | | | 966,263 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 33
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Hotels, Restaurants & Leisure (continued) | | | | | |
MGM Resorts International (continued) | | | | | |
6.63%, 12/15/2021 | | | $ 3,185,000 | | | | $ 3,284,531 | |
7.75%, 03/15/2022 | | | 3,385,000 | | | | 3,676,956 | |
Mohegan Tribal Gaming Authority | | | | | | | | |
10.50%, 12/15/2016 - 144A | | | 1,550,000 | | | | 1,515,125 | |
11.00%, 09/15/2018 - 144A | | | 2,580,000 | | | | 2,425,200 | |
11.50%, 11/01/2017 - 144A (B) | | | 1,385,000 | | | | 1,530,425 | |
National CineMedia LLC
6.00%, 04/15/2022 | | | 1,045,000 | | | | 1,072,431 | |
New Cotai LLC / New Cotai Capital Corp.
10.63%, 05/01/2019 - 144A (A) | | | 1,500,000 | | | | 1,439,010 | |
NPC International, Inc. / NPC Operating Co. A, Inc.
10.50%, 01/15/2020 | | | 2,725,000 | | | | 3,123,531 | |
Royal Caribbean Cruises, Ltd.
7.25%, 06/15/2016 - 03/15/2018 | | | 970,000 | | | | 1,079,750 | |
Seven Seas Cruises S de RL, LLC
9.13%, 05/15/2019 | | | 2,700,000 | | | | 2,862,000 | |
Station Casinos LLC
7.50%, 03/01/2021 - 144A | | | 2,270,000 | | | | 2,292,700 | |
Studio City Finance, Ltd.
8.50%, 12/01/2020 - 144A | | | 6,625,000 | | | | 7,088,750 | |
Sugarhouse HSP Gaming Prop Mezz, LP / Sugarhouse HSP Gaming Finance Corp.
6.38%, 06/01/2021 - 144A | | | 485,000 | | | | 469,238 | |
Tunica-Biloxi Gaming Authority
9.00%, 11/15/2015 - 144A (B) | | | 2,435,000 | | | | 2,142,800 | |
Viking Cruises, Ltd.
8.50%, 10/15/2022 - 144A | | | 1,160,000 | | | | 1,270,200 | |
Waterford Gaming LLC / Waterford Gaming Financial Corp.
8.63%, 09/15/2014 - 144A (B) (D) | | | 1,758,906 | | | | 869,427 | |
WMG Acquisition Corp. | | | | | | | | |
6.00%, 01/15/2021 - 144A | | | 868,000 | | | | 883,190 | |
11.50%, 10/01/2018 | | | 2,995,000 | | | | 3,429,275 | |
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
7.75%, 08/15/2020 | | | 1,435,000 | | | | 1,593,424 | |
Household Durables - 0.7% | | | | | | | | |
Brookfield Residential Properties, Inc.
6.50%, 12/15/2020 - 144A | | | 2,220,000 | | | | 2,236,650 | |
Libbey Glass, Inc.
6.88%, 05/15/2020 | | | 603,000 | | | | 630,889 | |
SIWF Merger Sub, Inc. / Springs Industries, Inc.
6.25%, 06/01/2021 - 144A | | | 1,450,000 | | | | 1,421,000 | |
Tempur-Pedic International, Inc.
6.88%, 12/15/2020 - 144A | | | 1,065,000 | | | | 1,123,575 | |
Household Products - 2.3% | | | | | | | | |
Harbinger Group, Inc.
7.88%, 07/15/2019 - 144A | | | 890,000 | | | | 910,025 | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC | | | | | | | | |
6.88%, 02/15/2021 | | | 3,150,000 | | | | 3,307,500 | |
7.13%, 04/15/2019 | | | 1,795,000 | | | | 1,895,969 | |
7.88%, 08/15/2019 | | | 985,000 | | | | 1,073,650 | |
9.88%, 08/15/2019 | | | 4,600,000 | | | | 4,922,000 | |
| | | | | | | | |
| | | Principal | | | Value | |
Household Products (continued) | | | | | |
Spectrum Brands Escrow Corp. | | | | | | | | |
6.38%, 11/15/2020 - 144A | | | $ 935,000 | | | | $ 979,412 | |
6.63%, 11/15/2022 - 144A | | | 1,360,000 | | | | 1,424,600 | |
Spectrum Brands, Inc. | | | | | | | | |
6.75%, 03/15/2020 | | | 1,345,000 | | | | 1,417,294 | |
9.50%, 06/15/2018 | | | 870,000 | | | | 952,650 | |
Sun Products Corp.
7.75%, 03/15/2021 - 144A | | | 1,885,000 | | | | 1,870,862 | |
Independent Power Producers & Energy Traders - 0.9% | | | | | |
AES Corp.
4.88%, 05/15/2023 | | | 960,000 | | | | 895,200 | |
Edison Mission Energy
7.50%, 06/15/2013 (C) | | | 2,750,000 | | | | 1,546,875 | |
NRG Energy, Inc. | | | | | | | | |
7.88%, 05/15/2021 | | | 1,665,000 | | | | 1,777,388 | |
8.25%, 09/01/2020 | | | 2,960,000 | | | | 3,189,400 | |
Industrial Conglomerates - 0.3% | | | | | | | | |
Amsted Industries, Inc.
8.13%, 03/15/2018 - 144A | | | 2,360,000 | | | | 2,489,800 | |
Insurance - 0.7% | | | | | | | | |
A-S Co.-Issuer Subsidiary, Inc. / A-S Merger Sub LLC
7.88%, 12/15/2020 - 144A | | | 1,255,000 | | | | 1,261,275 | |
Hub International, Ltd.
8.13%, 10/15/2018 - 144A | | | 1,300,000 | | | | 1,352,000 | |
Onex USI Acquisition Corp.
7.75%, 01/15/2021 - 144A | | | 2,955,000 | | | | 2,910,675 | |
Internet Software & Services - 0.1% | | | | | | | | |
Equinix, Inc.
7.00%, 07/15/2021 | | | 1,100,000 | | | | 1,193,500 | |
IT Services - 0.4% | | | | | | | | |
Alliance Data Systems Corp.
6.38%, 04/01/2020 - 144A | | | 1,000,000 | | | | 1,030,000 | |
Lender Processing Services, Inc.
5.75%, 04/15/2023 | | | 1,425,000 | | | | 1,514,063 | |
NeuStar, Inc.
4.50%, 01/15/2023 - 144A | | | 675,000 | | | | 637,875 | |
Life Sciences Tools & Services - 0.5% | | | | | | | | |
Jaguar Holding Co. II / Jaguar Merger Sub, Inc.
9.50%, 12/01/2019 - 144A | | | 4,070,000 | | | | 4,497,350 | |
Machinery - 1.0% | | | | | | | | |
BC Mountain LLC / BC Mountain Finance, Inc.
7.00%, 02/01/2021 - 144A | | | 1,705,000 | | | | 1,739,100 | |
CNH Capital LLC
6.25%, 11/01/2016 | | | 1,640,000 | | | | 1,746,600 | |
JMC Steel Group, Inc.
8.25%, 03/15/2018 - 144A | | | 1,535,000 | | | | 1,500,463 | |
Milacron LLC / Mcron Finance Corp.
7.75%, 02/15/2021 - 144A | | | 475,000 | | | | 473,813 | |
Navistar International Corp.
8.25%, 11/01/2021 | | | 2,725,000 | | | | 2,677,312 | |
Media - 5.5% | | | | | | | | |
Adelphia Communications Corp. (Escrow Certificates) | | | | | | | | |
9.25%, 10/01/2049 (E) | | | 1,305,000 | | | | 9,788 | |
10.25%, 06/15/2049 - 11/01/2049 | | | 1,460,000 | | | | 10,950 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 34
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Media (continued) | | | | | | | | |
AMC Entertainment, Inc.
8.75%, 06/01/2019 | | | $ 535,000 | | | | $ 572,450 | |
AMC Networks, Inc. | | | | | | | | |
4.75%, 12/15/2022 | | | 885,000 | | | | 854,025 | |
7.75%, 07/15/2021 | | | 890,000 | | | | 972,325 | |
Cablevision Systems Corp.
7.75%, 04/15/2018 | | | 4,805,000 | | | | 5,165,375 | |
Catalina Marketing Corp.
10.50%, 10/01/2015 - 144A (A) | | | 2,383,984 | | | | 2,413,784 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | |
5.25%, 09/30/2022 | | | 2,885,000 | | | | 2,740,750 | |
5.75%, 01/15/2024 | | | 1,865,000 | | | | 1,799,725 | |
6.50%, 04/30/2021 | | | 1,125,000 | | | | 1,172,812 | |
8.13%, 04/30/2020 | | | 100,000 | | | | 109,250 | |
Clear Channel Communications, Inc.
11.25%, 03/01/2021 - 144A | | | 1,360,000 | | | | 1,417,800 | |
Clear Channel Worldwide Holdings, Inc. | | | | | | | | |
6.50%, 11/15/2022 - 144A | | | 3,450,000 | | | | 3,548,850 | |
7.63%, 03/15/2020 | | | 385,000 | | | | 396,550 | |
Crown Media Holdings, Inc.
10.50%, 07/15/2019 | | | 770,000 | | | | 854,700 | |
CSC Holdings LLC
6.75%, 11/15/2021 | | | 185,000 | | | | 199,338 | |
DISH DBS Corp. | | | | | | | | |
5.88%, 07/15/2022 | | | 1,970,000 | | | | 1,999,550 | |
6.75%, 06/01/2021 | | | 3,215,000 | | | | 3,415,937 | |
LBI Media, Inc. | | | | | | | | |
10.00%, 04/15/2019 - 144A | | | 1,490,000 | | | | 1,296,300 | |
13.50%, 04/15/2020 - 144A (A) (B) | | | 157,272 | | | | 59,763 | |
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
9.75%, 04/01/2021 - 144A | | | 2,800,000 | | | | 2,863,000 | |
MDC Partners, Inc.
6.75%, 04/01/2020 - 144A | | | 950,000 | | | | 947,625 | |
Mediacom LLC / Mediacom Capital Corp.
9.13%, 08/15/2019 | | | 935,000 | | | | 1,005,125 | |
NAI Entertainment Holdings LLC
8.25%, 12/15/2017 - 144A | | | 621,000 | | | | 664,470 | |
National CineMedia LLC
7.88%, 07/15/2021 | | | 3,010,000 | | | | 3,265,850 | |
Regal Entertainment Group | | | | | | | | |
5.75%, 02/01/2025 | | | 720,000 | | | | 684,000 | |
9.13%, 08/15/2018 | | | 778,000 | | | | 855,800 | |
Sitel LLC
11.50%, 04/01/2018 | | | 680,000 | | | | 506,600 | |
Starz LLC / Starz Finance Corp.
5.00%, 09/15/2019 | | | 1,250,000 | | | | 1,240,625 | |
Unitymedia Hessen GmbH & Co. KG /
Unitymedia NRW GmbH
5.50%, 01/15/2023 - 144A | | | 2,220,000 | | | | 2,097,900 | |
Univision Communications, Inc.
5.13%, 05/15/2023 - 144A | | | 1,915,000 | | | | 1,809,675 | |
Metals & Mining - 2.3% | | | | | | | | |
AK Steel Corp.
8.75%, 12/01/2018 - 144A | | | 870,000 | | | | 915,675 | |
ArcelorMittal
6.75%, 02/25/2022 | | | 985,000 | | | | 1,009,625 | |
Eldorado Gold Corp.
6.13%, 12/15/2020 - 144A | | | 3,205,000 | | | | 3,092,825 | |
| | | | | | | | |
| | | Principal | | | Value | |
Metals & Mining (continued) | | | | | | | | |
IAMGOLD Corp.
6.75%, 10/01/2020 - 144A | | | $ 1,870,000 | | | | $ 1,580,150 | |
Inmet Mining Corp. | | | | | | | | |
7.50%, 06/01/2021 - 144A | | | 1,310,000 | | | | 1,254,325 | |
8.75%, 06/01/2020 - 144A | | | 900,000 | | | | 920,250 | |
KGHM International, Ltd.
7.75%, 06/15/2019 - 144A | | | 2,985,000 | | | | 3,029,775 | |
New Gold, Inc. | | | | | | | | |
6.25%, 11/15/2022 - 144A | | | 1,300,000 | | | | 1,244,750 | |
7.00%, 04/15/2020 - 144A | | | 770,000 | | | | 777,700 | |
Novelis, Inc. | | | | | | | | |
8.38%, 12/15/2017 | | | 1,145,000 | | | | 1,213,700 | |
8.75%, 12/15/2020 | | | 2,205,000 | | | | 2,364,862 | |
SunCoke Energy, Inc.
7.63%, 08/01/2019 | | | 1,085,000 | | | | 1,125,688 | |
Oil, Gas & Consumable Fuels - 9.2% | | | | | | | | |
Atlas Energy Holdings Operating Co. LLC /
Atlas Resource Finance Corp.
7.75%, 01/15/2021 - 144A | | | 755,000 | | | | 721,025 | |
Berry Petroleum Co.
6.38%, 09/15/2022 | | | 3,715,000 | | | | 3,701,069 | |
Bonanza Creek Energy, Inc.
6.75%, 04/15/2021 | | | 1,410,000 | | | | 1,420,575 | |
Chesapeake Energy Corp. | | | | | | | | |
5.75%, 03/15/2023 | | | 3,175,000 | | | | 3,214,687 | |
6.13%, 02/15/2021 | | | 2,895,000 | | | | 3,039,750 | |
Chesapeake Oilfield Operating LLC /
Chesapeake Oilfield Finance, Inc. 6.63%, 11/15/2019 - 144A | | | 875,000 | | | | 866,250 | |
Concho Resources, Inc. | | | | | | | | |
5.50%, 04/01/2023 | | | 3,800,000 | | | | 3,743,000 | |
6.50%, 01/15/2022 | | | 1,070,000 | | | | 1,131,525 | |
7.00%, 01/15/2021 | | | 1,325,000 | | | | 1,424,375 | |
CONSOL Energy, Inc.
8.00%, 04/01/2017 | | | 1,335,000 | | | | 1,405,088 | |
Continental Resources, Inc. | | | | | | | | |
4.50%, 04/15/2023 - 144A | | | 1,875,000 | | | | 1,823,437 | |
5.00%, 09/15/2022 | | | 4,215,000 | | | | 4,288,762 | |
7.13%, 04/01/2021 | | | 545,000 | | | | 599,500 | |
CrownRock, LP / CrownRock Finance, Inc.
7.13%, 04/15/2021 - 144A | | | 1,875,000 | | | | 1,837,500 | |
CVR Refining LLC / Coffeyville Finance, Inc.
6.50%, 11/01/2022 - 144A | | | 2,355,000 | | | | 2,307,900 | |
Denbury Resources, Inc.
8.25%, 02/15/2020 | | | 1,360,000 | | | | 1,468,800 | |
Energy Transfer Equity, LP
7.50%, 10/15/2020 | | | 725,000 | | | | 792,063 | |
EP Energy LLC / EP Energy Finance, Inc.
9.38%, 05/01/2020 | | | 2,490,000 | | | | 2,813,700 | |
EP Energy LLC / Everest Acquisition Finance, Inc. | | | | | | | | |
6.88%, 05/01/2019 | | | 3,385,000 | | | | 3,621,950 | |
7.75%, 09/01/2022 | | | 680,000 | | | | 727,600 | |
EPL Oil & Gas, Inc.
8.25%, 02/15/2018 | | | 1,430,000 | | | | 1,472,900 | |
Frontier Oil Corp.
6.88%, 11/15/2018 | | | 445,000 | | | | 477,263 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 35
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Oil, Gas & Consumable Fuels (continued) | | | | | |
Harvest Operations Corp.
6.88%, 10/01/2017 | | | $ 645,000 | | | | $ 719,175 | |
Kodiak Oil & Gas Corp. | | | | | | | | |
5.50%, 01/15/2021 - 144A | | | 360,000 | | | | 351,000 | |
8.13%, 12/01/2019 | | | 3,020,000 | | | | 3,276,700 | |
Laredo Petroleum, Inc.
7.38%, 05/01/2022 | | | 1,645,000 | | | | 1,727,250 | |
MEG Energy Corp.
6.38%, 01/30/2023 - 144A | | | 1,870,000 | | | | 1,813,900 | |
Newfield Exploration Co.
5.63%, 07/01/2024 | | | 2,265,000 | | | | 2,197,050 | |
Oasis Petroleum, Inc. | | | | | | | | |
6.50%, 11/01/2021 | | | 755,000 | | | | 773,875 | |
6.88%, 01/15/2023 | | | 2,510,000 | | | | 2,585,300 | |
PBF Holding Co. LLC / PBF Finance Corp.
8.25%, 02/15/2020 | | | 100,000 | | | | 104,750 | |
Plains Exploration & Production Co.
6.88%, 02/15/2023 | | | 3,510,000 | | | | 3,755,356 | |
QEP Resources, Inc.
5.25%, 05/01/2023 | | | 1,455,000 | | | | 1,418,625 | |
Range Resources Corp.
6.75%, 08/01/2020 | | | 1,320,000 | | | | 1,415,700 | |
Rosetta Resources, Inc. | | | | | | | | |
5.63%, 05/01/2021 | | | 1,610,000 | | | | 1,571,763 | |
9.50%, 04/15/2018 | | | 825,000 | | | | 891,000 | |
SandRidge Energy, Inc. | | | | | | | | |
7.50%, 03/15/2021 | | | 890,000 | | | | 849,950 | |
8.13%, 10/15/2022 | | | 90,000 | | | | 89,100 | |
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 (E) | | | 2,985,000 | | | | 59,700 | |
Seven Generations Energy, Ltd.
8.25%, 05/15/2020 - 144A | | | 955,000 | | | | 950,225 | |
SM Energy Co.
6.50%, 01/01/2023 | | | 1,445,000 | | | | 1,517,250 | |
SunCoke Energy Partners, LP /
SunCoke Energy Partners Finance Corp.
7.38%, 02/01/2020 - 144A (B) | | | 465,000 | | | | 474,300 | |
Tesoro Corp.
5.38%, 10/01/2022 | | | 1,905,000 | | | | 1,928,812 | |
Venoco, Inc.
11.50%, 10/01/2017 | | | 430,000 | | | | 454,725 | |
WPX Energy, Inc. | | | | | | | | |
5.25%, 01/15/2017 | | | 615,000 | | | | 630,375 | |
6.00%, 01/15/2022 | | | 2,725,000 | | | | 2,752,250 | |
Paper & Forest Products - 0.5% | | | | | | | | |
Boise Paper Holdings LLC | | | | | | | | |
8.00%, 04/01/2020 | | | 445,000 | | | | 473,925 | |
9.00%, 11/01/2017 | | | 1,835,000 | | | | 1,935,925 | |
Domtar Corp.
10.75%, 06/01/2017 | | | 1,540,000 | | | | 1,938,102 | |
Pharmaceuticals - 1.3% | | | | | | | | |
ENDO Health Solutions, Inc. | | | | | | | | |
7.00%, 07/15/2019 - 12/15/2020 | | | 1,930,000 | | | | 1,943,769 | |
7.25%, 01/15/2022 | | | 2,275,000 | | | | 2,292,062 | |
VPI Escrow Corp.
6.38%, 10/15/2020 - 144A | | | 4,365,000 | | | | 4,315,894 | |
VPII Escrow Corp.
7.50%, 07/15/2021 - 144A | | | 1,945,000 | | | | 2,013,075 | |
| | | | | | | | |
| | | Principal | | | Value | |
Professional Services - 1.3% | | | | | | | | |
FTI Consulting, Inc.
6.00%, 11/15/2022 - 144A | | | $ 1,045,000 | | | | $ 1,058,063 | |
TransUnion Holding Co., Inc. | | | | | | | | |
8.13%, 06/15/2018 - 144A | | | 1,980,000 | | | | 2,096,325 | |
9.63%, 06/15/2018 | | | 3,545,000 | | | | 3,784,287 | |
TransUnion LLC / TransUnion Financing Corp.
11.38%, 06/15/2018 | | | 3,035,000 | | | | 3,361,262 | |
Real Estate Investment Trusts - 0.0% (F) | | | | | | | | |
RHP Hotel Properties, LP / RHP Finance Corp.
5.00%, 04/15/2021 - 144A | | | 385,000 | | | | 373,450 | |
Real Estate Management & Development - 0.3% | | | | | |
CBRE Services, Inc.
6.63%, 10/15/2020 | | | 2,470,000 | | | | 2,605,850 | |
Road & Rail - 0.4% | | | | | | | | |
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
9.75%, 03/15/2020 | | | 2,165,000 | | | | 2,489,750 | |
Kansas City Southern de Mexico SA de CV
6.13%, 06/15/2021 | | | 106,000 | | | | 120,310 | |
Watco Cos. LLC / Watco Finance Corp.
6.38%, 04/01/2023 - 144A | | | 950,000 | | | | 945,250 | |
Semiconductors & Semiconductor Equipment - 0.1% | | | | | |
NXP BV / NXP Funding LLC
5.75%, 02/15/2021 - 144A | | | 990,000 | | | | 1,002,375 | |
Software - 2.2% | | | | | | | | |
First Data Corp. | | | | | | | | |
6.75%, 11/01/2020 - 144A | | | 200,000 | | | | 203,500 | |
7.38%, 06/15/2019 - 144A | | | 2,535,000 | | | | 2,604,712 | |
10.63%, 06/15/2021 - 144A | | | 3,210,000 | | | | 3,169,875 | |
11.25%, 01/15/2021 - 144A | | | 1,725,000 | | | | 1,720,687 | |
Infor US, Inc.
9.38%, 04/01/2019 | | | 1,605,000 | | | | 1,739,419 | |
Nuance Communications, Inc.
5.38%, 08/15/2020 - 144A | | | 2,220,000 | | | | 2,170,050 | |
Southern Graphics, Inc.
8.38%, 10/15/2020 - 144A | | | 1,565,000 | | | | 1,611,950 | |
SSI Investments II, Ltd. / SSI Co.-Issuer LLC
11.13%, 06/01/2018 | | | 4,375,000 | | | | 4,796,094 | |
Specialty Retail - 6.3% | | | | | | | | |
Academy, Ltd.
9.25%, 08/01/2019 - 144A | | | 2,170,000 | | | | 2,403,275 | |
Burlington Holdings LLC /
Burlington Holding Finance, Inc.
9.00%, 02/15/2018 - 144A (A) | | | 2,000,000 | | | | 2,050,000 | |
Claire’s Stores, Inc. | | | | | | | | |
6.13%, 03/15/2020 - 144A | | | 1,300,000 | | | | 1,277,250 | |
7.75%, 06/01/2020 - 144A | | | 1,160,000 | | | | 1,122,300 | |
8.88%, 03/15/2019 | | | 450,000 | | | | 472,500 | |
9.00%, 03/15/2019 - 144A | | | 2,510,000 | | | | 2,761,000 | |
Express LLC
8.75%, 03/01/2018 | | | 5,145,000 | | | | 5,505,150 | |
Hot Topic, Inc.
9.25%, 06/15/2021 - 144A | | | 3,590,000 | | | | 3,634,875 | |
L Brands, Inc. | | | | | | | | |
5.63%, 02/15/2022 | | | 2,700,000 | | | | 2,740,500 | |
6.63%, 04/01/2021 | | | 4,135,000 | | | | 4,491,644 | |
8.50%, 06/15/2019 | | | 2,650,000 | | | | 3,074,000 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 36
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Specialty Retail (continued) | | | | | | | | |
Michaels Stores, Inc. | | | | | | | | |
7.75%, 11/01/2018 | | | $ 1,450,000 | | | | $ 1,551,500 | |
11.38%, 11/01/2016 | | | 658,000 | | | | 685,972 | |
New Academy Finance Co. LLC /
New Academy Finance Corp.
8.00%, 06/15/2018 - 144A | | | 3,995,000 | | | | 4,094,875 | |
Party City Holdings, Inc.
8.88%, 08/01/2020 - 144A | | | 2,320,000 | | | | 2,488,200 | |
Petco Animal Supplies, Inc.
9.25%, 12/01/2018 - 144A | | | 3,325,000 | | | | 3,582,687 | |
Petco Holdings, Inc.
8.50%, 10/15/2017 - 144A | | | 3,895,000 | | | | 3,972,900 | |
Radio Systems Corp.
8.38%, 11/01/2019 - 144A | | | 1,160,000 | | | | 1,235,400 | |
Sally Holdings LLC / Sally Capital, Inc.
5.75%, 06/01/2022 | | | 4,135,000 | | | | 4,197,025 | |
Textiles, Apparel & Luxury Goods - 0.5% | | | | | | | | |
Levi Strauss & Co.
6.88%, 05/01/2022 | | | 1,075,000 | | | | 1,166,375 | |
PVH Corp.
7.75%, 11/15/2023 | | | 2,795,000 | | | | 3,224,469 | |
Trading Companies & Distributors - 1.6% | | | | | | | | |
International Lease Finance Corp. | | | | | | | | |
8.25%, 12/15/2020 | | | 2,775,000 | | | | 3,118,406 | |
8.63%, 09/15/2015 - 01/15/2022 | | | 3,045,000 | | | | 3,450,050 | |
8.75%, 03/15/2017 | | | 2,455,000 | | | | 2,734,256 | |
International Lease Finance Corp., Series MTN
5.65%, 06/01/2014 | | | 510,000 | | | | 518,925 | |
Rexel SA
5.25%, 06/15/2020 - 144A | | | 2,465,000 | | | | 2,458,837 | |
United Rentals North America, Inc.
8.38%, 09/15/2020 | | | 475,000 | | | | 514,188 | |
Wireless Telecommunication Services - 5.1% | | | | | |
Crown Castle International Corp.
5.25%, 01/15/2023 | | | 1,910,000 | | | | 1,833,600 | |
Digicel Group, Ltd.
10.50%, 04/15/2018 - 144A | | | 1,045,000 | | | | 1,107,700 | |
Digicel, Ltd.
8.25%, 09/01/2017 - 144A | | | 2,574,000 | | | | 2,676,960 | |
iPCS, Inc.
3.52%, 05/01/2014 (E) | | | 880,000 | | | | 880,000 | |
MetroPCS Wireless, Inc. | | | | | | | | |
6.25%, 04/01/2021 - 144A | | | 3,575,000 | | | | 3,637,562 | |
6.63%, 04/01/2023 - 144A | | | 5,365,000 | | | | 5,458,887 | |
NII International Telecom SCA
7.88%, 08/15/2019 - 144A | | | 1,895,000 | | | | 1,795,513 | |
SBA Communications Corp.
5.63%, 10/01/2019 - 144A | | | 1,110,000 | | | | 1,098,900 | |
Softbank Corp.
4.50%, 04/15/2020 - 144A | | | 4,700,000 | | | | 4,529,625 | |
Sprint Nextel Corp. | | | | | | | | |
6.00%, 12/01/2016 - 11/15/2022 | | | 9,045,000 | | | | 8,927,100 | |
7.00%, 08/15/2020 | | | 1,240,000 | | | | 1,302,000 | |
9.00%, 11/15/2018 - 144A | | | 6,075,000 | | | | 7,107,750 | |
9.13%, 03/01/2017 | | | 995,000 | | | | 1,144,250 | |
| | | | | | | | |
Total Corporate Debt Securities (cost $684,574,309) | | | | 698,270,774 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
CONVERTIBLE BONDS - 0.3% | | | | | | | | |
Hotels, Restaurants & Leisure - 0.3% | | | | | | | | |
NCL Corp., Ltd.
5.00%, 02/15/2018 - 144A | | | $ 810,000 | | | | $ 793,800 | |
Regal Cinemas Corp.
8.63%, 07/15/2019 | | | 1,330,000 | | | | 1,419,775 | |
Independent Power Producers & Energy Traders - 0.0% | | | | | |
Mirant Corp. (Escrow Certificates)
Series 4, Class A
2.50%, 06/15/2021 (D) | | | 1,220,000 | | | | 0 | |
Media - 0.0% (F) | | | | | |
Mood Media Corp.
Series 1
10.00%, 10/31/2015 (B) (D) (G) | | | 7,000 | | | | 3,878 | |
| | | | | | | | |
Total Convertible Bonds (cost $2,201,262) | | | | 2,217,453 | |
| | | | | | | | |
| | |
LOAN ASSIGNMENTS - 5.6% | | | | | | | | |
Aerospace & Defense - 0.2% | | | | | | | | |
Sequa Corp., Tranche B
5.25%, 06/19/2017 (E) | | | 1,592,000 | | | | 1,596,975 | |
Chemicals - 0.6% | | | | | | | | |
Ineos US Finance LLC
4.00%, 05/04/2018 (E) | | | 3,931,364 | | | | 3,856,834 | |
Tronox Pigments BV
—, 03/19/2020 (H) | | | 1,100,000 | | | | 1,103,732 | |
Diversified Consumer Services - 0.1% | | | | | | | | |
Education Management LLC, Extended
4.31%, 06/01/2016 (E) | | | 1,193,449 | | | | 1,039,793 | |
Diversified Financial Services - 0.5% | | | | | | | | |
Alixpartners LLP, 2nd Lien
10.75%, 12/27/2019 (E) | | | 2,300,000 | | | | 2,328,750 | |
Nuveen Investments, Inc., 2nd Lien
—, 02/28/2019 (H) | | | 1,700,000 | | | | 1,680,875 | |
Electric Utilities - 0.2% | | | | | | | | |
Texas Competitive Electric Holdings Co. LLC, Extended
4.72%, 10/10/2017 (E) | | | 2,490,000 | | | | 1,738,643 | |
Food Products - 0.1% | | | | | | | | |
Hostess Brands, Inc. Term Loan
6.75%, 03/06/2020 (E) | | | 700,000 | | | | 711,375 | |
Hotels, Restaurants & Leisure - 0.5% | | | | | | | | |
Seven Seas Cruises S de RL LLC, Tranche B
4.75%, 12/21/2018 (E) | | | 2,587,250 | | | | 2,579,165 | |
WMG Acquisition Corp., Delayed Draw -,
07/01/2020 (H) | | | 1,700,000 | | | | 1,683,000 | |
Household Products - 0.3% | | | | | | | | |
Sun Products Corp.
5.50%, 03/23/2020 (E) | | | 2,793,000 | | | | 2,755,761 | |
Insurance - 0.7% | | | | | | | | |
Asurion LLC, Tranche B1
Series 2000-LB1, Class AF5
4.75%, 07/18/2017 (E) | | | 906,250 | | | | 898,698 | |
Lone Star Intermediate Super Holdings LLC, Tranche B
11.00%, 09/02/2019 (E) | | | 4,300,000 | | | | 4,493,500 | |
Media - 0.2% | | | | | | | | |
McGraw-Hill Global Education Holdings LLC, Term Loan
9.00%, 03/22/2019 (E) | | | 1,795,500 | | | | 1,767,221 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 37
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Metals & Mining - 0.8% | | | | | | | | |
FMG Resources August 2006 Pty, Ltd.
5.25%, 10/18/2017 (E) | | | $ 6,163,425 | | | | $ 6,122,333 | |
Multiline Retail - 0.6% | | | | | | | | |
J C Penney Corp., Inc. Term Loan
6.00%, 05/21/2018 (E) | | | 4,500,000 | | | | 4,500,000 | |
Oil, Gas & Consumable Fuels - 0.3% | | | | | | | | |
EP Energy LLC Tranche B3
3.50%, 05/24/2018 (E) | | | 2,500,000 | | | | 2,482,812 | |
Pharmaceuticals - 0.3% | | | | | | | | |
Aptalis Pharma, Inc., Tranche B
Series 2010-3A, Class A
5.50%, 02/10/2017 (E) | | | 2,340,000 | | | | 2,332,688 | |
Transportation Infrastructure - 0.2% | | | | | | | | |
CEVA Logistics US Holdings, Inc., Extended
5.28%, 08/31/2016 (E) | | | 1,493,068 | | | | 1,396,019 | |
CEVA Logistics US Holdings, Inc., Extended Synthetic
5.28%, 08/31/2016 (E) | | | 535,304 | | | | 497,832 | |
| | | | | | | | |
Total Loan Assignments (cost $45,294,544) | | | | 45,566,006 | |
| | | | | | | | |
STRUCTURED NOTES DEBT - 0.5% | | | | | | | | |
Diversified Consumer Services - 0.1% | | | | | | | | |
Education Management LLC / Education Management Finance Corp.
15.00%, 07/01/2018 - 144A (I) | | | 1,131,134 | | | | 1,173,552 | |
Media - 0.4% | | | | | | | | |
Catalina Marketing Corp.
Series 2005-1A, Class A2
11.63%, 10/01/2017 - 144A (A) (B) (I) | | | 2,828,000 | | | | 2,969,400 | |
| | | | | | | | |
Total Structured Notes Debt (cost $3,977,365) | | | | 4,142,952 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
CONVERTIBLE PREFERRED STOCKS - 1.2% | | | | | |
Electronic Equipment & Instruments - 0.4% | | | | | |
Lucent Technologies Capital Trust I, 7.75% (J) | | | 3,680 | | | | 3,514,400 | |
Health Care Equipment & Supplies - 0.3% | | | | | |
Alere, Inc. - Series B, 3.00% (J) (K) | | | 11,750 | | | | 2,667,132 | |
Oil, Gas & Consumable Fuels - 0.5% | | | | | | | | |
Chesapeake Energy Corp., 4.50% (J) (K) | | | 12,015 | | | | 1,075,583 | |
Chesapeake Energy Corp. 144A, 5.75% (J) (K) | | | 2,780 | | | | 2,880,775 | |
| | | | | | | | |
Total Convertible Preferred Stocks (cost $10,287,918) | | | | 10,137,890 | |
| | | | | | | | |
| | |
PREFERRED STOCK - 0.3% | | | | | | | | |
Commercial Banks - 0.3% | | | | | | | | |
GMAC Capital Trust I - Series 2, 8.13% (E) | | | 87,120 | | | | 2,269,476 | |
| | | | | | | | |
Total Preferred Stock (cost $2,199,626) | | | | 2,269,476 | |
| | | | | | | | |
| | |
COMMON STOCKS - 0.3% | | | | | | | | |
Airlines - 0.0% (F) | | | | | | | | |
Delta Air Lines, Inc. (J) | | | 13,451 | | | | 251,668 | |
Building Products - 0.3% | | | | | | | | |
Panolam Holdings Co. - GDR (B) (D) (G) (J) | | | 1,803 | | | | 2,366,780 | |
Hotels, Restaurants & Leisure - 0.0% (F) | | | | | | | | |
Greektown Superholdings, Inc. (J) | | | 1,131 | | | | 1 | |
Independent Power Producers & Energy Traders - 0.0% | |
Mirant Corp. (Escrow Certificates) (D) (J) | | | 550,000 | | | | 0 | |
| | | | | | | | |
| | | Shares | | | Value | |
Media - 0.0% (F) | | | | | | | | |
New Cotai LLC / New Cotai Capital Corp. - Class B (D) (J) | | | 6 | | | | $ 185,250 | |
| | | | | | | | |
Total Common Stocks (cost $3,796,845) | | | | 2,803,699 | |
| | | | | | | | |
RIGHT - 0.1% | |
Hotels, Restaurants & Leisure - 0.1% | | | | | | | | |
BLB Contingent Value Rights (B) (G) (J) | | | 2,010 | | | | 934,650 | |
| | | | | | | | |
Total Right (cost $2,010,000) | | | | 934,650 | |
| | | | | | | | |
| | |
WARRANTS - 0.0% (F) | | | | | | | | |
Food Products - 0.0% (F) | | | | | | | | |
American Seafoods Group LLC (J)
Expiration: 05/15/2018
Exercise Price: $0.01 | | | 1,265 | | | | 189,750 | |
Media - 0.0% | | | | | | | | |
Reader’s Digest Association, Inc. (D) (J)
Expiration: 02/19/2014
Exercise Price: $47.35 | | | 13,112 | | | | 0 | |
Oil, Gas & Consumable Fuels - 0.0% (F) | | | | | |
SemGroup Corp. (J)
Expiration: 11/30/2014
Exercise Price: $25.0 | | | 8,130 | | | | 182,600 | |
| | | | | | | | |
Total Warrants (cost $81) | | | | 372,350 | |
| | | | | | | | |
| | |
INVESTMENT COMPANY - 0.0% | | | | | | | | |
Diversified Financial Services - 0.0% | | | | | | | | |
Adelphia Recovery Trust - Series ACC1 (D) | | | 2,697,805 | | | | 0 | |
| | | | | | | | |
Total Investment Company (cost $2,633,431) | | | | 0 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 4.8% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (L), dated 06/28/2013, to be repurchased at $39,143,047 on 07/01/2013. Collateralized by U.S. Government Agency Obligations,
3.00% - 3.50%, due 11/15/2040 - 05/01/2041, and with a total value of $39,928,073. | | | $ 39,142,949 | | | | 39,142,949 | |
| | | | | | | | |
Total Repurchase Agreement (cost $39,142,949) | | | | 39,142,949 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $796,118,330) (M) | | | | 805,858,199 | |
Other Assets and Liabilities - Net | | | | | | | 11,974,742 | |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 817,832,941 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 38
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If a security makes cash payment in addition to in-kind, the cash rate is disclosed separately. |
| (B) | Illiquid. Total aggregate market value of illiquid securities is $13,630,146 or 1.67% of the portfolio’s net assets. |
| (D) | Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $3,425,335, or 0.42% of the portfolio’s net assets. |
| (E) | Floating or variable rate note. Rate is listed as of June 30, 2013. |
| (F) | Percentage rounds to less than 0.1%. |
| (G) | Restricted security. At June 30, 2013, the portfolio owned the respective securities which were restricted as to public resale: |
| | | | | | | | | | | | | | | | | | |
| Investment Securities | | Description | | Acquisition
Date | | | Cost | | | Value | | | Value as % of
Net Assets | |
Convertible Bonds | | Mood Media Corp. - Series 1 | | | 07/30/2012 | | | $ | 1,774 | | | $ | 3,878 | | | | 0.00 | % (N) |
| | | | | |
Common Stocks | | Panolam Holdings Co. | | | 11/29/2009 | | | | 3,079,799 | | | | 2,366,780 | | | | 0.29 | |
| | | | | |
Right | | BLB Contingent Value Rights | | | 11/22/2010 | | | | 2,010,000 | | | | 934,650 | | | | 0.11 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | $ | 5,091,573 | | | $ | 3,305,308 | | | | 0.40 | % |
| | | | | | | | | | | | | | | | | | |
| (H) | All or portion of this security represents unsettled loan commitment at June 30, 2013 where the rate will be determined at time of settlement. |
| (I) | Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of June 30, 2013. Maturity date disclosed is the ultimate maturity date. |
| (J) | Non-income producing security. |
| (K) | The security has a perpetual maturity. The date shown is the next call date. |
| (L) | Rate shown reflects the yield at June 30, 2013. |
| (M) | Aggregate cost for federal income tax purposes is $796,118,330. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $27,760,022 and $18,020,153, respectively. Net unrealized appreciation for tax purposes is $9,739,869. |
| (N) | Percentage rounds to less than 0.01%. |
DEFINITIONS:
| | |
| 144A | | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities aggregated $322,611,409, or 39.45% of the portfolio’s net assets. |
| GDR | | Global Depositary Receipt |
| MTN | | Medium Term Note |
VALUATION SUMMARY: (O)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Corporate Debt Securities | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | — | | | $ | 8,896,250 | | | $ | — | | | $ | 8,896,250 | |
Air Freight & Logistics | | | — | | | | 2,094,660 | | | | — | | | | 2,094,660 | |
Auto Components | | | — | | | | 4,147,510 | | | | — | | | | 4,147,510 | |
Automobiles | | | — | | | | 3,107,056 | | | | — | | | | 3,107,056 | |
Beverages | | | — | | | | 4,005,431 | | | | — | | | | 4,005,431 | |
Biotechnology | | | — | | | | 3,410,640 | | | | — | | | | 3,410,640 | |
Building Products | | | — | | | | 7,994,688 | | | | — | | | | 7,994,688 | |
Capital Markets | | | — | | | | 1,125,400 | | | | — | | | | 1,125,400 | |
Chemicals | | | — | | | | 18,637,425 | | | | — | | | | 18,637,425 | |
Commercial Banks | | | — | | | | 2,048,025 | | | | — | | | | 2,048,025 | |
Commercial Services & Supplies | | | — | | | | 20,686,775 | | | | — | | | | 20,686,775 | |
Communications Equipment | | | — | | | | 8,623,022 | | | | — | | | | 8,623,022 | |
Computers & Peripherals | | | — | | | | 4,015,325 | | | | — | | | | 4,015,325 | |
Consumer Finance | | | — | | | | 12,192,828 | | | | — | | | | 12,192,828 | |
Containers & Packaging | | | — | | | | 10,078,231 | | | | — | | | | 10,078,231 | |
Distributors | | | — | | | | 5,001,075 | | | | — | | | | 5,001,075 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 39
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY (continued):
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
Diversified Consumer Services | | $ | — | | | $ | 9,351,800 | | | $ | — | | | $ | 9,351,800 | |
Diversified Financial Services | | | — | | | | 12,810,620 | | | | — | | | | 12,810,620 | |
Diversified Telecommunication Services | | | — | | | | 38,882,228 | | | | — | | | | 38,882,228 | |
Electric Utilities | | | — | | | | 2,054,900 | | | | — | | | | 2,054,900 | |
Electrical Equipment | | | — | | | | 1,789,050 | | | | — | | | | 1,789,050 | |
Energy Equipment & Services | | | — | | | | 23,831,775 | | | | — | | | | 23,831,775 | |
Food & Staples Retailing | | | — | | | | 3,527,982 | | | | — | | | | 3,527,982 | |
Food Products | | | — | | | | 9,077,560 | | | | — | | | | 9,077,560 | |
Gas Utilities | | | — | | | | 7,927,188 | | | | — | | | | 7,927,188 | |
Health Care Equipment & Supplies | | | — | | | | 28,247,551 | | | | — | | | | 28,247,551 | |
Health Care Providers & Services | | | — | | | | 28,936,022 | | | | — | | | | 28,936,022 | |
Health Care Technology | | | — | | | | 1,887,463 | | | | — | | | | 1,887,463 | |
Hotels, Restaurants & Leisure | | | — | | | | 56,934,868 | | | | 869,427 | | | | 57,804,295 | |
Household Durables | | | — | | | | 5,412,114 | | | | — | | | | 5,412,114 | |
Household Products | | | — | | | | 18,753,962 | | | | — | | | | 18,753,962 | |
Independent Power Producers & Energy Traders | | | — | | | | 7,408,863 | | | | — | | | | 7,408,863 | |
Industrial Conglomerates | | | — | | | | 2,489,800 | | | | — | | | | 2,489,800 | |
Insurance | | | — | | | | 5,523,950 | | | | — | | | | 5,523,950 | |
Internet Software & Services | | | — | | | | 1,193,500 | | | | — | | | | 1,193,500 | |
IT Services | | | — | | | | 3,181,938 | | | | — | | | | 3,181,938 | |
Life Sciences Tools & Services | | | — | | | | 4,497,350 | | | | — | | | | 4,497,350 | |
Machinery | | | — | | | | 8,137,288 | | | | — | | | | 8,137,288 | |
Media | | | — | | | | 44,950,692 | | | | — | | | | 44,950,692 | |
Metals & Mining | | | — | | | | 18,529,325 | | | | — | | | | 18,529,325 | |
Oil, Gas & Consumable Fuels | | | — | | | | 75,206,850 | | | | — | | | | 75,206,850 | |
Paper & Forest Products | | | — | | | | 4,347,952 | | | | — | | | | 4,347,952 | |
Pharmaceuticals | | | — | | | | 10,564,800 | | | | — | | | | 10,564,800 | |
Professional Services | | | — | | | | 10,299,937 | | | | — | | | | 10,299,937 | |
Real Estate Investment Trusts | | | — | | | | 373,450 | | | | — | | | | 373,450 | |
Real Estate Management & Development | | | — | | | | 2,605,850 | | | | — | | | | 2,605,850 | |
Road & Rail | | | — | | | | 3,555,310 | | | | — | | | | 3,555,310 | |
Semiconductors & Semiconductor Equipment | | | — | | | | 1,002,375 | | | | — | | | | 1,002,375 | |
Software | | | — | | | | 18,016,287 | | | | — | | | | 18,016,287 | |
Specialty Retail | | | — | | | | 51,341,053 | | | | — | | | | 51,341,053 | |
Textiles, Apparel & Luxury Goods | | | — | | | | 4,390,844 | | | | — | | | | 4,390,844 | |
Trading Companies & Distributors | | | — | | | | 12,794,662 | | | | — | | | | 12,794,662 | |
Wireless Telecommunication Services | | | — | | | | 41,499,847 | | | | — | | | | 41,499,847 | |
Convertible Bonds | | | | | | | | | | | | | | | | |
Hotels, Restaurants & Leisure | | | — | | | | 2,213,575 | | | | — | | | | 2,213,575 | |
Independent Power Producers & Energy Traders | | | — | | | | — | | | | 0 | | | | 0 | |
Media | | | — | | | | — | | | | 3,878 | | | | 3,878 | |
Loan Assignments | | | — | | | | 45,566,006 | | | | — | | | | 45,566,006 | |
Structured Notes Debts | | | — | | | | 4,142,952 | | | | — | | | | 4,142,952 | |
Convertible Preferred Stocks | | | 7,257,115 | | | | 2,880,775 | | | | — | | | | 10,137,890 | |
Preferred Stock | | | 2,269,476 | | | | — | | | | — | | | | 2,269,476 | |
Common Stocks | | | | | | | | | | | | | | | | |
Airlines | | | 251,668 | | | | — | | | | — | | | | 251,668 | |
Building Products | | | — | | | | — | | | | 2,366,780 | | | | 2,366,780 | |
Hotels, Restaurants & Leisure | | | 1 | | | | — | | | | — | | | | 1 | |
Independent Power Producers & Energy Traders | | | — | | | | — | | | | 0 | | | | 0 | |
Media | | | — | | | | — | | | | 185,250 | | | | 185,250 | |
Right | | | 934,650 | | | | — | | | | — | | | | 934,650 | |
Warrants | | | | | | | | | | | | | | | | |
Food Products | | | 189,750 | | | | — | | | | — | | | | 189,750 | |
Media | | | — | | | | — | | | | 0 | | | | 0 | |
Oil, Gas & Consumable Fuels | | | 182,600 | | | | — | | | | — | | | | 182,600 | |
Investment Company | | | | | | | | | | | | | | | | |
Diversified Financial Services | | | — | | | | — | | | | 0 | | | | 0 | |
Repurchase Agreement | | | — | | | | 39,142,949 | | | | — | | | | 39,142,949 | |
Total Investment Securities | | $ | 11,085,260 | | | $ | 791,347,604 | | | $ | 3,425,335 | | | $ | 805,858,199 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 40
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| (O) | Transfers between levels are considered to have occurred at the end of the reporting period. As of period ended June 30, 2013, securities with fair market value of $934,650 transferred from Level 2 to Level 1 due to availability of unadjusted quoted prices. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
Level 3 Rollforward - Investment Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securities | | Beginning
Balance at
December 31, 2012 | | | Purchases (P) | | | Sales (Q) | | | Accrued
Discounts
(Premiums) | | | Total Realized Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) (R) | | | Transfers
into
Level 3 | | | Transfer
out of
Level 3 | | | Ending
Balance at June 30, 2013 (S) | | | Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
Held at
June 30, 2013 (R) | |
| Convertible Bonds | | $ | 7,252 | | | $ | — | | | $ | — | | | $ | 1,095 | | | $ | — | | | $ | (4,469 | ) | | $ | — | | | $ | — | | | $ | 3,878 | | | $ | (4,469 | ) |
| Corporate Debt Securities | | | 1,059,269 | | | | — | | | | (196,733 | ) | | | (2,945 | ) | | | (2,124,177 | ) | | | 2,134,013 | | | | — | | | | — | | | | 869,427 | | | | 5,984 | |
| Common Stocks | | | 3,182,619 | | | | 185,250 | | | | — | | | | — | | | | — | | | | (815,839 | ) | | | — | | | | — | | | | 2,552,030 | | | | (815,839 | ) |
| Investment Company | | | 0 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0 | | | | — | |
| Preferred Corporate Debt | | | 0 | | | | — | | | | — | | | | — | | | | (3,758,574 | ) | | | 3,758,574 | | | | — | | | | — | | | | — | | | | — | |
| Warrants | | | 0 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 0 | | | | — | |
Total | | $ | 4,249,140 | | | $ | 185,250 | | | $ | (196,733 | ) | | $ | (1,850 | ) | | $ | (5,882,751 | ) | | $ | 5,072,279 | | | $ | — | | | $ | — | | | $ | 3,425,335 | | | $ | (814,324 | ) |
| (P) | Purchases include all purchases of securities and securities received in corporate actions. |
| (Q) | Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action. |
| (R) | Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end. |
| (S) | Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 41
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT OBLIGATIONS - 3.7% | | | | | |
U.S. Treasury Bond | | | | | | | | |
2.75%, 11/15/2042 | | | $ 5,000 | | | | $ 4,311 | |
2.88%, 05/15/2043 | | | 467,000 | | | | 413,295 | |
3.13%, 02/15/2043 | | | 820,000 | | | | 765,419 | |
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042 | | | 159,523 | | | | 140,430 | |
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023 | | | 574,281 | | | | 556,828 | |
U.S. Treasury Note | | | | | | | | |
0.38%, 06/30/2015 | | | 105,000 | | | | 105,041 | |
1.38%, 06/30/2018 | | | 350,000 | | | | 349,808 | |
1.63%, 11/15/2022 | | | 68,000 | | | | 63,479 | |
1.75%, 05/15/2023 | | | 1,880,000 | | | | 1,760,737 | |
| | | | | | | | |
Total U.S. Government Obligations (cost $4,397,251) | | | | 4,159,348 | |
| | | | | | | | |
| |
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8% | | | | | |
Fannie Mae | | | | | | | | |
2.50%, 05/01/2028 - 06/01/2028 | | | 70,027 | | | | 70,542 | |
2.80%, 10/09/2019 (A) | | | 280,000 | | | | 235,200 | |
2.95%, 03/01/2041 (B) | | | 49,906 | | | | 52,094 | |
3.00%, 02/01/2028 - 06/01/2043 | | | 1,879,238 | | | | 1,842,096 | |
3.16%, 03/01/2041 (B) | | | 45,148 | | | | 47,077 | |
3.27%, 12/01/2040 (B) | | | 50,948 | | | | 53,194 | |
3.50%, 07/01/2027 | | | 456,719 | | | | 476,209 | |
3.50%, 09/01/2041 (B) | | | 67,523 | | | | 70,668 | |
4.00%, 02/01/2025 - 10/01/2042 | | | 618,102 | | | | 649,533 | |
4.50%, 02/01/2025 - 08/01/2042 | | | 960,717 | | | | 1,018,440 | |
5.00%, 09/01/2033 - 05/01/2038 | | | 967,954 | | | | 1,044,662 | |
5.50%, 09/01/2036 - 08/01/2037 | | | 322,004 | | | | 352,758 | |
6.00%, 02/01/2038 - 12/01/2038 | | | 124,167 | | | | 136,326 | |
6.50%, 05/01/2040 | | | 252,814 | | | | 280,096 | |
Fannie Mae, IO
2.53%, 01/25/2022 (B) | | | 179,502 | | | | 25,908 | |
Fannie Mae, TBA | | | | | | | | |
2.50% | | | 400,000 | | | | 401,438 | |
3.00% | | | 800,000 | | | | 806,312 | |
3.50% | | | 740,000 | | | | 750,684 | |
4.00% | | | 600,000 | | | | 623,742 | |
4.50% | | | 300,000 | | | | 317,262 | |
5.00% | | | 200,000 | | | | 215,234 | |
5.50% | | | 100,000 | | | | 108,547 | |
Farmer Mac Guaranteed Notes Trust
Series 2007-1
5.13%, 04/19/2017 - 144A | | | 350,000 | | | | 398,424 | |
Freddie Mac | | | | | | | | |
2.64%, 01/25/2023 | | | 185,000 | | | | 176,226 | |
2.68%, 10/25/2022 | | | 80,000 | | | | 76,675 | |
3.00%, 03/01/2043 - 04/01/2043 | | | 976,660 | | | | 953,436 | |
3.05%, 02/01/2041 (B) | | | 55,161 | | | | 57,701 | |
4.50%, 10/01/2041 | | | 419,702 | | | | 441,896 | |
5.00%, 03/01/2038 | | | 391,658 | | | | 418,274 | |
Freddie Mac, IO | | | | | | | | |
1.03%, 10/25/2022 (B) | | | 559,329 | | | | 36,280 | |
1.65%, 06/25/2022 (B) | | | 378,868 | | | | 39,385 | |
1.69%, 12/25/2018 (B) | | | 278,608 | | | | 20,024 | |
1.91%, 05/25/2019 (B) | | | 219,198 | | | | 19,096 | |
Freddie Mac, TBA | | | | | | | | |
3.50% | | | 1,460,000 | | | | 1,474,600 | |
4.00% | | | 400,000 | | | | 415,078 | |
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued) | |
Freddie Mac, TBA (continued) | | | | | | | | |
4.50% | | | $ 100,000 | | | | $ 105,297 | |
5.50% | | | 100,000 | | | | 107,578 | |
FREMF Mortgage Trust | | | | | | | | |
3.68%, 08/25/2045 - 144A (B) | | | 50,000 | | | | 47,896 | |
3.78%, 10/25/2045 - 144A (B) | | | 40,000 | | | | 36,099 | |
4.16%, 11/25/2044 - 144A (B) | | | 20,000 | | | | 18,517 | |
Series 2013-K712, Class B | | | | | | | | |
3.48%, 05/25/2045 - 144A (B) | | | 110,000 | | | | 103,326 | |
Ginnie Mae | | | | | | | | |
1.34%, 11/20/2059 (B) | | | 446,336 | | | | 456,348 | |
4.00%, 02/20/2041 - 09/15/2042 | | | 523,349 | | | | 550,042 | |
4.50%, 05/20/2041 - 02/15/2042 | | | 881,267 | | | | 944,849 | |
5.00%, 12/15/2040 | | | 95,302 | | | | 103,166 | |
Ginnie Mae, IO
1.01%, 02/16/2053 (B) | | | 311,318 | | | | 26,095 | |
Ginnie Mae, TBA | | | | | | | | |
3.00% | �� | | 90,000 | | | | 88,973 | |
3.50% | | | 600,000 | | | | 615,750 | |
4.00% | | | 100,000 | | | | 104,953 | |
4.50% | | | 200,000 | | | | 212,211 | |
5.00% | | | 300,000 | | | | 323,531 | |
5.50% | | | 200,000 | | | | 217,734 | |
Resolution Funding Corp., Interest STRIPS | | | | | |
1.59%, 10/15/2018 (A) | | | 250,000 | | | | 229,042 | |
1.81%, 07/15/2018 (A) | | | 250,000 | | | | 229,350 | |
Tennessee Valley Authority
5.25%, 09/15/2039 | | | 60,000 | | | | 67,508 | |
| | | | | | | | |
Total U.S. Government Agency Obligations
(cost $18,789,525) | | | | 18,693,382 | |
| | | | | | | | |
| |
FOREIGN GOVERNMENT OBLIGATIONS - 1.3% | | | | | |
Argentine Republic Government International Bond
2.50%, 12/31/2038 (C) | | | 30,000 | | | | 9,750 | |
Brazilian Government International Bond
7.13%, 01/20/2037 | | | 25,000 | | | | 29,750 | |
Italy Buoni Poliennali del Tesoro | | | | | | | | |
3.75%, 04/15/2016 | | | EUR 615,000 | | | | 827,355 | |
5.25%, 08/01/2017 | | | 115,000 | | | | 161,178 | |
Mexico Government International Bond
5.13%, 01/15/2020 | | | $180,000 | | | | 197,820 | |
Poland Government International Bond Series 2013-NPL1, Class A
5.00%, 03/23/2022 | | | 40,000 | | | | 43,000 | |
Republic of South Africa
5.50%, 03/09/2020 | | | 100,000 | | | | 105,375 | |
Russian Federation
7.50%, 03/31/2030 - Reg S (C) | | | 93,125 | | | | 109,073 | |
| | | | | | | | |
Total Foreign Government Obligations (cost $1,518,920) | | | | 1,483,301 | |
| | | | | | | | |
| |
MORTGAGE-BACKED SECURITIES - 5.3% | | | | | |
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
1.03%, 02/25/2035 (B) | | | 49,616 | | | | 48,729 | |
Banc of America Large Loan, Inc.
Series 2010-UB4, Class A4A
5.03%, 12/20/2041 - 144A (B) | | | 99,126 | | | | 102,437 | |
Banc of America Merrill Lynch Commercial Mortgage, Inc. | | | | | | | | |
Series 2007-1, Class AMFX | | | | | | | | |
5.48%, 01/15/2049 (B) | | | 10,000 | | | | 10,455 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 42
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Banc of America Merrill Lynch Commercial Mortgage, Inc. (continued) | |
Series 2007-3, Class A4 | | | | | | | | |
5.86%, 06/10/2049 (B) | | | $ 60,000 | | | | $ 67,185 | |
Series 2007-3, Class AM | | | | | | | | |
5.86%, 06/10/2049 (B) | | | 55,000 | | | | 59,480 | |
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 - 144A | | | 100,000 | | | | 93,917 | |
Bear Stearns Commercial Mortgage Securities
Series 2007-PW17, Class A3
5.74%, 06/11/2050 | | | 90,021 | | | | 93,620 | |
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.40%, 12/25/2046 (B) | | | 491,008 | | | | 62,581 | |
Citigroup Commercial Mortgage Trust | | | | | | | | |
0.80%, 01/12/2018 | | | 1,313,433 | | | | 41,599 | |
3.01%, 01/12/2018 | | | 250,000 | | | | 238,914 | |
Series 2005-C3, Class AJ | | | | | | | | |
4.96%, 05/15/2043 (B) | | | 90,000 | | | | 92,801 | |
Commercial Mortgage Pass-Through Certificates
| | | | | |
Series 2006-C8, Class AM | | | | | | | | |
5.35%, 12/10/2046 | | | 55,000 | | | | 59,587 | |
Series 2013-GAM, Class A2 | | | | | | | | |
3.37%, 02/10/2028 - 144A | | | 100,000 | | | | 96,485 | |
Commercial Mortgage Pass-Through Certificates, IO | | | | | |
Series 2013-CR6, Class XA | | | | | | | | |
1.71%, 03/10/2046 (B) | | | 727,966 | | | | 59,786 | |
Series 2013-CR7, Class XA | | | | | | | | |
1.77%, 03/10/2046 (B) | | | 500,546 | | | | 50,993 | |
Series 2013-LC6, Class XA | | | | | | | | |
1.96%, 01/10/2046 (B) | | | 775,743 | | | | 79,641 | |
Commercial Mortgage Trust
Series 2007-GG11, Class A4
5.74%, 12/10/2049 | | | 30,000 | | | | 33,599 | |
Countrywide Alternative Loan Trust
Series 2007-22, Class 2A16
6.50%, 09/25/2037 | | | 319,946 | | | | 246,273 | |
Credit Suisse First Boston Mortgage
Securities Corp.
Series 2005-C3, Class AJ
4.77%, 07/15/2037 | | | 10,000 | | | | 10,339 | |
Credit Suisse Mortgage Capital Certificates | | | | | | | | |
Series 2006-C3, Class AM | | | | | | | | |
5.99%, 06/15/2038 (B) | | | 40,000 | | | | 43,511 | |
Series 2010-RR1, Class 2A | | | | | | | | |
5.70%, 09/15/2040 - 144A (B) | | | 90,000 | | | | 100,953 | |
Series 2010-RR2, Class 2A | | | | | | | | |
5.95%, 09/15/2039 - 144A (B) | | | 120,000 | | | | 133,877 | |
DBRR Trust
Series 2012-EZ1, Class A
0.95%, 09/25/2045 - 144A | | | 191,180 | | | | 191,556 | |
GE Capital Commercial Mortgage Corp.
Series 2007-C1, Class AAB
5.48%, 12/10/2049 | | | 70,238 | | | | 73,581 | |
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A
3.43%, 03/18/2035 (B) | | | 334,878 | | | | 317,293 | |
Greenwich Capital Commercial Funding Corp. | | | | | | | | |
Series 2007-GG11, Class AM | | | | | | | | |
5.87%, 12/10/2049 (B) | | | 35,000 | | | | 37,494 | |
Series 2007-GG9, Class AM | | | | | | | | |
5.48%, 03/10/2039 | | | 25,000 | | | | 26,279 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.55%, 12/10/2027 - 144A (B) | | | $ 100,000 | | | | $ 85,504 | |
GS Mortgage Securities Corp. II, IO | | | | | | | | |
Series 2013-GC10, Class XA | | | | | | | | |
1.93%, 02/10/2046 (B) | | | 994,971 | | | | 111,975 | |
Series 2013-KYO, Class XB1 | | | | | | | | |
3.25%, 11/08/2029 - 144A (B) | | | 1,000,000 | | | | 68,023 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2006-GG8, Class AJ | | | | | | | | |
5.62%, 11/10/2039 | | | 45,000 | | | | 42,264 | |
Series 2006-GG8, Class AM | | | | | | | | |
5.59%, 11/10/2039 | | | 20,000 | | | | 21,698 | |
Impac CMB Trust
Series 2004-6, Class 1A1
0.99%, 10/25/2034 (B) | | | 145,792 | | | | 123,288 | |
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1
3.21%, 09/25/2037 (B) | | | 271,681 | | | | 240,040 | |
IndyMac Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.59%, 08/25/2037 (B) | | | 300,736 | | | | 245,684 | |
JPMorgan Chase Commercial Mortgage Securities Corp. | | | | | | | | |
Series 2004-CB8, Class A1A | | | | | | | | |
4.16%, 01/12/2039 - 144A | | | 171,153 | | | | 173,446 | |
Series 2006-CB14, Class AM | | | | | | | | |
5.63%, 12/12/2044 (B) | | | 70,000 | | | | 75,791 | |
Series 2006-LDP9, Class AM | | | | | | | | |
5.37%, 05/15/2047 | | | 20,000 | | | | 21,102 | |
Series 2007-CB18, Class A3 | | | | | | | | |
5.45%, 06/12/2047 | | | 31,911 | | | | 32,735 | |
Series 2008-C2, Class ASB | | | | | | | | |
6.13%, 02/12/2051 (B) | | | 162,100 | | | | 173,848 | |
Series 2013-C10, Class C | | | | | | | | |
4.30%, 12/15/2047 (B) | | | 17,778 | | | | 16,501 | |
Series 2013-LC11, Class C | | | | | | | | |
3.96%, 04/15/2046 (B) | | | 20,000 | | | | 18,117 | |
LB-UBS Commercial Mortgage Trust | | | | | | | | |
Series 2005-C2, Class AJ | | | | | | | | |
5.21%, 04/15/2030 (B) | | | 40,000 | | | | 41,995 | |
Series 2007-C7, Class A3 | | | | | | | | |
5.87%, 09/15/2045 (B) | | | 48,008 | | | | 53,510 | |
Merrill Lynch Mortgage Investors Trust | | | | | | | | |
Series 2003-F, Class A1 | | | | | | | | |
0.83%, 10/25/2028 (B) | | | 109,321 | | | | 107,098 | |
Series 2004-A3, Class 4A3 | | | | | | | | |
5.07%, 05/25/2034 (B) | | | 89,230 | | | | 87,728 | |
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.46%, 11/12/2037 (B) | | | 55,000 | | | | 56,719 | |
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4
5.70%, 09/12/2049 | | | 200,000 | | | | 224,002 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 2007-HQ12, Class A2FX | | | | | | | | |
5.76%, 04/12/2049 (B) | | | 60,369 | | | | 60,533 | |
Series 2007-HQ12, Class AM | | | | | | | | |
5.76%, 04/12/2049 (B) | | | 85,000 | | | | 90,474 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 43
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | | | | | |
Morgan Stanley Capital I Trust (continued) | | | | | | | | |
Series 2007-IQ13, Class AM | | | | | | | | |
5.41%, 03/15/2044 | | | $ 30,000 | | | | $ 32,141 | |
Series 2007-IQ15, Class AM | | | | | | | | |
6.09%, 06/11/2049 (B) | | | 60,000 | | | | 64,604 | |
Morgan Stanley Capital I Trust, IO
Series 2012-C4, Class XA
2.87%, 03/15/2045 - 144A (B) | | | 501,174 | | | | 66,447 | |
Morgan Stanley Re-REMIC Trust | | | | | | | | |
Series 2011-IO, Class A | | | | | | | | |
2.50%, 03/23/2051 - 144A | | | 45,740 | | | | 46,154 | |
Series 2012-XA, Class A | | | | | | | | |
2.00%, 07/27/2049 - 144A | | | 73,506 | | | | 74,425 | |
Motel 6 Trust
Series 2012-MTL6, Class B
2.74%, 10/05/2025 - 144A | | | 140,000 | | | | 137,048 | |
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.59%, 01/11/2037 - 144A (B) | | | 130,000 | | | | 108,266 | |
S2 Hospitality LLC
Series 2012-LV1, Class A
4.50%, 04/15/2025 - 144A | | | 37,996 | | | | 37,951 | |
STRIPs, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A | | | 82,727 | | | | 81,817 | |
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.89%, 01/19/2034 (B) | | | 206,655 | | | | 197,499 | |
Wachovia Bank Commercial Mortgage Trust | | | | | | | | |
Series 2007-C33, Class A4 | | | | | | | | |
6.12%, 02/15/2051 | | | 240,000 | | | | 266,983 | |
Series 2007-C33, Class AJ | | | | | | | | |
6.12%, 02/15/2051 (B) | | | 65,000 | | | | 61,508 | |
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C10, Class XA
1.99%, 12/15/2045 - 144A (B) | | | 456,565 | | | | 52,012 | |
| | | | | | | | |
Total Mortgage-Backed Securities (cost $6,354,447) | | | | 5,871,895 | |
| | | | | | | | |
| | |
ASSET-BACKED SECURITIES - 5.4% | | | | | | | | |
AmeriCredit Automobile Receivables Trust | | | | | | | | |
Series 2011-5, Class C | | | | | | | | |
3.44%, 10/08/2017 | | | 40,000 | | | | 41,431 | |
Series 2012-2, Class C | | | | | | | | |
2.64%, 10/10/2017 | | | 40,000 | | | | 40,613 | |
Series 2012-3, Class C | | | | | | | | |
2.42%, 05/08/2018 | | | 40,000 | | | | 40,491 | |
Series 2012-5, Class C | | | | | | | | |
1.69%, 11/08/2018 | | | 45,000 | | | | 44,278 | |
AUTO Asset-Backed Securities Srl
Series 2012-2, Class A
2.80%, 04/27/2025 - Reg S | | | EUR 73,519 | | | | 96,585 | |
Avis Budget Rental Car Funding AESOP LLC
Series 2010-3A, Class A
4.64%, 05/20/2016 - 144A | | | $100,000 | | | | 105,763 | |
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019 | | | 40,000 | | | | 39,084 | |
Ford Credit Floorplan Master Owner Trust | | | | | | | | |
Series 2010-5, Class C | | | | | | | | |
2.07%, 09/15/2015 - 144A | | | 35,000 | | | | 35,095 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | | | | |
Ford Credit Floorplan Master Owner Trust (continued) | | | | | |
Series 2010-5, Class D | | | | | | | | |
2.41%, 09/15/2015 - 144A | | | $ 15,000 | | | | $ 15,060 | |
Series 2011-2, Class C | | | | | | | | |
2.37%, 09/15/2015 | | | 40,000 | | | | 40,144 | |
Series 2011-2, Class D | | | | | | | | |
2.86%, 09/15/2015 | | | 30,000 | | | | 30,159 | |
Series 2012-1, Class C | | | | | | | | |
1.69%, 01/15/2016 (B) | | | 100,000 | | | | 100,554 | |
Series 2012-1, Class D | | | | | | | | |
2.29%, 01/15/2016 (B) | | | 100,000 | | | | 100,830 | |
Series 2012-4, Class D | | | | | | | | |
2.09%, 09/15/2016 | | | 100,000 | | | | 100,780 | |
Hertz Vehicle Financing LLC
Series 2009-2A, Class A2
5.29%, 03/25/2016 - 144A | | | 120,000 | | | | 127,387 | |
HLSS Servicer Advance Receivables Backed Notes
| | | | | |
Series 2012-T2, Class B2 | | | | | | | | |
2.48%, 10/15/2045 - 144A | | | 100,000 | | | | 100,730 | |
Series 2013-T1, Class A2 | | | | | | | | |
1.50%, 01/16/2046 - 144A | | | 210,000 | | | | 207,249 | |
Series 2013-T1, Class B1 | | | | | | | | |
1.25%, 01/15/2044 - 144A | | | 100,000 | | | | 99,810 | |
Series 2013-T3, Class A3 | | | | | | | | |
1.79%, 05/15/2046 - 144A | | | 215,000 | | | | 212,313 | |
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018 | | | 30,000 | | | | 30,517 | |
Nationstar Agency Advance Funding Trust | | | | | | | | |
Series T2A, Class AT2 | | | | | | | | |
1.89%, 02/18/2048 - 144A | | | 110,000 | | | | 106,205 | |
Series T2A, Class CT2 | | | | | | | | |
3.23%, 02/18/2048 - 144A | | | 150,000 | | | | 150,621 | |
Nationstar Mortgage Advance Receivable Trust | | | | | | | | |
Series 2013-T1A, Class A1 | | | | | | | | |
1.08%, 06/20/2044 - 144A | | | 120,000 | | | | 119,871 | |
Series 2013-T2A, Class A2 | | | | | | | | |
1.68%, 06/20/2046 - 144A | | | 175,000 | | | | 174,813 | |
Nelnet Student Loan Trust
Series 2008-3, Class A4
1.92%, 11/25/2024 (B) | | | 100,000 | | | | 104,619 | |
PFS Financing Corp. | | | | | | | | |
Series 2012-AA, Class A | | | | | | | | |
1.39%, 02/15/2016 - 144A (B) | | | 100,000 | | | | 100,373 | |
Series 2013-AA, Class B | | | | | | | | |
1.29%, 02/15/2018 - 144A (B) | | | 100,000 | | | | 99,496 | |
Prestige Auto Receivables Trust | | | | | | | | |
Series 2011-1A, Class D | | | | | | | | |
5.18%, 07/16/2018 - 144A | | | 100,000 | | | | 104,084 | |
Series 2013-1A, Class A2 | | | | | | | | |
1.09%, 02/15/2018 - 144A | | | 100,000 | | | | 99,773 | |
Santander Drive Auto Receivables Trust | | | | | | | | |
Series 2011-S1A, Class B | | | | | | | | |
1.48%, 07/15/2013 - 144A | | | 66,495 | | | | 66,712 | |
Series 2012-1, Class B | | | | | | | | |
2.72%, 05/16/2016 | | | 25,000 | | | | 25,451 | |
Series 2012-1, Class C | | | | | | | | |
3.78%, 11/15/2017 | | | 35,000 | | | | 36,333 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 44
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | | | | |
Santander Drive Auto Receivables Trust (continued) | | | | | |
Series 2012-3, Class B | | | | | | | | |
1.94%, 12/15/2016 | | | $ 85,000 | | | | $ 85,749 | |
Series 2012-3, Class C | | | | | | | | |
3.01%, 04/16/2018 | | | 110,000 | | | | 112,970 | |
Series 2012-4, Class C | | | | | | | | |
2.94%, 12/15/2017 | | | 20,000 | | | | 20,322 | |
Series 2012-5, Class B | | | | | | | | |
1.56%, 08/15/2018 | | | 55,000 | | | | 55,438 | |
Series 2012-5, Class C | | | | | | | | |
2.70%, 08/15/2018 | | | 25,000 | | | | 25,157 | |
Series 2012-6, Class B | | | | | | | | |
1.33%, 05/15/2017 | | | 45,000 | | | | 45,194 | |
Series 2012-6, Class C | | | | | | | | |
1.94%, 03/15/2018 | | | 30,000 | | | | 29,780 | |
Series 2012-AA, Class B | | | | | | | | |
1.21%, 10/16/2017 - 144A | | | 120,000 | | | | 119,901 | |
Series 2012-AA, Class C | | | | | | | | |
1.78%, 11/15/2018 - 144A | | | 220,000 | | | | 215,633 | |
Series 2013-2, Class B | | | | | | | | |
1.33%, 03/15/2018 | | | 120,000 | | | | 119,577 | |
Series 2013-2, Class C | | | | | | | | |
1.95%, 03/15/2019 | | | 190,000 | | | | 185,689 | |
Series 2013-3, Class B | | | | | | | | |
1.19%, 05/15/2018 | | | 105,000 | | | | 104,073 | |
Scholar Funding Trust | | | | | | | | |
Series 2011-A, Class A | | | | | | | | |
1.18%, 10/28/2043 - 144A (B) | | | 107,853 | | | | 106,328 | |
Series 2013-A, Class A | | | | | | | | |
0.84%, 01/30/2045 - 144A (B) | | | 206,050 | | | | 204,555 | |
SLC Private Student Loan Trust
Series 2006-A, Class A5
0.45%, 07/15/2036 (B) | | | 125,000 | | | | 120,806 | |
SLM Student Loan Trust | | | | | | | | |
Series 2004-B, Class A2 | | | | | | | | |
0.47%, 06/15/2021 (B) | | | 212,509 | | | | 208,314 | |
Series 2012-A, Class A1 | | | | | | | | |
1.59%, 08/15/2025 - 144A (B) | | | 71,509 | | | | 72,271 | |
Series 2012-A, Class A2 | | | | | | | | |
3.83%, 01/17/2045 - 144A | | | 100,000 | | | | 106,306 | |
Series 2012-C, Class A1 | | | | | | | | |
1.29%, 08/15/2023 - 144A (B) | | | 72,591 | | | | 72,987 | |
Series 2012-C, Class A2 | | | | | | | | |
3.31%, 10/15/2046 - 144A | | | 135,000 | | | | 139,690 | |
Series 2012-D, Class A2 | | | | | | | | |
2.95%, 02/15/2046 - 144A | | | 160,000 | | | | 164,171 | |
Series 2012-E, Class A1 | | | | | | | | |
0.94%, 10/16/2023 - 144A (B) | | | 81,529 | | | | 81,590 | |
Series 2013-A, Class A2A | | | | | | | | |
1.77%, 05/17/2027 - 144A | | | 170,000 | | | | 160,877 | |
Series 2013-A, Class A2B | | | | | | | | |
1.24%, 05/17/2027 - 144A (B) | | | 150,000 | | | | 146,777 | |
SpringCastle America Funding LLC
Series 2013-1A, Class A
3.75%, 04/03/2021 - 144A | | | 231,684 | | | | 231,800 | |
World Financial Network Credit Card Master Trust | | | | | |
Series 2012-C, Class A | | | | | | | | |
2.23%, 08/15/2022 | | | 110,000 | | | | 109,405 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | | | | |
World Financial Network Credit Card Master Trust (continued) | |
Series 2012-D, Class A | | | | | | | | |
2.15%, 04/17/2023 | | | $ 145,000 | | | | $ 140,648 | |
| | | | | | | | |
Total Asset-Backed Securities (cost $5,992,888) | | | | 5,983,232 | |
| | | | | | | | |
| |
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1% | | | | | |
New York City Water & Sewer System | | | | | | | | |
5.38%, 06/15/2043 | | | 45,000 | | | | 48,566 | |
5.50%, 06/15/2043 | | | 55,000 | | | | 60,018 | |
| | | | | | | | |
Total Municipal Government Obligations (cost $98,594) | | | | 108,584 | |
| | | | | | | | |
| |
PREFERRED CORPORATE DEBT SECURITIES - 0.1% | | | | | |
Capital Markets - 0.0% (D) | | | | | | | | |
State Street Capital Trust IV
1.27%, 06/15/2037 (B) | | | 10,000 | | | | 8,108 | |
Commercial Banks - 0.1% | | | | | | | | |
Fifth Third Capital Trust IV
6.50%, 04/15/2037 (B) (E) | | | 65,000 | | | | 64,756 | |
Diversified Financial Services - 0.0% (D) | | | | | | | | |
Lehman Brothers Holdings Capital Trust VII,
Series MTN
5.86%, 08/01/2013 (F) (G) (H) (I) | | | 200,000 | | | | 40 | |
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065 (F) (H) (I) | | | 120,000 | | | | 24 | |
| | | | | | | | |
Total Preferred Corporate Debt Securities (cost $339,002) | | | | 72,928 | |
| | | | | | | | |
| | |
CORPORATE DEBT SECURITIES - 9.5% | | | | | | | | |
Auto Components - 0.0% (D) | | | | | | | | |
BorgWarner, Inc.
4.63%, 09/15/2020 | | | 30,000 | | | | 31,509 | |
Automobiles - 0.0% | | | | | | | | |
General Motors Corp. (Escrow Shares)
8.25%, 07/15/2023 (H) | | | 453,000 | | | | 0 | |
Capital Markets - 0.4% | | | | | | | | |
Goldman Sachs Group, Inc. | | | | | | | | |
3.63%, 01/22/2023 (E) | | | 105,000 | | | | 100,461 | |
5.75%, 01/24/2022 | | | 79,000 | | | | 87,138 | |
Morgan Stanley | | | | | | | | |
2.13%, 04/25/2018 | | | 105,000 | | | | 100,489 | |
3.80%, 04/29/2016 | | | 100,000 | | | | 104,006 | |
Chemicals - 0.1% | | | | | | | | |
LyondellBasell Industries NV
5.00%, 04/15/2019 | | | 60,000 | | | | 65,286 | |
Commercial Banks - 0.4% | | | | | | | | |
Caixa Economica Federal
2.38%, 11/06/2017 - 144A | | | 150,000 | | | | 138,375 | |
Glitnir Banki HF
6.33%, 07/28/2011 - 144A (F) | | | 160,000 | | | | 46,000 | |
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A | | | 200,000 | | | | 205,000 | |
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A (F) (I) | | | 140,000 | | | | 10,850 | |
Commercial Services & Supplies - 0.1% | | | | | | | | |
United Rentals North America, Inc.
7.63%, 04/15/2022 | | | 100,000 | | | | 108,250 | |
Communications Equipment - 0.0% (D) | | | | | | | | |
CC Holdings GS V LLC / Crown Castle
GS III Corp.
3.85%, 04/15/2023 (E) | | | 47,000 | | | | 44,319 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 45
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Consumer Finance - 0.0% (D) | | | | | | | | |
SLM Corp,
Series MTN
4.63%, 09/25/2017 | | | $ 11,000 | | | | $ 10,835 | |
Containers & Packaging - 0.2% | | | | | | | | |
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc.
7.00%, 11/15/2020 - 144A (E) | | | 200,000 | | | | 192,750 | |
Rock Tenn Co. | | | | | | | | |
3.50%, 03/01/2020 | | | 21,000 | | | | 20,549 | |
4.00%, 03/01/2023 (E) | | | 50,000 | | | | 48,177 | |
Distributors - 0.1% | | | | | | | | |
Glencore Funding LLC
2.50%, 01/15/2019 - 144A | | | 90,000 | | | | 81,424 | |
Diversified Financial Services - 1.9% | | | | | | | | |
Bank of America Corp. | | | | | | | | |
2.00%, 01/11/2018 | | | 230,000 | | | | 222,781 | |
3.88%, 03/22/2017 | | | 37,000 | | | | 38,751 | |
5.20%, 06/01/2023 (B) (E) (G) | | | 49,000 | | | | 46,060 | |
5.70%, 01/24/2022 | | | 158,000 | | | | 175,387 | |
6.50%, 08/01/2016 | | | 30,000 | | | | 33,823 | |
Bank of America Corp.,
Series GMTN
5.65%, 05/01/2018 | | | 315,000 | | | | 349,959 | |
Bank of America Corp.,
Series MTN
3.30%, 01/11/2023 | | | 45,000 | | | | 42,532 | |
Citigroup, Inc. | | | | | | | | |
4.45%, 01/10/2017 | | | 30,000 | | | | 32,124 | |
4.50%, 01/14/2022 (E) | | | 70,000 | | | | 72,928 | |
4.59%, 12/15/2015 | | | 401,000 | | | | 428,242 | |
5.35%, 05/15/2023 (B) (G) | | | 25,000 | | | | 23,438 | |
Ford Motor Credit Co., LLC | | | | | | | | |
5.00%, 05/15/2018 | | | 200,000 | | | | 213,285 | |
6.63%, 08/15/2017 | | | 100,000 | | | | 113,179 | |
JPMorgan Chase & Co. | | | | | | | | |
3.20%, 01/25/2023 (E) | | | 70,000 | | | | 66,451 | |
3.25%, 09/23/2022 | | | 29,000 | | | | 27,533 | |
5.15%, 05/01/2023 (B) (E) (G) | | | 33,000 | | | | 31,432 | |
Kaupthing Bank Hf | | | | | | | | |
7.13%, 05/19/2016 - 144A (F) (H) | | | 130,000 | | | | 0 | |
7.63%, 02/28/2015 - 144A (F) | | | 710,000 | | | | 166,850 | |
Lehman Brothers Holdings Prod (Escrow shares)
1.00%, 02/06/2049 - 144A (I) | | | 100,000 | | | | 24,375 | |
Lehman Brothers Holdings, Inc.
(Escrow shares)
6.75%, 12/28/2017 (H) (I) | | | 480,000 | | | | 0 | |
Diversified Telecommunication Services - 0.3% | | | | | |
AT&T, Inc.
5.35%, 09/01/2040 | | | 40,000 | | | | 40,474 | |
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 (E) | | | 54,000 | | | | 56,497 | |
Sprint Capital Corp.
6.88%, 11/15/2028 | | | 24,000 | | | | 23,040 | |
Verizon Communications, Inc.
3.85%, 11/01/2042 (E) | | | 167,000 | | | | 138,567 | |
Virgin Media Secured Finance PLC
6.50%, 01/15/2018 | | | 100,000 | | | | 102,750 | |
| | | | | | | | |
| | | Principal | | | Value | |
Electric Utilities - 1.0% | | | | | |
Cleveland Electric Illuminating Co. | | | | | | | | |
5.95%, 12/15/2036 (E) | | | $ 37,000 | | | | $ 39,961 | |
8.88%, 11/15/2018 | | | 7,000 | | | | 9,100 | |
Duke Energy Carolinas LLC
4.25%, 12/15/2041 (E) | | | 50,000 | | | | 46,585 | |
Energy Future Intermediate Holding Co.
LLC / EFIH Finance, Inc.
10.00%, 12/01/2020 | | | 336,000 | | | | 367,920 | |
Georgia Power Co.
3.00%, 04/15/2016 | | | 100,000 | | | | 104,647 | |
Hydro-Quebec | | | | | | | | |
8.05%, 07/07/2024 | | | 240,000 | | | | 330,079 | |
8.40%, 01/15/2022 | | | 95,000 | | | | 129,097 | |
Jersey Central Power & Light Co.
7.35%, 02/01/2019 | | | 30,000 | | | | 36,223 | |
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A | | | 30,000 | | | | 31,159 | |
Energy Equipment & Services - 0.5% | | | | | | | | |
DCP Midstream LLC
5.85%, 05/21/2043 - 144A (B) (E) | | | 10,000 | | | | 9,600 | |
Enterprise Products Operating LLC
4.45%, 02/15/2043 (E) | | | 30,000 | | | | 26,630 | |
Noble Holding International, Ltd.
5.25%, 03/15/2042 (E) | | | 45,000 | | | | 40,306 | |
Transocean, Inc. | | | | | | | | |
2.50%, 10/15/2017 (E) | | | 100,000 | | | | 98,824 | |
5.05%, 12/15/2016 | | | 60,000 | | | | 65,245 | |
6.00%, 03/15/2018 | | | 157,000 | | | | 175,941 | |
6.50%, 11/15/2020 (E) | | | 80,000 | | | | 90,049 | |
Food & Staples Retailing - 0.0% (D) | | | | | | | | |
Wal-Mart Stores, Inc.
4.00%, 04/11/2043 (E) | | | 50,000 | | | | 45,559 | |
Food Products - 0.0% (D) | | | | | | | | |
Mondelez International, Inc.
6.50%, 08/11/2017 | | | 35,000 | | | | 40,693 | |
Health Care Equipment & Supplies - 0.1% | | | | | | | | |
Boston Scientific Corp.
6.25%, 11/15/2015 | | | 138,000 | | | | 152,732 | |
Health Care Providers & Services - 0.2% | | | | | | | | |
Coventry Health Care, Inc.
5.45%, 06/15/2021 | | | 56,000 | | | | 62,376 | |
Tenet Healthcare Corp.
6.25%, 11/01/2018 | | | 55,000 | | | | 57,888 | |
UnitedHealth Group, Inc.
3.38%, 11/15/2021 | | | 15,000 | | | | 14,953 | |
WellPoint, Inc. | | | | | | | | |
1.88%, 01/15/2018 (E) | | | 65,000 | | | | 63,644 | |
3.70%, 08/15/2021 | | | 8,000 | | | | 8,066 | |
Insurance - 0.9% | | | | | | | | |
Allianz Finance II BV, Series EMTN
5.75%, 07/08/2041 (B) | | | EUR 100,000 | | | | 143,782 | |
American International Group, Inc. | | | | | | | | |
3.80%, 03/22/2017 (E) | | | $ 106,000 | | | | 111,122 | |
4.88%, 06/01/2022 (E) | | | 60,000 | | | | 63,955 | |
8.18%, 05/15/2058 (B) | | | 35,000 | | | | 42,700 | |
American International Group, Inc.,
Series GMTN
5.45%, 05/18/2017 | | | 45,000 | | | | 49,605 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 46
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Insurance (continued) | | | | | | | | |
AXA SA, Series EMTN
5.25%, 04/16/2040 (B) | | | EUR 50,000 | | | | $ 66,343 | |
Manulife Financial Corp.
3.40%, 09/17/2015 | | | $ 50,000 | | | | 52,239 | |
Metropolitan Life Global Funding I
5.13%, 06/10/2014 - 144A | | | 100,000 | | | | 104,308 | |
Prudential Financial, Inc. | | | | | | | | |
5.20%, 03/15/2044 (B) (E) | | | 5,000 | | | | 4,725 | |
5.88%, 09/15/2042 (B) | | | 48,000 | | | | 48,120 | |
Prudential Financial, Inc.,
Series MTN | | | | | | | | |
4.75%, 09/17/2015 | | | 66,000 | | | | 71,020 | |
5.38%, 06/21/2020 | | | 120,000 | | | | 134,525 | |
Swiss Re Capital I LP
6.85%, 05/25/2016 - 144A (B) (G) | | | 70,000 | | | | 72,275 | |
XL Group PLC
6.50%, 04/15/2017 (B) (E) (G) | | | 80,000 | | | | 78,000 | |
Life Sciences Tools & Services - 0.0% (D) | | | | | | | | |
Life Technologies Corp.
6.00%, 03/01/2020 | | | 40,000 | | | | 45,063 | |
Media - 0.7% | | | | | | | | |
CBS Corp. | | | | | | | | |
4.63%, 05/15/2018 (E) | | | 20,000 | | | | 21,666 | |
5.75%, 04/15/2020 | | | 16,000 | | | | 18,148 | |
8.88%, 05/15/2019 | | | 30,000 | | | | 38,662 | |
Comcast Corp. | | | | | | | | |
4.65%, 07/15/2042 (E) | | | 115,000 | | | | 110,277 | |
5.88%, 02/15/2018 | | | 99,000 | | | | 115,584 | |
COX Communications, Inc. | | | | | | | | |
3.25%, 12/15/2022 - 144A | | | 59,000 | | | | 55,509 | |
4.70%, 12/15/2042 - 144A (E) | | | 3,000 | | | | 2,661 | |
8.38%, 03/01/2039 - 144A | | | 95,000 | | | | 128,758 | |
NBCUniversal Media LLC | | | | | | | | |
4.38%, 04/01/2021 | | | 97,000 | | | | 104,633 | |
4.45%, 01/15/2043 | | | 40,000 | | | | 37,341 | |
5.15%, 04/30/2020 | | | 52,000 | | | | 59,201 | |
Time Warner Cable, Inc.
4.50%, 09/15/2042 | | | 35,000 | | | | 27,142 | |
Metals & Mining - 0.2% | | | | | | | | |
Freeport-McMoRan Copper & Gold, Inc. | | | | | | | | |
3.10%, 03/15/2020 - 144A | | | 60,000 | | | | 55,459 | |
5.45%, 03/15/2043 - 144A | | | 40,000 | | | | 35,274 | |
Novelis, Inc.
8.75%, 12/15/2020 | | | 110,000 | | | | 117,975 | |
Multi-Utilities - 0.2% | | | | | | | | |
Dominion Resources, Inc.
1.95%, 08/15/2016 | | | 70,000 | | | | 71,397 | |
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037 | | | 140,000 | | | | 155,543 | |
Multiline Retail - 0.0% (D) | | | | | |
Macy’s Retail Holdings, Inc.
7.45%, 07/15/2017 | | | 38,000 | | | | 45,476 | |
Oil, Gas & Consumable Fuels - 1.2% | | | | | |
Anadarko Petroleum Corp.
5.95%, 09/15/2016 | | | 93,000 | | | | 104,316 | |
Energy Transfer Partners, LP | | | | | | | | |
3.60%, 02/01/2023 | | | 50,000 | | | | 46,794 | |
6.50%, 02/01/2042 | | | 40,000 | | | | 42,657 | |
| | | | | | | | |
| | | Principal | | | Value | |
Oil, Gas & Consumable Fuels (continued) | | | | | |
Laredo Petroleum, Inc.
7.38%, 05/01/2022 (E) | | | $ 60,000 | | | | $ 63,000 | |
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A | | | 80,000 | | | | 76,200 | |
MEG Energy Corp. | | | | | | | | |
6.38%, 01/30/2023 - 144A (E) | | | 20,000 | | | | 19,400 | |
6.50%, 03/15/2021 - 144A | | | 110,000 | | | | 109,037 | |
Murphy Oil Corp. | | | | | | | | |
2.50%, 12/01/2017 (E) | | | 73,000 | | | | 71,999 | |
3.70%, 12/01/2022 | | | 89,000 | | | | 82,559 | |
4.00%, 06/01/2022 | | | 15,000 | | | | 14,328 | |
Nexen, Inc. | | | | | | | | |
5.88%, 03/10/2035 | | | 10,000 | | | | 10,449 | |
6.40%, 05/15/2037 (E) | | | 55,000 | | | | 59,779 | |
7.50%, 07/30/2039 | | | 95,000 | | | | 116,021 | |
Noble Energy, Inc.
6.00%, 03/01/2041 | | | 40,000 | | | | 45,064 | |
Peabody Energy Corp.
6.25%, 11/15/2021 (E) | | | 45,000 | | | | 43,425 | |
Petrobras International Finance Co. - Pifco
3.88%, 01/27/2016 | | | 160,000 | | | | 164,612 | |
Plains Exploration & Production Co.
6.50%, 11/15/2020 | | | 46,000 | | | | 48,769 | |
Range Resources Corp.
5.75%, 06/01/2021 | | | 10,000 | | | | 10,300 | |
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 (B) | | | 25,000 | | | | 500 | |
Western Gas Partners, LP | | | | | | | | |
4.00%, 07/01/2022 | | | 31,000 | | | | 30,092 | |
5.38%, 06/01/2021 (E) | | | 100,000 | | | | 107,306 | |
Williams Cos., Inc. | | | | | | | | |
3.70%, 01/15/2023 (E) | | | 15,000 | | | | 13,936 | |
7.88%, 09/01/2021 | | | 53,000 | | | | 63,980 | |
Paper & Forest Products - 0.1% | | | | | | | | |
International Paper Co.
4.75%, 02/15/2022 (E) | | | 120,000 | | | | 126,275 | |
Pharmaceuticals - 0.0% (D) | | | | | | | | |
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 | | | 25,000 | | | | 25,002 | |
Real Estate Investment Trusts - 0.1% | | | | | | | | |
Ventas Realty, LP / Ventas Capital Corp. | | | | | | | | |
2.70%, 04/01/2020 | | | 17,000 | | | | 16,074 | |
4.75%, 06/01/2021 | | | 35,000 | | | | 36,769 | |
Vornado Realty, LP
5.00%, 01/15/2022 | | | 50,000 | | | | 52,484 | |
Real Estate Management & Development - 0.1% | | | | | |
Realogy Corp.
7.88%, 02/15/2019 - 144A (E) | | | 55,000 | | | | 58,025 | |
Road & Rail - 0.1% | | | | | | | | |
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023 | | | 73,000 | | | | 69,564 | |
Specialty Retail - 0.1% | | | | | | | | |
QVC, Inc.
7.50%, 10/01/2019 - 144A | | | 45,000 | | | | 48,924 | |
Wireless Telecommunication Services - 0.5% | | | | | |
America Movil SAB de CV
3.13%, 07/16/2022 (E) | | | 200,000 | | | | 184,279 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 47
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
Wireless Telecommunication Services - 0.5% | | | | | |
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A | | | $ 200,000 | | | | $ 229,495 | |
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 | | | 4,000 | | | | 4,260 | |
SBA Tower Trust
5.10%, 04/17/2017 - 144A | | | 40,000 | | | | 43,748 | |
Sprint Nextel Corp.
9.00%, 11/15/2018 - 144A | | | 95,000 | | | | 111,150 | |
| | | | | | | | |
Total Corporate Debt Securities (cost $11,541,685) | | | | 10,552,213 | |
| | | | | | | | |
| |
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1% | | | | | |
U.S. Treasury Bill
0.07%, 11/14/2013 (A) (J) | | | 115,000 | | | | 114,970 | |
| | | | | | | | |
Total Short-Term U.S. Government Obligation
(cost $114,970) | | | | 114,970 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
PREFERRED STOCKS - 0.2% | | | | | | | | |
Capital Markets - 0.0% (D) | | | | | | | | |
Goldman Sachs Group, Inc. - Series J,
5.50% (B) (E) | | | 2,374 | | | | 57,309 | |
Diversified Financial Services - 0.1% | | | | | | | | |
Citigroup Capital XIII,
7.88% (B) | | | 3,392 | | | | 94,467 | |
U.S. Government Agency Obligation - 0.1% | | | | | | | | |
Fannie Mae - Series O, 0.00% (G) (K) | | | 600 | | | | 4,788 | |
Fannie Mae - Series S,
8.25% (B) (G) (K) | | | 10,800 | | | | 49,140 | |
Freddie Mac - Series Z,
8.38% (B) (G) (K) | | | 14,925 | | | | 69,401 | |
| | | | | | | | |
Total Preferred Stocks (cost $826,992) | | | | 275,105 | |
| | | | | | | | |
| | |
COMMON STOCKS - 59.7% | | | | | | | | |
Aerospace & Defense - 1.8% | | | | | | | | |
General Dynamics Corp. | | | 404 | | | | 31,645 | |
Honeywell International, Inc. | | | 12,158 | | | | 964,616 | |
United Technologies Corp. | | | 11,016 | | | | 1,023,827 | |
Air Freight & Logistics - 0.1% | | | | | | | | |
FedEx Corp. | | | 709 | | | | 69,893 | |
United Parcel Service, Inc. - Class B | | | 304 | | | | 26,290 | |
Airlines - 0.1% | | | | | | | | |
Southwest Airlines Co. | | | 6,021 | | | | 77,611 | |
Auto Components - 0.1% | | | | | | | | |
Johnson Controls, Inc. | | | 1,513 | | | | 54,150 | |
Automobiles - 0.5% | | | | | | | | |
General Motors Co. (K) | | | 16,570 | | | | 551,947 | |
Beverages - 1.7% | | | | | | | | |
Coca-Cola Co. | | | 20,355 | | | | 816,439 | |
Coca-Cola Enterprises, Inc. | | | 8,758 | | | | 307,931 | |
Dr. Pepper Snapple Group, Inc. | | | 4,026 | | | | 184,914 | |
PepsiCo, Inc. | | | 6,603 | | | | 540,060 | |
Biotechnology - 1.8% | | | | | | | | |
Alexion Pharmaceuticals, Inc. (K) | | | 1,726 | | | | 159,207 | |
Biogen IDEC, Inc. (K) | | | 3,955 | | | | 851,116 | |
Celgene Corp. (K) | | | 5,987 | | | | 699,940 | |
Onyx Pharmaceuticals, Inc. (E) (K) | | | 1,305 | | | | 113,300 | |
Vertex Pharmaceuticals, Inc. (K) | | | 2,222 | | | | 177,471 | |
Building Products - 0.3% | | | | | | | | |
Masco Corp. | | | 14,184 | | | | 276,446 | |
| | | | | | | | |
| | | Shares | | | Value | |
Capital Markets - 1.4% | | | | | | | | |
Goldman Sachs Group, Inc. | | | 3,912 | | | | $ 591,690 | |
Invesco, Ltd. | | | 11,885 | | | | 377,943 | |
Morgan Stanley | | | 10,117 | | | | 247,158 | |
State Street Corp. | | | 6,041 | | | | 393,934 | |
Chemicals - 1.1% | | | | | | | | |
Air Products & Chemicals, Inc. | | | 4,728 | | | | 432,943 | |
Axiall Corp. (E) | | | 2,739 | | | | 116,627 | |
CF Industries Holdings, Inc. - Class B | | | 474 | | | | 81,291 | |
Dow Chemical Co. | | | 12,114 | | | | 389,707 | |
E.I. du Pont de Nemours & Co. | | | 4,379 | | | | 229,897 | |
Commercial Banks - 1.8% | | | | | | | | |
CIT Group, Inc. (K) | | | 641 | | | | 29,890 | |
Comerica, Inc. - Class A | | | 3,522 | | | | 140,281 | |
Fifth Third Bancorp | | | 2,598 | | | | 46,894 | |
SunTrust Banks, Inc. | | | 3,852 | | | | 121,608 | |
Wells Fargo & Co. | | | 39,759 | | | | 1,640,854 | |
Commercial Services & Supplies - 0.1% | | | | | | | | |
Tyco International, Ltd. | | | 3,842 | | | | 126,594 | |
Communications Equipment - 1.7% | | | | | | | | |
Cisco Systems, Inc. | | | 43,625 | | | | 1,060,524 | |
QUALCOMM, Inc. | | | 12,924 | | | | 789,398 | |
Computers & Peripherals - 2.0% | | | | | | | | |
Apple, Inc. | | | 4,099 | | | | 1,623,532 | |
EMC Corp. | | | 10,541 | | | | 248,978 | |
Hewlett-Packard Co. | | | 10,107 | | | | 250,654 | |
NetApp, Inc. (K) | | | 1,662 | | | | 62,790 | |
Construction & Engineering - 0.5% | | | | | | | | |
Fluor Corp. | | | 9,277 | | | | 550,219 | |
Consumer Finance - 0.3% | | | | | | | | |
Capital One Financial Corp. | | | 5,930 | | | | 372,463 | |
Containers & Packaging - 0.2% | | | | | | | | |
Crown Holdings, Inc. (K) | | | 5,264 | | | | 216,508 | |
Diversified Financial Services - 2.1% | | | | | | | | |
Bank of America Corp. | | | 73,952 | | | | 951,023 | |
Citigroup, Inc. | | | 24,669 | | | | 1,183,372 | |
IntercontinentalExchange, Inc. (K) | | | 1,082 | | | | 192,336 | |
NYSE Euronext | | | 1,120 | | | | 46,368 | |
Diversified Telecommunication Services - 1.2% | | | | | | | | |
AT&T, Inc. | | | 12,661 | | | | 448,199 | |
Verizon Communications, Inc. | | | 17,222 | | | | 866,956 | |
Electric Utilities - 1.3% | | | | | | | | |
American Electric Power Co., Inc. | | | 2,318 | | | | 103,800 | |
Edison International | | | 7,804 | | | | 375,841 | |
NextEra Energy, Inc. | | | 7,250 | | | | 590,730 | |
NV Energy, Inc. | | | 3,809 | | | | 89,359 | |
Xcel Energy, Inc. | | | 8,080 | | | | 228,987 | |
Electrical Equipment - 0.8% | | | | | | | | |
Eaton Corp. PLC | | | 730 | | | | 48,046 | |
Emerson Electric Co. | | | 15,714 | | | | 857,042 | |
Electronic Equipment & Instruments - 0.1% | | | | | | | | |
Corning, Inc. | | | 4,272 | | | | 60,791 | |
TE Connectivity, Ltd. | | | 2,095 | | | | 95,406 | |
Energy Equipment & Services - 1.4% | | | | | | | | |
Cameron International Corp. (K) | | | 2,805 | | | | 171,554 | |
Ensco PLC - Class A | | | 7,773 | | | | 451,767 | |
Noble Corp. | | | 4,739 | | | | 178,091 | |
Schlumberger, Ltd. | | | 10,383 | | | | 744,046 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 48
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Food & Staples Retailing - 0.9% | | | | | | | | |
CVS Caremark Corp. | | | 12,373 | | | | $ 707,488 | |
Kroger Co. | | | 1,913 | | | | 66,075 | |
Wal-Mart Stores, Inc. | | | 3,229 | | | | 240,528 | |
Food Products - 1.2% | | | | | | | | |
Archer-Daniels-Midland Co. | | | 14,856 | | | | 503,767 | |
General Mills, Inc. | | | 6,777 | | | | 328,888 | |
Mondelez International, Inc. - Class A | | | 18,896 | | | | 539,103 | |
Gas Utilities - 0.1% | | | | | | | | |
Questar Corp. (E) | | | 3,003 | | | | 71,622 | |
Health Care Equipment & Supplies - 1.1% | | | | | | | | |
Baxter International, Inc. | | | 4,049 | | | | 280,474 | |
CareFusion Corp. - Class A (K) | | | 5,849 | | | | 215,536 | |
Covidien PLC | | | 6,077 | | | | 381,879 | |
Intuitive Surgical, Inc. (K) | | | 485 | | | | 245,691 | |
St. Jude Medical, Inc. | | | 1,380 | | | | 62,969 | |
Health Care Providers & Services - 1.0% | | | | | | | | |
DaVita HealthCare Partners, Inc. (K) | | | 1,787 | | | | 215,870 | |
Humana, Inc. - Class A (E) | | | 3,975 | | | | 335,410 | |
UnitedHealth Group, Inc. | | | 9,063 | | | | 593,445 | |
Health Care Technology - 0.2% | | | | | | | | |
athenahealth, Inc. (E) (K) | | | 660 | | | | 55,915 | |
Cerner Corp. (K) | | | 1,356 | | | | 130,298 | |
Hotels, Restaurants & Leisure - 0.6% | | | | | | | | |
Marriott International, Inc. - Class A | | | 4,361 | | | | 176,053 | |
Royal Caribbean Cruises, Ltd. - Class A | | | 5,652 | | | | 188,438 | |
Starbucks Corp. | | | 1,445 | | | | 94,633 | |
Yum! Brands, Inc. | | | 3,520 | | | | 244,077 | |
Household Durables - 0.2% | | | | | | | | |
Lennar Corp. - Class A (E) | | | 1,830 | | | | 65,953 | |
NVR, Inc. (K) | | | 25 | | | | 23,050 | |
PulteGroup, Inc. (K) | | | 9,608 | | | | 182,264 | |
Household Products - 1.4% | | | | | | | | |
Clorox Co. | | | 1,038 | | | | 86,299 | |
Kimberly-Clark Corp. (E) | | | 3,605 | | | | 350,190 | |
Procter & Gamble Co. | | | 14,403 | | | | 1,108,887 | |
Industrial Conglomerates - 0.5% | | | | | | | | |
General Electric Co. | | | 26,202 | | | | 607,624 | |
Insurance - 2.3% | | | | | | | | |
ACE, Ltd. | | | 7,652 | | | | 684,701 | |
Aflac, Inc. | | | 1,500 | | | | 87,180 | |
AON PLC | | | 2,993 | | | | 192,599 | |
Berkshire Hathaway, Inc. - Class B (K) | | | 5,327 | | | | 596,198 | |
Everest RE Group, Ltd. | | | 699 | | | | 89,654 | |
Hartford Financial Services Group, Inc. | | | 5,430 | | | | 167,896 | |
MetLife, Inc. | | | 13,262 | | | | 606,869 | |
Prudential Financial, Inc. | | | 1,866 | | | | 136,274 | |
RenaissanceRe Holdings, Ltd. | | | 586 | | | | 50,859 | |
Internet & Catalog Retail - 0.7% | | | | | | | | |
Amazon.com, Inc. (K) | | | 1,784 | | | | 495,399 | |
Expedia, Inc. (E) | | | 1,113 | | | | 66,947 | |
priceline.com, Inc. (K) | | | 266 | | | | 220,016 | |
Internet Software & Services - 1.7% | | | | | | | | |
eBay, Inc. (K) | | | 3,637 | | | | 188,106 | |
Google, Inc. - Class A (K) | | | 1,914 | | | | 1,685,028 | |
LinkedIn Corp. - Class A (K) | | | 166 | | | | 29,598 | |
IT Services - 1.9% | | | | | | | | |
Cognizant Technology Solutions
Corp. - Class A (K) | | | 3,315 | | | | 207,552 | |
| | | | | | | | |
| | | Shares | | | Value | |
IT Services (continued) | | | | | | | | |
Fidelity National Information Services, Inc. | | | 4,256 | | | | $ 182,327 | |
International Business Machines Corp. | | | 3,902 | | | | 745,711 | |
Jack Henry & Associates, Inc. | | | 1,438 | | | | 67,773 | |
Visa, Inc. - Class A (E) | | | 4,670 | | | | 853,443 | |
Life Sciences Tools & Services - 0.3% | | | | | | | | |
Mettler-Toledo International, Inc. (E) (K) | | | 802 | | | | 161,362 | |
Thermo Fisher Scientific, Inc. | | | 1,776 | | | | 150,303 | |
Machinery - 0.7% | | | | | | | | |
Cummins, Inc. | | | 472 | | | | 51,193 | |
Deere & Co. (E) | | | 1,746 | | | | 141,862 | |
PACCAR, Inc. | | | 9,507 | | | | 510,146 | |
SPX Corp. | | | 1,715 | | | | 123,446 | |
Media - 2.4% | | | | | | | | |
CBS Corp. - Class B | | | 8,073 | | | | 394,528 | |
Comcast Corp. - Class A | | | 21,608 | | | | 904,943 | |
DISH Network Corp. - Class A | | | 1,793 | | | | 76,238 | |
Time Warner Cable, Inc. | | | 2,585 | | | | 290,761 | |
Time Warner, Inc. | | | 14,553 | | | | 841,454 | |
Walt Disney Co. - Class A | | | 3,359 | | | | 212,121 | |
Metals & Mining - 0.2% | | | | | | | | |
Alcoa, Inc. | | | 27,525 | | | | 215,246 | |
Walter Energy, Inc. (E) | | | 1,568 | | | | 16,307 | |
Multi-Utilities - 0.8% | | | | | | | | |
CMS Energy Corp. | | | 2,231 | | | | 60,616 | |
DTE Energy Co. | | | 3,190 | | | | 213,762 | |
NiSource, Inc. - Class B | | | 10,136 | | | | 290,295 | |
Sempra Energy | | | 3,776 | | | | 308,726 | |
Multiline Retail - 0.8% | | | | | | | | |
Macy’s, Inc. | | | 4,205 | | | | 201,840 | |
Nordstrom, Inc. | | | 680 | | | | 40,759 | |
Target Corp. | | | 9,773 | | | | 672,969 | |
Oil, Gas & Consumable Fuels - 4.8% | | | | | | | | |
Anadarko Petroleum Corp. - Class A | | | 3,332 | | | | 286,319 | |
Apache Corp. | | | 1,893 | | | | 158,690 | |
Chevron Corp. | | | 12,262 | | | | 1,451,085 | |
ConocoPhillips | | | 8,906 | | | | 538,813 | |
EOG Resources, Inc. | | | 1,850 | | | | 243,608 | |
Exxon Mobil Corp. | | | 15,921 | | | | 1,438,462 | |
Marathon Petroleum Corp. | | | 2,563 | | | | 182,127 | |
Occidental Petroleum Corp. | | | 4,095 | | | | 365,397 | |
Phillips 66 | | | 4,938 | | | | 290,898 | |
Range Resources Corp. | | | 766 | | | | 59,227 | |
Valero Energy Corp. | | | 1,730 | | | | 60,152 | |
Williams Cos., Inc. | | | 7,066 | | | | 229,433 | |
Pharmaceuticals - 3.1% | | | | | | | | |
Actavis, Inc. (K) | | | 664 | | | | 83,810 | |
Allergan, Inc. | | | 3,284 | | | | 276,644 | |
Bristol-Myers Squibb Co. | | | 19,543 | | | | 873,377 | |
Johnson & Johnson | | | 19,986 | | | | 1,715,998 | |
Merck & Co., Inc. | | | 3,183 | | | | 147,850 | |
Pfizer, Inc. | | | 8,320 | | | | 233,043 | |
Valeant Pharmaceuticals International, Inc. (K) | | | 1,323 | | | | 113,884 | |
Zoetis, Inc. - Class A | | | 956 | | | | 29,536 | |
Real Estate Investment Trusts - 1.4% | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 450 | | | | 29,574 | |
American Campus Communities, Inc. - Class A | | | 1,471 | | | | 59,811 | |
Apartment Investment & Management
Co. - Class A | | | 1,036 | | | | 31,121 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 49
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Real Estate Investment Trusts (continued) | | | | | | | | |
Boston Properties, Inc. | | | 1,214 | | | | $ 128,040 | |
Brandywine Realty Trust | | | 7,813 | | | | 105,632 | |
CBL & Associates Properties, Inc. | | | 7,311 | | | | 156,602 | |
Digital Realty Trust, Inc. (E) | | | 1,085 | | | | 66,185 | |
HCP, Inc. | | | 2,587 | | | | 117,553 | |
Highwoods Properties, Inc. (E) | | | 3,883 | | | | 138,274 | |
Host Hotels & Resorts, Inc. (E) | | | 7,572 | | | | 127,740 | |
LaSalle Hotel Properties | | | 4,052 | | | | 100,084 | |
Post Properties, Inc. | | | 1,025 | | | | 50,727 | |
ProLogis, Inc. - Class A | | | 590 | | | | 22,255 | |
Simon Property Group, Inc. | | | 1,717 | | | | 271,149 | |
Ventas, Inc. | | | 1,711 | | | | 118,846 | |
Road & Rail - 1.4% | | | | | | | | |
CSX Corp. | | | 26,010 | | | | 603,172 | |
Norfolk Southern Corp. | | | 855 | | | | 62,116 | |
Union Pacific Corp. | | | 5,789 | | | | 893,127 | |
Semiconductors & Semiconductor Equipment - 1.2% | | | | | |
Applied Materials, Inc. - Class A | | | 12,019 | | | | 179,203 | |
Avago Technologies, Ltd. - Class A | | | 1,400 | | | | 52,332 | |
Broadcom Corp. - Class A | | | 14,053 | | | | 474,429 | |
KLA-Tencor Corp. | | | 3,365 | | | | 187,532 | |
LAM Research Corp. (K) | | | 4,715 | | | | 209,063 | |
Texas Instruments, Inc. (E) | | | 4,142 | | | | 144,432 | |
Xilinx, Inc. | | | 2,823 | | | | 111,819 | |
Software - 2.5% | | | | | | | | |
Adobe Systems, Inc. (K) | | | 11,442 | | | | 521,297 | |
Citrix Systems, Inc. (K) | | | 3,027 | | | | 182,619 | |
Microsoft Corp. | | | 37,462 | | | | 1,293,563 | |
Oracle Corp. | | | 23,721 | | | | 728,709 | |
VMware, Inc. - Class A (K) | | | 517 | | | | 34,634 | |
Specialty Retail - 2.2% | | | | | | | | |
AutoZone, Inc. (K) | | | 1,058 | | | | 448,264 | |
Home Depot, Inc. | | | 11,033 | | | | 854,726 | |
Lowe’s Cos., Inc. | | | 12,961 | | | | 530,105 | |
O’Reilly Automotive, Inc. (K) | | | 322 | | | | 36,264 | |
Ross Stores, Inc. | | | 2,219 | | | | 143,813 | |
TJX Cos., Inc. | | | 8,793 | | | | 440,178 | |
Textiles, Apparel & Luxury Goods - 0.5% | | | | | | | | |
Lululemon Athletica, Inc. (K) | | | 543 | | | | 35,577 | |
V.F. Corp. | | | 2,813 | | | | 543,078 | |
Tobacco - 1.0% | | | | | | | | |
Philip Morris International, Inc. | | | 12,599 | | | | 1,091,325 | |
Trading Companies & Distributors - 0.2% | | | | | | | | |
WW Grainger, Inc. | | | 928 | | | | 234,023 | |
Wireless Telecommunication Services - 0.0% (D) | | | | | |
Sprint Nextel Corp. (K) | | | 4,666 | | | | 32,755 | |
| | | | | | | | |
Total Common Stocks (cost $57,311,386) | | | | | | | 66,458,428 | |
| | | | | | | | |
WARRANT - 0.0% (D) | | | | | | | | |
| | |
Oil, Gas & Consumable Fuels - 0.0% (D) | | | | | | | | |
SemGroup Corp. (E) (K)
Expiration: 11/30/2014
Exercise Price: $25.0 | | | 68 | | | | 1,527 | |
| | | | | | | | |
Total Warrant (cost $1) | | | | | | | 1,527 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
SHORT-TERM INVESTMENT COMPANY - 3.5% | | | | | |
BlackRock Provident TempFund 24 (L) | | | 3,836,919 | | | | $ 3,836,919 | |
| | | | | | | | |
Total Short-Term Investment Company
(cost $3,836,919) | | | | 3,836,919 | |
| | | | | | | | |
SECURITIES LENDING COLLATERAL - 4.4% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (A) | | | 4,907,965 | | | | 4,907,965 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $4,907,965) | | | | 4,907,965 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 0.5% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (A), dated 06/28/2013, to be repurchased at $585,759 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $597,619. | | | $ 585,758 | | | | 585,758 | |
| | | | | | | | |
Total Repurchase Agreement (cost $585,758) | | | | 585,758 | |
| | | | | | | | |
Total Investment Securities (cost $116,616,303) (M) | | | | 123,105,555 | |
Other Assets and Liabilities - Net | | | | | | | (11,847,933 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 111,257,622 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
TBA SHORT COMMITMENTS - (3.6%) | | | | | | | | |
U.S. GOVERNMENT AGENCY OBLIGATIONS - (3.6%) | |
Fannie Mae, TBA | | | | | | | | |
3.00% | | | $ (900,000 | ) | | | (879,328 | ) |
3.50% | | | (700,000 | ) | | | (715,891 | ) |
4.00% | | | (300,000 | ) | | | (316,207 | ) |
5.00% | | | (600,000 | ) | | | (645,703 | ) |
5.50% | | | (100,000 | ) | | | (108,609 | ) |
6.00% | | | (100,000 | ) | | | (108,750 | ) |
Freddie Mac, TBA
3.00% | | | (700,000 | ) | | | (682,281 | ) |
Ginnie Mae, TBA | | | | | | | | |
4.00% | | | (100,000 | ) | | | (104,813 | ) |
4.50% | | | (400,000 | ) | | | (426,422 | ) |
| | | | | | | | |
Total U.S. Government Agency Obligations (proceeds $(4,039,379)) | | | | (3,988,004 | ) |
| | | | | | | | |
Total TBA Short Commitments
(proceeds $(4,039,379)) | | | | (3,988,004 | ) |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 50
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | |
| FUTURES CONTRACTS: (N) | |
| Description | | Type | | | Contracts | | | Expiration Date | | | Net Unrealized
Appreciation
(Depreciation) | |
10-Year Australian Treasury Bond | | | Long | | | | 3 | | | | 09/16/2013 | | | $ | (1,737 | ) |
10-Year U.S. Treasury Note | | | Short | | | | (58 | ) | | | 09/19/2013 | | | | 72,613 | |
2-Year U.S. Treasury Note | | | Long | | | | 22 | | | | 09/30/2013 | | | | (8,473 | ) |
5-Year U.S. Treasury Note | | | Long | | | | 31 | | | | 09/30/2013 | | | | (56,292 | ) |
Long U.S. Treasury Bond | | | Long | | | | 13 | | | | 09/19/2013 | | | | (30,184 | ) |
S&P 500 E-Mini Index | | | Long | | | | 6 | | | | 09/20/2013 | | | | (2,322 | ) |
Ultra Long U.S. Treasury Bond | | | Long | | | | 6 | | | | 09/19/2013 | | | | 1,941 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (24,454 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY CONTRACTS: | |
| Currency | | Counterparty | | Contracts
Bought
(Sold) | | | Settlement
Date | | | Amount in U.S.
Dollars Bought
(Sold) | | | Net Unrealized
Appreciation
(Depreciation) | |
EUR | | GSC | | | (330,000 | ) | | | 07/17/2013 | | | $ | (431,169 | ) | | $ | 1,595 | |
EUR | | BOA | | | (644,000 | ) | | | 07/23/2013 | | | | (850,631 | ) | | | 12,289 | |
EUR | | CITI | | | 226,000 | | | | 07/23/2013 | | | | 294,923 | | | | (722 | ) |
EUR | | GSC | | | (109,000 | ) | | | 07/23/2013 | | | | (145,425 | ) | | | 3,532 | |
EUR | | MSC | | | (91,000 | ) | | | 07/23/2013 | | | | (119,487 | ) | | | 1,026 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 17,720 | |
| | | | | | | | | | | | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Rate shown reflects the yield at June 30, 2013. |
| (B) | Floating or variable rate note. Rate is listed as of June 30, 2013. |
| (C) | Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of June 30, 2013. Maturity date disclosed is the ultimate maturity date. |
| (D) | Percentage rounds to less than 0.1%. |
| (E) | All or a portion of this security is on loan. The value of all securities on loan is $4,805,075. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (G) | The security has a perpetual maturity. The date shown is the next call date. |
| (H) | Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $64, or less than 0.01% of the portfolio’s net assets. |
| (I) | Illiquid. Total aggregate market value of illiquid securities is $35,289, or 0.03% of the portfolio’s net assets. |
| (J) | All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $114,967. |
| (K) | Non-income producing security. |
| (L) | The investment issuer is affiliated with the sub-adviser of the portfolio. |
| (M) | Aggregate cost for federal income tax purposes is $116,616,303. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $10,231,171 and $3,741,919, respectively. Net unrealized appreciation for tax purposes is $6,489,252. |
| (N) | Cash in the amount of $61,000 has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 51
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
DEFINITIONS:
| | |
| 144A | | 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2013, these securities aggregated $8,059,427, or 7.24% of the portfolio’s net assets. |
| BOA | | Bank of America |
| CITI | | Citigroup, Inc. |
| EMTN | | European Medium Term Note |
| GMTN | | Global Medium Term Note |
| GSC | | Goldman Sachs & Co. |
| IO | | Interest Only |
| MSC | | Morgan Stanley |
| MTN | | Medium Term Note |
| REMIC | | Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities) |
| Reg S | | Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. |
| STRIPS | | Separate Trading of Registered Interest and Principal of Securities |
| TBA | | To Be Announced |
| UBS | | UBS AG |
|
| CURRENCY ABBREVIATION: |
| |
| EUR | | Euro |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 52
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY: (O)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other Significant
Observable Inputs | | | Level 3 Significant
Unobservable Inputs | | | Value at June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
U.S. Government Obligations | | $ | — | | | $ | 4,159,348 | | | $ | — | | | $ | 4,159,348 | |
U.S. Government Agency Obligations | | | — | | | | 18,693,382 | | | | — | | | | 18,693,382 | |
Foreign Government Obligations | | | — | | | | 1,483,301 | | | | — | | | | 1,483,301 | |
Mortgage-Backed Securities | | | — | | | | 5,871,895 | | | | — | | | | 5,871,895 | |
Asset-Backed Securities | | | — | | | | 5,983,232 | | | | — | | | | 5,983,232 | |
Municipal Government Obligations | | | — | | | | 108,584 | | | | — | | | | 108,584 | |
Preferred Corporate Debt Securities | | | — | | | | 72,928 | | | | — | | | | 72,928 | |
Corporate Debt Securities | | | | | | | | | | | | | | | | |
Auto Components | | | — | | | | 31,509 | | | | — | | | | 31,509 | |
Automobiles | | | — | | | | — | | | | 0 | | | | 0 | |
Capital Markets | | | — | | | | 392,094 | | | | — | | | | 392,094 | |
Chemicals | | | — | | | | 65,286 | | | | — | | | | 65,286 | |
Commercial Banks | | | — | | | | 400,225 | | | | — | | | | 400,225 | |
Commercial Services & Supplies | | | — | | | | 108,250 | | | | — | | | | 108,250 | |
Communications Equipment | | | — | | | | 44,319 | | | | — | | | | 44,319 | |
Consumer Finance | | | — | | | | 10,835 | | | | — | | | | 10,835 | |
Containers & Packaging | | | — | | | | 261,476 | | | | — | | | | 261,476 | |
Distributors | | | — | | | | 81,424 | | | | — | | | | 81,424 | |
Diversified Financial Services | | | — | | | | 2,109,130 | | | | 0 | | | | 2,109,130 | |
Diversified Telecommunication Services | | | — | | | | 361,328 | | | | — | | | | 361,328 | |
Electric Utilities | | | — | | | | 1,094,771 | | | | — | | | | 1,094,771 | |
Energy Equipment & Services | | | — | | | | 506,595 | | | | — | | | | 506,595 | |
Food & Staples Retailing | | | — | | | | 45,559 | | | | — | | | | 45,559 | |
Food Products | | | — | | | | 40,693 | | | | — | | | | 40,693 | |
Health Care Equipment & Supplies | | | — | | | | 152,732 | | | | — | | | | 152,732 | |
Health Care Providers & Services | | | — | | | | 206,927 | | | | — | | | | 206,927 | |
Insurance | | | — | | | | 1,042,719 | | | | — | | | | 1,042,719 | |
Life Sciences Tools & Services | | | — | | | | 45,063 | | | | — | | | | 45,063 | |
Media | | | — | | | | 719,582 | | | | — | | | | 719,582 | |
Metals & Mining | | | — | | | | 208,708 | | | | — | | | | 208,708 | |
Multi-Utilities | | | — | | | | 226,940 | | | | — | | | | 226,940 | |
Multiline Retail | | | — | | | | 45,476 | | | | — | | | | 45,476 | |
Oil, Gas & Consumable Fuels | | | — | | | | 1,344,523 | | | | — | | | | 1,344,523 | |
Paper & Forest Products | | | — | | | | 126,275 | | | | — | | | | 126,275 | |
Pharmaceuticals | | | — | | | | 25,002 | | | | — | | | | 25,002 | |
Real Estate Investment Trusts | | | — | | | | 105,327 | | | | — | | | | 105,327 | |
Real Estate Management & Development | | | — | | | | 58,025 | | | | — | | | | 58,025 | |
Road & Rail | | | — | | | | 69,564 | | | | — | | | | 69,564 | |
Specialty Retail | | | — | | | | 48,924 | | | | — | | | | 48,924 | |
Wireless Telecommunication Services | | | — | | | | 572,932 | | | | — | | | | 572,932 | |
Short-Term U.S. Government Obligation | | | — | | | | 114,970 | | | | — | | | | 114,970 | |
Preferred Stocks | | | 275,105 | | | | — | | | | — | | | | 275,105 | |
Common Stocks | | | 66,458,428 | | | | — | | | | — | | | | 66,458,428 | |
Warrant | | | 1,527 | | | | — | | | | — | | | | 1,527 | |
Short-Term Investment Company | | | 3,836,919 | | | | — | | | | — | | | | 3,836,919 | |
Securities Lending Collateral | | | 4,907,965 | | | | — | | | | — | | | | 4,907,965 | |
Repurchase Agreement | | | — | | | | 585,758 | | | | — | | | | 585,758 | |
Total Investment Securities | | $ | 75,479,944 | | | $ | 47,625,611 | | | $ | 0 | | | $ | 123,105,555 | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts (P) | | $ | — | | | $ | 18,442 | | | $ | — | | | $ | 18,442 | |
Futures Contracts (P) | | | 74,554 | | | | — | | | | — | | | | 74,554 | |
Total Derivative Financial Instruments | | $ | 74,554 | | | $ | 18,442 | | | $ | — | | | $ | 92,996 | |
Other Assets (Q) | | | | | | | | | | | | | | | | |
Cash | | $ | 3,012 | | | $ | — | | | $ | — | | | $ | 3,012 | |
Cash on Deposit with Broker | | | 61,000 | | | | — | | | | — | | | | 61,000 | |
Foreign Currency | | | 2,930 | | | | — | | | | — | | | | 2,930 | |
Total Other Assets | | $ | 66,942 | | | $ | — | | | $ | — | | | $ | 66,942 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 53
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY (continued):
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | �� | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
TBA Short Commitments | | | | | | | | | | | | | | | | |
U.S. Government Agency Obligations | | $ | — | | | $ | (3,988,004 | ) | | $ | — | | | $ | (3,988,004 | ) |
Total TBA Short Commitments | | $ | — | | | $ | (3,988,004 | ) | | $ | — | | | $ | (3,988,004 | ) |
| | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts (P) | | $ | — | | | $ | (722 | ) | | $ | — | | | $ | (722 | ) |
Futures Contracts (P) | | | (99,008 | ) | | | — | | | | — | | | | (99,008 | ) |
Total Derivative Financial Instruments | | $ | (99,008 | ) | | $ | (722 | ) | | $ | — | | | $ | (99,730 | ) |
| | | | | | | | | | | | | | | | | |
Other Liabilities (Q) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (4,907,965 | ) | | $ | — | | | $ | (4,907,965 | ) |
Total Other Liabilities | | $ | — | | | $ | (4,907,965 | ) | | $ | — | | | $ | (4,907,965 | ) |
| (O) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (P) | Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument. |
| (Q) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
Level 3 Rollforward - Investment Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securities | | Beginning
Balance at
December 31, 2012 | | | Purchases | | | Sales | | | Accrued
Discounts
(Premiums) | | | Total
Realized
Gain (Loss) | | | Net Change in
Unrealized
Appreciation
(Depreciation) (R) | | | Transfers
into
Level 3 | | | Transfers
out of
Level 3 | | | Ending
Balance at
June 30, 2013 (S) | | | Net Change in
Unrealized
Appreciation
(Depreciation)
on Investments
Held at
June 30, 2013 (R) | |
| Corporate Debt Securities | | $ | 0 | | | $ | — | | | $ | 0 | | | $ | — | | | $ | (379,424 | ) | | $ | 379,424 | | | $ | — | | | $ | — | | | $ | 0 | | | $ | — | |
| (R) | Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2013 may be due to an investment no longer held or categorized as Level 3 at period end. |
| (S) | Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 54
Transamerica Partners Large Value Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 99.0% | | | | | | | | |
Aerospace & Defense - 4.7% | | | | | | | | |
L-3 Communications Holdings, Inc. (A) | | | 132,000 | | | | $ 11,317,680 | |
Lockheed Martin Corp. | | | 46,400 | | | | 5,032,544 | |
Northrop Grumman Corp. | | | 143,600 | | | | 11,890,080 | |
Raytheon Co. | | | 180,900 | | | | 11,961,108 | |
Airlines - 1.7% | | | | | | | | |
Alaska Air Group, Inc. (B) | | | 112,600 | | | | 5,855,200 | |
Delta Air Lines, Inc. (B) | | | 449,400 | | | | 8,408,274 | |
Auto Components - 1.1% | | | | | | | | |
Lear Corp. | | | 62,400 | | | | 3,772,704 | |
Magna International, Inc. - Class A | | | 85,900 | | | | 6,117,798 | |
Automobiles - 0.4% | | | | | | | | |
Ford Motor Co. | | | 198,300 | | | | 3,067,701 | |
Beverages - 1.0% | | | | | | | | |
PepsiCo, Inc. | | | 106,700 | | | | 8,726,993 | |
Biotechnology - 3.1% | | | | | | | | |
Amgen, Inc. | | | 92,300 | | | | 9,106,318 | |
Biogen IDEC, Inc. (B) | | | 32,800 | | | | 7,058,560 | |
Celgene Corp. (B) | | | 31,200 | | | | 3,647,592 | |
United Therapeutics Corp. (A) (B) | | | 98,000 | | | | 6,450,360 | |
Capital Markets - 2.4% | | | | | | | | |
Ameriprise Financial, Inc. | | | 54,500 | | | | 4,407,960 | |
Goldman Sachs Group, Inc. | | | 107,800 | | | | 16,304,750 | |
Chemicals - 1.7% | | | | | | | | |
CF Industries Holdings, Inc. - Class B | | | 27,300 | | | | 4,681,950 | |
LyondellBasell Industries NV - Class A | | | 148,400 | | | | 9,832,984 | |
Commercial Banks - 8.0% | | | | | | | | |
Fifth Third Bancorp | | | 597,400 | | | | 10,783,070 | |
Huntington Bancshares, Inc. - Class A | | | 1,417,300 | | | | 11,168,324 | |
KeyCorp | | | 1,038,100 | | | | 11,460,624 | |
Regions Financial Corp. | | | 1,213,700 | | | | 11,566,561 | |
Wells Fargo & Co. | | | 572,500 | | | | 23,627,075 | |
Communications Equipment - 1.4% | | | | | | | | |
Cisco Systems, Inc. | | | 504,700 | | | | 12,269,257 | |
Computers & Peripherals - 2.2% | | | | | | | | |
Apple, Inc. | | | 7,500 | | | | 2,970,600 | |
SanDisk Corp. (B) | | | 65,200 | | | | 3,983,720 | |
Seagate Technology PLC | | | 101,900 | | | | 4,568,177 | |
Western Digital Corp. | | | 115,400 | | | | 7,165,186 | |
Construction & Engineering - 1.0% | | | | | | | | |
Fluor Corp. | | | 144,000 | | | | 8,540,640 | |
Consumer Finance - 1.4% | | | | | | | | |
Discover Financial Services | | | 256,800 | | | | 12,233,952 | |
Containers & Packaging - 0.8% | | | | | | | | |
Packaging Corp. of America | | | 77,700 | | | | 3,804,192 | |
Rock-Tenn Co. - Class A | | | 34,900 | | | | 3,485,812 | |
Diversified Financial Services - 7.1% | | | | | | | | |
Bank of America Corp. | | | 625,700 | | | | 8,046,502 | |
CBOE Holdings, Inc. | | | 120,200 | | | | 5,606,128 | |
Citigroup, Inc. | | | 346,900 | | | | 16,640,793 | |
JPMorgan Chase & Co. | | | 577,500 | | | | 30,486,225 | |
Diversified Telecommunication Services - 2.2% | | | | | |
AT&T, Inc. | | | 302,500 | | | | 10,708,500 | |
Verizon Communications, Inc. | | | 170,000 | | | | 8,557,800 | |
Electric Utilities - 4.3% | | | | | | | | |
American Electric Power Co., Inc. | | | 211,000 | | | | 9,448,580 | |
Edison International | | | 250,100 | | | | 12,044,816 | |
Entergy Corp. - Class B | | | 67,100 | | | | 4,675,528 | |
NV Energy, Inc. | | | 475,700 | | | | 11,159,922 | |
| | | | | | | | |
| | | Shares | | | Value | |
Electrical Equipment - 0.2% | | | | | | | | |
First Solar, Inc. (A) (B) | | | 44,800 | | | | $ 2,003,904 | |
Electronic Equipment & Instruments - 0.8% | | | | | |
Avnet, Inc. (B) | | | 91,500 | | | | 3,074,400 | |
Ingram Micro, Inc. - Class A (B) | | | 209,600 | | | | 3,980,304 | |
Energy Equipment & Services - 1.0% | | | | | | | | |
Halliburton Co. | | | 83,000 | | | | 3,462,760 | |
Patterson-UTI Energy, Inc. | | | 144,900 | | | | 2,804,539 | |
Superior Energy Services, Inc. (B) | | | 75,900 | | | | 1,968,846 | |
Food & Staples Retailing - 1.5% | | | | | | | | |
Kroger Co. | | | 288,700 | | | | 9,971,698 | |
Safeway, Inc. (A) | | | 120,400 | | | | 2,848,664 | |
Food Products - 2.4% | | | | | | | | |
Green Mountain Coffee Roasters, Inc.
Series C (A) (B) | | | 28,300 | | | | 2,124,198 | |
Hershey Co. | | | 112,900 | | | | 10,079,712 | |
Hillshire Brands Co. | | | 73,600 | | | | 2,434,688 | |
Tyson Foods, Inc. - Class A | | | 244,100 | | | | 6,268,488 | |
Health Care Providers & Services - 5.4% | | | | | | | | |
AmerisourceBergen Corp. - Class A | | | 190,700 | | | | 10,646,781 | |
Cardinal Health, Inc. | | | 36,800 | | | | 1,736,960 | |
CIGNA Corp. | | | 143,800 | | | | 10,424,062 | |
Humana, Inc. - Class A | | | 136,000 | | | | 11,475,680 | |
McKesson Corp. | | | 86,400 | | | | 9,892,800 | |
WellPoint, Inc. | | | 29,500 | | | | 2,414,280 | |
Household Durables - 1.7% | | | | | | | | |
Jarden Corp. (B) | | | 80,100 | | | | 3,504,375 | |
Newell Rubbermaid, Inc. | | | 140,400 | | | | 3,685,500 | |
Whirlpool Corp. | | | 67,100 | | | | 7,673,556 | |
Household Products - 0.4% | | | | | | | | |
Kimberly-Clark Corp. | | | 36,200 | | | | 3,516,468 | |
Independent Power Producers & Energy Traders - 1.0% | |
AES Corp. | | | 709,000 | | | | 8,500,910 | |
Industrial Conglomerates - 0.6% | | | | | | | | |
General Electric Co. | | | 216,700 | | | | 5,025,273 | |
Insurance - 9.2% | | | | | | | | |
Allstate Corp. | | | 192,600 | | | | 9,267,912 | |
American Financial Group, Inc. | | | 46,600 | | | | 2,279,206 | |
American International Group, Inc. (B) | | | 62,000 | | | | 2,771,400 | |
Assurant, Inc. | | | 120,600 | | | | 6,139,746 | |
Axis Capital Holdings, Ltd. | | | 161,200 | | | | 7,379,736 | |
Chubb Corp. - Class A | | | 24,500 | | | | 2,073,925 | |
Everest RE Group, Ltd. | | | 78,700 | | | | 10,094,062 | |
Hartford Financial Services Group, Inc. | | | 68,400 | | | | 2,114,928 | |
Lincoln National Corp. | | | 86,400 | | | | 3,151,008 | |
PartnerRe, Ltd. | | | 122,900 | | | | 11,129,824 | |
RenaissanceRe Holdings, Ltd. | | | 87,400 | | | | 7,585,446 | |
Travelers Cos., Inc. | | | 138,800 | | | | 11,092,896 | |
Unum Group | | | 132,700 | | | | 3,897,399 | |
IT Services - 1.1% | | | | | | | | |
Amdocs, Ltd. | | | 213,300 | | | | 7,911,297 | |
Computer Sciences Corp. | | | 37,700 | | | | 1,650,129 | |
Machinery - 0.8% | | | | | | | | |
Ingersoll-Rand PLC | | | 61,800 | | | | 3,431,136 | |
Oshkosh Corp. (B) | | | 100,200 | | | | 3,804,594 | |
Multi-Utilities - 0.7% | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 179,900 | | | | 5,875,534 | |
Multiline Retail - 1.4% | | | | | | | | |
Dillard’s, Inc. - Class A | | | 55,200 | | | | 4,524,744 | |
Macy’s, Inc. | | | 150,600 | | | | 7,228,800 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 55
Transamerica Partners Large Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Oil, Gas & Consumable Fuels - 13.8% | | | | | | | | |
Chevron Corp. | | | 216,000 | | | | $ 25,561,440 | |
ConocoPhillips | | | 286,600 | | | | 17,339,300 | |
CVR Energy, Inc. (A) | | | 79,300 | | | | 3,758,820 | |
Exxon Mobil Corp. | | | 495,900 | | | | 44,804,565 | |
Marathon Oil Corp. | | | 158,200 | | | | 5,470,556 | |
Marathon Petroleum Corp. | | | 99,300 | | | | 7,056,258 | |
Murphy Oil Corp. | | | 166,900 | | | | 10,162,541 | |
Valero Energy Corp. | | | 112,000 | | | | 3,894,240 | |
Paper & Forest Products - 0.2% | | | | | | | | |
Louisiana-Pacific Corp. (B) | | | 107,700 | | | | 1,592,883 | |
Personal Products - 0.6% | | | | | | | | |
Avon Products, Inc. | | | 226,900 | | | | 4,771,707 | |
Pharmaceuticals - 5.0% | | | | | | | | |
Actavis, Inc. (B) | | | 22,700 | | | | 2,865,194 | |
Johnson & Johnson | | | 284,700 | | | | 24,444,342 | |
Pfizer, Inc. | | | 403,500 | | | | 11,302,035 | |
Warner Chilcott PLC - Class A | | | 214,900 | | | | 4,272,212 | |
Real Estate Management & Development - 0.7% | | | | | |
Jones Lang LaSalle, Inc. | | | 44,500 | | | | 4,055,730 | |
Realogy Holdings Corp. (B) | | | 48,400 | | | | 2,325,136 | |
Road & Rail - 0.5% | | | | | | | | |
Union Pacific Corp. | | | 26,400 | | | | 4,072,992 | |
Semiconductors & Semiconductor Equipment - 0.6% | | | | | |
Marvell Technology Group, Ltd. | | | 439,200 | | | | 5,143,032 | |
Software - 2.3% | | | | | | | | |
CA, Inc. | | | 273,600 | | | | 7,833,168 | |
Microsoft Corp. | | | 116,500 | | | | 4,022,745 | |
Symantec Corp. | | | 354,400 | | | | 7,963,368 | |
Specialty Retail - 1.9% | | | | | | | | |
CST Brands, Inc. (B) | | | 1 | | | | 31 | |
GameStop Corp. - Class A (A) | | | 268,600 | | | | 11,289,258 | |
Gap, Inc. - Class A | | | 113,600 | | | | 4,740,528 | |
Textiles, Apparel & Luxury Goods - 0.2% | | | | | |
Gildan Activewear, Inc. - Class A | | | 39,100 | | | | 1,583,941 | |
Wireless Telecommunication Services - 0.5% | | | | | |
Sprint Nextel Corp. (B) | | | 584,800 | | | | 4,105,296 | |
| | | | | | | | |
Total Common Stocks (cost $704,231,038) | | | | 849,996,426 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 3.1% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 26,502,707 | | | | 26,502,707 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $26,502,707) | | | | 26,502,707 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.0% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to be repurchased at $8,900,381 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $9,078,399. | | | $ 8,900,359 | | | | 8,900,359 | |
| | | | | | | | |
Total Repurchase Agreement (cost $8,900,359) | | | | 8,900,359 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $739,634,104) (D) | | | | 885,399,492 | |
Other Assets and Liabilities - Net | | | | | | | (27,030,021 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $858,369,471 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 56
Transamerica Partners Large Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $25,917,792. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | Non-income producing security. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $739,634,104. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $153,105,491 and $7,340,103, respectively. Net unrealized appreciation for tax purposes is $145,765,388. |
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 849,996,426 | | | $ | — | | | $ | — | | | $ | 849,996,426 | |
Securities Lending Collateral | | | 26,502,707 | | | | — | | | | — | | | | 26,502,707 | |
Repurchase Agreement | | | — | | | | 8,900,359 | | | | — | | | | 8,900,359 | |
Total Investment Securities | | $ | 876,499,133 | | | $ | 8,900,359 | | | $ | — | | | $ | 885,399,492 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (26,502,707 | ) | | $ | — | | | $ | (26,502,707 | ) |
Total Other Liabilities | | $ | — | | | $ | (26,502,707 | ) | | $ | — | | | $ | (26,502,707 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 57
Transamerica Partners Large Core Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 97.4% | | | | | | | | |
Aerospace & Defense - 5.1% | | | | | | | | |
L-3 Communications Holdings, Inc. (A) | | | 39,500 | | | | $ 3,386,730 | |
Lockheed Martin Corp. | | | 30,400 | | | | 3,297,184 | |
Northrop Grumman Corp. | | | 44,500 | | | | 3,684,600 | |
Raytheon Co. | | | 53,700 | | | | 3,550,644 | |
Airlines - 1.5% | | | | | | | | |
Delta Air Lines, Inc. (B) | | | 96,300 | | | | 1,801,773 | |
Southwest Airlines Co. | | | 88,100 | | | | 1,135,609 | |
United Continental Holdings, Inc. (B) | | | 35,500 | | | | 1,110,795 | |
Auto Components - 1.2% | | | | | | | | |
Delphi Automotive PLC - Class A | | | 12,000 | | | | 608,280 | |
Magna International, Inc. - Class A | | | 39,100 | | | | 2,784,702 | |
Automobiles - 0.5% | | | | | | | | |
Ford Motor Co. | | | 94,800 | | | | 1,466,556 | |
Beverages - 2.0% | | | | | | | | |
PepsiCo, Inc. | | | 68,100 | | | | 5,569,899 | |
Biotechnology - 5.3% | | | | | | | | |
Amgen, Inc. | | | 46,500 | | | | 4,587,690 | |
Biogen IDEC, Inc. (B) | | | 19,100 | | | | 4,110,320 | |
Celgene Corp. (B) | | | 29,900 | | | | 3,495,609 | |
Gilead Sciences, Inc. (B) | | | 41,800 | | | | 2,140,578 | |
Capital Markets - 2.0% | | | | | | | | |
Goldman Sachs Group, Inc. | | | 27,900 | | | | 4,219,875 | |
T. Rowe Price Group, Inc. | | | 18,100 | | | | 1,324,015 | |
Chemicals - 2.3% | | | | | | | | |
CF Industries Holdings, Inc. - Class B | | | 16,000 | | | | 2,744,000 | |
LyondellBasell Industries NV - Class A | | | 54,800 | | | | 3,631,048 | |
Commercial Banks - 4.6% | | | | | | | | |
Fifth Third Bancorp | | | 153,000 | | | | 2,761,650 | |
Huntington Bancshares, Inc. - Class A | | | 428,400 | | | | 3,375,792 | |
KeyCorp | | | 238,300 | | | | 2,630,832 | |
Regions Financial Corp. | | | 252,300 | | | | 2,404,419 | |
Wells Fargo & Co. | | | 34,400 | | | | 1,419,688 | |
Communications Equipment - 2.4% | | | | | | | | |
Cisco Systems, Inc. | | | 177,000 | | | | 4,302,870 | |
Motorola Solutions, Inc. | | | 22,000 | | | | 1,270,060 | |
QUALCOMM, Inc. | | | 15,700 | | | | 958,956 | |
Computers & Peripherals - 4.1% | | | | | | | | |
Apple, Inc. | | | 11,000 | | | | 4,356,880 | |
SanDisk Corp. (B) | | | 19,000 | | | | 1,160,900 | |
Seagate Technology PLC | | | 50,000 | | | | 2,241,500 | |
Western Digital Corp. | | | 54,300 | | | | 3,371,487 | |
Construction & Engineering - 1.2% | | | | | | | | |
Fluor Corp. | | | 53,700 | | | | 3,184,947 | |
Consumer Finance - 1.4% | | | | | | | | |
Discover Financial Services | | | 77,200 | | | | 3,677,808 | |
Containers & Packaging - 0.4% | | | | | | | | |
Rock-Tenn Co. - Class A | | | 10,700 | | | | 1,068,716 | |
Diversified Consumer Services - 0.7% | | | | | | | | |
H&R Block, Inc. | | | 73,600 | | | | 2,042,400 | |
Diversified Financial Services - 3.5% | | | | | | | | |
Citigroup, Inc. | | | 55,200 | | | | 2,647,944 | |
JPMorgan Chase & Co. | | | 127,700 | | | | 6,741,283 | |
Diversified Telecommunication Services - 2.7% | | | | | |
AT&T, Inc. | | | 42,200 | | | | 1,493,880 | |
Verizon Communications, Inc. | | | 116,000 | | | | 5,839,440 | |
Electric Utilities - 1.7% | | | | | | | | |
American Electric Power Co., Inc. | | | 22,300 | | | | 998,594 | |
Edison International | | | 73,100 | | | | 3,520,496 | |
| | | | | | | | |
| | | Shares | | | Value | |
Electrical Equipment - 0.3% | | | | | | | | |
First Solar, Inc. (B) | | | 19,500 | | | | $ 872,235 | |
Electronic Equipment & Instruments - 0.4% | | | | | |
Corning, Inc. | | | 72,600 | | | | 1,033,098 | |
Energy Equipment & Services - 0.7% | | | | | | | | |
Diamond Offshore Drilling, Inc. | | | 10,900 | | | | 749,811 | |
Helmerich & Payne, Inc. (A) | | | 16,900 | | | | 1,055,405 | |
Food & Staples Retailing - 1.8% | | | | | | | | |
Kroger Co. | | | 103,800 | | | | 3,585,252 | |
Safeway, Inc. (A) | | | 54,900 | | | | 1,298,934 | |
Food Products - 4.2% | | | | | | | | |
General Mills, Inc. | | | 69,200 | | | | 3,358,276 | |
Green Mountain Coffee Roasters, Inc. -
Series C (A) (B) | | | 14,300 | | | | 1,073,358 | |
Hershey Co. | | | 39,700 | | | | 3,544,416 | |
Tyson Foods, Inc. - Class A | | | 129,100 | | | | 3,315,288 | |
Health Care Providers & Services - 5.2% | | | | | |
AmerisourceBergen Corp. - Class A | | | 61,500 | | | | 3,433,545 | |
Cardinal Health, Inc. | | | 24,700 | | | | 1,165,840 | |
CIGNA Corp. | | | 32,100 | | | | 2,326,929 | |
Humana, Inc. - Class A | | | 40,600 | | | | 3,425,828 | |
McKesson Corp. | | | 33,000 | | | | 3,778,500 | |
Hotels, Restaurants & Leisure - 0.6% | | | | | | | | |
McDonald’s Corp. | | | 17,100 | | | | 1,692,900 | |
Household Durables - 2.0% | | | | | | | | |
Newell Rubbermaid, Inc. | | | 100,100 | | | | 2,627,625 | |
Whirlpool Corp. | | | 25,000 | | | | 2,859,000 | |
Household Products - 1.3% | | | | | | | | |
Kimberly-Clark Corp. | | | 36,600 | | | | 3,555,324 | |
Independent Power Producers & Energy Traders - 0.9% | |
AES Corp. | | | 213,200 | | | | 2,556,268 | |
Insurance - 4.3% | | | | | | | | |
ACE, Ltd. | | | 13,900 | | | | 1,243,772 | |
Allstate Corp. | | | 43,600 | | | | 2,098,032 | |
Chubb Corp. - Class A | | | 31,400 | | | | 2,658,010 | |
Hartford Financial Services Group, Inc. | | | 48,100 | | | | 1,487,252 | |
Lincoln National Corp. (A) | | | 15,800 | | | | 576,226 | |
Travelers Cos., Inc. | | | 44,800 | | | | 3,580,416 | |
Internet Software & Services - 2.6% | | | | | | | | |
Google, Inc. - Class A (B) | | | 8,000 | | | | 7,042,960 | |
IT Services - 2.7% | | | | | | | | |
Amdocs, Ltd. | | | 31,600 | | | | 1,172,044 | |
Computer Sciences Corp. | | | 19,500 | | | | 853,515 | |
Fidelity National Information Services, Inc. | | | 26,700 | | | | 1,143,828 | |
Visa, Inc. - Class A | | | 22,200 | | | | 4,057,050 | |
Machinery - 0.4% | | | | | | | | |
Ingersoll-Rand PLC | | | 19,900 | | | | 1,104,848 | |
Media - 0.6% | | | | | | | | |
DIRECTV (B) | | | 28,200 | | | | 1,737,684 | |
Multi-Utilities - 0.5% | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 40,500 | | | | 1,322,730 | |
Multiline Retail - 1.0% | | | | | | | | |
Macy’s, Inc. | | | 56,200 | | | | 2,697,600 | |
Oil, Gas & Consumable Fuels - 9.4% | | | | | | | | |
Chevron Corp. | | | 46,300 | | | | 5,479,142 | |
ConocoPhillips | | | 45,400 | | | | 2,746,700 | |
Exxon Mobil Corp. | | | 99,400 | | | | 8,980,790 | |
Marathon Oil Corp. | | | 81,600 | | | | 2,821,728 | |
Marathon Petroleum Corp. | | | 33,400 | | | | 2,373,404 | |
Murphy Oil Corp. | | | 52,300 | | | | 3,184,547 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 58
Transamerica Partners Large Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Paper & Forest Products - 0.4% | | | | | |
International Paper Co. | | | 27,000 | | | | $ 1,196,370 | |
Personal Products - 0.7% | | | | | |
Avon Products, Inc. | | | 85,000 | | | | 1,787,550 | |
Pharmaceuticals - 2.7% | | | | | |
Actavis, Inc. (B) | | | 9,000 | | | | 1,135,980 | |
Johnson & Johnson | | | 64,700 | | | | 5,555,142 | |
Mylan, Inc. (B) | | | 17,100 | | | | 530,613 | |
Road & Rail - 1.6% | | | | | |
Ryder System, Inc. - Class A | | | 19,000 | | | | 1,155,010 | |
Union Pacific Corp. | | | 21,400 | | | | 3,301,592 | |
Software - 5.2% | | | | | |
Activision Blizzard, Inc. | | | 53,400 | | | | 761,484 | |
CA, Inc. | | | 119,100 | | | | 3,409,833 | |
Microsoft Corp. | | | 215,500 | | | | 7,441,215 | |
Symantec Corp. | | | 112,700 | | | | 2,532,369 | |
Specialty Retail - 3.5% | | | | | |
GameStop Corp. - Class A (A) | | | 84,900 | | | | 3,568,347 | |
Gap, Inc. - Class A | | | 85,400 | | | | 3,563,742 | |
Lowe’s Cos., Inc. | | | 28,100 | | | | 1,149,290 | |
TJX Cos., Inc. | | | 23,500 | | | | 1,176,410 | |
Textiles, Apparel & Luxury Goods - 1.4% | | | | | |
NIKE, Inc. - Class B | | | 59,600 | | | | 3,795,328 | |
| | | | | | | | |
| | | Shares | | | Value | |
Tobacco - 0.4% | | | | | |
Philip Morris International, Inc. | | | 11,400 | | | | $ 987,468 | |
| | | | | | | | |
Total Common Stocks (cost $222,526,965) | | | | 264,838,302 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 3.1% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 8,384,120 | | | | 8,384,120 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $8,384,120) | | | | 8,384,120 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.1% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to be repurchased at $5,632,319 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $5,747,951. | | | $ 5,632,305 | | | | 5,632,305 | |
| | | | | | | | |
Total Repurchase Agreement (cost $5,632,305) | | | | 5,632,305 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $236,543,390) (D) | | | | 278,854,727 | |
Other Assets and Liabilities - Net | | | | | | | (7,051,909 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 271,802,818 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $8,200,499. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | Non-income producing security. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $236,543,390. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $44,467,159 and $2,155,822, respectively. Net unrealized appreciation for tax purposes is $42,311,337. |
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 264,838,302 | | | $ | — | | | $ | — | | | $ | 264,838,302 | |
Securities Lending Collateral | | | 8,384,120 | | | | — | | | | — | | | | 8,384,120 | |
Repurchase Agreement | | | — | | | | 5,632,305 | | | | — | | | | 5,632,305 | |
Total Investment Securities | | $ | 273,222,422 | | | $ | 5,632,305 | | | $ | — | | | $ | 278,854,727 | |
| | | | | | | | | | | | | | | | | |
Other Assets (F) | | | | | | | | | | | | | | | | |
Cash | | $ | 4,179 | | | $ | — | | | $ | — | | | $ | 4,179 | |
Total Other Assets | | $ | 4,179 | | | $ | — | | | $ | — | | | $ | 4,179 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (8,384,120 | ) | | $ | — | | | $ | (8,384,120 | ) |
Total Other Liabilities | | $ | — | | | $ | (8,384,120 | ) | | $ | — | | | $ | (8,384,120 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 59
Transamerica Partners Large Growth Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 99.8% | | | | | | | | |
Aerospace & Defense - 5.8% | | | | | | | | |
Boeing Co. | | | 182,443 | | | | $ 18,689,461 | |
Honeywell International, Inc. | | | 80,547 | | | | 6,390,599 | |
Precision Castparts Corp. | | | 38,177 | | | | 8,628,384 | |
Rolls-Royce Holdings PLC (A) | | | 124,635 | | | | 2,149,650 | |
United Technologies Corp. | | | 143,783 | | | | 13,363,192 | |
Automobiles - 0.3% | | | | | | | | |
Ford Motor Co. | | | 180,761 | | | | 2,796,373 | |
Beverages - 1.9% | | | | | | | | |
Anheuser-Busch InBev NV - ADR | | | 39,792 | | | | 3,591,626 | |
Coca-Cola Co. | | | 134,003 | | | | 5,374,860 | |
Diageo PLC | | | 159,863 | | | | 4,571,099 | |
Monster Beverage Corp. (A) | | | 37,541 | | | | 2,281,367 | |
Biotechnology - 7.2% | | | | | | | | |
Alexion Pharmaceuticals, Inc. (A) | | | 69,729 | | | | 6,431,803 | |
Amgen, Inc. | | | 96,719 | | | | 9,542,297 | |
Biogen IDEC, Inc. (A) | | | 62,528 | | | | 13,456,026 | |
Celgene Corp. (A) | | | 83,240 | | | | 9,731,588 | |
Gilead Sciences, Inc. (A) | | | 247,957 | | | | 12,697,878 | |
Vertex Pharmaceuticals, Inc. (A) | | | 106,290 | | | | 8,489,382 | |
Capital Markets - 1.3% | | | | | | | | |
Goldman Sachs Group, Inc. | | | 39,998 | | | | 6,049,698 | |
Morgan Stanley | | | 192,059 | | | | 4,692,001 | |
Chemicals - 2.3% | | | | | | | | |
Monsanto Co. | | | 169,950 | | | | 16,791,060 | |
Sherwin-Williams Co. | | | 13,923 | | | | 2,458,802 | |
Commercial Services & Supplies - 0.4% | | | | | | | | |
ADT Corp. (A) (B) | | | 42,906 | | | | 1,709,804 | |
Tyco International, Ltd. | | | 52,919 | | | | 1,743,681 | |
Communications Equipment - 3.3% | | | | | | | | |
Cisco Systems, Inc. | | | 1,056,452 | | | | 25,682,348 | |
Emulex Corp. (A) | | | 100,911 | | | | 657,940 | |
QUALCOMM, Inc. | | | 31,153 | | | | 1,902,825 | |
Computers & Peripherals - 4.7% | | | | | | | | |
Apple, Inc. | | | 49,589 | | | | 19,641,211 | |
EMC Corp. | | | 175,965 | | | | 4,156,293 | |
NetApp, Inc. (A) | | | 223,538 | | | | 8,445,266 | |
QLogic Corp. (A) | | | 106,397 | | | | 1,017,155 | |
SanDisk Corp. (A) | | | 64,090 | | | | 3,915,899 | |
Western Digital Corp. | | | 38,160 | | | | 2,369,355 | |
Consumer Finance - 0.8% | | | | | | | | |
American Express Co. | | | 84,813 | | | | 6,340,620 | |
Diversified Consumer Services - 0.0% (C) | | | | | | | | |
ITT Educational Services, Inc. (A) (B) | | | 16,673 | | | | 406,821 | |
Diversified Financial Services - 1.3% | | | | | | | | |
Bank of America Corp. | | | 407,915 | | | | 5,245,787 | |
IntercontinentalExchange, Inc. (A) | | | 7,092 | | | | 1,260,674 | |
JPMorgan Chase & Co. | | | 88,630 | | | | 4,678,778 | |
Diversified Telecommunication Services - 1.2% | | | | | |
Verizon Communications, Inc. | | | 202,832 | | | | 10,210,563 | |
Energy Equipment & Services - 1.4% | | | | | | | | |
FMC Technologies, Inc. (A) | | | 63,973 | | | | 3,562,017 | |
Oceaneering International, Inc. | | | 42,844 | | | | 3,093,337 | |
Schlumberger, Ltd. | | | 28,426 | | | | 2,037,007 | |
Transocean, Ltd. | | | 61,121 | | | | 2,930,752 | |
Food & Staples Retailing - 4.3% | | | | | | | | |
Costco Wholesale Corp. | | | 126,821 | | | | 14,022,598 | |
CVS Caremark Corp. | | | 80,966 | | | | 4,629,636 | |
Wal-Mart Stores, Inc. | | | 144,576 | | | | 10,769,466 | |
Whole Foods Market, Inc. | | | 136,754 | | | | 7,040,096 | |
| | | | | | | | |
| | | Shares | | | Value | |
Food Products - 1.1% | | | | | | | | |
Green Mountain Coffee Roasters, Inc. -
Series C (A) (B) | | | 39,570 | | | | $ 2,970,124 | |
Mondelez International, Inc. - Class A | | | 213,358 | | | | 6,087,104 | |
Health Care Equipment & Supplies - 3.7% | | | | | | | | |
Abbott Laboratories | | | 317,390 | | | | 11,070,563 | |
Becton Dickinson and Co. | | | 14,729 | | | | 1,455,667 | |
Cie Generale D’optique Essilor International SA | | | 18,990 | | | | 2,020,476 | |
CR Bard, Inc. | | | 19,519 | | | | 2,121,325 | |
Intuitive Surgical, Inc. (A) | | | 8,118 | | | | 4,112,417 | |
Medtronic, Inc. | | | 120,205 | | | | 6,186,951 | |
Zimmer Holdings, Inc. - Class A | | | 53,837 | | | | 4,034,545 | |
Health Care Providers & Services - 2.2% | | | | | | | | |
Aetna, Inc. | | | 50,859 | | | | 3,231,581 | |
Express Scripts Holding Co. (A) | | | 107,757 | | | | 6,647,529 | |
McKesson Corp. | | | 37,285 | | | | 4,269,133 | |
UnitedHealth Group, Inc. | | | 67,890 | | | | 4,445,437 | |
Hotels, Restaurants & Leisure - 2.9% | | | | | | | | |
Chipotle Mexican Grill, Inc. - Class A (A) | | | 13,654 | | | | 4,974,835 | |
Dunkin’ Brands Group, Inc. | | | 122,613 | | | | 5,250,289 | |
Starbucks Corp. | | | 80,488 | | | | 5,271,159 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 60,555 | | | | 3,826,470 | |
Wyndham Worldwide Corp. | | | 48,632 | | | | 2,783,209 | |
Wynn Resorts, Ltd. | | | 16,001 | | | | 2,048,128 | |
Household Products - 0.2% | | | | | | | | |
Colgate-Palmolive Co. | | | 26,410 | | | | 1,513,029 | |
Industrial Conglomerates - 1.6% | | | | | | | | |
3M Co. | | | 64,665 | | | | 7,071,117 | |
Danaher Corp. | | | 72,726 | | | | 4,603,556 | |
General Electric Co. | | | 88,789 | | | | 2,059,017 | |
Internet & Catalog Retail - 3.8% | | | | | | | | |
Amazon.com, Inc. (A) | | | 61,379 | | | | 17,044,334 | |
NetFlix, Inc. (A) | | | 9,401 | | | | 1,984,457 | |
priceline.com, Inc. (A) | | | 16,113 | | | | 13,327,546 | |
Internet Software & Services - 7.9% | | | | | | | | |
eBay, Inc. (A) | | | 194,204 | | | | 10,044,231 | |
Facebook, Inc. - Class A (A) | | | 189,497 | | | | 4,710,895 | |
Google, Inc. - Class A (A) | | | 36,186 | | | | 31,857,069 | |
IAC/InterActiveCorp | | | 110,314 | | | | 5,246,534 | |
LinkedIn Corp. - Class A (A) | | | 48,802 | | | | 8,701,397 | |
Rackspace Hosting, Inc. (A) | | | 46,798 | | | | 1,773,176 | |
Yahoo! Inc. (A) | | | 165,831 | | | | 4,164,016 | |
IT Services - 5.2% | | | | | | | | |
Alliance Data Systems Corp. (A) (B) | | | 8,893 | | | | 1,609,900 | |
International Business Machines Corp. | | | 39,825 | | | | 7,610,956 | |
Mastercard, Inc. - Class A | | | 27,315 | | | | 15,692,467 | |
Paychex, Inc. (B) | | | 62,250 | | | | 2,273,370 | |
Visa, Inc. - Class A | | | 92,135 | | | | 16,837,671 | |
Life Sciences Tools & Services - 0.7% | | | | | | | | |
Bruker Corp. (A) | | | 81,188 | | | | 1,311,186 | |
Illumina, Inc. (A) (B) | | | 65,857 | | | | 4,928,738 | |
Machinery - 0.9% | | | | | | | | |
Dover Corp. | | | 35,773 | | | | 2,778,131 | |
Illinois Tool Works, Inc. - Class A | | | 18,928 | | | | 1,309,250 | |
Parker Hannifin Corp. | | | 40,882 | | | | 3,900,143 | |
Media - 3.8% | | | | | | | | |
Comcast Corp. - Class A | | | 156,514 | | | | 6,554,806 | |
Discovery Communications, Inc. - Series A (A) | | | 54,119 | | | | 4,178,528 | |
News Corp. - Class A | | | 138,492 | | | | 4,514,839 | |
Omnicom Group, Inc. (B) | | | 81,045 | | | | 5,095,299 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 60
Transamerica Partners Large Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Media (continued) | | | | | | | | |
Sirius XM Radio, Inc. | | | 900,096 | | | | $ 3,015,322 | |
Walt Disney Co. - Class A | | | 135,188 | | | | 8,537,122 | |
Metals & Mining - 0.1% | | | | | | | | |
Allied Nevada Gold Corp. (A) (B) | | | 66,709 | | | | 432,274 | |
Multiline Retail - 0.4% | | | | | | | | |
Dollar Tree, Inc. (A) | | | 59,314 | | | | 3,015,524 | |
Oil, Gas & Consumable Fuels - 1.4% | | | | | | | | |
Concho Resources, Inc. (A) | | | 57,265 | | | | 4,794,226 | |
EOG Resources, Inc. | | | 31,247 | | | | 4,114,605 | |
Valero Energy Corp. | | | 72,714 | | | | 2,528,266 | |
Personal Products - 0.9% | | | | | | | | |
Estee Lauder Cos., Inc. - Class A | | | 118,272 | | | | 7,778,749 | |
Pharmaceuticals - 4.0% | | | | | | | | |
Allergan, Inc. | | | 55,100 | | | | 4,641,624 | |
Bristol-Myers Squibb Co. | | | 90,082 | | | | 4,025,764 | |
Eli Lilly & Co. | | | 112,990 | | | | 5,550,069 | |
Johnson & Johnson | | | 64,080 | | | | 5,501,909 | |
Merck & Co., Inc. | | | 85,605 | | | | 3,976,352 | |
Novo Nordisk A/S - ADR | | | 45,532 | | | | 7,056,094 | |
Perrigo Co. | | | 28,318 | | | | 3,426,478 | |
Real Estate Investment Trusts - 0.4% | | | | | | | | |
American Tower Corp. - Class A | | | 51,694 | | | | 3,782,450 | |
Road & Rail - 1.8% | | | | | | | | |
Canadian Pacific Railway, Ltd. | | | 21,995 | | | | 2,669,753 | |
Hertz Global Holdings, Inc. (A) | | | 103,953 | | | | 2,578,034 | |
Kansas City Southern | | | 26,910 | | | | 2,851,384 | |
Union Pacific Corp. | | | 46,424 | | | | 7,162,295 | |
Semiconductors & Semiconductor Equipment - 3.5% | | | | | |
Altera Corp. | | | 150,029 | | | | 4,949,457 | |
ARM Holdings PLC - ADR | | | 108,613 | | | | 3,929,618 | |
Avago Technologies, Ltd. - Class A | | | 70,670 | | | | 2,641,645 | |
Broadcom Corp. - Class A | | | 226,310 | | | | 7,640,226 | |
Intel Corp. | | | 112,473 | | | | 2,724,096 | |
Microchip Technology, Inc. (B) | | | 93,517 | | | | 3,483,508 | |
Xilinx, Inc. | | | 113,243 | | | | 4,485,555 | |
Software - 7.6% | | | | | | | | |
BMC Software, Inc. (A) | | | 49,368 | | | | 2,228,472 | |
Check Point Software Technologies, Ltd. (A) (B) | | | 94,452 | | | | 4,692,375 | |
Intuit, Inc. | | | 34,414 | | | | 2,100,286 | |
Microsoft Corp. | | | 591,311 | | | | 20,417,969 | |
NetSuite, Inc. (A) | | | 22,076 | | | | 2,025,252 | |
Oracle Corp. | | | 300,204 | | | | 9,222,267 | |
Red Hat, Inc. (A) | | | 143,112 | | | | 6,843,616 | |
Salesforce.com, Inc. (A) | | | 157,655 | | | | 6,019,268 | |
Splunk, Inc. (A) | | | 65,270 | | | | 3,025,917 | |
Tableau Software Inc - Class A (A) | | | 1,338 | | | | 74,152 | |
VMware, Inc. - Class A (A) | | | 70,197 | | | | 4,702,497 | |
Workday, Inc. - Class A (A) | | | 46,927 | | | | 3,007,552 | |
Specialty Retail - 6.2% | | | | | | | | |
Buckle, Inc. (B) | | | 55,336 | | | | 2,878,579 | |
CST Brands, Inc. (A) (B) | | | 8,082 | | | | 249,006 | |
Gap, Inc. - Class A | | | 37,022 | | | | 1,544,928 | |
Home Depot, Inc. | | | 125,532 | | | | 9,724,964 | |
Inditex SA | | | 59,621 | | | | 7,360,119 | |
Lowe’s Cos., Inc. | | | 218,450 | | | | 8,934,605 | |
O’Reilly Automotive, Inc. (A) | | | 51,343 | | | | 5,782,249 | |
PetSmart, Inc. - Class A | | | 29,854 | | | | 1,999,919 | |
TJX Cos., Inc. | | | 277,313 | | | | 13,882,289 | |
| | | | | | | | |
| | | Shares | | | Value | |
Textiles, Apparel & Luxury Goods - 2.2% | | | | | |
Lululemon Athletica, Inc. (A) (B) | | | 32,578 | | | | $ 2,134,511 | |
NIKE, Inc. - Class B | | | 145,321 | | | | 9,254,041 | |
Ralph Lauren Corp. - Class A | | | 39,702 | | | | 6,897,825 | |
Tobacco - 0.8% | | | | | | | | |
Philip Morris International, Inc. | | | 73,985 | | | | 6,408,581 | |
Wireless Telecommunication Services - 0.3% | | | | | |
Crown Castle International Corp. (A) | | | 34,760 | | | | 2,516,276 | |
| | | | | | | | |
Total Common Stocks (cost $684,122,865) | | | | 842,369,589 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 3.4% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D) | | | 28,300,939 | | | | 28,300,939 | |
| | | | | | | | |
Total Securities Lending Collateral
(cost $28,300,939) | | | | 28,300,939 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 0.2% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (D), dated 06/28/2013, to be repurchased at $2,020,910 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $2,063,136. | | | $ 2,020,905 | | | | 2,020,905 | |
| | | | | | | | |
Total Repurchase Agreement (cost $2,020,905) | | | | 2,020,905 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $714,444,709) (E) | | | | 872,691,433 | |
Other Assets and Liabilities - Net | | | | | | | (28,547,750 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 844,143,683 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 61
Transamerica Partners Large Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of this security is on loan. The value of all securities on loan is $27,687,874. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (C) | Percentage rounds to less than 0.1%. |
| (D) | Rate shown reflects the yield at June 30, 2013. |
| (E) | Aggregate cost for federal income tax purposes is $714,444,709. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $167,630,892 and $9,384,168, respectively. Net unrealized appreciation for tax purposes is $158,246,724. |
DEFINITION:
| | |
| ADR | | American Depositary Receipt |
VALUATION SUMMARY: (F)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 826,268,245 | | | $ | 16,101,344 | | | $ | — | | | $ | 842,369,589 | |
Securities Lending Collateral | | | 28,300,939 | | | | — | | | | — | | | | 28,300,939 | |
Repurchase Agreement | | | — | | | | 2,020,905 | | | | — | | | | 2,020,905 | |
Total Investment Securities | | $ | 854,569,184 | | | $ | 18,122,249 | | | $ | — | | | $ | 872,691,433 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (G) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (28,300,939 | ) | | $ | — | | | $ | (28,300,939 | ) |
Due to Custodian | | | (373,399 | ) | | | — | | | | — | | | | (373,399 | ) |
Total Other Liabilities | | $ | (373,399 | ) | | $ | (28,300,939 | ) | | $ | — | | | $ | (28,674,338 | ) |
| (F) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (G) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 62
Transamerica Partners Mid Value Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 97.8% | | | | | | | | |
Automobiles - 1.0% | | | | | | | | |
Harley-Davidson, Inc. | | | 164,550 | | | | $ 9,020,631 | |
Beverages - 2.1% | | | | | | | | |
Beam, Inc. | | | 199,300 | | | | 12,577,823 | |
Brown-Forman Corp. - Class B | | | 30,350 | | | | 2,050,143 | |
Dr. Pepper Snapple Group, Inc. | | | 82,400 | | | | 3,784,632 | |
Building Products - 0.9% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 92,500 | | | | 3,583,450 | |
Owens Corning, Inc. (A) | | | 114,900 | | | | 4,490,292 | |
Capital Markets - 6.7% | | | | | | | | |
Ameriprise Financial, Inc. | | | 81,900 | | | | 6,624,072 | |
Charles Schwab Corp. (B) | | | 211,400 | | | | 4,488,022 | |
Invesco, Ltd. | | | 464,600 | | | | 14,774,280 | |
Northern Trust Corp. | | | 148,600 | | | | 8,603,940 | |
Raymond James Financial, Inc. | | | 168,600 | | | | 7,246,428 | |
State Street Corp. | | | 189,650 | | | | 12,367,076 | |
T. Rowe Price Group, Inc. | | | 64,400 | | | | 4,710,860 | |
Chemicals - 5.4% | | | | | | | | |
Airgas, Inc. (B) | | | 99,600 | | | | 9,507,816 | |
Albemarle Corp. (B) | | | 83,620 | | | | 5,208,690 | |
Ashland, Inc. | | | 84,300 | | | | 7,039,050 | |
FMC Corp. - Class A | | | 221,600 | | | | 13,530,896 | |
Huntsman Corp. | | | 329,150 | | | | 5,450,724 | |
Sherwin-Williams Co. | | | 14,800 | | | | 2,613,680 | |
Sigma-Aldrich Corp. (B) | | | 53,400 | | | | 4,291,224 | |
Commercial Banks - 6.3% | | | | | | | | |
CIT Group, Inc. (A) | | | 178,900 | | | | 8,342,107 | |
City National Corp. (B) | | | 52,300 | | | | 3,314,251 | |
Cullen/Frost Bankers, Inc. (B) | | | 33,700 | | | | 2,250,149 | |
Fifth Third Bancorp | | | 350,800 | | | | 6,331,940 | |
First Republic Bank - Class A | | | 57,000 | | | | 2,193,360 | |
Huntington Bancshares, Inc. - Class A | | | 238,200 | | | | 1,877,016 | |
KeyCorp | | | 832,300 | | | | 9,188,592 | |
M&T Bank Corp. | | | 49,300 | | | | 5,509,275 | |
SunTrust Banks, Inc. | | | 424,350 | | | | 13,396,730 | |
Zions Bancorporation | | | 97,500 | | | | 2,815,800 | |
Commercial Services & Supplies - 1.5% | | | | | | | | |
Republic Services, Inc. - Class A | | | 38,600 | | | | 1,310,084 | |
Tyco International, Ltd. | | | 357,100 | | | | 11,766,445 | |
Containers & Packaging - 2.9% | | | | | | | | |
Ball Corp. | | | 177,900 | | | | 7,389,966 | |
MeadWestvaco Corp. | | | 286,200 | | | | 9,762,282 | |
Rock-Tenn Co. - Class A | | | 40,700 | | | | 4,065,116 | |
Silgan Holdings, Inc. | | | 92,000 | | | | 4,320,320 | |
Distributors - 0.4% | | | | | | | | |
Genuine Parts Co. (B) | | | 48,200 | | | | 3,762,974 | |
Electric Utilities - 2.6% | | | | | | | | |
Edison International | | | 87,800 | | | | 4,228,448 | |
Northeast Utilities | | | 197,600 | | | | 8,303,152 | |
NV Energy, Inc. | | | 46,800 | | | | 1,097,928 | |
Westar Energy, Inc. (B) | | | 138,100 | | | | 4,413,676 | |
Xcel Energy, Inc. | | | 160,564 | | | | 4,550,384 | |
Electrical Equipment - 1.3% | | | | | | | | |
AMETEK, Inc. - Class A | | | 104,650 | | | | 4,426,695 | |
Hubbell, Inc. - Class B | | | 28,700 | | | | 2,841,300 | |
Regal Beloit Corp. | | | 69,200 | | | | 4,486,928 | |
| | | | | | | | |
| | | Shares | | | Value | |
Electronic Equipment & Instruments - 1.5% | | | | | | | | |
Amphenol Corp. - Class A | | | 80,120 | | | | $ 6,244,553 | |
Arrow Electronics, Inc. (A) | | | 143,000 | | | | 5,698,550 | |
CDW Corp/DE (A) | | | 49,000 | | | | 912,380 | |
Energy Equipment & Services - 1.3% | | | | | | | | |
Cameron International Corp. (A) | | | 88,950 | | | | 5,440,182 | |
Oceaneering International, Inc. | | | 79,600 | | | | 5,747,120 | |
Food Products - 1.2% | | | | | | | | |
Hershey Co. | | | 102,290 | | | | 9,132,451 | |
JM Smucker Co. | | | 11,600 | | | | 1,196,540 | |
Gas Utilities - 0.9% | | | | | | | | |
EQT Corp. | | | 60,720 | | | | 4,819,346 | |
Questar Corp. | | | 110,400 | | | | 2,633,040 | |
Health Care Equipment & Supplies - 2.1% | | | | | | | | |
CareFusion Corp. - Class A (A) | | | 301,250 | | | | 11,101,063 | |
St. Jude Medical, Inc. | | | 152,200 | | | | 6,944,886 | |
Health Care Providers & Services - 4.2% | | | | | | | | |
AmerisourceBergen Corp. - Class A | | | 73,100 | | | | 4,081,173 | |
Cardinal Health, Inc. | | | 205,300 | | | | 9,690,160 | |
CIGNA Corp. | | | 209,800 | | | | 15,208,402 | |
Henry Schein, Inc. (A) (B) | | | 31,900 | | | | 3,054,425 | |
Humana, Inc. - Class A | | | 59,280 | | | | 5,002,046 | |
Hotels, Restaurants & Leisure - 1.6% | | | | | | | | |
Darden Restaurants, Inc. (B) | | | 40,199 | | | | 2,029,246 | |
Marriott International, Inc. - Class A | | | 106,166 | | | | 4,285,921 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 62,700 | | | | 3,962,013 | |
Yum! Brands, Inc. | | | 52,400 | | | | 3,633,416 | |
Household Durables - 2.5% | | | | | | | | |
Jarden Corp. (A) | | | 45,800 | | | | 2,003,750 | |
Mohawk Industries, Inc. (A) | | | 41,300 | | | | 4,645,837 | |
Newell Rubbermaid, Inc. | | | 313,600 | | | | 8,232,000 | |
Whirlpool Corp. | | | 57,700 | | | | 6,598,572 | |
Household Products - 0.5% | | | | | | | | |
Energizer Holdings, Inc. | | | 38,800 | | | | 3,899,788 | |
Industrial Conglomerates - 0.6% | | | | | | | | |
Carlisle Cos., Inc. | | | 78,379 | | | | 4,883,795 | |
Insurance - 5.9% | | | | | | | | |
Alleghany Corp. (A) | | | 10,974 | | | | 4,206,444 | |
Brown & Brown, Inc. | | | 229,300 | | | | 7,392,632 | |
Chubb Corp. - Class A | | | 83,440 | | | | 7,063,196 | |
Hartford Financial Services Group, Inc. | | | 114,000 | | | | 3,524,880 | |
Loews Corp. | | | 165,100 | | | | 7,330,440 | |
Marsh & McLennan Cos., Inc. | | | 187,700 | | | | 7,492,984 | |
Old Republic International Corp. | | | 216,100 | | | | 2,781,207 | |
OneBeacon Insurance Group, Ltd. - Class A | | | 19,615 | | | | 284,025 | |
Unum Group | | | 146,000 | | | | 4,288,020 | |
WR Berkley Corp. | | | 90,700 | | | | 3,706,002 | |
XL Group PLC - Class A | | | 134,400 | | | | 4,075,008 | |
Internet & Catalog Retail - 0.8% | | | | | | | | |
Expedia, Inc. | | | 70,950 | | | | 4,267,642 | |
TripAdvisor, Inc. (A) | | | 42,350 | | | | 2,577,845 | |
IT Services - 2.0% | | | | | | | | |
Jack Henry & Associates, Inc. | | | 118,900 | | | | 5,603,757 | |
Teradata Corp. (A) | | | 233,850 | | | | 11,746,286 | |
Machinery - 5.6% | | | | | | | | |
Dover Corp. | | | 227,200 | | | | 17,644,352 | |
IDEX Corp. | | | 94,200 | | | | 5,068,902 | |
Pentair, Ltd. | | | 236,990 | | | | 13,671,953 | |
Rexnord Corp. (A) (B) | | | 109,300 | | | | 1,841,705 | |
Snap-on, Inc. | | | 52,806 | | | | 4,719,800 | |
Stanley Black & Decker, Inc. | | | 81,200 | | | | 6,276,760 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 63
Transamerica Partners Mid Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Media - 2.5% | | | | | | | | |
Cablevision Systems Corp. - Class A (B) | | | 53,660 | | | | $ 902,561 | |
CBS Corp. - Class B | | | 66,800 | | | | 3,264,516 | |
Clear Channel Outdoor Holdings, Inc. - Class A (A) | | | 113,561 | | | | 847,165 | |
DISH Network Corp. - Class A | | | 124,300 | | | | 5,285,236 | |
Gannett Co., Inc. | | | 63,300 | | | | 1,548,318 | |
Interpublic Group of Cos., Inc. | | | 676,200 | | | | 9,838,710 | |
Multi-Utilities - 4.0% | | | | | | | | |
CenterPoint Energy, Inc. | | | 185,080 | | | | 4,347,529 | |
CMS Energy Corp. | | | 168,100 | | | | 4,567,277 | |
NiSource, Inc. - Class B | | | 592,800 | | | | 16,977,792 | |
Sempra Energy | | | 68,300 | | | | 5,584,208 | |
Wisconsin Energy Corp. | | | 92,000 | | | | 3,771,080 | |
Multiline Retail - 1.4% | | | | | | | | |
Family Dollar Stores, Inc. | | | 89,300 | | | | 5,564,283 | |
Kohl’s Corp. (B) | | | 134,860 | | | | 6,811,779 | |
Oil, Gas & Consumable Fuels - 4.9% | | | | | | | | |
Cameco Corp. - Class A (B) | | | 470,650 | | | | 9,723,629 | |
Devon Energy Corp. - Class A | | | 65,600 | | | | 3,403,328 | |
Energen Corp. | | | 135,821 | | | | 7,098,005 | |
Marathon Oil Corp. | | | 255,200 | | | | 8,824,816 | |
PBF Energy, Inc. - Class A (B) | | | 91,100 | | | | 2,359,490 | |
QEP Resources, Inc. | | | 103,500 | | | | 2,875,230 | |
Whiting Petroleum Corp. (A) | | | 120,400 | | | | 5,549,236 | |
Williams Cos., Inc. | | | 109,300 | | | | 3,548,971 | |
Pharmaceuticals - 1.5% | | | | | | | | |
Hospira, Inc. (A) (B) | | | 142,520 | | | | 5,459,941 | |
Zoetis, Inc. - Class A | | | 246,300 | | | | 7,608,207 | |
Professional Services - 2.6% | | | | | | | | |
Dun & Bradstreet Corp. (B) | | | 107,075 | | | | 10,434,459 | |
Equifax, Inc. | | | 79,000 | | | | 4,655,470 | |
Experian PLC - ADR | | | 450,100 | | | | 7,872,249 | |
Real Estate Investment Trusts - 1.8% | | | | | | | | |
Annaly Capital Management, Inc. | | | 171,100 | | | | 2,150,727 | |
HCP, Inc. | | | 80,400 | | | | 3,653,376 | |
Kimco Realty Corp. | | | 110,600 | | | | 2,370,158 | |
Regency Centers Corp. | | | 64,000 | | | | 3,251,840 | |
Vornado Realty Trust - Class A | | | 55,937 | | | | 4,634,380 | |
Real Estate Management & Development - 1.0% | | | | | |
Brookfield Office Properties, Inc. (B) | | | 168,000 | | | | 2,802,240 | |
CBRE Group, Inc. - Class A (A) | | | 260,900 | | | | 6,094,624 | |
Semiconductors & Semiconductor Equipment - 3.8% | | | | | |
Analog Devices, Inc. - Class A | | | 145,440 | | | | 6,553,526 | |
Avago Technologies, Ltd. - Class A | | | 134,500 | | | | 5,027,610 | |
KLA-Tencor Corp. | | | 43,100 | | | | 2,401,963 | |
LSI Corp. (A) | | | 1,069,600 | | | | 7,636,944 | |
Microchip Technology, Inc. (B) | | | 179,100 | | | | 6,671,475 | |
Xilinx, Inc. | | | 135,300 | | | | 5,359,233 | |
Software - 2.0% | | | | | | | | |
PTC, Inc. (A) | | | 252,750 | | | | 6,199,958 | |
Synopsys, Inc. (A) | | | 324,150 | | | | 11,588,362 | |
Specialty Retail - 5.7% | | | | | | | | |
Advance Auto Parts, Inc. | | | 101,500 | | | | 8,238,755 | |
AutoZone, Inc. (A) | | | 16,000 | | | | 6,779,040 | |
Bed Bath & Beyond, Inc. (A) | | | 85,000 | | | | 6,026,500 | |
Gap, Inc. - Class A | | | 146,100 | | | | 6,096,753 | |
PetSmart, Inc. - Class A | | | 53,800 | | | | 3,604,062 | |
Tiffany & Co. (B) | | | 36,200 | | | | 2,636,808 | |
TJX Cos., Inc. | | | 83,000 | | | | 4,154,980 | |
Williams-Sonoma, Inc. - Class A | | | 229,750 | | | | 12,840,728 | |
| | | | | | | | |
| | | Shares | | | Value | |
Textiles, Apparel & Luxury Goods - 1.8% | | | | | |
PVH Corp. | | | 96,950 | | | | $ 12,123,598 | |
V.F. Corp. | | | 19,100 | | | | 3,687,446 | |
Thrifts & Mortgage Finance - 0.5% | | | | | | | | |
Capitol Federal Financial, Inc. | | | 25,000 | | | | 303,500 | |
Hudson City Bancorp, Inc. | | | 130,700 | | | | 1,197,212 | |
People’s United Financial, Inc. (B) | | | 209,500 | | | | 3,121,550 | |
Trading Companies & Distributors - 1.3% | | | | | |
MSC Industrial Direct Co., Inc. - Class A | | | 151,000 | | | | 11,696,460 | |
Water Utilities - 1.0% | | | | | | | | |
American Water Works Co., Inc. | | | 204,000 | | | | 8,410,920 | |
Wireless Telecommunication Services - 0.2% | | | | | |
Telephone & Data Systems, Inc. | | | 56,163 | | | | 1,384,418 | |
| | | | | | | | |
Total Common Stocks (cost $684,491,597) | | | | 857,975,773 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 7.0% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 61,759,738 | | | | 61,759,738 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $61,759,738) | | | | 61,759,738 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.2% | | | | | | | | |
State Street Bank & Trust Co. 0.03% (C),
dated 06/28/2013, to be repurchased
at $19,523,050 on 07/01/2013.
Collateralized by U.S. Government
Agency Obligations,
2.50% - 3.25%, due
05/01/2041 - 03/15/2043, and with a
total value of $19,918,635. | | | $ 19,523,001 | | | | 19,523,001 | |
| | | | | | | | |
Total Repurchase Agreement (cost $19,523,001) | | | | 19,523,001 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $765,774,336) (D) | | | | 939,258,512 | |
Other Assets and Liabilities - Net | | | | | | | (61,636,350 | ) |
| | | | | | | | |
Net Assets | | | | | | | $877,622,162 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 64
Transamerica Partners Mid Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of this security is on loan. The value of all securities on loan is $60,311,134. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $765,774,336. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $177,514,519 and $4,030,343, respectively. Net unrealized appreciation for tax purposes is $173,484,176. |
DEFINITION:
| | |
| ADR | | American Depositary Receipt |
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 857,975,773 | | | $ | — | | | $ | — | | | $ | 857,975,773 | |
Securities Lending Collateral | | | 61,759,738 | | | | — | | | | — | | | | 61,759,738 | |
Repurchase Agreement | | | — | | | | 19,523,001 | | | | — | | | | 19,523,001 | |
Total Investment Securities | | $ | 919,735,511 | | | $ | 19,523,001 | | | $ | — | | | $ | 939,258,512 | |
| | | | | | | | | | | | | | | | | |
Other Assets (F) | | | | | | | | | | | | | | | | |
Cash | | $ | 176 | | | $ | — | | | $ | — | | | $ | 176 | |
Total Other Assets | | $ | 176 | | | $ | — | | | $ | — | | | $ | 176 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (61,759,738 | ) | | $ | — | | | $ | (61,759,738 | ) |
Total Other Liabilities | | $ | — | | | $ | (61,759,738 | ) | | $ | — | | | $ | (61,759,738 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 65
Transamerica Partners Mid Growth Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 99.4% | | | | | | | | |
Aerospace & Defense - 5.2% | | | | | | | | |
Rockwell Collins, Inc. | | | 68,800 | | | | $ 4,362,608 | |
Teledyne Technologies, Inc. (A) | | | 59,600 | | | | 4,610,060 | |
Biotechnology - 4.5% | | | | | | | | |
BioMarin Pharmaceutical, Inc. (A) | | | 77,600 | | | | 4,329,304 | |
United Therapeutics Corp. (A) | | | 52,800 | | | | 3,475,296 | |
Capital Markets - 2.1% | | | | | | | | |
Evercore Partners, Inc. - Class A | | | 93,400 | | | | 3,668,752 | |
Chemicals - 1.9% | | | | | | | | |
Sigma-Aldrich Corp. | | | 40,600 | | | | 3,262,616 | |
Commercial Banks - 2.4% | | | | | | | | |
Cullen/Frost Bankers, Inc. | | | 62,500 | | | | 4,173,125 | |
Commercial Services & Supplies - 2.5% | | | | | | | | |
Stericycle, Inc. (A) | | | 39,000 | | | | 4,306,770 | |
Containers & Packaging - 2.0% | | | | | | | | |
Rock-Tenn Co. - Class A | | | 34,300 | | | | 3,425,884 | |
Electrical Equipment - 2.7% | | | | | | | | |
AMETEK, Inc. - Class A | | | 110,000 | | | | 4,653,000 | |
Electronic Equipment & Instruments - 2.6% | | | | | |
Trimble Navigation, Ltd. (A) | | | 172,700 | | | | 4,491,927 | |
Energy Equipment & Services - 1.9% | | | | | | | | |
Atwood Oceanics, Inc. (A) | | | 63,200 | | | | 3,289,560 | |
Food & Staples Retailing - 4.7% | | | | | | | | |
Casey’s General Stores, Inc. | | | 70,100 | | | | 4,217,216 | |
Fresh Market, Inc. (A) | | | 77,900 | | | | 3,873,188 | |
Food Products - 3.3% | | | | | | | | |
J&J Snack Foods Corp. | | | 72,900 | | | | 5,671,620 | |
Health Care Equipment & Supplies - 6.7% | | | | | |
Align Technology, Inc. (A) | | | 114,900 | | | | 4,255,896 | |
Cyberonics, Inc. (A) | | | 80,700 | | | | 4,193,172 | |
Hologic, Inc. (A) | | | 162,700 | | | | 3,140,110 | |
Health Care Providers & Services - 2.2% | | | | | | | | |
Catamaran Corp. (A) | | | 76,500 | | | | 3,727,080 | |
Hotels, Restaurants & Leisure - 2.7% | | | | | | | | |
Cheesecake Factory, Inc. | | | 110,700 | | | | 4,637,223 | |
Internet Software & Services - 2.6% | | | | | | | | |
ValueClick, Inc. (A) | | | 183,100 | | | | 4,518,908 | |
IT Services - 2.6% | | | | | | | | |
NeuStar, Inc. - Class A (A) | | | 91,400 | | | | 4,449,352 | |
Machinery - 2.5% | | | | | | | | |
Snap-on, Inc. | | | 47,400 | | | | 4,236,612 | |
Media - 2.6% | | | | | | | | |
Scripps Networks Interactive, Inc. - Class A | | | 68,200 | | | | 4,553,032 | |
Metals & Mining - 2.5% | | | | | | | | |
Compass Minerals International, Inc. | | | 50,100 | | | | 4,234,953 | |
Multiline Retail - 2.2% | | | | | | | | |
Dillard’s, Inc. - Class A | | | 46,400 | | | | 3,803,408 | |
Oil, Gas & Consumable Fuels - 3.6% | | | | | | | | |
Cimarex Energy Co. | | | 42,800 | | | | 2,781,572 | |
Whiting Petroleum Corp. (A) | | | 73,200 | | | | 3,373,788 | |
Professional Services - 2.6% | | | | | | | | |
Equifax, Inc. | | | 75,100 | | | | 4,425,643 | |
Real Estate Investment Trusts - 1.8% | | | | | | | | |
Colony Financial, Inc. | | | 155,900 | | | | 3,100,851 | |
Software - 8.3% | | | | | | | | |
ACI Worldwide, Inc. (A) | | | 96,200 | | | | 4,471,376 | |
PTC, Inc. (A) | | | 202,800 | | | | 4,974,684 | |
Solera Holdings, Inc. | | | 88,600 | | | | 4,930,590 | |
| | | | | | | | |
| | | Shares | | | Value | |
Specialty Retail - 10.1% | | | | | | | | |
Dick’s Sporting Goods, Inc. | | | 72,900 | | | | $ 3,649,374 | |
DSW, Inc. - Class A | | | 76,000 | | | | 5,583,720 | |
Pier 1 Imports, Inc. | | | 145,200 | | | | 3,410,748 | |
Sally Beauty Holdings, Inc. (A) | | | 153,800 | | | | 4,783,180 | |
Textiles, Apparel & Luxury Goods - 6.0% | | | | | | | | |
Carter’s, Inc. | | | 65,900 | | | | 4,881,213 | |
Under Armour, Inc. - Class A (A) | | | 91,400 | | | | 5,457,494 | |
Thrifts & Mortgage Finance - 2.0% | | | | | | | | |
Ocwen Financial Corp. - Class B (A) | | | 84,100 | | | | 3,466,602 | |
Wireless Telecommunication Services - 2.6% | | | | | |
Telephone & Data Systems, Inc. | | | 181,100 | | | | 4,464,115 | |
| | | | | | | | |
Total Common Stocks (cost $171,570,000) | | | | 171,315,622 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.0% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (B), dated 06/28/2013, to be repurchased at $1,768,327 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation,
3.25%, due 05/01/2041, and with a value of $1,804,869. | | | $ 1,768,323 | | | | 1,768,323 | |
| | | | | | | | |
Total Repurchase Agreement (cost $1,768,323) | | | | 1,768,323 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $173,338,323) (C) | | | | 173,083,945 | |
Other Assets and Liabilities - Net | | | | | | | (704,717 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $172,379,228 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 66
Transamerica Partners Mid Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Rate shown reflects the yield at June 30, 2013. |
| (C) | Aggregate cost for federal income tax purposes is $173,338,323. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $5,336 and $259,714, respectively. Net unrealized depreciation for tax purposes is $254,378. |
VALUATION SUMMARY: (D)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 171,315,622 | | | $ | — | | | $ | — | | | $ | 171,315,622 | |
Repurchase Agreement | | | — | | | | 1,768,323 | | | | — | | | | 1,768,323 | |
Total Investment Securities | | $ | 171,315,622 | | | $ | 1,768,323 | | | $ | — | | | $ | 173,083,945 | |
| (D) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 67
Transamerica Partners Small Value Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 96.6% | | | | | | | | |
Aerospace & Defense - 1.3% | | | | | | | | |
Cubic Corp. | | | 20,400 | | | | $ 981,240 | |
Air Freight & Logistics - 2.3% | | | | | |
Atlas Air Worldwide Holdings, Inc. (A) | | | 22,000 | | | | 962,720 | |
UTi Worldwide, Inc. (B) | | | 49,300 | | | | 811,971 | |
Chemicals - 4.3% | | | | | |
Innospec, Inc. | | | 23,200 | | | | 932,176 | |
Koppers Holdings, Inc. (B) | | | 17,100 | | | | 652,878 | |
Sensient Technologies Corp. | | | 17,900 | | | | 724,413 | |
Zep, Inc. | | | 59,800 | | | | 946,634 | |
Commercial Banks - 10.2% | | | | | |
First Busey Corp. - Class B (B) | | | 112,430 | | | | 505,935 | |
First Midwest Bancorp, Inc. (B) | | | 80,500 | | | | 1,104,460 | |
First Niagara Financial Group, Inc. | | | 80,610 | | | | 811,743 | |
Flushing Financial Corp. - Class A (B) | | | 38,433 | | | | 632,223 | |
Hancock Holding Co. (B) | | | 22,100 | | | | 664,547 | |
International Bancshares Corp. (B) | | | 58,600 | | | | 1,323,188 | |
MB Financial, Inc. | | | 33,700 | | | | 903,160 | |
Webster Financial Corp. (B) | | | 51,900 | | | | 1,332,792 | |
Westamerica Bancorporation (B) | | | 9,300 | | | | 424,917 | |
Commercial Services & Supplies - 6.4% | | | | | |
ACCO Brands Corp. (A) (B) | | | 139,400 | | | | 886,584 | |
G&K Services, Inc. - Class A (B) | | | 30,900 | | | | 1,470,840 | |
McGrath RentCorp. (B) | | | 1,300 | | | | 44,408 | |
Standard Parking Corp. (A) (B) | | | 40,200 | | | | 862,692 | |
United Stationers, Inc. (B) | | | 47,190 | | | | 1,583,224 | |
Computers & Peripherals - 1.7% | | | | | |
Diebold, Inc. (B) | | | 38,400 | | | | 1,293,696 | |
Containers & Packaging - 2.3% | | | | | |
Aptargroup, Inc. (B) | | | 18,200 | | | | 1,004,822 | |
Greif, Inc. - Class A (B) | | | 13,400 | | | | 705,778 | |
Diversified Consumer Services - 1.7% | | | | | |
Matthews International Corp. - Class A (B) | | | 34,200 | | | | 1,289,340 | |
Electric Utilities - 1.0% | | | | | |
UNS Energy Corp. | | | 16,100 | | | | 720,153 | |
Electrical Equipment - 4.2% | | | | | |
Acuity Brands, Inc. (B) | | | 9,230 | | | | 697,050 | |
Belden, Inc. (B) | | | 48,900 | | | | 2,441,577 | |
Electronic Equipment & Instruments - 3.3% | | | | | |
Coherent, Inc. | | | 12,600 | | | | 693,882 | |
MTS Systems Corp. (B) | | | 17,032 | | | | 964,011 | |
ScanSource, Inc. (A) | | | 26,100 | | | | 835,200 | |
Energy Equipment & Services - 2.8% | | | | | |
Bristow Group, Inc. | | | 5,800 | | | | 378,856 | |
Era Group, Inc. (A) | | | 27,740 | | | | 725,401 | |
SEACOR Holdings, Inc. | | | 12,540 | | | | 1,041,447 | |
Food & Staples Retailing - 1.4% | | | | | |
Casey’s General Stores, Inc. (B) | | | 17,200 | | | | 1,034,752 | |
Food Products - 0.8% | | | | | |
Post Holdings, Inc. (A) | | | 14,700 | | | | 641,802 | |
Gas Utilities - 3.3% | | | | | |
Atmos Energy Corp. (B) | | | 23,400 | | | | 960,804 | |
Laclede Group, Inc. (B) | | | 13,600 | | | | 620,976 | |
New Jersey Resources Corp. (B) | | | 7,400 | | | | 307,322 | |
WGL Holdings, Inc. (B) | | | 13,500 | | | | 583,470 | |
Health Care Equipment & Supplies - 3.2% | | | | | |
Haemonetics Corp. (A) (B) | | | 4,200 | | | | 173,670 | |
ICU Medical, Inc. - Class B (A) (B) | | | 18,700 | | | | 1,347,522 | |
STERIS Corp. (B) | | | 21,700 | | | | 930,496 | |
| | | | | | | | |
| | | Shares | | | Value | |
Health Care Providers & Services - 2.9% | | | | | |
Amsurg Corp. - Class A (A) | | | 40,300 | | | | $ 1,414,530 | |
Corvel Corp. (A) (B) | | | 27,800 | | | | 813,706 | |
Health Care Technology - 1.1% | | | | | |
Allscripts Healthcare Solutions, Inc. (A) (B) | | | 61,600 | | | | 797,104 | |
Hotels, Restaurants & Leisure - 2.4% | | | | | |
CEC Entertainment, Inc. | | | 36,600 | | | | 1,502,064 | |
Choice Hotels International, Inc. (B) | | | 8,200 | | | | 325,458 | |
Household Durables - 2.0% | | | | | |
Helen of Troy, Ltd. (A) | | | 39,435 | | | | 1,513,121 | |
Industrial Conglomerates - 1.2% | | | | | |
Carlisle Cos., Inc. | | | 14,110 | | | | 879,194 | |
Insurance - 5.5% | | | | | |
AMERISAFE, Inc. | | | 20,300 | | | | 657,517 | |
Assured Guaranty, Ltd. | | | 39,700 | | | | 875,782 | |
National Financial Partners Corp. (A) | | | 22,900 | | | | 579,599 | |
Platinum Underwriters Holdings, Ltd. (B) | | | 13,700 | | | | 783,914 | |
Primerica, Inc. | | | 32,700 | | | | 1,224,288 | |
IT Services - 2.5% | | | | | |
Forrester Research, Inc. (B) | | | 32,420 | | | | 1,189,490 | |
MAXIMUS, Inc. - Class A | | | 9,700 | | | | 722,456 | |
Life Sciences Tools & Services - 3.9% | | | | | |
Charles River Laboratories International, Inc. (A) | | | 41,800 | | | | 1,715,054 | |
ICON PLC (A) | | | 35,200 | | | | 1,247,136 | |
Machinery - 5.5% | | | | | |
Albany International Corp. - Class A | | | 45,300 | | | | 1,493,994 | |
ESCO Technologies, Inc. (B) | | | 30,700 | | | | 994,066 | |
Mueller Industries, Inc. | | | 33,000 | | | | 1,664,190 | |
Multiline Retail - 1.6% | | | | | |
Fred’s, Inc. - Class A (B) | | | 76,100 | | | | 1,178,789 | |
Office Electronics - 1.2% | | | | | |
Zebra Technologies Corp. - Class A (A) | | | 20,100 | | | | 873,144 | |
Oil, Gas & Consumable Fuels - 3.1% | | | | | |
Diamondback Energy, Inc. (A) (B) | | | 20,600 | | | | 686,392 | |
Halcon Resources Corp. (A) (B) | | | 38,741 | | | | 219,661 | |
Scorpio Tankers, Inc. | | | 163,500 | | | | 1,468,230 | |
Paper & Forest Products - 1.1% | | | | | |
Deltic Timber Corp. (B) | | | 14,900 | | | | 861,518 | |
Real Estate Investment Trusts - 3.3% | | | | | |
Campus Crest Communities, Inc. (B) | | | 70,600 | | | | 814,724 | |
DiamondRock Hospitality Co. (B) | | | 66,000 | | | | 615,120 | |
Mack-Cali Realty Corp. (B) | | | 19,200 | | | | 470,208 | |
Summit Hotel Properties, Inc. | | | 62,200 | | | | 587,790 | |
Software - 1.0% | | | | | |
Verint Systems, Inc. (A) | | | 20,500 | | | | 727,135 | |
Specialty Retail - 4.8% | | | | | |
Ascena Retail Group, Inc. - Class B (A) (B) | | | 74,600 | | | | 1,301,770 | |
Cato Corp. - Class A (B) | | | 56,170 | | | | 1,402,003 | |
Stage Stores, Inc. (B) | | | 39,100 | | | | 918,850 | |
Thrifts & Mortgage Finance - 1.6% | | | | | |
Northwest Bancshares, Inc. (B) | | | 89,600 | | | | 1,210,496 | |
Trading Companies & Distributors - 1.7% | | | | | |
GATX Corp. (B) | | | 27,600 | | | | 1,309,068 | |
| | | | | | | | |
Total Common Stocks (cost $54,086,731) | | | | 72,992,333 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 25.7% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 19,459,559 | | | | 19,459,559 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $19,459,559) | | | | 19,459,559 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 68
Transamerica Partners Small Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.4% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to be repurchased at $1,785,226 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $1,822,887. | | | $1,785,221 | | | | $ 1,785,221 | |
| | | | | | | | |
Total Repurchase Agreement (cost $1,785,221) | | | | 1,785,221 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $75,331,511) (D) | | | | 94,237,113 | |
Other Assets and Liabilities - Net | | | | | | | (18,673,480 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 75,563,633 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of this security is on loan. The value of all securities on loan is $18,986,673. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $75,331,511. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $19,366,836 and $461,234, respectively. Net unrealized appreciation for tax purposes is $18,905,602. |
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 72,992,333 | | | $ | — | | | $ | — | | | $ | 72,992,333 | |
Securities Lending Collateral | | | 19,459,559 | | | | — | | | | — | | | | 19,459,559 | |
Repurchase Agreement | | | — | | | | 1,785,221 | | | | — | | | | 1,785,221 | |
Total Investment Securities | | $ | 92,451,892 | | | $ | 1,785,221 | | | $ | — | | | $ | 94,237,113 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2
Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (19,459,559 | ) | | $ | — | | | $ | (19,459,559 | ) |
Total Other Liabilities | | $ | — | | | $ | (19,459,559 | ) | | $ | — | | | $ | (19,459,559 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 69
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 97.5% | | | | | | | | |
Aerospace & Defense - 1.4% | | | | | | | | |
AAR Corp. | | | 53,856 | | | | $ 1,183,755 | |
Alliant Techsystems, Inc. | | | 13,984 | | | | 1,151,303 | |
Esterline Technologies Corp. (A) | | | 13,728 | | | | 992,397 | |
TASER International, Inc. (A) | | | 113,592 | | | | 967,804 | |
Airlines - 0.7% | | | | | | | | |
Republic Airways Holdings, Inc. (A) | | | 102,912 | | | | 1,165,993 | |
SkyWest, Inc. | | | 75,700 | | | | 1,024,978 | |
Auto Components - 1.1% | | | | | | | | |
Dana Holding Corp. | | | 55,296 | | | | 1,065,001 | |
Modine Manufacturing Co. (A) | | | 108,480 | | | | 1,180,262 | |
Stoneridge, Inc. (A) | | | 101,376 | | | | 1,180,017 | |
Biotechnology - 1.8% | | | | | | | | |
Astex Pharmaceuticals (A) | | | 265,284 | | | | 1,090,317 | |
Myriad Genetics, Inc. (A) | | | 39,456 | | | | 1,060,183 | |
PDL Biopharma, Inc. | | | 136,512 | | | | 1,053,873 | |
Repligen Corp (A) | | | 125,484 | | | | 1,033,988 | |
United Therapeutics Corp. (A) | | | 16,820 | | | | 1,107,092 | |
Building Products - 0.7% | | | | | | | | |
Griffon Corp. | | | 98,112 | | | | 1,103,760 | |
PGT, Inc. (A) | | | 132,548 | | | | 1,149,191 | |
Capital Markets - 2.6% | | | | | | | | |
Apollo Global Management LLC - Class A | | | 44,448 | | | | 1,071,197 | |
Apollo Investment Corp. | | | 141,536 | | | | 1,095,489 | |
Arlington Asset Investment Corp - Class A | | | 38,208 | | | | 1,021,682 | |
Fortress Investment Group LLC - Class A | | | 144,096 | | | | 945,270 | |
Janus Capital Group, Inc. | | | 126,048 | | | | 1,072,668 | |
Manning & Napier, Inc. | | | 54,432 | | | | 966,712 | |
Och-Ziff Capital Management Group LLC - Class A | | | 94,464 | | | | 986,204 | |
Piper Jaffray Cos. (A) | | | 29,664 | | | | 937,679 | |
Chemicals - 1.7% | | | | | | | | |
A. Schulman, Inc. | | | 36,096 | | | | 968,095 | |
Innospec, Inc. | | | 26,600 | | | | 1,068,788 | |
Koppers Holdings, Inc. | | | 27,888 | | | | 1,064,764 | |
Minerals Technologies, Inc. | | | 24,844 | | | | 1,027,051 | |
OM Group, Inc. (A) | | | 35,520 | | | | 1,098,278 | |
Commercial Banks - 4.0% | | | | | | | | |
Banner Corp | | | 31,104 | | | | 1,051,004 | |
BBCN Bancorp, Inc. | | | 76,416 | | | | 1,086,636 | |
Central Pacific Financial Corp. (A) | | | 56,812 | | | | 1,022,616 | |
Columbia Banking System, Inc. | | | 48,000 | | | | 1,142,880 | |
First Interstate Bancsystem Inc | | | 52,896 | | | | 1,096,534 | |
First Merchants Corp. | | | 65,592 | | | | 1,124,903 | |
Hanmi Financial Corp. - Class B (A) | | | 66,220 | | | | 1,170,107 | |
International Bancshares Corp. | | | 50,200 | | | | 1,133,516 | |
Pinnacle Financial Partners, Inc. (A) | | | 42,528 | | | | 1,093,395 | |
Sterling Financial Corp | | | 44,832 | | | | 1,066,105 | |
WesBanco, Inc. | | | 43,200 | | | | 1,141,776 | |
Commercial Services & Supplies - 2.9% | | | | | | | | |
ABM Industries, Inc. | | | 43,680 | | | | 1,070,597 | |
Deluxe Corp. | | | 30,528 | | | | 1,057,795 | |
G&K Services, Inc. - Class A | | | 22,900 | | | | 1,090,040 | |
Pitney Bowes, Inc. | | | 73,920 | | | | 1,085,146 | |
R.R. Donnelley & Sons Co. | | | 83,136 | | | | 1,164,735 | |
Steelcase Inc - Class A | | | 82,176 | | | | 1,198,126 | |
United Stationers, Inc. | | | 33,000 | | | | 1,107,150 | |
Viad Corp. | | | 38,464 | | | | 943,137 | |
| | | | | | | | |
| | | Shares | | | Value | |
Communications Equipment - 2.4% | | | | | | | | |
ARRIS Group Inc (A) | | | 73,000 | | | | $ 1,047,550 | |
Brocade Communications Systems, Inc. (A) | | | 177,156 | | | | 1,020,419 | |
Comtech Telecommunications Corp. | | | 41,704 | | | | 1,121,420 | |
Extreme Networks (A) | | | 312,864 | | | | 1,079,381 | |
Harmonic, Inc. (A) | | | 170,688 | | | | 1,083,869 | |
InterDigital, Inc. | | | 23,616 | | | | 1,054,454 | |
Polycom, Inc. (A) | | | 101,472 | | | | 1,069,515 | |
Computers & Peripherals - 1.5% | | | | | | | | |
Electronics for Imaging, Inc. - Class B (A) | | | 38,496 | | | | 1,089,052 | |
Lexmark International, Inc. - Class A | | | 39,016 | | | | 1,192,719 | |
Logitech International SA | | | 163,200 | | | | 1,150,560 | |
Silicon Graphics International Corp. (A) | | | 74,848 | | | | 1,001,466 | |
Construction & Engineering - 1.4% | | | | | | | | |
AECOM Technology Corp. (A) | | | 36,096 | | | | 1,147,492 | |
EMCOR Group, Inc. | | | 28,500 | | | | 1,158,525 | |
Pike Electric Corp | | | 85,056 | | | | 1,046,189 | |
Tutor Perini Corp. | | | 55,968 | | | | 1,012,461 | |
Consumer Finance - 0.7% | | | | | | | | |
Cash America International, Inc. | | | 23,808 | | | | 1,082,312 | |
DFC Global Corp. (A) | | | 69,024 | | | | 953,221 | |
Containers & Packaging - 1.4% | | | | | | | | |
Boise, Inc. | | | 127,968 | | | | 1,092,847 | |
Graphic Packaging Holding Co. (A) | | | 141,888 | | | | 1,098,213 | |
Greif, Inc. - Class A | | | 20,984 | | | | 1,105,227 | |
Sonoco Products Co. | | | 30,624 | | | | 1,058,672 | |
Diversified Consumer Services - 2.0% | | | | | | | | |
Apollo Group, Inc. - Class A (A) | | | 53,952 | | | | 956,029 | |
Capella Education Co. (A) | | | 24,288 | | | | 1,011,595 | |
Corinthian Colleges, Inc. (A) | | | 477,696 | | | | 1,070,039 | |
DeVry, Inc. | | | 34,176 | | | | 1,060,140 | |
K12, Inc. (A) | | | 36,192 | | | | 950,764 | |
Strayer Education, Inc. | | | 20,544 | | | | 1,003,164 | |
Diversified Financial Services - 1.7% | | | | | | | | |
Kirkland’s, Inc. (A) | | | 63,360 | | | | 1,092,960 | |
KKR Financial Holdings LLC | | | 100,704 | | | | 1,062,427 | |
MCG Capital Corp. | | | 209,856 | | | | 1,093,350 | |
PHH Corp. (A) | | | 49,152 | | | | 1,001,718 | |
Prospect Capital Corp. | | | 100,000 | | | | 1,080,000 | |
Diversified Telecommunication Services - 0.7% | | | | | |
IDT Corp. - Class B | | | 55,788 | | | | 1,042,678 | |
Premiere Global Services, Inc. (A) | | | 88,896 | | | | 1,072,974 | |
Electric Utilities - 1.7% | | | | | | | | |
Hawaiian Electric Industries, Inc. | | | 42,528 | | | | 1,076,384 | |
IDACORP Inc | | | 21,120 | | | | 1,008,691 | |
Portland General Electric Co. | | | 34,924 | | | | 1,068,325 | |
UIL Holdings Corp | | | 27,264 | | | | 1,042,848 | |
UNS Energy Corp. | | | 23,908 | | | | 1,069,405 | |
Electrical Equipment - 0.4% | | | | | | | | |
First Solar, Inc. (A) | | | 26,200 | | | | 1,171,926 | |
Electronic Equipment & Instruments - 5.4% | | | | | | | | |
AVX Corp. | | | 90,048 | | | | 1,058,064 | |
Benchmark Electronics, Inc. (A) | | | 56,160 | | | | 1,128,816 | |
Celestica, Inc. (A) | | | 114,720 | | | | 1,084,104 | |
Checkpoint Systems, Inc. (A) | | | 81,216 | | | | 1,152,455 | |
Fabrinet | | | 73,536 | | | | 1,029,504 | |
Insight Enterprises, Inc. (A) | | | 57,792 | | | | 1,025,230 | |
Itron, Inc. (A) | | | 26,400 | | | | 1,120,152 | |
Methode Electronics, Inc. | | | 67,392 | | | | 1,146,338 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 70
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Electronic Equipment & Instruments (continued) | |
Nam Tai Electronics, Inc. | | | 180,288 | | | | $ 1,009,613 | |
Newport Corp. (A) | | | 79,488 | | | | 1,107,268 | |
Plexus Corp. (A) | | | 36,960 | | | | 1,104,734 | |
Sanmina Corp (A) | | | 82,080 | | | | 1,177,848 | |
ScanSource, Inc. (A) | | | 34,500 | | | | 1,104,000 | |
SYNNEX Corp. (A) | | | 27,374 | | | | 1,157,373 | |
Vishay Intertechnology, Inc. (A) | | | 73,824 | | | | 1,025,415 | |
Energy Equipment & Services - 4.2% | | | | | | | | |
Bristow Group, Inc. | | | 16,628 | | | | 1,086,141 | |
Exterran Holdings, Inc. (A) | | | 38,200 | | | | 1,074,184 | |
Hercules Offshore, Inc. (A) | | | 147,648 | | | | 1,039,442 | |
ION Geophysical Corp. (A) | | | 165,984 | | | | 999,224 | |
Matrix Service Co. (A) | | | 62,304 | | | | 970,696 | |
McDermott International, Inc. (A) | | | 116,160 | | | | 950,189 | |
Newpark Resources, Inc. (A) | | | 93,792 | | | | 1,030,774 | |
Parker Drilling Co. (A) | | | 233,472 | | | | 1,162,690 | |
Patterson-UTI Energy, Inc. | | | 53,856 | | | | 1,042,383 | |
SEACOR Holdings, Inc. | | | 14,300 | | | | 1,187,615 | |
Tesco Corp. - Class B (A) | | | 85,056 | | | | 1,126,992 | |
TETRA Technologies, Inc. (A) | | | 112,224 | | | | 1,151,418 | |
Food & Staples Retailing - 0.7% | | | | | | | | |
Rite Aid Corp (A) | | | 372,800 | | | | 1,066,208 | |
SUPERVALU Inc (A) | | | 161,852 | | | | 1,006,719 | |
Food Products - 1.5% | | | | | | | | |
Dean Foods Co. (A) | | | 100,800 | | | | 1,010,016 | |
Pilgrim’s Pride Corp (A) | | | 89,900 | | | | 1,343,106 | |
Sanderson Farms, Inc. | | | 16,032 | | | | 1,064,845 | |
TreeHouse Foods, Inc. (A) | | | 15,840 | | | | 1,038,154 | |
Gas Utilities - 0.7% | | | | | | | | |
New Jersey Resources Corp. | | | 25,378 | | | | 1,053,948 | |
WGL Holdings, Inc. | | | 25,300 | | | | 1,093,466 | |
Health Care Equipment & Supplies - 3.5% | | | | | | | | |
ArthroCare Corp. (A) | | | 31,296 | | | | 1,080,651 | |
Conmed Corp. | | | 32,640 | | | | 1,019,674 | |
Hill-Rom Holdings, Inc. | | | 28,512 | | | | 960,284 | |
Masimo Corp. | | | 48,672 | | | | 1,031,847 | |
Meridian Bioscience, Inc. | | | 51,840 | | | | 1,114,560 | |
NuVasive, Inc. (A) | | | 48,576 | | | | 1,204,199 | |
PhotoMedex Inc (A) | | | 63,264 | | | | 1,008,428 | |
Quidel Corp (A) | | | 45,408 | | | | 1,159,266 | |
Symmetry Medical, Inc. (A) | | | 130,560 | | | | 1,099,315 | |
Thoratec Corp. (A) | | | 35,174 | | | | 1,101,298 | |
Health Care Providers & Services - 6.1% | | | | | | | | |
Addus HomeCare Corp. (A) | | | 62,640 | | | | 1,236,513 | |
AMN Healthcare Services, Inc. (A) | | | 75,840 | | | | 1,086,029 | |
Amsurg Corp. - Class A (A) | | | 31,500 | | | | 1,105,650 | |
Centene Corp. (A) | | | 21,120 | | | | 1,107,955 | |
Chemed Corp. | | | 15,552 | | | | 1,126,431 | |
Five Star Quality Care, Inc. (A) | | | 204,096 | | | | 1,144,978 | |
Gentiva Health Services, Inc. | | | 101,184 | | | | 1,007,793 | |
Healthways, Inc. (A) | | | 61,344 | | | | 1,066,159 | |
Kindred Healthcare, Inc. (A) | | | 78,240 | | | | 1,027,291 | |
LifePoint Hospitals, Inc. (A) | | | 21,600 | | | | 1,054,944 | |
Magellan Health Services, Inc. (A) | | | 19,776 | | | | 1,109,038 | |
Molina Healthcare, Inc. (A) | | | 27,648 | | | | 1,027,953 | |
Owens & Minor, Inc. | | | 30,624 | | | | 1,036,010 | |
PharMerica Corp. (A) | | | 78,624 | | | | 1,089,729 | |
| | | | | | | | |
| | | Shares | | | Value | |
Health Care Providers & Services (continued) | |
Providence Service Corp. (A) | | | 43,296 | | | | $ 1,259,481 | |
Triple-S Management Corp. - B Shares (A) | | | 50,592 | | | | 1,086,210 | |
VCA Antech Inc (A) | | | 41,568 | | | | 1,084,509 | |
Health Care Technology - 0.7% | | | | | | | | |
MedAssets, Inc. (A) | | | 56,544 | | | | 1,003,090 | |
Omnicell, Inc. (A) | | | 59,616 | | | | 1,225,109 | |
Hotels, Restaurants & Leisure - 2.2% | | | | | | | | |
Bally Technologies, Inc. (A) | | | 18,720 | | | | 1,056,183 | |
CEC Entertainment, Inc. | | | 27,100 | | | | 1,112,184 | |
Red Robin Gourmet Burgers, Inc. (A) | | | 22,224 | | | | 1,226,320 | |
Ruby Tuesday, Inc. (A) | | | 116,640 | | | | 1,076,587 | |
Ruth’s Hospitality Group, Inc. | | | 93,408 | | | | 1,127,435 | |
Sonic Corp. (A) | | | 79,968 | | | | 1,164,334 | |
Insurance - 2.1% | | | | | | | | |
American Equity Investment Life Holding Co. | | | 66,336 | | | | 1,041,475 | |
CNO Financial Group, Inc. | | | 85,920 | | | | 1,113,523 | |
FBL Financial Group, Inc. - Class A | | | 25,536 | | | | 1,111,072 | |
Kemper Corp. | | | 31,200 | | | | 1,068,600 | |
Old Republic International Corp. | | | 85,536 | | | | 1,100,848 | |
Protective Life Corp. | | | 29,188 | | | | 1,121,111 | |
Internet & Catalog Retail - 1.5% | | | | | | | | |
NutriSystem, Inc. | | | 114,528 | | | | 1,349,140 | |
Overstock.com, Inc. (A) | | | 40,280 | | | | 1,135,896 | |
PetMed Express, Inc. | | | 81,224 | | | | 1,023,422 | |
Valuevision Media, Inc. - Class A (A) | | | 211,392 | | | | 1,080,213 | |
Internet Software & Services - 1.4% | | | | | | | | |
comScore, Inc. (A) | | | 44,832 | | | | 1,093,452 | |
Perion Network, Ltd. (A) | | | 92,448 | | | | 1,058,530 | |
United Online, Inc. | | | 159,840 | | | | 1,211,587 | |
ValueClick, Inc. (A) | | | 41,568 | | | | 1,025,898 | |
IT Services - 3.2% | | | | | | | | |
Acxiom Corp. (A) | | | 49,600 | | | | 1,124,928 | |
Convergys Corp. | | | 60,200 | | | | 1,049,286 | |
CoreLogic, Inc. (A) | | | 48,216 | | | | 1,117,165 | |
CSG Systems International, Inc. | | | 48,768 | | | | 1,058,265 | |
Euronet Worldwide, Inc. (A) | | | 33,888 | | | | 1,079,672 | |
Forrester Research, Inc. | | | 31,200 | | | | 1,144,728 | |
ManTech International Corp. - Class A | | | 37,632 | | | | 982,948 | |
Sykes Enterprises, Inc. (A) | | | 72,303 | | | | 1,139,495 | |
Unisys Corp. (A) | | | 54,624 | | | | 1,205,552 | |
Leisure Equipment & Products - 1.1% | | | | | | | | |
LeapFrog Enterprises, Inc. - Class A (A) | | | 111,360 | | | | 1,095,782 | |
Nautilus, Inc. - Class A (A) | | | 145,476 | | | | 1,264,187 | |
Smith & Wesson Holding Corp. (A) | | | 107,232 | | | | 1,070,175 | |
Life Sciences Tools & Services - 1.4% | | | | | | | | |
Albany Molecular Research, Inc. (A) | | | 99,416 | | | | 1,180,068 | |
Charles River Laboratories International,
Inc. (A) | | | 26,100 | | | | 1,070,883 | |
ICON PLC (A) | | | 30,600 | | | | 1,084,158 | |
PAREXEL International Corp. (A) | | | 23,136 | | | | 1,062,868 | |
Machinery - 1.8% | | | | | | | | |
Greenhill & Co., Inc. (A) | | | 46,176 | | | | 1,125,309 | |
ITT Corp | | | 36,864 | | | | 1,084,170 | |
Kaydon Corp. | | | 39,168 | | | | 1,079,079 | |
SPX Corp. | | | 14,592 | | | | 1,050,332 | |
Terex Corp. (A) | | | 40,976 | | | | 1,077,669 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 71
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
Marine - 0.4% | | | | | | | | |
Navios Maritime Holdings, Inc. | | | 215,712 | | | | $ 1,207,987 | |
Media - 2.2% | | | | | | | | |
CTC Media, Inc. | | | 86,016 | | | | 956,498 | |
Digital Generation, Inc. (A) | | | 151,104 | | | | 1,113,636 | |
Entravision Communications Corp - Class A | | | 183,872 | | | | 1,130,813 | |
Gray Television, Inc. (A) | | | 162,720 | | | | 1,171,584 | |
Meredith Corp. | | | 26,688 | | | | 1,273,018 | |
Valassis Communications, Inc. | | | 41,376 | | | | 1,017,436 | |
Metals & Mining - 2.1% | | | | | | | | |
Coeur d’Alene Mines Corp. (A) | | | 84,480 | | | | 1,123,584 | |
Commercial Metals Co. | | | 71,424 | | | | 1,054,933 | |
Materion Corp. | | | 35,712 | | | | 967,438 | |
Olympic Steel, Inc. | | | 40,896 | | | | 1,001,952 | |
Steel Dynamics, Inc. | | | 73,440 | | | | 1,094,990 | |
U.S. Steel Corp. | | | 59,328 | | | | 1,040,020 | |
Multi-Utilities - 0.3% | | | | | | | | |
Vectren Corp. | | | 30,816 | | | | 1,042,505 | |
Multiline Retail - 0.3% | | | | | | | | |
Big Lots, Inc. (A) | | | 32,928 | | | | 1,038,220 | |
Office Electronics - 0.3% | | | | | | | | |
Zebra Technologies Corp. - Class A (A) | | | 22,700 | | | | 986,088 | |
Oil, Gas & Consumable Fuels - 5.3% | | | | | |
Alon USA Energy, Inc. | | | 71,508 | | | | 1,034,006 | |
Alpha Natural Resources, Inc. (A) | | | 209,184 | | | | 1,096,124 | |
Arch Coal Inc | | | 286,944 | | | | 1,084,648 | |
CVR Energy, Inc. | | | 22,580 | | | | 1,070,292 | |
Delek US Holdings, Inc. | | | 38,000 | | | | 1,093,640 | |
Endeavour International Corp. (A) | | | 325,824 | | | | 1,251,164 | |
Gran Tierra Energy, Inc. (A) | | | 175,200 | | | | 1,052,952 | |
Green Plains Renewable Energy, Inc. (A) | | | 86,276 | | | | 1,149,196 | |
Knightsbridge Tankers, Ltd. | | | 160,896 | | | | 1,184,195 | |
L&L Energy, Inc. (A) | | | 273,600 | | | | 979,488 | |
Pengrowth Energy Corp. | | | 222,240 | | | | 1,095,643 | |
SandRidge Energy, Inc. (A) | | | 215,808 | | | | 1,027,246 | |
StealthGas, Inc. (A) | | | 102,048 | | | | 1,122,528 | |
Stone Energy Corp. (A) | | | 45,120 | | | | 993,994 | |
Western Refining, Inc. | | | 39,072 | | | | 1,096,751 | |
Paper & Forest Products - 0.7% | | | | | | | | |
Domtar Corp. | | | 15,168 | | | | 1,008,672 | |
P.H. Glatfelter Co. | | | 44,664 | | | | 1,121,066 | |
Personal Products - 1.0% | | | | | | | | |
Medifast, Inc. (A) | | | 36,960 | | | | 952,090 | |
Prestige Brands Holdings, Inc. (A) | | | 36,000 | | | | 1,049,040 | |
USANA Health Sciences Inc (A) | | | 15,264 | | | | 1,104,808 | |
Pharmaceuticals - 0.7% | | | | | | | | |
Jazz Pharmaceuticals PLC (A) | | | 15,840 | | | | 1,088,683 | |
Questcor Pharmaceuticals, Inc. | | | 23,232 | | | | 1,056,127 | |
Professional Services - 2.1% | | | | | | | | |
Barrett Business Services, Inc. | | | 19,500 | | | | 1,018,095 | |
FTI Consulting, Inc. (A) | | | 28,416 | | | | 934,602 | |
ICF International Inc (A) | | | 37,152 | | | | 1,170,659 | |
Insperity, Inc. | | | 36,576 | | | | 1,108,253 | |
Kelly Services, Inc. - Class A | | | 60,768 | | | | 1,061,617 | |
Navigant Consulting, Inc. (A) | | | 84,672 | | | | 1,016,064 | |
| | | | | | | | |
| | | Shares | | | Value | |
Real Estate Investment Trusts - 4.5% | | | | | |
Brandywine Realty Trust | | | 81,696 | | | | $ 1,104,530 | |
CBL & Associates Properties, Inc. | | | 49,440 | | | | 1,059,005 | |
Cedar Realty Trust, Inc. | | | 206,572 | | | | 1,070,043 | |
Corporate Office Properties Trust | | | 42,432 | | | | 1,082,016 | |
DuPont Fabros Technology, Inc. | | | 40,704 | | | | 983,002 | |
Franklin Street Properties Corp | | | 82,176 | | | | 1,084,723 | |
Government Properties Income Trust | | | 39,936 | | | | 1,007,186 | |
Inland Real Estate Corp | | | 99,744 | | | | 1,019,384 | |
Investors Real Estate Trust | | | 126,432 | | | | 1,087,315 | |
Kite Realty Group Trust | | | 190,920 | | | | 1,151,247 | |
Mack-Cali Realty Corp. | | | 45,588 | | | | 1,116,450 | |
Mission West Properties, Inc. (B) | | | 25,700 | | | | 0 | |
Piedmont Office Realty Trust, Inc. - Class A | | | 60,960 | | | | 1,089,965 | |
Resource Capital Corp. | | | 168,192 | | | | 1,034,381 | |
Road & Rail - 0.3% | | | | | | | | |
Marten Transport, Ltd. | | | 67,008 | | | | 1,050,015 | |
Semiconductors & Semiconductor Equipment - 2.8% | |
Advanced Energy Industries, Inc. (A) | | | 57,240 | | | | 996,548 | |
ATMI, Inc. (A) | | | 43,968 | | | | 1,039,843 | |
Cabot Microelectronics Corp. - Class A | | | 29,184 | | | | 963,364 | |
ChipMOS TECHNOLOGIES Bermuda Ltd | | | 57,888 | | | | 1,120,133 | |
Kulicke & Soffa Industries, Inc. (A) | | | 89,376 | | | | 988,499 | |
Photronics Inc (A) | | | 130,560 | | | | 1,052,314 | |
Silicon Image Inc (A) | | | 177,312 | | | | 1,037,275 | |
SunPower Corp - Class A (A) | | | 58,560 | | | | 1,212,192 | |
Software - 1.4% | | | | | | | | |
AVG Technologies NV (A) | | | 57,792 | | | | 1,124,055 | |
Manhattan Associates, Inc. (A) | | | 14,112 | | | | 1,088,882 | |
MICROS Systems, Inc. (A) | | | 24,768 | | | | 1,068,739 | |
Rovi Corp. (A) | | | 45,792 | | | | 1,045,889 | |
Specialty Retail - 2.3% | | | | | | | | |
Big 5 Sporting Goods Corp | | | 51,356 | | | | 1,127,264 | |
Brown Shoe Co., Inc. | | | 52,180 | | | | 1,123,435 | |
Children’s Place Retail Stores, Inc. (A) | | | 20,160 | | | | 1,104,768 | |
Guess?, Inc. | | | 38,016 | | | | 1,179,637 | |
hhgregg, Inc. (A) | | | 76,763 | | | | 1,225,905 | |
Mens Wearhouse, Inc. | | | 31,104 | | | | 1,177,287 | |
Textiles, Apparel & Luxury Goods - 0.3% | |
True Religion Apparel, Inc. | | | 33,312 | | | | 1,054,658 | |
Thrifts & Mortgage Finance - 0.7% | |
Home Loan Servicing Solutions, Ltd. | | | 44,640 | | | | 1,070,021 | |
Oritani Financial Corp. | | | 66,240 | | | | 1,038,643 | |
Tobacco - 0.4% | | | | | | | | |
Schweitzer Mauduit
International, Inc. | | | 22,176 | | | | 1,106,139 | |
Trading Companies & Distributors - 0.3% | |
Rush Enterprises, Inc. -
Class A (A) | | | 39,264 | | | | 971,784 | |
Transportation Infrastructure - 0.4% | |
Aegean Marine Petroleum Network Inc | | | 124,512 | | | | 1,152,981 | |
Wireless Telecommunication Services - 0.4% | |
NTELOS Holdings Corp. | | | 66,912 | | | | 1,101,372 | |
| | | | | | | | |
Total Common Stocks (cost $288,147,648) | | | | 298,672,251 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 72
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.7% | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to be repurchased at $8,279,976 on 07/01/2013. Collateralized by U.S. Government Agency Obligations, 3.25%, due 05/01/2041, and with a total value of $8,450,749. | | | $8,279,955 | | | | $ 8,279,955 | |
| | | | | | | | |
Total Repurchase Agreement (cost $8,279,955) | | | | 8,279,955 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $296,427,603) (D) | | | | 306,952,206 | |
Other Assets and Liabilities - Net | | | | | | | (533,037 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 306,419,169 | |
| | | | | | | | |
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $0, or less than 0.01% of the portfolio’s net assets. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $296,427,603. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $11,703,911 and $1,179,308, respectively. Net unrealized appreciation for tax purposes is $10,524,603. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 73
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 Quoted Prices | | | Level 2 Other
Significant Observable
Inputs | | | Level 3 Significant Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Aerospace & Defense | | $ | 4,295,259 | | | $ | — | | | $ | — | | | $ | 4,295,259 | |
Airlines | | | 2,190,971 | | | | — | | | | — | | | | 2,190,971 | |
Auto Components | | | 3,425,280 | | | | — | | | | — | | | | 3,425,280 | |
Biotechnology | | | 5,345,453 | | | | — | | | | — | | | | 5,345,453 | |
Building Products | | | 2,252,951 | | | | — | | | | — | | | | 2,252,951 | |
Capital Markets | | | 8,096,901 | | | | — | | | | — | | | | 8,096,901 | |
Chemicals | | | 5,226,976 | | | | — | | | | — | | | | 5,226,976 | |
Commercial Banks | | | 12,129,472 | | | | — | | | | — | | | | 12,129,472 | |
Commercial Services & Supplies | | | 8,716,726 | | | | — | | | | — | | | | 8,716,726 | |
Communications Equipment | | | 7,476,608 | | | | — | | | | — | | | | 7,476,608 | |
Computers & Peripherals | | | 4,433,797 | | | | — | | | | — | | | | 4,433,797 | |
Construction & Engineering | | | 4,364,667 | | | | — | | | | — | | | | 4,364,667 | |
Consumer Finance | | | 2,035,533 | | | | — | | | | — | | | | 2,035,533 | |
Containers & Packaging | | | 4,354,959 | | | | — | | | | — | | | | 4,354,959 | |
Diversified Consumer Services | | | 6,051,731 | | | | — | | | | — | | | | 6,051,731 | |
Diversified Financial Services | | | 5,330,455 | | | | — | | | | — | | | | 5,330,455 | |
Diversified Telecommunication Services | | | 2,115,652 | | | | — | | | | — | | | | 2,115,652 | |
Electric Utilities | | | 5,265,653 | | | | — | | | | — | | | | 5,265,653 | |
Electrical Equipment | | | 1,171,926 | | | | — | | | | — | | | | 1,171,926 | |
Electronic Equipment & Instruments | | | 16,430,914 | | | | — | | | | — | | | | 16,430,914 | |
Energy Equipment & Services | | | 12,821,748 | | | | — | | | | — | | | | 12,821,748 | |
Food & Staples Retailing | | | 2,072,927 | | | | — | | | | — | | | | 2,072,927 | |
Food Products | | | 4,456,121 | | | | — | | | | — | | | | 4,456,121 | |
Gas Utilities | | | 2,147,414 | | | | — | | | | — | | | | 2,147,414 | |
Health Care Equipment & Supplies | | | 10,779,522 | | | | — | | | | — | | | | 10,779,522 | |
Health Care Providers & Services | | | 18,656,673 | | | | — | | | | — | | | | 18,656,673 | |
Health Care Technology | | | 2,228,199 | | | | — | | | | — | | | | 2,228,199 | |
Hotels, Restaurants & Leisure | | | 6,763,043 | | | | — | | | | — | | | | 6,763,043 | |
Insurance | | | 6,556,629 | | | | — | | | | — | | | | 6,556,629 | |
Internet & Catalog Retail | | | 4,588,671 | | | | — | | | | — | | | | 4,588,671 | |
Internet Software & Services | | | 4,389,467 | | | | — | | | | — | | | | 4,389,467 | |
IT Services | | | 9,902,039 | | | | — | | | | — | | | | 9,902,039 | |
Leisure Equipment & Products | | | 3,430,144 | | | | — | | | | — | | | | 3,430,144 | |
Life Sciences Tools & Services | | | 4,397,977 | | | | — | | | | — | | | | 4,397,977 | |
Machinery | | | 5,416,559 | | | | — | | | | — | | | | 5,416,559 | |
Marine | | | 1,207,987 | | | | — | | | | — | | | | 1,207,987 | |
Media | | | 6,662,985 | | | | — | | | | — | | | | 6,662,985 | |
Metals & Mining | | | 6,282,917 | | | | — | | | | — | | | | 6,282,917 | |
Multi-Utilities | | | 1,042,505 | | | | — | | | | — | | | | 1,042,505 | |
Multiline Retail | | | 1,038,220 | | | | — | | | | — | | | | 1,038,220 | |
Office Electronics | | | 986,088 | | | | — | | | | — | | | | 986,088 | |
Oil, Gas & Consumable Fuels | | | 16,331,867 | | | | — | | | | — | | | | 16,331,867 | |
Paper & Forest Products | | | 2,129,738 | | | | — | | | | — | | | | 2,129,738 | |
Personal Products | | | 3,105,938 | | | | — | | | | — | | | | 3,105,938 | |
Pharmaceuticals | | | 2,144,810 | | | | — | | | | — | | | | 2,144,810 | |
Professional Services | | | 6,309,290 | | | | — | | | | — | | | | 6,309,290 | |
Real Estate Investment Trusts | | | 13,889,247 | | | | — | | | | 0 | | | | 13,889,247 | |
Road & Rail | | | 1,050,015 | | | | — | | | | — | | | | 1,050,015 | |
Semiconductors & Semiconductor Equipment | | | 8,410,168 | | | | — | | | | — | | | | 8,410,168 | |
Software | | | 4,327,565 | | | | — | | | | — | | | | 4,327,565 | |
Specialty Retail | | | 6,938,296 | | | | — | | | | — | | | | 6,938,296 | |
Textiles, Apparel & Luxury Goods | | | 1,054,658 | | | | — | | | | — | | | | 1,054,658 | |
Thrifts & Mortgage Finance | | | 2,108,664 | | | | — | | | | — | | | | 2,108,664 | |
Tobacco | | | 1,106,139 | | | | — | | | | — | | | | 1,106,139 | |
Trading Companies & Distributors | | | 971,784 | | | | — | | | | — | | | | 971,784 | |
Transportation Infrastructure | | | 1,152,981 | | | | — | | | | — | | | | 1,152,981 | |
Wireless Telecommunication Services | | | 1,101,372 | | | | — | | | | — | | | | 1,101,372 | |
Repurchase Agreement | | | — | | | | 8,279,955 | | | | — | | | | 8,279,955 | |
Total Investment Securities | | $ | 298,672,251 | | | $ | 8,279,955 | | | $ | 0 | | | $ | 306,952,206 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 74
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
VALUATION SUMMARY (continued):
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant Observable
Inputs | | | Level 3 Significant Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Due to Custodian | | $ | (2,572,070 | ) | | $ | — | | | $ | — | | | $ | (2,572,070 | ) |
Total Other Liabilities | | $ | (2,572,070 | ) | | $ | — | | | $ | — | | | $ | (2,572,070 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
Level 3 Rollforward - Investment Securities
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securities | | Beginning
Balance at
December 31, 2012 | | | Purchases | | | Sales | | | Accrued Discounts (Premiums) | | | Total Realized Gain (Loss) | | Net Change in Unrealized Appreciation (Depreciation) | | | Transfers into Level 3 (G) | | | Transfers out of Level 3 | | | Ending Balance at
June 30, 2013 (H) | | | Net Change in
Unrealized Appreciation
(Depreciation) on Investments
Held at June 30, 2013 | |
| Common Stocks | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | | $ | — | | | $ | 0 | | | $ | — | | | $ | 0 | | | $ | — | |
| (G) | Transferred into Level 3 because of unavailability of observable inputs. |
| (H) | Inputs used in the valuation of the Level 3 securities were not considered significant unobservable inputs. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 75
Transamerica Partners Small Growth Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 97.9% | | | | | | | | |
Aerospace & Defense - 2.2% | | | | | | | | |
Triumph Group, Inc. (A) | | | 17,760 | | | | $ 1,405,704 | |
| | |
Air Freight & Logistics - 1.1% | | | | | | | | |
Hub Group, Inc. - Class A (A) (B) | | | 19,890 | | | | 724,394 | |
Commercial Banks - 12.8% | | | | | | | | |
Bank of the Ozarks, Inc. (A) | | | 29,493 | | | | 1,277,932 | |
Home Bancshares, Inc. (A) | | | 48,328 | | | | 1,255,078 | |
Iberiabank Corp. (A) | | | 14,757 | | | | 791,123 | |
PrivateBancorp, Inc. - Class A (A) | | | 96,354 | | | | 2,043,668 | |
Signature Bank (B) | | | 10,750 | | | | 892,465 | |
SVB Financial Group (B) | | | 15,260 | | | | 1,271,463 | |
Texas Capital Bancshares, Inc. (A) (B) | | | 18,720 | | | | 830,419 | |
Commercial Services & Supplies - 2.9% | | | | | | | | |
Healthcare Services Group, Inc. (A) | | | 78,081 | | | | 1,914,546 | |
Communications Equipment - 3.2% | | | | | | | | |
Aruba Networks, Inc. (B) | | | 43,440 | | | | 667,239 | |
Ixia (A) (B) | | | 43,670 | | | | 803,528 | |
Procera Networks, Inc. (A) (B) | | | 46,432 | | | | 637,511 | |
Diversified Financial Services - 1.6% | | | | | | | | |
MarketAxess Holdings, Inc. | | | 21,920 | | | | 1,024,760 | |
Electrical Equipment - 2.1% | | | | | | | | |
EnerSys, Inc. | | | 27,550 | | | | 1,351,052 | |
Electronic Equipment & Instruments - 1.2% | | | | | | | | |
InvenSense, Inc. - Class A (A) (B) | | | 52,080 | | | | 800,990 | |
Energy Equipment & Services - 1.3% | | | | | | | | |
Pacific Drilling SA (B) | | | 83,419 | | | | 815,838 | |
Food Products - 2.6% | | | | | | | | |
Annie’s, Inc. (A) (B) | | | 15,740 | | | | 672,728 | |
TreeHouse Foods, Inc. (A) (B) | | | 15,390 | | | | 1,008,660 | |
Health Care Equipment & Supplies - 2.0% | | | | | | | | |
Cantel Medical Corp. (A) | | | 20,058 | | | | 679,365 | |
Neogen Corp. (B) | | | 11,022 | | | | 612,382 | |
Health Care Providers & Services - 4.0% | | | | | | | | |
Air Methods Corp. (A) | | | 40,752 | | | | 1,380,678 | |
Centene Corp. (B) | | | 23,970 | | | | 1,257,466 | |
Health Care Technology - 5.1% | | | | | | | | |
athenahealth, Inc. (A) (B) | | | 7,670 | | | | 649,802 | |
HMS Holdings Corp. (A) (B) | | | 49,890 | | | | 1,162,437 | |
Medidata Solutions, Inc. (B) | | | 19,350 | | | | 1,498,658 | |
Hotels, Restaurants & Leisure - 3.5% | | | | | | | | |
Buffalo Wild Wings, Inc. (A) (B) | | | 7,410 | | | | 727,365 | |
Red Robin Gourmet Burgers, Inc. (A) (B) | | | 13,745 | | | | 758,449 | |
Sonic Corp. (A) (B) | | | 55,080 | | | | 801,965 | |
Household Durables - 2.3% | | | | | | | | |
Meritage Homes Corp. (B) | | | 35,340 | | | | 1,532,342 | |
Insurance - 1.6% | | | | | | | | |
Hilltop Holdings, Inc. (A) (B) | | | 63,640 | | | | 1,043,696 | |
Internet Software & Services - 2.5% | | | | | | | | |
Envestnet, Inc. (B) | | | 22,841 | | | | 561,889 | |
SPS Commerce, Inc. (A) (B) | | | 19,272 | | | | 1,059,960 | |
IT Services - 1.8% | | | | | | | | |
MAXIMUS, Inc. - Class A | | | 15,470 | | | | 1,152,206 | |
Life Sciences Tools & Services - 3.2% | | | | | | | | |
ICON PLC (B) | | | 19,510 | | | | 691,239 | |
PAREXEL International Corp. (A) (B) | | | 30,940 | | | | 1,421,384 | |
Machinery - 3.2% | | | | | | | | |
Chart Industries, Inc. (A) (B) | | | 14,264 | | | | 1,342,100 | |
Wabtec Corp. (A) | | | 14,168 | | | | 756,996 | |
| | | | | | | | |
| | | Shares | | | Value | |
Oil, Gas & Consumable Fuels - 6.1% | | | | | | | | |
Approach Resources, Inc. (A) (B) | | | 76,510 | | | | $ 1,879,851 | |
Callon Petroleum Co. (A) (B) | | | 60,919 | | | | 205,297 | |
Gulfport Energy Corp. (B) | | | 40,460 | | | | 1,904,452 | |
Personal Products - 3.1% | | | | | | | | |
Inter Parfums, Inc. (A) | | | 28,220 | | | | 804,835 | |
Prestige Brands Holdings, Inc. (B) | | | 42,380 | | | | 1,234,953 | |
Pharmaceuticals - 2.2% | | | | | | | | |
Akorn, Inc. - Class A (A) (B) | | | 108,300 | | | | 1,464,216 | |
Professional Services - 2.9% | | | | | | | | |
Advisory Board Co. (A) (B) | | | 34,920 | | | | 1,908,378 | |
Semiconductors & Semiconductor Equipment - 2.8% | |
Applied Micro Circuits Corp. (A) (B) | | | 118,970 | | | | 1,046,936 | |
Ceva, Inc. (B) | | | 7,347 | | | | 142,238 | |
Inphi Corp. (A) (B) | | | 59,700 | | | | 656,700 | |
Software - 6.5% | | | | | | | | |
AVG Technologies NV (A) (B) | | | 56,797 | | | | 1,104,702 | |
QLIK Technologies, Inc. (A) (B) | | | 25,130 | | | | 710,425 | |
Sourcefire, Inc. (A) (B) | | | 17,780 | | | | 987,679 | |
Synchronoss Technologies, Inc. (A) (B) | | | 45,750 | | | | 1,412,302 | |
Specialty Retail - 9.9% | | | | | | | | |
Asbury Automotive Group, Inc. (A) (B) | | | 35,250 | | | | 1,413,525 | |
Express, Inc. (B) | | | 62,200 | | | | 1,304,334 | |
Group 1 Automotive, Inc. (A) | | | 25,214 | | | | 1,622,016 | |
Pier 1 Imports, Inc. (A) | | | 91,830 | | | | 2,157,087 | |
Textiles, Apparel & Luxury Goods - 2.4% | |
Deckers Outdoor Corp. (A) (B) | | | 18,057 | | | | 912,059 | |
Steven Madden, Ltd. - Class B (A) (B) | | | 13,450 | | | | 650,711 | |
Trading Companies & Distributors - 1.8% | |
Beacon Roofing Supply, Inc. (A) (B) | | | 31,820 | | | | 1,205,342 | |
| | | | | | | | |
Total Common Stocks (cost $54,705,399) | | | | 64,007,515 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 25.6% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio,
0.18% (C) | | | 16,749,713 | | | | 16,749,713 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $16,749,713) | | | | 16,749,713 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.2% | | | | | | | | |
State Street Bank & Trust Co.
0.03% (C), dated 06/28/2013, to be repurchased at $1,425,086 on 07/01/2013. Collateralized by a U.S. Government Agency Obligation, 3.25%, due 05/01/2041, and with a value of $1,456,508. | | | $ 1,425,083 | | | | 1,425,083 | |
| | | | | | | | |
Total Repurchase Agreement (cost $1,425,083) | | | | 1,425,083 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $72,880,195) (D) | | | | 82,182,311 | |
Other Assets and Liabilities - Net | | | | | | | (16,793,801 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 65,388,510 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 76
Transamerica Partners Small Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $16,331,119. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | Non-income producing security. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $72,880,195. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $10,029,691 and $727,575, respectively. Net unrealized appreciation for tax purposes is $9,302,116. |
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 64,007,515 | | | $ | — | | | $ | — | | | $ | 64,007,515 | |
Securities Lending Collateral | | | 16,749,713 | | | | — | | | | — | | | | 16,749,713 | |
Repurchase Agreement | | | — | | | | 1,425,083 | | | | — | | | | 1,425,083 | |
Total Investment Securities | | $ | 80,757,228 | | | $ | 1,425,083 | | | $ | — | | | $ | 82,182,311 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Liabilities (F) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (16,749,713 | ) | | $ | — | | | $ | (16,749,713 | ) |
Total Other Liabilities | | $ | — | | | $ | (16,749,713 | ) | | $ | — | | | $ | (16,749,713 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 77
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2013
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 96.2% | | | | | | | | |
Brazil - 3.3% | | | | | | | | |
Embraer SA - ADR | | | 180,600 | | | | $ 6,662,334 | |
Itau Unibanco Holding SA - ADR | | | 556,547 | | | | 7,190,587 | |
Natura Cosmeticos SA | | | 240,664 | | | | 5,144,721 | |
Canada - 2.9% | | | | | | | | |
Canadian National Railway Co. | | | 65,969 | | | | 6,423,149 | |
Cenovus Energy, Inc. | | | 149,188 | | | | 4,255,624 | |
Teck Resources, Ltd. - Class B (A) | | | 278,500 | | | | 5,950,266 | |
China - 1.5% | | | | | | | | |
Baidu, Inc. - ADR (B) | | | 91,228 | | | | 8,623,783 | |
Denmark - 2.4% | | | | | | | | |
Novo Nordisk A/S - Class B | | | 88,558 | | | | 13,801,207 | |
France - 7.4% | | | | | | | | |
Air Liquide SA - Class A | | | 92,703 | | | | 11,447,660 | |
Cie Generale des Etablissements Michelin - Class B | | | 72,399 | | | | 6,474,159 | |
LVMH Moet Hennessy Louis Vuitton SA | | | 84,143 | | | | 13,635,824 | |
Publicis Groupe SA | | | 159,654 | | | | 11,367,401 | |
Germany - 9.3% | | | | | | | | |
Adidas AG | | | 110,054 | | | | 11,909,949 | |
Allianz SE - Class A | | | 33,567 | | | | 4,904,480 | |
Deutsche Bank AG | | | 272,812 | | | | 11,418,420 | |
Fresenius Medical Care AG & Co., KGaA | | | 170,293 | | | | 12,087,217 | |
SAP AG | | | 146,171 | | | | 10,704,219 | |
Siemens AG - Class A | | | 28,376 | | | | 2,868,050 | |
Hong Kong - 9.8% | | | | | | | | |
AIA Group, Ltd. | | | 2,603,536 | | | | 11,027,025 | |
China Merchants Bank Co., Ltd. -
Class H (A) | | | 521,973 | | | | 870,847 | |
CNOOC, Ltd. | | | 4,806,138 | | | | 8,154,766 | |
Hong Kong Exchanges and Clearing, Ltd. | | | 613,021 | | | | 9,255,324 | |
HSBC Holdings PLC | | | 1,104,073 | | | | 11,573,048 | |
Industrial & Commercial Bank of China, Ltd. - Class H | | | 16,840,593 | | | | 10,617,582 | |
Sinopharm Group Co., Ltd. - Class H (A) | | | 1,937,130 | | | | 4,865,272 | |
Italy - 0.6% | | | | | | | | |
Saipem SpA | | | 214,565 | | | | 3,488,312 | |
Japan - 15.9% | | | | | | | | |
Bridgestone Corp. (A) | | | 251,479 | | | | 8,570,266 | |
FANUC Corp. | | | 43,614 | | | | 6,323,546 | |
Japan Exchange Group, Inc. (A) | | | 19,183 | | | | 1,938,028 | |
KDDI Corp. | | | 122,676 | | | | 6,382,417 | |
Komatsu, Ltd. | | | 436,031 | | | | 10,080,854 | |
Kubota Corp. | | | 443,325 | | | | 6,472,420 | |
Mitsubishi UFJ Financial Group, Inc. | | | 3,085,529 | | | | 19,039,562 | |
Softbank Corp. | | | 134,552 | | | | 7,854,972 | |
Sumitomo Mitsui Trust Holdings, Inc. | | | 1,688,991 | | | | 7,884,683 | |
Toyota Motor Corp. | | | 286,412 | | | | 17,297,922 | |
Korea, Republic of - 1.6% | | | | | | | | |
Samsung Electronics Co., Ltd. | | | 7,733 | | | | 9,086,893 | |
Mexico - 1.3% | | | | | | | | |
Wal-Mart de Mexico SAB de CV -
Series V (A) | | | 2,634,300 | | | | 7,383,997 | |
Netherlands - 2.0% | | | | | | | | |
ASML Holding NV | | | 135,631 | | | | 10,702,098 | |
ING Groep NV (B) | | | 101,265 | | | | 922,681 | |
Spain - 0.6% | | | | | | | | |
Amadeus IT Holding SA - Class A | | | 109,998 | | | | 3,515,756 | |
| | | | | | | | |
| | | Shares | | | Value | |
Sweden - 1.5% | | | | | | | | |
Hennes & Mauritz AB - Class B | | | 266,962 | | | | $ 8,773,866 | |
Switzerland - 8.5% | | | | | | | | |
Julius Baer Group, Ltd. (B) | | | 156,654 | | | | 6,118,221 | |
Nestle SA | | | 93,254 | | | | 6,116,230 | |
Novartis AG | | | 172,671 | | | | 12,266,396 | |
Roche Holding AG | | | 52,199 | | | | 12,986,888 | |
Swatch Group AG | | | 5,967 | | | | 3,266,041 | |
Syngenta AG | | | 21,247 | | | | 8,313,897 | |
United Kingdom - 16.8% | | | | | | | | |
ARM Holdings PLC | | | 248,279 | | | | 3,002,078 | |
British American Tobacco PLC | | | 172,344 | | | | 8,827,111 | |
Burberry Group PLC | | | 296,463 | | | | 6,091,730 | |
Carnival PLC - Class A | | | 224,878 | | | | 7,832,443 | |
Kingfisher PLC | | | 2,085,223 | | | | 10,878,310 | |
Pearson PLC (A) | | | 343,637 | | | | 6,120,285 | |
Reckitt Benckiser Group PLC | | | 191,044 | | | | 13,505,614 | |
Rolls-Royce Holdings PLC (B) | | | 542,640 | | | | 9,359,220 | |
Royal Bank of Scotland Group PLC (B) | | | 735,692 | | | | 3,060,330 | |
SABMiller PLC | | | 158,626 | | | | 7,605,789 | |
Standard Chartered PLC | | | 472,768 | | | | 10,260,933 | |
Tullow Oil PLC | | | 256,043 | | | | 3,898,179 | |
WPP PLC - Class A | | | 389,030 | | | | 6,638,818 | |
United States - 10.8% | | | | | | | | |
Accenture PLC - Class A | | | 96,609 | | | | 6,951,984 | |
Liberty Global PLC (B) | | | 83,100 | | | | 6,156,048 | |
Lululemon Athletica, Inc. (A) (B) | | | 128,189 | | | | 8,398,943 | |
MercadoLibre, Inc. (A) | | | 35,700 | | | | 3,847,032 | |
Potash Corp. of Saskatchewan, Inc. | | | 205,000 | | | | 7,816,650 | |
Schlumberger, Ltd. | | | 168,660 | | | | 12,086,176 | |
SINA Corp. (B) | | | 52,300 | | | | 2,914,679 | |
Yandex NV - Class A (B) | | | 174,949 | | | | 4,833,841 | |
Yum! Brands, Inc. | | | 137,810 | | | | 9,555,745 | |
| | | | | | | | |
Total Common Stocks (cost $456,143,123) | | | | 555,660,798 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 6.1% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 35,551,160 | | | | 35,551,160 | |
| | | | | | | | |
Total Securities Lending Collateral (cost $35,551,160) | | | | 35,551,160 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.5% | | | | | |
State Street Bank & Trust Co. 0.03% (C), dated 06/28/2013, to be repurchased at $14,325,307 on 07/01/2013. Collateralized by U.S. Government Agency Obligations, 3.05% - 3.25%, due 05/01/2041 - 01/01/2042, and with a total value of $14,613,150. | | | $ 14,325,272 | | | | 14,325,272 | |
| | | | | | | | |
Total Repurchase Agreement (cost $14,325,272) | | | | 14,325,272 | |
| | | | | | | | |
| | | | | | | | |
Total Investment Securities (cost $506,019,555) (D) | | | | 605,537,230 | |
Other Assets and Liabilities - Net | | | | | | | (27,887,890 | ) |
| | | | | | | | |
| | |
Net Assets | | | | | | | $ 577,649,340 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 78
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY CONTRACTS: | | | | | | | | | | |
| Currency | | Counterparty | | Contracts
Bought (Sold) | | | Settlement
Date | | | Amount in U.S.
Dollars Bought
(Sold) | | | Net Unrealized
Appreciation
(Depreciation) | |
EUR | | SSB | | | 12,045,100 | | | | 10/29/2013 | | | $ | 15,900,496 | | | $ | (213,131 | ) |
EUR | | SSB | | | (39,528,100 | ) | | | 10/29/2013 | | | | (51,464,400 | ) | | | (16,428 | ) |
JPY | | SSB | | | (2,009,079,000 | ) | | | 07/08/2013 | | | | (22,930,661 | ) | | | 2,673,143 | |
JPY | | SSB | | | (689,513,900 | ) | | | 07/08/2013 | | | | (7,187,303 | ) | | | 234,943 | |
JPY | | SSB | | | 1,068,924,200 | | | | 07/08/2013 | | | | 10,775,945 | | | | 2,004 | |
JPY | | SSB | | | 7,330,638,100 | | | | 07/08/2013 | | | | 73,837,271 | | | | 77,458 | |
JPY | | SSB | | | (1,307,396,600 | ) | | | 07/08/2013 | | | | (13,426,078 | ) | | | 243,615 | |
JPY | | SSB | | | (1,745,992,900 | ) | | | 07/08/2013 | | | | (17,677,540 | ) | | | 72,716 | |
JPY | | SSB | | | (735,295,400 | ) | | | 07/08/2013 | | | | (7,386,941 | ) | | | (27,033 | ) |
JPY | | SSB | | | (569,233,800 | ) | | | 07/08/2013 | | | | (5,598,502 | ) | | | (141,076 | ) |
JPY | | SSB | | | (1,343,050,700 | ) | | | 07/08/2013 | | | | (13,141,113 | ) | | | (400,849 | ) |
JPY | | SSB | | | (6,153,994,800 | ) | | | 01/06/2014 | | | | (62,059,385 | ) | | | (75,408 | ) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | $ | 2,429,954 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| INVESTMENTS BY INDUSTRY: | | Percentage of
Total Investment
Securities | | | Value | |
Commercial Banks | | | 11.6 | % | | $ | 70,497,572 | |
Textiles, Apparel & Luxury Goods | | | 7.1 | | | | 43,302,487 | |
Pharmaceuticals | | | 6.4 | | | | 39,054,491 | |
Media | | | 5.0 | | | | 30,282,552 | |
Chemicals | | | 4.6 | | | | 27,578,207 | |
Machinery | | | 3.8 | | | | 22,876,820 | |
Semiconductors & Semiconductor Equipment | | | 3.8 | | | | 22,791,069 | |
Internet Software & Services | | | 3.3 | | | | 20,219,335 | |
Specialty Retail | | | 3.2 | | | | 19,652,176 | |
Capital Markets | | | 2.9 | | | | 17,536,641 | |
Hotels, Restaurants & Leisure | | | 2.9 | | | | 17,388,188 | |
Automobiles | | | 2.9 | | | | 17,297,922 | |
Health Care Providers & Services | | | 2.8 | | | | 16,952,489 | |
Oil, Gas & Consumable Fuels | | | 2.7 | | | | 16,308,569 | |
Aerospace & Defense | | | 2.6 | | | | 16,021,554 | |
Insurance | | | 2.6 | | | | 15,931,505 | |
Energy Equipment & Services | | | 2.6 | | | | 15,574,488 | |
Auto Components | | | 2.5 | | | | 15,044,425 | |
Wireless Telecommunication Services | | | 2.4 | | | | 14,237,389 | |
Household Products | | | 2.2 | | | | 13,505,614 | |
Diversified Financial Services | | | 2.0 | | | | 12,116,033 | |
Software | | | 1.8 | | | | 10,704,219 | |
IT Services | | | 1.7 | | | | 10,467,740 | |
Tobacco | | | 1.5 | | | | 8,827,111 | |
Beverages | | | 1.3 | | | | 7,605,789 | |
Food & Staples Retailing | | | 1.2 | | | | 7,383,997 | |
Road & Rail | | | 1.1 | | | | 6,423,149 | |
Food Products | | | 1.0 | | | | 6,116,230 | |
Metals & Mining | | | 1.0 | | | | 5,950,266 | |
Personal Products | | | 0.8 | | | | 5,144,721 | |
Industrial Conglomerates | | | 0.5 | | | | 2,868,050 | |
| | | | | | | | |
Investment Securities, at Value | | | 91.8 | | | | 555,660,798 | |
Short-Term Investments | | | 8.2 | | | | 49,876,432 | |
| | | | | | | | |
Total Investments | | | 100.0 | % | | $ | 605,537,230 | |
| | | | | | | | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 79
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2013
(unaudited)
NOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of this security is on loan. The value of all securities on loan is $34,057,176. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
| (B) | Non-income producing security. |
| (C) | Rate shown reflects the yield at June 30, 2013. |
| (D) | Aggregate cost for federal income tax purposes is $506,019,555. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $117,361,111 and $17,843,436, respectively. Net unrealized appreciation for tax purposes is $99,517,675. |
DEFINITIONS:
| | |
| ADR | | American Depositary Receipt |
| SSB | | State Street Bank & Trust Co. |
CURRENCY ABBREVIATIONS:
VALUATION SUMMARY: (E)
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
ASSETS | | | | | | | | | | | | | | | | |
Investment Securities | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 114,195,559 | | | $ | 441,465,239 | | | $ | — | | | $ | 555,660,798 | |
Securities Lending Collateral | | | 35,551,160 | | | | — | | | | — | | | | 35,551,160 | |
Repurchase Agreement | | | — | | | | 14,325,272 | | | | — | | | | 14,325,272 | |
Total Investment Securities | | $ | 149,746,719 | | | $ | 455,790,511 | | | $ | — | | | $ | 605,537,230 | |
| | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts (F) | | $ | — | | | $ | 3,303,879 | | | $ | — | | | $ | 3,303,879 | |
Total Derivative Financial Instruments | | $ | — | | | $ | 3,303,879 | | | $ | — | | | $ | 3,303,879 | |
| | | | | | | | | | | | | | | | | |
Other Assets (G) | | | | | | | | | | | | | | | | |
Cash | | $ | 70,893 | | | $ | — | | | $ | — | | | $ | 70,893 | |
Foreign Currency | | | 250,140 | | | | — | | | | — | | | | 250,140 | |
Total Other Assets | | $ | 321,033 | | | $ | — | | | $ | — | | | $ | 321,033 | |
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted Prices | | | Level 2 Other
Significant
Observable
Inputs | | | Level 3
Significant
Unobservable
Inputs | | | Value at
June 30, 2013 | |
LIABILITIES | | | | | | | | | | | | | | | | |
Derivative Financial Instruments | | | | | | | | | | | | | | | | |
Forward Foreign Currency Contracts (F) | | $ | — | | | $ | (873,925 | ) | | $ | — | | | $ | (873,925 | ) |
Total Derivative Financial Instruments | | $ | — | | | $ | (873,925 | ) | | $ | — | | | $ | (873,925 | ) |
| | | | | | | | | | | | | | | | | |
Other Liabilities (G) | | | | | | | | | | | | | | | | |
Collateral for Securities on Loan | | $ | — | | | $ | (35,551,160 | ) | | $ | — | | | $ | (35,551,160 | ) |
Total Other Liabilities | | $ | — | | | $ | (35,551,160 | ) | | $ | — | | | $ | (35,551,160 | ) |
| (E) | Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended June 30, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques. |
| (F) | Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument. |
| (G) | Certain assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 80
STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | High Quality
Bond | | | Inflation-
Protected
Securities | | | Core Bond | | | High Yield
Bond | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investment securities, at value | | $ | 823,671,795 | | | $ | 417,971,702 | | | $ | 320,453,113 | | | $ | 1,725,792,569 | | | $ | 766,715,250 | |
Repurchase agreements, at value | | | 99,692,403 | | | | 9,470,453 | | | | — | | | | — | | | | 39,142,949 | |
Cash on deposit with broker | | | — | | | | — | | | | 80,000 | | | | 4,131,169 | | | | — | |
Cash | | | — | | | | — | | | | — | | | | 446,065 | | | | — | |
Foreign currency, at value | | | — | | | | — | | | | 21,463 | | | | 2,557,596 | | | | — | |
Cash on deposit with custodian | | | — | | | | — | | | | — | | | | 2,269,000 | | | | — | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | — | | | | 322,958 | | | | 672,118 | | | | — | |
Unrealized appreciation on swap agreements | | | — | | | | — | | | | 421,807 | | | | 11,236,196 | | | | — | |
Premium paid on swap agreements | | | — | | | | — | | | | — | | | | 612,300 | | | | — | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investment securities sold | | | — | | | | — | | | | 783,134 | | | | 489,682,247 | | | | 6,303,829 | |
When-issued securities sold | | | — | | | | — | | | | — | | | | 879,747 | | | | — | |
Interest | | | 99,565 | | | | 1,630,672 | | | | 1,227,152 | | | | 8,434,928 | | | | 12,464,340 | |
Dividends | | | — | | | | — | | | | — | | | | — | | | | 35,250 | |
Securities lending income (net) | | | — | | | | 4,161 | | | | 2,751 | | | | 34,253 | | | | — | |
Other | | | — | | | | — | | | | — | | | | — | | | | 91,350 | |
Prepaid expenses | | | 3,147 | | | | 1,571 | | | | 1,182 | | | | 5,077 | | | | 2,930 | |
Total assets | | | 923,466,910 | | | | 429,078,559 | | | | 323,313,560 | | | | 2,246,753,265 | | | | 824,755,898 | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Cash collateral due to broker | | | — | | | | — | | | | 1,000,000 | | | | 9,870,000 | | | | — | |
Premium received on swap agreements | | | — | | | | — | | | | — | | | | 1,643,619 | | | | — | |
Accounts payable and accrued liabilities: | | | | | | | | | | | | | | | | | | | | |
Investment securities purchased | | | — | | | | — | | | | — | | | | 566,157,416 | | | | 6,496,096 | |
When-issued securities purchased | | | — | | | | — | | | | — | | | | 3,261,223 | | | | — | |
Variation margin | | | — | | | | — | | | | 17,832 | | | | 3,210,401 | | | | — | |
Interest from TBA short commitments | | | — | | | | — | | | | — | | | | 289,492 | | | | — | |
Advisory fees | | | 173,484 | | | | 113,423 | | | | 81,531 | | | | 376,649 | | | | 353,267 | |
Trustee and CCO fees | | | 352 | | | | 162 | | | | 131 | | | | 560 | | | | 329 | |
Audit and tax fees | | | 11,126 | | | | 10,414 | | | | 9,680 | | | | 11,657 | | | | 11,542 | |
Custody fees | | | 29,778 | | | | 10,114 | | | | 17,951 | | | | 54,983 | | | | 30,503 | |
Legal fees | | | 31,133 | | | | 13,366 | | | | 19,086 | | | | 59,317 | | | | 29,101 | |
Other | | | 287 | | | | 1,108 | | | | 960 | | | | 4,097 | | | | 2,119 | |
Collateral for securities on loan | | | — | | | | 8,035,805 | | | | 9,362,335 | | | | 110,511,765 | | | | — | |
Written options and swaptions, at value | | | — | | | | — | | | | 1,406,433 | | | | — | | | | — | |
TBA short commitments, at value | | | — | | | | — | | | | — | | | | 165,959,171 | | | | — | |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | — | | | | 315,610 | | | | 22,304 | | | | — | |
Unrealized depreciation on swap agreements | | | — | | | | — | | | | 265,873 | | | | 670,867 | | | | — | |
Total liabilities | | | 246,160 | | | | 8,184,392 | | | | 12,497,422 | | | | 862,103,521 | | | | 6,922,957 | |
Net assets | | $ | 923,220,750 | | | $ | 420,894,167 | | | $ | 310,816,138 | | | $ | 1,384,649,744 | | | $ | 817,832,941 | |
| | | | | | | | | | | | | | | | | | | | | |
Investment securities, at cost | | $ | 823,671,795 | | | $ | 417,793,210 | | | $ | 325,629,728 | | | $ | 1,745,792,502 | | | $ | 756,975,381 | |
Repurchase agreements, at cost | | $ | 99,692,403 | | | $ | 9,470,453 | | | $ | — | | | $ | — | | | $ | 39,142,949 | |
Foreign currency, at cost | | $ | — | | | $ | — | | | $ | 20,642 | | | $ | 2,617,383 | | | $ | — | |
Securities loaned, at value | | $ | — | | | $ | 7,872,611 | | | $ | 9,175,738 | | | $ | 108,231,154 | | | $ | — | |
Premium received on written option and swaption contracts | | $ | — | | | $ | — | | | $ | 1,198,571 | | | $ | — | | | $ | — | |
Proceeds received from TBA short commitments | | $ | — | | | $ | — | | | $ | — | | | $ | 167,372,875 | | | $ | — | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 81
STATEMENTS OF ASSETS AND LIABILITIES (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Balanced | | | Large Value | | | Large Core | | | Large Growth | | | Mid Value | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investment securities, at value | | $ | 122,519,797 | | | $ | 876,499,133 | | | $ | 273,222,422 | | | $ | 870,670,528 | | | $ | 919,735,511 | |
Repurchase agreements, at value | | | 585,758 | | | | 8,900,359 | | | | 5,632,305 | | | | 2,020,905 | | | | 19,523,001 | |
Cash on deposit with broker | | | 61,000 | | | | — | | | | — | | | | — | | | | — | |
Cash | | | 3,012 | | | | — | | | | 4,179 | | | | — | | | | 176 | |
Foreign currency, at value | | | 2,930 | | | | — | | | | — | | | | — | | | | — | |
Unrealized appreciation on forward foreign currency contracts | | | 18,442 | | | | — | | | | — | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investment securities sold | | | 14,770,004 | | | | 19,632,193 | | | | 6,202,814 | | | | 3,069,086 | | | | 4,698,277 | |
Interest | | | 239,916 | | | | 7 | | | | 5 | | | | 2 | | | | 16 | |
Dividends | | | 78,984 | | | | 733,193 | | | | 275,541 | | | | 393,984 | | | | 947,060 | |
Dividend reclaims | | | — | | | | 7,399 | | | | 1,331 | | | | 137,152 | | | | 14,396 | |
Securities lending income (net) | | | 590 | | | | 8,818 | | | | 2,828 | | | | 13,014 | | | | 18,332 | |
Variation margin | | | 8,723 | | | | — | | | | — | | | | — | | | | — | |
Prepaid expenses | | | 394 | | | | 3,140 | | | | 959 | | | | 3,216 | | | | 3,006 | |
Total assets | | | 138,289,550 | | | | 905,784,242 | | | | 285,342,384 | | | | 876,307,887 | | | | 944,939,775 | |
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Due to custodian | | | — | | | | — | | | | — | | | | 373,399 | | | | — | |
Accounts payable and accrued liabilities: | | | | | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 18,068,839 | | | | 20,559,574 | | | | 4,998,667 | | | | 3,027,349 | | | | 5,028,742 | |
Interest from TBA short commitments | | | 6,342 | | | | — | | | | — | | | | — | | | | — | |
Advisory fees | | | 28,339 | | | | 300,696 | | | | 128,557 | | | | 394,955 | | | | 453,224 | |
Trustee and CCO fees | | | 44 | | | | 336 | | | | 104 | | | | 333 | | | | 326 | |
Audit and tax fees | | | 9,837 | | | | 11,094 | | | | 11,321 | | | | 11,633 | | | | 11,270 | |
Custody fees | | | 16,853 | | | | 9,470 | | | | 5,343 | | | | 23,958 | | | | 15,688 | |
Legal fees | | | 3,885 | | | | 28,210 | | | | 8,614 | | | | 29,225 | | | | 45,685 | |
Other | | | 1,098 | | | | 2,684 | | | | 2,840 | | | | 2,413 | | | | 2,940 | |
Collateral for securities on loan | | | 4,907,965 | | | | 26,502,707 | | | | 8,384,120 | | | | 28,300,939 | | | | 61,759,738 | |
TBA short commitments, at value | | | 3,988,004 | | | | — | | | | — | | | | — | | | | — | |
Unrealized depreciation on forward foreign currency contracts | | | 722 | | | | — | | | | — | | | | — | | | | — | |
Total liabilities | | | 27,031,928 | | | | 47,414,771 | | | | 13,539,566 | | | | 32,164,204 | | | | 67,317,613 | |
Net assets | | $ | 111,257,622 | | | $ | 858,369,471 | | | $ | 271,802,818 | | | $ | 844,143,683 | | | $ | 877,622,162 | |
| | | | | | | | | | | | | | | | | | | | | |
Investment securities, at cost | | $ | 116,030,545 | | | $ | 730,733,745 | | | $ | 230,911,085 | | | $ | 712,423,804 | | | $ | 746,251,335 | |
Repurchase agreements, at cost | | $ | 585,758 | | | $ | 8,900,359 | | | $ | 5,632,305 | | | $ | 2,020,905 | | | $ | 19,523,001 | |
Foreign currency, at cost | | $ | 5,202 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Securities loaned, at value | | $ | 4,805,075 | | | $ | 25,917,792 | | | $ | 8,200,499 | | | $ | 27,687,874 | | | $ | 60,311,134 | |
Proceeds received from TBA short commitments | | $ | 4,039,379 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 82
STATEMENTS OF ASSETS AND LIABILITIES (continued)
At June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Mid Growth | | | Small Value | | | Small Core | | | Small Growth | | | International
Equity | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investment securities, at value | | $ | 171,315,622 | | | $ | 92,451,892 | | | $ | 298,672,251 | | | $ | 80,757,228 | | | $ | 591,211,958 | |
Repurchase agreements, at value | | | 1,768,323 | | | | 1,785,221 | | | | 8,279,955 | | | | 1,425,083 | | | | 14,325,272 | |
Cash | | | — | | | | — | | | | — | | | | — | | | | 70,893 | |
Foreign currency, at value | | | — | | | | — | | | | — | | | | — | | | | 250,140 | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | — | | | | — | | | | — | | | | 3,303,879 | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investment securities sold | | | 169,160,021 | | | | 764,775 | | | | 248,071,515 | | | | 674,752 | | | | 2,151,177 | |
Interest | | | 1 | | | | 2 | | | | 7 | | | | 1 | | | | 12 | |
Dividends | | | 42,224 | | | | 81,101 | | | | 205,496 | | | | 7,602 | | | | 1,674,205 | |
Dividend reclaims | | | 1,987 | | | | — | | | | — | | | | — | | | | 2,690,550 | |
Securities lending income (net) | | | 3,870 | | | | 3,092 | | | | 9,208 | | | | 3,163 | | | | 27,877 | |
Prepaid expenses | | | 650 | | | | 273 | | | | 1,098 | | | | 250 | | | | 2,249 | |
Total assets | | | 342,292,698 | | | | 95,086,356 | | | | 555,239,530 | | | | 82,868,079 | | | | 615,708,212 | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Due to custodian | | | — | | | | — | | | | 2,572,070 | | | | — | | | | — | |
Accounts payable and accrued liabilities: | | | | | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 169,797,004 | | | | — | | | | 246,023,680 | | | | 673,488 | | | | 1,196,560 | |
Advisory fees | | | 93,355 | | | | 45,848 | | | | 192,729 | | | | 39,821 | | | | 342,985 | |
Trustee and CCO fees | | | 68 | | | | 29 | | | | 121 | | | | 25 | | | | 241 | |
Audit and tax fees | | | 10,280 | | | | 10,129 | | | | 10,475 | | | | 10,116 | | | | 551 | |
Custody fees | | | 6,137 | | | | 2,382 | | | | 7,374 | | | | 4,734 | | | | 58,313 | |
Legal fees | | | 5,781 | | | | 4,011 | | | | 12,074 | | | | 1,362 | | | | 32,311 | |
Other | | | 845 | | | | 765 | | | | 1,838 | | | | 310 | | | | 2,826 | |
Collateral for securities on loan | | | — | | | | 19,459,559 | | | | — | | | | 16,749,713 | | | | 35,551,160 | |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | — | | | | — | | | | — | | | | 873,925 | |
Total liabilities | | | 169,913,470 | | | | 19,522,723 | | | | 248,820,361 | | | | 17,479,569 | | | | 38,058,872 | |
Net assets | | $ | 172,379,228 | | | $ | 75,563,633 | | | $ | 306,419,169 | | | $ | 65,388,510 | | | $ | 577,649,340 | |
| | | | | | | | | | | | | | | | | | | | | |
Investment securities, at cost | | $ | 171,570,000 | | | $ | 73,546,290 | | | $ | 288,147,648 | | | $ | 71,455,112 | | | $ | 491,694,283 | |
Repurchase agreements, at cost | | $ | 1,768,323 | | | $ | 1,785,221 | | | $ | 8,279,955 | | | $ | 1,425,083 | | | $ | 14,325,272 | |
Foreign currency, at cost | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 251,608 | |
Securities loaned, at value | | $ | — | | | $ | 18,986,673 | | | $ | — | | | $ | 16,331,119 | | | $ | 34,057,176 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 83
STATEMENTS OF OPERATIONS
For the period ended June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | High Quality
Bond | | | Inflation-
Protected
Securities | | | Core Bond | | | High Yield
Bond | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Interest income | | $ | 907,853 | | | $ | 4,728,727 | | | $ | 1,432,755 | | | $ | 20,969,184 | | | $ | 28,831,523 | |
Securities lending income (net) | | | — | | | | 28,487 | | | | 14,776 | | | | 94,478 | | | | — | |
Dividend income | | | — | | | | — | | | | — | | | | 101,891 | | | | 268,902 | |
Withholding taxes on foreign income | | | — | | | | (197 | ) | | | — | | | | (9,795 | ) | | | (98 | ) |
Total investment income | | | 907,853 | | | | 4,757,017 | | | | 1,447,531 | | | | 21,155,758 | | | | 29,100,327 | |
| | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Advisory | | | 1,115,298 | | | | 716,056 | | | | 569,919 | | | | 2,487,848 | | | | 2,269,695 | |
Trustee and CCO | | | 11,940 | | | | 5,335 | | | | 4,307 | | | | 18,768 | | | | 10,859 | |
Audit and tax | | | 7,615 | | | | 8,355 | | | | 8,571 | | | | 9,965 | | | | 9,073 | |
Custody | | | 77,749 | | | | 30,705 | | | | 57,668 | | | | 176,123 | | | | 90,811 | |
Legal | | | 36,015 | | | | 14,551 | | | | 12,977 | | | | 57,358 | | | | 30,723 | |
Printing and shareholder reports | | | 14,047 | | | | 5,766 | | | | 5,035 | | | | 21,966 | | | | 12,191 | |
Other | | | 8,825 | | | | 3,515 | | | | 2,941 | | | | 12,452 | | | | 7,076 | |
Total expenses | | | 1,271,489 | | | | 784,283 | | | | 661,418 | | | | 2,784,480 | | | | 2,430,428 | |
Expenses (waived/reimbursed) | | | — | | | | — | | | | (10,080 | ) | | | — | | | | — | |
Net expenses | | | 1,271,489 | | | | 784,283 | | | | 651,338 | | | | 2,784,480 | | | | 2,430,428 | |
Net investment income (loss) | | | (363,636 | ) | | | 3,972,734 | | | | 796,193 | | | | 18,371,278 | | | | 26,669,899 | |
| | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 11,232 | | | | 396,012 | | | | 2,473,557 | | | | 7,411,270 | | | | (1,850,666 | ) |
Futures contracts | | | — | | | | — | | | | 619,896 | | | | (1,663,679 | ) | | | — | |
Written option and swaption contracts | | | — | | | | — | | | | (55,029 | ) | | | (991,015 | ) | | | — | |
Swap agreements | | | — | | | | — | | | | 221,855 | | | | 115,159 | | | | — | |
Foreign currency transactions | | | — | | | | — | | | | 564,694 | | | | 571,789 | | | | — | |
Total realized gain (loss) | | | 11,232 | | | | 396,012 | | | | 3,824,973 | | | | 5,443,524 | | | | (1,850,666 | ) |
| | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | — | | | | (5,459,357 | ) | | | (27,571,021 | ) | | | (65,286,904 | ) | | | (14,158,709 | ) |
Futures contracts | | | — | | | | — | | | | (167,896 | ) | | | (3,427,831 | ) | | | — | |
Written option and swaption contracts | | | — | | | | — | | | | (252,564 | ) | | | (33,147 | ) | | | — | |
Swap agreements | | | — | | | | — | | | | (158,213 | ) | | | 9,425,539 | | | | — | |
Translation of assets and liabilities denominated in foreign currencies | | | — | | | | — | | | | 102,875 | | | | 737,694 | | | | — | |
TBA short commitments | | | — | | | | — | | | | — | | | | 1,646,492 | | | | — | |
Net change in unrealized appreciation (depreciation) | | | — | | | | (5,459,357 | ) | | | (28,046,819 | ) | | | (56,938,157 | ) | | | (14,158,709 | ) |
Net realized and change in unrealized gain (loss) | | | 11,232 | | | | (5,063,345 | ) | | | (24,221,846 | ) | | | (51,494,633 | ) | | | (16,009,375 | ) |
Net increase (decrease) in net assets resulting from operations | | $ | (352,404 | ) | | $ | (1,090,611 | ) | | $ | (23,425,653 | ) | | $ | (33,123,355 | ) | | $ | 10,660,524 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 84
STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Balanced | | | Large Value | | | Large Core | | | Large Growth | | | Mid Value | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Interest income | | $ | 390,238 | | | $ | 1,707 | | | $ | 544 | | | $ | 862 | | | $ | 4,665 | |
Securities lending income (net) | | | 7,424 | | | | 83,181 | | | | 31,648 | | | | 118,583 | | | | 64,773 | |
Dividend income | | | 666,026 | | | | 9,622,285 | | | | 2,790,060 | | | | 5,231,091 | | | | 7,242,397 | |
Withholding taxes on foreign income | | | (229 | ) | | | (20,709 | ) | | | (6,619 | ) | | | (52,446 | ) | | | (19,703 | ) |
Total investment income | | | 1,063,459 | | | | 9,686,464 | | | | 2,815,633 | | | | 5,298,090 | | | | 7,292,132 | |
| | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Advisory | | | 251,527 | | | | 1,887,224 | | | | 788,537 | | | | 2,597,899 | | | | 2,798,932 | |
Trustee and CCO | | | 1,474 | | | | 11,010 | | | | 3,455 | | | | 11,062 | | | | 10,941 | |
Audit and tax | | | 9,248 | | | | 8,186 | | | | 8,748 | | | | 8,699 | | | | 7,784 | |
Custody | | | 70,570 | | | | 48,586 | | | | 17,523 | | | | 89,933 | | | | 49,774 | |
Legal | | | 4,155 | | | | 30,500 | | | | 9,306 | | | | 31,338 | | | | 38,374 | |
Printing and shareholder reports | | | 1,646 | | | | 11,718 | | | | 3,667 | | | | 12,285 | | | | 11,661 | |
Other | | | 948 | | | | 7,472 | | | | 2,252 | | | | 7,756 | | | | 6,931 | |
Total expenses | | | 339,568 | | | | 2,004,696 | | | | 833,488 | | | | 2,758,972 | | | | 2,924,397 | |
Expenses (waived/reimbursed) | | | (60,094 | ) | | | — | | | | — | | | | (35,367 | ) | | | (139 | ) |
Net expenses | | | 279,474 | | | | 2,004,696 | | | | 833,488 | | | | 2,723,605 | | | | 2,924,258 | |
Net investment income (loss) | | | 783,985 | | | | 7,681,768 | | | | 1,982,145 | | | | 2,574,485 | | | | 4,367,874 | |
| | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 5,266,136 | | | | 78,080,996 | | | | 30,150,219 | | | | 42,779,342 | | | | 38,734,934 | |
Futures contracts | | | 73,428 | | | | — | | | | — | | | | — | | | | — | |
Written option and swaption contracts | | | (23,493 | ) | | | — | | | | — | | | | — | | | | — | |
Foreign currency transactions | | | 19,012 | | | | — | | | | — | | | | 2,016 | | | | 3,801 | |
Total realized gain (loss) | | | 5,335,083 | | | | 78,080,996 | | | | 30,150,219 | | | | 42,781,358 | | | | 38,738,735 | |
| | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 1,683,877 | | | | 47,645,256 | | | | 8,145,418 | | | | 46,266,793 | | | | 68,680,555 | |
Futures contracts | | | (22,877 | ) | | | — | | | | — | | | | — | | | | — | |
Translation of assets and liabilities denominated in foreign currencies | | | 22,171 | | | | — | | | | — | | | | (108 | ) | | | (263 | ) |
TBA short commitments | | | 58,223 | | | | — | | | | — | | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) | | | 1,741,394 | | | | 47,645,256 | | | | 8,145,418 | | | | 46,266,685 | | | | 68,680,292 | |
Net realized and change in unrealized gain (loss) | | | 7,076,477 | | | | 125,726,252 | | | | 38,295,637 | | | | 89,048,043 | | | | 107,419,027 | |
Net increase (decrease) in net assets resulting from operations | | $ | 7,860,462 | | | $ | 133,408,020 | | | $ | 40,277,782 | | | $ | 91,622,528 | | | $ | 111,786,901 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 85
STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2013
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Mid Growth | | | Small Value | | | Small Core | | | Small Growth | | | International
Equity | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Interest income | | $ | 356 | | | $ | 364 | | | $ | 1,047 | | | $ | 269 | | | $ | 2,335 | |
Securities lending income (net) | | | 75,417 | | | | 14,184 | | | | 213,499 | | | | 70,661 | | | | 252,862 | |
Dividend income | | | 555,420 | | | | 541,845 | | | | 2,191,632 | | | | 87,742 | | | | 10,099,022 | |
Withholding taxes on foreign income | | | (3,046 | ) | | | — | | | | (864 | ) | | | — | | | | (937,877 | ) |
Total investment income | | | 628,147 | | | | 556,393 | | | | 2,405,314 | | | | 158,672 | | | | 9,416,342 | |
| | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Advisory | | | 614,669 | | | | 301,402 | | | | 1,227,011 | | | | 261,596 | | | | 2,284,643 | |
Trustee and CCO | | | 2,229 | | | | 962 | | | | 4,009 | | | | 814 | | | | 8,016 | |
Audit and tax | | | 7,833 | | | | 7,841 | | | | 7,824 | | | | 7,842 | | | | 102,074 | |
Custody | | | 16,484 | | | | 9,415 | | | | 30,276 | | | | 12,339 | | | | 192,030 | |
Legal | | | 6,280 | | | | 2,614 | | | | 11,958 | | | | 3,809 | | | | 25,036 | |
Printing and shareholder reports | | | 2,461 | | | | 1,052 | | | | 4,431 | | | | 1,651 | | | | 9,131 | |
Other | | | 1,579 | | | | 616 | | | | 2,652 | | | | 562 | | | | 5,536 | |
Total expenses | | | 651,535 | | | | 323,902 | | | | 1,288,161 | | | | 288,613 | | | | 2,626,466 | |
Expenses (waived/reimbursed) | | | (11,255 | ) | | | (11,473 | ) | | | — | | | | (8,333 | ) | | | — | |
Net expenses | | | 640,280 | | | | 312,429 | | | | 1,288,161 | | | | 280,280 | | | | 2,626,466 | |
Net investment income (loss) | | | (12,133 | ) | | | 243,964 | | | | 1,117,153 | | | | (121,608 | ) | | | 6,789,876 | |
| | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 35,653,290 | | | | 4,400,354 | | | | 76,990,980 | | | | (475,418 | ) | | | 28,689,617 | |
Futures contracts | | | — | | | | — | | | | 196,697 | | | | — | | | | — | |
Foreign currency transactions | | | (807 | ) | | | — | | | | — | | | | — | | | | (71,126 | ) |
Total realized gain (loss) | | | 35,652,483 | | | | 4,400,354 | | | | 77,187,677 | | | | (475,418 | ) | | | 28,618,491 | |
| | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | (18,020,582 | ) | | | 5,035,345 | | | | (37,187,500 | ) | | | 9,965,349 | | | | (34,755,846 | ) |
Futures contracts | | | — | | | | — | | | | (31,262 | ) | | | — | | | | — | |
Translation of assets and liabilities denominated in foreign currencies | | | (66 | ) | | | — | | | | — | | | | — | | | | 2,556,709 | |
Net change in unrealized appreciation (depreciation) | | | (18,020,648 | ) | | | 5,035,345 | | | | (37,218,762 | ) | | | 9,965,349 | | | | (32,199,137 | ) |
Net realized and change in unrealized gain (loss) | | | 17,631,835 | | | | 9,435,699 | | | | 39,968,915 | | | | 9,489,931 | | | | (3,580,646 | ) |
Net increase (decrease) in net assets resulting from operations | | $ | 17,619,702 | | | $ | 9,679,663 | | | $ | 41,086,068 | | | $ | 9,368,323 | | | $ | 3,209,230 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 86
STATEMENTS OF CHANGES IN NET ASSETS
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | High Quality Bond | | | Inflation-Protected Securities | |
| | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (363,636 | ) | | $ | (960,513 | ) | | $ | 3,972,734 | | | $ | 8,515,508 | | | $ | 796,193 | | | $ | 5,028,483 | |
Net realized gain (loss) | | | 11,232 | | | | 86 | | | | 396,012 | | | | 1,238,247 | | | | 3,824,973 | | | | 15,124,782 | |
Net change in unrealized appreciation (depreciation) | | | — | | | | — | | | | (5,459,357 | ) | | | 2,393,318 | | | | (28,046,819 | ) | | | 4,052,311 | |
Net increase (decrease) in net assets resulting from operations | | | (352,404 | ) | | | (960,427 | ) | | | (1,090,611 | ) | | | 12,147,073 | | | | (23,425,653 | ) | | | 24,205,576 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 286,182,803 | | | | 607,906,945 | | | | 146,684,363 | | | | 150,407,683 | | | | 27,260,025 | | | | 52,452,782 | |
Withdrawals | | | (310,967,588 | ) | | | (654,217,536 | ) | | | (110,745,579 | ) | | | (234,736,980 | ) | | | (34,154,588 | ) | | | (94,065,725 | ) |
| | | | | | | |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (24,784,785 | ) | | | (46,310,591 | ) | | | 35,938,784 | | | | (84,329,297 | ) | | | (6,894,563 | ) | | | (41,612,943 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets | | | (25,137,189 | ) | | | (47,271,018 | ) | | | 34,848,173 | | | | (72,182,224 | ) | | | (30,320,216 | ) | | | (17,407,367 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 948,357,939 | | | | 995,628,957 | | | | 386,045,994 | | | | 458,228,218 | | | | 341,136,354 | | | | 358,543,721 | |
End of period/year | | $ | 923,220,750 | | | $ | 948,357,939 | | | $ | 420,894,167 | | | $ | 386,045,994 | | | $ | 310,816,138 | | | $ | 341,136,354 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond | | | High Yield Bond | | | Balanced | |
| | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 18,371,278 | | | $ | 46,111,919 | | | $ | 26,669,899 | | | $ | 56,048,435 | | | $ | 783,985 | | | $ | 1,985,977 | |
Net realized gain (loss) | | | 5,443,524 | | | | 29,636,680 | | | | (1,850,666 | ) | | | 15,614,503 | | | | 5,335,083 | | | | 4,620,041 | |
Net change in unrealized appreciation (depreciation) | | | (56,938,157 | ) | | | 47,071,976 | | | | (14,158,709 | ) | | | 37,127,582 | | | | 1,741,394 | | | | 7,067,798 | |
Net increase (decrease) in net assets resulting from operations | | | (33,123,355 | ) | | | 122,820,575 | | | | 10,660,524 | | | | 108,790,520 | | | | 7,860,462 | | | | 13,673,816 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 128,707,343 | | | | 259,905,444 | | | | 55,799,954 | | | | 112,473,979 | | | | 9,789,531 | | | | 9,137,794 | |
Withdrawals | | | (180,967,379 | ) | | | (501,283,416 | ) | | | (68,620,180 | ) | | | (130,547,942 | ) | | | (15,994,436 | ) | | | (17,320,402 | ) |
| | | | | | | |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (52,260,036 | ) | | | (241,377,972 | ) | | | (12,820,226 | ) | | | (18,073,963 | ) | | | (6,204,905 | ) | | | (8,182,608 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets | | | (85,383,391 | ) | | | (118,557,397 | ) | | | (2,159,702 | ) | | | 90,716,557 | | | | 1,655,557 | | | | 5,491,208 | |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 1,470,033,135 | | | | 1,588,590,532 | | | | 819,992,643 | | | | 729,276,086 | | | | 109,602,065 | | | | 104,110,857 | |
End of period/year | | $ | 1,384,649,744 | | | $ | 1,470,033,135 | | | $ | 817,832,941 | | | $ | 819,992,643 | | | $ | 111,257,622 | | | $ | 109,602,065 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 87
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Value | | | Large Core | | | Large Growth | |
| | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,681,768 | | | $ | 17,614,276 | | | $ | 1,982,145 | | | $ | 4,205,876 | | | $ | 2,574,485 | | | $ | 6,849,377 | |
Net realized gain (loss) | | | 78,080,996 | | | | 94,470,108 | | | | 30,150,219 | | | | 21,814,060 | | | | 42,781,358 | | | | 113,489,403 | |
Net change in unrealized appreciation (depreciation) | | | 47,645,256 | | | | 29,113,417 | | | | 8,145,418 | | | | 13,087,450 | | | | 46,266,685 | | | | 23,287,865 | |
Net increase (decrease) in net assets resulting from operations | | | 133,408,020 | | | | 141,197,801 | | | | 40,277,782 | | | | 39,107,386 | | | | 91,622,528 | | | | 143,626,645 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 30,308,279 | | | | 62,284,142 | | | | 11,713,489 | | | | 15,282,782 | | | | 28,690,052 | | | | 68,357,724 | |
Withdrawals | | | (90,386,107 | ) | | | (296,208,563 | ) | | | (25,172,199 | ) | | | (44,610,616 | ) | | | (101,182,492 | ) | | | (403,278,229 | ) |
| | | | | | | |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (60,077,828 | ) | | | (233,924,421 | ) | | | (13,458,710 | ) | | | (29,327,834 | ) | | | (72,492,440 | ) | | | (334,920,505 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets | | | 73,330,192 | | | | (92,726,620 | ) | | | 26,819,072 | | | | 9,779,552 | | | | 19,130,088 | | | | (191,293,860 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 785,039,279 | | | | 877,765,899 | | | | 244,983,746 | | | | 235,204,194 | | | | 825,013,595 | | | | 1,016,307,455 | |
End of period/year | | $ | 858,369,471 | | | $ | 785,039,279 | | | $ | 271,802,818 | | | $ | 244,983,746 | | | $ | 844,143,683 | | | $ | 825,013,595 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid Value | | | Mid Growth | | | Small Value | |
| | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 4,367,874 | | | $ | 10,393,561 | | | $ | (12,133 | ) | | $ | 191,875 | | | $ | 243,964 | | | $ | 1,151,661 | |
Net realized gain (loss) | | | 38,738,735 | | | | 74,180,247 | | | | 35,652,483 | | | | 25,644,878 | | | | 4,400,354 | | | | 10,989,012 | |
Net change in unrealized appreciation (depreciation) | | | 68,680,292 | | | | 52,088,706 | | | | (18,020,648 | ) | | | 1,869,722 | | | | 5,035,345 | | | | 1,661,200 | |
Net increase (decrease) in net assets resulting from operations | | | 111,786,901 | | | | 136,662,514 | | | | 17,619,702 | | | | 27,706,475 | | | | 9,679,663 | | | | 13,801,873 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 40,363,541 | | | | 55,523,930 | | | | 7,496,489 | | | | 15,871,932 | | | | 4,387,054 | | | | 5,249,082 | |
Withdrawals | | | (52,492,762 | ) | | | (163,056,686 | ) | | | (17,669,890 | ) | | | (85,247,660 | ) | | | (8,686,426 | ) | | | (52,825,641 | ) |
| | | | | | | |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (12,129,221 | ) | | | (107,532,756 | ) | | | (10,173,401 | ) | | | (69,375,728 | ) | | | (4,299,372 | ) | | | (47,576,559 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets | | | 99,657,680 | | | | 29,129,758 | | | | 7,446,301 | | | | (41,669,253 | ) | | | 5,380,291 | | | | (33,774,686 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 777,964,482 | | | | 748,834,724 | | | | 164,932,927 | | | | 206,602,180 | | | | 70,183,342 | | | | 103,958,028 | |
End of period/year | | $ | 877,622,162 | | | $ | 777,964,482 | | | $ | 172,379,228 | | | $ | 164,932,927 | | | $ | 75,563,633 | | | $ | 70,183,342 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 88
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Core | | | Small Growth | | | International Equity | |
| | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | | | June 30, 2013 (unaudited) | | | December 31, 2012 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,117,153 | | | $ | 3,212,148 | | | $ | (121,608 | ) | | $ | (159,293 | ) | | $ | 6,789,876 | | | $ | 10,591,032 | |
Net realized gain (loss) | | | 77,187,677 | | | | 28,699,445 | | | | (475,418 | ) | | | 10,769,184 | | | | 28,618,491 | | | | 47,769,505 | |
Net change in unrealized appreciation (depreciation) | | | (37,218,762 | ) | | | 10,199,488 | | | | 9,965,349 | | | | (4,949,469 | ) | | | (32,199,137 | ) | | | 49,185,516 | |
Net increase (decrease) in net assets resulting from operations | | | 41,086,068 | | | | 42,111,081 | | | | 9,368,323 | | | | 5,660,422 | | | | 3,209,230 | | | | 107,546,053 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 11,195,647 | | | | 21,791,667 | | | | 4,260,641 | | | | 6,048,358 | | | | 29,881,440 | | | | 82,896,113 | |
Withdrawals | | | (42,798,597 | ) | | | (63,026,884 | ) | | | (6,540,252 | ) | | | (61,533,273 | ) | | | (69,873,787 | ) | | | (256,180,194 | ) |
| | | | | | | |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (31,602,950 | ) | | | (41,235,217 | ) | | | (2,279,611 | ) | | | (55,484,915 | ) | | | (39,992,347 | ) | | | (173,284,081 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets | | | 9,483,118 | | | | 875,864 | | | | 7,088,712 | | | | (49,824,493 | ) | | | (36,783,117 | ) | | | (65,738,028 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 296,936,051 | | | | 296,060,187 | | | | 58,299,798 | | | | 108,124,291 | | | | 614,432,457 | | | | 680,170,485 | |
End of period/year | | $ | 306,419,169 | | | $ | 296,936,051 | | | $ | 65,388,510 | | | $ | 58,299,798 | | | $ | 577,649,340 | | | $ | 614,432,457 | |
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 89
FINANCIAL HIGHLIGHTS
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 923,221 | | | $ | 948,358 | | | $ | 995,629 | | | $ | 1,065,396 | | | $ | 1,132,907 | | | $ | 1,325,802 | |
Total return | | | (0.04 | )%(A) | | | (0.11 | )% | | | (0.04 | )% | | | 0.02 | % | | | 0.36 | % | | | 2.44 | % |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.29 | %(B) | | | 0.28 | % | | | 0.28 | % | | | 0.28 | % | | | 0.27 | % | | | 0.27 | % |
Before (waiver/reimbursement) | | | 0.29 | %(B) | | | 0.28 | % | | | 0.28 | % | | | 0.28 | % | | | 0.27 | % | | | 0.27 | % |
Net investment income (loss) to average net assets | | | (0.08 | )%(B) | | | (0.11 | )% | | | (0.04 | )% | | | 0.02 | % | | | 0.37 | % | | | 2.43 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Quality Bond | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 420,894 | | | $ | 386,046 | | | $ | 458,228 | | | $ | 463,701 | | | $ | 477,088 | | | $ | 421,232 | |
Total return | | | (0.26 | )%(A) | | | 2.95 | % | | | 2.16 | % | | | 4.20 | % | | | 9.83 | % | | | 0.55 | % |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.38 | %(B) | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % |
Before (waiver/reimbursement) | | | 0.38 | %(B) | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % |
Net investment income (loss) to average net assets | | | 1.94 | %(B) | | | 2.10 | % | | | 2.43 | % | | | 2.99 | % | | | 3.75 | % | | | 4.24 | % |
Portfolio turnover rate | | | 42 | %(A) | | | 68 | % | | | 84 | % | | | 87 | % | | | 104 | % | | | 64 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Inflation-Protected Securities | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 310,816 | | | $ | 341,136 | | | $ | 358,544 | | | $ | 328,010 | | | $ | 370,010 | | | $ | 389,198 | |
Total return | | | (6.97 | )%(A) | | | 7.06 | % | | | 12.33 | % | | | 6.23 | % | | | 10.22 | % | | | (2.14 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.40 | %(B) | | | 0.40 | % | | | 0.40 | % | | | 0.38 | % | | | 0.40 | % | | | 0.39 | % |
Before (waiver/reimbursement) | | | 0.41 | %(B) | | | 0.40 | % | | | 0.40 | % | | | 0.38 | % | | | 0.40 | % | | | 0.39 | % |
Net investment income (loss) to average net assets | | | 0.49 | %(B) | | | 1.43 | % | | | 3.30 | % | | | 2.04 | % | | | 1.02 | % | | | 4.99 | % |
Portfolio turnover rate | | | 54 | %(A) | | | 103 | % | | | 134 | % | | | 117 | % | | | 118 | % | | | 154 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 90
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 1,384,650 | | | $ | 1,470,033 | | | $ | 1,588,591 | | | $ | 1,622,006 | | | $ | 1,749,531 | | | $ | 1,667,313 | |
Total return | | | (2.33 | )%(A) | | | 8.28 | % | | | 6.20 | % | | | 8.26 | % | | | 12.89 | % | | | (1.83 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.39 | %(B) | | | 0.39 | % | | | 0.39 | % | | | 0.39 | % | | | 0.38 | % | | | 0.38 | % |
Before (waiver/reimbursement) | | | 0.39 | %(B) | | | 0.39 | % | | | 0.39 | % | | | 0.39 | % | | | 0.38 | % | | | 0.38 | % |
Net investment income (loss) to average net assets | | | 2.58 | %(B) | | | 3.03 | % | | | 3.54 | % | | | 3.65 | % | | | 4.45 | % | | | 5.12 | % |
Portfolio turnover rate | | | 88 | %(A) | | | 297 | % | | | 406 | % | | | 633 | % | | | 1,014 | %(C) | | | 530 | % |
| (C) | Excludes investment securities received in kind. |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Yield Bond | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 817,833 | | | $ | 819,993 | | | $ | 729,276 | | | $ | 709,083 | | | $ | 641,917 | | | $ | 439,863 | |
Total return | | | 1.29 | %(A) | | | 15.14 | % | | | 4.93 | % | | | 15.81 | % | | | 57.21 | % | | | (28.90 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.59 | %(B) | | | 0.59 | % | | | 0.59 | % | | | 0.59 | % | | | 0.59 | % | | | 0.58 | % |
Before (waiver/reimbursement) | | | 0.59 | %(B) | | | 0.59 | % | | | 0.59 | % | | | 0.59 | % | | | 0.59 | % | | | 0.58 | % |
Net investment income (loss) to average net assets | | | 6.46 | %(B) | | | 7.23 | % | | | 8.04 | % | | | 8.84 | % | | | 10.10 | % | | | 9.57 | % |
Portfolio turnover rate | | | 32 | %(A) | | | 102 | % | | | 81 | % | | | 98 | % | | | 98 | % | | | 54 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Balanced | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 111,258 | | | $ | 109,602 | | | $ | 104,111 | | | $ | 116,337 | | | $ | 137,734 | | | $ | 168,930 | |
Total return | | | 7.22 | %(A) | | | 13.47 | % | | | 3.60 | % | | | 13.91 | % | | | 23.45 | % | | | (26.71 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.50 | %(B) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % |
Before (waiver/reimbursement) | | | 0.61 | %(B) | | | 0.61 | % | | | 0.62 | % | | | 0.59 | % | | | 0.55 | % | | | 0.53 | % |
Net investment income (loss) to average net assets | | | 1.40 | %(B) | | | 1.82 | % | | | 2.26 | % | | | 2.42 | % | | | 3.01 | % | | | 3.45 | % |
Portfolio turnover rate | | | 65 | %(A) | | | 150 | % | | | 245 | % | | | 211 | % | | | 167 | % | | | 154 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 91
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Value | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31, 2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 858,369 | | | $ | 785,039 | | | $ | 877,766 | | | $ | 1,014,115 | | | $ | 1,263,463 | | | $ | 1,450,970 | |
Total return | | | 17.25 | %(A) | | | 17.39 | % | | | 2.32 | % | | | 14.66 | % | | | 16.71 | % | | | (42.94 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.48 | %(B) | | | 0.48 | % | | | 0.47 | % | | | 0.47 | % | | | 0.48 | % | | | 0.48 | % |
Before (waiver/reimbursement) | | | 0.48 | %(B) | | | 0.48 | % | | | 0.47 | % | | | 0.47 | % | | | 0.48 | % | | | 0.48 | % |
Net investment income (loss) to average net assets | | | 1.83 | %(B) | | | 2.08 | %(C) | | | 1.70 | % | | | 1.65 | % | | | 2.22 | % | | | 2.53 | % |
Portfolio turnover rate | | | 52 | %(A) | | | 48 | % | | | 55 | % | | | 62 | % | | | 124 | %(D) | | | 26 | % |
| (C) | Includes litigation proceeds received during the year that represented 0.15%. |
| (D) | Excludes investment securities received in kind. |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Core | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 271,803 | | | $ | 244,984 | | | $ | 235,204 | | | $ | 255,995 | | | $ | 280,896 | | | $ | 281,774 | |
Total return | | | 16.61 | %(A) | | | 17.30 | % | | | 3.51 | % | | | 11.79 | % | | | 23.36 | % | | | (36.65 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.63 | %(B) | | | 0.64 | % | | | 0.63 | % | | | 0.63 | % | | | 0.62 | % | | | 0.65 | % |
Before (waiver/reimbursement) | | | 0.63 | %(B) | | | 0.64 | % | | | 0.63 | % | | | 0.63 | % | | | 0.62 | % | | | 0.65 | % |
Net investment income (loss) to average net assets | | | 1.51 | %(B) | | | 1.68 | % | | | 1.37 | % | | | 1.47 | % | | | 1.57 | % | | | 1.31 | % |
Portfolio turnover rate | | | 57 | %(A) | | | 54 | % | | | 63 | % | | | 55 | % | | | 168 | % | | | 99 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Growth | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31, 2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 844,144 | | | $ | 825,014 | | | $ | 1,016,307 | | | $ | 1,176,583 | | | $ | 1,341,520 | | | $ | 1,130,783 | |
Total return | | | 11.34 | %(A) | | | 14.91 | % | | | (1.78 | )% | | | 16.62 | % | | | 35.56 | % | | | (39.87 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.65 | %(B) | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
Before (waiver/reimbursement) | | | 0.66 | %(B) | | | 0.66 | % | | | 0.65 | % | | | 0.66 | % | | | 0.65 | % | | | 0.65 | % |
Net investment income (loss) to average net assets | | | 0.61 | %(B) | | | 0.75 | % | | | 0.34 | % | | | 0.56 | % | | | 0.97 | % | | | 0.92 | % |
Portfolio turnover rate | | | 25 | %(A) | | | 53 | % | | | 53 | % | | | 119 | % | | | 102 | %(C) | | | 102 | % |
| (C) | Excludes investment securities received in kind. |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 92
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid Value | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 877,622 | | | $ | 777,964 | | | $ | 748,835 | | | $ | 909,134 | | | $ | 808,661 | | | $ | 630,249 | |
Total return | | | 14.41 | %(A) | | | 19.50 | % | | | (2.19 | )% | | | 21.29 | % | | | 32.53 | % | | | (37.73 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.70 | %(B) | | | 0.70 | % | | | 0.70 | % | | | 0.69 | % | | | 0.70 | % | | | 0.70 | % |
Before (waiver/reimbursement) | | | 0.70 | %(B) | | | 0.70 | % | | | 0.70 | % | | | 0.69 | % | | | 0.70 | % | | | 0.70 | % |
Net investment income (loss) to average net assets | | | 1.05 | %(B) | | | 1.36 | % | | | 1.08 | % | | | 1.14 | % | | | 1.44 | % | | | 1.69 | % |
Portfolio turnover rate | | | 26 | %(A) | | | 71 | % | | | 69 | % | | | 76 | % | | | 122 | % | | | 68 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid Growth | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 172,379 | | | $ | 164,933 | | | $ | 206,602 | | | $ | 269,733 | | | $ | 251,749 | | | $ | 228,966 | |
Total return | | | 10.89 | %(A) | | | 13.93 | % | | | (6.90 | )% | | | 29.27 | % | | | 25.24 | % | | | (41.55 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.75 | %(B) | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
Before (waiver/reimbursement) | | | 0.76 | %(B) | | | 0.76 | % | | | 0.75 | % | | | 0.75 | % | | | 0.76 | % | | | 0.75 | % |
Net investment income (loss) to average net assets | | | (0.01 | )%(B) | | | 0.10 | % | | | (0.33 | )% | | | (0.36 | )% | | | (0.23 | )% | | | (0.02 | )% |
Portfolio turnover rate | | | 189 | %(A) | | | 178 | % | | | 135 | % | | | 199 | % | | | 214 | % | | | 158 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Value | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 75,564 | | | $ | 70,183 | | | $ | 103,958 | | | $ | 134,427 | | | $ | 145,727 | | | $ | 156,628 | |
Total return | | | 14.00 | %(A) | | | 16.11 | % | | | 1.35 | % | | | 23.12 | % | | | 19.64 | % | | | (26.63 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.85 | %(B) | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
Before (waiver/reimbursement) | | | 0.88 | %(B) | | | 0.88 | % | | | 0.87 | % | | | 0.87 | % | | | 0.88 | % | | | 0.87 | % |
Net investment income (loss) to average net assets | | | 0.66 | %(B) | | | 1.41 | % | | | 0.63 | % | | | 0.84 | % | | | 1.24 | % | | | 1.94 | % |
Portfolio turnover rate | | | 10 | %(A) | | | 15 | % | | | 16 | % | | | 121 | % | | | 103 | % | | | 117 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 93
FINANCIAL HIGHLIGHTS (continued)
For the period or years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Core | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 306,419 | | | $ | 296,936 | | | $ | 296,060 | | | $ | 341,598 | | | $ | 340,044 | | | $ | 389,662 | |
Total return | | | 14.07 | %(A) | | | 15.04 | % | | | (2.19 | )% | | | 29.89 | % | | | 27.64 | % | | | (36.06 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.84 | %(B) | | | 0.84 | % | | | 0.84 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
Before (waiver/reimbursement) | | | 0.84 | %(B) | | | 0.84 | % | | | 0.84 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
Net investment income (loss) to average net assets | | | 0.73 | %(B) | | | 1.07 | % | | | 0.32 | % | | | 0.43 | % | | | 0.67 | % | | | 0.94 | % |
Portfolio turnover rate | | | 116 | %(A) | | | 59 | % | | | 59 | % | | | 55 | % | | | 88 | % | | | 106 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Growth | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 65,389 | | | $ | 58,300 | | | $ | 108,124 | | | $ | 142,731 | | | $ | 152,724 | | | $ | 152,513 | |
Total return | | | 16.29 | %(A) | | | 1.30 | % | | | (6.45 | )% | | | 25.65 | % | | | 32.99 | % | | | (37.87 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.90 | %(B) | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % |
Before (waiver/reimbursement) | | | 0.93 | %(B) | | | 0.94 | % | | | 0.94 | % | | | 0.93 | % | | | 0.93 | % | | | 0.93 | % |
Net investment income (loss) to average net assets | | | (0.39 | )%(B) | | | (0.20 | )% | | | (0.37 | )% | | | (0.41 | )% | | | (0.38 | )% | | | (0.18 | )% |
Portfolio turnover rate | | | 36 | %(A) | | | 209 | % | | | 120 | % | | | 99 | % | | | 104 | % | | | 146 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | |
| | | June 30, 2013
(unaudited) | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2009 | | | December 31,
2008 | |
Net assets end of period/year (000’s) | | $ | 577,649 | | | $ | 614,432 | | | $ | 680,170 | | | $ | 893,260 | | | $ | 1,044,049 | | | $ | 1,100,060 | |
Total return | | | 0.40 | %(A) | | | 17.35 | % | | | (13.51 | )% | | | 14.94 | % | | | 26.10 | % | | | (49.94 | )% |
Ratio and supplemental data | | | | | | | | | | | | | | | | | | | | | | | | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
After (waiver/reimbursement) | | | 0.86 | %(B) | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % | | | 0.82 | % | | | 0.84 | % |
Before (waiver/reimbursement) | | | 0.86 | %(B) | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % | | | 0.82 | % | | | 0.84 | % |
Net investment income (loss) to average net assets | | | 2.23 | %(B) | | | 1.65 | % | | | 1.70 | % | | | 1.45 | % | | | 1.39 | % | | | 2.78 | % |
Portfolio turnover rate | | | 19 | %(A) | | | 23 | % | | | 24 | % | | | 29 | % | | | 138 | % | | | 174 | % |
Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.
The notes to the financial statements are an integral part of this report.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 94
NOTES TO FINANCIAL STATEMENTS
At June 30, 2013
(unaudited)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Transamerica Partners Portfolios (the “Series Portfolio”) is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as a series trust under the laws of the State of New York. The Series Portfolio is composed of fifteen different series that are, in effect, separate investment funds: Transamerica Partners Money Market Portfolio (“Money Market”), Transamerica Partners High Quality Bond Portfolio (“High Quality Bond”), Transamerica Partners Inflation-Protected Securities Portfolio (“Inflation-Protected Securities”), Transamerica Partners Core Bond Portfolio (“Core Bond”), Transamerica Partners High Yield Bond Portfolio (“High Yield Bond”), Transamerica Partners Balanced Portfolio (“Balanced”), Transamerica Partners Large Value Portfolio (“Large Value”), Transamerica Partners Large Core Portfolio (“Large Core”), Transamerica Partners Large Growth Portfolio (“Large Growth”), Transamerica Partners Mid Value Portfolio (“Mid Value”), Transamerica Partners Mid Growth Portfolio (“Mid Growth”), Transamerica Partners Small Value Portfolio (“Small Value”), Transamerica Partners Small Core Portfolio (“Small Core”), Transamerica Partners Small Growth Portfolio (“Small Growth”), and Transamerica Partners International Equity Portfolio (“International Equity”) (each a “Portfolio” and collectively, the “Portfolios”). Each Portfolio issues shares of beneficial interest only in private placement transactions that do not involve a public offering within the meaning of Section 4(2) of the Securities Act of 1933, as amended (“Securities Act”). Only “accredited investors”, as defined in Regulation D under the Securities Act, may invest in the Portfolios. Accredited investors include investment companies, insurance company separate accounts, common or commingled trust funds, or other similar organizations or entities.
Transamerica Asset Management, Inc. (“TAM”) provides continuous and regular investment advisory services to the Portfolios. TAM acts as a manager of managers, providing advisory services that include, without limitation, the design and development of each Portfolio and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending and implementing portfolio combinations and liquidations where it believes appropriate or advisable; regular supervision of the Portfolios’ investments; regular review of sub-adviser performance and holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation of portfolio holdings; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation and review, of materials for meetings of the Portfolios’ Board of Trustees; oversight of preparation of prospectuses, shareholder reports and other disclosure materials and filings; and oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the administrator, the distributor, the Portfolios’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment advisory services. Where TAM employs sub-advisers, the sub-advisers carry out and effectuate the investment strategy designed for the Portfolios by TAM and are responsible, subject to TAM’s and the Board of Trustees oversight, for the day-to-day management of the Portfolios and for making decisions to buy, hold or sell a particular security.
Transamerica Fund Services, Inc. (“TFS”) provides supervisory and administrative services to each Portfolio. TFS’s supervisory and administrative services include performing certain administrative services for the Portfolios and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided for the Portfolio by State Street Bank and Trust Company (“State Street”), to whom TFS has outsourced the provision of certain services as described below; to the extent agreed upon by TFS and the Portfolio from time to time, monitoring and verifying the custodian’s daily calculation of net asset values; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of Portfolio investments; recommending and implementing portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolio’s custodian and its dividend disbursing agent and monitoring their services to the Portfolio; assisting the Portfolio in preparing reports to shareholders; preparation of agendas and supporting documents for and minutes of meetings of Trustees and committees of Trustees; and preparation of regular communications with the Trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TFS to perform supervisory and administrative services to the Portfolio. State Street performs back office services to support TFS, including furnishing financial and performance information about the Portfolios for inclusion in regulatory filings and Trustee and shareholder reports; preparing drafts of regulatory filings, Trustee materials, expenses and budgeting; tax compliance testing; and maintaining books and records. TFS pays all expenses it incurs in connection with providing these services in the Amended and Restated Administrative Services Agreement with the exception of the costs of certain services specifically assumed by the Portfolios, as numerated within the Statement of Operations.
This report should be read in conjunction with the Portfolios’ current prospectus, which contains additional information about the Portfolios, including investment objectives and strategies.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 95
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
In the normal course of business, the Portfolios enter into contracts that contain a variety of representations that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios and/or their affiliates that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss to be remote.
In preparing the Portfolios’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolios.
Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of securities exposes the Portfolios to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. The lending agent has agreed to indemnify the Portfolios in the case of default of any securities borrowed.
Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio (“Navigator”), a money market mutual fund registered under the 1940 Act. The Transamerica Asset Management family of mutual funds is a significant shareholder of the Navigator as of June 30, 2013. No individual portfolio has a significant holding in the Navigator.
By lending securities, the Portfolios seek to increase their net investment income through the receipt of interest and fees.
Such income is reflected separately in the Statements of Operations. Income from loaned securities in the Statements of Operations is net of fees and rebates earned by the lending agent for its services. The value of loaned securities and related collateral outstanding at June 30, 2013 is shown in the Schedules of Investments and the Statements of Assets and Liabilities.
Repurchase agreements: Securities purchased subject to a repurchase agreement are held at the Portfolios’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolios will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.
The open repurchase agreements and related collateral at June 30, 2013 are listed in the Schedules of Investments.
Foreign currency denominated investments: The accounting records of the Portfolios are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities is translated at the exchange rates in effect when the investment was acquired. Each Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.
Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country, or region.
Forward foreign currency contracts: The Portfolios are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.
Open forward foreign currency contracts at June 30, 2013 are listed in the Schedules of Investments.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 96
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
Foreign taxes: The Portfolios may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Portfolios may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolios accrue such taxes and recoveries as applicable when the related income or capital gains are earned, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolios invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.
Option contracts: The Portfolios are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, enter into option contracts to manage exposure to various market fluctuations. Portfolios purchase or write put and call options on U.S. securities, indices, futures, swaps (“swaptions”), commodities, and currency transactions. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms.
Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolios pay premiums, which are included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.
Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When a Portfolio writes a covered call or put option, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.
Inflation-capped options: A Portfolio purchases or writes inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give down-side protection to the investments in inflation-linked products.
The underlying face amounts of open option and swaption contracts at June 30, 2013, are listed in the Schedules of Investments.
Transactions in written options were as follows:
| | | | | | | | |
| Inflation-Protected Securities | | Premiums | | | Contracts | |
Balance at December 31, 2012 | | $ | 8,848 | | | | 44 | |
Sales | | | 333,219 | | | | 1,060 | |
Closing Buys | | | (126,962 | ) | | | (212 | ) |
Expirations | | | — | | | | — | |
Exercised | | | (58,849 | ) | | | (91 | ) |
| | | | | | | | | |
Balance at June 30, 2013 | | $ | 156,256 | | | | 801 | |
| | | | | | | | |
| Core Bond | | Premiums | | | Contracts | |
Balance at December 31, 2012 | | $ | — | | | | — | |
Sales | | | 436,192 | | | | 1,084 | |
Closing Buys | | | (436,192 | ) | | | (1,084 | ) |
Expirations | | | — | | | | — | |
Exercised | | | — | | | | — | |
| | | | | | | | | |
Balance at June 30, 2013 | | $ | — | | | | — | |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 97
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
Transactions in written swaptions, inflation cap options and foreign exchange options were as follows:
| | | | | | | | |
| Inflation-Protected Securities | | Premiums | | | Notional
Amount | |
Balance at December 31, 2012 | | $ | 399,123 | | | $ | 38,505,000 | |
Sales | | | 523,564 | | | | 60,495,000 | |
Closing Buys | | | (108,931 | ) | | | (6,705,000 | ) |
Expirations | | | (25,264 | ) | | | (6,495,000 | ) |
Exercised | | | (27,195 | ) | | | (3,400,000 | ) |
| | | | | | | | | |
Balance at June 30, 2013 | | $ | 761,297 | | | $ | 82,400,000 | |
| | | | | | | | |
| Inflation-Protected Securities | | Premiums | | | Notional Amount | |
Balance at December 31, 2012 | | $ | — | | | AUD | — | |
Sales | | | 20,508 | | | | 1,700,000 | |
Closing Buys | | | — | | | | — | |
Expirations | | | — | | | | — | |
Exercised | | | — | | | | — | |
| | | | | | | | | |
Balance at June 30, 2013 | | $ | 20,508 | | | AUD | 1,700,000 | |
| | | | | | | | |
| Inflation-Protected Securities | | Premiums | | | Notional Amount | |
Balance at December 31, 2012 | | $ | 224,437 | | | EUR | 4,270,000 | |
Sales | | | 102,597 | | | | 8,945,000 | |
Closing Buys | | | — | | | | — | |
Expirations | | | (66,524 | ) | | | (5,040,000 | ) |
Exercised | | | — | | | | — | |
| | | | | | | | | |
Balance at June 30, 2013 | | $ | 260,510 | | | EUR | 8,175,000 | |
| | | | | | | | |
| Core Bond | | Premiums | | | Notional
Amount | |
Balance at December 31, 2012 | | $ | 229,600 | | | $ | 12,300,000 | |
Sales | | | — | | | | — | |
Closing Buys | | | (229,600 | ) | | | (12,300,000 | ) |
Expirations | | | — | | | | — | |
Exercised | | | — | | | | — | |
| | | | | | | | | |
Balance at June 30, 2013 | | $ | — | | | $ | — | |
Futures contracts: The Portfolios are subject to equity and commodity price risks, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Portfolios are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolios each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Portfolios. Upon entering into such contracts, the Portfolios bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
The open futures contracts at June 30, 2013 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.
Swap agreements: Swap agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be executed in multilateral or other trade facility platforms, such as a registered
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
exchange (“centrally cleared swaps”). The Portfolios, with the exception of Money Market, enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values from third party vendors, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Assets and Liabilities.
Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities, and represent payments made or received upon entering into the swap agreements to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses in the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gains or losses in the Statements of Operations.
Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:
Credit default swap agreements: The Portfolios are subject to credit risk in the normal course of pursuing their investment objectives. The Portfolios enter into credit default swaps to manage their exposure to the market, or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).
Under a credit default swap, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolios’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolios and the counterparty, and by the posting of collateral.
Certain Portfolios sell credit default swaps, which exposes them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps are disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps is included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ credit-risk-related contingent features would have been triggered, and the Portfolios would have been required to pay the notional amounts for the credit default swaps with a sell protection less the value of the contracts’ related reference obligations.
Interest rate swap agreements: The Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because a Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Portfolios enter into interest rate swap agreements. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. Portfolios with interest rate agreements can elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate, on a notional principal amount. The risks of interest rate swaps include changes in market conditions, which will affect the value of the contract or the cash flows, and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolios’ maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparties over the contracts’ remaining lives, to the extent that that amount is positive. This risk is mitigated by having a master netting arrangement between the Portfolios and the counterparty, and by the posting of collateral.
The open centrally cleared swap agreements at June 30, 2013 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.
The open OTC swap agreements at June 30, 2013 are listed in the Schedules of Investments. The premiums paid (received), as applicable, is included in the Statements of Assets and Liabilities along with the unrealized appreciation (depreciation).
Cash overdraft: Throughout the period, the Portfolios may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate. Payables, if any, are reflected as Due to Custodian in the Statements of Assets and Liabilities. Expenses from cash overdrafts are included in Other in the Statements of Operations.
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
Short sales: A short sale is a transaction in which a Portfolio sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Portfolios are obligated to replace the borrowed securities at the market price at the time of replacement. The Portfolios’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Portfolios consider the short sale to be a borrowing by the Portfolios that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Portfolio may be unable to replace borrowed securities sold short.
The Portfolios investing in short sales are liable for any dividends payable on securities while those securities are in a short position and also bears other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs are reported as dividends and/or interest from securities sold short in the Statements of Operations.
Loan participations and assignments: The Portfolios may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”), or by buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and Assignments in commercial loans may be secured or unsecured. These investments may include standby financing commitments, including revolving credit facilities that obligate the Portfolios to supply additional cash to the borrowers on demand. Loan Participations and Assignments involve risks of insolvency of the lending banks or other financial intermediaries. As such, the Portfolios assume the credit risks associated with the corporate borrowers and may assume the credit risks associated with the interposed banks or other financial intermediaries.
The Portfolios may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Portfolios that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.
The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Portfolios have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Portfolios may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.
The Portfolios held no unsecured loan participations at June 30, 2013.
Structured notes: Certain Portfolios invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. Investing in structured notes involves the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Structured notes may be less liquid than other types of securities and more volatile than their underlying reference instruments. All structured notes are listed within the Schedules of Investments.
To be announced (“TBA”) commitments: TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. They are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security to be sold increases, prior to settlement date, in addition to the risk of decline in the value of the Portfolios’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations. Open balances are included in the payable or receivable for investments purchased or sold in the Statements of Assets and Liabilities.
When-Issued, forward delivery securities and Delayed Delivery Settlements: The Portfolios may purchase or sell securities on a when-issued, forward (delayed) delivery basis or delayed settlement. When-issued and forward delivery transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolios engage in when-issued transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolios engage in when-issued and forward delivery transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolios may be required to pay more at settlement than the security is worth. In addition, the Portfolios are not entitled to any of the interest earned prior to settlement.
Delayed Delivery transactions involve a commitment by the Portfolios to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery transactions are outstanding,
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
the Portfolios will segregate with its custodian either cash, U.S. Government securities, or other liquid assets at least equal to the value of the commitments until payment is made. When purchasing a security on a delayed delivery basis, the Portfolios assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolios if the other party to the transaction defaults on its obligation to make payment or delivery and the Portfolios are delayed or prevented from completing the transaction. The Portfolios may dispose of or renegotiate a delayed delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolios sell a security on a delayed delivery basis, the Portfolios do not participate in future gains and losses on the security.
Treasury inflation-protected securities (“TIPS”): Certain Portfolios invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations with a corresponding adjustment to cost.
Payment in-kind securities (“PIKs”): PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a “dirty price”) and require a pro-rata adjustment from unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.
The PIKs at June 30, 2013 are listed in the Schedules of Investments.
Restricted and illiquid securities: The Portfolios may invest in unregulated or restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.
The restricted and illiquid securities at June 30, 2013 are listed in the Schedules of Investments.
Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, has elected to place security transactions of the Portfolios with broker/dealers with which other funds or portfolios advised by TAM has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolios. In no event will commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.
Commissions recaptured for the period ended June 30, 2013, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:
| | | | |
| Portfolio | | Commissions | |
Large Growth | | $ | 17,871 | |
Mid Value | | | 91,104 | |
Mid Growth | | | 16,834 | |
Small Value | | | 315 | |
Small Core | | | 44,658 | |
Small Growth | | | 2,176 | |
International Equity | | | 4,488 | |
Portfolios not listed in the above table did not have any commissions recaptured during the period ended June 30, 2013.
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Portfolios are informed of the ex-dividend dates, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.
Real estate investment trust (“REITs”): Dividend income related to a REIT is recorded at management’s estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 1. (continued)
There are certain additional risks involved in investing in REITs. These include, but are not limited to, economical conditions, changes in zoning laws, real estate values, property taxes, and interest rates.
NOTE 2. SECURITY VALUATIONS
All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. Eastern Time, each day the NYSE is open for business. The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1—Unadjusted quoted prices in active markets for identical securities.
Level 2—Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.
Level 3—Unobservable inputs, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The Portfolios’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy. The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Portfolios use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.
The availability of observable inputs may vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.
The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.
For assets and liabilities using significant unobservable inputs (Level 3), GAAP requires a reconciliation of the beginning to the ending balances for reported market values that presents changes attributed to total realized and unrealized gains or losses, purchases and sales, and transfers in or out of the Level 3 category during the period. The Level 3 reconciliation, if any, is disclosed in the Valuation Summary of each respective Portfolio’s Schedule of Investments.
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 2. (continued)
Fair value measurements: Descriptions of the valuation techniques applied to the Portfolios’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:
Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.
Equity securities (common and preferred stocks): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Foreign securities, in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.
Preferred stock, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.
Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the net asset value of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.
Repurchase agreements: Repurchase agreements are traded on active markets or valued by reference to similar instruments and are generally categorized in Level 2.
Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.
Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.
Short-term notes: Short-term notes are valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values would be generally categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.
Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy, or in Level 3 if inputs are unobservable.
U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include TBA securities and mortgage pass-through certificates. Generally, TBA securities and mortgage passthroughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 2. (continued)
Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee under the supervision of the Portfolios’ Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.
Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Portfolios using pricing models fall into this category and are categorized in Level 2 of the fair value hierarchy or in Level 3 if inputs are unobservable.
The hierarchy classification of inputs used to value the Portfolios’ investments at June 30, 2013, is disclosed in the Valuation Summary of each Portfolio’s Schedule of Investments.
NOTE 3. RELATED PARTY TRANSACTIONS
TAM, the Portfolios’ investment adviser, is directly owned by Western Reserve Life Assurance Co. of Ohio and AUSA Holding Company (“AUSA”), both of which are indirect, wholly-owned subsidiaries of Aegon NV. AUSA is wholly-owned by Aegon USA, LLC (“Aegon USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Aegon USA is owned by Aegon US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.
Transamerica Financial Life Insurance Company (“TFLIC”) is a wholly-owned subsidiary of Aegon USA. The percentage of each Portfolio that is owned by TFLIC sub-accounts is as follows:
| | | | |
| TFLIC Sub-accounts | | Investments in Portfolio | |
Money Market | | | 3.74 | % |
High Quality Bond | | | 14.21 | |
Inflation-Protected Securities | | | 12.51 | |
Core Bond | | | 12.24 | |
High Yield Bond | | | 6.00 | |
Balanced | | | 50.65 | |
Large Value | | | 36.54 | |
Large Core | | | 55.57 | |
Large Growth | | | 38.57 | |
Mid Value | | | 5.47 | |
Mid Growth | | | 0.75 | |
Small Value | | | 1.16 | |
Small Core | | | 51.07 | |
Small Growth | | | 1.27 | |
International Equity | | | 22.65 | |
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 3. (continued)
Diversified Investment Advisors Collective Investment Trust (“CIT”) is managed by Massachusetts Fidelity Trust Company, which is a wholly-owned subsidiary of Aegon USA. The percentage of each Portfolio that is owned by CIT sub-accounts is as follows:
| | | | |
| CIT Sub-accounts | | Investments in Portfolio | |
Money Market | | | 15.95 | % |
High Quality Bond | | | 38.86 | |
Inflation-Protected Securities | | | 18.47 | |
Core Bond | | | 30.64 | |
High Yield Bond | | | 23.63 | |
Balanced | | | 4.34 | |
Large Value | | | 18.96 | |
Large Core | | | 13.37 | |
Large Growth | | | 18.28 | |
Mid Value | | | 9.14 | |
Mid Growth | | | 33.01 | |
Small Value | | | 33.94 | |
Small Core | | | 11.51 | |
Small Growth | | | 25.14 | |
International Equity | | | 32.96 | |
TAM Collective Trust Funds (“CTF”) is managed by Massachusetts Fidelity Trust Company, which is a wholly-owned subsidiary of Aegon USA. The percentage of each Portfolio that is owned by CTF sub-accounts is as follows:
| | | | |
| CTF Sub-accounts | | Investments in Portfolio | |
Money Market | | | 0.04 | % |
High Quality Bond | | | 9.74 | |
Inflation-Protected Securities | | | 4.56 | |
Core Bond | | | 5.39 | |
High Yield Bond | | | 18.47 | |
Balanced | | | — | |
Large Value | | | 4.92 | |
Large Core | | | 3.31 | |
Large Growth | | | 2.94 | |
Mid Value | | | 23.59 | |
Mid Growth | | | 12.05 | |
Small Value | | | 8.30 | |
Small Core | | | 1.86 | |
Small Growth | | | 8.21 | |
International Equity | | | 5.04 | |
TFS is the Portfolios’ administrator and receives no separate compensation for providing transfer agency services. TAM and TFS are affiliates of Aegon NV.
Certain officers and trustees of the Series Portfolio and of the entities that invest in the Series Portfolio are also officers and/or directors of TAM or its affiliates. No interested trustee receives compensation from the Series Portfolio or from the entities that invest in the Series Portfolio.
Investment advisory fees: TAM manages the assets of each Portfolio of the Series Portfolio pursuant to the Investment Advisory Agreement with the Series Portfolio. For its services, TAM receives fees from each Portfolio, accrued daily and payable monthly, at an annual rate equal to the percentages specified in the table below of the corresponding Portfolios’ average daily net assets (“ANA”).
For each Portfolio, TAM has entered into Investment Sub-Advisory Agreements with the Portfolios’ sub-advisers. It is the responsibility of each sub-adviser to make the day-to-day investment decisions of the Portfolios, and to place the purchase and sales orders for securities transactions of the Portfolios, subject in all cases to the general supervision of TAM.
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 105
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 3. (continued)
Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.
| | | | |
| Portfolio | | Advisory Fee | |
Money Market | | | 0.25 | % |
High Quality Bond | | | 0.35 | |
Inflation-Protected Securities | | | 0.35 | |
Core Bond | | | 0.35 | |
High Yield Bond | | | 0.55 | |
Balanced | | | 0.45 | |
Large Value | | | 0.45 | |
Large Core | | | 0.60 | |
Large Growth | | | 0.62 | |
Mid Value | | | 0.67 | |
Mid Growth | | | 0.72 | |
Small Value | | | 0.82 | |
Small Core (Effective June 28, 2013) | | | | |
First $300 Million | | | 0.80 | |
Over $300 Million | | | 0.77 | |
Small Core (Prior to June 28, 2013) | | | 0.80 | |
Small Growth | | | | |
First $300 Million | | | 0.84 | |
Over $300 Million | | | 0.80 | |
International Equity | | | 0.75 | |
TAM has voluntarily elected to waive fees to the extent that the total operating expenses of a Portfolio exceed the following expense caps (as a percentage of ANA):
| | | | |
| Portfolio | | Expense
Cap | |
Money Market | | | 0.30 | % |
High Quality Bond | | | 0.40 | |
Inflation-Protected Securities | | | 0.40 | |
Core Bond | | | 0.40 | |
High Yield Bond | | | 0.60 | |
Balanced | | | 0.50 | |
Large Value | | | 0.50 | |
Large Core | | | 0.65 | |
Large Growth | | | 0.65 | |
Mid Value | | | 0.70 | |
Mid Growth | | | 0.75 | |
Small Value | | | 0.85 | |
Small Core | | | 0.85 | |
Small Growth | | | 0.90 | |
International Equity | | | 0.90 | |
Such fee waivers are not subject to recoupment by TAM in future years.
TAM also may waive additional fees from time to time to help maintain competitive expense ratios. These arrangements are voluntary and may be terminated at any time. Expenses reimbursed that are unsettled at year end are included in Due from advisor in the Statements of Assets and Liabilities.
Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the Separate Account to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), as elected by the Trustee.
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| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 106
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 3. (continued)
Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of TAM or with the sub-advisers for the period ended June 30, 2013.
NOTE 4. INVESTMENT TRANSACTIONS
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2013 were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases of securities: | | | Proceeds from maturities and
sales of securities: | |
| Portfolio | | Long-term | | | U.S. Government | | | Long-term | | | U.S. Government | |
Money Market | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
High Quality Bond | | | 76,071,796 | | | | 138,124,468 | | | | 61,335,813 | | | | 111,286,067 | |
Inflation-Protected Securities | | | 11,207,577 | | | | 183,041,202 | | | | 14,644,408 | | | | 153,629,894 | |
Core Bond | | | 403,050,980 | | | | 893,049,697 | | | | 455,518,299 | | | | 851,541,879 | |
High Yield Bond | | | 258,547,944 | | | | — | | | | 257,032,854 | | | | — | |
Balanced | | | 44,433,207 | | | | 27,325,365 | | | | 50,325,417 | | | | 29,175,891 | |
Large Value | | | 433,175,279 | | | | — | | | | 480,941,948 | | | | — | |
Large Core | | | 147,985,294 | | | | — | | | | 162,291,728 | | | | — | |
Large Growth | | | 211,574,831 | | | | — | | | | 262,426,000 | | | | — | |
Mid Value | | | 225,504,497 | | | | — | | | | 216,039,263 | | | | — | |
Mid Growth | | | 322,966,431 | | | | — | | | | 333,765,928 | | | | — | |
Small Value | | | 7,517,723 | | | | — | | | | 11,786,686 | | | | — | |
Small Core | | | 351,059,933 | | | | — | | | | 383,800,451 | | | | — | |
Small Growth | | | 22,278,723 | | | | — | | | | 24,736,499 | | | | — | |
International Equity | | | 114,337,858 | | | | — | | | | 151,858,734 | | | | — | |
NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS
Inflation-Protected Securities:
The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of purchased option/swaption contracts, written option/swaption contracts and forward foreign currency contracts held throughout the period averaged seven, 15 and 14 contracts, respectively, with an overall increase from nine, 10 and 12 contracts, respectively, to 11, 20 and 17 contracts, respectively. The volume of swap contracts held throughout the period averaged eight contracts with an overall decrease from 12 to seven. The volume of futures contracts held throughout the period stayed constant at seven contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 107
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
Fair Values of Derivative Instruments in the Statements of Assets and Liabilities as of June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | | | | | |
| Location | | Interest rate
contracts | | | Foreign
exchange
contracts | | | Total | |
Asset Derivatives | | | | | | | | | | | | |
Purchased options and swaptions, at value (A) (B) | | $ | 1,923,596 | | | $ | 85,955 | | | $ | 2,009,551 | |
Unrealized appreciation on futures contracts (B) (C) | | | 574,562 | | | | — | | | | 574,562 | |
Unrealized appreciation on swap agreements (B) | | | 455,609 | | | | — | | | | 455,609 | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | 322,958 | | | | 322,958 | |
Total | | $ | 2,953,767 | | | $ | 408,913 | | | $ | 3,362,680 | |
Liability Derivatives | | | | | | | | | | | | |
Written options and swaptions, at value (B) | | $ | (1,333,805 | ) | | $ | (72,628 | ) | | $ | (1,406,433 | ) |
Unrealized depreciation on futures contracts (B) (C) | | | (504,162 | ) | | | — | | | | (504,162 | ) |
Unrealized depreciation on swap agreements (B) | | | (265,873 | ) | | | — | | | | (265,873 | ) |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | (315,610 | ) | | | (315,610 | ) |
Total | | $ | (2,103,840 | ) | | $ | (388,238 | ) | | $ | (2,492,078 | ) |
| | (A) | Included within Investment securities, at value. |
| | (B) | May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement. |
| | (C) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Gross Amounts Not Offset in the Statements of Assets and Liabilities
Financial Assets and Derivative Assets, and Collateral Received as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of Assets Presented in
Statements of Assets and Liabilities (D) | | | Value Eligible for
Offset | | | Collateral
Received (E) | | | Net Amount
(not less than 0) | |
Barclays Bank PLC | | $ | 14,544 | | | $ | (14,544 | ) | | $ | — | | | $ | — | |
Citibank, N.A. | | | 1,841 | | | | (1,841 | ) | | | — | | | | — | |
Deutsche Bank AG | | | 2,158,295 | | | | (1,050,162 | ) | | | (1,000,000 | ) | | | 108,133 | |
Other Derivatives (F) | | | 1,054,020 | | | | — | | | | — | | | | 1,054,020 | |
Goldman Sachs Bank | | | 6,202 | | | | (6,202 | ) | | | — | | | | — | |
UBS AG | | | 127,778 | | | | (98,296 | ) | | | — | | | | 29,482 | |
Total | | $ | 3,362,680 | | | $ | (1,171,045 | ) | | $ | (1,000,000 | ) | | $ | 1,191,635 | |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 108
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Liabilities Presented in
Statements of Assets
and Liabilities (D) | | | Value Eligible for
Offset | | | Collateral
Pledged (E) | | | Net Amount
(not less than 0) | |
Barclays Bank PLC | | $ | 178,814 | | | $ | (14,544 | ) | | $ | — | | | $ | 164,270 | |
Citibank, N.A. | | | 296,500 | | | | (1,841 | ) | | | — | | | | 294,659 | |
Deutsche Bank AG | | | 1,050,162 | | | | (1,050,162 | ) | | | — | | | | — | |
Other Derivatives (F) | | | 848,226 | | | | — | | | | — | | | | 848,226 | |
Goldman Sachs Bank | | | 20,080 | | | | (6,202 | ) | | | — | | | | 13,878 | |
UBS AG | | | 98,296 | | | | (98,296 | ) | | | — | | | | — | |
Total | | $ | 2,492,078 | | | $ | (1,171,045 | ) | | $ | — | | | $ | 1,321,033 | |
| | (D) | Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. |
| | (E) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
| | (F) | Other Derivatives are not subject to a master netting arrangement or another similar arrangement. |
Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | | | | | |
| Location | | Interest rate
contracts | | | Foreign
exchange
contracts | | | Total | |
Net Realized Gain (Loss) on derivatives recognized in income | | | | | | | | | | | | |
Net realized gain (loss) on futures contracts | | $ | 619,896 | | | $ | — | | | $ | 619,896 | |
Net realized gain (loss) on purchased option and swaption contracts (G) | | | 83,555 | | | | (58,829 | ) | | | 24,726 | |
Net realized gain (loss) on written option and swaption contracts | | | (121,553 | ) | | | 66,524 | | | | (55,029 | ) |
Net realized gain (loss) on swap agreements | | | 221,855 | | | | — | | | | 221,855 | |
Net realized gain (loss) on forward foreign currency contracts (H) | | | — | | | | 899,729 | | | | 899,729 | |
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (I) | | | 700,551 | | | | 81,049 | | | | 781,600 | |
Net change in unrealized appreciation (depreciation) on futures contracts | | | (167,896 | ) | | | — | | | | (167,896 | ) |
Net change in unrealized appreciation (depreciation) on written option and swaption contracts | | | (369,061 | ) | | | 116,497 | | | | (252,564 | ) |
Net change in unrealized appreciation (depreciation) on swap agreements | | | (158,213 | ) | | | — | | | | (158,213 | ) |
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (J) | | | — | | | | 78,990 | | | | 78,990 | |
Total | | $ | 809,134 | | | $ | 1,183,960 | | | $ | 1,993,094 | |
| | (G) | Included within Net realized gain (loss) on transactions from Investment securities. |
| | (H) | Included within Net realized gain (loss) on transactions from Foreign currency transactions. |
| | (I) | Included within Net change in unrealized appreciation (depreciation) on Investment securities. |
| | (J) | Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies. |
For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.
Core Bond:
The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of swap contracts and forward foreign currency contracts held throughout the period averaged 18 and seven contracts, respectively, with an overall increase from 10
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 109
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
and four contracts at the beginning of the period, respectively, to 22 and six contracts, respectively, at the end of the period. The volume of purchased options/swaptions, futures, and written options/swaptions held throughout the period averaged three, nine, and two contracts, respectively, with an overall decrease from three, 11, and one contracts, respectively, to zero, six, and zero contracts, respectively. The tables below highlight the types of risks associated with the Portfolio and how the aforementioned derivative instruments are used to mitigate such risks:
Fair Values of Derivative Instruments in the Statements of Assets and Liabilities as of June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | | | | | | | | | |
| Location | | Interest rate
contracts | | | Foreign
exchange
contracts | | | Credit
contracts | | | Total | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Premium paid on swap agreements (A) (B) | | $ | 13 | | | $ | — | | | $ | 612,300 | | | $ | 612,313 | |
Unrealized appreciation on futures contracts (A) (C) | | | 2,306,850 | | | | — | | | | — | | | | 2,306,850 | |
Unrealized appreciation on swap agreements (A) | | | 8,596,377 | | | | — | | | | 2,639,819 | | | | 11,236,196 | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | 672,118 | | | | — | | | | 672,118 | |
Total | | $ | 10,903,240 | | | $ | 672,118 | | | $ | 3,252,119 | | | $ | 14,822,477 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Premium received on swap agreements (A) (B) | | $ | — | | | $ | — | | | $ | (1,643,619 | ) | | $ | (1,643,619 | ) |
Unrealized depreciation on futures contracts (A) (C) | | | (4,668,474 | ) | | | — | | | | — | | | | (4,668,474 | ) |
Unrealized depreciation on swap agreements (A) | | | (291,644 | ) | | | — | | | | (405,011 | ) | | | (696,655 | ) |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | (22,304 | ) | | | — | | | | (22,304 | ) |
Total | | $ | (4,960,118 | ) | | $ | (22,304 | ) | | $ | (2,048,630 | ) | | $ | (7,031,052 | ) |
| | (A) | May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement. |
| | (B) | Premiums on centrally cleared swap agreements as reported in the Schedule of Investments. Only cumulative variation margin is reported within the Statements of Assets and Liabilities. |
| | (C) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Gross Amounts Not Offset in the Statements of Assets and Liabilities
Financial Assets and Derivative Assets, and Collateral Received as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Assets Presented in
Statements of Assets
and Liabilities (D) | | | Value Eligible for
Offset | | | Collateral
Received (E) | | | Net Amount
(not less than 0) | |
Barclays Bank PLC | | $ | 1,439,036 | | | $ | — | | | $ | — | | | $ | 1,439,036 | |
Bank of America, N.A. | | | 2,833,013 | | | | — | | | | (2,833,013 | ) | | | — | |
Citibank, N.A. | | | 1,973,047 | | | | (981,380 | ) | | | (991,667 | ) | | | — | |
Deutsche Bank AG | | | 5,079,792 | | | | (1,284,575 | ) | | | (3,795,217 | ) | | | — | |
Other Derivatives (F) | | | 2,306,863 | | | | — | | | | — | | | | 2,306,863 | |
Goldman Sachs Bank | | | 855,829 | | | | — | | | | (600,000 | ) | | | 255,829 | |
Morgan Stanley Capital Services | | | 339,897 | | | | (70,835 | ) | | | (269,062 | ) | | | — | |
Total | | $ | 14,827,477 | | | $ | (2,336,790 | ) | | $ | (8,488,959 | ) | | $ | 4,001,728 | |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 110
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Liabilities Presented in
Statements of Assets
and Liabilities (D) | | | Value Eligible for
Offset | | | Collateral
Pledged (E) | | | Net Amount
(not less than 0) | |
Citibank, N.A. | | $ | 981,380 | | | $ | (981,380 | ) | | $ | — | | | $ | — | |
Deutsche Bank AG | | | 1,284,575 | | | | (1,284,575 | ) | | | — | | | | — | |
Other Derivatives (F) | | | 4,694,262 | | | | — | | | | — | | | | 4,694,262 | |
Morgan Stanley Capital Services | | | 70,835 | | | | (70,835 | ) | | | — | | | | — | |
Total | | $ | 7,031,052 | | | $ | (2,336,790 | ) | | $ | — | | | $ | 4,694,262 | |
| | (D) | Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. |
| | (E) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
| | (F) | Other Derivatives are not subject to a master netting arrangement or another similar arrangement. |
Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | | | | | | | | | |
| Location | | Interest rate
contracts | | | Foreign
exchange
contracts | | | Credit
contracts | | | Total | |
Net Realized Gain (Loss) on derivatives recognized in income | | | | | | | | | | | | | | | | |
Net realized gain (loss) on purchased options and swaption contracts (G) | | $ | 573,793 | | | $ | — | | | $ | — | | | $ | 573,793 | |
Net realized gain (loss) on futures contracts | | | (1,663,679 | ) | | | — | | | | — | | | | (1,663,679 | ) |
Net realized gain (loss) on written options and swaption contracts | | | (991,015 | ) | | | — | | | | — | | | | (991,015 | ) |
Net realized gain (loss) on swap agreements | | | (331,985 | ) | | | — | | | | 447,144 | | | | 115,159 | |
Net realized gain (loss) on forward foreign currency contracts (H) | | | — | | | | 79,604 | | | | — | | | | 79,604 | |
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on purchased options and swaption contracts (I) | | | (16,667 | ) | | | — | | | | — | | | | (16,667 | ) |
Net change in unrealized appreciation (depreciation) on futures contracts | | | (3,427,831 | ) | | | — | | | | — | | | | (3,427,831 | ) |
Net change in unrealized appreciation (depreciation) on written options and swaption contracts | | | (33,147 | ) | | | — | | | | — | | | | (33,147 | ) |
Net change in unrealized appreciation (depreciation) on swap agreements | | | 9,113,249 | | | | — | | | | 312,290 | | | | 9,425,539 | |
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (J) | | | — | | | | 746,482 | | | | — | | | | 746,482 | |
Total | | $ | 3,222,718 | | | $ | 826,086 | | | $ | 759,434 | | | $ | 4,808,238 | |
| | (G) | Included within Net realized gain (loss) on transactions from Investment securities. |
| | (H) | Included within Net realized gain (loss) on transactions from Foreign currency transactions. |
| | (I) | Included within Net change in unrealized appreciation (depreciation) on Investment securities. |
| | (J) | Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies. |
For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.
Balanced:
The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts and purchased options/swaptions contracts held throughout the period averaged four and two contracts, respectively, with overall an increase from four to five contracts and an overall decrease from one contract to zero contracts, respectively. The volume of
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 111
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
written options/swaptions contracts held during the period averaged two contracts, beginning and ending the period with zero contracts. The tables below highlight the types of risks associated with the Portfolio and how the aforementioned derivative instruments are used to mitigate such risks:
Fair Values of Derivative Instruments in the Statements of Assets and Liabilities as of June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | | | | | | | | | |
| Location | | Interest rate
contracts | | | Foreign exchange contracts | | | Equity contracts | | | Total | |
Asset Derivatives | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts (A) (B) | | $ | 74,554 | | | $ | — | | | $ | — | | | $ | 74,554 | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | 18,442 | | | | — | | | | 18,442 | |
Total | | $ | 74,554 | | | $ | 18,442 | | | $ | — | | | $ | 92,996 | |
Liability Derivatives | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts (A) (B) | | $ | (96,686 | ) | | $ | — | | | $ | (2,322 | ) | | $ | (99,008 | ) |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | (722 | ) | | | — | | | | (722 | ) |
Total | | $ | (96,686 | ) | | $ | (722 | ) | | $ | (2,322 | ) | | $ | (99,730 | ) |
| | (A) | May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement. |
| | (B) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Gross Amounts Not Offset in the Statements of Assets and Liabilities
Financial Assets and Derivative Assets, and Collateral Received as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Assets Presented in
Statements of Assets
and Liabilities (C) | | | Value Eligible for
Offset | | | Collateral
Received (D) | | | Net Amount
(not less than 0) | |
Bank of America, N.A. | | $ | 12,289 | | | $ | — | | | $ | — | | | $ | 12,289 | |
Other Derivatives (E) | | | 80,707 | | | | — | | | | — | | | | 80,707 | |
Total | | $ | 92,996 | | | $ | — | | | $ | — | | | $ | 92,996 | |
Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Liabilities Presented in
Statements of Assets
and Liabilities (C) | | | Value Eligible for
Offset | | | Collateral
Pledged (D) | | | Net Amount
(not less than 0) | |
Citibank, N.A. | | $ | 722 | | | $ | — | | | $ | — | | | $ | 722 | |
Other Derivatives (E) | | | 99,008 | | | | — | | | | — | | | | 99,008 | |
Total | | $ | 99,730 | | | $ | — | | | $ | — | | | $ | 99,730 | |
| | (C) | Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. |
| | (D) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
| | (E) | Other Derivatives are not subject to a master netting arrangement or another similar arrangement. |
| | |
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | | | | | | | | | |
| Location | | Interest rate
contracts | | | Foreign
exchange
contracts | | | Equity
contracts | | | Total | |
Net Realized Gain (Loss) on derivatives recognized in income | | | | | | | | | | | | | | | | |
Net realized gain (loss) on purchased options and swaption contracts (F) | | $ | 21,447 | | | $ | — | | | $ | — | | | $ | 21,447 | |
Net realized gain (loss) on futures contracts | | | (42,900 | ) | | | — | | | | 116,328 | | | | 73,428 | |
Net realized gain (loss) on written options and swaption contracts | | | (23,493 | ) | | | — | | | | — | | | | (23,493 | ) |
Net realized gain (loss) on forward foreign currency contracts (G) | | | — | | | | 2,459 | | | | — | | | | 2,459 | |
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on purchased options and swaption contracts (H) | | | (1,193 | ) | | | — | | | | — | | | | (1,193 | ) |
Net change in unrealized appreciation (depreciation) on futures contracts | | | (18,233 | ) | | | — | | | | (4,644 | ) | | | (22,877 | ) |
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (I) | | | — | | | | 24,220 | | | | — | | | | 24,220 | |
Total | | $ | (64,372 | ) | | $ | 26,679 | | | $ | 111,684 | | | $ | 73,791 | |
| | (F) | Included within Net realized gain (loss) on transactions from Investment securities. |
| | (G) | Included within Net realized gain (loss) on transactions from Foreign currency transactions. |
| | (H) | Included within Net change in unrealized appreciation (depreciation) on Investment securities. |
| | (I) | Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies. |
For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.
Small Core:
The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of future contracts held throughout the period decreased from one contract at the beginning of the period to zero contracts at the end of the period. The tables below highlight the types of risks associated with the Portfolio and how the aforementioned derivative instruments are used to mitigate such risks:
Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | | | | | |
| Location | | Equity
contracts | | | Total | |
Net Realized Gain (Loss) on derivatives recognized in income | | | | | | | | |
Net realized gain (loss) on futures contracts | | $ | 196,697 | | | $ | 196,697 | |
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income | | | | | | | | |
Net change in unrealized appreciation (depreciation) on futures contracts | | | (31,263 | ) | | | (31,263 | ) |
Total | | $ | 165,434 | | | $ | 165,434 | |
| | |
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
International Equity:
The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The volume of forward foreign currency contracts held throughout the period averaged seven contracts, with an overall increase from one contract to 12 contracts. The tables below highlight the types of risks associated with the Portfolio and how the aforementioned derivative instruments are used to mitigate such risks:
Fair Values of Derivative Instruments in the Statements of Assets and Liabilities as of June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | |
| Location | | Foreign
exchange
contracts | |
Asset Derivatives | | | | |
Unrealized appreciation on forward foreign currency contracts | | $ | 3,303,879 | |
Liability Derivatives | | | | |
Unrealized depreciation on forward foreign currency contracts | | $ | (873,925 | ) |
Gross Amounts Not Offset in the Statements of Assets and Liabilities
Financial Assets and Derivative Assets, and Collateral Received as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Assets Presented in
Statements of Assets
and Liabilities (A) | | | Value Eligible for
Offset | | | Collateral
Received (B) | | | Net Amount
(not less than 0) | |
State Street Bank and Trust | | $ | 3,303,879 | | | $ | (873,925 | ) | | $ | — | | | $ | 2,429,954 | |
Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of June 30, 2013:
| | | | | | | | | | | | | | | | |
| Counterparty | | Gross Amounts of
Liabilities Presented in
Statements of Assets
and Liabilities (A) | | | Value Eligible for
Offset | | | Collateral
Pledged (B) | | | Net Amount
(not less than 0) | |
State Street Bank and Trust | | $ | 873,925 | | | $ | (873,925 | ) | | $ | — | | | $ | — | |
| | (A) | Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities. |
| | (B) | In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization. |
Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2013:
Derivatives not accounted for as hedging instruments
| | | | |
| Location | | Foreign
exchange
contracts | |
Net Realized Gain (Loss) on derivatives recognized in income | | | | |
Net realized gain (loss) on forward foreign currency contracts (C) | | $ | (167,042 | ) |
Net Change in Unrealized Appreciation (Depreciation) on derivatives recognized in income | | | | |
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (D) | | | 2,797,855 | |
Total | | $ | 2,630,813 | |
| | (C) | Included within Net realized gain (loss) on transactions from Foreign currency transactions. |
| | (D) | Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies. |
| | |
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2013
(unaudited)
NOTE 5. (continued)
For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Fund is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.
NOTE 6. FEDERAL INCOME TAX MATTERS
The Series Portfolio has received rulings from the Internal Revenue Service that each Portfolio will be treated as a separate partnership for federal income tax purposes. Income taxes are not provided for by the Portfolios because the taxable income/(loss) of each Portfolio is included in the income tax returns of the investors. It is intended that the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Portfolios’ tax provisions taken or expected to be taken for all open tax years 2009—2012, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. For tax purposes, each component of the Portfolios’ net assets are reported at the investor level; therefore, the Statements of Assets and Liabilities do not present the components of net assets.
Each investor in the Portfolio will be subject to taxation on its share of the Portfolio’s ordinary income and capital gains; which may differ from GAAP.
NOTE 7. SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Portfolios’ financial statements.
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Page 115
TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 12-13, 2013, the Board reviewed and considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Portfolio” and collectively the “Portfolios”) and Transamerica Asset Management, Inc. (“TAM”):
| | |
Transamerica Partners Balanced Portfolio | | Transamerica Partners Large Value Portfolio |
Transamerica Partners Core Bond Portfolio | | Transamerica Partners Mid Growth Portfolio |
Transamerica Partners High Quality Bond Portfolio | | Transamerica Partners Mid Value Portfolio |
Transamerica Partners High Yield Bond Portfolio | | Transamerica Partners Money Market Portfolio |
Transamerica Partners Inflation-Protected Securities Portfolio | | Transamerica Partners Small Core Portfolio |
Transamerica Partners International Equity Portfolio | | Transamerica Partners Small Growth Portfolio |
Transamerica Partners Large Core Portfolio | | Transamerica Partners Small Value Portfolio |
Transamerica Partners Large Growth Portfolio | | |
For the Portfolios listed in the left-hand column below, the Board also reviewed and considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” collectively the “Sub-Advisory Agreements” and, together with the Investment Advisory Agreements, the “Agreements”) between TAM and the corresponding sub-advisers listed in the right-hand column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).
| | |
| Portfolio | | Sub-Adviser(s) |
Transamerica Partners Balanced Portfolio | | BlackRock Financial Management, Inc. J.P. Morgan Investment Management Inc. |
Transamerica Partners Core Bond Portfolio | | BlackRock Financial Management, Inc. |
Transamerica Partners High Quality Bond Portfolio | | Merganser Capital Management, Inc. |
Transamerica Partners High Yield Bond Portfolio | | Eaton Vance Management |
Transamerica Partners Inflation-Protected Securities Portfolio | | BlackRock Financial Management, Inc. |
Transamerica Partners International Equity Portfolio | | Thornburg Investment Management, Inc. |
Transamerica Partners Large Core Portfolio | | AJO, LP |
Transamerica Partners Large Growth Portfolio | | Jennison Associates LLC Wellington Management Company, LLP |
Transamerica Partners Large Value Portfolio | | AJO, LP |
Transamerica Partners Mid Value Portfolio | | Cramer, Rosenthal, McGlynn, LLC J.P. Morgan Investment Management Inc. |
Transamerica Partners Small Value Portfolio | | Wellington Management Company, LLP |
Following their review and consideration, the Trustees determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement are reasonable and that the renewal of each agreement is in the best interests of the applicable Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2014. In reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser such information as they deemed reasonably necessary to evaluate the Agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Portfolio, as well as comparative fee, expense and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee, expense and profitability information prepared by TAM. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses for each Portfolio was better made at the level of the funds that invest in the applicable Portfolio (i.e., the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and that is the manner in which Lipper provided its comparative information.
In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished
| | |
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TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
to them by independent legal counsel and/or their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.
Nature, Extent and Quality of the Services Provided
The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and each Sub-Adviser; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for certain of the Sub-Advisers and a comparison of trading results against a peer universe of managers.
The Board also considered the continuous and regular investment advisory and other services provided by TAM for the portion of the management fee it retains after payment of the sub-advisory fee(s) for each Portfolio. The Board noted that the investment advisory services include the design and development of the Portfolios and each Portfolio’s investment strategy, TAM’s selection, ongoing oversight and monitoring of each Portfolio’s Sub-Adviser, TAM’s daily supervision of each Portfolio’s investments and recommendations to change a Portfolio’s investment strategy or sub-adviser where it believes appropriate or advisable. The Board also noted that TAM provides services to all Transamerica mutual funds, including the Portfolios, in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds.
Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Portfolio’s operations, the competitive landscape of the investment company business and investor needs.
Investment Performance
The Board considered the short- and longer-term performance of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2012.
Transamerica Partners Balanced Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-, 3- and 10-year periods and below its primary benchmark for the past 5-year period and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-, 3- and 10-year periods and below its primary benchmark for the past 5-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Board noted that the performance for longer periods was attributable to previous sub-advisers of the Portfolio.
Transamerica Partners Core Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3- and 10-year periods and in line with the median for the past 5-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-, 3- and 5- year periods and below its benchmark for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees noted the recent changes to the portfolio management team and agreed to continue to monitor the performance of the Portfolio.
Transamerica Partners High Quality Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 5-year period and below the median for the past 1-, 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 5- and 10-year periods, in line with the median for the past 3-year period and below the median for the past 1-year period. The Board also noted
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TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods.
Transamerica Partners High Yield Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods.
Transamerica Partners Inflation-Protected Securities Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods.
Transamerica Partners International Equity Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 3-year period and below its benchmark for the past 1-, 5- and 10-year periods. The Board noted that the performance for longer periods was attributable to previous sub-advisers of the Portfolio. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio.
Transamerica Partners Large Core Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1- and 3-year periods, in line with the median for the past 5-year period and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 3-year periods, in line with the median for the past 5-year period and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Board noted that the performance for longer periods was attributable to previous sub-advisers of the Portfolio.
Transamerica Partners Large Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Board also noted that the performance for longer periods was attributable to previous sub-advisers of the Portfolio.
Transamerica Partners Large Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 3-year period and below its primary benchmark for the past 1-, 5- and 10-year periods. The Board also noted that the performance for longer periods was attributable to previous sub-advisers of the Portfolio.
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TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
Transamerica Partners Mid Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that it had recently approved a sub-adviser change for the Portfolio.
Transamerica Partners Mid Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio.
Transamerica Partners Money Market Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 5-year period and below its benchmark for the past 1-, 3- and 10-year periods. The Board noted TAM’s observations that the yields of money market funds have been below average due to a low interest rate environment and that relative performance in the tightly-constrained money market universe is largely a function of expenses. The Board also noted that the performance was attributable to a previous sub-adviser of the Portfolio.
Transamerica Partners Small Core Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3-year period, in line with the median for the past 1- and 5-year periods and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3-year period, in line with the median for the past 1- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 3-year period and below its primary benchmark for the past 1-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 3-year period and below its primary benchmark for the past 1-, 5- and 10-year periods. The Board also noted that it had recently approved a sub-adviser change for the Portfolio.
Transamerica Partners Small Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3- and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3- and 5-year periods. The Board also noted that the performance was attributable to a previous sub-adviser of the Portfolio.
Transamerica Partners Small Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period.
On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and each Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the applicable Portfolio’s investment objectives, policies and strategies and that is competitive with other investment companies.
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TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
Management and Sub-Advisory Fees and Total Expense Ratios
The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the management fee and total expense ratio of each Transamerica Partners Fund and Transamerica Partners Institutional Fund to the management fees and total expense ratios of other investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, the portion of a Portfolio’s management fee retained by TAM following payment of the sub-advisory fee(s) and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by TAM.
Transamerica Partners Balanced Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the median for its peer group and in line with the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Core Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners High Quality Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners High Yield Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Inflation-Protected Securities Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners International Equity Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group
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and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were in line with the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Large Core Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Large Growth Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Large Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was below the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Mid Growth Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Mid Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Money Market Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Small Core Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management
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fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Small Growth Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
Transamerica Partners Small Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.
On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Investment Advisory Agreements and Sub-Advisory Agreements are reasonable in light of the services provided.
Cost of Services Provided and Level of Profitability
The Board reviewed information provided by TAM about the cost of procuring fund management services, as well as the costs of the provision of administration and other services, to each Portfolio and to Transamerica Partners Portfolios as a whole, as applicable, by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Portfolio and Transamerica Partners Portfolios as a whole, as well as the allocation methodology used for calculating profitability.
With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser and are paid by TAM and not the applicable Portfolio. As a result, the Board principally considered the profitability of TAM and its affiliates with respect to each Portfolio.
Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolios was not excessive.
Economies of Scale
The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolios benefited from these economies of scale. The Board considered each Portfolio’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Portfolios through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and fees paid to the Sub-Advisers and whether each Portfolio has achieved economies of scale in the future.
Benefits to TAM, its Affiliates, or the Sub-Advisers from their Relationships with the Portfolios
The Board considered any other benefits derived by TAM, its affiliates and the Sub-Advisers from their relationships with the Portfolios. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Portfolios and that TAM believes that any
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INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
use of soft dollars by the Sub-Advisers is generally appropriate and in the best interests of the Portfolios. The Board also noted that certain Sub-Advisers are participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Portfolio’s brokerage transactions.
Other Considerations
The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Portfolio in a professional manner that is consistent with the best interests of each Portfolio and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolios.
Conclusion
After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement is in the best interests of the applicable Portfolio and its shareholders and voted to approve the renewal of each of the Agreements.
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TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT
At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board” or “Board Members”) held on April 11, 2013, the Board considered the termination of Columbus Circle Investors (“Columbus Circle”) as sub-adviser to Transamerica Partners Mid Growth Portfolio (the “Portfolio”) and the approval of a new investment sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and Quantum Capital Management (“Quantum”) for the Portfolio.
Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between TAM and Quantum with respect to the Portfolio (the “Quantum Sub-Advisory Agreement”) are reasonable and that the termination of Columbus Circle as sub-adviser to the Transamerica Partners Mid Growth Portfolio and approval of the Quantum Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Quantum Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with Columbus Circle.
To assist the Board Members in their consideration of the Quantum Sub-Advisory Agreement, the Board Members received in advance of the Meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.
Among other matters, the Board considered:
| | • | | that TAM advised the Board that the appointment of Quantum is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services; |
| | • | | that Quantum is a boutique asset management firm and that Quantum has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio based on an assessment of the services; |
| | • | | the proposed responsibilities of Quantum for the Portfolio and the services expected to be provided by it; |
| | • | | the fact that the sub-advisory fee payable to Quantum would be paid by TAM and not the Portfolio; |
| | • | | that the advisory fee rate paid by the Portfolio to TAM would not increase, and that the sub-advisory fee to be paid by TAM to Quantum is reasonable in light of the services to be provided; and |
| | • | | that TAM recommended to the Board that Quantum be appointed as sub-adviser to the Portfolio based on its desire to engage an investment sub-adviser with a proven track record. |
A discussion followed that included additional consideration of these and other matters.
In their deliberations, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed here, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.
Nature, Extent and Quality of the Services to be Provided. In evaluating the nature, extent and quality of the services to be provided by Quantum under the Quantum Sub-Advisory Agreement, the Board considered, among other things, information and assurances provided by TAM and Quantum as to the operations, facilities, organization and personnel of Quantum, the anticipated ability of Quantum to perform its duties under the Quantum Sub-Advisory Agreement, and the anticipated changes to the current investment program and other practices of the Portfolio. The Board considered the proposed changes to the Portfolio’s investment objective and principal investment strategies. The Board considered that TAM has advised the Board that the appointment of Quantum is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services. The Board considered that Quantum is an experienced and respected asset management firm and that TAM believes that Quantum has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio based on the assessment of the services.
Based on their review of the materials provided and the assurances they had received from TAM, the Board determined that Quantum can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Portfolio and that Quantum’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Portfolio.
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APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)
Investment Performance. The Board considered Quantum’s performance, investment management experience, capabilities and resources. The Board reviewed the performance of the Portfolio as compared to the composite performance of the strategy to be followed by Quantum, which compared favorably to that of the Portfolio, its benchmark and its peer group for the 1-, 3- and 5-year periods (annualized) ended December 31, 2012. The Board Members further noted that TAM believes that the appointment of Quantum could benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but were unable to predict what effect execution of the Quantum Sub-Advisory Agreement would actually have on the future performance of the Portfolio.
On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by Quantum, the Board concluded that Quantum is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies.
Sub-Advisory Fee, Cost of Services Provided and Profitability. The Board considered the proposed sub-advisory fee rate under the Quantum Sub-Advisory Agreement, including a reduction in advisory fee rate paid to the sub-advisor from implementation of the Quantum Sub-Advisory Agreement. The Board noted that the advisory fee rate payable by the Portfolio would remain the same and any breakpoints reached by the sub-adviser would not be realized by the Portfolio and its shareholders. The Board also noted that the Portfolio does not pay the sub-advisory fee. On the basis of these considerations, together with the other information it considered, the Board determined that the sub-advisory fee to be received by Quantum under the Quantum Sub-Advisory Agreement is reasonable in light of the services to be provided.
With respect to Quantum’s costs and profitability in providing services to the Portfolio, the Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and Quantum. As a result, the Board did not consider Quantum’s anticipated profitability as material to its decision to approve the Quantum Sub-Advisory Agreement.
Economies of Scale. The Board considered the sub-advisory fee schedule and the existence of breakpoints. The Board considered that TAM also believes that the appointment of Quantum as sub-adviser has the potential to attract additional assets because of Quantum’s asset management capabilities. The Board Members concluded that they would have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM, and fees payable by TAM to Quantum, in the future.
Fall-Out Benefits. The Board considered any other benefits to be derived by Quantum from its relationship with the Portfolio. The Board noted that TAM would not realize soft dollar benefits from its relationship with Quantum, and that Quantum may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.
Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the Quantum Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders and voted to approve the Quantum Sub-Advisory Agreement.
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TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT
At a meeting of the Boards of Trustees of Transamerica Partners Portfolios (the “Board” or “Board Members”) held on April 11, 2013, the Board considered the termination of Fort Washington Investment Advisers, Inc. (“Fort Washington”), Wellington Management Company, LLP (“Wellington”) and Invesco Advisers, Inc. (“Invesco”) as sub-advisers to Transamerica Partners Small Core Portfolio (the “Portfolio”) and the approval of a new investment sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”) and Systematic Financial Management, LP (“Systematic”) as for the Portfolio.
Following their review and consideration, the Board Members determined that the terms of the proposed sub-advisory agreement between TAM and Systematic with respect to the Portfolio (the “Systematic Sub-Advisory Agreement”) are reasonable and that the termination of Fort Washington, Wellington and Invesco as sub-advisers to the Transamerica Partners Small Core Portfolio and approval of the Systematic Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the Systematic Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreements with Fort Washington, Wellington and Invesco.
To assist the Board Members in their consideration of the Systematic Sub-Advisory Agreement, the Board Members received in advance of the Meeting certain materials and information. In addition, the Independent Board Members consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board Members’ deliberations.
Among other matters, the Board considered:
| | • | | that TAM advised the Board that the appointment of Systematic is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services; |
| | • | | that Systematic is an experienced and respected asset management firm and that Systematic has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio based on an assessment of the services that Systematic provides to other Transamerica funds; |
| | • | | the proposed responsibilities of Systematic for the Portfolio and the services expected to be provided by it; |
| | • | | the fact that the sub-advisory fee payable to Systematic would be paid by TAM and not the Portfolio; |
| | • | | that the advisory fee rate paid by the Portfolio to TAM would not increase, and that the sub-advisory fee to be paid by TAM to Systematic is reasonable in light of the services to be provided; and |
| | • | | that TAM recommended to the Board that Systematic be appointed as sub-adviser to the Portfolio based on its desire to engage an investment sub-adviser with a proven track record. |
A discussion followed that included additional consideration of these and other matters.
In their deliberations, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the considerations discussed here, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.
Nature, Extent and Quality of the Services to be Provided. In evaluating the nature, extent and quality of the services to be provided by Systematic under the Systematic Sub-Advisory Agreement, the Board considered, among other things, information and assurances provided by TAM and Systematic as to the operations, facilities, organization and personnel of Systematic, the anticipated ability of Systematic to perform its duties under the Systematic Sub-Advisory Agreement, and the anticipated changes to the current investment program and other practices of the Portfolio. The Board considered the proposed changes to the Portfolio’s investment objective and principal investment strategies. The Board considered that TAM has advised the Board that the appointment of Systematic is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services. The Board considered that Systematic is an experienced and respected asset management firm and that TAM believes that Systematic has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio based on the assessment of the services that Systematic provides to other Transamerica funds.
Based on their review of the materials provided and the assurances they had received from TAM, the Board determined that Systematic can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Portfolio and that Systematic’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Portfolio.
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TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)
Investment Performance. The Board considered Systematic’s performance, investment management experience, capabilities and resources, including with respect to the other Transamerica fund that it sub-advises. The Board reviewed the performance of the Portfolio as compared to the composite performance of the strategy to be followed by Systematic, which compared favorably to that of the Portfolio and its peer group for the 1-, 3- and 5- year periods (annualized) ended December 31, 2012. The Board Members further noted that TAM believes that the appointment of Systematic could benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but were unable to predict what effect execution of the Systematic Sub-Advisory Agreement would actually have on the future performance of the Portfolio.
On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by Systematic, the Board concluded that Systematic is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies.
Sub-Advisory Fee, Cost of Services Provided and Profitability. The Board considered the proposed sub-advisory fee rate under the Systematic Sub-Advisory Agreement, including the change in the amount of the Portfolio’s advisory fee retained by TAM following payment of the sub-advisory fee that would result at certain asset levels from implementation of the Systematic Sub-Advisory Agreement. The Board noted that the advisory fee rate payable by the Portfolio would also be reduced at certain asset levels in connection with the sub-adviser change, which would benefit the Portfolio and its shareholders. The Board also noted that the Portfolio does not pay the sub-advisory fee. On the basis of these considerations, together with the other information it considered, the Board determined that the sub-advisory fee to be received by Systematic under the Systematic Sub-Advisory Agreement is reasonable in light of the services to be provided.
With respect to Systematic’s costs and profitability in providing services to the Portfolio, the Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and Systematic. As a result, the Board did not consider Systematic’s anticipated profitability as material to its decision to approve the Systematic Sub-Advisory Agreement.
Economies of Scale. The Board considered the sub-advisory fee schedule and the existence of breakpoints, noting that an additional breakpoint would be added to the Portfolio’s advisory fee schedule in connection with the sub-adviser change. The Board also considered that the sub-advisory fees would be based on the aggregate assets of the Portfolio and another fund sub-advised by Systematic. The Board considered that TAM also believes that the appointment of Systematic as sub-adviser has the potential to attract additional assets because of Systematic’s asset management capabilities. The Board Members concluded that they would have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees payable by TAM to Systematic, in the future.
Fall-Out Benefits. The Board considered any other benefits to be derived by Systematic from its relationship with the Portfolio. The Board noted that TAM would not realize soft dollar benefits from its relationship with Systematic, and that Systematic may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.
Conclusion. After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the approval of the Systematic Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders and voted to approve the Systematic Sub-Advisory Agreement.
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TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Money Market Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 681,211,408.454 | | $ 81,745,603.358 | | — | | — |
Alan F. Warrick | | $ 681,336,607.409 | | $ 81,620,404.403 | | — | | — |
Sandra N. Bane | | $ 679,328,967.113 | | $ 83,628,044.699 | | — | | — |
Leo J. Hill | | $ 681,554,103.842 | | $ 81,402,907.970 | | — | | — |
David W. Jennings | | $ 681,513,718.347 | | $ 81,443,293.465 | | — | | — |
Russell A. Kimball, Jr. | | $ 680,258,076.749 | | $ 82,698,935.063 | | — | | — |
Eugene M. Mannella | | $ 681,621,248.210 | | $ 81,335,763.602 | | — | | — |
Norman R. Nielsen | | $ 681,736,461.492 | | $ 81,220,550.320 | | — | | — |
Joyce G. Norden | | $ 681,788,283.581 | | $ 81,168,728.231 | | — | | — |
Patricia L. Sawyer | | $ 679,428,592.345 | | $ 83,528,419.467 | | — | | — |
John W. Waechter | | $ 681,674,381.792 | | $ 81,282,630.020 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II and Proposal III were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 658,752,305.039 | | $ 18,596,124.741 | | $ 85,608,582.032 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 658,482,113.047 | | $ 18,763,761.009 | | $ 85,711,137.756 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 658,299,359.859 | | $ 18,585,451.192 | | $ 86,072,200.761 | | — |
Proposal III: To approve a new sub-advisory agreement with a new sub-adviser
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 668,059,621.262 | | $ 8,488,329.762 | | $ 86,409,060.788 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 128
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners High Quality Bond Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 221,897,401.717 | | $ 10,838,583.169 | | — | | — |
Alan F. Warrick | | $ 221,902,125.078 | | $ 10,833,859.808 | | — | | — |
Sandra N. Bane | | $ 222,284,349.276 | | $ 10,451,635.610 | | — | | — |
Leo J. Hill | | $ 221,019,699.884 | | $ 11,716,285.002 | | — | | — |
David W. Jennings | | $ 222,261,790.027 | | $ 10,474,194.858 | | — | | — |
Russell A. Kimball, Jr. | | $ 222,002,291.829 | | $ 10,733,693.057 | | — | | — |
Eugene M. Mannella | | $ 220,764,925.046 | | $ 11,971,059.840 | | — | | — |
Norman R. Nielsen | | $ 222,014,069.442 | | $ 10,721,915.444 | | — | | — |
Joyce G. Norden | | $ 221,029,017.634 | | $ 11,706,967.252 | | — | | — |
Patricia L. Sawyer | | $ 221,017,240.021 | | $ 11,718,744.865 | | — | | — |
John W. Waechter | | $ 222,261,790.027 | | $ 10,474,194.858 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 210,397,539.710 | | $ 6,862,458.177 | | $ 15,475,986.998 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 209,213,539.944 | | $ 6,848,408.206 | | $ 16,674,036.736 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 209,406,286.000 | | $ 6,786,818.284 | | $ 16,542,880.601 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 129
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Inflation-Protected Securities Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 267,154,652.351 | | $ 22,683,864.149 | | — | | — |
Alan F. Warrick | | $ 267,155,198.072 | | $ 22,683,318.427 | | — | | — |
Sandra N. Bane | | $ 267,221,252.474 | | $ 22,617,264.025 | | — | | — |
Leo J. Hill | | $ 266,794,783.440 | �� | $ 23,043,733.059 | | — | | — |
David W. Jennings | | $ 267,139,435.711 | | $ 22,699,080.788 | | — | | — |
Russell A. Kimball, Jr. | | $ 267,150,631.967 | | $ 22,687,884.532 | | — | | — |
Eugene M. Mannella | | $ 266,810,545.801 | | $ 23,027,970.699 | | — | | — |
Norman R. Nielsen | | $ 267,179,958.653 | | $ 22,658,557.846 | | — | | — |
Joyce G. Norden | | $ 266,864,899.053 | | $ 22,973,617.446 | | — | | — |
Patricia L. Sawyer | | $ 266,856,568.161 | | $ 22,981,948.339 | | — | | — |
John W. Waechter | | $ 267,110,168.350 | | $ 22,728,348.149 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 255,470,011.676 | | $ 15,494,589.481 | | $ 18,873,915.342 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 255,597,194.898 | | $ 15,703,320.834 | | $ 18,538,000.767 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 255,952,727.542 | | $ 15,252,726.401 | | $ 18,633,062.556 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 130
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Core Bond Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 1,005,450,928.218 | | $ 82,225,574.452 | | — | | — |
Alan F. Warrick | | $ 1,005,356,203.181 | | $ 82,320,299.489 | | — | | — |
Sandra N. Bane | | $ 1,005,631,172.351 | | $ 82,045,330.320 | | — | | — |
Leo J. Hill | | $ 1,004,245,238.585 | | $ 83,431,264.086 | | — | | — |
David W. Jennings | | $ 1,005,470,672.131 | | $ 82,205,830.539 | | — | | — |
Russell A. Kimball, Jr. | | $ 1,005,478,642.077 | | $ 82,197,860.593 | | — | | — |
Eugene M. Mannella | | $ 1,004,145,953.600 | | $ 83,530,549.070 | | — | | — |
Norman R. Nielsen | | $ 1,005,450,821.579 | | $ 82,225,681.091 | | — | | — |
Joyce G. Norden | | $ 1,004,199,395.446 | | $ 83,447,107.224 | | — | | — |
Patricia L. Sawyer | | $ 1,004,297,085.978 | | $ 83,379,416.693 | | — | | — |
John W. Waechter | | $ 1,005,580,557.087 | | $ 82,095,945.583 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 981,023,619.184 | | $ 17,083,132.156 | | $ 89,569,751.330 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 975,147,965.292 | | $ 15,958,791.814 | | $ 96,569,745.563 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 974,629,355.636 | | $ 23,151,126.579 | | $ 89,896,020.455 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 131
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners High Yield Bond Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 445,902,670.667 | | $ 39,286,516.940 | | — | | — |
Alan F. Warrick | | $ 445,896,940.837 | | $ 39,292,246.771 | | — | | — |
Sandra N. Bane | | $ 446,016,777.274 | | $ 39,172,410.333 | | — | | — |
Leo J. Hill | | $ 445,890,953.815 | | $ 39,298,233.793 | | — | | — |
David W. Jennings | | $ 445,839,621.629 | | $ 39,349,565.979 | | — | | — |
Russell A. Kimball, Jr. | | $ 445,786,740.393 | | $ 39,402,447.214 | | — | | — |
Eugene M. Mannella | | $ 445,855,804.750 | | $ 39,333,382.858 | | — | | — |
Norman R. Nielsen | | $ 445,893,508.546 | | $ 39,295,679.061 | | — | | — |
Joyce G. Norden | | $ 445,943,577.618 | | $ 39,245,609.990 | | — | | — |
Patricia L. Sawyer | | $ 446,032,669.069 | | $ 39,156,518.538 | | — | | — |
John W. Waechter | | $ 445,900,035.501 | | $ 39,289,152.107 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 438,944,584.383 | | $ 8,312,237.887 | | $ 37,932,365.338 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 439,119,214.617 | | $ 8,069,685.537 | | $ 38,000,287.454 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 439,126,313.755 | | $ 8,036,749.045 | | $ 38,026,124.807 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 132
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Balanced Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 95,843,459.006 | | $ 7,911,757.544 | | — | | — |
Alan F. Warrick | | $ 95,857,327.187 | | $ 7,897,889.363 | | — | | — |
Sandra N. Bane | | $ 96,118,798.049 | | $ 7,636,418.501 | | — | | — |
Leo J. Hill | | $ 95,964,187.345 | | $ 7,791,029.205 | | — | | — |
David W. Jennings | | $ 95,872,846.366 | | $ 7,882,370.185 | | — | | — |
Russell A. Kimball, Jr. | | $ 96,027,457.069 | | $ 7,727,759.481 | | — | | — |
Eugene M. Mannella | | $ 96,118,798.049 | | $ 7,636,418.501 | | — | | — |
Norman R. Nielsen | | $ 96,011,937.891 | | $ 7,743,278.660 | | — | | — |
Joyce G. Norden | | $ 95,857,327.187 | | $ 7,897,889.363 | | — | | — |
Patricia L. Sawyer | | $ 96,134,317.227 | | $ 7,620,899.323 | | — | | — |
John W. Waechter | | $ 96,110,107.362 | | $ 7,645,109.188 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 92,928,241.421 | | $ 2,551,166.432 | | $ 8,275,808.697 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 93,472,068.085 | | $ 2,698,289.981 | | $ 7,584,858.485 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 92,914,251.256 | | $ 2,544,514.403 | | $ 8,296,450.891 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 133
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Large Value Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 645,893,867.567 | | $ 43,660,493.102 | | — | | — |
Alan F. Warrick | | $ 644,978,503.945 | | $ 44,575,856.724 | | — | | — |
Sandra N. Bane | | $ 645,199,799.584 | | $ 44,354,561.085 | | — | | — |
Leo J. Hill | | $ 645,908,905.890 | | $ 43,645,454.779 | | — | | — |
David W. Jennings | | $ 645,205,579.211 | | $ 44,348,781.458 | | — | | — |
Russell A. Kimball, Jr. | | $ 644,950,136.976 | | $ 44,604,223.692 | | — | | — |
Eugene M. Mannella | | $ 645,565,153.101 | | $ 43,989,207.567 | | — | | — |
Norman R. Nielsen | | $ 642,487,077.617 | | $ 47,067,283.052 | | — | | — |
Joyce G. Norden | | $ 642,375,449.165 | | $ 47,178,911.503 | | — | | — |
Patricia L. Sawyer | | $ 645,787,196.965 | | $ 43,767,163.704 | | — | | — |
John W. Waechter | | $ 646,199,132.612 | | $ 43,355,228.057 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 635,229,544.526 | | $ 16,030,325.531 | | $ 38,294,490.611 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 635,021,992.032 | | $ 16,812,501.798 | | $ 37,719,866.839 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 637,076,262.816 | | $ 16,060,215.974 | | $ 36,417,881.878 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 134
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Large Core Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 195,781,193.779 | | $ 11,082,221.993 | | — | | — |
Alan F. Warrick | | $ 195,551,241.436 | | $ 11,312,174.336 | | — | | — |
Sandra N. Bane | | $ 196,076,303.826 | | $ 10,787,111.946 | | — | | — |
Leo J. Hill | | $ 196,050,461.018 | | $ 10,812,954.754 | | — | | — |
David W. Jennings | | $ 195,925,353.282 | | $ 10,938,062.490 | | — | | — |
Russell A. Kimball, Jr. | | $ 195,816,283.562 | | $ 11,047,132.210 | | — | | — |
Eugene M. Mannella | | $ 195,663,743.863 | | $ 11,199,671.909 | | — | | — |
Norman R. Nielsen | | $ 195,799,482.190 | | $ 11,063,933.582 | | — | | — |
Joyce G. Norden | | $ 195,870,671.938 | | $ 10,992,743.834 | | — | | — |
Patricia L. Sawyer | | $ 196,024,395.545 | | $ 10,839,020.227 | | — | | — |
John W. Waechter | | $ 196,038,649.723 | | $ 10,824,766.049 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 191,677,180.411 | | $ 4,224,425.097 | | $ 10,961,810.264 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 191,278,333.067 | | $ 4,742,667.519 | | $ 10,842,415.186 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 191,775,198.280 | | $ 4,267,781.393 | | $ 10,820,436.099 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 135
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Large Growth Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 650,452,022.445 | | $ 38,376,541.245 | | — | | — |
Alan F. Warrick | | $ 648,859,404.309 | | $ 39,969,159.381 | | — | | — |
Sandra N. Bane | | $ 649,162,779.652 | | $ 39,665,784.038 | | — | | — |
Leo J. Hill | | $ 648,454,849.671 | | $ 40,373,714.019 | | — | | — |
David W. Jennings | | $ 649,202,386.199 | | $ 39,626,177.491 | | — | | — |
Russell A. Kimball, Jr. | | $ 649,184,899.927 | | $ 39,643,663.764 | | — | | — |
Eugene M. Mannella | | $ 648,991,567.864 | | $ 39,836,995.826 | | — | | — |
Norman R. Nielsen | | $ 649,067,492.007 | | $ 39,761,071.684 | | — | | — |
Joyce G. Norden | | $ 646,504,274.124 | | $ 42,324,289.566 | | — | | — |
Patricia L. Sawyer | | $ 649,031,667.951 | | $ 39,796,895.739 | | — | | — |
John W. Waechter | | $ 650,676,636.768 | | $ 38,151,926.922 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 639,583,071.250 | | $ 5,010,311.550 | | $ 44,235,180.891 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 638,645,964.157 | | $ 6,157,855.694 | | $ 44,024,743.839 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 640,731,387.017 | | $ 4,276,807.816 | | $ 43,820,368.857 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 136
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Mid Value Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 511,395,249.739 | | $ 27,496,471.009 | | — | | — |
Alan F. Warrick | | $ 511,366,409.788 | | $ 27,525,310.959 | | — | | — |
Sandra N. Bane | | $ 511,565,515.159 | | $ 27,326,205.589 | | — | | — |
Leo J. Hill | | $ 511,368,957.908 | | $ 27,522,762.840 | | — | | — |
David W. Jennings | | $ 511,416,509.515 | | $ 27,475,211.232 | | — | | — |
Russell A. Kimball, Jr. | | $ 511,308,754.011 | | $ 27,582,966.737 | | — | | — |
Eugene M. Mannella | | $ 511,400,612.796 | | $ 27,491,107.952 | | — | | — |
Norman R. Nielsen | | $ 511,272,635.602 | | $ 27,619,085.146 | | — | | — |
Joyce G. Norden | | $ 511,539,101.944 | | $ 27,352,618.804 | | — | | — |
Patricia L. Sawyer | | $ 511,592,819.423 | | $ 27,298,901.324 | | — | | — |
John W. Waechter | | $ 511,404,885.226 | | $ 27,486,835.522 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 505,296,212.741 | | $ 6,017,186.056 | | $ 27,578,321.950 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 504,849,704.278 | | $ 6,367,739.578 | | $ 27,674,276.892 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 504,706,984.254 | | $ 6,098,395.404 | | $ 28,086,341.090 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 137
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Mid Growth Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Alan F. Warrick | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Sandra N. Bane | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Leo J. Hill | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
David W. Jennings | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Russell A. Kimball, Jr. | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Eugene M. Mannella | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Norman R. Nielsen | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Joyce G. Norden | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
Patricia L. Sawyer | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
John W. Waechter | | $ 103,093,009.244 | | $ 4,903,108.376 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 103,524,716.704 | | $ 333,743.870 | | $ 4,137,657.046 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 103,356,891.035 | | $ 501,569.539 | | $ 4,137,657.046 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 103,524,716.704 | | $ 333,743.870 | | $ 4,137,657.046 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 138
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Small Value Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Alan F. Warrick | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Sandra N. Bane | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Leo J. Hill | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
David W. Jennings | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Russell A. Kimball, Jr. | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Eugene M. Mannella | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Norman R. Nielsen | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Joyce G. Norden | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
Patricia L. Sawyer | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
John W. Waechter | | $ 52,146,326.065 | | $ 1,563,969.597 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 52,146,326.065 | | $ 113,460.367 | | $ 1,450,509.230 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 52,135,287.754 | | $ 114,501.614 | | $ 1,460,506.295 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 52,146,326.065 | | $ 113,460.367 | | $ 1,450,509.230 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 139
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Small Core Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 235,098,146.333 | | $ 13,362,419.995 | | — | | — |
Alan F. Warrick | | $ 234,810,386.304 | | $ 13,650,180.024 | | — | | — |
Sandra N. Bane | | $ 235,399,582.864 | | $ 13,060,983.463 | | — | | — |
Leo J. Hill | | $ 234,909,733.701 | | $ 13,550,832.627 | | — | | — |
David W. Jennings | | $ 235,128,385.086 | | $ 13,332,181.241 | | — | | — |
Russell A. Kimball, Jr. | | $ 235,103,263.386 | | $ 13,357,302.942 | | — | | — |
Eugene M. Mannella | | $ 234,790,001.673 | | $ 13,670,564.655 | | — | | — |
Norman R. Nielsen | | $ 234,945,447.563 | | $ 13,515,118.764 | | — | | — |
Joyce G. Norden | | $ 234,361,157.909 | | $ 14,099,408.418 | | — | | — |
Patricia L. Sawyer | | $ 234,903,617.976 | | $ 13,556,948.352 | | — | | — |
John W. Waechter | | $ 235,347,564.929 | | $ 13,113,001.399 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$229,822,524.202 | | $ 6,497,866.635 | | $ 12,140,175.490 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$229,646,365.556 | | $ 6,543,985.642 | | $ 12,270,215.130 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$229,930,652.014 | | $ 5,694,978.228 | | $ 12,834,936.086 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 140
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners Small Growth Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Alan F. Warrick | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Sandra N. Bane | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Leo J. Hill | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
David W. Jennings | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Russell A. Kimball, Jr. | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Eugene M. Mannella | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Norman R. Nielsen | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Joyce G. Norden | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
Patricia L. Sawyer | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
John W. Waechter | | $ 53,370,838.080 | | $ 1,509,268.628 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 53,379,698.703 | | $ 21.982 | | $ 1,500,386.022 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 53,097,159.678 | | $ 284,404.147 | | $ 1,498,542.883 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 53,379,698.703 | | $ 1,865.122 | | $ 1,498,542.883 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 141
TRANSAMERICA PARTNERS FUNDS
Transamerica Partners International Equity Portfolio
RESULTS OF SHAREHOLDER PROXY
Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and provide final results. Accordingly, the Board of Trustees of the Portfolio solicited a vote by the shareholders for the following items:
At a special meeting of shareholders held on February 26, 2013, the results of Proposal I were as follows:
Proposal I: To elect Board Members:
| | | | | | | | |
| Proposed Trustee | | For | | Against/Withheld | | Abstentions | | Broker Non-Votes |
Thomas A. Swank | | $ 429,265,178.305 | | $ 30,524,678.863 | | — | | — |
Alan F. Warrick | | $ 429,051,333.538 | | $ 30,738,523.630 | | — | | — |
Sandra N. Bane | | $ 429,427,301.742 | | $ 30,362,555.426 | | — | | — |
Leo J. Hill | | $ 428,274,202.368 | | $ 31,515,654.800 | | — | | — |
David W. Jennings | | $ 429,461,880.108 | | $ 30,327,977.060 | | — | | — |
Russell A. Kimball, Jr. | | $ 429,350,138.098 | | $ 30,439,719.070 | | — | | — |
Eugene M. Mannella | | $ 429,256,521.568 | | $ 30,533,335.601 | | — | | — |
Norman R. Nielsen | | $ 429,135,644.788 | | $ 30,654,212.381 | | — | | — |
Joyce G. Norden | | $ 428,633,498.770 | | $ 31,156,358.398 | | — | | — |
Patricia L. Sawyer | | $ 429,282,186.034 | | $ 30,507,671.134 | | — | | — |
John W. Waechter | | $ 429,497,685.100 | | $ 30,292,172.069 | | — | | — |
At a special meeting of shareholders held on February 26, 2013, the results of Proposal II were as follows:
Proposal II: To approve changes to the fundamental investment policies:
Proposal II.A — Underwriting
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 416,016,719.789 | | $ 15,278,921.384 | | $ 28,494,215.996 | | — |
Proposal II.B — Real Estate
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 415,253,712.636 | | $ 15,923,008.794 | | $ 28,613,135.738 | | — |
Proposal II.C — Concentration
| | | | | | |
| For | | Against | | Abstentions | | Broker Non-Votes |
$ 415,688,561.930 | | $ 15,350,497.912 | | $ 28,750,797.326 | | — |
| | |
| Transamerica Partners Portfolio | | Semi-Annual Report 2013 |
Page 142
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
440 Mamaroneck Avenue
Harrison, NY 10528
Item 2: Code of Ethics.
Not applicable for semi-annual reports.
Item 3: Audit Committee Financial Experts.
Not applicable for semi-annual reports.
Item 4: Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5: Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6: Investments.
| | (a) | The schedules of investments are included in the Semi-Annual Report to shareholders filed under Item 1 of this Form N-CSR. |
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
Item 11: Controls and Procedures.
| | (a) | The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal |
| | | financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. |
| | (b) | The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12: Exhibits.
| | | | |
| (a) | | (1) | | Not applicable. |
| | (2) | | Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
| | (3) | | Not applicable. |
| | (b) | A certification for the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
Transamerica Asset Allocation Variable Funds |
(Registrant) |
| |
By: | | /s/ Thomas A. Swank |
| | Thomas A. Swank |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| |
Date: | | August 28, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| | | | | | |
| | By: | | /s/ Thomas A. Swank | | |
| | | | Thomas A. Swank | | |
| | | | Chief Executive Officer | | |
| | | | (Principal Executive Officer) | | |
| | | |
| | Date: | | August 28, 2013 | | |
| | | |
| | By: | | /s/ Elizabeth Strouse | | |
| | | | Elizabeth Strouse | | |
| | | | Principal Financial Officer | | |
| | | |
| | Date: | | August 28, 2013 | | |
EXHIBIT INDEX
| | |
Exhibit No. | | Description of Exhibit |
| |
| 12(a)(2)(i) | | Section 302 N-CSR Certification of Principal Executive Officer |
| |
| 12(a)(2)(ii) | | Section 302 N-CSR Certification of Principal Financial Officer |
| |
| 12(b) | | Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer |
