As filed with the Securities and Exchange Commission on September 8, 2015
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
(Exact Name of Registrant as Specified in Charter)
4600 S. Syracuse St., Suite 1100, Denver, Colorado 80237
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code: (720) 493-4256
Tané T. Tyler, Esq., 4600 S. Syracuse St., Suite 1100, Denver, Colorado 80237
(Name and Address of Agent for Service)
Date of fiscal year end: December 31
Date of reporting period: January 1, 2015 – June 30, 2015
| 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, 2015
Table of Contents
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
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, 2015, 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, 2015
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, at (800) 755-5801 if you have any questions regarding these reports.
Dear Fellow Contract Holder,
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 each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all Contract Holders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review of your investments, this report provides a discussion of accounting policies as well as matters presented to Contract Holders that may have required their vote.
We believe it is important to understand market conditions over the last year to provide a context for reading this report. At the beginning of this fiscal period, markets focused heavily on the U.S. Federal Reserve’s (“Fed”) pending conclusion to its quantitative easing (“QE”) program. While interest rate volatility picked up slightly in the fall of 2014 when QE ended, equity markets remained resilient and continued to climb to new all-time highs in the following months.
The U.S. economy gained momentum as evidenced by reports of increasing gross domestic product growth rates in the second and third quarters of 2014, however, weaker exports and declining capital spending in the energy sector slowed the rate of growth as markets entered 2015. That having been said, continued positive results in regard to job growth and consumer spending appear to bode well for future economic momentum.
The energy sector contributed most to overall market volatility during the fall and winter as crude oil prices declined by more than 50% due to surging stockpiles and no action by OPEC to cut output. Many metals and agricultural goods also saw lower prices during this period, contributing to broad commodity weakness. While these lower prices for raw materials at times added to market weakness, consumers and business still stand to benefit going forward from lower gas prices at the pump and aggregate fuel costs. Annual inflation metrics have fallen close to zero, well below both historical averages and the Fed’s target range of 2.0% to 2.5%.
As the period drew to a close, the crisis in Greece began to weigh more prominently on the markets as the question again emerged as to whether this country could ultimately meet its debt obligations and remain part of the European Monetary Union. However, unlike years past when concerns of a possible Greek default roiled markets and brought about fears of bank failures and financial contagion, investors have taken the recent developments more in stride, bolstered by the fact that global banks have heavily reduced their exposure to Greek debt. While Greece’s ultimate position within the European Union remains to be resolved, investors seem to have concluded that a Greek exit would not pose the same risk to global markets as previously believed.
For the period ending June 30, 2015, the S&P 500® returned 7.4% while the MSCI EAFE Index, representing international developed market equities, lost 3.8%. During the same period, the Barclays U.S. Aggregate Bond Index returned 1.9%. Please keep in mind that it is 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 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,
Marijn Smit
President & Chief Executive Officer
Transamerica Partners Funds
Tom Wald, CFA
Chief Investment Officer
Transamerica Partners Funds
The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Partners Funds. These views are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Partners Funds.
Understanding Your Subaccounts’ 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. Subaccount contract holders bear the cost of operating the Subaccount (such as the advisory fee).
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, 2015, and held for the entire period until June 30, 2015.
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 in the appropriate column for your share class titled “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 Subaccounts’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Subaccounts’ actual returns. 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) | | | | |
| Subaccount | | 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 | | | $ | 1,002.70 | | | $ | 0.99 | | | $ | 1,023.80 | | | $ | 1.00 | | | | 0.20 | % |
Transamerica Asset Allocation Variable -
Intermediate Horizon Subaccount | | | 1,000.00 | | | | 1,017.30 | | | | 1.00 | | | | 1,023.80 | | | | 1.00 | | | | 0.20 | |
Transamerica Asset Allocation Variable -
Intermediate/Long Horizon Subaccount | | | 1,000.00 | | | | 1,023.90 | | | | 1.00 | | | | 1,023.80 | | | | 1.00 | | | | 0.20 | |
| (A) | 5% return per year before expenses. |
| (B) | Expenses are calculated using the 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 (181 days), and divided by the number of days in the year (365 days). |
| (C) | These expense ratios do not include the expenses of the underlying funds in which the Subaccounts invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report. |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 4
Schedules of Investments Composition
At June 30, 2015
(unaudited)
| | | | |
Transamerica Asset Allocation Variable - Short Horizon
Subaccount | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Fixed Income | | | 89.1 | % |
Domestic Equity | | | 8.6 | |
International Equity | | | 2.1 | |
Money Market | | | 0.2 | |
Net Other Assets (Liabilities) | | | (0.0 | )* |
Total | | | 100.0 | % |
| | | | |
|
Transamerica Asset Allocation Variable - Intermediate Horizon
Subaccount | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Fixed Income | | | 47.0 | % |
Domestic Equity | | | 41.6 | |
International Equity | | | 11.2 | |
Money Market | | | 0.2 | |
Net Other Assets (Liabilities) | | | (0.0 | )* |
Total | | | 100.0 | % |
| | | | |
|
Transamerica Asset Allocation Variable - Intermediate/Long
Horizon Subaccount | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Domestic Equity | | | 55.9 | % |
Fixed Income | | | 27.7 | |
International Equity | | | 16.2 | |
Money Market | | | 0.2 | |
Net Other Assets (Liabilities) | | | (0.0 | )* |
Total | | | 100.0 | % |
| | | | |
| * | Percentage rounds to less than 0.1% or (0.1)%. |
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 5
Transamerica Asset Allocation Variable - Short Horizon Subaccount
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES - 100.0% | | | | | | | | |
Domestic Equity - 8.6% | | | | | | | | |
Transamerica Partners Variable Large Growth (A) (B) | | | 2,495 | | | | $ 223,618 | |
Transamerica Partners Variable Large Value (A) (B) | | | 2,733 | | | | 221,207 | |
Transamerica Partners Variable Small
Core (A) (B) | | | 2,660 | | | | 149,511 | |
| | | | | | | | |
| | | | | | | 594,336 | |
| | | | | | | | |
Fixed Income - 89.1% | | | | | | | | |
Transamerica Partners Variable Core Bond (A) (B) | | | 72,629 | | | | 3,253,238 | |
Transamerica Partners Variable High Quality Bond (A) (B) | | | 61,281 | | | | 1,084,632 | |
Transamerica Partners Variable High Yield Bond (A) (B) | | | 23,844 | | | | 737,064 | |
Transamerica Partners Variable Inflation-Protected Securities (A) (B) | | | 39,331 | | | | 1,059,348 | |
| | | | | | | | |
| | | | | | | 6,134,282 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES (continued) | | | | | | | | |
International Equity - 2.1% | | | | | | | | |
Transamerica Partners Variable International Equity (A) (B) | | | 6,288 | | | | $ 140,767 | |
| | | | | | | | |
Money Market - 0.2% | | | | | | | | |
Transamerica Partners Variable Money Market (A) (B) | | | 652 | | | | 13,763 | |
| | | | | | | | |
Total Investment Companies
(Cost $6,096,580) | | | | | | | 6,883,148 | |
| | | | | | | | |
Total Investments
(Cost $6,096,580) (C) | | | | | | | 6,883,148 | |
Net Other Assets (Liabilities) - (0.0)% (D) | | | | | | | (1,221 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 6,881,927 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 6,883,148 | | | $ | — | | | $ | — | | | $ | 6,883,148 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 6,883,148 | | | $ | — | | | $ | — | | | $ | 6,883,148 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Investment in shares of an affiliated fund of Transamerica Partners Variable Funds. |
| (C) | Aggregate cost for federal income tax purposes is $6,096,580. Aggregate gross unrealized appreciation for all securities is $786,568. |
| (D) | Percentage rounds to less than 0.1% or (0.1)%. |
| (E) | The Subaccount recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 6
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES - 100.0% | |
Domestic Equity - 41.6% | |
Transamerica Partners Variable Large Growth (A) (B) | | | 33,725 | | | | $ 3,022,590 | |
Transamerica Partners Variable Large Value (A) (B) | | | 38,916 | | | | 3,150,097 | |
Transamerica Partners Variable Small Core (A) (B) | | | 35,314 | | | | 1,985,006 | |
| | | | | | | | |
| | | | | | | 8,157,693 | |
| | | | | | | | |
Fixed Income - 47.0% | |
Transamerica Partners Variable Core Bond (A) (B) | | | 97,929 | | | | 4,386,521 | |
Transamerica Partners Variable High Quality Bond (A) (B) | | | 85,573 | | | | 1,514,573 | |
Transamerica Partners Variable High Yield Bond (A) (B) | | | 36,832 | | | | 1,138,514 | |
Transamerica Partners Variable Inflation-Protected Securities (A) (B) | | | 80,539 | | | | 2,169,282 | |
| | | | | | | | |
| | | | | | | 9,208,890 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES (continued) | | | | | | | | |
International Equity - 11.2% | |
Transamerica Partners Variable International Equity (A) (B) | | | 98,422 | | | | $ 2,203,444 | |
| | | | | | | | |
Money Market - 0.2% | |
Transamerica Partners Variable Money Market (A) (B) | | | 1,859 | | | | 39,218 | |
| | | | | | | | |
Total Investment Companies
(Cost $14,580,532) | | | | | | | 19,609,245 | |
| | | | | | | | |
Total Investments
(Cost $14,580,532) (C) | | | | | | | 19,609,245 | |
Net Other Assets (Liabilities) - (0.0)% (D) | | | | (3,474 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 19,605,771 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 19,609,245 | | | $ | — | | | $ | — | | | $ | 19,609,245 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 19,609,245 | | | $ | — | | | $ | — | | | $ | 19,609,245 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Investment in shares of an affiliated fund of Transamerica Partners Variable Funds. |
| (C) | Aggregate cost for federal income tax purposes is $14,580,532. Aggregate gross unrealized appreciation for all securities is $5,028,713. |
| (D) | Percentage rounds to less than 0.1% or (0.1)%. |
| (E) | The Subaccount recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 7
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES - 100.0% | |
Domestic Equity - 55.9% | |
Transamerica Partners Variable Large Growth (A) (B) | | | 73,328 | | | | $ 6,571,980 | |
Transamerica Partners Variable Large Value (A) (B) | | | 78,935 | | | | 6,389,485 | |
Transamerica Partners Variable Small Core (A) (B) | | | 71,241 | | | | 4,004,490 | |
| | | | | | | | |
| | | | | | | 16,965,955 | |
| | | | | | | | |
Fixed Income - 27.7% | |
Transamerica Partners Variable Core Bond (A) (B) | | | 94,052 | | | | 4,212,871 | |
Transamerica Partners Variable High Quality Bond (A) (B) | | | 32,849 | | | | 581,400 | |
Transamerica Partners Variable High Yield Bond (A) (B) | | | 36,790 | | | | 1,137,222 | |
Transamerica Partners Variable Inflation-Protected Securities (A) (B) | | | 92,360 | | | | 2,487,653 | |
| | | | | | | | |
| | | | | | | 8,419,146 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
INVESTMENT COMPANIES (continued) | | | | | | | | |
International Equity - 16.2% | |
Transamerica Partners Variable International Equity (A) (B) | | | 219,876 | | | | $ 4,922,517 | |
| | | | | | | | |
Money Market - 0.2% | |
Transamerica Partners Variable Money Market (A) (B) | | | 2,879 | | | | 60,735 | |
| | | | | | | | |
Total Investment Companies
(Cost $21,003,818) | | | | | | | 30,368,353 | |
| | | | | | | | |
Total Investments
(Cost $21,003,818) (C) | | | | | | | 30,368,353 | |
Net Other Assets (Liabilities) - (0.0)% (D) | | | | (5,418 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 30,362,935 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 30,368,353 | | | $ | — | | | $ | — | | | $ | 30,368,353 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 30,368,353 | | | $ | — | | | $ | — | | | $ | 30,368,353 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | Investment in shares of an affiliated fund of Transamerica Partners Variable Funds. |
| (C) | Aggregate cost for federal income tax purposes is $21,003,818. Aggregate gross unrealized appreciation for all securities is $9,364,535. |
| (D) | Percentage rounds to less than 0.1% or (0.1)%. |
| (E) | The Subaccount recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 8
STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2015
(unaudited)
| | | | | | | | | | | | |
| | | Short
Horizon | | | Intermediate
Horizon | | | Intermediate/
Long Horizon | |
Assets: | | | | | | | | | | | | |
Affiliated investments, at value (A) | | $ | 6,883,148 | | | $ | 19,609,245 | | | $ | 30,368,353 | |
Receivables: | | | | | | | | | | | | |
Units sold | | | 7,769 | | | | 15,136 | | | | 24,324 | |
Investments sold | | | 11,959 | | | | 22,412 | | | | 32,147 | |
Total assets | | | 6,902,876 | | | | 19,646,793 | | | | 30,424,824 | |
| | | | |
Liabilities: | | | | | | | | | | | | |
Payables and other liabilities: | | | | | | | | | | | | |
Units redeemed | | | — | | | | 1,302 | | | | 10,000 | |
Investments purchased | | | 19,728 | | | | 36,246 | | | | 46,471 | |
Investment advisory fees | | | 1,221 | | | | 3,474 | | | | 5,418 | |
Total liabilities | | | 20,949 | | | | 41,022 | | | | 61,889 | |
Net assets | | $ | 6,881,927 | | | $ | 19,605,771 | | | $ | 30,362,935 | |
| | | | |
Net assets consist of: | | | | | | | | | | | | |
Costs of accumulation units | | $ | 1,826,193 | | | $ | 5,677,055 | | | $ | 13,204,147 | |
Undistributed (distributions in excess of) net investment income (loss) | | | (275,506 | ) | | | (769,332 | ) | | | (1,077,779 | ) |
Accumulated net realized gain (loss) | | | 4,544,672 | | | | 9,669,335 | | | | 8,872,032 | |
Net unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Affiliated investments | | | 786,568 | | | | 5,028,713 | | | | 9,364,535 | |
Net assets | | $ | 6,881,927 | | | $ | 19,605,771 | | | $ | 30,362,935 | |
Accumulation units | | | 324,299 | | | | 821,224 | | | | 1,211,705 | |
Unit value | | $ | 21.22 | | | $ | 23.87 | | | $ | 25.06 | |
| | | | | | | | | | | | | |
(A) Affiliated investments, at cost | | $ | 6,096,580 | | | $ | 14,580,532 | | | $ | 21,003,818 | |
STATEMENTS OF OPERATIONS
For the period ended June 30, 2015
(unaudited)
| | | | | | | | | | | | |
| | | Short
Horizon | | | Intermediate
Horizon | | | Intermediate/
Long Horizon | |
Expenses: | | | | | | | | | | | | |
Investment advisory fees | | $ | 7,115 | | | $ | 19,636 | | | $ | 30,713 | |
Net investment income (loss) | | | (7,115 | ) | | | (19,636 | ) | | | (30,713 | ) |
| | | | |
Net realized gain (loss) on: | | | | | | | | | | | | |
Affiliated investments | | | 221,961 | | | | 343,585 | | | | 352,189 | |
Net realized gain (loss) | | | 221,961 | | | | 343,585 | | | | 352,189 | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Affiliated investments | | | (192,488 | ) | | | 13,956 | | | | 409,275 | |
Net change in unrealized appreciation (depreciation) | | | (192,488 | ) | | | 13,956 | | | | 409,275 | |
Net realized and change in unrealized gain (loss) | | | 29,473 | | | | 357,541 | | | | 761,464 | |
Net increase (decrease) in net assets resulting from operations | | $ | 22,358 | | | $ | 337,905 | | | $ | 730,751 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 9
STATEMENTS OF CHANGES IN NET ASSETS
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Short Horizon | | | Intermediate Horizon | | | Intermediate/Long Horizon | |
| | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (7,115 | ) | | $ | (14,028 | ) | | $ | (19,636 | ) | | $ | (40,067 | ) | | $ | (30,713 | ) | | $ | (61,226 | ) |
Net realized gain (loss) | | | 221,961 | | | | 226,353 | | | | 343,585 | | | | 748,746 | | | | 352,189 | | | | 652,900 | |
Net change in unrealized appreciation (depreciation) | | | (192,488 | ) | | | (1,393 | ) | | | 13,956 | | | | (69,527 | ) | | | 409,275 | | | | 391,373 | |
Net increase (decrease) in net assets resulting from operations | | | 22,358 | | | | 210,932 | | | | 337,905 | | | | 639,152 | | | | 730,751 | | | | 983,047 | |
| | | | | | | |
Unit transactions: | | | | | | | | | | | | | | | | | | | | | | | | |
Units sold | | | 635,136 | | | | 1,511,417 | | | | 1,023,965 | | | | 2,508,533 | | | | 1,119,046 | | | | 4,450,226 | |
Units redeemed | | | (844,006 | ) | | | (1,485,860 | ) | | | (1,190,914 | ) | | | (4,487,328 | ) | | | (2,113,490 | ) | | | (5,408,405 | ) |
Net increase (decrease) in net assets resulting from unit transactions | | | (208,870 | ) | | | 25,557 | | | | (166,949 | ) | | | (1,978,795 | ) | | | (994,444 | ) | | | (958,179 | ) |
Net increase (decrease) in net assets | | | (186,512 | ) | | | 236,489 | | | | 170,956 | | | | (1,339,643 | ) | | | (263,693 | ) | | | 24,868 | |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 7,068,439 | | | | 6,831,950 | | | | 19,434,815 | | | | 20,774,458 | | | | 30,626,628 | | | | 30,601,760 | |
End of period/year | | $ | 6,881,927 | | | $ | 7,068,439 | | | $ | 19,605,771 | | | $ | 19,434,815 | | | $ | 30,362,935 | | | $ | 30,626,628 | |
Undistributed (distributions in excess of) net investment income (loss) | | $ | (275,506 | ) | | $ | (268,391 | ) | | $ | (769,332 | ) | | $ | (749,696 | ) | | $ | (1,077,779 | ) | | $ | (1,047,066 | ) |
| | | | | | | |
Unit transactions - shares: | | | | | | | | | | | | | | | | | | | | | | | | |
Units sold | | | 29,731 | | | | 71,872 | | | | 42,658 | | | | 108,689 | | | | 44,553 | | | | 186,268 | |
Units redeemed | | | (39,415 | ) | | | (70,809 | ) | | | (49,557 | ) | | | (194,442 | ) | | | (84,250 | ) | | | (226,240 | ) |
Net increase (decrease) | | | (9,684 | ) | | | 1,063 | | | | (6,899 | ) | | | (85,753 | ) | | | (39,697 | ) | | | (39,972 | ) |
The Notes to Financial Statements are an integral part of this report.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 10
FINANCIAL HIGHLIGHTS
| | | | | | | | | | | | | | | | | | | | | | | | |
| For a unit outstanding during the period and years indicated: | | Short Horizon | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Unit value, beginning of period/year | | $ | 21.16 | | | $ | 20.52 | | | $ | 20.37 | | | $ | 18.99 | | | $ | 18.24 | | | $ | 16.95 | |
Investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (A) | | | (0.02 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) |
Net realized and unrealized gain (loss) | | | 0.08 | | | | 0.68 | | | | 0.19 | | | | 1.42 | | | | 0.79 | | | | 1.33 | |
Total investment operations | | | 0.06 | | | | 0.64 | | | | 0.15 | | | | 1.38 | | | | 0.75 | | | | 1.29 | |
Unit value, end of period/year | | $ | 21.22 | | | $ | 21.16 | | | $ | 20.52 | | | $ | 20.37 | | | $ | 18.99 | | | $ | 18.24 | |
Total return (B) | | | 0.27 | %(C) | | | 3.13 | % | | | 0.73 | % | | | 7.30 | % | | | 4.07 | % | | | 7.65 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 6,882 | | | $ | 7,068 | | | $ | 6,832 | | | $ | 8,227 | | | $ | 8,884 | | | $ | 9,608 | |
Expenses to average net assets (D) | | | 0.20 | %(E) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
Net investment income (loss) to average net assets | | | (0.20 | )%(E) | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% |
Portfolio turnover rate (F) | | | 25 | %(C) | | | 36 | % | | | 63 | % | | | 51 | % | | | 46 | % | | | 36 | % |
| (A) | Calculated based on average number of units outstanding. |
| (B) | Total return reflects Subaccount expenses. |
| (D) | Does not include expenses of the underlying funds in which the Subaccount invests. |
| (F) | Does not include portfolio activity of the underlying funds in which the Subaccount invests. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| For a unit outstanding during the period and years indicated: | | Intermediate Horizon | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Unit value, beginning of period/year | | $ | 23.47 | | | $ | 22.73 | | | $ | 20.10 | | | $ | 18.17 | | | $ | 18.13 | | | $ | 16.22 | |
Investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (A) | | | (0.02 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) | | | 0.42 | | | | 0.79 | | | | 2.67 | | | | 1.97 | | | | 0.08 | | | | 1.94 | |
Total investment operations | | | 0.40 | | | | 0.74 | | | | 2.63 | | | | 1.93 | | | | 0.04 | | | | 1.91 | |
Unit value, end of period/year | | $ | 23.87 | | | $ | 23.47 | | | $ | 22.73 | | | $ | 20.10 | | | $ | 18.17 | | | $ | 18.13 | |
Total return (B) | | | 1.73 | %(C) | | | 3.24 | % | | | 13.07 | % | | | 10.67 | % | | | 0.19 | % | | | 11.81 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 19,606 | | | $ | 19,435 | | | $ | 20,774 | | | $ | 19,718 | | | $ | 21,599 | | | $ | 24,180 | |
Expenses to average net assets (D) | | | 0.20 | %(E) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
Net investment income (loss) to average net assets | | | (0.20 | )%(E) | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% |
Portfolio turnover rate (F) | | | 15 | %(C) | | | 29 | % | | | 54 | % | | | 37 | % | | | 42 | % | | | 25 | % |
| (A) | Calculated based on average number of units outstanding. |
| (B) | Total return reflects Subaccount expenses. |
| (D) | Does not include expenses of the underlying funds in which the Subaccount invests. |
| (F) | Does not include portfolio activity of the underlying funds in which the Subaccount invests. |
The Notes to Financial Statements are an integral part of this report.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 11
FINANCIAL HIGHLIGHTS (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| For a unit outstanding during the period and years indicated: | | Intermediate/Long Horizon | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Unit value, beginning of period/year | | $ | 24.47 | | | $ | 23.70 | | | $ | 19.93 | | | $ | 17.70 | | | $ | 17.99 | | | $ | 15.78 | |
Investment operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) (A) | | | (0.02 | ) | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.03 | ) |
Net realized and unrealized gain (loss) | | | 0.61 | | | | 0.82 | | | | 3.81 | | | | 2.27 | | | | (0.25 | ) | | | 2.24 | |
Total investment operations | | | 0.59 | | | | 0.77 | | | | 3.77 | | | | 2.23 | | | | (0.29 | ) | | | 2.21 | |
Unit value, end of period/year | | $ | 25.06 | | | $ | 24.47 | | | $ | 23.70 | | | $ | 19.93 | | | $ | 17.70 | | | $ | 17.99 | |
Total return (B) | | | 2.39 | %(C) | | | 3.28 | % | | | 18.93 | % | | | 12.60 | % | | | (1.66 | )% | | | 14.05 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 30,363 | | | $ | 30,627 | | | $ | 30,602 | | | $ | 27,794 | | | $ | 28,003 | | | $ | 30,991 | |
Expenses to average net assets (D) | | | 0.20 | %(E) | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % | | | 0.20 | % |
Net investment income (loss) to average net assets | | | (0.20 | )%(E) | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% | | | (0.20 | )% |
Portfolio turnover rate (F) | | | 8 | %(C) | | | 17 | % | | | 32 | % | | | 30 | % | | | 34 | % | | | 23 | % |
| (A) | Calculated based on average number of units outstanding. |
| (B) | Total return reflects Subaccount expenses. |
| (D) | Does not include expenses of the underlying funds in which the Subaccount invests. |
| (F) | Does not include portfolio activity of the underlying funds in which the Subaccount invests. |
The Notes to Financial Statements are an integral part of this report.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 12
NOTES TO FINANCIAL STATEMENTS
At June 30, 2015
(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 applies investment company accounting and reporting guidance. The Separate Account is composed of three different subaccounts (each, a “Subaccount” and collectively, the “Subaccounts”) that are separate investment funds and are listed below. Each Subaccount invests substantially all of its investable assets among certain Transamerica Partners Variable Funds (“TPVF”). Certain TPVF subaccounts invest substantially all of their investable assets in the Transamerica Partners Portfolios (the “Portfolios”).
|
| Subaccount |
Transamerica Asset Allocation Variable-Short Horizon Subaccount (“Short Horizon”) |
Transamerica Asset Allocation Variable-Intermediate Horizon Subaccount (“Intermediate Horizon”) |
Transamerica Asset Allocation Variable-Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”) |
Transamerica Asset Management, Inc. (“TAM”) is responsible for the day-to-day management of the Subaccounts. For each of the Portfolios, TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations to the Portfolios.
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 fund 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 (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review 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 Portfolios’ independent registered public 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’s oversight, among other things, for making decisions to buy, hold or sell a particular security.
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 its affiliates that have not yet occurred. However, based on experience, the Subaccounts expect the risk of loss to be remote.
In preparing the Subaccounts’ financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America, 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.
Cash overdraft: Throughout the period, the Subaccounts 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, if any, from U.S. cash overdrafts and foreign cash overdrafts are reflected in Custody fees and Interest income within the Statements of Operations, respectively.
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 (“ANA”) shown in the Financial Highlights.
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| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 13
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
Security transactions: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific indentification basis. Net realized gain (loss) is from investments in units of investment companies.
NOTE 2. SECURITY VALUATION
All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding subaccount of the TPVF is valued at the unit value per share of each Subaccount at the close 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, which 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 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. The hierarchy classification of inputs used to value the Subaccounts’ investments, at June 30, 2015, is disclosed in the Security Valuation section of each Subaccount’s Schedule of Investments.
Under supervision of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. 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, 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 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 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 Board reviews Valuation Committee determinations at its regularly scheduled meetings.
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.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 14
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 2. (continued)
Fair value measurements: Each Subaccount invests substantially all of its investable assets among certain TPVF subaccounts and the TPVF subaccounts invest all of their investable assets in the Portfolios. The summary of the inputs used for valuing each Portfolio’s assets carried at fair value is discussed in the Security Valuation section of the Portfolios’ Notes to Financial Statements, which are attached to this report. Descriptions of the valuation techniques applied to the Subaccounts’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:
Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the Net Asset Value of the underlying funds. These securities are actively traded and no valuation adjustments are applied. ETFs 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.
NOTE 3. RELATED PARTY TRANSACTIONS
TAM, the Subaccounts’ investment adviser, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly 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 may determine, TAM provides general investment advice to each Subaccount, for which it receives a monthly advisory fee that is accrued daily and payable monthly at an annual rate equal to 0.20% of each Subaccount’s daily ANA.
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, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Separate Account. Similarly, none of the Separate Account’s officers receive compensation from the Subaccounts. The independent board members of TFLIC are also trustees of the Portfolios for which they receive fees.
All of the Portfolio holdings in investment companies are considered affiliated. Interest, dividends, realized and unrealized gains (losses) are broken out on the Statements of Operations.
Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated January 1, 2010, 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 the investment option, as elected by the trustee.
NOTE 4. PURCHASES AND SALES OF SECURITIES
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2015 were as follows:
| | | | | | | | | | |
| Subaccount | | Purchases of
Securities | | | | | Sales of
Securities | |
Short Horizon | | $ | 1,790,291 | | | | | $ | 2,006,352 | |
Intermediate Horizon | | | 2,917,077 | | | | | | 3,103,679 | |
Intermediate/Long Horizon | | | 2,329,867 | | | | | | 3,355,139 | |
NOTE 5. FEDERAL INCOME TAXES
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
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 15
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 5. (continued)
for federal income tax purposes. The Subaccounts 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. The Subaccounts’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Subaccounts’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Subaccounts’ financial statements. If applicable, the Subaccounts recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Subaccounts identify their major tax jurisdictions as U.S. Federal, the state of Colorado and foreign jurisdictions where the Subaccounts make significant investments; however, the Subaccounts are not aware of any 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. ACCOUNTING PRONOUNCEMENTS
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-11, “Transfers and Servicing, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. The guidance changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The guidance is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Subaccounts’ financial statements.
In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities that Calculate NAV per Share (or its Equivalent)”. The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Sufficient information must be provided to permit reconciliation of the fair value of assets categorized within the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The guidance is required to be presented for annual periods beginning after December 15, 2015, and for interim periods within those fiscal years. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Subaccounts’ financial statements.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 16
TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
INVESTMENT ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Managing Board of Transamerica Asset Allocation Variable Funds (the “Trustees” or the “Board”) held on June 9-10, 2015, the Board 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 its review and consideration, the Board determined that the terms of each Investment Advisory Agreement were reasonable and that the renewal of the Investment Advisory Agreements was in the best interests of the applicable Fund and the contract holders. 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, 2016. Prior to reaching their decision, the Board Members requested and received from TAM certain information. They then reviewed 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 counsel, including 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, 2014. 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 comparable investment companies.
Investment Advisory Fees and Total Expense Ratios
The Board considered the investment advisory fee and total expense ratio of each Fund, including information comparing the investment advisory fee and total expense ratio of each Fund to the investment advisory fees and total expense ratios of comparable investment companies, based on Lipper information. On the basis of these considerations, together with the other information it considered, the Board determined that the investment advisory 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.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 17
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 future 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 any economies of scale. The Board considered each Fund’s investment advisory fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through investments in maintaining and developing its capabilities and services. The Board Members concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the investment advisory fees payable to TAM in light of any economies of scale experienced in the future.
Benefits to TAM or its Affiliates from their Relationships with the Funds
The Board considered 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 the contract holders. 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 was in the best interests of the applicable Fund and the contract holders and voted to approve the renewal of each Investment Advisory Agreement.
| | |
| Transamerica Asset Allocation Variable Funds | | Semi-Annual Report 2015 |
Page 18
Appendix A
Transamerica Partners Portfolios
Schedules of Investments Composition
At June 30, 2015
(unaudited)
| | | | |
| Transamerica Partners Money Market Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Commercial Paper | | | 57.3 | % |
Repurchase Agreements | | | 21.3 | |
Certificates of Deposit | | | 17.1 | |
Corporate Debt Securities | | | 4.3 | |
Net Other Assets (Liabilities) | | | (0.0 | )* |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners High Quality Bond Portfolio | |
| |
| Credit Quality ‡ | | Percentage of Net
Assets | |
AAA | | | 46.1 | % |
AA | | | 9.7 | |
A | | | 17.4 | |
BBB | | | 10.0 | |
NR (Not Rated) | | | 24.7 | |
Net Other Assets (Liabilities) | | | (7.9 | ) |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners Inflation-Protected Securities Portfolio | |
| |
| Credit Quality ‡ | | Percentage of Net
Assets | |
AAA | | | 94.7 | % |
AA | | | 1.2 | |
A | | | 1.0 | |
BBB | | | 1.7 | |
CCC and Below | | | 0.0 | * |
NR (Not Rated) | | | 1.2 | |
Net Other Assets (Liabilities)^ | | | 0.2 | |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners Core Bond Portfolio | |
| |
| Credit Quality ‡ | | Percentage of Net
Assets | |
AAA | | | 44.7 | % |
AA | | | 4.0 | |
A | | | 20.5 | |
BBB | | | 19.8 | |
BB | | | 2.9 | |
B | | | 1.4 | |
CCC and Below | | | 1.6 | |
NR (Not Rated) | | | 21.8 | |
Net Other Assets (Liabilities) | | | (16.7 | ) |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners High Yield Bond Portfolio | |
| |
| Credit Quality ‡ | | Percentage of Net
Assets | |
AAA | | | 1.8 | % |
BBB | | | 6.0 | |
BB | | | 39.4 | |
B | | | 40.0 | |
CCC and Below | | | 10.0 | |
NR (Not Rated) | | | 1.5 | |
Net Other Assets (Liabilities) | | | 1.3 | |
Total | | | 100.0 | % |
| | | | |
| | | | |
| Transamerica Partners Balanced Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 57.6 | % |
Corporate Debt Securities | | | 15.4 | |
U.S. Government Obligations | | | 9.6 | |
U.S. Government Agency Obligations | | | 6.9 | |
Short-Term U.S. Government Obligations | | | 5.8 | |
Mortgage-Backed Securities | | | 5.3 | |
Securities Lending Collateral | | | 5.3 | |
Asset-Backed Securities | | | 2.9 | |
Repurchase Agreement | | | 1.4 | |
Foreign Government Obligations | | | 0.6 | |
Municipal Government Obligations | | | 0.2 | |
Preferred Stocks | | | 0.1 | |
Net Other Assets (Liabilities) ^ | | | (11.1 | ) |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners Large Value Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 98.8 | % |
Securities Lending Collateral | | | 4.3 | |
Repurchase Agreement | | | 0.1 | |
Net Other Assets (Liabilities) | | | (3.2 | ) |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners Large Core Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 98.8 | % |
Securities Lending Collateral | | | 7.7 | |
Repurchase Agreement | | | 2.0 | |
Net Other Assets (Liabilities) | | | (8.5 | ) |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners Large Growth Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 99.4 | % |
Securities Lending Collateral | | | 7.5 | |
Exchange-Traded Fund | | | 0.3 | |
Repurchase Agreement | | | 0.2 | |
Net Other Assets (Liabilities) | | | (7.4 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Mid Value Portfolio | | | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 95.7 | % |
Securities Lending Collateral | | | 10.5 | |
Repurchase Agreement | | | 5.0 | |
Net Other Assets (Liabilities) | | | (11.2 | ) |
Total | | | 100.0 | % |
| | | | |
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 2
Schedules of Investments Composition (continued)
At June 30, 2015
(unaudited)
| | | | |
| Transamerica Partners Mid Growth Portfolio | | | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 99.4 | % |
Securities Lending Collateral | | | 28.5 | |
Repurchase Agreement | | | 0.6 | |
Net Other Assets (Liabilities) | | | (28.5 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Small Value Portfolio | | | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 95.3 | % |
Securities Lending Collateral | | | 15.6 | |
Repurchase Agreement | | | 5.3 | |
Net Other Assets (Liabilities) | | | (16.2 | ) |
Total | | | 100.0 | % |
| | | | |
| |
| Transamerica Partners Small Core Portfolio | | | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 99.0 | % |
Securities Lending Collateral | | | 18.8 | |
Repurchase Agreement | | | 1.4 | |
Net Other Assets (Liabilities) | | | (19.2 | ) |
Total | | | 100.0 | % |
| | | | |
|
| Transamerica Partners Small Growth Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 98.5 | % |
Securities Lending Collateral | | | 28.4 | |
Repurchase Agreement | | | 1.5 | |
Net Other Assets (Liabilities) | | | (28.4 | ) |
Total | | | 100.0 | % |
| | | | |
| | | | |
| Transamerica Partners International Equity Portfolio | |
| |
| Asset Allocation | | Percentage of Net
Assets | |
Common Stocks | | | 93.0 | % |
Securities Lending Collateral | | | 6.3 | |
Preferred Stocks | | | 5.2 | |
Convertible Preferred Stock | | | 1.2 | |
Repurchase Agreement | | | 0.2 | |
Net Other Assets (Liabilities) | | | (5.9 | ) |
Total | | | 100.0 | % |
| | | | |
| * | Percentage rounds to less than 0.1% or (0.1)%. |
| ‡ | Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Portfolio itself has not been rated by an independent agency. |
| ^ | The Net Other Assets (Liabilities) 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 Portfolios | | Semi-Annual Report 2015 |
Page 3
Transamerica Partners Money Market Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CERTIFICATES OF DEPOSIT - 17.1% | | | | | | | | |
Banks - 17.1% | | | | | | | | |
Bank of Nova Scotia | | | | | | | | |
0.25%, 07/06/2015 (A) | | | $ 8,000,000 | | | | $ 8,000,000 | |
0.34%, 06/10/2016 (A) | | | 27,000,000 | | | | 27,000,000 | |
Bank of Tokyo-Mitsubishi UFJ, Ltd. | | | | | | | | |
0.62%, 06/22/2016 (A) | | | 22,000,000 | | | | 22,000,000 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | | | | | | | | |
0.28%, 07/07/2015 - 07/09/2015 (A) | | | 35,000,000 | | | | 35,000,000 | |
Mizuho Bank, Ltd. | | | | | | | | |
0.25%, 07/02/2015 (A) | | | 15,000,000 | | | | 15,000,000 | |
Standard Chartered Bank | | | | | | | | |
0.33%, 11/16/2015 (A) | | | 16,000,000 | | | | 16,000,000 | |
Svenska Handelsbanken AB | | | | | | | | |
0.27%, 07/02/2015 (A) | | | 20,000,000 | | | | 20,000,003 | |
| | | | | | | | |
Total Certificates of Deposit (Cost $143,000,003) | | | | | | | 143,000,003 | |
| | | | | | | | |
| | |
CORPORATE DEBT SECURITIES - 4.3% | | | | | | | | |
Capital Markets - 2.3% | | | | | | | | |
Goldman Sachs & Co. | | | | | | | | |
0.62%, 11/09/2015 (B) | | | 19,000,000 | | | | 19,000,000 | |
| | | | | | | | |
Diversified Financial Services - 2.0% | | | | | | | | |
Bank of America NA | | | | | | | | |
0.31%, 10/01/2015 | | | 17,000,000 | | | | 17,000,000 | |
| | | | | | | | |
Total Corporate Debt Securities (Cost $36,000,000) | | | | | | | 36,000,000 | |
| | | | | | | | |
| | |
COMMERCIAL PAPER - 57.3% | | | | | | | | |
Automobiles - 2.0% | | | | | | | | |
Toyota Motor Credit Corp. | | | | | | | | |
0.29%, 11/09/2015 (A) | | | 17,000,000 | | | | 17,000,000 | |
| | | | | | | | |
Banks - 29.5% | | | | | | | | |
ANZ New Zealand International, Ltd. | | | | | | | | |
0.29%, 11/16/2015 (A) (C) | | | 12,500,000 | | | | 12,500,000 | |
Australia & New Zealand Banking Group, Ltd. | | | | | | | | |
0.30%, 11/24/2015 (A) (C) | | | 16,000,000 | | | | 15,999,602 | |
Bedford Row Funding Corp. | | | | | | | | |
0.33%, 03/18/2016 (A) (C) | | | 20,000,000 | | | | 20,000,000 | |
HSBC USA, Inc. | | | | | | | | |
0.33%, 10/19/2015 (A) | | | 16,000,000 | | | | 15,983,867 | |
Korea Development Bank | | | | | | | | |
0.34%, 10/29/2015 (A) | | | 10,000,000 | | | | 9,988,667 | |
0.46%, 12/16/2015 (A) | | | 20,000,000 | | | | 19,957,067 | |
PNC Bank NA | | | | | | | | |
0.35%, 07/13/2015 - 09/04/2015 (A) | | | 22,000,000 | | | | 21,991,250 | |
Skandinaviska Enskilda Banken AB | | | | | | | | |
0.32%, 10/08/2015 (A) (C) | | | 12,000,000 | | | | 11,989,605 | |
Sumitomo Mitsui Banking Corp. | | | | | | | | |
0.12%, 07/02/2015 (A) (C) | | | 20,000,000 | | | | 19,999,933 | |
0.31%, 07/02/2015 (A) (C) | | | 12,500,000 | | | | 12,499,892 | |
Swedbank AB | | | | | | | | |
0.24%, 07/06/2015 (A) | | | 20,000,000 | | | | 19,999,333 | |
US Bank NA | | | | | | | | |
0.10%, 07/01/2015 (A) | | | 35,250,000 | | | | 35,250,000 | |
Westpac Banking Corp. | | | | | | | | |
0.26%, 08/03/2015 (A) (C) | | | 31,000,000 | | | | 30,999,742 | |
| | | | | | | | |
| | | | | | | 247,158,958 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
COMMERCIAL PAPER (continued) | | | | | | | | |
Chemicals - 0.5% | | | | | | | | |
Ecolab, Inc. | | | | | | | | |
0.46%, 07/24/2015 (A) (C) | | | $ 4,000,000 | | | | $ 3,998,824 | |
| | | | | | | | |
Diversified Financial Services - 18.7% | | | | | | | | |
Alpine Securitization Corp. | | | | | | | | |
0.29%, 07/23/2015 (A) (C) | | | 3,000,000 | | | | 2,999,468 | |
CAFCO LLC | | | | | | | | |
0.27%, 09/22/2015 (A) (C) | | | 3,265,000 | | | | 3,262,968 | |
Cancara Asset Securitisation LLC | | | | | | | | |
0.28%, 10/07/2015 (A) (C) | | | 15,000,000 | | | | 14,988,567 | |
Collateralized Commercial Paper II Co. LLC | | | | | | | | |
0.30%, 10/26/2015 (A) (C) | | | 13,000,000 | | | | 12,987,325 | |
0.36%, 09/08/2015 (A) (C) | | | 20,000,000 | | | | 19,986,583 | |
Fairway Finance Co. LLC | | | | | | | | |
0.27%, 10/16/2015 (A) (C) | | | 3,000,000 | | | | 2,997,592 | |
Gotham Funding Corp. | | | | | | | | |
0.18%, 07/22/2015 (A) (C) | | | 15,000,000 | | | | 14,998,425 | |
ING Funding LLC | | | | | | | | |
0.25%, 07/01/2015 (A) | | | 17,000,000 | | | | 17,000,000 | |
0.37%, 09/21/2015 (A) | | | 9,300,000 | | | | 9,292,162 | |
JPMorgan Securities LLC | | | | | | | | |
0.45%, 10/26/2015 (A) (C) | | | 20,000,000 | | | | 19,970,750 | |
Mont Blanc Capital Corp. | | | | | | | | |
0.25%, 08/07/2015 (A) (C) | | | 11,000,000 | | | | 10,997,174 | |
Old Line Funding LLC | | | | | | | | |
0.27%, 10/05/2015 (A) (C) | | | 3,000,000 | | | | 2,997,840 | |
South Carolina Fuel Co., Inc. | | | | | | | | |
0.45%, 07/30/2015 (A) (C) | | | 4,000,000 | | | | 3,998,550 | |
Thunder Bay Funding LLC | | | | | | | | |
0.27%, 07/01/2015 (A) (C) | | | 20,000,000 | | | | 20,000,000 | |
| | | | | | | | |
| | | | | | | 156,477,404 | |
| | | | | | | | |
Electric Utilities - 1.2% | | | | | | | | |
American Electric Power Co., Inc. | | | | | | | | |
0.43%, 07/17/2015 (A) (C) | | | 4,000,000 | | | | 3,999,235 | |
Duke Energy Corp. | | | | | | | | |
0.40%, 08/03/2015 (A) (C) | | | 4,000,000 | | | | 3,998,533 | |
Southern Co. Funding Corp. | | | | | | | | |
0.22%, 07/09/2015 (A) (C) | | | 2,174,000 | | | | 2,173,894 | |
| | | | | | | | |
| | | | | | | 10,171,662 | |
| | | | | | | | |
Multi-Utilities - 0.5% | | | | | | | | |
Dominion Resources, Inc. | | | | | | | | |
0.44%, 07/16/2015 (A) (C) | | | 4,000,000 | | | | 3,999,267 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 0.5% | | | | | | | | |
Spectra Energy Capital LLC | | | | | | | | |
0.39%, 07/02/2015 (A) (C) | | | 4,000,000 | | | | 3,999,957 | |
| | | | | | | | |
Software - 4.4% | | | | | | | | |
Manhattan Asset Funding Co. LLC | | | | | | | | |
0.18%, 07/02/2015 - 07/07/2015 (A) (C) | | | 17,000,000 | | | | 16,999,665 | |
0.25%, 09/18/2015 (A) (C) | | | 20,000,000 | | | | 19,989,028 | |
| | | | | | | | |
| | | | | | | 36,988,693 | |
| | | | | | | | |
Total Commercial Paper
(Cost $479,794,765) | | | | | | | 479,794,765 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 4
Transamerica Partners Money Market Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENTS - 21.3% | | | | | |
Bank of America NA 0.60% (A) (B), dated 06/08/2015, to be repurchased at $18,529,271 on 09/08/2015. Collateralized by U.S. Government Agency Obligations, 1.687%, due 10/25/2037, and with a total value of $19,795,000. | | | $ 18,500,000 | | | | $ 18,500,000 | |
Goldman Sachs & Co. 0.13% (A), dated 06/30/2015, to be repurchased at $26,100,094 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 2.50% - 6.50%, due 01/01/2026 - 05/01/2044, and with a total value of $26,622,001. | | | 26,100,000 | | | | 26,100,000 | |
ING Financial Markets LLC 0.13% (A), dated 06/30/2015, to be repurchased at $83,800,303 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 02/01/2042 - 10/01/2042, and with a total value of $85,478,562. | | | 83,800,000 | | | | 83,800,000 | |
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENTS (continued) | |
Jefferies LLC 0.45% (A), dated 06/30/2015, to be repurchased at $50,000,625 on 07/01/2015. Collateralized by a U.S. Government Agency Obligations, 3.00% - 3.50%, due 01/01/2027 - 05/01/2045, and with a value of $51,000,000. | | | $ 50,000,000 | | | | $ 50,000,000 | |
State Street Bank & Trust Co. 0.01% (A), dated 06/30/2015, to be repurchased at $287,217 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 05/15/2040, and with a value of $294,878. | | | 287,217 | | | | 287,217 | |
| | | | | | | | |
Total Repurchase Agreements (Cost $178,687,217) | | | | | | | 178,687,217 | |
| | | | | | | | |
Total Investments (Cost $837,481,985) (D) | | | | | | | 837,481,985 | |
Net Other Assets (Liabilities) - (0.0)%(E) | | | | | | | (118,972 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 837,363,013 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (F)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Certificates of Deposit | | $ | — | | | $ | 143,000,003 | | | $ | — | | | $ | 143,000,003 | |
Corporate Debt Securities | | | — | | | | 36,000,000 | | | | — | | | | 36,000,000 | |
Commercial Paper | | | — | | | | 479,794,765 | | | | — | | | | 479,794,765 | |
Repurchase Agreements | | | — | | | | 178,687,217 | | | | — | | | | 178,687,217 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | — | | | $ | 837,481,985 | | | $ | — | | | $ | 837,481,985 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Rate disclosed reflects the yield at June 30, 2015. |
| (B) | Illiquid security. Total aggregate value of illiquid securities is $37,500,000, representing 4.5% of the Portfolio’s net assets. |
| (C) | Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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, 2015, the total aggregate value of 144A securities is $313,332,419, representing 37.4% of the Portfolio’s net assets. |
| (D) | Aggregate cost for federal income tax purposes is $837,481,985. |
| (E) | Percentage rounds to less than 0.1% or (0.1)%. |
| (F) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 5
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES - 31.4% | | | | | | | | |
Ally Master Owner Trust | | | | | | | | |
Series 2014-1, Class A2 | | | | | | | | |
1.29%, 01/15/2019 | | | $ 1,500,000 | | | | $ 1,502,654 | |
American Express Credit Account Master Trust | | | | | | | | |
Series 2014-2, Class A | | | | | | | | |
1.26%, 01/15/2020 | | | 2,000,000 | | | | 2,002,594 | |
Series 2014-3, Class A | | | | | | | | |
1.49%, 04/15/2020 | | | 1,000,000 | | | | 1,005,190 | |
Series 2014-4, Class A | | | | | | | | |
1.43%, 06/15/2020 | | | 1,500,000 | | | | 1,502,778 | |
AmeriCredit Automobile Receivables Trust | | | | | | | | |
Series 2013-1, Class A3 | | | | | | | | |
0.61%, 10/10/2017 | | | 451,798 | | | | 451,752 | |
Series 2013-3, Class C | | | | | | | | |
2.38%, 06/10/2019 | | | 1,000,000 | | | | 1,017,163 | |
ARI Fleet Lease Trust | | | | | | | | |
Series 2012-B, Class A | | | | | | | | |
0.49%, 01/15/2021 (A) (B) | | | 166,687 | | | | 166,426 | |
Avis Budget Rental Car Funding AESOP LLC | | | | | | | | |
Series 2010-5A, Class A | | | | | | | | |
3.15%, 03/20/2017 (B) | | | 2,000,000 | | | | 2,021,622 | |
Series 2014-1A, Class A | | | | | | | | |
2.46%, 07/20/2020 (B) | | | 1,250,000 | | | | 1,258,206 | |
Capital One Multi-Asset Execution Trust | | | | | | | | |
Series 2007-A7, Class A7 | | | | | | | | |
5.75%, 07/15/2020 | | | 1,000,000 | | | | 1,096,064 | |
Series 2014-A5, Class A | | | | | | | | |
1.48%, 07/15/2020 | | | 3,150,000 | | | | 3,166,210 | |
Series 2015-A1, Class A | | | | | | | | |
1.39%, 01/15/2021 | | | 3,800,000 | | | | 3,791,127 | |
CarMax Auto Owner Trust | | | | | | | | |
Series 2013-2, Class C | | | | | | | | |
1.61%, 03/15/2019 | | | 2,150,000 | | | | 2,151,460 | |
Series 2015-2, Class C | | | | | | | | |
2.39%, 03/15/2021 | | | 900,000 | | | | 900,550 | |
Chase Issuance Trust | | | | | | | | |
Series 2012-A5, Class A5 | | | | | | | | |
0.59%, 08/15/2017 | | | 1,875,000 | | | | 1,875,006 | |
Series 2014-A7, Class A | | | | | | | | |
1.38%, 11/15/2019 | | | 2,000,000 | | | | 2,004,158 | |
CIT Equipment Collateral | | | | | | | | |
Series 2014-VT1, Class C | | | | | | | | |
2.65%, 10/20/2022 (B) | | | 2,000,000 | | | | 2,010,360 | |
Citibank Credit Card Issuance Trust | | | | | | | | |
Series 2006-A3, Class A3 | | | | | | | | |
5.30%, 03/15/2018 | | | 1,905,000 | | | | 1,965,920 | |
Series 2013-A6, Class A6 | | | | | | | | |
1.32%, 09/07/2018 | | | 2,000,000 | | | | 2,010,070 | |
Series 2014-A2, Class A2 | | | | | | | | |
1.02%, 02/22/2019 | | | 3,900,000 | | | | 3,898,194 | |
Series 2014-A4, Class A4 | | | | | | | | |
1.23%, 04/24/2019 | | | 3,900,000 | | | | 3,914,056 | |
CLI Funding V LLC | | | | | | | | |
Series 2013-1A | | | | | | | | |
2.83%, 03/18/2028 (B) | | | 852,500 | | | | 847,377 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | | | | |
CNH Equipment Trust | | | | | | | | |
Series 2012-C, Class B | | | | | | | | |
1.30%, 03/16/2020 | | | $ 640,000 | | | | $ 641,976 | |
Series 2013-D, Class B | | | | | | | | |
1.75%, 04/15/2021 | | | 1,100,000 | | | | 1,111,469 | |
Series 2014-A, Class A3 | | | | | | | | |
0.84%, 05/15/2019 | | | 1,090,000 | | | | 1,089,539 | |
Series 2014-B, Class B | | | | | | | | |
1.93%, 11/15/2021 | | | 1,050,000 | | | | 1,050,891 | |
Series 2014-C, Class A3 | | | | | | | | |
1.05%, 11/15/2019 | | | 2,025,000 | | | | 2,019,411 | |
Series 2015-B, Class A3 | | | | | | | | |
1.37%, 07/15/2020 | | | 1,000,000 | | | | 999,712 | |
Series 2015-B, Class B | | | | | | | | |
2.23%, 10/17/2022 | | | 1,825,000 | | | | 1,827,810 | |
CNH Wholesale Master Note Trust | | | | | | | | |
Series 2013-2A, Class A | | | | | | | | |
0.79%, 08/15/2019 (A) (B) | | | 750,000 | | | | 750,607 | |
Diamond Resorts Owner Trust | | | | | | | | |
Series 2013-2, Class A | | | | | | | | |
2.27%, 05/20/2026 (B) | | | 1,744,578 | | | | 1,752,781 | |
Series 2014-1, Class A | | | | | | | | |
2.54%, 05/20/2027 (B) | | | 2,294,132 | | | | 2,299,401 | |
Discover Card Execution Note Trust | | | | | | | | |
Series 2007-A1, Class A1 | | | | | | | | |
5.65%, 03/16/2020 | | | 4,000,000 | | | | 4,381,008 | |
Series 2014-A3, Class A3 | | | | | | | | |
1.22%, 10/15/2019 | | | 5,000,000 | | | | 5,008,145 | |
Series 2014-A5, Class A | | | | | | | | |
1.39%, 04/15/2020 | | | 2,000,000 | | | | 2,004,864 | |
Entergy Texas Restoration Funding LLC | | | | | | | | |
Series 2009-A, Class A2 | | | | | | | | |
3.65%, 08/01/2019 | | | 1,988,920 | | | | 2,059,569 | |
Fifth Third Auto Trust | | | | | | | | |
Series 2013-1, Class A3 | | | | | | | | |
0.88%, 10/16/2017 | | | 2,057,798 | | | | 2,059,580 | |
Ford Credit Auto Lease Trust | | | | | | | | |
Series 2014-A, Class B | | | | | | | | |
1.16%, 08/15/2017 | | | 2,800,000 | | | | 2,797,124 | |
Ford Credit Auto Owner Trust | | | | | | | | |
Series 2013-A, Class A4 | | | | | | | | |
0.78%, 05/15/2018 | | | 2,600,000 | | | | 2,597,169 | |
Ford Credit Floorplan Master Owner Trust | | | | | | | | |
Series 2012-2, Class D | | | | | | | | |
3.50%, 01/15/2019 | | | 2,300,000 | | | | 2,372,737 | |
Series 2013-5, Class B | | | | | | | | |
1.88%, 09/15/2018 | | | 1,665,000 | | | | 1,677,393 | |
Series 2015-1, Class B | | | | | | | | |
1.62%, 01/15/2020 | | | 1,050,000 | | | | 1,048,269 | |
GE Equipment Transportation LLC | | | | | | | | |
Series 2013-1, Class B | | | | | | | | |
1.23%, 03/24/2021 | | | 2,150,000 | | | | 2,154,205 | |
Series 2013-1, Class C | | | | | | | | |
1.54%, 03/24/2021 | | | 640,000 | | | | 642,303 | |
Huntington Auto Trust | | | | | | | | |
Series 2011-1A, Class A4 | | | | | | | | |
1.31%, 11/15/2016 (B) | | | 473,635 | | | | 473,760 | |
Series 2011-1A, Class B | | | | | | | | |
1.84%, 01/17/2017 (B) | | | 1,500,000 | | | | 1,500,695 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 6
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | |
Hyundai Auto Receivables Trust | | | | | | | | |
Series 2012-C, Class C | | | | | | | | |
1.42%, 02/15/2019 | | | $ 1,010,000 | | | | $ 1,009,742 | |
Invitation Homes Trust | | | | | | | | |
Series 2013-SFR1, Class B | | | | | | | | |
1.60%, 12/17/2030 (A) (B) | | | 1,080,000 | | | | 1,065,572 | |
John Deere Owner Trust | | | | | | | | |
Series 2012-B, Class A4 | | | | | | | | |
0.69%, 01/15/2019 | | | 1,440,000 | | | | 1,440,870 | |
Series 2013-B, Class A3 | | | | | | | | |
0.87%, 08/15/2017 | | | 1,027,663 | | | | 1,029,008 | |
MMAF Equipment Finance LLC | | | | | | | | |
Series 2009-AA, Class A4 | | | | | | | | |
3.51%, 01/15/2030 (B) | | | 791,999 | | | | 797,788 | |
Nissan Master Owner Trust Receivables | | | | | | | | |
Series 2015-A, Class A2 | | | | | | | | |
1.44%, 01/15/2020 | | | 2,090,000 | | | | 2,090,564 | |
Sierra Timeshare Receivables Funding LLC | | | | | | | | |
Series 2012-1A, Class B | | | | | | | | |
3.58%, 11/20/2028 (B) | | | 1,186,895 | | | | 1,205,248 | |
Series 2015-1A, Class A | | | | | | | | |
2.40%, 03/22/2032 (B) | | | 1,425,875 | | | | 1,426,872 | |
SMART Trust | | | | | | | | |
Series 2012-4US, Class A4A | | | | | | | | |
1.25%, 08/14/2018 | | | 1,100,000 | | | | 1,099,727 | |
Series 2013-2US, Class A3B | | | | | | | | |
0.62%, 01/14/2017 (A) | | | 1,450,285 | | | | 1,449,995 | |
Synchrony Credit Card Master Note Trust | | | | | | | | |
Series 2012-2, Class A | | | | | | | | |
2.22%, 01/15/2022 | | | 2,062,000 | | | | 2,087,738 | |
Tricon American Homes Trust | | | | | | | | |
Series 2015-SFR1, Class B | | | | | | | | |
1.84%, 05/17/2032 (A) (B) | | | 730,000 | | | | 724,435 | |
Volkswagen Auto Loan Enhanced Trust | | | | | | | | |
Series 2013-1, Class A4 | | | | | | | | |
0.78%, 07/22/2019 | | | 3,850,000 | | | | 3,834,319 | |
Volvo Financial Equipment LLC | | | | | | | | |
Series 2012-1A, Class C | | | | | | | | |
2.38%, 09/16/2019 (B) | | | 2,250,000 | | | | 2,253,805 | |
World Financial Network Credit Card Master Trust | | | | | | | | |
Series 2012-C, Class M | | | | | | | | |
3.32%, 08/15/2022 | | | 500,000 | | | | 519,007 | |
Series 2013-A, Class A | | | | | | | | |
1.61%, 12/15/2021 | | | 5,000,000 | | | | 4,991,935 | |
Series 2013-B, Class A | | | | | | | | |
0.91%, 03/16/2020 | | | 3,535,000 | | | | 3,536,039 | |
World Omni Auto Receivables Trust | | | | | | | | |
Series 2015-A, Class A4 | | | | | | | | |
1.75%, 04/15/2021 | | | 2,450,000 | | | | 2,444,348 | |
| | | | | | | | |
Total Asset-Backed Securities
(Cost $118,717,636) | | | | 117,886,367 | |
| | | | | | | | |
|
CORPORATE DEBT SECURITIES - 26.1% | |
Aerospace & Defense - 0.3% | |
Lockheed Martin Corp. | | | | | | | | |
2.13%, 09/15/2016 | | | 1,320,000 | | | | 1,339,321 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | |
Automobiles - 0.7% | |
American Honda Finance Corp. | | | | | | | | |
0.77%, 10/07/2016 (A) | | | $ 1,235,000 | | | | $ 1,239,800 | |
Series MTN | | | | | | | | |
1.20%, 07/14/2017 | | | 1,250,000 | | | | 1,251,004 | |
| | | | | | | | |
| | | | | | | 2,490,804 | |
| | | | | | | | |
Banks - 5.2% | |
Bank of Nova Scotia | | | | | | | | |
1.30%, 07/21/2017 | | | 3,820,000 | | | | 3,820,783 | |
Deutsche Bank AG | | | | | | | | |
1.35%, 05/30/2017 | | | 2,240,000 | | | | 2,224,990 | |
Export-Import Bank of Korea | | | | | | | | |
1.25%, 11/20/2015 | | | 2,220,000 | | | | 2,224,151 | |
KeyBank NA | | | | | | | | |
1.70%, 06/01/2018 | | | 1,330,000 | | | | 1,328,271 | |
PNC Funding Corp. | | | | | | | | |
2.70%, 09/19/2016 | | | 4,175,000 | | | | 4,247,474 | |
Wells Fargo & Co. | | | | | | | | |
1.50%, 01/16/2018 | | | 3,425,000 | | | | 3,418,575 | |
Westpac Banking Corp. | | | | | | | | |
1.20%, 05/19/2017 (C) | | | 2,260,000 | | | | 2,264,802 | |
| | | | | | | | |
| | | | | | | 19,529,046 | |
| | | | | | | | |
Beverages - 0.6% | |
Anheuser-Busch InBev Worldwide, Inc. | | | | | | | | |
7.75%, 01/15/2019 | | | 2,000,000 | | | | 2,373,894 | |
| | | | | | | | |
Capital Markets - 2.1% | |
Goldman Sachs Group, Inc. | | | | | | | | |
6.15%, 04/01/2018 | | | 3,005,000 | | | | 3,341,199 | |
Morgan Stanley | | | | | | | | |
Series MTN | | | | | | | | |
6.63%, 04/01/2018 | | | 4,000,000 | | | | 4,488,224 | |
| | | | | | | | |
| | | | | | | 7,829,423 | |
| | | | | | | | |
Chemicals - 0.7% | |
Airgas, Inc. | | | | | | | | |
1.65%, 02/15/2018 | | | 2,575,000 | | | | 2,561,005 | |
| | | | | | | | |
Consumer Finance - 1.3% | |
Capital One Financial Corp. | | | | | | | | |
3.15%, 07/15/2016 | | | 2,700,000 | | | | 2,750,793 | |
Caterpillar Financial Services Corp. | | | | | | | | |
Series MTN | | | | | | | | |
1.00%, 03/03/2017 | | | 2,020,000 | | | | 2,024,484 | |
| | | | | | | | |
| | | | | | | 4,775,277 | |
| | | | | | | | |
Diversified Financial Services - 2.7% | |
Bear Stearns Cos. LLC | | | | | | | | |
7.25%, 02/01/2018 | | | 2,500,000 | | | | 2,832,065 | |
Citigroup, Inc. | | | | | | | | |
1.70%, 04/27/2018 | | | 3,425,000 | | | | 3,402,984 | |
Ford Motor Credit Co. LLC | | | | | | | | |
3.98%, 06/15/2016 | | | 1,750,000 | | | | 1,790,903 | |
4.21%, 04/15/2016 | | | 2,060,000 | | | | 2,106,836 | |
| | | | | | | | |
| | | | | | | 10,132,788 | |
| | | | | | | | |
Diversified Telecommunication Services - 0.8% | |
Nippon Telegraph & Telephone Corp. | | | | | | | | |
1.40%, 07/18/2017 | | | 1,300,000 | | | | 1,301,567 | |
Verizon Communications, Inc. | | | | | | | | |
1.82%, 09/15/2016 (A) | | | 1,670,000 | | | | 1,690,551 | |
| | | | | | | | |
| | | | | | | 2,992,118 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 7
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | |
Electric Utilities - 0.6% | |
Hydro-Quebec | | | | | | | | |
1.38%, 06/19/2017 | | | $ 2,160,000 | | | | $ 2,178,295 | |
| | | | | | | | |
Food & Staples Retailing - 0.9% | |
CVS Health Corp. | | | | | | | | |
2.25%, 12/05/2018 | | | 3,500,000 | | | | 3,543,211 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 0.9% | |
Starwood Hotels & Resorts Worldwide, Inc. | | | | | | | | |
6.75%, 05/15/2018 | | | 3,000,000 | | | | 3,356,463 | |
| | | | | | | | |
Insurance - 2.1% | |
Berkshire Hathaway Finance Corp. | | | | | | | | |
0.58%, 01/12/2018 (A) | | | 1,820,000 | | | | 1,822,260 | |
Metropolitan Life Global Funding I | | | | | | | | |
1.50%, 01/10/2018 (B) (C) | | | 2,200,000 | | | | 2,195,901 | |
New York Life Global Funding | | | | | | | | |
1.30%, 10/30/2017 (B) | | | 3,745,000 | | | | 3,734,799 | |
| | | | | | | | |
| | | | | | | 7,752,960 | |
| | | | | | | | |
Media - 0.9% | | | | | | | | |
Comcast Cable Communications LLC | | | | | | | | |
8.88%, 05/01/2017 (C) | | | 2,880,000 | | | | 3,269,534 | |
| | | | | | | | |
Metals & Mining - 0.5% | |
Vale Overseas, Ltd. | | | | | | | | |
6.25%, 01/23/2017 | | | 1,750,000 | | | | 1,850,765 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 2.4% | |
Chevron Corp. | | | | | | | | |
1.72%, 06/24/2018 | | | 1,500,000 | | | | 1,508,946 | |
Husky Energy, Inc. | | | | | | | | |
6.20%, 09/15/2017 | | | 2,420,000 | | | | 2,627,818 | |
Petroleos Mexicanos | | | | | | | | |
5.75%, 03/01/2018 | | | 3,250,000 | | | | 3,535,447 | |
Total Capital International SA | | | | | | | | |
1.55%, 06/28/2017 | | | 1,500,000 | | | | 1,513,913 | |
| | | | | | | | |
| | | | | | | 9,186,124 | |
| | | | | | | | |
Pharmaceuticals - 0.4% | |
Bayer US Finance LLC | | | | | | | | |
1.50%, 10/06/2017 (B) | | | 1,430,000 | | | | 1,436,163 | |
| | | | | | | | |
Real Estate Investment Trusts - 2.1% | |
Health Care REIT, Inc. | | | | | | | | |
2.25%, 03/15/2018 | | | 1,950,000 | | | | 1,964,428 | |
6.20%, 06/01/2016 | | | 1,750,000 | | | | 1,824,207 | |
Simon Property Group, LP | | | | | | | | |
1.50%, 02/01/2018 (B) | | | 2,350,000 | | | | 2,345,516 | |
Ventas Realty, LP | | | | | | | | |
1.55%, 09/26/2016 | | | 1,760,000 | | | | 1,766,488 | |
| | | | | | | | |
| | | | | | | 7,900,639 | |
| | | | | | | | |
Road & Rail - 0.5% | |
Canadian National Railway Co. | | | | | | | | |
0.48%, 11/06/2015 (A) | | | 1,850,000 | | | | 1,850,303 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 0.4% | |
Altera Corp. | | | | | | | | |
2.50%, 11/15/2018 | | | 1,460,000 | | | | 1,491,421 | |
| | | | | | | | |
Total Corporate Debt Securities
(Cost $97,663,833) | | | | | | | 97,839,554 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
FOREIGN GOVERNMENT OBLIGATION - 0.5% | |
Province of Ontario, Canada | | | | | | | | |
2.30%, 05/10/2016 | | | $ 1,985,000 | | | | $ 2,015,186 | |
| | | | | | | | |
Total Foreign Government Obligation
(Cost $1,996,689) | | | | | | | 2,015,186 | |
| | | | | | | | |
|
MORTGAGE-BACKED SECURITIES - 11.7% | |
Banc of America Commercial Mortgage Trust | | | | | | | | |
Series 2006-1, Class A1A | | | | | | | | |
5.38%, 09/10/2045 (A) | | | 3,422,538 | | | | 3,458,602 | |
Series 2008-1, Class A4 | | | | | | | | |
6.43%, 02/10/2051 (A) | | | 3,190,707 | | | | 3,473,069 | |
CD Commercial Mortgage Trust | | | | | | | | |
Series 2006-CD2, Class A4 | | | | | | | | |
5.48%, 01/15/2046 (A) | | | 1,889,260 | | | | 1,903,078 | |
CFCRE Commercial Mortgage Trust | | | | | | | | |
Series 2011-C1, Class A2 | | | | | | | | |
3.76%, 04/15/2044 (B) | | | 2,773,634 | | | | 2,805,084 | |
COMM Mortgage Trust | | | | | | | | |
Series 2012-9W57, Class A | | | | | | | | |
2.36%, 02/10/2029 (B) | | | 4,050,000 | | | | 4,115,063 | |
DBUBS Mortgage Trust | | | | | | | | |
Series 2011-LC1A, Class A1 | | | | | | | | |
3.74%, 11/10/2046 (B) | | | 3,724,407 | | | | 3,765,268 | |
Series 2011-LC3A, Class A2 | | | | | | | | |
3.64%, 08/10/2044 | | | 1,304,628 | | | | 1,327,841 | |
Del Coronado Trust | | | | | | | | |
Series 2013-HDC, Class A | | | | | | | | |
0.99%, 03/15/2026 (A) (B) | | | 2,050,000 | | | | 2,048,743 | |
JPMBB Commercial Mortgage Securities Trust | | | | | | | | |
Series 2013-C17, Class A1 | | | | | | | | |
1.25%, 01/15/2047 | | | 2,817,945 | | | | 2,812,301 | |
JPMorgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2002-C2, Class E | | | | | | | | |
5.98%, 12/12/2034 (A) | | | 245,734 | | | | 254,446 | |
Series 2006-CB14, Class A4 | | | | | | | | |
5.48%, 12/12/2044 (A) | | | 2,232,771 | | | | 2,253,764 | |
LB-UBS Commercial Mortgage Trust | | | | | | | | |
Series 2005-C7, Class AM | | | | | | | | |
5.26%, 11/15/2040 (A) | | | 3,100,000 | | | | 3,106,814 | |
Series 2006-C1, Class A4 | | | | | | | | |
5.16%, 02/15/2031 | | | 3,087,061 | | | | 3,117,030 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 2006-IQ11, Class A4 | | | | | | | | |
5.84%, 10/15/2042 (A) | | | 1,465,652 | | | | 1,476,134 | |
NLY Commercial Mortgage Trust | | | | | | | | |
Series 2014-FL1, Class A | | | | | | | | |
1.39%, 11/15/2030 (A) (B) | | | 2,364,597 | | | | 2,362,429 | |
Sequoia Mortgage Trust | | | | | | | | |
Series 2012-2, Class A2 | | | | | | | | |
3.50%, 04/25/2042 (A) | | | 208,092 | | | | 210,314 | |
Wachovia Bank Commercial Mortgage Trust | | | | | | | | |
Series 2006-C24, Class A3 | | | | | | | | |
5.56%, 03/15/2045 (A) | | | 1,109,151 | | | | 1,123,343 | |
Series 2007-C30, Class A3 | | | | | | | | |
5.25%, 12/15/2043 | | | 1,101,108 | | | | 1,115,580 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 8
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Wachovia Bank Commercial Mortgage Trust (continued) | | | | | | | | |
Series 2007-C30, Class APB | | | | | | | | |
5.29%, 12/15/2043 | | | $ 1,559,188 | | | | $ 1,573,811 | |
WFRBS Commercial Mortgage Trust | | | | | | | | |
Series 2013-C18, Class A1 | | | | | | | | |
1.19%, 12/15/2046 | | | 1,553,923 | | | | 1,554,644 | |
| | | | | | | | |
Total Mortgage-Backed Securities
(Cost $44,734,234) | | | | | | | 43,857,358 | |
| | | | | | | | |
|
U.S. GOVERNMENT AGENCY OBLIGATIONS - 20.5% | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
2.27%, 06/01/2033 (A) | | | 1,327,371 | | | | 1,409,778 | |
4.50%, 05/01/2023 - 09/01/2026 | | | 2,816,779 | | | | 2,969,345 | |
Federal National Mortgage Association | | | | | | | | |
5.51%, 04/01/2017 | | | 2,834,093 | | | | 3,032,022 | |
FREMF Mortgage Trust | | | | | | | | |
Series 2013-K502, Class B | | | | | | | | |
2.83%, 03/25/2045 (A) (B) | | | 1,820,000 | | | | 1,843,957 | |
Government National Mortgage Association | | | | | | | | |
1.49%, 03/16/2043 | | | 3,640,910 | | | | 3,552,563 | |
1.78%, 09/16/2041 | | | 3,808,637 | | | | 3,732,640 | |
4.52%, 12/20/2061 | | | 2,440,737 | | | | 2,628,862 | |
4.67%, 11/20/2061 - 09/20/2063 | | | 4,321,984 | | | | 4,635,618 | |
4.75%, 02/20/2061 | | | 457,510 | | | | 485,069 | |
4.80%, 02/20/2063 | | | 3,484,307 | | | | 3,748,201 | |
4.82%, 02/20/2061 | | | 427,468 | | | | 455,694 | |
4.86%, 05/20/2061 | | | 816,752 | | | | 871,374 | |
4.89%, 06/20/2063 | | | 2,944,366 | | | | 3,158,798 | |
4.95%, 05/20/2062 | | | 3,367,450 | | | | 3,598,926 | |
5.19%, 04/20/2062 | | | 2,992,798 | | | | 3,166,856 | |
5.27%, 11/20/2060 | | | 2,370,781 | | | | 2,573,869 | |
5.32%, 04/20/2061 | | | 1,748,106 | | | | 1,875,212 | |
5.47%, 01/20/2060 | | | 6,253,096 | | | | 6,719,933 | |
5.50%, 03/20/2060 | | | 808,724 | | | | 878,740 | |
5.59%, 11/20/2059 | | | 3,850,965 | | | | 4,056,206 | |
5.65%, 06/20/2059 | | | 2,949,359 | | | | 3,095,382 | |
5.75%, 12/15/2022 | | | 398,067 | | | | 452,737 | |
Small Business Administration | | | | | | | | |
3.33%, 02/25/2022 (A) | | | 2,538,536 | | | | 2,698,796 | |
4.06%, 10/25/2027 (A) | | | 2,177,401 | | | | 2,467,264 | |
4.14%, 08/25/2026 (A) | | | 2,213,763 | | | | 2,496,495 | |
4.17%, 07/25/2026 (A) | | | 2,571,878 | | | | 2,884,757 | |
4.25%, 02/25/2024 (A) | | | 2,784,357 | | | | 3,047,363 | |
4.63%, 11/25/2026 (A) | | | 2,967,244 | | | | 3,383,996 | |
4.70%, 05/25/2026 (A) | | | 838,426 | | | | 942,047 | |
| | | | | | | | |
Total U.S. Government Agency Obligations
(Cost $78,860,518) | | | | 76,862,500 | |
| | | | | | | | |
| |
U.S. GOVERNMENT OBLIGATIONS - 7.3% | | | | | |
U.S. Treasury Note | | | | | | | | |
0.50%, 01/31/2017 - 04/30/2017 (C) | | | 19,500,000 | | | | 19,477,968 | |
1.50%, 05/31/2020 (C) | | | 8,000,000 | | | | 7,956,248 | |
| | | | | | | | |
Total U.S. Government Obligations
(Cost $27,412,243) | | | | | | | 27,434,216 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
SECURITIES LENDING COLLATERAL - 4.7% | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (D) | | | 17,503,200 | | | | $ 17,503,200 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $17,503,200) | | | | 17,503,200 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 5.7% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2015, to be repurchased at $21,508,775 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 08/15/2039, and with a total value of $21,943,052. | | | $ 21,508,769 | | | | 21,508,769 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $21,508,769) | | | | | | | 21,508,769 | |
| | | | | | | | |
Total Investments
(Cost $408,397,122) (E) | | | | | | | 404,907,150 | |
Net Other Assets (Liabilities) - (7.9)% | | | | | | | (29,670,260 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 375,236,890 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 9
Transamerica Partners High Quality Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (F)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Asset-Backed Securities | | $ | — | | | $ | 117,886,367 | | | $ | — | | | $ | 117,886,367 | |
Corporate Debt Securities | | | — | | | | 97,839,554 | | | | — | | | | 97,839,554 | |
Foreign Government Obligation | | | — | | | | 2,015,186 | | | | — | | | | 2,015,186 | |
Mortgage-Backed Securities | | | — | | | | 43,857,358 | | | | — | | | | 43,857,358 | |
U.S. Government Agency Obligations | | | — | | | | 76,862,500 | | | | — | | | | 76,862,500 | |
U.S. Government Obligations | | | — | | | | 27,434,216 | | | | — | | | | 27,434,216 | |
Securities Lending Collateral | | | 17,503,200 | | | | — | | | | — | | | | 17,503,200 | |
Repurchase Agreement | | | — | | | | 21,508,769 | | | | — | | | | 21,508,769 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 17,503,200 | | | $ | 387,403,950 | | | $ | — | | | $ | 404,907,150 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Floating or variable rate security. The rate disclosed is as of June 30, 2015. |
| (B) | Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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, 2015, the total aggregate value of 144A securities is $47,207,878, representing 12.6% of the Portfolio’s net assets. |
| (C) | All or a portion of the security is on loan. The value of all securities on loan is $17,143,769. 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. |
| (D) | Rate disclosed reflects the yield at June 30, 2015. |
| (E) | Aggregate cost for federal income tax purposes is $408,397,122. Aggregate gross unrealized appreciation and depreciation for all securities is $612,769 and $4,102,741, respectively. Net unrealized depreciation for tax purposes is $3,489,972. |
| (F) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
PORTFOLIO ABBREVIATION:
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 10
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
FOREIGN GOVERNMENT OBLIGATIONS - 3.9% | |
Deutsche Bundesrepublik Inflation-Linked Bond | | | | | | | | |
1.50%, 04/15/2016 | | | EUR 5,823 | | | | $ 6,538 | |
Hellenic Republic Government Bond | | | | | | | | |
Zero Coupon, 10/15/2042 | | | 366,000 | | | | 1,812 | |
Italy Buoni Poliennali del Tesoro | | | | | | | | |
2.10%, 09/15/2016 | | | 10,728 | | | | 12,250 | |
2.35%, 09/15/2024 (A) | | | 3,469,218 | | | | 4,258,963 | |
2.55%, 09/15/2041 (A) | | | 419,157 | | | | 525,691 | |
2.60%, 09/15/2023 (A) | | | 251,687 | | | | 315,077 | |
Mexican Udibonos | | | | | | | | |
Series S | | | | | | | | |
4.00%, 06/13/2019 | | | MXN 42,214,176 | | | | 2,909,798 | |
New Zealand Government Bond | | | | | | | | |
3.00%, 09/20/2030 (A) | | | NZD 4,673,000 | | | | 3,566,851 | |
| | | | | | | | |
Total Foreign Government Obligations
(Cost $12,972,815) | | | | 11,596,980 | |
| | | | | | | | |
|
U.S. GOVERNMENT OBLIGATIONS - 94.7% | |
U.S. Treasury Inflation Indexed Bond | | | | | | | | |
0.63%, 02/15/2043 | | | $ 3,544,974 | | | | 3,142,839 | |
0.75%, 02/15/2042 - 02/15/2045 | | | 15,516,881 | | | | 14,225,801 | |
1.38%, 02/15/2044 | | | 5,826,789 | | | | 6,220,097 | |
1.75%, 01/15/2028 | | | 8,825,401 | | | | 9,997,521 | |
2.00%, 01/15/2026 | | | 6,287,747 | | | | 7,218,139 | |
2.13%, 02/15/2040 - 02/15/2041 | | | 9,887,512 | | | | 12,219,511 | |
2.38%, 01/15/2025 - 01/15/2027 | | | 21,057,747 | | | | 24,901,303 | |
2.50%, 01/15/2029 | | | 6,688,715 | | | | 8,243,320 | |
3.38%, 04/15/2032 | | | 948,197 | | | | 1,336,661 | |
3.63%, 04/15/2028 | | | 6,450,683 | | | | 8,789,056 | |
3.88%, 04/15/2029 (B) | | | 7,836,063 | | | | 11,099,046 | |
U.S. Treasury Inflation Indexed Note | | | | | | | | |
0.13%, 04/15/2016 - 07/15/2024 | | | 96,163,937 | | | | 96,260,141 | |
0.25%, 01/15/2025 | | | 17,015,542 | | | | 16,689,847 | |
0.38%, 07/15/2023 | | | 10,857,395 | | | | 10,896,416 | |
0.63%, 07/15/2021 - 01/15/2024 | | | 12,748,134 | | | | 12,968,212 | |
1.13%, 01/15/2021 | | | 9,820,111 | | | | 10,387,065 | |
1.25%, 07/15/2020 | | | 5,792,939 | | | | 6,198,445 | |
1.38%, 07/15/2018 - 01/15/2020 | | | 9,549,298 | | | | 10,189,173 | |
2.50%, 07/15/2016 | | | 6,365,354 | | | | 6,601,566 | |
| | | | | | | | |
Total U.S. Government Obligations
(Cost $278,255,315) | | | | 277,584,159 | |
| | | | | | | | |
| | |
| | | Contracts | | | Value | |
EXCHANGE-TRADED OPTIONS PURCHASED - 0.1% | |
10-Year Treasury Note Future, Call | | | | | | | | |
Strike Price $128.50 | | | | | | | | |
Expires 08/21/2015 | | | 93 | | | | 39,234 | |
U.S. Treasury Bond, Call | | | | | | | | |
Strike Price $151.00 | | | | | | | | |
Expires 07/24/2015 | | | 35 | | | | 75,469 | |
10-Year Treasury Note Future, Put | | | | | | | | |
Strike Price $125.50 | | | | | | | | |
Expires 07/24/2015 | | | 38 | | | | 20,187 | |
| | | | | | | | |
| | | Contracts | | | Value | |
EXCHANGE-TRADED OPTIONS PURCHASED (continued) | |
Eurodollar, Mid-Curve 1-Year Future, Put | | | | | | | | |
Strike Price $98.50 | | | | | | | | |
Expires 07/10/2015 | | | 7 | | | | $ 44 | |
Eurodollar, Mid-Curve 1-Year Future, Put | | | | | | | | |
Strike Price $98.50 | | | | | | | | |
Expires 08/14/2015 | | | 180 | | | | 5,625 | |
Eurodollar, Mid-Curve 1-Year Future, Put | | | | | | | | |
Strike Price $98.75 | | | | | | | | |
Expires 07/10/2015 | | | 363 | | | | 18,150 | |
| | | | | | | | |
Total Exchange-Traded Options Purchased
(Cost $242,967) | | | | 158,709 | |
| | | | | | | | |
|
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.1% | |
AUD vs. USD, Call | | | | | | | | |
Exercise Price AUD 0.82 | | | | | | | | |
Expires 08/13/2015, BNP | | | 3,685,000 | | | | 3,127 | |
GBP vs. USD, Call | | | | | | | | |
Exercise Price GBP 1.61 | | | | | | | | |
Expires 07/10/2015, CITI | | | 1,890,000 | | | | 1,191 | |
USD vs. CAD, Call | | | | | | | | |
Exercise Price $1.28 | | | | | | | | |
Expires 07/02/2015, CITI | | | 11,110,000 | | | | 78 | |
AUD vs. JPY, Put | | | | | | | | |
Exercise Price AUD 92.50 | | | | | | | | |
Expires 07/17/2015, BCLY | | | 9,485,000 | | | | 35,786 | |
AUD vs. USD, Put | | | | | | | | |
Exercise Price AUD 0.75 | | | | | | | | |
Expires 08/28/2015, BNP | | | 3,835,000 | | | | 31,838 | |
AUD vs. USD, Put | | | | | | | | |
Exercise Price AUD 0.76 | | | | | | | | |
Expires 07/02/2015, HSBC | | | 7,690,000 | | | | 1,626 | |
AUD vs. USD, Put | | | | | | | | |
Exercise Price AUD 0.78 | | | | | | | | |
Expires 08/13/2015, DUB | | | 3,685,000 | | | | 591 | |
CAD vs. JPY, Put | | | | | | | | |
Exercise Price CAD 98.50 | | | | | | | | |
Expires 07/17/2015, DUB | | | 9,060,000 | | | | 85,254 | |
CHF vs. SEK, Put | | | | | | | | |
Exercise Price CHF 8.25 | | | | | | | | |
Expires 08/28/2015, JPM | | | 2,790,000 | | | | 2,665 | |
GBP vs. USD, Put | | | | | | | | |
Exercise Price GBP 1.54 | | | | | | | | |
Expires 07/10/2015, CITI | | | 1,890,000 | | | | 1,232 | |
USD vs. CAD, Put | | | | | | | | |
Exercise Price $1.22 | | | | | | | | |
Expires 07/02/2015, CITI | | | 11,110,000 | | | | 67 | |
USD vs. NOK, Put | | | | | | | | |
Exercise Price $7.00 | | | | | | | | |
Expires 07/15/2015, BOA | | | 5,660,000 | | | | 17 | |
USD vs. SEK, Put | | | | | | | | |
Exercise Price $7.80 | | | | | | | | |
Expires 08/28/2015, UBS | | | 5,845,000 | | | | 15,162 | |
| | | | | | | | |
Total Over-the-Counter Foreign Exchange Options Purchased
(Cost $386,525) | | | | 178,634 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 11
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Notional
Amount | | | Value | |
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED - 0.4% | |
Call, pays Floating Rate Index 3-Month | | | | | | | | |
USD-LIBOR, Exercise rate 2.10% | | | | | | | | |
Expires 02/12/2106, DUB | | | $ 15,700,000 | | | | $ 207,101 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.10% Expires 02/12/2016, DUB | | | 15,700,000 | | | | 202,092 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.50% | | | | | | | | |
Expires 06/08/2022, DUB | | | EUR 3,200,000 | | | | 321,725 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.75% | | | | | | | | |
Expires 01/15/2016, DUB | | | $ 7,000,000 | | | | 128,932 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.85% | | | | | | | | |
Expires 09/04/2015, DUB | | | 11,250,000 | | | | 51,469 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.85% | | | | | | | | |
Expires 09/04/2015, DUB | | | 5,625,000 | | | | 25,735 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.85% | | | | | | | | |
Expires 09/16/2015, DUB | | | 5,600,000 | | | | 31,361 | |
| | | | | | | | |
| | | Notional
Amount | | | Value | |
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED (continued) | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 2.95% | | | | | | | | |
Expires 01/15/2016, DUB | | | $ 2,500,000 | | | | $ 133,929 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 3.35% | | | | | | | | |
Expires 01/15/2016, DUB | | | 5,000,000 | | | | 121,006 | |
Put, receives Floating Rate Index 3-Month USD-LIBOR, Exercise rate 3.75% | | | | | | | | |
Expires 01/15/2016, DUB | | | 8,800,000 | | | | 85,609 | |
| | | | | | | | |
Total Over-the-Counter Interest Rate Swaptions Purchased
(Cost $1,307,633) | | | | 1,308,959 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
SHORT-TERM INVESTMENT COMPANY - 0.6% | |
BlackRock Provident TempFund 24 (C) | | | 1,944,700 | | | | 1,944,700 | |
| | | | | | | | |
Total Short-Term Investment Company
(Cost $1,944,700) | | | | 1,944,700 | |
| | | | | | | | |
Total Investments
(Cost $295,109,955) (D) | | | | | | | 292,772,141 | |
Net Other Assets (Liabilities) - 0.2% | | | | | | | 457,692 | |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 293,229,833 | |
| | | | | | | | |
EXCHANGE-TRADED OPTIONS WRITTEN:
| | | | | | | | | | | | | | | | | | | | |
| Description | | Exercise
Price | | | Expiration
Date | | | Number of
Contracts | | | Premiums
Received | | | Value | |
Call - 10-Year Treasury Note Future | | | USD 128.00 | | | | 07/24/2015 | | | | 13 | | | $ | (9,528 | ) | | $ | (3,453 | ) |
Call - 10-Year Treasury Note Future | | | USD 130.50 | | | | 08/21/2015 | | | | 93 | | | | (31,834 | ) | | | (15,985 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | $ | (41,362 | ) | | $ | (19,438 | ) |
| | | | | | | | | | | | | | | | | | | | |
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Exercise
Price | | | Expiration
Date | | | Notional
Amount | | | Premiums
Received | | | Value | |
Call - AUD vs. USD | | BNP | | AUD | 0.80 | | | | 10/29/2015 | | | | AUD | | | | 3,835,000 | | | $ | (30,036 | ) | | $ | (30,151 | ) |
Call - AUD vs. USD | | DUB | | AUD | 0.82 | | | | 08/13/2015 | | | | AUD | | | | 3,685,000 | | | | (30,514 | ) | | | (2,803 | ) |
Call - CHF vs. SEK | | JPM | | CHF | 9.75 | | | | 08/28/2015 | | | | CHF | | | | 3,425,625 | | | | (18,675 | ) | | | (4,269 | ) |
Call - EUR vs. USD | | DUB | | EUR | 1.15 | | | | 08/03/2015 | | | | EUR | | | | 2,675,000 | | | | (31,264 | ) | | | (13,703 | ) |
Call - EUR vs. USD | | DUB | | EUR | 1.16 | | | | 08/06/2015 | | | | EUR | | | | 2,640,000 | | | | (33,003 | ) | | | (11,811 | ) |
Call - USD vs. JPY | | BCLY | | USD | 126.50 | | | | 10/30/2015 | | | | USD | | | | 2,935,000 | | | | (23,788 | ) | | | (22,332 | ) |
Call - USD vs. JPY | | DUB | | USD | 126.50 | | | | 10/30/2015 | | | | USD | | | | 2,945,000 | | | | (23,884 | ) | | | (23,884 | ) |
Put - AUD vs. USD | | HSBC | | AUD | 0.78 | | | | 08/13/2015 | | | | AUD | | | | 3,685,000 | | | | (88,384 | ) | | | (59,138 | ) |
Put - USD vs. JPY | | BCLY | | USD | 113.50 | | | | 10/30/2015 | | | | USD | | | | 2,935,000 | | | | (23,788 | ) | | | (8,086 | ) |
Put - USD vs. JPY | | DUB | | USD | 113.50 | | | | 10/30/2015 | | | | USD | | | | 2,945,000 | | | | (6,273 | ) | | | (6,273 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | | | | $ | (309,609 | ) | | $ | (182,450 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
OVER-THE-COUNTER INFLATION-CAPPED OPTIONS WRITTEN:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Initial
Index | | | Floating
Rate | | | Expiration
Date | | | Notional
Amount | | | Premiums
Received | | | Value | |
Call - Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA | | DUB | | | 2.50 | % | | | HICP Index | | | | 04/26/2022 | | | | EUR | | | | 1,070,000 | | | $ | (74,168 | ) | | $ | (3,907 | ) |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 12
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Floating Rate Index | | Floating
Rate | | Exercise
Rate | | | Expiration
Date | | | Notional
Amount | | | Premiums
Received | | | Value | |
Call - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Receive | | | 1.90 | % | | | 02/13/2017 | | | USD | | | 5,900,000 | | | $ | (116,905 | ) | | $ | (33,804) | |
Call - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Receive | | | 2.10 | | | | 03/06/2017 | | | USD | | | 3,700,000 | | | | (83,792 | ) | | | (36,208) | |
Call - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Receive | | | 2.10 | | | | 03/06/2017 | | | USD | | | 1,830,000 | | | | (34,911 | ) | | | (17,908) | |
Call - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Receive | | | 2.10 | | | | 03/16/2017 | | | USD | | | 1,800,000 | | | | (43,679 | ) | | | (17,652) | |
Call - 30-Year | | DUB | | 6-Month EUR-EURIBOR | | Receive | | | 1.65 | | | | 12/18/2015 | | | EUR | | | 2,750,000 | | | | (189,247 | ) | | | (158,889) | |
Put - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Pay | | | 2.90 | | | | 02/13/2017 | | | USD | | | 5,900,000 | | | | (168,483 | ) | | | (228,693) | |
Put - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Pay | | | 3.10 | | | | 03/06/2017 | | | USD | | | 3,700,000 | | | | (101,306 | ) | | | (120,922) | |
Put - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Pay | | | 3.10 | | | | 03/06/2017 | | | USD | | | 1,830,000 | | | | (53,774 | ) | | | (60,505) | |
Put - 10-Year | | DUB | | 3-Month USD-LIBOR BBA | | Pay | | | 3.10 | | | | 03/16/2017 | | | USD | | | 1,800,000 | | | | (45,493 | ) | | | (60,370) | |
Put - 20-Year | | DUB | | 6-Month EUR-EURIBOR | | Pay | | | 4.50 | | | | 06/08/2022 | | | EUR | | | 3,200,000 | | | | (150,269 | ) | | | (146,269) | |
Put - 30-Year | | DUB | | 6-Month EUR-EURIBOR | | Pay | | | 1.65 | | | | 12/18/2015 | | | EUR | | | 2,750,000 | | | | (189,247 | ) | | | (201,470) | |
Put - 30-Year | | DUB | | 3-Month USD-LIBOR BBA | | Pay | | | 2.55 | | | | 01/15/2016 | | | USD | | | 2,500,000 | | | | (142,465 | ) | | | (35,718) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | | | | | | | | | $ | (1,319,571 | ) | | $ | (1,118,408) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CENTRALLY CLEARED SWAP AGREEMENTS: (E)
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| Interest Rate Swap Agreements - Fixed Rate Payable | |
| Floating Rate Index | | Fixed Rate | | | Expiration
Date | | | Notional
Amount | | | Fair
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
3-Month USD-LIBOR | | | 2.38 | % | | | 04/24/2045 | | | USD | 350,000 | | | $ | 39,288 | | | $ | 0 | | | $ | 39,288 | |
3-Month USD-LIBOR | | | 2.39 | | | | 04/24/2045 | | | USD | 350,000 | | | | 38,511 | | | | 0 | | | | 38,511 | |
3-Month USD-LIBOR | | | 2.42 | | | | 04/24/2045 | | | USD | 360,000 | | | | 37,347 | | | | 0 | | | | 37,347 | |
3-Month USD-LIBOR | | | 2.42 | | | | 04/24/2045 | | | USD | 340,000 | | | | 35,088 | | | | 0 | | | | 35,088 | |
3-Month USD-LIBOR | | | 2.80 | | | | 02/25/2025 | | | USD | 6,600,000 | | | | (279,435 | ) | | | (77,721 | ) | | | (201,714 | ) |
3-Month USD-LIBOR | | | 3.05 | | | | 02/15/2040 | | | USD | 800,000 | | | | (29,455 | ) | | | 0 | | | | (29,455 | ) |
3-Month USD-LIBOR | | | 3.06 | | | | 02/15/2040 | | | USD | 900,000 | | | | (37,083 | ) | | | 0 | | | | (37,083 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | | | | | | | | | | | | | $ | (195,739 | ) | | $ | (77,721 | ) | | $ | (118,018 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
OVER-THE-COUNTER SWAP AGREEMENTS:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Interest Rate Swap Agreements - Fixed Rate Receivable | |
| Floating Rate Index | | Counterparty | | | Fixed Rate | | | Expiration
Date | | | Notional
Amount | | | Fair
Value | | | Premiums
Paid
(Received) | | | Net Unrealized
Appreciation
(Depreciation) | |
Eurostat Eurozone HICP Ex Tobacco NSA | | | DUB | | | | 0.00 | % | | | 11/19/2015 | | | EUR | 3,135,000 | | | $ | 261 | | | $ | 1,581 | | | $ | (1,320 | ) |
| | | | | | | | | | | | | | | | | | | | |
| FUTURES CONTRACTS: | | | | | | | |
| Description | | Long/Short | | | Number of
Contracts | | | Expiration
Date | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
90-Day Eurodollar | | | Short | | | | (26 | ) | | | 12/14/2015 | | | $ | — | | | $ | (25,025 | ) |
90-Day Eurodollar | | | Short | | | | (165 | ) | | | 12/18/2017 | | | | — | | | | (9,975 | ) |
2-Year U.S. Treasury Note | | | Long | | | | 8 | | | | 09/30/2015 | | | | 3,625 | | | | — | |
5-Year U.S. Treasury Note | | | Long | | | | 65 | | | | 09/30/2015 | | | | 8,962 | | | | — | |
10-Year Japan Government Bond | | | Short | | | | (11 | ) | | | 09/10/2015 | | | | — | | | | (81,873 | ) |
10-Year U.S. Treasury Note | | | Long | | | | 218 | | | | 09/21/2015 | | | | — | | | | (48,884 | ) |
Euro-BTP Italian Government Bond | | | Short | | | | (4 | ) | | | 09/08/2015 | | | | 13,541 | | | | — | |
German Euro BOBL | | | Short | | | | (1 | ) | | | 09/08/2015 | | | | 680 | | | | — | |
German Euro Bund | | | Short | | | | (1 | ) | | | 09/08/2015 | | | | 3,634 | | | | — | |
U.K. Long Gilt Bond | | | Short | | | | (11 | ) | | | 09/28/2015 | | | | — | | | | (16,671 | ) |
U.S. Treasury Bond | | | Long | | | | 11 | | | | 09/21/2015 | | | | — | | | | (1,408 | ) |
U.S. Treasury Bond | | | Short | | | | (82 | ) | | | 09/21/2015 | | | | 410,641 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | $ | 441,083 | | | $ | (183,836 | ) |
| | | | | | | | | | | | | | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 13
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | |
| FORWARD FOREIGN CURRENCY CONTRACTS: | | | | | | | | | | | | |
| Counterparty | | Settlement
Date | | Currency
Purchased | | | Currency Sold | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
BCLY | | 07/03/2015 | | CAD | | | 2,064,785 | | | USD | | | 1,672,500 | | | $ | — | | | $ | (19,418 | ) |
BCLY | | 07/21/2015 | | USD | | | 3,103,913 | | | MXN | | | 46,568,000 | | | | 145,765 | | | | — | |
BCLY | | 08/17/2015 | | AUD | | | 970,000 | | | USD | | | 739,829 | | | | 6,567 | | | | — | |
BCLY | | 08/17/2015 | | USD | | | 748,553 | | | AUD | | | 970,000 | | | | 2,157 | | | | — | |
BOA | | 07/03/2015 | | USD | | | 2,215,000 | | | CAD | | | 2,703,091 | | | | 50,885 | | | | — | |
CBA | | 08/17/2015 | | AUD | | | 950,000 | | | USD | | | 729,601 | | | | 1,405 | | | | — | |
CITI | | 07/22/2015 | | CAD | | | 2,260,000 | | | JPY | | | 223,657,498 | | | | — | | | | (19,108 | ) |
DUB | | 07/03/2015 | | CAD | | | 3,385,808 | | | USD | | | 2,742,500 | | | | — | | | | (31,796 | ) |
DUB | | 07/22/2015 | | CAD | | | 2,260,000 | | | JPY | | | 223,627,001 | | | | — | | | | (18,859 | ) |
GSC | | 07/06/2015 | | EUR | | | 362,000 | | | USD | | | 410,533 | | | | — | | | | (6,924 | ) |
HSBC | | 07/21/2015 | | USD | | | 643,907 | | | NZD | | | 911,000 | | | | 27,772 | | | | — | |
JPM | | 07/21/2015 | | USD | | | 3,209,189 | | | NZD | | | 4,306,000 | | | | 296,919 | | | | — | |
RBC | | 07/06/2015 | | EUR | | | 408,000 | | | USD | | | 464,078 | | | | — | | | | (9,181 | ) |
RBC | | 09/15/2015 | | JPY | | | 62,169,000 | | | USD | | | 504,188 | | | | 4,299 | | | | — | |
SCB | | 09/15/2015 | | MXN | | | 22,546,000 | | | USD | | | 1,458,792 | | | | — | | | | (32,054 | ) |
UBS | | 07/06/2015 | | USD | | | 4,635,207 | | | EUR | | | 4,222,000 | | | | — | | | | (72,086 | ) |
UBS | | 08/05/2015 | | USD | | | 3,867,769 | | | EUR | | | 3,452,000 | | | | 17,439 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total | | | | | | | | | | | | | | | | $ | 553,208 | | | $ | (209,426 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (F)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Foreign Government Obligations | | $ | — | | | $ | 11,596,980 | | | $ | — | | | $ | 11,596,980 | |
U.S. Government Obligations | | | — | | | | 277,584,159 | | | | — | | | | 277,584,159 | |
Exchange-Traded Options Purchased | | | 158,709 | | | | — | | | | — | | | | 158,709 | |
Over-the-Counter Foreign Exchange Options Purchased | | | — | | | | 178,634 | | | | — | | | | 178,634 | |
Over-the-Counter Interest Rate Swaptions Purchased | | | — | | | | 1,308,959 | | | | — | | | | 1,308,959 | |
Short-Term Investment Company | | | 1,944,700 | | | | — | | | | — | | | | 1,944,700 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 2,103,409 | | | $ | 290,668,732 | | | $ | — | | | $ | 292,772,141 | |
| | | | | | | | | | | | | | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Centrally Cleared Interest Rate Swap Agreements | | $ | — | | | $ | 150,234 | | | $ | — | | | $ | 150,234 | |
Over-the-Counter Interest Rate Swap Agreements | | | — | | | | 261 | | | | — | | | | 261 | |
Futures Contracts (G) | | | 441,083 | | | | — | | | | — | | | | 441,083 | |
Forward Foreign Currency Contracts (G) | | | — | | | | 553,208 | | | | — | | | | 553,208 | |
| | | | | | | | | | | | | | | | |
Total Other Financial Instruments | | $ | 441,083 | | | $ | 703,703 | | | $ | — | | | $ | 1,144,786 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Exchange-Traded Options Written | | $ | (19,438 | ) | | $ | — | | | $ | — | | | $ | (19,438 | ) |
Over-the-Counter Foreign Exchange Options Written | | | — | | | | (182,450 | ) | | | — | | | | (182,450 | ) |
Over-the-Counter Inflation-Capped Options Written | | | — | | | | (3,907 | ) | | | — | | | | (3,907 | ) |
Over-the-Counter Interest Rate Swaptions Written | | | — | | | | (1,118,408 | ) | | | — | | | | (1,118,408 | ) |
Centrally Cleared Interest Rate Swap Agreements | | | — | | | | (345,973 | ) | | | — | | | | (345,973 | ) |
Futures Contracts (G) | | | (183,836 | ) | | | — | | | | — | | | | (183,836 | ) |
Forward Foreign Currency Contracts (G) | | | — | | | | (209,426 | ) | | | — | | | | (209,426 | ) |
| | | | | | | | | | | | | | | | |
Total Other Financial Instruments | | $ | (203,274 | ) | | $ | (1,860,164 | ) | | $ | — | | | $ | (2,063,438 | ) |
| | | | | | | | | | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 14
Transamerica Partners Inflation-Protected Securities Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | 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. |
| (B) | All or a portion of the security has been segregated by the custodian 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 $183,455. |
| (C) | The investment issuer is affiliated with the sub-adviser of the Portfolio. |
| (D) | Aggregate cost for federal income tax purposes is $295,109,955. Aggregate gross unrealized appreciation and depreciation for all securities is $3,703,600 and $6,041,414, respectively. Net unrealized depreciation for tax purposes is $2,337,814. |
| (E) | Cash in the amount of $498,080 has been segregated by the custodian as collateral for centrally cleared swap agreements. |
| (F) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
| (G) | Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation). |
CURRENCY ABBREVIATIONS:
| | |
| AUD | | Australian Dollar |
| CAD | | Canadian Dollar |
| CHF | | Swiss Franc |
| EUR | | Euro |
| GBP | | Pound Sterling |
| JPY | | Japanese Yen |
| MXN | | Mexican Peso |
| NZD | | New Zealand Dollar |
| NOK | | Norwegian Krone |
SEK USD | | Swedish Krona United States Dollar |
COUNTERPARTY ABBREVIATIONS:
| | |
| BCLY | | Barclays Bank PLC |
| BNP | | BNP Paribas |
| BOA | | Bank of America |
| CBA | | Commonwealth Bank of Australia |
| CITI | | Citigroup, Inc. |
| DUB | | Deutsche Bank AG |
| GSC | | Goldman Sachs & Co. |
| HSBC | | HSBC Bank USA |
| JPM | | JPMorgan Chase Bank |
| RBC | | Royal Bank of Canada |
| SCB | | Standard Chartered Bank |
| UBS | | UBS AG |
PORTFOLIO ABBREVIATIONS:
| | |
BBA BOBL | | British Bankers’ Association Bundesobligationen (Germanfederal government securities) |
BTP EURIBOR | | Republic of Italy (“Buoni del Tesoro Poliennali”) Treasury Bonds Euro InterBank Offered Rate |
| HICP | | Harmonized Indices of Consumer Prices |
| LIBOR | | London Interbank Offered Rate |
| NSA | | Not Seasonally Adjusted |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 15
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES - 7.2% | | | | | | | | |
321 Henderson Receivables VI LLC | | | | | | | | |
Series 2010-1A, Class A | | | | | | | | |
5.56%, 07/15/2059 (A) | | | $ 3,987,761 | | | | $ 4,529,885 | |
AmeriCredit Automobile Receivables Trust | | | | | | | | |
Series 2012-3, Class C | | | | | | | | |
2.42%, 05/08/2018 | | | 1,350,000 | | | | 1,360,407 | |
BlueMountain CLO, Ltd. | | | | | | | | |
Series 2015-2A, Class A1 | | | | | | | | |
1.71%, 07/18/2027 (A) (B) (C) | | | 4,560,000 | | | | 4,557,332 | |
BXG Receivables Note Trust | | | | | | | | |
Series 2015-A, Class A | | | | | | | | |
2.88%, 05/02/2030 (A) | | | 3,316,373 | | | | 3,308,469 | |
Chrysler Capital Auto Receivables Trust | | | | | | | | |
Series 2013-BA, Class B | | | | | | | | |
1.78%, 06/17/2019 (A) | | | 510,000 | | | | 510,144 | |
Series 2013-BA, Class C | | | | | | | | |
2.24%, 09/16/2019 (A) | | | 520,000 | | | | 519,783 | |
Series 2014-AA, Class B | | | | | | | | |
1.76%, 08/15/2019 (A) | | | 580,000 | | | | 578,421 | |
Series 2014-AA, Class C | | | | | | | | |
2.28%, 11/15/2019 (A) | | | 745,000 | | | | 743,791 | |
Conseco Finance Securitizations Corp. | | | | | | | | |
Series 2002-2, Class A2 | | | | | | | | |
6.03%, 03/01/2033 (B) | | | 346,069 | | | | 350,556 | |
Credit Acceptance Auto Loan Trust | | | | | | | | |
Series 2013-1A, Class A | | | | | | | | |
1.21%, 10/15/2020 (A) | | | 813,211 | | | | 814,147 | |
DT Auto Owner Trust | | | | | | | | |
Series 2012-1A, Class D | | | | | | | | |
4.94%, 07/16/2018 (A) | | | 717,463 | | | | 720,358 | |
Ford Credit Auto Owner Trust | | | | | | | | |
Series 2013-B, Class D | | | | | | | | |
1.82%, 11/15/2019 | | | 1,210,000 | | | | 1,219,801 | |
Ford Credit Floorplan Master Owner Trust | | | | | | | | |
Series 2012-2, Class C | | | | | | | | |
2.86%, 01/15/2019 | | | 455,000 | | | | 465,050 | |
Series 2012-2, Class D | | | | | | | | |
3.50%, 01/15/2019 | | | 815,000 | | | | 840,774 | |
HLSS Servicer Advance Receivables Trust | | | | | | | | |
Series 2012-T2, Class A2 | | | | | | | | |
1.99%, 10/15/2045 (A) | | | 2,905,000 | | | | 2,902,095 | |
Series 2013-T1, Class A2 | | | | | | | | |
1.50%, 01/16/2046 (A) | | | 3,550,000 | | | | 3,546,450 | |
HSBC Home Equity Loan Trust | | | | | | | | |
Series 2006-3, Class M1 | | | | | | | | |
0.45%, 03/20/2036 (B) | | | 5,750,000 | | | | 5,543,512 | |
ICG US CLO, Ltd. | | | | | | | | |
Series 2014-1A, Class A1 | | | | | | | | |
1.43%, 04/20/2026 (A) (B) | | | 4,610,000 | | | | 4,540,869 | |
MVW Owner Trust | | | | | | | | |
Series 2014-1A, Class A | | | | | | | | |
2.25%, 09/22/2031 (A) | | | 2,941,205 | | | | 2,936,338 | |
OCP CLO, Ltd. | | | | | | | | |
Series 2015-8A, Class A1 | | | | | | | | |
1.80%, 04/17/2027 (A) (B) | | | 4,650,000 | | | | 4,648,363 | |
Palmer Square CLO, Ltd. | | | | | | | | |
Series 2015-2A, Class A1A | | | | | | | | |
1.79%, 07/20/2027 (A) (B) (C) (D) | | | 4,575,000 | | | | 4,568,183 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | | | | | | | | |
RAAC Trust | | | | | | | | |
Series 2007-RP4, Class A | | | | | | | | |
0.53%, 11/25/2046 (A) (B) | | | $ 958,153 | | | | $ 825,091 | |
Renaissance Home Equity Loan Trust | | | | | | | | |
Series 2007-2, Class AF6 | | | | | | | | |
5.88%, 06/25/2037 (B) (E) | | | 1,455,489 | | | | 784,756 | |
Santander Drive Auto Receivables Trust | | | | | | | | |
Series 2013-4, Class C | | | | | | | | |
3.25%, 01/15/2020 | | | 1,560,000 | | | | 1,596,635 | |
Series 2013-A, Class B | | | | | | | | |
1.89%, 10/15/2019 (A) | | | 2,355,000 | | | | 2,370,364 | |
Series 2013-A, Class C | | | | | | | | |
3.12%, 10/15/2019 (A) | | | 910,000 | | | | 928,909 | |
SBA Tower Trust | | | | | | | | |
Series 2014-1A, Class C | | | | | | | | |
2.90%, 10/15/2044 (A) (B) (E) | | | 9,030,000 | | | | 9,075,213 | |
Sierra Timeshare Receivables Funding LLC | | | | | | | | |
Series 2013-3A, Class B | | | | | | | | |
2.70%, 10/20/2030 (A) | | | 1,446,812 | | | | 1,454,970 | |
Series 2014-1A, Class A | | | | | | | | |
2.07%, 03/20/2030 (A) | | | 2,860,170 | | | | 2,874,619 | |
Series 2014-2A, Class A | | | | | | | | |
2.05%, 06/20/2031 (A) | | | 2,572,105 | | | | 2,589,775 | |
Series 2014-3A, Class A | | | | | | | | |
2.30%, 10/20/2031 (A) | | | 3,060,834 | | | | 3,075,998 | |
Series 2015-1A, Class A | | | | | | | | |
2.40%, 03/22/2032 (A) | | | 2,095,075 | | | | 2,096,539 | |
Series 2015-1A, Class B | | | | | | | | |
3.05%, 03/22/2032 (A) | | | 2,173,804 | | | | 2,175,786 | |
Silverleaf Finance XVIII LLC | | | | | | | | |
Series 2014-A, Class A | | | | | | | | |
2.81%, 01/15/2027 (A) | | | 2,711,698 | | | | 2,707,075 | |
SLM Private Education Loan Trust | | | | | | | | |
Series 2011-A, Class A3 | | | | | | | | |
2.69%, 01/15/2043 (A) (B) | | | 1,805,000 | | | | 1,916,634 | |
Series 2011-B, Class A3 | | | | | | | | |
2.44%, 06/16/2042 (A) (B) | | | 690,000 | | | | 729,334 | |
Series 2011-C, Class A2A | | | | | | | | |
3.44%, 10/17/2044 (A) (B) | | | 1,190,000 | | | | 1,274,257 | |
Series 2013-A, Class B | | | | | | | | |
2.50%, 03/15/2047 (A) | | | 260,000 | | | | 251,584 | |
Series 2013-B, Class B | | | | | | | | |
3.00%, 05/16/2044 (A) | | | 340,000 | | | | 333,147 | |
SolarCity LMC Series III LLC | | | | | | | | |
Series 2014-2, Class A | | | | | | | | |
4.02%, 07/20/2044 (A) | | | 3,606,914 | | | | 3,642,655 | |
SpringCastle America Funding LLC | | | | | | | | |
Series 2014-AA, Class A | | | | | | | | |
2.70%, 05/25/2023 (A) | | | 2,199,261 | | | | 2,212,875 | |
Trafigura Securitisation Finance PLC | | | | | | | | |
Series 2014-1A, Class A | | | | | | | | |
1.14%, 10/15/2021 (A) (B) (D) | | | 6,291,000 | | | | 6,293,349 | |
| | | | | | | | |
Total Asset-Backed Securities
(Cost $99,021,967) | | | | | | | 98,414,293 | |
| | | | | | | | |
| | |
CORPORATE DEBT SECURITIES - 36.7% | | | | | | | | |
Aerospace & Defense - 0.3% | | | | | | | | |
Exelis, Inc. | | | | | | | | |
5.55%, 10/01/2021 | | | 3,442,000 | | | | 3,787,274 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 16
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Air Freight & Logistics - 0.2% | | | | | | | | |
FedEx Corp. | | | | | | | | |
4.90%, 01/15/2034 | | | $ 1,760,000 | | | | $ 1,824,571 | |
5.10%, 01/15/2044 | | | 1,260,000 | | | | 1,299,782 | |
| | | | | | | | |
| | | | | | | 3,124,353 | |
| | | | | | | | |
Airlines - 0.8% | | | | | | | | |
American Airlines Pass-Through Trust | | | | | | | | |
3.70%, 04/01/2028 (F) | | | 4,173,974 | | | | 4,173,974 | |
United Airlines Pass-Through Trust | | | | | | | | |
3.75%, 03/03/2028 | | | 7,095,000 | | | | 7,024,050 | |
| | | | | | | | |
| | | | | | | 11,198,024 | |
| | | | | | | | |
Auto Components - 0.2% | | | | | | | | |
BorgWarner, Inc. | | | | | | | | |
3.38%, 03/15/2025 (F) | | | 2,235,000 | | | | 2,199,218 | |
| | | | | | | | |
Automobiles - 0.1% | | | | | | | | |
General Motors Co. | | | | | | | | |
4.88%, 10/02/2023 | | | 850,000 | | | | 896,132 | |
6.25%, 10/02/2043 | | | 500,000 | | | | 557,778 | |
| | | | | | | | |
| | | | | | | 1,453,910 | |
| | | | | | | | |
Banks - 5.0% | | | | | | | | |
Barclays Bank PLC | | | | | | | | |
10.18%, 06/12/2021 (A) | | | 9,240,000 | | | | 12,242,067 | |
BPCE SA | | | | | | | | |
4.00%, 04/15/2024 (F) | | | 1,647,000 | | | | 1,662,712 | |
5.15%, 07/21/2024 (A) | | | 1,200,000 | | | | 1,219,154 | |
Branch Banking & Trust Co. | | | | | | | | |
3.80%, 10/30/2026 | | | 1,980,000 | | | | 1,999,568 | |
Cooperatieve Centrale Raiffeisen - Boerenleenbank BA | | | | | | | | |
2.25%, 01/14/2019 | | | 1,215,000 | | | | 1,222,940 | |
11.00%, 06/30/2019 (A) (B) (G) | | | 9,495,000 | | | | 12,034,913 | |
Glitnir HF | | | | | | | | |
6.33%, 07/28/2011 (A) (H) (I) | | | 290,000 | | | | 87,725 | |
HSBC Bank Brasil SA - Banco Multiplo Series MTN | | | | | | | | |
4.00%, 05/11/2016 (A) | | | 5,850,000 | | | | 5,920,200 | |
HSBC Holdings PLC | | | | | | | | |
4.25%, 03/14/2024 | | | 485,000 | | | | 489,843 | |
5.25%, 03/14/2044 | | | 1,228,000 | | | | 1,273,768 | |
Intesa Sanpaolo SpA | | | | | | | | |
5.02%, 06/26/2024 (A) | | | 4,285,000 | | | | 4,163,066 | |
Korea Development Bank | | | | | | | | |
3.50%, 08/22/2017 | | | 1,610,000 | | | | 1,671,732 | |
Macquarie Bank, Ltd. | | | | | | | | |
1.65%, 03/24/2017 (A) | | | 2,245,000 | | | | 2,252,590 | |
Nordea Bank AB | | | | | | | | |
4.25%, 09/21/2022 (A) | | | 11,100,000 | | | | 11,368,565 | |
Royal Bank of Scotland Group PLC | | | | | | | | |
1.88%, 03/31/2017 | | | 1,950,000 | | | | 1,940,086 | |
6.00%, 12/19/2023 | | | 1,685,000 | | | | 1,784,301 | |
Societe Generale SA | | | | | | | | |
5.00%, 01/17/2024 (A) (F) | | | 2,315,000 | | | | 2,318,139 | |
Wells Fargo & Co. | | | | | | | | |
2.15%, 01/15/2019 | | | 912,000 | | | | 917,666 | |
4.13%, 08/15/2023 | | | 855,000 | | | | 887,732 | |
5.38%, 11/02/2043 | | | 1,740,000 | | | | 1,857,833 | |
5.90%, 06/15/2024 (B) (G) | | | 1,080,000 | | | | 1,082,700 | |
| | | | | | | | |
| | | | | | | 68,397,300 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Beverages - 0.2% | | | | | | | | |
Anheuser-Busch InBev Finance, Inc. | | | | | | | | |
2.15%, 02/01/2019 (F) | | | $ 1,235,000 | | | | $ 1,238,517 | |
3.70%, 02/01/2024 (F) | | | 1,730,000 | | | | 1,770,669 | |
| | | | | | | | |
| | | | | | | 3,009,186 | |
| | | | | | | | |
Biotechnology - 0.1% | | | | | | | | |
Amgen, Inc. | | | | | | | | |
5.65%, 06/15/2042 | | | 750,000 | | | | 833,639 | |
| | | | | | | | |
Capital Markets - 2.8% | | | | | | | | |
Ameriprise Financial, Inc. | | | | | | | | |
3.70%, 10/15/2024 | | | 3,495,000 | | | | 3,571,673 | |
Bank of New York Mellon Corp. | | | | | | | | |
Series MTN | | | | | | | | |
2.10%, 01/15/2019 | | | 1,275,000 | | | | 1,278,732 | |
Goldman Sachs Group, Inc. | | | | | | | | |
2.90%, 07/19/2018 | | | 2,445,000 | | | | 2,502,526 | |
3.63%, 02/07/2016 - 01/22/2023 | | | 2,300,000 | | | | 2,300,008 | |
5.75%, 01/24/2022 | | | 1,131,000 | | | | 1,286,477 | |
6.25%, 02/01/2041 | | | 490,000 | | | | 579,938 | |
6.75%, 10/01/2037 | | | 500,000 | | | | 586,474 | |
Series MTN | | | | | | | | |
1.88%, 11/29/2023 (B) | | | 1,310,000 | | | | 1,331,436 | |
7.50%, 02/15/2019 | | | 1,150,000 | | | | 1,350,800 | |
Macquarie Group, Ltd. | | | | | | | | |
6.25%, 01/14/2021 (A) | | | 5,645,000 | | | | 6,436,395 | |
Morgan Stanley | | | | | | | | |
2.80%, 06/16/2020 | | | 8,865,000 | | | | 8,874,424 | |
5.00%, 11/24/2025 | | | 1,260,000 | | | | 1,319,042 | |
State Street Capital Trust IV | | | | | | | | |
1.29%, 06/01/2077 (B) | | | 285,000 | | | | 248,663 | |
UBS AG | | | | | | | | |
7.63%, 08/17/2022 | | | 5,385,000 | | | | 6,311,215 | |
| | | | | | | | |
| | | | | | | 37,977,803 | |
| | | | | | | | |
Chemicals - 0.3% | | | | | | | | |
LyondellBasell Industries NV | | | | | | | | |
5.00%, 04/15/2019 | | | 1,217,000 | | | | 1,318,334 | |
Monsanto Co. | | | | | | | | |
4.40%, 07/15/2044 | | | 2,705,000 | | | | 2,422,246 | |
| | | | | | | | |
| | | | | | | 3,740,580 | |
| | | | | | | | |
Commercial Services & Supplies - 0.5% | | | | | | | | |
ERAC USA Finance LLC | | | | | | | | |
3.85%, 11/15/2024 (A) | | | 4,130,000 | | | | 4,145,293 | |
Hutchison Whampoa International 14, Ltd. | | | | | | | | |
1.63%, 10/31/2017 (A) | | | 2,325,000 | | | | 2,318,025 | |
| | | | | | | | |
| | | | | | | 6,463,318 | |
| | | | | | | | |
Communications Equipment - 0.1% | | | | | | | | |
Cisco Systems, Inc. | | | | | | | | |
2.13%, 03/01/2019 (F) | | | 797,000 | | | | 802,542 | |
| | | | | | | | |
Construction & Engineering - 0.1% | | | | | | | | |
Odebrecht Offshore Drilling Finance, Ltd. | | | | | | | | |
6.75%, 10/01/2023 (A) (F) | | | 1,123,140 | | | | 805,853 | |
| | | | | | | | |
Construction Materials - 0.4% | | | | | | | | |
Martin Marietta Materials, Inc. | | | | | | | | |
4.25%, 07/02/2024 | | | 5,140,000 | | | | 5,203,309 | |
| | | | | | | | |
Consumer Finance - 0.1% | | | | | | | | |
Discover Financial Services | | | | | | | | |
3.85%, 11/21/2022 | | | 1,111,000 | | | | 1,103,107 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 17
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Diversified Financial Services - 3.0% | | | | | | | | |
Bank of America Corp. | | | | | | | | |
2.60%, 01/15/2019 | | | $ 1,596,000 | | | | $ 1,613,380 | |
2.65%, 04/01/2019 | | | 5,156,000 | | | | 5,217,083 | |
4.10%, 07/24/2023 | | | 1,435,000 | | | | 1,476,490 | |
5.42%, 03/15/2017 | | | 600,000 | | | | 635,762 | |
5.75%, 12/01/2017 | | | 1,965,000 | | | | 2,140,630 | |
Citigroup, Inc. | | | | | | | | |
1.70%, 04/27/2018 | | | 5,142,000 | | | | 5,108,947 | |
3.38%, 03/01/2023 | | | 1,380,000 | | | | 1,378,438 | |
4.95%, 11/07/2043 | | | 490,000 | | | | 507,995 | |
6.68%, 09/13/2043 | | | 490,000 | | | | 593,458 | |
Ford Motor Credit Co. LLC | | | | | | | | |
4.38%, 08/06/2023 | | | 706,000 | | | | 732,190 | |
General Electric Capital Corp. | | | | | | | | |
7.13%, 06/15/2022 (B) (G) | | | 5,690,000 | | | | 6,564,838 | |
Series MTN | | | | | | | | |
6.88%, 01/10/2039 (C) | | | 500,000 | | | | 671,337 | |
JPMorgan Chase & Co. | | | | | | | | |
3.20%, 01/25/2023 | | | 535,000 | | | | 524,719 | |
3.25%, 09/23/2022 | | | 1,180,000 | | | | 1,172,345 | |
4.85%, 02/01/2044 | | | 490,000 | | | | 506,306 | |
6.75%, 02/01/2024 (B) (G) | | | 412,000 | | | | 440,193 | |
Series MTN | | | | | | | | |
1.35%, 02/15/2017 | | | 3,735,000 | | | | 3,738,261 | |
JPMorgan Chase Bank NA | | | | | | | | |
6.00%, 10/01/2017 | | | 2,566,000 | | | | 2,797,846 | |
Kaupthing Bank Hf | | | | | | | | |
7.13%, 05/19/2016 (A) (H) (I) | | | 200,000 | | | | 2 | |
Lehman Brothers Holdings Capital Trust VII | | | | | | | | |
Series MTN | | | | | | | | |
5.86%, 07/31/2015 (D) (G) (H) (I) | | | 1,945,000 | | | | 195 | |
MassMutual Global Funding II | | | | | | | | |
2.35%, 04/09/2019 (A) | | | 1,400,000 | | | | 1,414,253 | |
Oaktree Capital Management, LP | | | | | | | | |
6.75%, 12/02/2019 (A) | | | 4,080,000 | | | | 4,749,096 | |
| | | | | | | | |
| | | | | | | 41,983,764 | |
| | | | | | | | |
Diversified Telecommunication Services - 1.8% | |
AT&T, Inc. | | | | | | | | |
2.45%, 06/30/2020 | | | 5,470,000 | | | | 5,362,072 | |
3.40%, 05/15/2025 | | | 2,735,000 | | | | 2,608,391 | |
4.35%, 06/15/2045 | | | 1,445,000 | | | | 1,233,620 | |
Intelsat Jackson Holdings SA | | | | | | | | |
7.25%, 04/01/2019 | | | 1,902,000 | | | | 1,930,530 | |
Sprint Capital Corp. | | | | | | | | |
6.88%, 11/15/2028 | | | 822,000 | | | | 706,920 | |
Verizon Communications, Inc. | | | | | | | | |
2.63%, 02/21/2020 | | | 3,004,000 | | | | 2,997,247 | |
3.45%, 03/15/2021 | | | 1,125,000 | | | | 1,146,743 | |
3.85%, 11/01/2042 | | | 4,623,000 | | | | 3,815,334 | |
4.50%, 09/15/2020 | | | 1,135,000 | | | | 1,224,364 | |
6.55%, 09/15/2043 | | | 2,901,000 | | | | 3,393,456 | |
| | | | | | | | |
| | | | | | | 24,418,677 | |
| | | | | | | | |
Electric Utilities - 1.6% | |
Appalachian Power Co. | | | | | | | | |
3.40%, 06/01/2025 | | | 2,700,000 | | | | 2,661,560 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Electric Utilities (continued) | |
CenterPoint Energy Houston Electric LLC | | | | | | | | |
4.50%, 04/01/2044 | | | $ 1,160,000 | | | | $ 1,193,152 | |
Cleveland Electric Illuminating Co. | | | | | | | | |
5.95%, 12/15/2036 | | | 458,000 | | | | 499,979 | |
8.88%, 11/15/2018 | | | 449,000 | | | | 545,586 | |
Commonwealth Edison Co. | | | | | | | | |
4.70%, 01/15/2044 | | | 1,055,000 | | | | 1,110,336 | |
Duke Energy Carolinas LLC | | | | | | | | |
4.25%, 12/15/2041 | | | 925,000 | | | | 910,043 | |
Duke Energy Corp. | | | | | | | | |
3.75%, 04/15/2024 | | | 275,000 | | | | 280,201 | |
Entergy Arkansas, Inc. | | | | | | | | |
3.70%, 06/01/2024 | | | 1,625,000 | | | | 1,696,209 | |
Georgia Power Co. | | | | | | | | |
3.00%, 04/15/2016 | | | 3,295,000 | | | | 3,353,121 | |
Jersey Central Power & Light Co. | | | | | | | | |
7.35%, 02/01/2019 | | | 1,000,000 | | | | 1,158,889 | |
Oncor Electric Delivery Co. LLC | | | | | | | | |
4.10%, 06/01/2022 | | | 333,000 | | | | 350,797 | |
5.30%, 06/01/2042 | | | 525,000 | | | | 584,836 | |
Pacific Gas & Electric Co. | | | | | | | | |
4.75%, 02/15/2044 | | | 488,000 | | | | 503,104 | |
PacifiCorp | | | | | | | | |
3.60%, 04/01/2024 | | | 3,380,000 | | | | 3,489,546 | |
5.75%, 04/01/2037 | | | 900,000 | | | | 1,061,367 | |
Progress Energy, Inc. | | | | | | | | |
4.88%, 12/01/2019 | | | 168,000 | | | | 183,458 | |
Public Service Electric & Gas Co. | | | | | | | | |
3.00%, 05/15/2025 | | | 2,760,000 | | | | 2,706,359 | |
| | | | | | | | |
| | | | | | | 22,288,543 | |
| | | | | | | | |
Energy Equipment & Services - 0.2% | |
Schlumberger Investment SA | | | | | | | | |
3.65%, 12/01/2023 | | | 835,000 | | | | 862,906 | |
TransCanada PipeLines, Ltd. | | | | | | | | |
3.75%, 10/16/2023 (F) | | | 1,010,000 | | | | 1,023,183 | |
4.63%, 03/01/2034 | | | 875,000 | | | | 867,565 | |
Weatherford International, Ltd. | | | | | | | | |
5.95%, 04/15/2042 (F) | | | 960,000 | | | | 811,486 | |
| | | | | | | | |
| | | | | | | 3,565,140 | |
| | | | | | | | |
Food & Staples Retailing - 0.7% | |
CVS Health Corp. | | | | | | | | |
5.30%, 12/05/2043 | | | 319,000 | | | | 347,610 | |
Sysco Corp. | | | | | | | | |
2.35%, 10/02/2019 | | | 4,345,000 | | | | 4,388,450 | |
Wal-Mart Stores, Inc. | | | | | | | | |
4.00%, 04/11/2043 | | | 1,258,000 | | | | 1,200,361 | |
4.30%, 04/22/2044 | | | 945,000 | | | | 947,505 | |
Walgreens Boots Alliance, Inc. | | | | | | | | |
3.30%, 11/18/2021 | | | 2,653,000 | | | | 2,634,593 | |
| | | | | | | | |
| | | | | | | 9,518,519 | |
| | | | | | | | |
Food Products - 0.3% | |
HJ Heinz Co. | | | | | | | | |
2.80%, 07/02/2020 (A) (C) | | | 2,305,000 | | | | 2,306,793 | |
Mondelez International, Inc. | | | | | | | | |
2.25%, 02/01/2019 | | | 1,570,000 | | | | 1,572,533 | |
| | | | | | | | |
| | | | | | | 3,879,326 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 18
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Health Care Equipment & Supplies - 0.6% | |
Becton Dickinson and Co. | | | | | | | | |
2.68%, 12/15/2019 | | | $ 1,880,000 | | | | $ 1,881,421 | |
Boston Scientific Corp. | | | | | | | | |
2.65%, 10/01/2018 | | | 1,062,000 | | | | 1,077,298 | |
Zimmer Biomet Holdings, Inc. | | | | | | | | |
3.55%, 04/01/2025 | | | 5,585,000 | | | | 5,396,155 | |
| | | | | | | | |
| | | | | | | 8,354,874 | |
| | | | | | | | |
Health Care Providers & Services - 0.6% | |
Aetna, Inc. | | | | | | | | |
4.75%, 03/15/2044 | | | 345,000 | | | | 338,959 | |
Anthem, Inc. | | | | | | | | |
1.88%, 01/15/2018 | | | 1,930,000 | | | | 1,926,640 | |
2.30%, 07/15/2018 | | | 1,930,000 | | | | 1,941,482 | |
3.30%, 01/15/2023 | | | 620,000 | | | | 595,879 | |
Coventry Health Care, Inc. | | | | | | | | |
5.45%, 06/15/2021 | | | 1,632,000 | | | | 1,838,561 | |
Tenet Healthcare Corp. | | | | | | | | |
6.25%, 11/01/2018 | | | 1,010,000 | | | | 1,097,112 | |
UnitedHealth Group, Inc. | | | | | | | | |
3.38%, 11/15/2021 | | | 650,000 | | | | 667,850 | |
| | | | | | | | |
| | | | | | | 8,406,483 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 0.0% (J) | | | | | | | | |
GLP Capital, LP / GLP Financing II, Inc. | | | | | | | | |
4.38%, 11/01/2018 | | | 94,000 | | | | 96,468 | |
4.88%, 11/01/2020 (F) | | | 150,000 | | | | 152,625 | |
| | | | | | | | |
| | | | | | | 249,093 | |
| | | | | | | | |
Household Products - 0.2% | | | | | | | | |
Reynolds Group Issuer, Inc. / Reynolds | | | | | | | | |
Group Issuer LLC | | | | | | | | |
6.88%, 02/15/2021 | | | 2,320,000 | | | | 2,418,600 | |
| | | | | | | | |
Industrial Conglomerates - 0.1% | | | | | | | | |
General Electric Co. | | | | | | | | |
4.50%, 03/11/2044 | | | 921,000 | | | | 935,358 | |
| | | | | | | | |
Insurance - 4.2% | | | | | | | | |
American International Group, Inc. | | | | | | | | |
4.13%, 02/15/2024 | | | 629,000 | | | | 652,697 | |
8.18%, 05/15/2068 (B) | | | 1,070,000 | | | | 1,416,680 | |
Fidelity National Financial, Inc. | | | | | | | | |
5.50%, 09/01/2022 | | | 1,320,000 | | | | 1,388,633 | |
Genworth Holdings, Inc. | | | | | | | | |
7.63%, 09/24/2021 (F) | | | 1,125,000 | | | | 1,184,063 | |
Hanover Insurance Group, Inc. | | | | | | | | |
6.38%, 06/15/2021 | | | 8,760,000 | | | | 10,116,066 | |
Lincoln National Corp. | | | | | | | | |
8.75%, 07/01/2019 | | | 4,655,000 | | | | 5,707,249 | |
Metropolitan Life Global Funding I | | | | | | | | |
1.30%, 04/10/2017 (A) | | | 4,970,000 | | | | 4,981,232 | |
Pacific Life Insurance Co. | | | | | | | | |
9.25%, 06/15/2039 (A) | | | 4,240,000 | | | | 6,331,829 | |
Principal Financial Group, Inc. | | | | | | | | |
8.88%, 05/15/2019 | | | 2,550,000 | | | | 3,139,180 | |
Prudential Financial, Inc. | | | | | | | | |
Series MTN | | | | | | | | |
5.38%, 06/21/2020 | | | 1,465,000 | | | | 1,652,842 | |
7.38%, 06/15/2019 | | | 1,595,000 | | | | 1,891,133 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Insurance (continued) | | | | | | | | |
Reinsurance Group of America, Inc. | | | | | | | | |
6.75%, 12/15/2065 (B) | | | $ 10,476,000 | | | | $ 9,742,680 | |
ZFS Finance USA Trust II | | | | | | | | |
6.45%, 12/15/2065 (A) (B) | | | 8,860,000 | | | | 9,061,742 | |
| | | | | | | | |
| | | | | | | 57,266,026 | |
| | | | | | | | |
IT Services - 0.3% | | | | | | | | |
International Business Machines Corp. | | | | | | | | |
3.63%, 02/12/2024 | | | 1,543,000 | | | | 1,562,740 | |
MasterCard, Inc. | | | | | | | | |
2.00%, 04/01/2019 | | | 1,366,000 | | | | 1,370,562 | |
3.38%, 04/01/2024 | | | 878,000 | | | | 896,227 | |
| | | | | | | | |
| | | | | | | 3,829,529 | |
| | | | | | | | |
Life Sciences Tools & Services - 0.4% | | | | | | | | |
Thermo Fisher Scientific, Inc. | | | | | | | | |
1.30%, 02/01/2017 | | | 2,000,000 | | | | 1,996,678 | |
2.40%, 02/01/2019 | | | 3,515,000 | | | | 3,511,189 | |
5.30%, 02/01/2044 | | | 172,000 | | | | 181,791 | |
| | | | | | | | |
| | | | | | | 5,689,658 | |
| | | | | | | | |
Machinery - 0.1% | | | | | | | | |
Doosan Heavy Industries & Construction Co., Ltd. | | | | | | | | |
2.13%, 04/27/2020 (A) (F) | | | 1,245,000 | | | | 1,223,930 | |
| | | | | | | | |
Media - 1.2% | | | | | | | | |
21st Century Fox America, Inc. | | | | | | | | |
7.63%, 11/30/2028 | | | 1,045,000 | | | | 1,352,213 | |
CBS Corp. | | | | | | | | |
4.63%, 05/15/2018 | | | 655,000 | | | | 702,598 | |
5.75%, 04/15/2020 | | | 520,000 | | | | 585,698 | |
Comcast Corp. | | | | | | | | |
5.88%, 02/15/2018 | | | 2,649,000 | | | | 2,939,572 | |
Cox Communications, Inc. | | | | | | | | |
8.38%, 03/01/2039 (A) | | | 1,540,000 | | | | 1,963,198 | |
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. | | | | | | | | |
4.60%, 02/15/2021 | | | 1,685,000 | | | | 1,795,108 | |
5.00%, 03/01/2021 | | | 905,000 | | | | 979,989 | |
NBCUniversal Enterprise, Inc. | | | | | | | | |
5.25%, 03/19/2021(A) (G) | | | 1,500,000 | | | | 1,595,625 | |
NBCUniversal Media LLC | | | | | | | | |
4.38%, 04/01/2021 | | | 560,000 | | | | 606,523 | |
4.45%, 01/15/2043 | | | 1,359,000 | | | | 1,306,130 | |
5.15%, 04/30/2020 | | | 2,246,000 | | | | 2,522,395 | |
| | | | | | | | |
| | | | | | | 16,349,049 | |
| | | | | | | | |
Metals & Mining - 0.4% | | | | | | | | |
BHP Billiton Finance USA, Ltd. | | | | | | | | |
3.85%, 09/30/2023 | | | 1,031,000 | | | | 1,058,699 | |
Freeport-McMoRan, Inc. | | | | | | | | |
3.88%, 03/15/2023 | | | 1,125,000 | | | | 1,021,980 | |
Novelis, Inc. | | | | | | | | |
8.75%, 12/15/2020 | | | 2,735,000 | | | | 2,892,263 | |
Rio Tinto Finance USA PLC | | | | | | | | |
2.88%, 08/21/2022 (F) | | | 925,000 | | | | 895,536 | |
| | | | | | | | |
| | | | | | | 5,868,478 | |
| | | | | | | | |
Multi-Utilities - 0.2% | | | | | | | | |
CMS Energy Corp. | | | | | | | | |
3.88%, 03/01/2024 | | | 539,000 | | | | 548,039 | |
4.88%, 03/01/2044 | | | 1,215,000 | | | | 1,256,939 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 19
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Multi-Utilities (continued) | | | | | | | | |
PG&E Corp. | | | | | | | | |
2.40%, 03/01/2019 | | | $ 694,000 | | | | $ 694,901 | |
| | | | | | | | |
| | | | | | | 2,499,879 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 2.8% | | | | | | | | |
Apache Corp. | | | | | | | | |
4.25%, 01/15/2044 | | | 360,000 | | | | 312,636 | |
4.75%, 04/15/2043 | | | 520,000 | | | | 481,220 | |
BP Capital Markets PLC | | | | | | | | |
2.24%, 05/10/2019 (F) | | | 2,570,000 | | | | 2,589,398 | |
Energy Transfer Partners, LP | | | | | | | | |
5.95%, 10/01/2043 | | | 960,000 | | | | 940,815 | |
EOG Resources, Inc. | | | | | | | | |
2.45%, 04/01/2020 | | | 1,627,000 | | | | 1,638,296 | |
Exxon Mobil Corp. | | | | | | | | |
1.82%, 03/15/2019 | | | 2,930,000 | | | | 2,933,797 | |
Husky Energy, Inc. | | | | | | | | |
4.00%, 04/15/2024 | | | 1,120,000 | | | | 1,102,717 | |
Kerr-McGee Corp. | | | | | | | | |
6.95%, 07/01/2024 | | | 865,000 | | | | 1,042,854 | |
Kinder Morgan Energy Partners, LP | | | | | | | | |
4.15%, 02/01/2024 | | | 3,610,000 | | | | 3,503,018 | |
Laredo Petroleum, Inc. | | | | | | | | |
7.38%, 05/01/2022 (F) | | | 1,370,000 | | | | 1,441,925 | |
Linn Energy LLC / Linn Energy Finance Corp. | | | | | | | | |
6.25%, 11/01/2019 | | | 2,820,000 | | | | 2,206,650 | |
MEG Energy Corp. | | | | | | | | |
6.50%, 03/15/2021 (A) | | | 1,090,000 | | | | 1,049,125 | |
Murphy Oil Corp. | | | | | | | | |
2.50%, 12/01/2017 | | | 2,236,000 | | | | 2,231,841 | |
Nexen Energy ULC | | | | | | | | |
5.88%, 03/10/2035 | | | 110,000 | | | | 121,541 | |
Noble Energy, Inc. | | | | | | | | |
6.00%, 03/01/2041 | | | 430,000 | | | | 455,220 | |
8.25%, 03/01/2019 | | | 1,065,000 | | | | 1,268,896 | |
Peabody Energy Corp. | | | | | | | | |
6.25%, 11/15/2021 (F) | | | 1,715,000 | | | | 583,100 | |
Petrobras Global Finance BV | | | | | | | | |
3.88%, 01/27/2016 | | | 2,644,000 | | | | 2,655,290 | |
6.25%, 03/17/2024 | | | 3,460,000 | | | | 3,340,526 | |
Petroleos Mexicanos | | | | | | | | |
3.50%, 01/30/2023 | | | 1,145,000 | | | | 1,086,262 | |
Range Resources Corp. | | | | | | | | |
5.75%, 06/01/2021 | | | 450,000 | | | | 462,375 | |
Shell International Finance BV | | | | | | | | |
2.00%, 11/15/2018 | | | 2,249,000 | | | | 2,272,687 | |
Western Gas Partners, LP | | | | | | | | |
5.38%, 06/01/2021 | | | 1,956,000 | | | | 2,111,310 | |
Williams Cos., Inc. | | | | | | | | |
3.70%, 01/15/2023 (F) | | | 540,000 | | | | 502,800 | |
7.88%, 09/01/2021 | | | 796,000 | | | | 934,407 | |
Williams Partners, LP | | | | | | | | |
5.40%, 03/04/2044 | | | 814,000 | | | | 744,027 | |
| | | | | | | | |
| | | | | | | 38,012,733 | |
| | | | | | | | |
Paper & Forest Products - 0.3% | | | | | | | | |
International Paper Co. | | | | | | | | |
4.75%, 02/15/2022 (F) | | | 3,637,000 | | | | 3,936,958 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Pharmaceuticals - 1.1% | | | | | | | | |
AbbVie, Inc. | | | | | | | | |
4.40%, 11/06/2042 | | | $ 775,000 | | | | $ 733,292 | |
4.70%, 05/14/2045 | | | 4,725,000 | | | | 4,647,671 | |
Actavis Funding SCS | | | | | | | | |
3.80%, 03/15/2025 | | | 2,870,000 | | | | 2,819,264 | |
Actavis, Inc. | | | | | | | | |
3.25%, 10/01/2022 | | | 1,095,000 | | | | 1,061,457 | |
4.63%, 10/01/2042 | | | 1,550,000 | | | | 1,444,649 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.50%, 03/01/2044 (F) | | | 1,265,000 | | | | 1,309,504 | |
Perrigo Co. PLC | | | | | | | | |
2.30%, 11/08/2018 | | | 3,365,000 | | | | 3,368,621 | |
Teva Pharmaceutical Finance Co., BV | | | | | | | | |
3.65%, 11/10/2021 | | | 383,000 | | | | 390,350 | |
| | | | | | | | |
| | | | | | | 15,774,808 | |
| | | | | | | | |
Real Estate Investment Trusts - 2.5% | | | | | | | | |
ARC Properties Operating Partnership, LP | | | | | | | | |
2.00%, 02/06/2017 | | | 3,705,000 | | | | 3,593,850 | |
3.00%, 02/06/2019 | | | 1,655,000 | | | | 1,570,181 | |
EPR Properties | | | | | | | | |
4.50%, 04/01/2025 | | | 4,740,000 | | | | 4,654,784 | |
Host Hotels & Resorts, LP | | | | | | | | |
4.00%, 06/15/2025 | | | 1,625,000 | | | | 1,612,926 | |
Kilroy Realty, LP | | | | | | | | |
4.25%, 08/15/2029 | | | 6,355,000 | | | | 6,327,083 | |
Realty Income Corp. | | | | | | | | |
3.88%, 07/15/2024 | | | 5,555,000 | | | | 5,597,762 | |
Simon Property Group, LP | | | | | | | | |
3.38%, 10/01/2024 (F) | | | 6,665,000 | | | | 6,622,138 | |
Ventas Realty, LP / Ventas Capital Corp. | | | | | | | | |
2.70%, 04/01/2020 | | | 535,000 | | | | 533,415 | |
WEA Finance LLC / Westfield UK & Europe Finance PLC | | | | | | | | |
2.70%, 09/17/2019 (A) | | | 4,260,000 | | | | 4,266,275 | |
| | | | | | | | |
| | | | | | | 34,778,414 | |
| | | | | | | | |
Road & Rail - 0.2% | | | | | | | | |
Aviation Capital Group Corp. | | | | | | | | |
7.13%, 10/15/2020 (A) | | | 2,002,000 | | | | 2,331,417 | |
Burlington Northern Santa Fe LLC | | | | | | | | |
3.00%, 03/15/2023 | | | 269,000 | | | | 262,807 | |
3.75%, 04/01/2024 | | | 294,000 | | | | 299,646 | |
| | | | | | | | |
| | | | | | | 2,893,870 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 0.3% | | | | | |
KLA-Tencor Corp. | | | | | | | | |
4.13%, 11/01/2021 | | | 3,735,000 | | | | 3,831,636 | |
| | | | | | | | |
Software - 0.3% | | | | | | | | |
First Data Corp. | | | | | | | | |
7.38%, 06/15/2019 (A) | | | 1,060,000 | | | | 1,101,870 | |
Microsoft Corp. | | | | | | | | |
2.70%, 02/12/2025 (F) | | | 3,005,000 | | | | 2,895,738 | |
| | | | | | | | |
| | | | | | | 3,997,608 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 0.1% | | | | | |
Hewlett-Packard Co. | | | | | | | | |
3.75%, 12/01/2020 | | | 1,685,000 | | | | 1,736,403 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 20
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Tobacco - 0.2% | | | | | | | | |
Altria Group, Inc. | | | | | | | | |
4.00%, 01/31/2024 | | | $ 905,000 | | | | $ 919,007 | |
Philip Morris International, Inc. | | | | | | | | |
4.88%, 11/15/2043 | | | 636,000 | | | | 658,034 | |
Reynolds American, Inc. | | | | | | | | |
3.25%, 06/12/2020 | | | 1,895,000 | | | | 1,919,449 | |
| | | | | | | | |
| | | | | | | 3,496,490 | |
| | | | | | | | |
Trading Companies & Distributors - 0.1% | | | | | | | | |
International Lease Finance Corp. | | | | | | | | |
6.75%, 09/01/2016 (A) | | | 2,000,000 | | | | 2,103,750 | |
| | | | | | | | |
Wireless Telecommunication Services - 1.7% | | | | | |
America Movil SAB de CV | | | | | | | | |
2.38%, 09/08/2016 | | | 3,420,000 | | | | 3,463,161 | |
Crown Castle Towers LLC | | | | | | | | |
4.88%, 08/15/2040 (A) | | | 3,445,000 | | | | 3,739,041 | |
6.11%, 01/15/2040 (A) | | | 7,393,000 | | | | 8,417,773 | |
SBA Tower Trust | | | | | | | | |
2.24%, 04/15/2043 (A) | | | 1,420,000 | | | | 1,412,593 | |
Sprint Communications, Inc. | | | | | | | | |
9.00%, 11/15/2018 (A) | | | 3,570,000 | | | | 4,031,458 | |
Sprint Corp. | | | | | | | | |
7.88%, 09/15/2023 | | | 1,290,000 | | | | 1,258,137 | |
T-Mobile USA, Inc. | | | | | | | | |
6.46%, 04/28/2019 | | | 145,000 | | | | 149,350 | |
6.63%, 04/28/2021 | | | 475,000 | | | | 492,813 | |
6.73%, 04/28/2022 (F) | | | 460,000 | | | | 479,550 | |
6.84%, 04/28/2023 (F) | | | 145,000 | | | | 152,431 | |
| | | | | | | 23,596,307 | |
| | | | | | | | |
Total Corporate Debt Securities
(Cost $507,487,959) | | | | 503,003,319 | |
| | | | | | | | |
|
FOREIGN GOVERNMENT OBLIGATIONS - 1.7% | |
Brazilian Government International Bond | |
4.25%, 01/07/2025 (F) | | | 2,640,000 | | | | 2,548,920 | |
Colombia Government International Bond | |
4.00%, 02/26/2024 (F) | | | 1,810,000 | | | | 1,800,950 | |
Export-Import Bank of Korea | |
4.00%, 01/11/2017 | | | 3,750,000 | | | | 3,896,993 | |
Indonesia Government International Bond | |
5.38%, 10/17/2023 (A) (F) | | | 2,500,000 | | | | 2,690,625 | |
Mexico Government International Bond | |
4.00%, 10/02/2023 | | | 5,298,000 | | | | 5,443,695 | |
Peruvian Government International Bond | |
7.35%, 07/21/2025 | | | 1,010,000 | | | | 1,318,050 | |
Poland Government International Bond | |
Series 2013-NPL1, Class A | |
5.00%, 03/23/2022 | | | 1,200,000 | | | | 1,330,320 | |
South Africa Government International Bond | | | | | | | | |
4.67%, 01/17/2024 (F) | | | 1,060,000 | | | | 1,083,850 | |
Turkey Government International Bond | |
5.75%, 03/22/2024 (F) | | | 3,180,000 | | | | 3,442,350 | |
| | | | | | | | |
Total Foreign Government Obligations
(Cost $22,940,518) | | | | 23,555,753 | |
| | | | | | | | |
|
MORTGAGE-BACKED SECURITIES - 13.5% | |
Adjustable Rate Mortgage Trust | |
Series 2004-2, Class 7A2 | | | | | | | | |
1.03%, 02/25/2035 (B) | | | 9,623 | | | | 9,635 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Alternative Loan Trust | |
Series 2005-36, Class 2A1A | | | | | | | | |
0.50%, 08/25/2035 (B) | | | $ 1,320,662 | | | | $ 1,040,452 | |
Series 2005-50CB, Class 1A1 | | | | | | | | |
5.50%, 11/25/2035 | | | 2,679,852 | | | | 2,583,380 | |
Series 2005-51, Class 3A3A | | | | | | | | |
0.51%, 11/20/2035 (B) | | | 1,285,588 | | | | 1,067,575 | |
Series 2007-22, Class 2A16 | | | | | | | | |
6.50%, 09/25/2037 | | | 8,211,771 | | | | 6,516,615 | |
Series 2007-5CB, Class 1A31 | | | | | | | | |
5.50%, 04/25/2037 | | | 1,941,883 | | | | 1,587,971 | |
Banc of America Commercial Mortgage Trust | | | | | | | | |
Series 2007-3, Class A1A | | | | | | | | |
5.75%, 06/10/2049 (B) | | | 2,430,260 | | | | 2,594,475 | |
Banc of America Funding Trust | |
Series 2005-E, Class 4A1 | | | | | | | | |
2.70%, 03/20/2035 (B) | | | 209,029 | | | | 208,331 | |
BB-UBS Trust | |
Series 2012-TFT, Class A | | | | | | | | |
2.89%, 06/05/2030 (A) | | | 3,410,000 | | | | 3,367,856 | |
Series 2012-TFT, Class C | | | | | | | | |
3.58%, 06/05/2030 (A) (B) | | | 4,215,000 | | | | 4,052,790 | |
Bear Stearns Alt-A Trust | |
Series 2004-11, Class 2A2 | | | | | | | | |
2.66%, 11/25/2034 (B) | | | 106,460 | | | | 90,705 | |
Bear Stearns Commercial Mortgage Securities Trust | | | | | | | | |
Series 2006-PW14, Class A1A | | | | | | | | |
5.19%, 12/11/2038 | | | 2,648,403 | | | | 2,767,528 | |
Series 2007-PW15, Class A1A | | | | | | | | |
5.32%, 02/11/2044 | | | 1,757,560 | | | | 1,845,324 | |
Series 2007-PW17, Class A1A | | | | | | | | |
5.65%, 06/11/2050 (B) | | | 1,709,859 | | | | 1,835,625 | |
Bear Stearns Mortgage Funding Trust | |
Series 2006-AR5, Class 1A2 | | | | | | | | |
0.40%, 12/25/2046 (B) | | | 163,948 | | | | 68,830 | |
CHL Mortgage Pass-Through Trust | |
Series 2003-60, Class 1A1 | | | | | | | | |
2.54%, 02/25/2034 (B) | | | 123,864 | | | | 121,573 | |
Series 2005-3, Class 1A2 | | | | | | | | |
0.48%, 04/25/2035 (B) | | | 258,676 | | | | 229,296 | |
Citigroup Commercial Mortgage Trust | |
Series 2014-GC19, Class A3 | | | | | | | | |
3.75%, 03/10/2047 | | | 1,140,000 | | | | 1,181,365 | |
Series 2014-GC19, Class A4 | | | | | | | | |
4.02%, 03/10/2047 | | | 1,735,000 | | | | 1,838,918 | |
Citigroup Mortgage Loan Trust | |
Series 2015-A, Class A1 | | | | | | | | |
3.50%, 06/25/2058 (B) | | | 6,640,082 | | | | 6,673,727 | |
COMM Mortgage Trust | |
Series 2010-RR1, Class GEB | | | | | | | | |
5.54%, 12/11/2049 (A) (B) | | | 2,350,000 | | | | 2,459,618 | |
Series 2013-CR11, Class AM | | | | | | | | |
4.72%, 10/10/2046 (B) | | | 565,000 | | | | 620,393 | |
Series 2013-GAM, Class A2 | | | | | | | | |
3.37%, 02/10/2028 (A) | | | 1,380,000 | | | | 1,398,761 | |
Series 2014-UBS2, Class A5 | | | | | | | | |
3.96%, 03/10/2047 | | | 1,240,000 | | | | 1,309,433 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 21
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2012-LTRT, Class A2 | | | | | | | | |
3.40%, 10/05/2030 (A) | | | $ 1,560,000 | | | | $ 1,544,175 | |
Series 2014-CR14, Class B | | | | | | | | |
4.76%, 02/10/2047 (B) | | | 1,180,000 | | | | 1,281,509 | |
Commercial Mortgage Trust | |
Series 2007-GG11, Class AM | | | | | | | | |
5.87%, 12/10/2049 (B) | | | 1,175,000 | | | | 1,260,364 | |
Core Industrial Trust | |
Series 2015-CALW, Class B | | | | | | | | |
3.25%, 02/10/2034 (A) | | | 4,655,000 | | | | 4,640,602 | |
Credit Suisse Commercial Mortgage Trust | | | | | | | | |
Series 2007-C2, Class A2 | | | | | | | | |
5.45%, 01/15/2049 (B) | | | 5,729 | | | | 5,736 | |
Credit Suisse Mortgage Capital Certificates | | | | | | | | |
Series 2009-11R, Class 5A1 | | | | | | | | |
4.28%, 08/26/2036 (A) (B) | | | 5,556,040 | | | | 5,535,882 | |
CSMC Trust | |
Series 2010-1R, Class 28A1 | | | | | | | | |
5.00%, 02/27/2047 (A) | | | 3,084,678 | | | | 3,108,658 | |
Series 2011-4R, Class 5A1 | | | | | | | | |
2.70%, 05/27/2036 (A) (B) | | | 2,160,814 | | | | 2,163,632 | |
Series 2013-8R, Class 3A1 | | | | | | | | |
0.33%, 03/27/2036 (A) (B) | | | 4,538,643 | | | | 4,431,040 | |
Series 2014-4R, Class 21A1 | | | | | | | | |
0.49%, 12/27/2035 (A) (B) | | | 6,818,018 | | | | 6,496,555 | |
DBRR Trust | |
Series 2011-C32, Class A3A | | | | | | | | |
5.90%, 06/17/2049 (A) (B) | | | 1,320,000 | | | | 1,382,615 | |
Extended Stay America Trust | |
Series 2013-ESH5, Class C5 | | | | | | | | |
2.67%, 12/05/2031 (A) | | | 1,210,000 | | | | 1,204,665 | |
Series 2013-ESH7, Class A27 | | | | | | | | |
2.96%, 12/05/2031 (A) | | | 1,630,000 | | | | 1,635,236 | |
GMACM Mortgage Loan Trust | |
Series 2003-AR2, Class 1A1 | | | | | | | | |
3.22%, 12/19/2033 (B) | | | 34,683 | | | | 33,043 | |
Series 2005-AR1, Class 3A | | | | | | | | |
2.98%, 03/18/2035 (B) | | | 72,556 | | | | 71,035 | |
GS Mortgage Securities Corp. II | |
Series 2013-KING, Class E | | | | | | | | |
3.55%, 12/10/2027 (A) (B) | | | 3,320,000 | | | | 3,146,178 | |
GS Mortgage Securities Corp. Trust | | | | | | | | |
Series 2012-SHOP, Class C | | | | | | | | |
3.63%, 06/05/2031 (A) | | | 410,000 | | | | 421,547 | |
Hilton USA Trust | |
Series 2013-HLT, Class DFX | | | | | | | | |
4.41%, 11/05/2030 | | | 970,000 | | | | 978,417 | |
Hilton USA Trust, Interest Only STRIPS | |
Series 2013-HLT, Class X1FX | | | | | | | | |
0.10%, 11/05/2030 (A) (B) | | | 22,320,000 | | | | 8,906 | |
Impac CMB Trust | |
Series 2004-6, Class 1A1 | | | | | | | | |
0.99%, 10/25/2034 (B) | | | 44,600 | | | | 42,416 | |
Independent National Mortgage Corp. Index Mortgage Loan Trust | | | | | | | | |
Series 2007-AR15, Class 2A1 | | | | | | | | |
4.33%, 08/25/2037 (B) | | | 758,073 | | | | 605,863 | |
Series 2007-AR7, Class 1A1 | | | | | | | | |
2.74%, 11/25/2037 (B) | | | 515,216 | | | | 487,772 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
JPMorgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2006-CB14, Class AM | | | | | | | | |
5.66%, 12/12/2044 (B) | | | $ 2,000,000 | | | | $ 2,027,312 | |
Series 2007-CB18, Class A1A | | | | | | | | |
5.43%, 06/12/2047 (B) | | | 4,111,950 | | | | 4,319,340 | |
Series 2007-LD11, Class ASB | | | | | | | | |
5.96%, 06/15/2049 (B) | | | 660,054 | | | | 683,080 | |
Series 2007-LD12, Class A1A | | | | | | | | |
5.85%, 02/15/2051 (B) | | | 3,410,372 | | | | 3,666,140 | |
Series 2007-LDPX, Class A1A | | | | | | | | |
5.44%, 01/15/2049 | | | 3,095,048 | | | | 3,270,305 | |
JPMorgan Mortgage Trust | |
Series 2004-A1, Class 1A1 | | | | | | | | |
1.99%, 02/25/2034 (B) | | | 82,497 | | | | 81,962 | |
Series 2006-A2, Class 5A1 | | | | | | | | |
2.44%, 11/25/2033 (B) | | | 100,738 | | | | 101,563 | |
Series 2006-S3, Class 1A12 | | | | | | | | |
6.50%, 08/25/2036 | | | 499,432 | | | | 416,136 | |
JPMorgan Re-REMIC Trust | |
Series 2014-2, Class 6A1 | | | | | | | | |
2.75%, 05/26/2037 (A) (B) | | | 6,781,399 | | | | 6,811,787 | |
LB-UBS Commercial Mortgage Trust | |
Series 2007-C7, Class AM | | | | | | | | |
6.37%, 09/15/2045 (B) | | | 900,000 | | | | 986,772 | |
MASTR Adjustable Rate Mortgages Trust | |
Series 2007-R5, Class A1 | | | | | | | | |
2.67%, 11/25/2035 (A) (B) | | | 691,074 | | | | 534,129 | |
Merrill Lynch Mortgage Investors Trust | |
Series 2003-F, Class A1 | | | | | | | | |
0.83%, 10/25/2028 (B) | | | 45,489 | | | | 44,391 | |
Series 2004-A1, Class 2A1 | | | | | | | | |
2.39%, 02/25/2034 (B) | | | 253,765 | | | | 255,048 | |
Series 2004-A3, Class 4A3 | | | | | | | | |
2.70%, 05/25/2034 (B) | | | 118,433 | | | | 118,069 | |
Series 2005-A3, Class A1 | | | | | | | | |
0.46%, 04/25/2035 (B) | | | 53,843 | | | | 51,639 | |
Series 2005-A4, Class 2A2 | | | | | | | | |
2.53%, 07/25/2035 (B) | | | 287,940 | | | | 254,730 | |
Merrill Lynch Mortgage Trust | |
Series 2005-CKI1, Class AJ | | | | | | | | |
5.46%, 11/12/2037 (B) | | | 1,760,000 | | | | 1,773,209 | |
Series 2007-C1, Class A1A | | | | | | | | |
6.03%, 06/12/2050 (B) | | | 1,052,185 | | | | 1,098,812 | |
Morgan Stanley Capital I Trust | |
Series 2007-HQ12, Class AM | | | | | | | | |
5.86%, 04/12/2049 (B) | | | 2,855,000 | | | | 3,013,938 | |
Series 2007-IQ13, Class A1A | | | | | | | | |
5.31%, 03/15/2044 | | | 4,024,150 | | | | 4,219,527 | |
Series 2007-IQ13, Class AM | | | | | | | | |
5.41%, 03/15/2044 | | | 1,090,000 | | | | 1,150,241 | |
Series 2007-IQ14, Class A1A | | | | | | | | |
5.67%, 04/15/2049 (B) | | | 1,049,386 | | | | 1,117,278 | |
Series 2007-IQ15, Class AM | | | | | | | | |
6.10%, 06/11/2049 (B) | | | 1,225,000 | | | | 1,302,909 | |
Morgan Stanley Re-REMIC Trust | |
Series 2010-GG10, Class A4B | | | | | | | | |
5.99%, 08/15/2045 (A) (B) | | | 540,000 | | | | 574,582 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 22
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Morgan Stanley Re-REMIC Trust (continued) | |
Series 2012-IO, Class AXB2 | | | | | | | | |
1.00%, 03/27/2051 (A) | | | $ 694,863 | | | | $ 693,126 | |
Series 2012-XA, Class A | | | | | | | | |
2.00%, 07/27/2049 (A) | | | 1,078,512 | | | | 1,077,973 | |
Series 2014-R3, Class 2A | | | | | | | | |
3.00%, 07/26/2048 (A) (B) | | | 8,572,874 | | | | 8,400,866 | |
Motel 6 Trust | |
Series 2015-MTL6, Class C | | | | | | | | |
3.64%, 02/05/2030 (A) | | | 11,625,000 | | | | 11,618,199 | |
NACC Reperforming Loan REMIC Trust | |
Series 2004-R2, Class A1 | | | | | | | | |
6.50%, 10/25/2034 (A) (B) | | | 103,156 | | | | 103,432 | |
Nationstar Mortgage Loan Trust | |
Series 2013-A, Class A | | | | | | | | |
3.75%, 12/25/2052 (A) (B) | | | 5,229,789 | | | | 5,340,452 | |
New Residential Mortgage Loan Trust | |
Series 2014-1A, Class A | | | | | | | | |
3.75%, 01/25/2054 (A) (B) | | | 2,254,379 | | | | 2,319,113 | |
Series 2014-3A, Class AFX3 | | | | | | | | |
3.75%, 11/25/2054 (A) (B) | | | 4,115,583 | | | | 4,220,337 | |
Provident Funding Mortgage Loan Trust | |
Series 2005-1, Class 3A1 | | | | | | | | |
0.48%, 05/25/2035 (B) | | | 4,257,590 | | | | 4,094,665 | |
Queens Center Mortgage Trust | |
Series 2013-QCA, Class D | | | | | | | | |
3.59%, 01/11/2037 (A) (B) | | | 4,200,000 | | | | 3,922,960 | |
RALI Trust | |
Series 2007-QO1, Class A1 | | | | | | | | |
0.34%, 02/25/2047 (B) | | | 593,556 | | | | 465,272 | |
Series 2007-QO4, Class A1A | | | | | | | | |
0.38%, 05/25/2047 (B) | | | 1,139,042 | | | | 938,105 | |
RBSCF Trust | |
Series 2010-RR3, Class WBTA | | | | | | | | |
6.15%, 02/16/2051 (A) (B) | | | 7,264,676 | | | | 7,482,871 | |
SCG Trust | |
Series 2013-SRP1, Class AJ | | | | | | | | |
2.14%, 11/15/2026 (A) (B) | | | 1,140,000 | | | | 1,143,376 | |
STRIPS, Ltd. | |
Series 2012-1A, Class A | | | | | | | | |
1.50%, 12/25/2044 (A) | | | 1,204,517 | | | | 1,180,427 | |
Structured Adjustable Rate Mortgage Loan Trust | | | | | | | | |
Series 2005-15, Class 1A1 | | | | | | | | |
2.51%, 07/25/2035 (B) | | | 772,957 | | | | 633,876 | |
Series 2007-3, Class 3A1 | | | | | | | | |
2.73%, 04/25/2047 (B) | | | 2,054,270 | | | | 1,617,363 | |
Structured Asset Mortgage Investments II Trust | | | | | | | | |
Series 2003-AR4, Class A1 | | | | | | | | |
0.89%, 01/19/2034 (B) | | | 60,052 | | | | 58,089 | |
UBS-BAMLL Trust | |
Series 2012-WRM, Class A | | | | | | | | |
3.66%, 06/10/2030 (A) | | | 2,680,000 | | | | 2,753,933 | |
Voyager BRSTN Delaware Trust, Interest Only STRIPS | | | | | | | | |
Series 2009-1, Class UAU7 | | | | | | | | |
0.44%, 12/26/2036 (A) (B) | | | 275,416 | | | | 264,346 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Wachovia Bank Commercial Mortgage Trust | | | | | | | | |
Series 2006-WL7A, Class H | | | | | | | | |
0.59%, 09/15/2021 (A) (B) | | | $ 1,493,000 | | | | $ 1,458,542 | |
WaMu Mortgage Pass-Through Certificates Trust | | | | | | | | |
Series 2005-AR8, Class 2A1A | | | | | | | | |
0.48%, 07/25/2045 (B) | | | 72,518 | | | | 67,771 | |
Series 2007-OA6, Class 1A1B | | | | | | | | |
0.97%, 07/25/2047 (B) | | | 1,211,589 | | | | 420,129 | |
Wells Fargo Re-REMIC Trust | | | | | | | | |
Series 2012-IO, Class A | | | | | | | | |
1.75%, 08/20/2021 (A) | | | 571,393 | | | | 571,393 | |
| | | | | | | | |
Total Mortgage-Backed Securities
(Cost $187,123,819) | | | | | | | 184,675,537 | |
| | | | | | | | |
|
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.8% | |
California - 0.2% | | | | | | | | |
Los Angeles Community College District, General Obligation Unlimited | | | | | | | | |
6.60%, 08/01/2042 | | | 340,000 | | | | 453,836 | |
State of California, General Obligation Unlimited | | | | | | | | |
7.60%, 11/01/2040 | | | 1,585,000 | | | | 2,348,510 | |
University of California, Revenue Bonds | | | | | | | | |
Series AD | |
4.86%, 05/15/2112 | | | 315,000 | | | | 284,596 | |
| | | | | | | | |
| | | | | | | 3,086,942 | |
| | | | | | | | |
Georgia - 0.0% (J) | | | | | | | | |
Municipal Electric Authority of Georgia, Revenue Bonds | | | | | | | | |
6.64%, 04/01/2057 | | | 295,000 | | | | 353,755 | |
| | | | | | | | |
Illinois - 0.1% | | | | | | | | |
State of Illinois, General Obligation Unlimited | | | | | | | | |
5.10%, 06/01/2033 | | | 1,520,000 | | | | 1,410,788 | |
| | | | | | | | |
New Jersey - 0.0% (J) | | | | | | | | |
New Jersey State Turnpike Authority, Revenue Bonds | | | | | | | | |
Series F | | | | | | | | |
7.41%, 01/01/2040 | | | 431,000 | | | | 598,534 | |
| | | | | | | | |
New York - 0.5% | | | | | | | | |
Metropolitan Transportation Authority, Revenue Bonds | | | | | | | | |
Series E | | | | | | | | |
6.81%, 11/15/2040 | | | 355,000 | | | | 463,644 | |
New York City Water & Sewer System, Revenue Bonds | | | | | | | | |
5.88%, 06/15/2044 | | | 340,000 | | | | 425,387 | |
Series EE | | | | | | | | |
5.38%, 06/15/2043 | | | 1,670,000 | | | | 1,946,452 | |
5.50%, 06/15/2043 | | | 2,000,000 | | | | 2,349,520 | |
New York State Dormitory Authority, Revenue Bonds | | | | | | | | |
Series H | | | | | | | | |
5.39%, 03/15/2040 | | | 330,000 | | | | 385,206 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 23
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MUNICIPAL GOVERNMENT OBLIGATIONS (continued) | |
New York (continued) | | | | | | | | |
Port Authority of New York & New Jersey, | |
Revenue Bonds | | | | | | | | |
4.96%, 08/01/2046 | | | $ 570,000 | | | | $ 604,565 | |
| | | | | | | | |
| | | | | | | 6,174,774 | |
| | | | | | | | |
Total Municipal Government Obligations
(Cost $10,765,108) | | | | | | | 11,624,793 | |
| | | | | | | | |
|
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.4% | |
Federal Home Loan Mortgage Corp. | |
1.84%, 05/01/2037 (B) | | | 103,658 | | | | 108,774 | |
1.95%, 02/01/2037 - 04/01/2037 (B) | | | 249,516 | | | | 262,844 | |
2.19%, 01/01/2038 (B) | | | 261,949 | | | | 280,091 | |
2.24%, 09/01/2035 (B) | | | 1,384,009 | | | | 1,475,049 | |
2.26%, 12/01/2034 (B) | | | 23,767 | | | | 25,404 | |
2.28%, 09/01/2037 (B) | | | 24,512 | | | | 26,146 | |
2.50%, 05/01/2037 (B) | | | 115,295 | | | | 123,522 | |
3.01%, 02/01/2041 (B) | | | 785,921 | | | | 840,972 | |
5.50%, 07/01/2016 - 06/01/2041 | | | 2,795,323 | | | | 3,126,520 | |
6.00%, 04/01/2016 - 05/01/2031 | | | 749,081 | | | | 857,058 | |
Federal National Mortgage Association | |
1.33%, 08/01/2037 (B) | | | 9,681 | | | | 9,929 | |
1.89%, 01/01/2035 (B) | | | 34,046 | �� | | | 35,586 | |
1.90%, 08/01/2034 (B) | | | 18,830 | | | | 19,792 | |
2.31%, 08/01/2035 (B) | | | 81,472 | | | | 84,427 | |
2.97%, 03/01/2041 (B) | | | 412,746 | | | | 442,083 | |
3.00%, TBA (C) (K) (L) | | | 51,221,000 | | | | 51,029,920 | |
3.13%, 03/01/2041 (B) | | | 601,407 | | | | 639,944 | |
3.16%, 12/01/2040 (B) | | | 1,142,075 | | | | 1,209,034 | |
3.36%, 06/01/2041 (B) | | | 1,149,210 | | | | 1,215,403 | |
3.50%, 07/01/2028 - 01/01/2029 | | | 5,552,966 | | | | 5,895,423 | |
3.50%, TBA (K) (L) | | | 15,140,000 | | | | 15,967,259 | |
3.50%, TBA (C) (K) (L) | | | 64,314,000 | | | | 66,278,593 | |
3.52%, 09/01/2041 (B) | | | 846,651 | | | | 895,713 | |
4.00%, TBA (C) (K) (L) | | | 34,679,000 | | | | 36,741,721 | |
4.50%, 02/01/2025 - 06/01/2026 | | | 4,241,249 | | | | 4,541,968 | |
5.00%, TBA (C) (K) (L) | | | 13,305,000 | | | | 14,697,867 | |
5.50%, 04/01/2036 - 04/01/2041 | | | 2,087,971 | | | | 2,350,358 | |
6.00%, 02/01/2034 - 01/01/2040 | | | 8,786,324 | | | | 10,062,075 | |
6.50%, 05/01/2040 | | | 3,458,522 | | | | 3,971,808 | |
7.00%, 01/01/2016 - 09/01/2016 | | | 4,710 | | | | 4,761 | |
Government National Mortgage Association, Interest Only STRIPS | | | | | | | | |
0.93%, 02/16/2053 (B) | | | 9,374,146 | | | | 636,505 | |
Tennessee Valley Authority | |
5.98%, 04/01/2036 | | | 440,000 | | | | 572,692 | |
| | | | | | | | |
Total U.S. Government Agency Obligations
(Cost $224,642,438) | | | | 224,429,241 | |
| | | | | | | | |
|
U.S. GOVERNMENT OBLIGATIONS - 22.7% | |
U.S. Treasury Bond | |
2.75%, 08/15/2042 (C) | | | 9,016,500 | | | | 8,388,870 | |
3.63%, 02/15/2044 | | | 42,934,900 | | | | 47,204,905 | |
4.50%, 02/15/2036 (C) | | | 8,598,200 | | | | 10,810,895 | |
U.S. Treasury Inflation Indexed Bond | |
2.50%, 01/15/2029 | | | 7,351,636 | | | | 9,060,318 | |
U.S. Treasury Inflation Indexed Note | |
0.13%, 01/15/2023 | | | 1,727,058 | | | | 1,696,565 | |
0.63%, 01/15/2024 | | | 15,725,905 | | | | 15,993,733 | |
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT OBLIGATIONS (continued) | |
U.S. Treasury Note | |
0.38%, 10/31/2016 | | | $ 29,571,600 | | | | $ 29,553,118 | |
0.50%, 09/30/2016 | | | 4,141,600 | | | | 4,147,100 | |
0.88%, 04/15/2017 - 04/30/2017 | | | 40,024,700 | | | | 40,231,820 | |
1.00%, 09/15/2017 - 11/30/2019 | | | 25,135,500 | | | | 24,624,379 | |
1.25%, 11/30/2018 | | | 42,982,800 | | | | 43,090,257 | |
1.63%, 03/31/2019 - 11/15/2022 | | | 42,068,800 | | | | 41,773,133 | |
1.88%, 11/30/2021 | | | 3,443,000 | | | | 3,420,676 | |
2.00%, 02/15/2025 (C) (F) | | | 4,899,000 | | | | 4,759,682 | |
2.25%, 11/15/2024 | | | 6,766,900 | | | | 6,725,663 | |
2.50%, 08/15/2023 - 05/15/2024 | | | 20,323,100 | | | | 20,684,712 | |
| | | | | | | | |
Total U.S. Government Obligations
(Cost $309,465,605) | | | | | | | 312,165,826 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
PREFERRED STOCKS - 0.2% | | | | | | | | |
Capital Markets - 0.0% (J) | | | | | | | | |
State Street Corp. | | | | | | | | |
Series D, 5.90% (B) | | | 23,039 | | | | 591,411 | |
| | | | | | | | |
Diversified Financial Services - 0.1% | | | | | |
Citigroup Capital XIII | | | | | | | | |
7.88% (B) | | | 60,502 | | | | 1,570,632 | |
| | | | | | | | |
Electric Utilities - 0.0% (J) | | | | | | | | |
SCE Trust III | | | | | | | | |
5.75% (B) (F) | | | 7,998 | | | | 212,907 | |
| | | | | | | | |
Thrifts & Mortgage Finance - 0.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Series Z, 8.38% (B) (F) (M) | | | 93,300 | | | | 349,875 | |
Federal National Mortgage Association | | | | | | | | |
Series O, 0.00% (B) (M) | | | 1,300 | | | | 8,970 | |
Series S, 8.25% (B) (M) | | | 81,175 | | | | 304,406 | |
| | | | | | | | |
| | | | | | | 663,251 | |
| | | | | | | | |
Total Preferred Stocks
(Cost $4,586,142) | | | | | | | 3,038,201 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 13.5% | |
U.S. Treasury Bill | | | | | | | | |
0.00%, 07/23/2015 - 09/17/2015 (N) (O) | | | $ 9,462,400 | | | | 9,462,357 | |
0.01%, 08/20/2015 - 09/24/2015 (N) | | | 45,597,000 | | | | 45,596,302 | |
0.01%, 08/06/2015 (F) (N) | | | 39,383,200 | | | | 39,382,826 | |
0.02%, 07/23/2015 - 09/10/2015 (N) | | | 91,243,500 | | | | 91,240,947 | |
| | | | | | | | |
Total Short-Term U.S. Government Obligations
(Cost $185,682,432) | | | | 185,682,432 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
SECURITIES LENDING COLLATERAL - 2.6% | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (N) | | | 35,131,510 | | | | 35,131,510 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $35,131,510) | | | | | | | 35,131,510 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 24
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.4% | |
State Street Bank & Trust Co. 0.01% (N), dated 06/30/2015, to be repurchased at $19,267,993 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 4.00%, due 08/15/2039 - 09/25/2039, and with a total value of $19,654,268. | | | $ 19,267,987 | | | | $ 19,267,987 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $19,267,987) | | | | 19,267,987 | |
| | | | | | | | |
Total Investments
(Cost $1,606,115,485) (P) | | | | 1,600,988,892 | |
Net Other Assets (Liabilities) - (16.7)% | | | | (228,518,247 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 1,372,470,645 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (Q)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Asset-Backed Securities | | $ | — | | | $ | 98,414,293 | | | $ | — | | | $ | 98,414,293 | |
Corporate Debt Securities | | | — | | | | 503,003,319 | | | | — | | | | 503,003,319 | |
Foreign Government Obligations | | | — | | | | 23,555,753 | | | | — | | | | 23,555,753 | |
Mortgage-Backed Securities | | | — | | | | 184,675,537 | | | | — | | | | 184,675,537 | |
Municipal Government Obligations | | | — | | | | 11,624,793 | | | | — | | | | 11,624,793 | |
U.S. Government Agency Obligations | | | — | | | | 224,429,241 | | | | — | | | | 224,429,241 | |
U.S. Government Obligations | | | — | | | | 312,165,826 | | | | — | | | | 312,165,826 | |
Preferred Stocks | | | 3,038,201 | | | | — | | | | — | | | | 3,038,201 | |
Short-Term U.S. Government Obligations | | | — | | | | 185,682,432 | | | | — | | | | 185,682,432 | |
Securities Lending Collateral | | | 35,131,510 | | | | — | | | | — | | | | 35,131,510 | |
Repurchase Agreement | | | — | | | | 19,267,987 | | | | — | | | | 19,267,987 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 38,169,711 | | | $ | 1,562,819,181 | | | $ | — | | | $ | 1,600,988,892 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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, 2015, the total aggregate value of 144A securities is $323,806,974, representing 23.6% of the Portfolio’s net assets. |
| (B) | Floating or variable rate security. The rate disclosed is as of June 30, 2015. |
| (C) | When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015. |
| (D) | Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $10,861,727, representing 0.8% of the Portfolio’s net assets. |
| (E) | Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of June 30, 2015; the maturity date disclosed is the ultimate maturity date. |
| (F) | All or a portion of the security is on loan. The value of all securities on loan is $34,406,037. 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 displayed is the next call date. |
| (I) | Illiquid security. Total aggregate value of illiquid securities is $87,922, representing less than 0.1% of the Portfolio’s net assets. |
| (J) | Percentage rounds to less than 0.1% or (0.1)%. |
| (K) | Cash in the amount of $1,346,832 has been segregated by the custodian as collateral for open TBA commitment transactions. |
| (L) | Cash in the amount of $443,000 has been segregated by the broker as collateral for open TBA commitment transactions. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 25
Transamerica Partners Core Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):
| (M) | Non-income producing security. |
| (N) | Rate disclosed reflects the yield at June 30, 2015. |
| (O) | Percentage rounds to less than 0.01% or (0.01)%. |
| (P) | Aggregate cost for federal income tax purposes is $1,606,115,485. Aggregate gross unrealized appreciation and depreciation for all securities is $15,578,987 and $20,705,580, respectively. Net unrealized depreciation for tax purposes is $5,126,593. |
| (Q) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
PORTFOLIO ABBREVIATIONS:
| | |
| MTN | | Medium Term Note |
| STRIPS | | Separate Trading of Registered Interest and Principal of Securities |
| TBA | | To Be Announced |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 26
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CONVERTIBLE BONDS - 0.4% | | | | | | | | |
Diversified Telecommunication Services - 0.4% | | | | | |
Level 3 Financing, Inc. | | | | | | | | |
8.63%, 07/15/2020 | | | $ 3,130,000 | | | | $ 3,345,031 | |
| | | | | | | | |
Independent Power and Renewable Electricity Producers - 0.0% | |
Mirant Corp. | | | | | | | | |
Series 4, Class A | | | | | | | | |
2.50%, 06/15/2021 (A) (B) (C) (D) | | | 1,220,000 | | | | 0 | |
| | | | | | | | |
Media - 0.0% (E) | | | | | |
Mood Media Corp. | | | | | | | | |
Series 1 | | | | | | | | |
10.00%, 10/31/2015 | | | 7,000 | | | | 6,984 | |
| | | | | | | | |
Total Convertible Bonds
(Cost $3,456,558) | | | | | | | 3,352,015 | |
| | | | | | | | |
| | |
CORPORATE DEBT SECURITIES - 94.8% | | | | | | | | |
Aerospace & Defense - 1.5% | | | | | | | | |
Bombardier, Inc. | | | | | | | | |
6.00%, 10/15/2022 (F) | | | 4,925,000 | | | | 4,370,937 | |
6.13%, 01/15/2023 (F) | | | 930,000 | | | | 825,375 | |
7.50%, 03/15/2025 (F) | | | 1,321,000 | | | | 1,198,808 | |
7.75%, 03/15/2020 (F) | | | 2,557,000 | | | | 2,571,063 | |
Spirit AeroSystems, Inc. | | | | | | | | |
6.75%, 12/15/2020 | | | 2,447,000 | | | | 2,563,233 | |
Triumph Group, Inc. | | | | | | | | |
5.25%, 06/01/2022 | | | 1,296,000 | | | | 1,279,800 | |
| | | | | | | | |
| | | | | | | 12,809,216 | |
| | | | | | | | |
Airlines - 2.3% | | | | | |
American Airlines Group, Inc. | | | | | | | | |
4.63%, 03/01/2020 (F) | | | 1,000,000 | | | | 967,500 | |
5.50%, 10/01/2019 (F) | | | 4,837,000 | | | | 4,873,277 | |
American Airlines Pass-Through Trust | | | | | | | | |
5.60%, 01/15/2022 (F) | | | 2,251,011 | | | | 2,329,797 | |
6.13%, 07/15/2018 (F) | | | 7,155,000 | | | | 7,333,875 | |
Continental Airlines Pass-Through Certificates | | | | | | | | |
6.13%, 04/29/2018 | | | 2,240,000 | | | | 2,335,200 | |
United Airlines Pass-Through Trust | | | | | | | | |
4.63%, 03/03/2024 | | | 770,000 | | | | 785,400 | |
United Continental Holdings, Inc. | | | | | | | | |
6.38%, 06/01/2018 | | | 1,185,000 | | | | 1,235,363 | |
| | | | | | | | |
| | | | | | | 19,860,412 | |
| | | | | | | | |
Auto Components - 0.7% | | | | | |
Goodyear Tire & Rubber Co. | | | | | | | | |
6.50%, 03/01/2021 | | | 2,500,000 | | | | 2,646,875 | |
Meritor, Inc. | | | | | | | | |
6.25%, 02/15/2024 | | | 1,852,000 | | | | 1,828,850 | |
ZF North America Capital, Inc. | | | | | | | | |
4.00%, 04/29/2020 (F) | | | 1,589,000 | | | | 1,587,014 | |
| | | | | | | | |
| | | | | | | 6,062,739 | |
| | | | | | | | |
Automobiles - 0.9% | | | | | |
FCA US LLC / CG Co-Issuer, Inc. | | | | | | | | |
8.25%, 06/15/2021 | | | 5,935,000 | | | | 6,469,150 | |
Fiat Chrysler Automobiles NV | | | | | | | | |
4.50%, 04/15/2020 (F) | | | 850,000 | | | | 845,750 | |
5.25%, 04/15/2023 (F) | | | 900,000 | | | | 882,180 | |
| | | | | | | | |
| | | | | | | 8,197,080 | |
| | | | | | | | |
Banks - 2.3% | | | | | |
Barclays PLC | | | | | | | | |
6.63%, 09/15/2019 (G) (H) | | | 3,023,000 | | | | 2,947,056 | |
8.25%, 12/15/2018 (G) (H) | | | 1,843,000 | | | | 1,946,134 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Banks (continued) | | | | | |
CIT Group, Inc. | | | | | | | | |
5.00%, 08/15/2022 | | | $ 385,000 | | | | $ 381,150 | |
5.25%, 03/15/2018 | | | 1,525,000 | | | | 1,576,469 | |
5.38%, 05/15/2020 | | | 190,000 | | | | 198,075 | |
5.50%, 02/15/2019 (F) | | | 2,865,000 | | | | 2,986,762 | |
Deutsche Bank AG | | | | | | | | |
7.50%, 04/30/2025 (G) (H) | | | 1,800,000 | | | | 1,795,500 | |
Goldman Sachs Capital II | | | | | | | | |
4.00%, 07/31/2015 (G) (H) | | | 11,035,000 | | | | 8,400,394 | |
| | | | | | | | |
| | | | | | | 20,231,540 | |
| | | | | | | | |
Beverages - 0.7% | | | | | |
Cott Beverages, Inc. | | | | | | | | |
5.38%, 07/01/2022 | | | 4,099,000 | | | | 3,976,030 | |
6.75%, 01/01/2020 (F) | | | 2,484,000 | | | | 2,577,150 | |
| | | | | | | | |
| | | | | | | 6,553,180 | |
| | | | | | | | |
Biotechnology - 0.2% | | | | | |
Concordia Healthcare Corp. | | | | | | | | |
7.00%, 04/15/2023 (F) | | | 1,500,000 | | | | 1,500,000 | |
| | | | | | | | |
Building Products - 2.4% | | | | | |
Associated Materials LLC / AMH New Finance, Inc. | | | | | | | | |
9.13%, 11/01/2017 | | | 7,551,000 | | | | 6,267,330 | |
Builders FirstSource, Inc. | | | | | | | | |
7.63%, 06/01/2021 (F) | | | 2,560,000 | | | | 2,649,600 | |
Griffon Corp. | | | | | | | | |
5.25%, 03/01/2022 | | | 3,975,000 | | | | 3,955,125 | |
Norbord, Inc. | | | | | | | | |
6.25%, 04/15/2023 (F) | | | 2,237,000 | | | | 2,264,962 | |
Ply Gem Industries, Inc. | | | | | | | | |
6.50%, 02/01/2022 | | | 6,006,000 | | | | 5,902,185 | |
| | | | | | | | |
| | | | | | | 21,039,202 | |
| | | | | | | | |
Capital Markets - 0.5% | | | | | |
Goldman Sachs Group, Inc. | | | | | | | | |
5.38%, 05/10/2020 (G) (H) | | | 1,517,000 | | | | 1,498,644 | |
Morgan Stanley | | | | | | | | |
5.45%, 07/15/2019 (G) (H) | | | 2,970,000 | | | | 2,947,725 | |
5.55%, 07/15/2020 (G) (H) | | | 320,000 | | | | 317,680 | |
| | | | | | | | |
| | | | | | | 4,764,049 | |
| | | | | | | | |
Chemicals - 1.1% | | | | | |
Evolution Escrow Issuer LLC | | | | | | | | |
7.50%, 03/15/2022 (F) | | | 2,117,000 | | | | 2,005,857 | |
Hexion, Inc. | | | | | | | | |
6.63%, 04/15/2020 | | | 6,738,000 | | | | 6,182,115 | |
10.00%, 04/15/2020 | | | 1,201,000 | | | | 1,234,028 | |
| | | | | | | | |
| | | | | | | 9,422,000 | |
| | | | | | | | |
Commercial Services & Supplies - 1.6% | | | | | |
Hertz Corp. | | | | | | | | |
7.38%, 01/15/2021 | | | 3,500,000 | | | | 3,644,375 | |
7.50%, 10/15/2018 | | | 735,000 | | | | 759,806 | |
United Rentals North America, Inc. | | | | | | | | |
5.50%, 07/15/2025 | | | 510,000 | | | | 492,788 | |
7.38%, 05/15/2020 | | | 5,950,000 | | | | 6,348,590 | |
7.63%, 04/15/2022 | | | 2,559,000 | | | | 2,770,117 | |
8.25%, 02/01/2021 | | | 134,000 | | | | 143,213 | |
| | | | | | | | |
| | | | | | | 14,158,889 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 27
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Construction & Engineering - 2.2% | |
Abengoa Greenfield SA | | | | | | | | |
6.50%, 10/01/2019 (F) | | | $ 1,767,000 | | | | $ 1,643,310 | |
Ashton Woods USA LLC / Ashton Woods Finance Co. | | | | | | | | |
6.88%, 02/15/2021 (F) | | | 4,473,000 | | | | 4,159,890 | |
Brookfield Residential Properties, Inc. | | | | | | | | |
6.38%, 05/15/2025 (F) | | | 2,147,000 | | | | 2,104,060 | |
K Hovnanian Enterprises, Inc. | | | | | | | | |
7.00%, 01/15/2019 (F) | | | 1,785,000 | | | | 1,615,425 | |
7.25%, 10/15/2020 (F) | | | 1,250,000 | | | | 1,275,000 | |
8.00%, 11/01/2019 (F) | | | 1,800,000 | | | | 1,665,000 | |
9.13%, 11/15/2020 (F) | | | 6,000,000 | | | | 6,120,000 | |
Standard Pacific Corp. | |
5.88%, 11/15/2024 | | | 640,000 | | | | 659,200 | |
| | | | | | | | |
| | | | | | | 19,241,885 | |
| | | | | | | | |
Consumer Finance - 4.0% | |
Ally Financial, Inc. | | | | | | | | |
3.25%, 02/13/2018 | | | 872,000 | | | | 866,550 | |
3.50%, 07/18/2016 | | | 3,340,000 | | | | 3,390,100 | |
5.50%, 02/15/2017 | | | 1,700,000 | | | | 1,772,250 | |
6.25%, 12/01/2017 | | | 3,830,000 | | | | 4,088,525 | |
8.00%, 12/31/2018 - 11/01/2031 | | | 2,712,000 | | | | 3,211,511 | |
Altice US Finance I Corp. | | | | | | | | |
5.38%, 07/15/2023 (F) | | | 980,000 | | | | 955,500 | |
Altice US Finance II Corp. | | | | | | | | |
7.75%, 07/15/2025 (F) | | | 250,000 | | | | 242,500 | |
Altice US Financing SA | |
7.75%, 07/15/2025 (F) | | | 250,000 | | | | 240,000 | |
Navient Corp. | | | | | | | | |
5.88%, 10/25/2024 | | | 2,126,000 | | | | 1,998,440 | |
Series MTN | | | | | | | | |
5.50%, 01/15/2019 | | | 4,230,000 | | | | 4,312,993 | |
OneMain Financial Holdings, Inc. | | | | | | | | |
6.75%, 12/15/2019 (F) | | | 1,847,000 | | | | 1,925,497 | |
7.25%, 12/15/2021 (F) | | | 1,636,000 | | | | 1,695,305 | |
Springleaf Finance Corp. | | | | | | | | |
6.00%, 06/01/2020 | | | 4,250,000 | | | | 4,297,600 | |
Series MTN | | | | | | | | |
6.90%, 12/15/2017 | | | 6,255,000 | | | | 6,630,300 | |
| | | | | | | | |
| | | | | | | 35,627,071 | |
| | | | | | | | |
Containers & Packaging - 1.6% | |
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | | | | | | | | |
3.29%, 12/15/2019 (F) (G) | | | 3,620,000 | | | | 3,520,450 | |
6.25%, 01/31/2019 (F) | | | 665,000 | | | | 676,638 | |
7.00%, 11/15/2020 (F) | | | 774,706 | | | | 790,200 | |
Ball Corp. | |
5.25%, 07/01/2025 | | | 2,466,000 | | | | 2,438,257 | |
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Issuer, Inc. | | | | | | | | |
5.63%, 12/15/2016 (F) | | | 645,000 | | | | 643,791 | |
6.00%, 06/15/2017 (F) | | | 915,000 | | | | 915,000 | |
Constellium NV | | | | | | | | |
8.00%, 01/15/2023 (F) | | | 2,218,000 | | | | 2,273,450 | |
Coveris Holdings SA | | | | | | | | |
7.88%, 11/01/2019 (F) | | | 2,950,000 | | | | 2,935,250 | |
| | | | | | | | |
| | | | | | | 14,193,036 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Diversified Consumer Services - 0.2% | |
Service Corp., International | | | | | | | | |
5.38%, 01/15/2022 | | | $ 1,585,000 | | | | $ 1,664,250 | |
| | | | | | | | |
Diversified Financial Services - 6.9% | |
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust | | | | | | | | |
4.25%, 07/01/2020 | | | 800,000 | | | | 800,500 | |
4.63%, 07/01/2022 | | | 1,691,000 | | | | 1,695,228 | |
Bank of America Corp. | | | | | | | | |
5.13%, 06/17/2019 (G) (H) | | | 4,584,000 | | | | 4,491,174 | |
6.10%, 03/17/2025 (G) (H) | | | 1,373,000 | | | | 1,355,838 | |
8.00%, 01/30/2018 (G) (H) | | | 3,947,000 | | | | 4,164,085 | |
Citigroup, Inc. | | | | | | | | |
5.80%, 11/15/2019 (G) (H) | | | 2,153,000 | | | | 2,158,382 | |
6.30%, 05/15/2024 (G) (H) | | | 5,900,000 | | | | 5,759,875 | |
Credit Suisse Group AG | |
6.25%, 12/18/2024 (F) (G) (H) | | | 1,683,000 | | | | 1,613,576 | |
7.50%, 12/11/2023 (F) (G) (H) | | | 4,697,000 | | | | 4,890,516 | |
Denali Borrower LLC / Denali Finance Corp. | | | | | | | | |
5.63%, 10/15/2020 (F) | | | 11,730,000 | | | | 12,331,162 | |
General Motors Financial Co., Inc. | | | | | | | | |
3.25%, 05/15/2018 | | | 320,000 | | | | 327,278 | |
4.25%, 05/15/2023 | | | 855,000 | | | | 865,141 | |
4.75%, 08/15/2017 | | | 1,350,000 | | | | 1,424,674 | |
6.75%, 06/01/2018 | | | 1,075,000 | | | | 1,200,013 | |
Glen Meadow Pass-Through Trust | | | | | | | | |
6.51%, 02/12/2067 (F) (G) | | | 3,745,000 | | | | 3,482,850 | |
ILFC E-Capital Trust I | | | | | | | | |
4.69%, 12/21/2065 (F) (G) | | | 4,780,000 | | | | 4,736,980 | |
ILFC E-Capital Trust II | | | | | | | | |
6.25%, 12/21/2065 (F) (G) | | | 875,000 | | | | 857,500 | |
Jefferies Finance LLC / JFIN Co-Issuer Corp. | | | | | | | | |
7.50%, 04/15/2021 (F) | | | 2,711,000 | | | | 2,707,205 | |
JPMorgan Chase & Co. | | | | | | | | |
5.00%, 07/01/2019 (G) (H) | | | 2,515,000 | | | | 2,461,556 | |
7.90%, 04/30/2018 (G) (H) | | | 3,500,000 | | | | 3,702,125 | |
| | | | | | | | |
| | | | | | | 61,025,658 | |
| | | | | | | | |
Diversified Telecommunication Services - 6.8% | |
Altice Financing SA | | | | | | | | |
6.63%, 02/15/2023 (F) | | | 1,975,000 | | | | 1,960,780 | |
CenturyLink, Inc. | | | | | | | | |
7.65%, 03/15/2042 | | | 10,837,000 | | | | 9,807,485 | |
Cincinnati Bell, Inc. | | | | | | | | |
8.38%, 10/15/2020 | | | 2,152,000 | | | | 2,264,980 | |
Frontier Communications Corp. | | | | | | | | |
6.88%, 01/15/2025 | | | 318,000 | | | | 265,927 | |
7.63%, 04/15/2024 | | | 6,032,000 | | | | 5,323,240 | |
Hughes Satellite Systems Corp. | | | | | | | | |
6.50%, 06/15/2019 | | | 5,355,000 | | | | 5,810,175 | |
7.63%, 06/15/2021 | | | 2,000,000 | | | | 2,200,400 | |
Intelsat Jackson Holdings SA | | | | | | | | |
7.25%, 10/15/2020 | | | 5,570,000 | | | | 5,507,337 | |
Sprint Capital Corp. | | | | | | | | |
8.75%, 03/15/2032 | | | 1,090,000 | | | | 1,060,025 | |
UPCB Finance V, Ltd. | | | | | | | | |
7.25%, 11/15/2021 (F) | | | 4,257,000 | | | | 4,597,560 | |
UPCB Finance VI, Ltd. | | | | | | | | |
6.88%, 01/15/2022 (F) | | | 1,458,000 | | | | 1,552,770 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 28
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Diversified Telecommunication Services (continued) | |
Virgin Media Finance PLC | | | | | | | | |
6.00%, 10/15/2024 (F) | | | $ 4,250,000 | | | | $ 4,313,750 | |
6.38%, 04/15/2023 (F) | | | 945,000 | | | | 976,894 | |
Wind Acquisition Finance SA | | | | | | | | |
4.75%, 07/15/2020 (F) | | | 2,500,000 | | | | 2,462,500 | |
7.38%, 04/23/2021 (F) | | | 4,935,000 | | | | 4,990,519 | |
Windstream Services LLC | | | | | | | | |
6.38%, 08/01/2023 | | | 2,385,000 | | | | 1,940,794 | |
7.75%, 10/01/2021 | | | 5,410,000 | | | | 4,950,150 | |
| | | | | | | | |
| | | | | | | 59,985,286 | |
| | | | | | | | |
Electric Utilities - 1.1% | | | | | | | | |
Elwood Energy LLC | | | | | | | | |
8.16%, 07/05/2026 | | | 2,087,248 | | | | 2,327,281 | |
Homer City Generation, LP | | | | | | | | |
8.73%, 10/01/2026 | | | | | | | | |
Cash Rate 8.73% (I) | | | 7,441,550 | | | | 7,553,173 | |
| | | | | | | | |
| | | | | | | 9,880,454 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 0.7% | |
Belden, Inc. | | | | | | | | |
5.50%, 09/01/2022 (F) | | | 2,514,000 | | | | 2,495,145 | |
Sanmina Corp. | | | | | | | | |
4.38%, 06/01/2019 (F) | | | 1,835,000 | | | | 1,830,412 | |
Zebra Technologies Corp. | | | | | | | | |
7.25%, 10/15/2022 (F) | | | 1,621,000 | | | | 1,754,733 | |
| | | | | | | | |
| | | | | | | 6,080,290 | |
| | | | | | | | |
Energy Equipment & Services - 1.6% | | | | | | | | |
CSI Compressco, LP / Compressco Finance, Inc. | | | | | | | | |
7.25%, 08/15/2022 (F) | | | 2,283,000 | | | | 2,180,265 | |
NuStar Logistics, LP | | | | | | | | |
8.15%, 04/15/2018 | | | 2,000,000 | | | | 2,220,000 | |
Rose Rock Midstream, LP / Rose Rock Finance Corp. | | | | | | | | |
5.63%, 11/15/2023 (F) | | | 1,125,000 | | | | 1,088,438 | |
Sabine Pass Liquefaction LLC | | | | | | | | |
5.63%, 03/01/2025 (F) | | | 1,615,000 | | | | 1,598,850 | |
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. | | | | | | | | |
5.00%, 01/15/2018 (F) | | | 1,545,000 | | | | 1,579,762 | |
Tesoro Logistics, LP / Tesoro Logistics Finance Corp. | | | | | | | | |
6.25%, 10/15/2022 (F) | | | 753,000 | | | | 779,355 | |
Transocean, Inc. | | | | | | | | |
6.88%, 12/15/2021 | | | 5,099,000 | | | | 4,589,100 | |
| | | | | | | | |
| | | | | | | 14,035,770 | |
| | | | | | | | |
Food & Staples Retailing - 0.5% | | | | | | | | |
Rite Aid Corp. | | | | | | | | |
6.13%, 04/01/2023 (F) | | | 1,764,000 | | | | 1,816,920 | |
6.75%, 06/15/2021 | | | 2,253,000 | | | | 2,365,650 | |
| | | | | | | | |
| | | | | | | 4,182,570 | |
| | | | | | | | |
Food Products - 1.4% | | | | | | | | |
Aramark Services, Inc. | | | | | | | | |
5.75%, 03/15/2020 | | | 895,000 | | | | 934,380 | |
ASG Consolidated LLC / ASG Finance, Inc. | | | | | | | | |
15.00%, 05/15/2017 (C) (F) (I) | | | 2,615,282 | | | | 1,597,501 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Food Products (continued) | | | | | | | | |
JBS USA LLC / JBS USA Finance, Inc. | | | | | | | | |
5.75%, 06/15/2025 (F) | | | $ 1,160,000 | | | | $ 1,146,602 | |
7.25%, 06/01/2021 (F) | | | 2,140,000 | | | | 2,255,025 | |
Pilgrim’s Pride Corp. | | | | | | | | |
5.75%, 03/15/2025 (F) | | | 1,009,000 | | | | 1,019,090 | |
Post Holdings, Inc. | | | | | | | | |
6.75%, 12/01/2021 (F) | | | 4,845,000 | | | | 4,845,000 | |
7.38%, 02/15/2022 | | | 827,000 | | | | 841,473 | |
| | | | | | | | |
| | | | | | | 12,639,071 | |
| | | | | | | | |
Gas Utilities - 0.3% | | | | | | | | |
Ferrellgas, LP / Ferrellgas Finance Corp. | | | | | | | | |
6.75%, 06/15/2023 (F) | | | 2,800,000 | | | | 2,814,000 | |
| | | | | | | | |
Health Care Equipment & Supplies - 2.2% | | | | | | | | |
Crimson Merger Sub, Inc. | | | | | | | | |
6.63%, 05/15/2022 (F) | | | 5,192,000 | | | | 4,555,980 | |
DJO Finco, Inc. / DJO Finance LLC | | | | | | | | |
8.13%, 06/15/2021 (F) | | | 2,140,000 | | | | 2,204,200 | |
Hologic, Inc. | | | | | | | | |
5.25%, 07/15/2022 (F) (J) | | | 657,000 | | | | 670,961 | |
6.25%, 08/01/2020 | | | 4,430,000 | | | | 4,582,392 | |
Mallinckrodt International Finance SA | | | | | | | | |
3.50%, 04/15/2018 | | | 637,000 | | | | 638,593 | |
4.75%, 04/15/2023 | | | 3,250,000 | | | | 3,032,656 | |
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | | | | | | | | |
4.88%, 04/15/2020 (F) | | | 475,000 | | | | 483,336 | |
5.75%, 08/01/2022 (F) | | | 2,905,000 | | | | 2,970,363 | |
| | | | | | | | |
| | | | | | | 19,138,481 | |
| | | | | | | | |
Health Care Providers & Services - 5.5% | | | | | | | | |
CHS / Community Health Systems, Inc. | | | | | | | | |
5.13%, 08/15/2018 | | | 2,170,000 | | | | 2,224,250 | |
6.88%, 02/01/2022 | | | 3,975,000 | | | | 4,193,625 | |
7.13%, 07/15/2020 | | | 2,295,000 | | | | 2,431,553 | |
8.00%, 11/15/2019 | | | 6,472,000 | | | | 6,819,870 | |
DaVita HealthCare Partners, Inc. | | | | | | | | |
5.75%, 08/15/2022 | | | 3,765,000 | | | | 3,990,900 | |
HCA Holdings, Inc. | | | | | | | | |
6.25%, 02/15/2021 | | | 3,933,000 | | | | 4,237,807 | |
HCA, Inc. | | | | | | | | |
6.50%, 02/15/2020 | | | 2,905,000 | | | | 3,246,338 | |
7.50%, 02/15/2022 | | | 3,410,000 | | | | 3,917,237 | |
LifePoint Health, Inc. | | | | | | | | |
5.50%, 12/01/2021 | | | 5,940,000 | | | | 6,133,050 | |
Tenet Healthcare Corp. | | | | | | | | |
5.00%, 03/01/2019 (F) | | | 745,000 | | | | 745,000 | |
5.50%, 03/01/2019 (F) | | | 1,135,000 | | | | 1,144,931 | |
6.00%, 10/01/2020 | | | 2,910,000 | | | | 3,102,788 | |
6.75%, 06/15/2023 (F) | | | 1,034,000 | | | | 1,054,680 | |
8.13%, 04/01/2022 | | | 4,830,000 | | | | 5,281,605 | |
| | | | | | | | |
| | | | | | | 48,523,634 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 6.7% | | | | | | | | |
Boyd Gaming Corp. | | | | | | | | |
6.88%, 05/15/2023 | | | 2,760,000 | | | | 2,829,000 | |
Felcor Lodging, LP | | | | | | | | |
5.63%, 03/01/2023 | | | 2,250,000 | | | | 2,311,875 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 29
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Hotels, Restaurants & Leisure (continued) | | | | | |
International Game Technology PLC | | | | | | | | |
5.63%, 02/15/2020 (F) | | | $ 1,740,000 | | | | $ 1,700,850 | |
6.25%, 02/15/2022 (F) | | | 2,255,000 | | | | 2,153,525 | |
6.50%, 02/15/2025 (F) | | | 3,947,000 | | | | 3,650,975 | |
MGM Resorts International | | | | | | | | |
6.00%, 03/15/2023 | | | 2,490,000 | | | | 2,521,125 | |
6.63%, 12/15/2021 | | | 3,185,000 | | | | 3,328,325 | |
7.75%, 03/15/2022 | | | 3,385,000 | | | | 3,723,500 | |
11.38%, 03/01/2018 | | | 4,022,000 | | | | 4,725,850 | |
NCL Corp., Ltd. | | | | | | | | |
5.00%, 02/15/2018 | | | 3,812,000 | | | | 3,888,240 | |
New Cotai LLC / New Cotai Capital Corp. | | | | | | | | |
10.63%, 05/01/2019 (F) (I) | | | 2,405,801 | | | | 2,026,386 | |
Pinnacle Entertainment, Inc. | | | | | | | | |
7.50%, 04/15/2021 | | | 5,516,000 | | | | 5,840,065 | |
Playa Resorts Holding BV | | | | | | | | |
8.00%, 08/15/2020 (F) | | | 1,100,000 | | | | 1,138,500 | |
Scientific Games International, Inc. | | | | | | | | |
7.00%, 01/01/2022 (F) | | | 683,000 | | | | 705,198 | |
10.00%, 12/01/2022 | | | 5,959,000 | | | | 5,705,742 | |
Studio City Finance, Ltd. | | | | | | | | |
8.50%, 12/01/2020 (F) | | | 3,325,000 | | | | 3,312,531 | |
Viking Cruises, Ltd. | | | | | | | | |
6.25%, 05/15/2025 (F) | | | 1,424,000 | | | | 1,413,320 | |
8.50%, 10/15/2022 (F) | | | 5,205,000 | | | | 5,777,550 | |
Waterford Gaming LLC / Waterford Gaming Financial Corp. | | | | | | | | |
8.63%, 09/15/2049 (A) (B) (F) | | | 1,064,486 | | | | 0 | |
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | | | | | | | | |
5.38%, 03/15/2022 | | | 848,000 | | | | 860,720 | |
Wynn Macau, Ltd. | | | | | | | | |
5.25%, 10/15/2021 (F) | | | 1,819,000 | | | | 1,718,955 | |
| | | | | | | | |
| | | | | | | 59,332,232 | |
| | | | | | | | |
Household Durables - 3.6% | |
Beazer Homes USA, Inc. | | | | | | | | |
5.75%, 06/15/2019 | | | 3,139,000 | | | | 3,091,915 | |
7.50%, 09/15/2021 | | | 4,860,000 | | | | 4,896,450 | |
9.13%, 05/15/2019 | | | 2,075,000 | | | | 2,160,594 | |
Jarden Corp. | | | | | | | | |
6.13%, 11/15/2022 | | | 2,850,000 | | | | 2,949,750 | |
KB Home | | | | | | | | |
4.75%, 05/15/2019 | | | 3,000,000 | | | | 2,977,500 | |
7.00%, 12/15/2021 | | | 350,000 | | | | 361,375 | |
7.63%, 05/15/2023 | | | 1,953,000 | | | | 2,040,885 | |
9.10%, 09/15/2017 | | | 2,403,000 | | | | 2,679,345 | |
Meritage Homes Corp. | | | | | | | | |
4.50%, 03/01/2018 | | | 6,372,000 | | | | 6,515,370 | |
Standard Pacific Corp. | | | | | | | | |
8.38%, 01/15/2021 | | | 2,950,000 | | | | 3,422,000 | |
Tempur Sealy International, Inc. | | | | | | | | |
6.88%, 12/15/2020 | | | 1,065,000 | | | | 1,128,900 | |
| | | | | | | | |
| | | | | | | 32,224,084 | |
| | | | | | | | |
Household Products - 1.5% | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC | | | | | | | | |
6.88%, 02/15/2021 | | | 3,150,000 | | | | 3,283,875 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Household Products (continued) | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (continued) | |
7.13%, 04/15/2019 | | | $ 2,472,000 | | | | $ 2,543,070 | |
7.88%, 08/15/2019 | | | 985,000 | | | | 1,025,631 | |
9.88%, 08/15/2019 | | | 4,600,000 | | | | 4,830,000 | |
Sun Products Corp. | | | | | | | | |
7.75%, 03/15/2021 (F) | | | 1,889,000 | | | | 1,704,823 | |
| | | | | | | | |
| | | | | | | 13,387,399 | |
| | | | | | | | |
Independent Power and Renewable Electricity Producers - 2.2% | |
Abengoa Yield PLC | | | | | | | | |
7.00%, 11/15/2019 (F) | | | 1,673,000 | | | | 1,723,190 | |
Calpine Corp. | | | | | | | | |
5.38%, 01/15/2023 | | | 370,000 | | | | 363,525 | |
5.75%, 01/15/2025 | | | 1,778,000 | | | | 1,729,105 | |
NRG Energy, Inc. | | | | | | | | |
7.88%, 05/15/2021 | | | 10,765,000 | | | | 11,464,725 | |
8.25%, 09/01/2020 | | | 3,820,000 | | | | 4,001,450 | |
| | | | | | | | |
| | | | | | | 19,281,995 | |
| | | | | | | | |
Insurance - 1.5% | |
Genworth Holdings, Inc. | | | | | | | | |
4.90%, 08/15/2023 | | | 577,000 | | | | 510,824 | |
7.20%, 02/15/2021 | | | 1,023,000 | | | | 1,071,593 | |
7.63%, 09/24/2021 | | | 4,494,000 | | | | 4,729,935 | |
Lincoln National Corp. | | | | | | | | |
7.00%, 05/17/2066 (G) | | | 8,111,000 | | | | 7,360,732 | |
| | | | | | | | |
| | | | | | | 13,673,084 | |
| | | | | | | | |
IT Services - 1.3% | |
SunGard Data Systems, Inc. | | | | | | | | |
6.63%, 11/01/2019 | | | 8,370,000 | | | | 8,642,025 | |
7.38%, 11/15/2018 | | | 545,000 | | | | 564,347 | |
7.63%, 11/15/2020 | | | 2,514,000 | | | | 2,627,130 | |
| | | | | | | | |
| | | | | | | 11,833,502 | |
| | | | | | | | |
Machinery - 0.1% | |
CNH Industrial Capital LLC | | | | | | | | |
3.88%, 07/16/2018 (F) | | | 1,110,000 | | | | 1,111,388 | |
| | | | | | | | |
Media - 8.9% | |
Adelphia Communications Corp. | | | | | | | | |
9.25%, 10/01/2049 (C) (D) | | | 1,305,000 | | | | 9,788 | |
10.25%, 06/15/2049 - 11/01/2049 (C) (D) | | | 1,460,000 | | | | 10,950 | |
Cablevision Systems Corp. | | | | | | | | |
5.88%, 09/15/2022 | | | 3,070,000 | | | | 2,977,900 | |
7.75%, 04/15/2018 | | | 8,455,000 | | | | 9,131,400 | |
8.00%, 04/15/2020 | | | 2,859,000 | | | | 3,102,015 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | | | |
5.25%, 09/30/2022 | | | 2,885,000 | | | | 2,841,725 | |
5.75%, 01/15/2024 | | | 465,000 | | | | 467,325 | |
6.50%, 04/30/2021 | | | 4,925,000 | | | | 5,152,781 | |
7.00%, 01/15/2019 | | | 919,000 | | | | 954,611 | |
Cequel Communications Holdings I LLC / Cequel Capital Corp. | | | | | | | | |
6.38%, 09/15/2020 (F) | | | 4,654,000 | | | | 4,622,585 | |
Clear Channel Worldwide Holdings, Inc. | | | | | | | | |
6.50%, 11/15/2022 | | | 4,608,000 | | | | 4,752,613 | |
7.63%, 03/15/2020 | | | 9,015,000 | | | | 9,394,288 | |
CSC Holdings LLC | | | | | | | | |
6.75%, 11/15/2021 | | | 185,000 | | | | 195,175 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 30
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Media (continued) | |
DISH DBS Corp. | | | | | | | | |
5.88%, 07/15/2022 - 11/15/2024 | | | $ 3,874,000 | | | | $ 3,759,630 | |
6.75%, 06/01/2021 | | | 3,215,000 | | | | 3,351,637 | |
7.88%, 09/01/2019 | | | 5,148,000 | | | | 5,709,132 | |
iHeartCommunications, Inc. | | | | | | | | |
10.63%, 03/15/2023 (F) | | | 1,748,000 | | | | 1,656,230 | |
Numericable-SFR SAS | | | | | | | | |
4.88%, 05/15/2019 (F) | | | 3,575,000 | | | | 3,539,250 | |
Regal Entertainment Group | | | | | | | | |
5.75%, 06/15/2023 - 02/01/2025 | | | 3,095,000 | | | | 3,031,412 | |
Unitymedia GmbH | | | | | | | | |
6.13%, 01/15/2025 (F) | | | 2,106,000 | | | | 2,200,770 | |
Univision Communications, Inc. | | | | | | | | |
5.13%, 02/15/2025 (F) | | | 1,623,000 | | | | 1,566,520 | |
6.75%, 09/15/2022 (F) | | | 9,061,000 | | | | 9,582,007 | |
8.50%, 05/15/2021 (F) | | | 893,000 | | | | 939,883 | |
| | | | | | | | |
| | | | | | | 78,949,627 | |
| | | | | | | | |
Metals & Mining - 0.8% | |
ArcelorMittal | | | | | | | | |
6.13%, 06/01/2025 | | | 475,000 | | | | 473,516 | |
7.00%, 02/25/2022 | | | 985,000 | | | | 1,061,337 | |
7.75%, 10/15/2039 | | | 2,148,000 | | | | 2,137,260 | |
Evraz, Inc. NA | | | | | | | | |
7.50%, 11/15/2019 (F) | | | 1,273,000 | | | | 1,253,905 | |
Novelis, Inc. | | | | | | | | |
8.38%, 12/15/2017 | | | 1,645,000 | | | | 1,704,631 | |
| | | | | | | | |
| | | | | | | 6,630,649 | |
| | | | | | | | |
Multiline Retail - 0.2% | |
Family Tree Escrow LLC | |
5.25%, 03/01/2020 (F) | | | 207,000 | | | | 216,574 | |
5.75%, 03/01/2023 (F) | | | 1,117,000 | | | | 1,167,265 | |
| | | | | | | | |
| | | | | | | 1,383,839 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 7.2% | |
Antero Resources Corp. | | | | | | | | |
5.38%, 11/01/2021 | | | 861,000 | | | | 826,560 | |
Berry Petroleum Co. LLC | | | | | | | | |
6.38%, 09/15/2022 | | | 1,625,000 | | | | 1,267,500 | |
BreitBurn Energy Partners, LP / BreitBurn Finance Corp. | | | | | | | | |
7.88%, 04/15/2022 | | | 3,505,000 | | | | 2,909,150 | |
California Resources Corp. | | | | | | | | |
5.00%, 01/15/2020 | | | 1,812,000 | | | | 1,594,560 | |
5.50%, 09/15/2021 | | | 1,605,000 | | | | 1,396,671 | |
6.00%, 11/15/2024 | | | 2,852,000 | | | | 2,452,720 | |
Carrizo Oil & Gas, Inc. | | | | | | | | |
7.50%, 09/15/2020 | | | 1,694,000 | | | | 1,782,935 | |
Chesapeake Energy Corp. | | | | | | | | |
6.13%, 02/15/2021 | | | 1,322,000 | | | | 1,242,680 | |
6.63%, 08/15/2020 | | | 3,041,000 | | | | 2,964,975 | |
CITGO Holding, Inc. | | | | | | | | |
10.75%, 02/15/2020 (F) | | | 2,131,000 | | | | 2,178,947 | |
CITGO Petroleum Corp. | | | | | | | | |
6.25%, 08/15/2022 (F) | | | 1,988,000 | | | | 1,953,210 | |
Concho Resources, Inc. | | | | | | | | |
5.50%, 04/01/2023 | | | 2,076,000 | | | | 2,076,000 | |
Denbury Resources, Inc. | | | | | | | | |
5.50%, 05/01/2022 | | | 1,087,000 | | | | 970,148 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Oil, Gas & Consumable Fuels (continued) | |
Energy XXI Gulf Coast, Inc. | | | | | | | | |
11.00%, 03/15/2020 (F) | | | $ 1,001,000 | | | | $ 875,875 | |
EP Energy LLC / Everest Acquisition Finance, Inc. | | | | | | | | |
9.38%, 05/01/2020 | | | 3,315,000 | | | | 3,542,740 | |
Halcon Resources Corp. | | | | | | | | |
8.63%, 02/01/2020 (F) | | | 1,581,000 | | | | 1,561,238 | |
Kinder Morgan, Inc. | | | | | | | | |
7.25%, 06/01/2018 | | | 6,550,000 | | | | 7,387,051 | |
Series MTN | | | | | | | | |
8.05%, 10/15/2030 | | | 2,000,000 | | | | 2,340,164 | |
Linn Energy LLC / Linn Energy Finance Corp. | | | | | | | | |
7.75%, 02/01/2021 | | | 4,085,000 | | | | 3,176,087 | |
8.63%, 04/15/2020 | | | 3,225,000 | | | | 2,645,177 | |
Oasis Petroleum, Inc. | | | | | | | | |
6.50%, 11/01/2021 | | | 365,000 | | | | 363,175 | |
7.25%, 02/01/2019 | | | 936,000 | | | | 959,400 | |
Peabody Energy Corp. | | | | | | | | |
6.25%, 11/15/2021 | | | 420,000 | | | | 142,800 | |
6.50%, 09/15/2020 | | | 1,000,000 | | | | 340,000 | |
10.00%, 03/15/2022 (F) | | | 1,414,000 | | | | 876,680 | |
PHI, Inc. | | | | | | | | |
5.25%, 03/15/2019 | | | 829,000 | | | | 766,825 | |
Rosetta Resources, Inc. | | | | | | | | |
5.63%, 05/01/2021 | | | 680,000 | | | | 722,500 | |
5.88%, 06/01/2022 | | | 385,000 | | | | 410,988 | |
SM Energy Co. | | | | | | | | |
6.13%, 11/15/2022 (F) | | | 3,265,000 | | | | 3,355,440 | |
6.50%, 11/15/2021 - 01/01/2023 | | | 2,285,000 | | | | 2,356,825 | |
Sunoco, LP / Sunoco Finance Corp. | | | | | | | | |
6.38%, 04/01/2023 (F) | | | 2,760,000 | | | | 2,870,400 | |
Ultra Petroleum Corp. | | | | | | | | |
6.13%, 10/01/2024 (F) | | | 335,000 | | | | 293,963 | |
Whiting Canadian Holding Co. ULC | | | | | | | | |
8.13%, 12/01/2019 | | | 2,115,000 | | | | 2,214,141 | |
Whiting Petroleum Corp. | | | | | | | | |
5.75%, 03/15/2021 | | | 2,635,000 | | | | 2,592,840 | |
| | | | | | | | |
| | | | | | | 63,410,365 | |
| | | | | | | | |
Paper & Forest Products - 0.3% | |
Boise Cascade Co. | | | | | | | | |
6.38%, 11/01/2020 | | | 2,410,000 | | | | 2,539,538 | |
| | | | | | | | |
Personal Products - 0.5% | |
Revlon Consumer Products Corp. | | | | | | | | |
5.75%, 02/15/2021 | | | 4,540,000 | | | | 4,449,200 | |
| | | | | | | | |
Pharmaceuticals - 1.7% | |
ENDO Finance LLC / Endo, Ltd. | | | | | | | | |
6.00%, 07/15/2023 (F) (J) | | | 1,655,000 | | | | 1,692,238 | |
Valeant Pharmaceuticals International, Inc. | | | | | | | | |
5.88%, 05/15/2023 (F) | | | 1,620,000 | | | | 1,660,500 | |
6.13%, 04/15/2025 (F) | | | 1,377,000 | | | | 1,416,589 | |
6.38%, 10/15/2020 (F) | | | 5,913,000 | | | | 6,227,128 | |
7.50%, 07/15/2021 (F) | | | 4,050,000 | | | | 4,358,812 | |
| | | | | | | | |
| | | | | | | 15,355,267 | |
| | | | | | | | |
Professional Services - 0.8% | |
Ceridian HCM Holding, Inc. | | | | | | | | |
11.00%, 03/15/2021 (F) | | | 2,959,000 | | | | 3,129,142 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 31
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Professional Services (continued) | |
TransUnion | | | | | | | | |
9.63%, 06/15/2018 | | | | | | | | |
Cash Rate 9.63% (I) | | | $ 3,545,000 | | | | $ 3,554,926 | |
| | | | | | | | |
| | | | | | | 6,684,068 | |
| | | | | | | | |
Real Estate Investment Trusts - 0.1% | |
Communications Sales & Leasing, Inc. | | | | | | | | |
8.25%, 10/15/2023 (F) | | | 1,065,000 | | | | 1,046,363 | |
| | | | | | | | |
Road & Rail - 0.3% | | | | | | | | |
Aviation Capital Group Corp. | |
7.13%, 10/15/2020 (F) | | | 2,308,000 | | | | 2,687,768 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 0.5% | |
Freescale Semiconductor, Inc. | | | | | | | | |
6.00%, 01/15/2022 (F) | | | 4,230,000 | | | | 4,483,800 | |
| | | | | | | | |
Software - 2.3% | |
First Data Corp. | | | | | | | | |
6.75%, 11/01/2020 (F) | | | 465,000 | | | | 491,449 | |
7.38%, 06/15/2019 (F) | | | 11,020,000 | | | | 11,455,290 | |
8.25%, 01/15/2021 (F) | | | 3,000,000 | | | | 3,165,000 | |
11.75%, 08/15/2021 | | | 2,022,000 | | | | 2,274,750 | |
Infor US, Inc. | | | | | | | | |
6.50%, 05/15/2022 (F) | | | 2,553,000 | | | | 2,597,678 | |
| | | | | | | | |
| | | | | | | 19,984,167 | |
| | | | | | | | |
Specialty Retail - 0.8% | |
Claire’s Stores, Inc. | | | | | | | | |
9.00%, 03/15/2019 (F) | | | 6,584,000 | | | | 5,563,480 | |
Men’s Wearhouse Inc | | | | | | | | |
7.00%, 07/01/2022 | | | 1,650,000 | | | | 1,765,500 | |
| | | | | | | | |
| | | | | | | 7,328,980 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 0.3% | |
Project Homestake Merger Corp. | | | | | | | | |
8.88%, 03/01/2023 (F) | | | 2,704,000 | | | | 2,622,880 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 0.7% | | | | | |
Levi Strauss & Co. | | | | | | | | |
6.88%, 05/01/2022 | | | 6,161,000 | | | | 6,576,868 | |
| | | | | | | | |
Wireless Telecommunication Services - 3.3% | | | | | |
Sprint Communications, Inc. | | | | | | | | |
6.00%, 11/15/2022 | | | 2,470,000 | | | | 2,256,962 | |
7.00%, 08/15/2020 | | | 775,000 | | | | 769,188 | |
9.00%, 11/15/2018 (F) | | | 6,075,000 | | | | 6,860,254 | |
9.13%, 03/01/2017 | | | 995,000 | | | | 1,077,088 | |
Sprint Corp. | | | | | | | | |
7.25%, 09/15/2021 | | | 1,570,000 | | | | 1,530,750 | |
7.63%, 02/15/2025 | | | 2,047,000 | | | | 1,929,297 | |
7.88%, 09/15/2023 | | | 8,612,000 | | | | 8,399,284 | |
T-Mobile USA, Inc. | | | | | | | | |
6.25%, 04/01/2021 | | | 815,000 | | | | 835,375 | |
6.63%, 04/28/2021 | | | 1,360,000 | | | | 1,411,000 | |
6.73%, 04/28/2022 | | | 3,039,000 | | | | 3,168,157 | |
6.84%, 04/28/2023 | | | 455,000 | | | | 478,319 | |
| | | | | | | | |
| | | | | | | 28,715,674 | |
| | | | | | | | |
Total Corporate Debt Securities
(Cost $853,911,003) | | | | | | | 837,322,500 | |
| | | | | | | | |
| | |
LOAN ASSIGNMENTS - 0.9% | | | | | | | | |
Commercial Services & Supplies - 0.1% | | | | | |
ADS Waste Holdings, Inc., Term Loan | | | | | | | | |
3.75%, 10/09/2019 | | | 1,167,513 | | | | 1,152,627 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
LOAN ASSIGNMENTS (continued) | | | | | | | | |
Hotels, Restaurants & Leisure - 0.2% | | | | | |
Hilton Worldwide Finance LLC, Term Loan B2 | | | | | | | | |
3.50%, 10/26/2020 | | | $ 1,414,803 | | | | $ 1,413,427 | |
| | | | | | | | |
Household Products - 0.1% | | | | | |
Sun Products Corp., Term Loan | | | | | | | | |
5.50%, 03/23/2020 | | | 1,443,249 | | | | 1,396,344 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 0.1% | | | | | |
CITGO Holding, Inc., Term Loan B | | | | | | | | |
9.50%, 05/12/2018 | | | 791,025 | | | | 793,250 | |
| | | | | | | | |
Real Estate Management & Development - 0.4% | | | | | |
CityCenter Holdings LLC, Term Loan B | | | | | | | | |
4.25%, 10/16/2020 | | | 3,300,000 | | | | 3,298,231 | |
| | | | | | | | |
Total Loan Assignments
(Cost $8,046,984) | | | | | | | 8,053,879 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
COMMON STOCKS - 0.2% | | | | | | | | |
Building Products - 0.2% | | | | | |
Panolam Holdings Co., GDR (A) (B) (C) | | | 1,803 | | | | 1,682,199 | |
| | | | | | | | |
Independent Power and Renewable Electricity Producers - 0.0% | |
Mirant Corp. (A) (B) (C) (D) (K) | | | 550,000 | | | | 0 | |
| | | | | | | | |
Media - 0.0% (E) | | | | | |
New Cotai LLC / New Cotai Capital Corp.,
Class B (A) (B) (C) | | | 6 | | | | 185,250 | |
| | | | | | | | |
Total Common Stocks
(Cost $3,265,049) | | | | | | | 1,867,449 | |
| | | | | | | | |
| | |
PREFERRED STOCK - 0.6% | | | | | | | | |
Banks - 0.6% | | | | | |
GMAC Capital Trust I | | | | | | | | |
Series 2, 8.13% (G) | | | 193,625 | | | | 5,030,378 | |
| | | | | | | | |
Total Preferred Stock
(Cost $5,109,917) | | | | | | | 5,030,378 | |
| | | | | | | | |
| | |
WARRANT - 0.0% (E) | | | | | | | | |
Food Products - 0.0% (E) | | | | | |
American Seafoods Group LLC Exercise Price $0.01 Expires 05/15/2018 | | | 1,265 | | | | 6,325 | |
| | | | | | | | |
Total Warrant
(Cost $0) | | | | | | | 6,325 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.8% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (L), dated 06/30/2015, to be repurchased at $15,872,153 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $16,191,756. | | | $ 15,872,148 | | | | 15,872,148 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $15,872,148) | | | | | | | 15,872,148 | |
| | | | | | | | |
Total Investments
(Cost $889,661,659) (M) | | | | | | | 871,504,694 | |
Net Other Assets (Liabilities) - 1.3% | | | | | | | 11,652,829 | |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 883,157,523 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 32
Transamerica Partners High Yield Bond Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (N)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs (O) | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Convertible Bonds | | $ | — | | | $ | 3,352,015 | | | $ | 0 | | | $ | 3,352,015 | |
Corporate Debt Securities | | | — | | | | 837,322,500 | | | | 0 | | | | 837,322,500 | |
Loan Assignments | | | — | | | | 8,053,879 | | | | — | | | | 8,053,879 | |
Common Stocks | | | — | | | | — | | | | 1,867,449 | | | | 1,867,449 | |
Preferred Stock | | | 5,030,378 | | | | — | | | | — | | | | 5,030,378 | |
Warrant | | | 6,325 | | | | — | | | | — | | | | 6,325 | |
Repurchase Agreement | | | — | | | | 15,872,148 | | | | — | | | | 15,872,148 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 5,036,703 | | | $ | 864,600,542 | | | $ | 1,867,449 | | | $ | 871,504,694 | |
| | | | | | | | | | | | | | | | |
Transfers
| | | | | | | | | | | | | | | | |
| Investments | | Transfers from
Level 1 to Level 2 | | | Transfers from
Level 2 to Level 1 | | | Transfers from
Level 2 to Level 3 | | | Transfers from
Level 3 to Level 2 (P) | |
Convertible Bonds | | $ | — | | | $ | — | | | $ | — | | | $ | 6,984 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $1,867,449, representing 0.2% of the Portfolio’s net assets. |
| (B) | Security is Level 3 of the fair value hierarchy. |
| (C) | Illiquid security. Total aggregate value of illiquid securities is $3,485,688, representing 0.4% of the Portfolio’s net assets. |
| (D) | Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring. |
| (E) | Percentage rounds to less than 0.1% or (0.1)%. |
| (F) | Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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, 2015, the total aggregate value of 144A securities is $299,577,588, representing 33.9% of the Portfolio’s net assets. |
| (G) | Floating or variable rate security. The rate disclosed is as of June 30, 2015. |
| (H) | The security has a perpetual maturity; the date displayed is the next call date. |
| (I) | Payment in-kind. Security pays interest or dividends in the form of additional bonds or preferred stock. If a security makes a cash payment in addition to in-kind, the cash rate is disclosed separately. |
| (J) | When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015. |
| (K) | Non-income producing security. |
| (L) | Rate disclosed reflects the yield at June 30, 2015. |
| (M) | Aggregate cost for federal income tax purposes is $889,661,659. Aggregate gross unrealized appreciation and depreciation for all securities is $12,503,574 and $30,660,539, respectively. Net unrealized depreciation for tax purposes is $18,156,965. |
| (N) | The Portfolio recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
| (O) | Level 3 securities were not considered significant to the Portfolio. |
| (P) | Transferred from Level 3 to 2 due to utilizing significant observable inputs, as of prior reporting period the security utilized significant unobservable inputs. |
PORTFOLIO ABBREVIATIONS:
| | |
| GDR | | Global Depositary Receipt |
| MTN | | Medium Term Note |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 33
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 57.6% | |
Aerospace & Defense - 1.6% | |
Honeywell International, Inc. | | | 9,889 | | | | $ 1,008,381 | |
L-3 Communications Holdings, Inc. | | | 2,030 | | | | 230,161 | |
United Technologies Corp. | | | 13,064 | | | | 1,449,190 | |
| | | | | | | | |
| | | | | | | 2,687,732 | |
| | | | | | | | |
Airlines - 0.4% | |
Delta Air Lines, Inc. | | | 6,030 | | | | 247,712 | |
United Continental Holdings, Inc. (A) | | | 7,080 | | | | 375,311 | |
| | | | | | | | |
| | | | | | | 623,023 | |
| | | | | | | | |
Auto Components - 0.1% | |
Johnson Controls, Inc. | | | 1,930 | | | | 95,593 | |
| | | | | | | | |
Automobiles - 0.3% | |
Ford Motor Co. | | | 9,620 | | | | 144,396 | |
General Motors Co. | | | 11,614 | | | | 387,095 | |
| | | | | | | | |
| | | | | | | 531,491 | |
| | | | | | | | |
Banks - 1.5% | |
BB&T Corp. | | | 4,730 | | | | 190,666 | |
Fifth Third Bancorp | | | 2,191 | | | | 45,617 | |
SVB Financial Group (A) (B) | | | 720 | | | | 103,665 | |
Wells Fargo & Co. | | | 40,378 | | | | 2,270,859 | |
| | | | | | | | |
| | | | | | | 2,610,807 | |
| | | | | | | | |
Beverages - 1.6% | |
Coca-Cola Co. | | | 14,730 | | | | 577,858 | |
Coca-Cola Enterprises, Inc. | | | 2,830 | | | | 122,935 | |
Constellation Brands, Inc., Class A | | | 3,819 | | | | 443,080 | |
Dr. Pepper Snapple Group, Inc. | | | 2,169 | | | | 158,120 | |
Molson Coors Brewing Co., Class B | | | 5,610 | | | | 391,634 | |
PepsiCo, Inc. | | | 10,096 | | | | 942,361 | |
| | | | | | | | |
| | | | | | | 2,635,988 | |
| | | | | | | | |
Biotechnology - 2.0% | |
Alexion Pharmaceuticals, Inc. (A) (B) | | | 2,266 | | | | 409,625 | |
Biogen, Inc. (A) | | | 2,844 | | | | 1,148,805 | |
Celgene Corp. (A) | | | 8,150 | | | | 943,240 | |
Gilead Sciences, Inc. | | | 4,596 | | | | 538,100 | |
Regeneron Pharmaceuticals, Inc., Class A (A) | | | 170 | | | | 86,722 | |
Vertex Pharmaceuticals, Inc. (A) | | | 2,348 | | | | 289,931 | |
| | | | | | | | |
| | | | | | | 3,416,423 | |
| | | | | | | | |
Building Products - 0.2% | |
Fortune Brands Home & Security, Inc. (B) | | | 1,140 | | | | 52,235 | |
Masco Corp. | | | 8,047 | | | | 214,613 | |
| | | | | | | | |
| | | | | | | 266,848 | |
| | | | | | | | |
Capital Markets - 2.0% | |
BlackRock, Inc., Class A | | | 1,120 | | | | 387,498 | |
Charles Schwab Corp. | | | 12,330 | | | | 402,574 | |
Goldman Sachs Group, Inc. | | | 2,619 | | | | 546,821 | |
Invesco, Ltd. | | | 14,073 | | | | 527,597 | |
Morgan Stanley | | | 24,336 | | | | 943,993 | |
State Street Corp. | | | 4,948 | | | | 380,996 | |
TD Ameritrade Holding Corp. | | | 3,980 | | | | 146,544 | |
| | | | | | | | |
| | | | | | | 3,336,023 | |
| | | | | | | | |
Chemicals - 1.1% | |
Axiall Corp. | | | 2,880 | | | | 103,824 | |
Dow Chemical Co. | | | 8,531 | | | | 436,531 | |
E.I. du Pont de Nemours & Co. | | | 10,410 | | | | 665,719 | |
Mosaic Co. | | | 12,170 | | | | 570,165 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Chemicals (continued) | |
Sherwin-Williams Co. | | | 80 | | | | $ 22,002 | |
| | | | | | | | |
| | | | | | | 1,798,241 | |
| | | | | | | | |
Communications Equipment - 0.5% | |
Cisco Systems, Inc. | | | 22,878 | | | | 628,230 | |
QUALCOMM, Inc. | | | 3,497 | | | | 219,017 | |
| | | | | | | | |
| | | | | | | 847,247 | |
| | | | | | | | |
Construction & Engineering - 0.3% | |
Fluor Corp. | | | 9,950 | | | | 527,449 | |
| | | | | | | | |
Construction Materials - 0.1% | |
Martin Marietta Materials, Inc. (B) | | | 1,090 | | | | 154,246 | |
| | | | | | | | |
Consumer Finance - 0.3% | |
Capital One Financial Corp. | | | 3,659 | | | | 321,882 | |
Navient Corp. | | | 1,280 | | | | 23,309 | |
Synchrony Financial (A) | | | 3,070 | | | | 101,095 | |
| | | | | | | | |
| | | | | | | 446,286 | |
| | | | | | | | |
Containers & Packaging - 0.3% | |
Crown Holdings, Inc. (A) | | | 6,271 | | | | 331,798 | |
Rock-Tenn Co., Class A | | | 2,900 | | | | 174,580 | |
Sealed Air Corp., Class A | | | 760 | | | | 39,049 | |
| | | | | | | | |
| | | | | | | 545,427 | |
| | | | | | | | |
Diversified Financial Services - 2.6% | |
Bank of America Corp. | | | 75,099 | | | | 1,278,185 | |
Berkshire Hathaway, Inc., Class B (A) | | | 7,131 | | | | 970,601 | |
Citigroup, Inc. | | | 30,971 | | | | 1,710,838 | |
Intercontinental Exchange, Inc. | | | 2,097 | | | | 468,910 | |
| | | | | | | | |
| | | | | | | 4,428,534 | |
| | | | | | | | |
Diversified Telecommunication Services - 0.8% | |
AT&T, Inc. | | | 20,166 | | | | 716,296 | |
Verizon Communications, Inc. | | | 14,561 | | | | 678,688 | |
| | | | | | | | |
| | | | | | | 1,394,984 | |
| | | | | | | | |
Electric Utilities - 1.2% | |
Edison International | | | 8,917 | | | | 495,607 | |
Exelon Corp. (B) | | | 13,770 | | | | 432,653 | |
NextEra Energy, Inc. | | | 7,393 | | | | 724,736 | |
Xcel Energy, Inc. | | | 10,940 | | | | 352,049 | |
| | | | | | | | |
| | | | | | | 2,005,045 | |
| | | | | | | | |
Electrical Equipment - 0.5% | |
Eaton Corp. PLC | | | 11,661 | | | | 787,001 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 0.6% | |
Corning, Inc. | | | 6,639 | | | | 130,987 | |
TE Connectivity, Ltd. | | | 13,455 | | | | 865,157 | |
| | | | | | | | |
| | | | | | | 996,144 | |
| | | | | | | | |
Energy Equipment & Services - 0.7% | |
Baker Hughes, Inc. | | | 4,880 | | | | 301,096 | |
Ensco PLC, Class A (B) | | | 1,200 | | | | 26,724 | |
Halliburton Co. | | | 8,628 | | | | 371,608 | |
National Oilwell Varco, Inc. | | | 2,100 | | | | 101,388 | |
Schlumberger, Ltd. | | | 3,569 | | | | 307,612 | |
| | | | | | | | |
| | | | | | | 1,108,428 | |
| | | | | | | | |
Food & Staples Retailing - 0.6% | | | | | | | | |
Costco Wholesale Corp. | | | 4,093 | | | | 552,800 | |
CVS Health Corp. | | | 1,257 | | | | 131,834 | |
Kroger Co. | | | 1,890 | | | | 137,044 | |
Wal-Mart Stores, Inc. | | | 1,846 | | | | 130,937 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 34
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Food & Staples Retailing (continued) | | | | | | | | |
Walgreens Boots Alliance, Inc. | | | 320 | | | | $ 27,021 | |
| | | | | | | | |
| | | | | | | 979,636 | |
| | | | | | | | |
Food Products - 0.9% | | | | | | | | |
Archer-Daniels-Midland Co. | | | 6,035 | | | | 291,008 | |
Hershey Co. | | | 3,680 | | | | 326,894 | |
Keurig Green Mountain, Inc. (B) | | | 610 | | | | 46,744 | |
Mondelez International, Inc., Class A | | | 22,119 | | | | 909,976 | |
| | | | | | | | |
| | | | | | | 1,574,622 | |
| | | | | | | | |
Gas Utilities - 0.1% | | | | | | | | |
AGL Resources, Inc. | | | 1,430 | | | | 66,581 | |
Questar Corp. (B) | | | 6,956 | | | | 145,450 | |
| | | | | | | | |
| | | | | | | 212,031 | |
| | | | | | | | |
Health Care Equipment & Supplies - 1.4% | | | | | | | | |
Abbott Laboratories | | | 22,326 | | | | 1,095,760 | |
Becton Dickinson and Co. | | | 352 | | | | 49,861 | |
Boston Scientific Corp. (A) | | | 46,440 | | | | 821,988 | |
Stryker Corp. | | | 3,790 | | | | 362,210 | |
| | | | | | | | |
| | | | | | | 2,329,819 | |
| | | | | | | | |
Health Care Providers & Services - 2.2% | | | | | | | | |
Aetna, Inc. | | | 4,850 | | | | 618,181 | |
Cigna Corp. | | | 1,350 | | | | 218,700 | |
Express Scripts Holding Co. (A) (B) | | | 2,650 | | | | 235,691 | |
HCA Holdings, Inc. (A) | | | 690 | | | | 62,597 | |
Humana, Inc., Class A | | | 3,120 | | | | 596,793 | |
McKesson Corp. | | | 4,890 | | | | 1,099,321 | |
UnitedHealth Group, Inc. | | | 7,503 | | | | 915,366 | |
| | | | | | | | |
| | | | | | | 3,746,649 | |
| | | | | | | | |
Health Care Technology - 0.0% (C) | | | | | | | | |
Cerner Corp. (A) | | | 670 | | | | 46,270 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 0.7% | | | | | | | | |
Carnival Corp. | | | 480 | | | | 23,707 | |
Chipotle Mexican Grill, Inc., Class A (A) | | | 460 | | | | 278,295 | |
Royal Caribbean Cruises, Ltd., Class A | | | 4,840 | | | | 380,860 | |
Starbucks Corp. | | | 10,726 | | | | 575,075 | |
| | | | | | | | |
| | | | | | | 1,257,937 | |
| | | | | | | | |
Household Durables - 0.4% | | | | | | | | |
D.R. Horton, Inc. | | | 1,730 | | | | 47,333 | |
Harman International Industries, Inc. | | | 3,200 | | | | 380,608 | |
PulteGroup, Inc. | | | 11,132 | | | | 224,310 | |
Toll Brothers, Inc. (A) | | | 1,260 | | | | 48,119 | |
| | | | | | | | |
| | | | | | | 700,370 | |
| | | | | | | | |
Household Products - 1.0% | | | | | | | | |
Kimberly-Clark Corp. | | | 3,814 | | | | 404,170 | |
Procter & Gamble Co. | | | 16,209 | | | | 1,268,192 | |
| | | | | | | | |
| | | | | | | 1,672,362 | |
| | | | | | | | |
Industrial Conglomerates - 0.3% | | | | | | | | |
General Electric Co. | | | 20,809 | | | | 552,895 | |
| | | | | | | | |
Insurance - 1.6% | | | | | | | | |
ACE, Ltd. | | | 7,696 | | | | 782,529 | |
American International Group, Inc. | | | 8,430 | | | | 521,143 | |
MetLife, Inc. | | | 16,941 | | | | 948,526 | |
Prudential Financial, Inc. | | | 1,382 | | | | 120,953 | |
XL Group PLC, Class A | | | 10,350 | | | | 385,020 | |
| | | | | | | | |
| | | | | | | 2,758,171 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Internet & Catalog Retail - 0.5% | | | | | | | | |
Amazon.com, Inc. (A) | | | 2,062 | | | | $ 895,094 | |
| | | | | | | | |
Internet Software & Services - 2.1% | | | | | | | | |
Facebook, Inc., Class A (A) | | | 19,530 | | | | 1,674,991 | |
Google, Inc., Class A (A) | | | 1,809 | | | | 976,932 | |
Google, Inc., Class C (A) | | | 1,793 | | | | 933,274 | |
| | | | | | | | |
| | | | | | | 3,585,197 | |
| | | | | | | | |
IT Services - 2.0% | | | | | | | | |
Accenture PLC, Class A | | | 12,050 | | | | 1,166,199 | |
Alliance Data Systems Corp. (A) (B) | | | 685 | | | | 199,979 | |
Automatic Data Processing, Inc. | | | 620 | | | | 49,743 | |
Cognizant Technology Solutions Corp., Class A (A) | | | 11,018 | | | | 673,090 | |
Fidelity National Information Services, Inc. | | | 5,020 | | | | 310,236 | |
Visa, Inc., Class A (B) | | | 13,748 | | | | 923,178 | |
Xerox Corp. (B) | | | 2,960 | | | | 31,494 | |
| | | | | | | | |
| | | | | | | 3,353,919 | |
| | | | | | | | |
Life Sciences Tools & Services - 0.1% | | | | | | | | |
Thermo Fisher Scientific, Inc. | | | 1,710 | | | | 221,890 | |
| | | | | | | | |
Machinery - 1.4% | | | | | | | | |
Caterpillar, Inc. (B) | | | 1,590 | | | | 134,864 | |
Cummins, Inc. | | | 4,960 | | | | 650,703 | |
Ingersoll-Rand PLC | | | 1,270 | | | | 85,623 | |
PACCAR, Inc. (B) | | | 9,809 | | | | 625,912 | |
Parker-Hannifin Corp. | | | 5,580 | | | | 649,122 | |
SPX Corp. | | | 1,775 | | | | 128,492 | |
| | | | | | | | |
| | | | | | | 2,274,716 | |
| | | | | | | | |
Media - 2.8% | | | | | | | | |
CBS Corp., Class B | | | 5,400 | | | | 299,700 | |
Charter Communications, Inc., Class A (A) (B) | | | 1,750 | | | | 299,687 | |
Comcast Corp., Class A | | | 20,731 | | | | 1,246,762 | |
DISH Network Corp., Class A (A) | | | 3,915 | | | | 265,085 | |
Sirius XM Holdings, Inc. (A) (B) | | | 12,060 | | | | 44,984 | |
Time Warner Cable, Inc. | | | 1,395 | | | | 248,547 | |
Time Warner, Inc. | | | 15,015 | | | | 1,312,461 | |
Twenty-First Century Fox, Inc., Class A (B) | | | 31,080 | | | | 1,011,499 | |
| | | | | | | | |
| | | | | | | 4,728,725 | |
| | | | | | | | |
Metals & Mining - 0.2% | | | | | | | | |
Alcoa, Inc. | | | 11,475 | | | | 127,946 | |
U.S. Steel Corp. (B) | | | 8,090 | | | | 166,816 | |
| | | | | | | | |
| | | | | | | 294,762 | |
| | | | | | | | |
Multi-Utilities - 0.7% | | | | | | | | |
CenterPoint Energy, Inc. | | | 8,550 | | | | 162,706 | |
CMS Energy Corp. | | | 8,187 | | | | 260,674 | |
NiSource, Inc., Class B (B) | | | 5,818 | | | | 265,243 | |
PG&E Corp. | | | 4,350 | | | | 213,585 | |
Public Service Enterprise Group, Inc. | | | 6,510 | | | | 255,713 | |
| | | | | | | | |
| | | | | | | 1,157,921 | |
| | | | | | | | |
Multiline Retail - 0.5% | | | | | | | | |
Dollar General Corp. | | | 3,970 | | | | 308,628 | |
Target Corp. | | | 5,720 | | | | 466,923 | |
| | | | | | | | |
| | | | | | | 775,551 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 3.5% | | | | | | | | |
Anadarko Petroleum Corp., Class A | | | 5,086 | | | | 397,013 | |
Cabot Oil & Gas Corp. (B) | | | 4,210 | | | | 132,784 | |
Cheniere Energy, Inc. (A) | | | 1,290 | | | | 89,345 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 35
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Oil, Gas & Consumable Fuels (continued) | | | | | | | | |
Chevron Corp. | | | 12,871 | | | | $ 1,241,665 | |
EOG Resources, Inc. | | | 4,422 | | | | 387,146 | |
EQT Corp. | | | 2,720 | | | | 221,245 | |
Exxon Mobil Corp. | | | 18,833 | | | | 1,566,906 | |
Marathon Oil Corp. | | | 15,980 | | | | 424,109 | |
Marathon Petroleum Corp. | | | 3,920 | | | | 205,055 | |
Occidental Petroleum Corp. | | | 8,871 | | | | 689,898 | |
ONEOK, Inc. | | | 1,290 | | | | 50,929 | |
Phillips 66 | | | 1,460 | | | | 117,618 | |
Valero Energy Corp. | | | 4,740 | | | | 296,724 | |
| | | | | | | | |
| | | | | | | 5,820,437 | |
| | | | | | | | |
Personal Products - 0.1% | | | | | | | | |
Estee Lauder Cos., Inc., Class A | | | 2,910 | | | | 252,181 | |
| | | | | | | | |
Pharmaceuticals - 3.7% | | | | | | | | |
Allergan PLC (A) | | | 1,914 | | | | 580,823 | |
Bristol-Myers Squibb Co. | | | 18,316 | | | | 1,218,747 | |
Eli Lilly & Co. | | | 5,110 | | | | 426,634 | |
Johnson & Johnson | | | 13,691 | | | | 1,334,325 | |
Merck & Co., Inc. | | | 14,410 | | | | 820,361 | |
Mylan NV (A) | | | 2,030 | | | | 137,756 | |
Perrigo Co. PLC (B) | | | 1,039 | | | | 192,038 | |
Pfizer, Inc. | | | 42,831 | | | | 1,436,123 | |
| | | | | | | | |
| | | | | | | 6,146,807 | |
| | | | | | | | |
Professional Services - 0.0% (C) | | | | | | | | |
Equifax, Inc. | | | 630 | | | | 61,167 | |
| | | | | | | | |
Real Estate Investment Trusts - 1.4% | | | | | | | | |
American Tower Corp., Class A | | | 2,880 | | | | 268,675 | |
AvalonBay Communities, Inc. (B) | | | 2,198 | | | | 351,394 | |
Boston Properties, Inc. | | | 2,077 | | | | 251,400 | |
Brixmor Property Group, Inc. | | | 6,750 | | | | 156,128 | |
DiamondRock Hospitality Co. (B) | | | 7,080 | | | | 90,695 | |
Highwoods Properties, Inc. (B) | | | 2,281 | | | | 91,126 | |
Host Hotels & Resorts, Inc. | | | 5,374 | | | | 106,567 | |
LaSalle Hotel Properties (B) | | | 3,970 | | | | 140,776 | |
Liberty Property Trust, Series C | | | 3,750 | | | | 120,825 | |
Mid-America Apartment Communities, Inc. (B) | | | 1,360 | | | | 99,022 | |
Prologis, Inc., Class A | | | 7,453 | | | | 276,506 | |
Public Storage | | | 290 | | | | 53,467 | |
Simon Property Group, Inc. | | | 1,817 | | | | 314,377 | |
| | | | | | | | |
| | | | | | | 2,320,958 | |
| | | | | | | | |
Road & Rail - 1.1% | | | | | | | | |
Canadian Pacific Railway, Ltd. (B) | | | 1,571 | | | | 251,721 | |
CSX Corp. | | | 14,549 | | | | 475,025 | |
Union Pacific Corp. | | | 12,255 | | | | 1,168,759 | |
| | | | | | | | |
| | | | | | | 1,895,505 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 1.8% | | | | | |
Applied Materials, Inc., Class A | | | 11,920 | | | | 229,102 | |
Avago Technologies, Ltd., Class A | | | 6,870 | | | | 913,229 | |
Broadcom Corp., Class A | | | 5,970 | | | | 307,395 | |
Freescale Semiconductor, Ltd. (A) | | | 2,790 | | | | 111,516 | |
KLA-Tencor Corp. | | | 2,717 | | | | 152,723 | |
LAM Research Corp. (B) | | | 9,207 | | | | 748,990 | |
NXP Semiconductors NV (A) | | | 470 | | | | 46,154 | |
Texas Instruments, Inc. | | | 9,570 | | | | 492,951 | |
| | | | | | | | |
| | | | | | | 3,002,060 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Software - 2.1% | | | | | | | | |
Adobe Systems, Inc. (A) | | | 10,613 | | | | $ 859,759 | |
Intuit, Inc. | | | 960 | | | | 96,739 | |
Microsoft Corp. | | | 51,631 | | | | 2,279,509 | |
Oracle Corp. | | | 7,190 | | | | 289,757 | |
| | | | | | | | |
| | | | | | | 3,525,764 | |
| | | | | | | | |
Specialty Retail - 1.9% | | | | | | | | |
AutoZone, Inc. (A) (B) | | | 233 | | | | 155,388 | |
Best Buy Co., Inc. (B) | | | 4,540 | | | | 148,049 | |
Home Depot, Inc. | | | 10,516 | | | | 1,168,643 | |
Lowe’s Cos., Inc. | | | 14,184 | | | | 949,903 | |
Tiffany & Co. (B) | | | 970 | | | | 89,046 | |
TJX Cos., Inc. | | | 9,430 | | | | 623,983 | |
| | | | | | | | |
| | | | | | | 3,135,012 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 2.7% | | | | | |
Apple, Inc. | | | 32,908 | | | | 4,127,486 | |
Hewlett-Packard Co. | | | 14,173 | | | | 425,332 | |
| | | | | | | | |
| | | | | | | 4,552,818 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 0.5% | | | | | | | | |
lululemon athletica, Inc. (A) (B) | | | 1,497 | | | | 97,754 | |
PVH Corp. | | | 410 | | | | 47,232 | |
Ralph Lauren Corp., Class A | | | 1,620 | | | | 214,423 | |
VF Corp. | | | 6,858 | | | | 478,277 | |
| | | | | | | | |
| | | | | | | 837,686 | |
| | | | | | | | |
Tobacco - 0.6% | | | | | | | | |
Philip Morris International, Inc. | | | 11,617 | | | | 931,335 | |
| | | | | | | | |
Water Utilities - 0.0% (C) | | | | | | | | |
American Water Works Co., Inc. | | | 1,500 | | | | 72,945 | |
| | | | | | | | |
Wireless Telecommunication Services - 0.0% (C) | | | | | |
T-Mobile US, Inc. (A) | | | 2,040 | | | | 79,091 | |
| | | | | | | | |
Total Common Stocks
(Cost $81,149,471) | | | | 96,995,263 | |
| | | | | | | | |
|
PREFERRED STOCKS - 0.1% | |
Capital Markets - 0.0% (C) | | | | | | | | |
State Street Corp. | | | | | | | | |
Series D, 5.90% (D) | | | 1,536 | | | | 39,429 | |
| | | | | | | | |
Diversified Financial Services - 0.0% (C) | | | | | | | | |
Citigroup Capital XIII
7.88% (D) | | | 3,392 | | | | 88,056 | |
| | | | | | | | |
Electric Utilities - 0.0% (C) | | | | | | | | |
SCE Trust III
5.75% (B) (D) | | | 320 | | | | 8,519 | |
| | | | | | | | |
Thrifts & Mortgage Finance - 0.1% | | | | | | | | |
Federal Home Loan Mortgage Corp. | | | | | | | | |
Series Z, 8.38% (A) (D) | | | 14,925 | | | | 55,969 | |
Federal National Mortgage Association | | | | | | | | |
Series O, 0.00% (A) (D) | | | 600 | | | | 4,140 | |
Series S, 8.25% (A) (D) | | | 10,800 | | | | 40,500 | |
| | | | | | | | |
| | | | | | | 100,609 | |
| | | | | | | | |
Total Preferred Stocks
(Cost $814,042) | | | | | | | 236,613 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES - 2.9% | |
American Tower Trust I | | | | | | | | |
Series 2013-1A, Class 1A | | | | | | | | |
1.55%, 03/15/2043 (E) | | | $ 200,000 | | | | 198,995 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 36
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | |
AmeriCredit Automobile Receivables Trust | | | | | | | | |
Series 2012-3, Class C | | | | | | | | |
2.42%, 05/08/2018 | | | $ 40,000 | | | | $ 40,308 | |
BlueMountain CLO, Ltd. | | | | | | | | |
Series 2015-2A, Class A1 | | | | | | | | |
1.71%, 07/18/2027 (D) (E) (F) | | | 235,000 | | | | 234,863 | |
BXG Receivables Note Trust | | | | | | | | |
Series 2015-A, Class A | | | | | | | | |
2.88%, 05/02/2030 (E) | | | 152,636 | | | | 152,273 | |
Chrysler Capital Auto Receivables Trust | | | | | | | | |
Series 2013-BA, Class B | | | | | | | | |
1.78%, 06/17/2019 (E) | | | 20,000 | | | | 20,006 | |
Series 2013-BA, Class C | | | | | | | | |
2.24%, 09/16/2019 (E) | | | 20,000 | | | | 19,992 | |
Series 2014-AA, Class B | | | | | | | | |
1.76%, 08/15/2019 (E) | | | 20,000 | | | | 19,946 | |
Series 2014-AA, Class C | | | | | | | | |
2.28%, 11/15/2019 (E) | | | 25,000 | | | | 24,959 | |
Ford Credit Auto Owner Trust | | | | | | | | |
Series 2013-B, Class D | | | | | | | | |
1.82%, 11/15/2019 | | | 40,000 | | | | 40,324 | |
HLSS Servicer Advance Receivables Trust | | | | | | | | |
Series 2012-T2, Class A2 | | | | | | | | |
1.99%, 10/15/2045 (E) | | | 100,000 | | | | 99,900 | |
Series 2013-T1, Class A2 | | | | | | | | |
1.50%, 01/16/2046 (E) | | | 210,000 | | | | 209,790 | |
HSBC Home Equity Loan Trust | | | | | | | | |
Series 2006-3, Class M1 | | | | | | | | |
0.45%, 03/20/2036 (D) | | | 235,000 | | | | 226,561 | |
ICG US CLO, Ltd. | | | | | | | | |
Series 2014-1A, Class A1 | | | | | | | | |
1.43%, 04/20/2026 (D) (E) | | | 235,000 | | | | 231,476 | |
JGWPT XXVI LLC | | | | | | | | |
Series 2012-2A, Class A | | | | | | | | |
3.84%, 10/15/2059 (E) | | | 215,834 | | | | 221,858 | |
MVW Owner Trust | | | | | | | | |
Series 2014-1A, Class A | | | | | | | | |
2.25%, 09/22/2031 (E) | | | 127,183 | | | | 126,972 | |
OCP CLO, Ltd. | | | | | | | | |
Series 2015-8A, Class A1 | | | | | | | | |
1.80%, 04/17/2027 (D) (E) | | | 220,000 | | | | 219,923 | |
Palmer Square CLO, Ltd. | | | | | | | | |
Series 2015-2A, Class A1A | | | | | | | | |
1.79%, 07/20/2027 (D) (E) (F) (G) | | | 250,000 | | | | 249,628 | |
PFS Financing Corp. | | | | | | | | |
Series 2013-AA, Class B | | | | | | | | |
1.29%, 02/15/2018 (D) (E) | | | 100,000 | | | | 100,135 | |
Prestige Auto Receivables Trust | | | | | | | | |
Series 2013-1A, Class A2 | | | | | | | | |
1.09%, 02/15/2018 (E) | | | 9,914 | | | | 9,918 | |
Santander Drive Auto Receivables Trust | | | | | | | | |
Series 2013-4, Class C | | | | | | | | |
3.25%, 01/15/2020 | | | 50,000 | | | | 51,174 | |
Series 2013-A, Class B | | | | | | | | |
1.89%, 10/15/2019 (E) | | | 75,000 | | | | 75,489 | |
Series 2013-A, Class C | | | | | | | | |
3.12%, 10/15/2019 (E) | | | 30,000 | | | | 30,623 | |
SBA Tower Trust
Series 2014-1A, Class C
2.90%, 10/15/2044 (D) (E) | | | 380,000 | | | | 381,903 | |
| | | | | | | | |
| | | Principal | | | Value | |
ASSET-BACKED SECURITIES (continued) | |
Sierra Timeshare Receivables Funding LLC | | | | | | | | |
Series 2013-3A, Class B | | | | | | | | |
2.70%, 10/20/2030 (E) | | | $ 53,538 | | | | $ 53,840 | |
Series 2014-1A, Class A | | | | | | | | |
2.07%, 03/20/2030 (E) | | | 129,668 | | | | 130,323 | |
Series 2014-2A, Class A | | | | | | | | |
2.05%, 06/20/2031 (E) | | | 116,778 | | | | 117,580 | |
Series 2014-3A, Class A | | | | | | | | |
2.30%, 10/20/2031 (E) | | | 168,060 | | | | 168,892 | |
Series 2015-1A, Class A | | | | | | | | |
2.40%, 03/22/2032 (E) | | | 100,599 | | | | 100,669 | |
Series 2015-1A, Class B | | | | | | | | |
3.05%, 03/22/2032 (E) | | | 104,972 | | | | 105,068 | |
Silverleaf Finance XVIII LLC | | | | | | | | |
Series 2014-A, Class A | | | | | | | | |
2.81%, 01/15/2027 (E) | | | 125,045 | | | | 124,832 | |
SLM Private Education Loan Trust | | | | | | | | |
Series 2011-A, Class A3 | | | | | | | | |
2.69%, 01/15/2043 (D) (E) | | | 200,000 | | | | 212,369 | |
Series 2011-C, Class A2A | | | | | | | | |
3.44%, 10/17/2044 (D) (E) | | | 100,000 | | | | 107,080 | |
Series 2012-E, Class A2B | | | | | | | | |
1.94%, 06/15/2045 (D) (E) | | | 145,000 | | | | 148,945 | |
Series 2013-A, Class A2B | | | | | | | | |
1.24%, 05/17/2027 (D) (E) | | | 150,000 | | | | 151,103 | |
SolarCity LMC Series III LLC | | | | | | | | |
Series 2014-2, Class A | | | | | | | | |
4.02%, 07/20/2044 (E) | | | 151,510 | | | | 153,011 | |
SpringCastle America Funding LLC | | | | | | | | |
Series 2014-AA, Class A | | | | | | | | |
2.70%, 05/25/2023 (E) | | | 93,189 | | | | 93,766 | |
Trafigura Securitisation Finance PLC | | | | | | | | |
Series 2014-1A, Class A | | | | | | | | |
1.14%, 10/15/2021 (D) (E) (G) | | | 290,000 | | | | 290,108 | |
| | | | | | | | |
Total Asset-Backed Securities
(Cost $4,945,551) | | | | | | | 4,944,602 | |
| | | | | | | | |
| | |
CORPORATE DEBT SECURITIES - 15.4% | | | | | | | | |
Aerospace & Defense - 0.1% | | | | | | | | |
Exelis, Inc. | | | | | | | | |
5.55%, 10/01/2021 | | | 145,000 | | | | 159,545 | |
| | | | | | | | |
Air Freight & Logistics - 0.1% | | | | | | | | |
FedEx Corp. | | | | | | | | |
4.90%, 01/15/2034 | | | 69,000 | | | | 71,532 | |
5.10%, 01/15/2044 | | | 49,000 | | | | 50,547 | |
| | | | | | | | |
| | | | | | | 122,079 | |
| | | | | | | | |
Airlines - 0.3% | | | | | | | | |
American Airlines Pass-Through Trust | | | | | | | | |
3.70%, 04/01/2028 (B) | | | 174,725 | | | | 174,725 | |
United Airlines Pass-Through Trust | | | | | | | | |
3.75%, 03/03/2028 | | | 300,000 | | | | 297,000 | |
| | | | | | | | |
| | | | | | | 471,725 | |
| | | | | | | | |
Auto Components - 0.1% | | | | | | | | |
BorgWarner, Inc. | | | | | | | | |
3.38%, 03/15/2025 | | | 105,000 | | | | 103,319 | |
| | | | | | | | |
Automobiles - 0.0% (C) | | | | | | | | |
General Motors Co. | | | | | | | | |
4.88%, 10/02/2023 | | | 30,000 | | | | 31,628 | |
6.25%, 10/02/2043 | | | 20,000 | | | | 22,311 | |
| | | | | | | | |
| | | | | | | 53,939 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 37
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Banks - 1.9% | | | | | | | | |
Barclays Bank PLC | | | | | | | | |
10.18%, 06/12/2021 (E) | | | $ 470,000 | | | | $ 622,702 | |
Branch Banking & Trust Co. | | | | | | | | |
3.80%, 10/30/2026 | | | 110,000 | | | | 111,087 | |
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | | | | | | | | |
11.00%, 06/30/2019 (D) (E) (H) | | | 480,000 | | | | 608,400 | |
Deutsche Bank AG | | | | | | | | |
6.00%, 09/01/2017 (B) | | | 240,000 | | | | 261,133 | |
Glitnir HF | | | | | | | | |
6.33%, 07/28/2011 (E) (I) (J) | | | 160,000 | | | | 48,400 | |
HSBC Bank Brasil SA - Banco Multiplo | | | | | | | | |
Series MTN | | | | | | | | |
4.00%, 05/11/2016 (E) | | | 200,000 | | | | 202,400 | |
Intesa Sanpaolo SpA | | | | | | | | |
5.02%, 06/26/2024 (E) | | | 200,000 | | | | 194,309 | |
Korea Development Bank | | | | | | | | |
3.50%, 08/22/2017 | | | 200,000 | | | | 207,669 | |
Macquarie Bank, Ltd. | | | | | | | | |
1.65%, 03/24/2017 (E) | | | 85,000 | | | | 85,287 | |
Nordea Bank AB | | | | | | | | |
4.25%, 09/21/2022 (E) | | | 470,000 | | | | 481,372 | |
Royal Bank of Scotland Group PLC | | | | | | | | |
1.88%, 03/31/2017 | | | 100,000 | | | | 99,492 | |
6.00%, 12/19/2023 | | | 65,000 | | | | 68,831 | |
Wells Fargo & Co. | | | | | | | | |
2.15%, 01/15/2019 | | | 35,000 | | | | 35,217 | |
4.13%, 08/15/2023 | | | 92,000 | | | | 95,522 | |
5.38%, 11/02/2043 | | | 67,000 | | | | 71,537 | |
5.90%, 06/15/2024 (D) (H) | | | 43,000 | | | | 43,107 | |
| | | | | | | | |
| | | | | | | 3,236,465 | |
| | | | | | | | |
Beverages - 0.1% | | | | | | | | |
Anheuser-Busch InBev Finance, Inc. | | | | | | | | |
2.15%, 02/01/2019 | | | 45,000 | | | | 45,128 | |
3.70%, 02/01/2024 (B) | | | 65,000 | | | | 66,528 | |
| | | | | | | | |
| | | | | | | 111,656 | |
| | | | | | | | |
Biotechnology - 0.0% (C) | | | | | | | | |
Amgen, Inc. | | | | | | | | |
5.65%, 06/15/2042 | | | 27,000 | | | | 30,011 | |
| | | | | | | | |
Capital Markets - 1.1% | | | | | | | | |
Ameriprise Financial, Inc. | | | | | | | | |
3.70%, 10/15/2024 | | | 205,000 | | | | 209,497 | |
Bank of New York Mellon Corp. | | | | | | | | |
Series MTN | | | | | | | | |
2.10%, 01/15/2019 | | | 50,000 | | | | 50,146 | |
Goldman Sachs Group, Inc. | | | | | | | | |
2.90%, 07/19/2018 | | | 135,000 | | | | 138,176 | |
3.63%, 02/07/2016 - 01/22/2023 | | | 101,000 | | | | 101,308 | |
5.75%, 01/24/2022 | | | 109,000 | | | | 123,984 | |
6.13%, 02/15/2033 | | | 40,000 | | | | 47,717 | |
6.25%, 02/01/2041 | | | 20,000 | | | | 23,671 | |
6.75%, 10/01/2037 | | | 20,000 | | | | 23,459 | |
Series MTN | | | | | | | | |
1.88%, 11/29/2023 (D) | | | 50,000 | | | | 50,818 | |
7.50%, 02/15/2019 | | | 60,000 | | | | 70,477 | |
Macquarie Group, Ltd. | | | | | | | | |
6.25%, 01/14/2021 (E) | | | 300,000 | | | | 342,058 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Capital Markets (continued) | | | | | | | | |
Morgan Stanley | | | | | | | | |
2.80%, 06/16/2020 | | | $ 380,000 | | | | $ 380,404 | |
5.00%, 11/24/2025 | | | 66,000 | | | | 69,093 | |
State Street Capital Trust IV | | | | | | | | |
1.29%, 06/01/2077 (D) | | | 11,000 | | | | 9,598 | |
UBS AG
7.63%, 08/17/2022 | | | 250,000 | | | | 293,000 | |
| | | | | | | | |
| | | | | | | 1,933,406 | |
| | | | | | | | |
Chemicals - 0.1% | | | | | | | | |
LyondellBasell Industries NV | | | | | | | | |
5.00%, 04/15/2019 | | | 60,000 | | | | 64,996 | |
Monsanto Co. | | | | | | | | |
4.40%, 07/15/2044 | | | 110,000 | | | | 98,502 | |
| | | | | | | | |
| | | | | | | 163,498 | |
| | | | | | | | |
Commercial Services & Supplies - 0.2% | | | | | | | | |
ERAC USA Finance LLC | | | | | | | | |
3.85%, 11/15/2024 (E) | | | 175,000 | | | | 175,648 | |
Hutchison Whampoa International 14, Ltd. | | | | | | | | |
1.63%, 10/31/2017 (E) | | | 200,000 | | | | 199,400 | |
| | | | | | | | |
| | | | | | | 375,048 | |
| | | | | | | | |
Communications Equipment - 0.0% (C) | | | | | | | | |
Cisco Systems, Inc. | | | | | | | | |
2.13%, 03/01/2019 | | | 50,000 | | | | 50,348 | |
| | | | | | | | |
Construction Materials - 0.2% | | | | | | | | |
Martin Marietta Materials, Inc. | | | | | | | | |
4.25%, 07/02/2024 | | | 285,000 | | | | 288,510 | |
| | | | | | | | |
Consumer Finance - 0.1% | | | | | | | | |
Discover Financial Services | | | | | | | | |
3.85%, 11/21/2022 | | | 183,000 | | | | 181,700 | |
| | | | | | | | |
Diversified Financial Services - 1.7% | | | | | | | | |
Bank of America Corp. | | | | | | | | |
2.60%, 01/15/2019 | | | 60,000 | | | | 60,653 | |
2.65%, 04/01/2019 | | | 255,000 | | | | 258,021 | |
4.10%, 07/24/2023 | | | 51,000 | | | | 52,475 | |
5.42%, 03/15/2017 | | | 100,000 | | | | 105,960 | |
5.75%, 12/01/2017 | | | 75,000 | | | | 81,703 | |
Citigroup, Inc. | | | | | | | | |
1.70%, 04/27/2018 | | | 203,000 | | | | 201,695 | |
4.50%, 01/14/2022 | | | 83,000 | | | | 89,404 | |
4.95%, 11/07/2043 | | | 20,000 | | | | 20,735 | |
6.68%, 09/13/2043 | | | 20,000 | | | | 24,223 | |
Credit Suisse Group Funding Guernsey, Ltd. | | | | | | | | |
2.75%, 03/26/2020 (E) | | | 320,000 | | | | 315,985 | |
Ford Motor Credit Co. LLC | | | | | | | | |
4.38%, 08/06/2023 | | | 200,000 | | | | 207,419 | |
General Electric Capital Corp. | | | | | | | | |
7.13%, 06/15/2022 (D) (H) | | | 350,000 | | | | 403,812 | |
Series MTN | | | | | | | | |
6.88%, 01/10/2039 | | | 20,000 | | | | 26,853 | |
JPMorgan Chase & Co. | | | | | | | | |
3.20%, 01/25/2023 | | | 240,000 | | | | 235,388 | |
3.25%, 09/23/2022 | | | 34,000 | | | | 33,779 | |
4.85%, 02/01/2044 | | | 20,000 | | | | 20,666 | |
6.75%, 02/01/2024 (D) (H) | | | 13,000 | | | | 13,890 | |
Series MTN | | | | | | | | |
1.35%, 02/15/2017 | | | 300,000 | | | | 300,262 | |
Kaupthing Bank Hf | | | | | | | | |
7.13%, 05/19/2016 (E) (I) (J) | | | 130,000 | | | | 1 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 38
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Diversified Financial Services (continued) | | | | | | | | |
Kaupthing Bank Hf (continued) | | | | | | | | |
Series MTN | | | | | | | | |
7.63%, 02/28/2015 (E) (I) (J) | | | $ 710,000 | | | | $ 164,188 | |
Lehman Brothers Holdings Capital Trust VII | | | | | | | | |
Series MTN | | | | | | | | |
5.86%, 07/31/2015 (G) (H) (I) (J) | | | 200,000 | | | | 20 | |
Lehman Brothers Holdings E-Capital Trust I | | | | | | | | |
Zero Coupon, 08/19/2065 (G) (I) (J) | | | 120,000 | | | | 12 | |
Lehman Brothers Holdings, Inc. | | | | | | | | |
6.75%, 12/28/2017 (I) (J) (K) | | | 480,000 | | | | 5 | |
Oaktree Capital Management, LP | | | | | | | | |
6.75%, 12/02/2019 (E) | | | 175,000 | | | | 203,699 | |
| | | | | | | | |
| | | | | | | 2,820,848 | |
| | | | | | | | |
Diversified Telecommunication Services - 0.7% | |
AT&T, Inc. | | | | | | | | |
2.45%, 06/30/2020 | | | 255,000 | | | | 249,969 | |
3.40%, 05/15/2025 | | | 130,000 | | | | 123,982 | |
4.35%, 06/15/2045 | | | 70,000 | | | | 59,760 | |
Intelsat Jackson Holdings SA | | | | | | | | |
7.25%, 04/01/2019 | | | 54,000 | | | | 54,810 | |
Sprint Capital Corp. | | | | | | | | |
6.88%, 11/15/2028 | | | 24,000 | | | | 20,640 | |
Verizon Communications, Inc. | | | | | | | | |
2.63%, 02/21/2020 | | | 123,000 | | | | 122,723 | |
3.45%, 03/15/2021 | | | 130,000 | | | | 132,513 | |
3.85%, 11/01/2042 | | | 179,000 | | | | 147,728 | |
4.50%, 09/15/2020 | | | 42,000 | | | | 45,307 | |
6.55%, 09/15/2043 | | | 157,000 | | | | 183,651 | |
| | | | | | | | |
| | | | | | | 1,141,083 | |
| | | | | | | | |
Electric Utilities - 0.7% | | | | | | | | |
Appalachian Power Co. | | | | | | | | |
3.40%, 06/01/2025 | | | 140,000 | | | | 138,007 | |
CenterPoint Energy Houston Electric LLC | | | | | | | | |
4.50%, 04/01/2044 | | | 65,000 | | | | 66,858 | |
Cleveland Electric Illuminating Co. | | | | | | | | |
5.95%, 12/15/2036 | | | 43,000 | | | | 46,941 | |
8.88%, 11/15/2018 | | | 9,000 | | | | 10,936 | |
Commonwealth Edison Co. | | | | | | | | |
4.70%, 01/15/2044 | | | 42,000 | | | | 44,203 | |
Duke Energy Carolinas LLC | | | | | | | | |
4.25%, 12/15/2041 | | | 58,000 | | | | 57,062 | |
Duke Energy Corp. | | | | | | | | |
3.75%, 04/15/2024 | | | 11,000 | | | | 11,208 | |
Entergy Arkansas, Inc. | | | | | | | | |
3.70%, 06/01/2024 | | | 61,000 | | | | 63,673 | |
Georgia Power Co. | | | | | | | | |
3.00%, 04/15/2016 | | | 117,000 | | | | 119,064 | |
Jersey Central Power & Light Co. | | | | | | | | |
7.35%, 02/01/2019 | | | 35,000 | | | | 40,561 | |
Niagara Mohawk Power Corp. | | | | | | | | |
4.88%, 08/15/2019 (E) | | | 155,000 | | | | 170,100 | |
Oncor Electric Delivery Co. LLC | | | | | | | | |
4.10%, 06/01/2022 | | | 12,000 | | | | 12,641 | |
5.30%, 06/01/2042 | | | 25,000 | | | | 27,850 | |
Pacific Gas & Electric Co. | | | | | | | | |
4.75%, 02/15/2044 | | | 17,000 | | | | 17,526 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Electric Utilities (continued) | | | | | | | | |
PacifiCorp | | | | | | | | |
3.60%, 04/01/2024 | | | $ 130,000 | | | | $ 134,213 | |
5.75%, 04/01/2037 | | | 25,000 | | | | 29,483 | |
Progress Energy, Inc. | | | | | | | | |
4.88%, 12/01/2019 | | | 6,000 | | | | 6,552 | |
Public Service Electric & Gas Co. | | | | | | | | |
3.00%, 05/15/2025 | | | 140,000 | | | | 137,279 | |
| | | | | | | | |
| | | | | | | 1,134,157 | |
| | | | | | | | |
Energy Equipment & Services - 0.1% | | | | | | | | |
Schlumberger Investment SA | | | | | | | | |
3.65%, 12/01/2023 | | | 33,000 | | | | 34,103 | |
TransCanada PipeLines, Ltd. | | | | | | | | |
3.75%, 10/16/2023 | | | 37,000 | | | | 37,483 | |
4.63%, 03/01/2034 | | | 35,000 | | | | 34,703 | |
Weatherford International, Ltd. | | | | | | | | |
5.95%, 04/15/2042 (B) | | | 35,000 | | | | 29,585 | |
| | | | | | | | |
| | | | | | | 135,874 | |
| | | | | | | | |
Food & Staples Retailing - 0.3% | | | | | | | | |
CVS Health Corp. | | | | | | | | |
5.30%, 12/05/2043 | | | 14,000 | | | | 15,256 | |
Sysco Corp. | | | | | | | | |
2.35%, 10/02/2019 | | | 190,000 | | | | 191,900 | |
Wal-Mart Stores, Inc. | | | | | | | | |
4.00%, 04/11/2043 | | | 41,000 | | | | 39,122 | |
4.30%, 04/22/2044 | | | 140,000 | | | | 140,371 | |
Walgreens Boots Alliance, Inc. | | | | | | | | |
3.30%, 11/18/2021 | | | 135,000 | | | | 134,063 | |
| | | | | | | | |
| | | | | | | 520,712 | |
| | | | | | | | |
Food Products - 0.1% | | | | | | | | |
HJ Heinz Co. | | | | | | | | |
2.80%, 07/02/2020 (E) (F) | | | 115,000 | | | | 115,089 | |
Mondelez International, Inc. | | | | | | | | |
2.25%, 02/01/2019 | | | 60,000 | | | | 60,097 | |
| | | | | | | | |
| | | | | | | 175,186 | |
| | | | | | | | |
Health Care Equipment & Supplies - 0.2% | | | | | | | | |
Becton Dickinson and Co. | | | | | | | | |
2.68%, 12/15/2019 | | | 80,000 | | | | 80,060 | |
Boston Scientific Corp. | | | | | | | | |
2.65%, 10/01/2018 | | | 56,000 | | | | 56,807 | |
Zimmer Biomet Holdings, Inc. | | | | | | | | |
3.55%, 04/01/2025 | | | 265,000 | | | | 256,040 | |
| | | | | | | | |
| | | | | | | 392,907 | |
| | | | | | | | |
Health Care Providers & Services - 0.2% | | | | | | | | |
Aetna, Inc. | | | | | | | | |
4.75%, 03/15/2044 | | | 14,000 | | | | 13,755 | |
Anthem, Inc. | | | | | | | | |
1.88%, 01/15/2018 | | | 76,000 | | | | 75,867 | |
2.30%, 07/15/2018 | | | 104,000 | | | | 104,619 | |
3.30%, 01/15/2023 | | | 25,000 | | | | 24,027 | |
3.70%, 08/15/2021 | | | 8,000 | | | | 8,186 | |
Coventry Health Care, Inc. | | | | | | | | |
5.45%, 06/15/2021 | | | 66,000 | | | | 74,353 | |
Tenet Healthcare Corp. | | | | | | | | |
6.25%, 11/01/2018 | | | 55,000 | | | | 59,744 | |
UnitedHealth Group, Inc. | | | | | | | | |
3.38%, 11/15/2021 | | | 19,000 | | | | 19,522 | |
| | | | | | | | |
| | | | | | | 380,073 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 39
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Hotels, Restaurants & Leisure - 0.0% (C) | | | | | | | | |
GLP Capital, LP / GLP Financing II, Inc. | | | | | | | | |
4.38%, 11/01/2018 | | | $ 2,000 | | | | $ 2,053 | |
4.88%, 11/01/2020 (B) | | | 5,000 | | | | 5,087 | |
| | | | | | | | |
| | | | | | | 7,140 | |
| | | | | | | | |
Household Products - 0.1% | | | | | | | | |
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC | | | | | | | | |
6.88%, 02/15/2021 | | | 100,000 | | | | 104,250 | |
| | | | | | | | |
Industrial Conglomerates - 0.0% (C) | | | | | | | | |
General Electric Co. | | | | | | | | |
4.50%, 03/11/2044 | | | 36,000 | | | | 36,561 | |
| | | | | | | | |
Insurance - 1.7% | | | | | | | | |
American International Group, Inc. | | | | | | | | |
4.13%, 02/15/2024 | | | 136,000 | | | | 141,124 | |
8.18%, 05/15/2068 (D) | | | 41,000 | | | | 54,284 | |
Fidelity National Financial, Inc. | | | | | | | | |
5.50%, 09/01/2022 | | | 60,000 | | | | 63,120 | |
Genworth Holdings, Inc. | | | | | | | | |
7.63%, 09/24/2021 | | | 45,000 | | | | 47,362 | |
Hanover Insurance Group, Inc. | | | | | | | | |
6.38%, 06/15/2021 | | | 375,000 | | | | 433,051 | |
Lincoln National Corp. | | | | | | | | |
8.75%, 07/01/2019 | | | 195,000 | | | | 239,079 | |
Metropolitan Life Global Funding I | | | | | | | | |
1.30%, 04/10/2017 (E) | | | 195,000 | | | | 195,441 | |
Pacific Life Insurance Co. | | | | | | | | |
9.25%, 06/15/2039 (E) | | | 220,000 | | | | 328,538 | |
Principal Financial Group, Inc. | | | | | | | | |
8.88%, 05/15/2019 | | | 105,000 | | | | 129,260 | |
Prudential Financial, Inc. | | | | | | | | |
Series MTN | | | | | | | | |
5.38%, 06/21/2020 | | | 141,000 | | | | 159,079 | |
Reinsurance Group of America, Inc. | | | | | | | | |
6.75%, 12/15/2065 (D) | | | 441,000 | | | | 410,130 | |
Swiss Re Capital I, LP | | | | | | | | |
6.85%, 05/25/2016 (D) (E) (H) | | | 70,000 | | | | 71,960 | |
ZFS Finance USA Trust II | | | | | | | | |
6.45%, 12/15/2065 (D) (E) | | | 500,000 | | | | 511,385 | |
| | | | | | | | |
| | | | | | | 2,783,813 | |
| | | | | | | | |
IT Services - 0.1% | | | | | | | | |
International Business Machines Corp. | | | | | | | | |
3.63%, 02/12/2024 | | | 100,000 | | | | 101,279 | |
MasterCard, Inc. | | | | | | | | |
2.00%, 04/01/2019 | | | 53,000 | | | | 53,177 | |
3.38%, 04/01/2024 | | | 33,000 | | | | 33,685 | |
| | | | | | | | |
| | | | | | | 188,141 | |
| | | | | | | | |
Life Sciences Tools & Services - 0.2% | | | | | | | | |
Thermo Fisher Scientific, Inc. | | | | | | | | |
1.30%, 02/01/2017 | | | 200,000 | | | | 199,668 | |
2.40%, 02/01/2019 | | | 133,000 | | | | 132,856 | |
5.30%, 02/01/2044 | | | 6,000 | | | | 6,341 | |
| | | | | | | | |
| | | | | | | 338,865 | |
| | | | | | | | |
Machinery - 0.1% | | | | | | | | |
Doosan Heavy Industries & Construction Co., Ltd. | | | | | | | | |
2.13%, 04/27/2020 (E) | | | 200,000 | | | | 196,615 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Media - 0.4% | | | | | | | | |
CBS Corp. | | | | | | | | |
4.63%, 05/15/2018 | | | $ 23,000 | | | | $ 24,671 | |
5.75%, 04/15/2020 | | | 20,000 | | | | 22,527 | |
Clear Channel Worldwide Holdings, Inc. | | | | | | | | |
6.50%, 11/15/2022 | | | 100,000 | | | | 104,125 | |
Comcast Corp. | | | | | | | | |
5.88%, 02/15/2018 | | | 116,000 | | | | 128,724 | |
Cox Communications, Inc. | | | | | | | | |
8.38%, 03/01/2039 (E) | | | 56,000 | | | | 71,389 | |
DIRECTV Holdings LLC / DIRECTV | | | | | | | | |
Financing Co., Inc. | | | | | | | | |
4.60%, 02/15/2021 | | | 67,000 | | | | 71,378 | |
5.00%, 03/01/2021 | | | 34,000 | | | | 36,817 | |
NBCUniversal Media LLC | | | | | | | | |
4.38%, 04/01/2021 | | | 114,000 | | | | 123,471 | |
4.45%, 01/15/2043 | | | 47,000 | | | | 45,172 | |
5.15%, 04/30/2020 | | | 99,000 | | | | 111,183 | |
| | | | | | | | |
| | | | | | | 739,457 | |
| | | | | | | | |
Metals & Mining - 0.1% | | | | | | | | |
BHP Billiton Finance USA, Ltd. | | | | | | | | |
3.85%, 09/30/2023 | | | 44,000 | | | | 45,182 | |
Freeport-McMoRan, Inc. | | | | | | | | |
3.88%, 03/15/2023 | | | 45,000 | | | | 40,879 | |
Novelis, Inc. | | | | | | | | |
8.75%, 12/15/2020 | | | 110,000 | | | | 116,325 | |
Rio Tinto Finance USA PLC | | | | | | | | |
2.88%, 08/21/2022 (B) | | | 33,000 | | | | 31,949 | |
| | | | | | | | |
| | | | | | | 234,335 | |
| | | | | | | | |
Multi-Utilities - 0.1% | | | | | | | | |
CMS Energy Corp. | | | | | | | | |
3.88%, 03/01/2024 | | | 22,000 | | | | 22,369 | |
4.88%, 03/01/2044 | | | 43,000 | | | | 44,484 | |
PG&E Corp. | | | | | | | | |
2.40%, 03/01/2019 | | | 26,000 | | | | 26,034 | |
| | | | | | | | |
| | | | | | | 92,887 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 1.0% | | | | | | | | |
Apache Corp. | | | | | | | | |
4.25%, 01/15/2044 | | | 15,000 | | | | 13,027 | |
4.75%, 04/15/2043 | | | 22,000 | | | | 20,359 | |
BP Capital Markets PLC | | | | | | | | |
2.24%, 05/10/2019 | | | 95,000 | | | | 95,717 | |
Energy Transfer Partners, LP | | | | | | | | |
5.95%, 10/01/2043 | | | 35,000 | | | | 34,301 | |
EOG Resources, Inc. | | | | | | | | |
2.45%, 04/01/2020 | | | 88,000 | | | | 88,611 | |
Exxon Mobil Corp. | | | | | | | | |
1.82%, 03/15/2019 | | | 150,000 | | | | 150,194 | |
Husky Energy, Inc. | | | | | | | | |
4.00%, 04/15/2024 | | | 45,000 | | | | 44,306 | |
Kerr-McGee Corp. | | | | | | | | |
6.95%, 07/01/2024 | | | 50,000 | | | | 60,281 | |
Kinder Morgan Energy Partners, LP | | | | | | | | |
4.15%, 02/01/2024 (B) | | | 142,000 | | | | 137,792 | |
Laredo Petroleum, Inc. | | | | | | | | |
7.38%, 05/01/2022 | | | 60,000 | | | | 63,150 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 40
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Oil, Gas & Consumable Fuels (continued) | | | | | | | | |
Linn Energy LLC / Linn Energy Finance Corp. | | | | | | | | |
6.25%, 11/01/2019 | | | $ 80,000 | | | | $ 62,600 | |
MEG Energy Corp. | | | | | | | | |
6.50%, 03/15/2021 (E) | | | 50,000 | | | | 48,125 | |
Murphy Oil Corp. | | | | | | | | |
2.50%, 12/01/2017 | | | 86,000 | | | | 85,840 | |
Nexen Energy ULC | | | | | | | | |
5.88%, 03/10/2035 | | | 10,000 | | | | 11,049 | |
Noble Energy, Inc. | | | | | | | | |
6.00%, 03/01/2041 | | | 22,000 | | | | 23,290 | |
8.25%, 03/01/2019 | | | 47,000 | | | | 55,998 | |
Peabody Energy Corp. | | | | | | | | |
6.25%, 11/15/2021 (B) | | | 45,000 | | | | 15,300 | |
Petrobras Global Finance BV | | | | | | | | |
3.88%, 01/27/2016 | | | 160,000 | | | | 160,683 | |
6.25%, 03/17/2024 | | | 130,000 | | | | 125,511 | |
Petroleos Mexicanos | | | | | | | | |
3.50%, 07/18/2018 - 01/30/2023 | | | 135,000 | | | | 135,865 | |
Range Resources Corp. | | | | | | | | |
5.75%, 06/01/2021 | | | 10,000 | | | | 10,275 | |
Shell International Finance BV | | | | | | | | |
2.00%, 11/15/2018 | | | 86,000 | | | | 86,906 | |
4.55%, 08/12/2043 | | | 48,000 | | | | 49,048 | |
Western Gas Partners, LP | | | | | | | | |
5.38%, 06/01/2021 | | | 76,000 | | | | 82,035 | |
Williams Cos., Inc. | | | | | | | | |
3.70%, 01/15/2023 (B) | | | 13,000 | | | | 12,104 | |
7.88%, 09/01/2021 | | | 33,000 | | | | 38,738 | |
Williams Partners, LP | | | | | | | | |
5.40%, 03/04/2044 | | | 35,000 | | | | 31,991 | |
| | | | | | | | |
| | | | | | | 1,743,096 | |
| | | | | | | | |
Paper & Forest Products - 0.1% | | | | | |
International Paper Co. | | | | | | | | |
4.75%, 02/15/2022 (B) | | | 126,000 | | | | 136,392 | |
| | | | | | | | |
Pharmaceuticals - 0.5% | | | | | |
AbbVie, Inc. | | | | | | | | |
4.40%, 11/06/2042 | | | 28,000 | | | | 26,493 | |
4.70%, 05/14/2045 | | | 250,000 | | | | 245,909 | |
Actavis Funding SCS | | | | | | | | |
3.80%, 03/15/2025 | | | 140,000 | | | | 137,525 | |
Actavis, Inc. | | | | | | | | |
3.25%, 10/01/2022 | | | 60,000 | | | | 58,162 | |
4.63%, 10/01/2042 | | | 58,000 | | | | 54,058 | |
Bristol-Myers Squibb Co. | | | | | | | | |
4.50%, 03/01/2044 | | | 67,000 | | | | 69,357 | |
Merck & Co., Inc. | | | | | | | | |
1.30%, 05/18/2018 | | | 75,000 | | | | 74,704 | |
Perrigo Co. PLC | | | | | | | | |
2.30%, 11/08/2018 | | | 200,000 | | | | 200,215 | |
Teva Pharmaceutical Finance Co., BV | | | | | | | | |
3.65%, 11/10/2021 | | | 12,000 | | | | 12,230 | |
| | | | | | | | |
| | | | | | | 878,653 | |
| | | | | | | | |
Real Estate Investment Trusts - 1.1% | | | | | |
ARC Properties Operating Partnership, LP | | | | | | | | |
2.00%, 02/06/2017 | | | 245,000 | | | | 237,650 | |
3.00%, 02/06/2019 | | | 60,000 | | | | 56,925 | |
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Real Estate Investment Trusts (continued) | | | | | | | | |
CBL & Associates, LP | | | | | | | | |
5.25%, 12/01/2023 | | | $ 190,000 | | | | $ 195,372 | |
EPR Properties | | | | | | | | |
4.50%, 04/01/2025 | | | 225,000 | | | | 220,955 | |
Host Hotels & Resorts, LP | | | | | | | | |
4.00%, 06/15/2025 | | | 85,000 | | | | 84,368 | |
Kilroy Realty, LP | | | | | | | | |
4.25%, 08/15/2029 | | | 265,000 | | | | 263,836 | |
Realty Income Corp. | | | | | | | | |
3.88%, 07/15/2024 | | | 230,000 | | | | 231,771 | |
Simon Property Group, LP | | | | | | | | |
3.38%, 10/01/2024 | | | 280,000 | | | | 278,199 | |
Ventas Realty, LP / Ventas Capital Corp. | | | | | | | | |
2.70%, 04/01/2020 | | | 20,000 | | | | 19,941 | |
WEA Finance LLC / Westfield UK & Europe Finance PLC | | | | | | | | |
2.70%, 09/17/2019 (E) | | | 180,000 | | | | 180,265 | |
| | | | | | | | |
| | | | | | | 1,769,282 | |
| | | | | | | | |
Road & Rail - 0.1% | | | | | |
Aviation Capital Group Corp. | | | | | | | | |
7.13%, 10/15/2020 (E) | | | 153,000 | | | | 178,175 | |
Burlington Northern Santa Fe LLC | | | | | | | | |
3.00%, 03/15/2023 | | | 18,000 | | | | 17,586 | |
3.75%, 04/01/2024 | | | 12,000 | | | | 12,230 | |
| | | | | | | | |
| | | | | | | 207,991 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 0.2% | | | | | |
Intel Corp. | | | | | | | | |
1.35%, 12/15/2017 | | | 240,000 | | | | 239,915 | |
KLA-Tencor Corp. | | | | | | | | |
4.13%, 11/01/2021 | | | 155,000 | | | | 159,010 | |
| | | | | | | | |
| | | | | | | 398,925 | |
| | | | | | | | |
Software - 0.1% | | | | | |
Microsoft Corp. | | | | | | | | |
2.70%, 02/12/2025 (B) | | | 140,000 | | | | 134,910 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 0.2% | | | | | |
Apple, Inc. | | | | | | | | |
2.40%, 05/03/2023 | | | 210,000 | | | | 200,890 | |
Hewlett-Packard Co. | | | | | | | | |
3.75%, 12/01/2020 | | | 65,000 | | | | 66,983 | |
| | | | | | | | |
| | | | | | | 267,873 | |
| | | | | | | | |
Tobacco - 0.2% | | | | | |
Altria Group, Inc. | | | | | | | | |
4.00%, 01/31/2024 | | | 33,000 | | | | 33,511 | |
Philip Morris International, Inc. | | | | | | | | |
4.88%, 11/15/2043 | | | 25,000 | | | | 25,866 | |
Reynolds American, Inc. | | | | | | | | |
3.25%, 06/12/2020 | | | 100,000 | | | | 101,290 | |
RJ Reynolds Tobacco Co. | | | | | | | | |
8.13%, 06/23/2019 | | | 205,000 | | | | 242,859 | |
| | | | | | | | |
| | | | | | | 403,526 | |
| | | | | | | | |
Trading Companies & Distributors - 0.2% | | | | | |
International Lease Finance Corp. | | | | | | | | |
6.75%, 09/01/2016 (E) | | | 265,000 | | | | 278,747 | |
| | | | | | | | |
Wireless Telecommunication Services - 0.6% | | | | | |
America Movil SAB de CV | | | | | | | | |
3.13%, 07/16/2022 | | | 200,000 | | | | 197,328 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 41
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
CORPORATE DEBT SECURITIES (continued) | | | | | |
Wireless Telecommunication Services (continued) | | | | | |
Crown Castle Towers LLC | | | | | | | | |
4.88%, 08/15/2040 (E) | | | $ 155,000 | | | | $ 168,230 | |
6.11%, 01/15/2040 (E) | | | 335,000 | | | | 381,436 | |
SBA Tower Trust | | | | | | | | |
2.24%, 04/15/2043 (E) | | | 65,000 | | | | 64,661 | |
Sprint Communications, Inc. | | | | | | | | |
9.00%, 11/15/2018 (E) | | | 95,000 | | | | 107,280 | |
Sprint Corp. | | | | | | | | |
7.88%, 09/15/2023 | | | 45,000 | | | | 43,888 | |
T-Mobile USA, Inc. | | | | | | | | |
6.46%, 04/28/2019 | | | 5,000 | | | | 5,150 | |
6.63%, 04/28/2021 | | | 15,000 | | | | 15,563 | |
6.73%, 04/28/2022 | | | 15,000 | | | | 15,637 | |
6.84%, 04/28/2023 (B) | | | 5,000 | | | | 5,256 | |
| | | | | | | | |
| | | | | | | 1,004,429 | |
| | | | | | | | |
Total Corporate Debt Securities
(Cost $27,066,839) | | | | | | | 25,927,977 | |
| | | | | | | | |
|
FOREIGN GOVERNMENT OBLIGATIONS - 0.6% | |
Brazilian Government International Bond | | | | | | | | |
4.25%, 01/07/2025 (B) | | | 200,000 | | | | 193,100 | |
Export-Import Bank of Korea | | | | | | | | |
4.00%, 01/11/2017 | | | 200,000 | | | | 207,840 | |
Indonesia Government International Bond | | | | | | | | |
5.38%, 10/17/2023 (B) (E) | | | 225,000 | | | | 242,156 | |
Mexico Government International Bond | | | | | | | | |
4.00%, 10/02/2023 | | | 180,000 | | �� | | 184,950 | |
Peruvian Government International Bond | | | | | | | | |
7.35%, 07/21/2025 | | | 100,000 | | | | 130,500 | |
Poland Government International Bond | | | | | | | | |
Series 2013-NPL1, Class A | | | | | | | | |
5.00%, 03/23/2022 | | | 40,000 | | | | 44,344 | |
| | | | | | | | |
Total Foreign Government Obligations
(Cost $983,979) | | | | | | | 1,002,890 | |
| | | | | | | | |
|
MORTGAGE-BACKED SECURITIES - 5.3% | |
Adjustable Rate Mortgage Trust | | | | | | | | |
Series 2004-2, Class 7A2 | | | | | | | | |
1.03%, 02/25/2035 (D) | | | 24,058 | | | | 24,087 | |
Alternative Loan Trust | | | | | | | | |
Series 2007-22, Class 2A16 | | | | | | | | |
6.50%, 09/25/2037 | | | 248,972 | | | | 197,576 | |
Banc of America Commercial Mortgage Trust | | | | | | | | |
Series 2007-3, Class A1A | | | | | | | | |
5.75%, 06/10/2049 (D) | | | 78,290 | | | | 83,580 | |
Banc of America Re-REMIC Trust | | | | | | | | |
Series 2010-UB3, Class A4B1 | | | | | | | | |
5.74%, 06/15/2049 (D) (E) | | | 102,250 | | | | 108,595 | |
BB-UBS Trust | | | | | | | | |
Series 2012-TFT, Class A | | | | | | | | |
2.89%, 06/05/2030 (E) | | | 140,000 | | | | 138,270 | |
Series 2012-TFT, Class C | | | | | | | | |
3.58%, 06/05/2030 (D) (E) | | | 315,000 | | | | 302,878 | |
BBCMS Trust | | | | | | | | |
Series 2013-TYSN, Class B | | | | | | | | |
4.04%, 09/05/2032 (E) | | | 245,000 | | | | 259,554 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Bear Stearns Commercial Mortgage Securities Trust | | | | | | | | |
Series 2006-PW14, Class A1A | | | | | | | | |
5.19%, 12/11/2038 | | | $ 91,100 | | | | $ 95,198 | |
Series 2007-PW15, Class A1A | | | | | | | | |
5.32%, 02/11/2044 | | | 60,118 | | | | 63,120 | |
Series 2007-PW17, Class A1A | | | | | | | | |
5.65%, 06/11/2050 (D) | | | 55,899 | | | | 60,011 | |
Series 2007-PW17, Class A3 | | | | | | | | |
5.74%, 06/11/2050 | | | 9,364 | | | | 9,357 | |
Bear Stearns Mortgage Funding Trust | | | | | | | | |
Series 2006-AR5, Class 1A2 | | | | | | | | |
0.40%, 12/25/2046 (D) | | | 145,732 | | | | 61,182 | |
Citigroup Commercial Mortgage Trust | | | | | | | | |
Series 2013-SMP, Class D | | | | | | | | |
3.01%, 01/12/2030 (D) (E) | | | 250,000 | | | | 252,742 | |
Series 2014-GC19, Class A3 | | | | | | | | |
3.75%, 03/10/2047 | | | 45,000 | | | | 46,633 | |
Series 2014-GC19, Class A4 | | | | | | | | |
4.02%, 03/10/2047 | | | 65,000 | | | | 68,893 | |
Series 2015-GC27, Class B | | | | | | | | |
3.77%, 02/10/2048 | | | 157,700 | | | | 153,376 | |
Citigroup Commercial Mortgage Trust, Interest Only STRIPS | | | | | | | | |
Series 2013-SMP, Class XA | | | | | | | | |
0.90%, 01/12/2030 (D) (E) | | | 1,228,293 | | | | 21,335 | |
Citigroup Mortgage Loan Trust | | | | | | | | |
Series 2015-A, Class A1 | | | | | | | | |
3.50%, 06/25/2058 (D) | | | 315,284 | | | | 316,882 | |
COMM Mortgage Trust | | | | | | | | |
Series 2010-RR1, Class GEB | | | | | | | | |
5.54%, 12/11/2049 (D) (E) | | | 160,000 | | | | 167,463 | |
Series 2013-CR11, Class AM | | | | | | | | |
4.72%, 10/10/2046 (D) | | | 20,000 | | | | 21,961 | |
Series 2013-GAM, Class A2 | | | | | | | | |
3.37%, 02/10/2028 (E) | | | 100,000 | | | | 101,359 | |
Series 2014-UBS2, Class A5 | | | | | | | | |
3.96%, 03/10/2047 | | | 45,000 | | | | 47,520 | |
Commercial Mortgage Pass-Through Certificates | | | | | | | | |
Series 2012-LTRT, Class A2 | | | | | | | | |
3.40%, 10/05/2030 (E) | | | 132,000 | | | | 130,661 | |
Series 2014-CR14, Class B | | | | | | | | |
4.76%, 02/10/2047 (D) | | | 45,000 | | | | 48,871 | |
Commercial Mortgage Trust | | | | | | | | |
Series 2007-GG11, Class AM | | | | | | | | |
5.87%, 12/10/2049 (D) | | | 35,000 | | | | 37,543 | |
Core Industrial Trust | | | | | | | | |
Series 2015-CALW, Class B | | | | | | | | |
3.25%, 02/10/2034 (E) | | | 225,000 | | | | 224,304 | |
Credit Suisse Mortgage Capital Certificates | | | | | | | | |
Series 2009-11R, Class 5A1 | | | | | | | | |
4.28%, 08/26/2036 (D) (E) | | | 228,039 | | | | 227,212 | |
CSMC Trust | | | | | | | | |
Series 2010-1R, Class 28A1 | | | | | | | | |
5.00%, 02/27/2047 (E) | | | 127,092 | | | | 128,080 | |
Series 2010-RR1, Class 2A | | | | | | | | |
5.70%, 09/15/2040 (D) (E) | | | 90,000 | | | | 94,064 | |
Series 2010-RR2, Class 2A | | | | | | | | |
6.15%, 09/15/2039 (D) (E) | | | 68,893 | | | | 72,823 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 42
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
CSMC Trust (continued) | | | | | | | | |
Series 2013-8R, Class 3A1 | | | | | | | | |
0.33%, 03/27/2036 (D) (E) | | | $ 186,813 | | | | $ 182,384 | |
Series 2014-4R, Class 21A1 | | | | | | | | |
0.49%, 12/27/2035 (D) (E) | | | 280,823 | | | | 267,583 | |
GE Commercial Mortgage Corp. Trust | | | | | | | | |
Series 2007-C1, Class AAB | | | | | | | | |
5.48%, 12/10/2049 | | | 17,706 | | | | 17,889 | |
GMACM Mortgage Loan Trust | | | | | | | | |
Series 2005-AR1, Class 3A | | | | | | | | |
2.98%, 03/18/2035 (D) | | | 217,667 | | | | 213,104 | |
GS Mortgage Securities Corp. II | | | | | | | | |
Series 2013-KING, Class E | | | | | | | | |
3.55%, 12/10/2027 (D) (E) | | | 100,000 | | | | 94,764 | |
GS Mortgage Securities Trust | | | | | | | | |
Series 2013-G1, Class A2 | | | | | | | | |
3.56%, 04/10/2031 (D) (E) | | | 285,000 | | | | 283,753 | |
Hilton USA Trust, Interest Only STRIPS | | | | | | | | |
Series 2013-HLT, Class X1FX | | | | | | | | |
0.10%, 11/05/2030 (D) (E) | | | 4,500,000 | | | | 1,796 | |
Impac CMB Trust | | | | | | | | |
Series 2004-6, Class 1A1 | | | | | | | | |
0.99%, 10/25/2034 (D) | | | 104,067 | | | | 98,970 | |
Independent National Mortgage Corp. Index Mortgage Loan Trust | | | | | | | | |
Series 2007-AR15, Class 2A1 | | | | | | | | |
4.33%, 08/25/2037 (D) | | | 224,126 | | | | 179,125 | |
Series 2007-AR7, Class 1A1 | | | | | | | | |
2.74%, 11/25/2037 (D) | | | 224,658 | | | | 212,692 | |
JPMorgan Chase Commercial Mortgage Securities Trust | | | | | | | | |
Series 2006-CB14, Class AM | | | | | | | | |
5.66%, 12/12/2044 (D) | | | 70,000 | | | | 70,956 | |
Series 2007-CB18, Class A1A | | | | | | | | |
5.43%, 06/12/2047 (D) | | | 134,038 | | | | 140,799 | |
Series 2007-LD12, Class A1A | | | | | | | | |
5.85%, 02/15/2051 (D) | | | 110,726 | | | | 119,031 | |
Series 2007-LDPX, Class A1A | | | | | | | | |
5.44%, 01/15/2049 | | | 81,449 | | | | 86,061 | |
Series 2008-C2, Class ASB | | | | | | | | |
6.13%, 02/12/2051 (D) | | | 83,192 | | | | 86,766 | |
JPMorgan Re-REMIC Trust | | | | | | | | |
Series 2014-2, Class 6A1 | | | | | | | | |
2.75%, 05/26/2037 (D) (E) | | | 277,711 | | | | 278,955 | |
LB Commercial Mortgage Trust | | | | | | | | |
Series 2007-C3, Class A1A | | | | | | | | |
6.06%, 07/15/2044 (D) | | | 28,134 | | | | 30,347 | |
LB-UBS Commercial Mortgage Trust | | | | | | | | |
Series 2007-C7, Class AM | | | | | | | | |
6.37%, 09/15/2045 (D) | | | 30,000 | | | | 32,892 | |
Merrill Lynch Mortgage Investors Trust | | | | | | | | |
Series 2003-F, Class A1 | | | | | | | | |
0.83%, 10/25/2028 (D) | | | 62,031 | | | | 60,533 | |
Series 2004-A3, Class 4A3 | | | | | | | | |
2.70%, 05/25/2034 (D) | | | 47,373 | | | | 47,227 | |
Merrill Lynch Mortgage Trust | | | | | | | | |
Series 2005-CKI1, Class AJ | | | | | | | | |
5.46%, 11/12/2037 (D) | | | 55,000 | | | | 55,413 | |
Series 2007-C1, Class A1A | | | | | | | | |
6.03%, 06/12/2050 (D) | | | 36,282 | | | | 37,890 | |
Morgan Stanley Capital I Trust | | | | | | | | |
Series 2007-HQ12, Class A2FX | | | | | | | | |
5.86%, 04/12/2049 (D) | | | 14,803 | | | | 14,781 | |
| | | | | | | | |
| | | Principal | | | Value | |
MORTGAGE-BACKED SECURITIES (continued) | |
Morgan Stanley Capital I Trust (continued) | | | | | | | | |
Series 2007-HQ12, Class AM | | | | | | | | |
5.86%, 04/12/2049 (D) | | | $ 85,000 | | | | $ 89,732 | |
Series 2007-IQ13, Class A1A | | | | | | | | |
5.31%, 03/15/2044 | | | 128,140 | | | | 134,362 | |
Series 2007-IQ13, Class AM | | | | | | | | |
5.41%, 03/15/2044 | | | 30,000 | | | | 31,658 | |
Series 2007-IQ14, Class A1A | | | | | | | | |
5.67%, 04/15/2049 (D) | | | 34,219 | | | | 36,433 | |
Series 2007-IQ15, Class AM | | | | | | | | |
6.10%, 06/11/2049 (D) | | | 55,000 | | | | 58,498 | |
Morgan Stanley Re-REMIC Trust | | | | | | | | |
Series 2012-XA, Class A | | | | | | | | |
2.00%, 07/27/2049 (E) | | | 33,704 | | | | 33,687 | |
Series 2014-R3, Class 2A | | | | | | | | |
3.00%, 07/26/2048 (D) (E) | | | 339,477 | | | | 332,666 | |
Motel 6 Trust | | | | | | | | |
Series 2015-MTL6, Class C | | | | | | | | |
3.64%, 02/05/2030 (E) | | | 545,000 | | | | 544,681 | |
Nationstar Mortgage Loan Trust | | | | | | | | |
Series 2013-A, Class A | | | | | | | | |
3.75%, 12/25/2052 (D) (E) | | | 221,972 | | | | 226,669 | |
New Residential Mortgage Loan Trust | | | | | | | | |
Series 2014-1A, Class A | | | | | | | | |
3.75%, 01/25/2054 (D) (E) | | | 93,607 | | | | 96,295 | |
Series 2014-2A, Class A3 | | | | | | | | |
3.75%, 05/25/2054 | | | 258,097 | | | | 266,593 | |
Series 2014-3A, Class AFX3 | | | | | | | | |
3.75%, 11/25/2054 (D) (E) | | | 181,952 | | | | 186,583 | |
Queens Center Mortgage Trust | | | | | | | | |
Series 2013-QCA, Class D | | | | | | | | |
3.59%, 01/11/2037 (D) (E) | | | 130,000 | | | | 121,425 | |
SCG Trust | | | | | | | | |
Series 2013-SRP1, Class A | | | | | | | | |
1.59%, 11/15/2026 (D) (E) | | | 100,000 | | | | 99,898 | |
STRIPS, Ltd. | | | | | | | | |
Series 2012-1A, Class A | | | | | | | | |
1.50%, 12/25/2044 (E) | | | 28,012 | | | | 27,452 | |
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1 | | | | | | | | |
0.89%, 01/19/2034 (D) | | | 141,942 | | | | 137,302 | |
UBS-BAMLL Trust | | | | | | | | |
Series 2012-WRM, Class A | | | | | | | | |
3.66%, 06/10/2030 (E) | | | 225,000 | | | | 231,207 | |
Wachovia Bank Commercial Mortgage Trust | | | | | | | | |
Series 2006-WL7A, Class H | | | | | | | | |
0.59%, 09/15/2021 (D) (E) | | | 100,000 | | | | 97,692 | |
| | | | | | | | |
Total Mortgage-Backed Securities
(Cost $9,104,531) | | | | | | | 8,931,674 | |
| | | | | | | | |
| |
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2% | | | | | |
California - 0.1% | | | | | | | | |
Los Angeles Community College District, General Obligation Unlimited | | | | | | | | |
6.60%, 08/01/2042 | | | 15,000 | | | | 20,022 | |
State of California, General Obligation Unlimited | | | | | | | | |
7.60%, 11/01/2040 | | | 60,000 | | | | 88,903 | |
University of California, Revenue Bonds | | | | | | | | |
Series AD | | | | | | | | |
4.86%, 05/15/2112 | | | 10,000 | | | | 9,035 | |
| | | | | | | | |
| | | | | | | 117,960 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 43
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
MUNICIPAL GOVERNMENT OBLIGATIONS (continued) | | | | | |
Georgia - 0.0% (C) | | | | | | | | |
Municipal Electric Authority of Georgia, Revenue Bonds | | | | | | | | |
6.64%, 04/01/2057 | | | $ 10,000 | | | | $ 11,992 | |
| | | | | | | | |
Illinois - 0.0% (C) | | | | | | | | |
State of Illinois, General Obligation Unlimited | | | | | | | | |
5.10%, 06/01/2033 | | | 55,000 | | | | 51,048 | |
| | | | | | | | |
New Jersey - 0.0% (C) | | | | | | | | |
New Jersey State Turnpike Authority, Revenue Bonds | | | | | | | | |
Series F | | | | | | | | |
7.41%, 01/01/2040 | | | 16,000 | | | | 22,219 | |
| | | | | | | | |
New York - 0.1% | | | | | | | | |
Metropolitan Transportation Authority, Revenue Bonds | | | | | | | | |
Series E | | | | | | | | |
6.81%, 11/15/2040 | | | 15,000 | | | | 19,590 | |
New York City Water & Sewer System, Revenue Bonds | | | | | | | | |
5.88%, 06/15/2044 | | | 15,000 | | | | 18,767 | |
Series EE | | | | | | | | |
5.38%, 06/15/2043 | | | 45,000 | | | | 52,449 | |
5.50%, 06/15/2043 | | | 55,000 | | | | 64,612 | |
New York State Dormitory Authority, Revenue Bonds | | | | | | | | |
Series H | | | | | | | | |
5.39%, 03/15/2040 | | | 10,000 | | | | 11,673 | |
Port Authority of New York & New Jersey, Revenue Bonds | | | | | | | | |
4.96%, 08/01/2046 | | | 20,000 | | | | 21,213 | |
| | | | | | | | |
| | | | | | | 188,304 | |
| | | | | | | | |
Total Municipal Government Obligations
(Cost $365,994) | | | | | | | 391,523 | |
| | | | | | | | |
|
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9% | |
Federal Home Loan Mortgage Corp. | |
3.01%, 02/01/2041 (D) | | | 27,101 | | | | 28,999 | |
5.50%, 06/01/2041 | | | 57,282 | | | | 64,087 | |
Federal National Mortgage Association | |
Zero Coupon, 10/09/2019 | | | 190,000 | | | | 173,532 | |
2.97%, 03/01/2041 (D) | | | 21,723 | | | | 23,268 | |
3.00%, TBA (F) | | | 2,667,000 | | | | 2,657,051 | |
3.13%, 03/01/2041 (D) | | | 23,265 | | | | 24,756 | |
3.16%, 12/01/2040 (D) | | | 30,492 | | | | 32,280 | |
3.33%, 10/25/2023 (D) | | | 55,000 | | | | 57,298 | |
3.50%, 11/01/2028 - 01/01/2029 | | | 174,385 | | | | 185,116 | |
3.50%, TBA (F) | | | 4,214,000 | | | | 4,361,951 | |
3.52%, 09/01/2041 (D) | | | 38,484 | | | | 40,714 | |
4.00%, 10/01/2025 - 07/01/2026 | | | 66,046 | | | | 70,604 | |
4.00%, TBA (F) | | | 1,820,000 | | | | 1,928,254 | |
4.50%, 02/01/2025 - 06/01/2026 | | | 214,305 | | | | 229,424 | |
5.00%, TBA (F) | | | 641,000 | | | | 708,105 | |
5.50%, 09/01/2036 - 08/01/2037 | | | 371,670 | | | | 422,123 | |
6.00%, 02/01/2038 - 04/01/2040 | | | 376,047 | | | | 428,919 | |
6.50%, 05/01/2040 | | | 107,234 | | | | 123,149 | |
Government National Mortgage Association, Interest Only STRIPS | | | | | | | | |
0.93%, 02/16/2053 (D) | | | 281,492 | | | | 19,113 | |
| | | | | | | | |
Total U.S. Government Agency Obligations
(Cost $11,633,365) | | | | | | | 11,578,743 | |
| | | | | | | | |
| | | | | | | | |
| | | Principal | | | Value | |
U.S. GOVERNMENT OBLIGATIONS - 9.6% | |
U.S. Treasury Bond | |
2.75%, 08/15/2042 | | | $ 696,300 | | | | $ 647,831 | |
3.63%, 02/15/2044 | | | 2,078,300 | | | | 2,284,993 | |
4.50%, 02/15/2036 | | | 301,000 | | | | 378,460 | |
U.S. Treasury Inflation Indexed Bond | |
2.50%, 01/15/2029 | | | 300,496 | | | | 370,338 | |
U.S. Treasury Inflation Indexed Note | |
0.13%, 01/15/2023 | | | 92,246 | | | | 90,618 | |
0.63%, 01/15/2024 | | | 1,074,776 | | | | 1,093,081 | |
U.S. Treasury Note | |
0.38%, 05/31/2016 - 10/31/2016 | | | 1,235,500 | | | | 1,234,913 | |
0.50%, 09/30/2016 | | | 1,609,600 | | | | 1,611,738 | |
0.88%, 04/15/2017 - 04/30/2017 | | | 1,495,400 | | | | 1,503,171 | |
1.00%, 11/30/2019 | | | 171,400 | | | | 167,651 | |
1.25%, 11/30/2018 | | | 763,300 | | | | 765,208 | |
1.63%, 03/31/2019 - 11/15/2022 | | | 3,032,000 | | | | 3,023,555 | |
1.88%, 11/30/2021 | | | 431,000 | | | | 428,205 | |
2.00%, 02/15/2025 | | | 144,000 | | | | 139,905 | |
2.25%, 11/15/2024 | | | 798,400 | | | | 793,535 | |
2.50%, 08/15/2023 - 05/15/2024 | | | 1,584,700 | | | | 1,612,828 | |
| | | | | | | | |
Total U.S. Government Obligations
(Cost $16,058,554) | | | | | | | 16,146,030 | |
| | | | | | | | |
|
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.8% | |
U.S. Treasury Bill | |
0.00%, 07/23/2015 - 09/17/2015 (L) | | | 755,400 | | | | 755,396 | |
0.01%, 08/06/2015 - 09/24/2015 (L) | | | 4,003,400 | | | | 4,003,347 | |
0.02%, 07/23/2015 - 09/10/2015 (L) | | | 4,940,400 | | | | 4,940,262 | |
0.19%, 04/28/2016 (L) (M) | | | 70,000 | | | | 69,890 | |
| | | | | | | | |
Total Short-Term U.S. Government Obligations
(Cost $9,768,878) | | | | 9,768,895 | |
| | | | | | | | |
| | |
| | | Shares | | | Value | |
SECURITIES LENDING COLLATERAL - 5.3% | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (L) | | | 8,888,641 | | | | 8,888,641 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $8,888,641) | | | | | | | 8,888,641 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.4% | |
State Street Bank & Trust Co. 0.01% (L),
dated 06/30/2015, to be repurchased at $2,283,504 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $2,331,147. | | | $ 2,283,503 | | | | 2,283,503 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $2,283,503) | | | | | | | 2,283,503 | |
| | | | | | | | |
Total Investments
(Cost $173,063,348) (N) | | | | | | | 187,096,354 | |
Net Other Assets (Liabilities) - (11.1)% | | | | | | | (18,758,878 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 168,337,476 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 44
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| FUTURES CONTRACTS: (O) | | | | | | | | | | | | | | | |
| Description | | Long/Short | | | Number of
Contracts | | | Expiration
Date | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
S&P 500® E-Mini | | | Long | | | | 11 | | | | 09/18/2015 | | | $ | — | | | $ | (10,927 | ) |
SECURITY VALUATION:
Valuation Inputs (P)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 96,995,263 | | | $ | — | | | $ | — | | | $ | 96,995,263 | |
Preferred Stocks | | | 236,613 | | | | — | | | | — | | | | 236,613 | |
Asset-Backed Securities | | | — | | | | 4,944,602 | | | | — | | | | 4,944,602 | |
Corporate Debt Securities | | | — | | | | 25,927,977 | | | | — | | | | 25,927,977 | |
Foreign Government Obligations | | | — | | | | 1,002,890 | | | | — | | | | 1,002,890 | |
Mortgage-Backed Securities | | | — | | | | 8,931,674 | | | | — | | | | 8,931,674 | |
Municipal Government Obligations | | | — | | | | 391,523 | | | | — | | | | 391,523 | |
U.S. Government Agency Obligations | | | — | | | | 11,578,743 | | | | — | | | | 11,578,743 | |
U.S. Government Obligations | | | — | | | | 16,146,030 | | | | — | | | | 16,146,030 | |
Short-Term U.S. Government Obligations | | | — | | | | 9,768,895 | | | | — | | | | 9,768,895 | |
Securities Lending Collateral | | | 8,888,641 | | | | — | | | | — | | | | 8,888,641 | |
Repurchase Agreement | | | — | | | | 2,283,503 | | | | — | | | | 2,283,503 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 106,120,517 | | | $ | 80,975,837 | | | $ | — | | | $ | 187,096,354 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
LIABILITIES | | | | | | | | | | | | | | | | |
Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts (Q) | | $ | (10,927 | ) | | $ | — | | | $ | — | | | $ | (10,927 | ) |
| | | | | | | | | | | | | | | | |
Total Other Financial Instruments | | $ | (10,927 | ) | | $ | — | | | $ | — | | | $ | (10,927 | ) |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of the security is on loan. The value of all securities on loan is $8,693,794. 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% or (0.1)%. |
| (D) | Floating or variable rate security. The rate disclosed is as of June 30, 2015. |
| (E) | Security is registered pursuant to Rule 144A of the Securities Act of 1933. The security is 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, 2015, the total aggregate value of 144A securities is $16,876,506, representing 10.0% of the Portfolio’s net assets. |
| (F) | When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015. |
| (G) | Fair valued as determined in good faith in accordance with procedures established by the Board. Total aggregate fair value of securities is $539,768, representing 0.3% of the Portfolio’s net assets. |
| (H) | The security has a perpetual maturity; the date displayed is the next call date. |
| (J) | Illiquid security. Total aggregate value of illiquid securities is $212,626, representing 0.1% of the Portfolio’s net assets. |
| (K) | Escrow position. Position represents remaining escrow balance expected to be received upon finalization of restructuring. |
| (L) | Rate disclosed reflects the yield at June 30, 2015. |
| (M) | All or a portion of the security has been segregated by the custodian 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 $69,890. |
| (N) | Aggregate cost for federal income tax purposes is $173,063,348. Aggregate gross unrealized appreciation and depreciation for all securities is $18,390,861 and $4,357,855, respectively. Net unrealized appreciation for tax purposes is $14,033,006. |
| (O) | Cash in the amount of $90,000 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 45
Transamerica Partners Balanced Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):
| (P) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
| (Q) | Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation). |
PORTFOLIO ABBREVIATIONS:
| | |
| MTN | | Medium Term Note |
| STRIPS | | Separate Trading of Registered Interest and Principal of Securities |
| TBA | | To Be Announced |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 46
Transamerica Partners Large Value Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 98.8% | | | | | | | | |
Aerospace & Defense - 4.0% | | | | | | | | |
Boeing Co. | | | 28,400 | | | | $ 3,939,648 | |
General Dynamics Corp. | | | 41,610 | | | | 5,895,721 | |
Huntington Ingalls Industries, Inc. | | | 44,000 | | | | 4,953,960 | |
Northrop Grumman Corp. | | | 78,400 | | | | 12,436,592 | |
Spirit Aerosystems Holdings, Inc., Class A (A) | | | 157,000 | | | | 8,652,270 | |
Triumph Group, Inc. | | | 21,410 | | | | 1,412,846 | |
| | | | | | | | |
| | | | | | | 37,291,037 | |
| | | | | | | | |
Air Freight & Logistics - 1.5% | | | | | | | | |
FedEx Corp. | | | 79,400 | | | | 13,529,760 | |
| | | | | | | | |
Airlines - 4.3% | | | | | | | | |
Alaska Air Group, Inc. | | | 164,220 | | | | 10,580,695 | |
Delta Air Lines, Inc. | | | 263,840 | | | | 10,838,547 | |
JetBlue Airways Corp. (A) | | | 45,920 | | | | 953,299 | |
Southwest Airlines Co. | | | 258,600 | | | | 8,557,074 | |
United Continental Holdings, Inc. (A) | | | 163,900 | | | | 8,688,339 | |
| | | | | | | | |
| | | | | | | 39,617,954 | |
| | | | | | | | |
Auto Components - 2.1% | | | | | | | | |
Cooper Tire & Rubber Co. | | | 145,400 | | | | 4,918,882 | |
Delphi Automotive PLC, Class A | | | 52,620 | | | | 4,477,436 | |
Lear Corp. | | | 90,000 | | | | 10,103,400 | |
| | | | | | | | |
| | | | | | | 19,499,718 | |
| | | | | | | | |
Automobiles - 0.6% | | | | | | | | |
General Motors Co. | | | 180,000 | | | | 5,999,400 | |
| | | | | | | | |
Banks - 0.6% | | | | | | | | |
Huntington Bancshares, Inc., Class A | | | 504,000 | | | | 5,700,240 | |
| | | | | | | | |
Beverages - 0.3% | | | | | | | | |
Dr. Pepper Snapple Group, Inc. | | | 37,300 | | | | 2,719,170 | |
| | | | | | | | |
Biotechnology - 2.4% | | | | | | | | |
Gilead Sciences, Inc. | | | 102,190 | | | | 11,964,405 | |
United Therapeutics Corp. (A) (B) | | | 61,170 | | | | 10,640,522 | |
| | | | | | | | |
| | | | | | | 22,604,927 | |
| | | | | | | | |
Capital Markets - 2.7% | | | | | | | | |
Ameriprise Financial, Inc. | | | 33,670 | | | | 4,206,393 | |
Goldman Sachs Group, Inc. | | | 45,700 | | | | 9,541,703 | |
Morgan Stanley | | | 162,600 | | | | 6,307,254 | |
T. Rowe Price Group, Inc. (B) | | | 67,200 | | | | 5,223,456 | |
| | | | | | | | |
| | | | | | | 25,278,806 | |
| | | | | | | | |
Chemicals - 2.1% | | | | | | | | |
CF Industries Holdings, Inc., Class B | | | 170,150 | | | | 10,937,242 | |
LyondellBasell Industries NV, Class A | | | 31,800 | | | | 3,291,936 | |
Mosaic Co. | | | 113,000 | | | | 5,294,050 | |
| | | | | | | | |
| | | | | | | 19,523,228 | |
| | | | | | | | |
Communications Equipment - 0.4% | | | | | | | | |
Cisco Systems, Inc. | | | 57,940 | | | | 1,591,032 | |
Juniper Networks, Inc. | | | 76,600 | | | | 1,989,302 | |
| | | | | | | | |
| | | | | | | 3,580,334 | |
| | | | | | | | |
Consumer Finance - 3.5% | | | | | | | | |
Ally Financial, Inc. (A) | | | 339,100 | | | | 7,606,013 | |
Capital One Financial Corp. | | | 175,440 | | | | 15,433,457 | |
Discover Financial Services | | | 158,550 | | | | 9,135,651 | |
| | | | | | | | |
| | | | | | | 32,175,121 | |
| | | | | | | | |
Diversified Financial Services - 11.0% | | | | | | | | |
Bank of America Corp. | | | 403,980 | | | | 6,875,740 | |
CBOE Holdings, Inc. | | | 7,320 | | | | 418,850 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Diversified Financial Services (continued) | | | | | | | | |
Citigroup, Inc. | | | 490,900 | | | | $ 27,117,316 | |
JPMorgan Chase & Co. | | | 508,270 | | | | 34,440,375 | |
McGraw-Hill Financial, Inc. | | | 100,400 | | | | 10,085,180 | |
Moody’s Corp. | | | 102,600 | | | | 11,076,696 | |
Voya Financial, Inc. | | | 240,800 | | | | 11,189,976 | |
| | | | | | | | |
| | | | | | | 101,204,133 | |
| | | | | | | | |
Diversified Telecommunication Services - 2.4% | | | | | |
AT&T, Inc. | | | 324,990 | | | | 11,543,645 | |
CenturyLink, Inc. | | | 149,200 | | | | 4,383,496 | |
Verizon Communications, Inc. | | | 129,620 | | | | 6,041,588 | |
| | | | | | | | |
| | | | | | | 21,968,729 | |
| | | | | | | | |
Electric Utilities - 3.3% | | | | | | | | |
American Electric Power Co., Inc. | | | 185,800 | | | | 9,841,826 | |
Edison International | | | 187,800 | | | | 10,437,924 | |
Entergy Corp., Class B | | | 145,200 | | | | 10,236,600 | |
| | | | | | | | |
| | | | | | | 30,516,350 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 1.4% | |
Arrow Electronics, Inc. (A) | | | 40,600 | | | | 2,265,480 | |
Flextronics International, Ltd. (A) | | | 528,090 | | | | 5,972,698 | |
Jabil Circuit, Inc. | | | 220,840 | | | | 4,701,683 | |
| | | | | | | | |
| | | | | | | 12,939,861 | |
| | | | | | | | |
Energy Equipment & Services - 5.4% | | | | | | | | |
Cameron International Corp. (A) | | | 236,800 | | | | 12,401,216 | |
Dril-Quip, Inc., Class A (A) | | | 7,470 | | | | 562,117 | |
Ensco PLC, Class A (B) | | | 501,290 | | | | 11,163,728 | |
Nabors Industries, Ltd. | | | 324,000 | | | | 4,675,320 | |
National Oilwell Varco, Inc. | | | 41,170 | | | | 1,987,688 | |
Noble Corp. PLC (B) | | | 399,530 | | | | 6,148,767 | |
Oceaneering International, Inc. | | | 22,840 | | | | 1,064,116 | |
Oil States International, Inc. (A) | | | 235,100 | | | | 8,752,773 | |
Rowan Cos. PLC, Class A (B) | | | 147,900 | | | | 3,122,169 | |
| | | | | | | | |
| | | | | | | 49,877,894 | |
| | | | | | | | |
Food & Staples Retailing - 2.0% | | | | | | | | |
Kroger Co. | | | 153,600 | | | | 11,137,536 | |
Wal-Mart Stores, Inc. | | | 48,100 | | | | 3,411,733 | |
Whole Foods Market, Inc. (B) | | | 96,930 | | | | 3,822,919 | |
| | | | | | | | |
| | | | | | | 18,372,188 | |
| | | | | | | | |
Food Products - 2.6% | | | | | | | | |
Bunge, Ltd. | | | 120,700 | | | | 10,597,460 | |
Pilgrim’s Pride Corp. (B) | | | 39,900 | | | | 916,503 | |
Tyson Foods, Inc., Class A | | | 282,510 | | | | 12,043,401 | |
| | | | | | | | |
| | | | | | | 23,557,364 | |
| | | | | | | | |
Health Care Providers & Services - 4.0% | | | | | | | | |
Anthem, Inc. | | | 52,970 | | | | 8,694,496 | |
Cardinal Health, Inc. | | | 133,480 | | | | 11,165,602 | |
Health Net, Inc. (A) | | | 62,920 | | | | 4,034,430 | |
McKesson Corp. | | | 48,280 | | | | 10,853,827 | |
Omnicare, Inc. | | | 2,950 | | | | 278,037 | |
Quest Diagnostics, Inc. (B) | | | 25,400 | | | | 1,842,008 | |
| | | | | | | | |
| | | | | | | 36,868,400 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 0.5% | | | | | | | | |
Darden Restaurants, Inc. | | | 63,700 | | | | 4,527,796 | |
| | | | | | | | |
Household Durables - 0.4% | | | | | | | | |
Whirlpool Corp. | | | 20,690 | | | | 3,580,405 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 47
Transamerica Partners Large Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Independent Power and Renewable Electricity Producers - 1.0% | |
AES Corp. | | | 664,400 | | | | $ 8,809,944 | |
| | | | | | | | |
Insurance - 9.7% | | | | | | | | |
Allstate Corp. | | | 200,800 | | | | 13,025,896 | |
American International Group, Inc. | | | 320,300 | | | | 19,800,946 | |
Assurant, Inc. | | | 59,260 | | | | 3,970,420 | |
Assured Guaranty, Ltd. | | | 175,300 | | | | 4,205,447 | |
Axis Capital Holdings, Ltd. | | | 111,240 | | | | 5,936,879 | |
Chubb Corp., Class A | | | 15,900 | | | | 1,512,726 | |
Everest RE Group, Ltd. | | | 34,960 | | | | 6,363,069 | |
Hartford Financial Services Group, Inc. | | | 83,780 | | | | 3,482,735 | |
Lincoln National Corp. | | | 86,400 | | | | 5,116,608 | |
Prudential Financial, Inc. | | | 9,680 | | | | 847,194 | |
Reinsurance Group of America, Inc., Class A | | | 40,110 | | | | 3,805,236 | |
RenaissanceRe Holdings, Ltd. | | | 27,630 | | | | 2,804,721 | |
Travelers Cos., Inc. | | | 131,400 | | | | 12,701,124 | |
Unum Group | | | 178,900 | | | | 6,395,675 | |
| | | | | | | | |
| | | | | | | 89,968,676 | |
| | | | | | | | |
Internet Software & Services - 1.1% | | | | | | | | |
Rackspace Hosting, Inc. (A) | | | 36,600 | | | | 1,361,154 | |
VeriSign, Inc. (A) (B) | | | 141,000 | | | | 8,702,520 | |
| | | | | | | | |
| | | | | | | 10,063,674 | |
| | | | | | | | |
IT Services - 0.4% | | | | | | | | |
Amdocs, Ltd. | | | 74,150 | | | | 4,047,848 | |
| | | | | | | | |
Multi-Utilities - 1.0% | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 224,300 | | | | 8,810,504 | |
| | | | | | | | |
Multiline Retail - 1.1% | | | | | | | | |
Kohl’s Corp. | | | 33,080 | | | | 2,071,139 | |
Macy’s, Inc. | | | 121,000 | | | | 8,163,870 | |
| | | | | | | | |
| | | | | | | 10,235,009 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 7.8% | | | | | | | | |
EOG Resources, Inc. | | | 20,120 | | | | 1,761,506 | |
Exxon Mobil Corp. | | | 322,900 | | | | 26,865,280 | |
Hess Corp. | | | 15,460 | | | | 1,033,965 | |
Marathon Oil Corp. | | | 186,530 | | | | 4,950,506 | |
Marathon Petroleum Corp. | | | 257,000 | | | | 13,443,670 | |
Tesoro Corp. | | | 113,620 | | | | 9,590,664 | |
Valero Energy Corp. | | | 232,300 | | | | 14,541,980 | |
| | | | | | | | |
| | | | | | | 72,187,571 | |
| | | | | | | | |
Paper & Forest Products - 0.7% | | | | | | | | |
International Paper Co. | | | 136,200 | | | | 6,481,758 | |
| | | | | | | | |
Personal Products - 0.1% | | | | | | | | |
Herbalife, Ltd. (A) (B) | | | 12,720 | | | | 700,745 | |
| | | | | | | | |
Pharmaceuticals - 6.1% | | | | | | | | |
Johnson & Johnson | | | 263,090 | | | | 25,640,752 | |
Pfizer, Inc. | | | 901,410 | | | | 30,224,277 | |
| | | | | | | | |
| | | | | | | 55,865,029 | |
| | | | | | | | |
Real Estate Investment Trusts - 0.3% | | | | | | | | |
RLJ Lodging Trust | | | 104,900 | | | | 3,123,922 | |
| | | | | | | | |
Real Estate Management & Development - 1.1% | | | | | |
CBRE Group, Inc., Class A (A) | | | 219,160 | | | | 8,108,920 | |
Jones Lang LaSalle, Inc. | | | 12,750 | | | | 2,180,250 | |
| | | | | | | | |
| | | | | | | 10,289,170 | |
| | | | | | | | |
Road & Rail - 0.2% | | | | | | | | |
Avis Budget Group, Inc. (A) | | | 45,900 | | | | 2,023,272 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Semiconductors & Semiconductor Equipment - 1.8% | |
Intel Corp. | | | 535,550 | | | | $ 16,288,753 | |
| | | | | | | | |
Software - 3.2% | | | | | | | | |
Electronic Arts, Inc. (A) | | | 14,290 | | | | 950,285 | |
FactSet Research Systems, Inc. (B) | | | 28,400 | | | | 4,615,284 | |
Microsoft Corp. | | | 273,240 | | | | 12,063,546 | |
Symantec Corp. | | | 528,980 | | | | 12,298,785 | |
| | | | | | | | |
| | | | | | | 29,927,900 | |
| | | | | | | | |
Specialty Retail - 0.8% | | | | | | | | |
Foot Locker, Inc. (B) | | | 105,200 | | | | 7,049,452 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 2.6% | |
Apple, Inc. | | | 87,100 | | | | 10,924,517 | |
Hewlett-Packard Co. | | | 48,860 | | | | 1,466,289 | |
Lexmark International, Inc., Class A | | | 80,900 | | | | 3,575,780 | |
Western Digital Corp. | | | 99,300 | | | | 7,787,106 | |
| | | | | | | | |
| | | | | | | 23,753,692 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 0.3% | |
Coach, Inc., Class A (B) | | | 30,700 | | | | 1,062,527 | |
Deckers Outdoor Corp. (A) (B) | | | 25,800 | | | | 1,856,826 | |
| | | | | | | | |
| | | | | | | 2,919,353 | |
| | | | | | | | |
Tobacco - 2.0% | | | | | | | | |
Altria Group, Inc. | | | 109,200 | | | | 5,340,972 | |
Philip Morris International, Inc. | | | 164,200 | | | | 13,163,914 | |
| | | | | | | | |
| | | | | | | 18,504,886 | |
| | | | | | | | |
Total Common Stocks
(Cost $811,755,402) | | | | | | | 911,983,973 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 4.3% | | | | | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (C) | | | 39,784,367 | | | | 39,784,367 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $39,784,367) | | | | | | | 39,784,367 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 0.1% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $712,006 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $728,483. | | | $ 712,006 | | | | 712,006 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $712,006) | | | | | | | 712,006 | |
| | | | | | | | |
Total Investments
(Cost $852,251,775) (D) | | | | | | | 952,480,346 | |
Net Other Assets (Liabilities) - (3.2)% | | | | | | | (29,599,059 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 922,881,287 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 48
Transamerica Partners Large Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 911,983,973 | | | $ | — | | | $ | — | | | $ | 911,983,973 | |
Securities Lending Collateral | | | 39,784,367 | | | | — | | | | — | | | | 39,784,367 | |
Repurchase Agreement | | | — | | | | 712,006 | | | | — | | | | 712,006 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 951,768,340 | | | $ | 712,006 | | | $ | — | | | $ | 952,480,346 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of the security is on loan. The value of all securities on loan is $38,912,618. 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 disclosed reflects the yield at June 30, 2015. |
| (D) | Aggregate cost for federal income tax purposes is $852,251,775. Aggregate gross unrealized appreciation and depreciation for all securities is $127,797,495 and $27,568,924, respectively. Net unrealized appreciation for tax purposes is $100,228,571. |
| (E) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 49
Transamerica Partners Large Core Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 98.8% | | | | | | | | |
Aerospace & Defense - 4.5% | | | | | | | | |
Boeing Co. | | | 25,100 | | | | $ 3,481,872 | |
General Dynamics Corp. | | | 33,540 | | | | 4,752,282 | |
Lockheed Martin Corp. | | | 9,400 | | | | 1,747,460 | |
Northrop Grumman Corp. | | | 27,260 | | | | 4,324,254 | |
Textron, Inc. | | | 30,500 | | | | 1,361,215 | |
| | | | | | | | |
| | | | | | | 15,667,083 | |
| | | | | | | | |
Air Freight & Logistics - 1.3% | | | | | | | | |
FedEx Corp. | | | 27,100 | | | | 4,617,840 | |
| | | | | | | | |
Airlines - 3.4% | | | | | | | | |
American Airlines Group, Inc. | | | 51,800 | | | | 2,068,633 | |
Delta Air Lines, Inc. | | | 89,200 | | | | 3,664,336 | |
Southwest Airlines Co. | | | 104,000 | | | | 3,441,360 | |
United Continental Holdings, Inc. (A) | | | 53,700 | | | | 2,846,637 | |
| | | | | | | | |
| | | | | | | 12,020,966 | |
| | | | | | | | |
Auto Components - 2.3% | | | | | | | | |
Delphi Automotive PLC, Class A | | | 49,900 | | | | 4,245,991 | |
Goodyear Tire & Rubber Co. | | | 42,740 | | | | 1,288,611 | |
Magna International, Inc., Class A | | | 45,550 | | | | 2,554,900 | |
| | | | | | | | |
| | | | | | | 8,089,502 | |
| | | | | | | | |
Automobiles - 1.3% | | | | | | | | |
General Motors Co. | | | 130,900 | | | | 4,362,897 | |
| | | | | | | | |
Banks - 1.2% | | | | | | | | |
Huntington Bancshares, Inc., Class A (B) | | | 361,500 | | | | 4,088,565 | |
| | | | | | | | |
Beverages - 1.0% | | | | | | | | |
Dr. Pepper Snapple Group, Inc. | | | 48,800 | | | | 3,557,520 | |
| | | | | | | | |
Biotechnology - 3.1% | | | | | | | | |
Biogen, Inc. (A) | | | 8,920 | | | | 3,603,145 | |
Gilead Sciences, Inc. | | | 60,210 | | | | 7,049,387 | |
| | | | | | | | |
| | | | | | | 10,652,532 | |
| | | | | | | | |
Chemicals - 2.9% | | | | | | | | |
CF Industries Holdings, Inc., Class B | | | 63,500 | | | | 4,081,780 | |
LyondellBasell Industries NV, Class A | | | 39,990 | | | | 4,139,765 | |
Mosaic Co. | | | 39,100 | | | | 1,831,835 | |
| | | | | | | | |
| | | | | | | 10,053,380 | |
| | | | | | | | |
Communications Equipment - 0.9% | | | | | | | | |
Cisco Systems, Inc. | | | 59,740 | | | | 1,640,460 | |
F5 Networks, Inc., Class B (A) | | | 11,300 | | | | 1,359,955 | |
| | | | | | | | |
| | | | | | | 3,000,415 | |
| | | | | | | | |
Consumer Finance - 0.2% | | | | | | | | |
Capital One Financial Corp. | | | 9,200 | | | | 809,324 | |
| | | | | | | | |
Diversified Financial Services - 7.9% | | | | | | | | |
Citigroup, Inc. | | | 130,000 | | | | 7,181,200 | |
JPMorgan Chase & Co. | | | 124,430 | | | | 8,431,377 | |
McGraw-Hill Financial, Inc. | | | 42,500 | | | | 4,269,125 | |
Moody’s Corp. | | | 36,970 | | | | 3,991,281 | |
Voya Financial, Inc. | | | 80,600 | | | | 3,745,482 | |
| | | | | | | | |
| | | | | | | 27,618,465 | |
| | | | | | | | |
Diversified Telecommunication Services - 2.5% | |
CenturyLink, Inc. | | | 55,900 | | | | 1,642,342 | |
Verizon Communications, Inc. | | | 154,600 | | | | 7,205,906 | |
| | | | | | | | |
| | | | | | | 8,848,248 | |
| | | | | | | | |
Electric Utilities - 1.6% | | | | | | | | |
American Electric Power Co., Inc. | | | 13,200 | | | | 699,204 | |
Edison International | | | 58,600 | | | | 3,256,988 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Electric Utilities (continued) | | | | | | | | |
Entergy Corp., Class B (B) | | | 22,000 | | | | $ 1,551,000 | |
| | | | | | | | |
| | | | | | | 5,507,192 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 1.0% | |
Corning, Inc. | | | 174,360 | | | | 3,440,123 | |
| | | | | | | | |
Energy Equipment & Services - 2.4% | | | | | | | | |
Cameron International Corp. (A) | | | 76,400 | | | | 4,001,068 | |
Ensco PLC, Class A (B) | | | 154,300 | | | | 3,436,261 | |
Noble Corp. PLC (B) | | | 67,270 | | | | 1,035,285 | |
| | | | | | | | |
| | | | | | | 8,472,614 | |
| | | | | | | | |
Food & Staples Retailing - 3.5% | | | | | | | | |
CVS Health Corp. | | | 37,100 | | | | 3,891,048 | |
Kroger Co. | | | 63,450 | | | | 4,600,759 | |
Whole Foods Market, Inc. | | | 94,600 | | | | 3,731,024 | |
| | | | | | | | |
| | | | | | | 12,222,831 | |
| | | | | | | | |
Food Products - 2.0% | | | | | | | | |
Bunge, Ltd. | | | 37,900 | | | | 3,327,620 | |
Tyson Foods, Inc., Class A | | | 88,300 | | | | 3,764,229 | |
| | | | | | | | |
| | | | | | | 7,091,849 | |
| | | | | | | | |
Health Care Providers & Services - 7.0% | | | | | | | | |
Aetna, Inc. | | | 39,370 | | | | 5,018,100 | |
Anthem, Inc. | | | 6,500 | | | | 1,066,910 | |
Cardinal Health, Inc. | | | 53,300 | | | | 4,458,545 | |
Express Scripts Holding Co. (A) (B) | | | 25,010 | | | | 2,224,390 | |
HCA Holdings, Inc. (A) | | | 24,900 | | | | 2,258,928 | |
Humana, Inc., Class A | | | 16,150 | | | | 3,089,172 | |
McKesson Corp. | | | 21,120 | | | | 4,747,987 | |
Quest Diagnostics, Inc. | | | 23,500 | | | | 1,704,220 | |
| | | | | | | | |
| | | | | | | 24,568,252 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 2.2% | | | | | | | | |
Darden Restaurants, Inc. | | | 55,500 | | | | 3,944,940 | |
Wyndham Worldwide Corp. | | | 43,800 | | | | 3,587,658 | |
| | | | | | | | |
| | | | | | | 7,532,598 | |
| | | | | | | | |
Household Durables - 1.0% | | | | | | | | |
Whirlpool Corp. | | | 20,900 | | | | 3,616,745 | |
| | | | | | | | |
Independent Power and Renewable Electricity Producers - 0.9% | |
AES Corp. | | | 247,000 | | | | 3,275,220 | |
| | | | | | | | |
Insurance - 5.4% | | | | | | | | |
Allstate Corp. | | | 63,900 | | | | 4,145,193 | |
American International Group, Inc. | | | 92,800 | | | | 5,736,896 | |
Assurant, Inc. | | | 22,300 | | | | 1,494,100 | |
Hartford Financial Services Group, Inc. | | | 54,190 | | | | 2,252,678 | |
Lincoln National Corp. | | | 23,500 | | | | 1,391,670 | |
Travelers Cos., Inc. | | | 39,900 | | | | 3,856,734 | |
| | | | | | | | |
| | | | | | | 18,877,271 | |
| | | | | | | | |
Internet Software & Services - 1.6% | | | | | | | | |
eBay, Inc. (A) | | | 37,200 | | | | 2,240,928 | |
VeriSign, Inc. (A) (B) | | | 55,300 | | | | 3,413,116 | |
| | | | | | | | |
| | | | | | | 5,654,044 | |
| | | | | | | | |
IT Services - 0.9% | | | | | | | | |
Xerox Corp. | | | 284,900 | | | | 3,031,336 | |
| | | | | | | | |
Media - 1.2% | | | | | | | | |
Cablevision Systems Corp., Class A (B) | | | 94,030 | | | | 2,251,078 | |
News Corp., Class A (A) | | | 133,440 | | | | 1,946,890 | |
| | | | | | | | |
| | | | | | | 4,197,968 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 50
Transamerica Partners Large Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Multi-Utilities - 0.2% | | | | | | | | |
Public Service Enterprise Group, Inc. | | | 20,930 | | | | $ 822,130 | |
| | | | | | | | |
Multiline Retail - 2.3% | | | | | | | | |
Kohl’s Corp. (B) | | | 55,900 | | | | 3,499,899 | |
Macy’s, Inc. | | | 64,600 | | | | 4,358,562 | |
| | | | | | | | |
| | | | | | | 7,858,461 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 5.1% | | | | | | | | |
Exxon Mobil Corp. | | | 26,500 | | | | 2,204,800 | |
Marathon Oil Corp. | | | 36,400 | | | | 966,056 | |
Marathon Petroleum Corp. | | | 84,200 | | | | 4,404,502 | |
Murphy Oil Corp. | | | 35,100 | | | | 1,459,107 | |
Tesoro Corp. | | | 47,790 | | | | 4,033,954 | |
Valero Energy Corp. | | | 73,500 | | | | 4,601,100 | |
| | | | | | | | |
| | | | | | | 17,669,519 | |
| | | | | | | | |
Paper & Forest Products - 0.5% | | | | | | | | |
International Paper Co. | | | 35,300 | | | | 1,679,927 | |
| | | | | | | | |
Pharmaceuticals - 5.5% | | | | | | | | |
Johnson & Johnson | | | 92,030 | | | | 8,969,244 | |
Merck & Co., Inc. | | | 43,990 | | | | 2,504,351 | |
Pfizer, Inc. | | | 225,410 | | | | 7,557,997 | |
| | | | | | | | |
| | | | | | | 19,031,592 | |
| | | | | | | | |
Professional Services - 0.4% | | | | | | | | |
Dun & Bradstreet Corp. | | | 2,830 | | | | 345,260 | |
Robert Half International, Inc. | | | 19,500 | | | | 1,082,250 | |
| | | | | | | | |
| | | | | | | 1,427,510 | |
| | | | | | | | |
Real Estate Management & Development - 0.9% | | | | | |
CBRE Group, Inc., Class A (A) | | | 86,410 | | | | 3,197,170 | |
| | | | | | | | |
Road & Rail - 0.2% | | | | | | | | |
Ryder System, Inc., Class A | | | 9,540 | | | | 833,510 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 2.2% | |
Intel Corp. | | | 187,500 | | | | 5,702,813 | |
Micron Technology, Inc. (A) (B) | | | 103,300 | | | | 1,946,172 | |
| | | | | | | | |
| | | | | | | 7,648,985 | |
| | | | | | | | |
Software - 7.1% | | | | | | | | |
CA, Inc. (B) | | | 136,900 | | | | 4,009,801 | |
Check Point Software Technologies, Ltd., Class A (A) (B) | | | 21,700 | | | | 1,726,235 | |
Citrix Systems, Inc. (A) | | | 57,190 | | | | 4,012,450 | |
Electronic Arts, Inc. (A) | | | 66,000 | | | | 4,389,000 | |
Microsoft Corp. | | | 148,160 | | | | 6,541,264 | |
Symantec Corp. | | | 170,200 | | | | 3,957,150 | |
| | | | | | | | |
| | | | | | | 24,635,900 | |
| | | | | | | | |
Specialty Retail - 1.0% | | | | | | | | |
Bed Bath & Beyond, Inc. (A) | | | 13,700 | | | | 945,026 | |
Best Buy Co., Inc. (B) | | | 30,900 | | | | 1,007,649 | |
Lowe’s Cos., Inc. | | | 21,300 | | | | 1,426,461 | |
| | | | | | | | |
| | | | | | | 3,379,136 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 5.9% | | | | | |
Apple, Inc. | | | 139,900 | | | | 17,546,957 | |
Western Digital Corp. | | | 37,300 | | | | 2,925,066 | |
| | | | | | | | |
| | | | | | | 20,472,023 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 1.4% | | | | | |
Coach, Inc., Class A (B) | | | 42,460 | | | | 1,469,541 | |
Michael Kors Holdings, Ltd. (A) | | | 21,900 | | | | 921,771 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Textiles, Apparel & Luxury Goods (continued) | | | | | |
NIKE, Inc., Class B | | | 21,800 | | | | $ 2,354,836 | |
| | | | | | | | |
| | | | | | | 4,746,148 | |
| | | | | | | | |
Tobacco - 2.9% | | | | | | | | |
Altria Group, Inc. | | | 89,100 | | | | 4,357,881 | |
Philip Morris International, Inc. | | | 70,600 | | | | 5,660,002 | |
| | | | | | | | |
| | | | | | | 10,017,883 | |
| | | | | | | | |
Total Common Stocks
(Cost $294,173,751) | | | | | | | 344,294,674 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 7.7% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 26,975,642 | | | | 26,975,642 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $26,975,642) | | | | | | | 26,975,642 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 2.0% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $6,893,922 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $7,032,292. | | | $ 6,893,920 | | | | 6,893,920 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $6,893,920) | | | | | | | 6,893,920 | |
| | | | | | | | |
Total Investments
(Cost $328,043,313) (D) | | | | | | | 378,164,236 | |
Net Other Assets (Liabilities) - (8.5)% | | | | | | | (29,617,711 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 348,546,525 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 51
Transamerica Partners Large Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 344,294,674 | | | $ | — | | | $ | — | | | $ | 344,294,674 | |
Securities Lending Collateral | | | 26,975,642 | | | | — | | | | — | | | | 26,975,642 | |
Repurchase Agreement | | | — | | | | 6,893,920 | | | | — | | | | 6,893,920 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 371,270,316 | | | $ | 6,893,920 | | | $ | — | | | $ | 378,164,236 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of the security is on loan. The value of all securities on loan is $26,359,052. 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 disclosed reflects the yield at June 30, 2015. |
| (D) | Aggregate cost for federal income tax purposes is $328,043,313. Aggregate gross unrealized appreciation and depreciation for all securities is $59,183,650 and $9,062,727, respectively. Net unrealized appreciation for tax purposes is $50,120,923. |
| (E) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 52
Transamerica Partners Large Growth Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 99.4% | | | | | | | | |
Aerospace & Defense - 1.9% | | | | | | | | |
Boeing Co. | | | 62,260 | | | | $ 8,636,707 | |
Honeywell International, Inc. | | | 63,181 | | | | 6,442,567 | |
TransDigm Group, Inc. (A) (B) | | | 15,550 | | | | 3,493,618 | |
| | | | | | | | |
| | | | | | | 18,572,892 | |
| | | | | | | | |
Airlines - 0.2% | | | | | | | | |
United Continental Holdings, Inc. (B) | | | 42,440 | | | | 2,249,744 | |
| | | | | | | | |
Automobiles - 0.8% | | | | | | | | |
Tesla Motors, Inc. (A) (B) | | | 29,831 | | | | 8,002,464 | |
| | | | | | | | |
Beverages - 1.0% | | | | | | | | |
Monster Beverage Corp. (B) | | | 69,926 | | | | 9,371,483 | |
| | | | | | | | |
Biotechnology - 7.5% | | | | | | | | |
Alexion Pharmaceuticals, Inc. (B) | | | 38,443 | | | | 6,949,341 | |
Alkermes PLC (B) | | | 43,693 | | | | 2,811,208 | |
Biogen, Inc. (B) | | | 42,612 | | | | 17,212,691 | |
Celgene Corp. (B) | | | 102,428 | | | | 11,854,505 | |
Gilead Sciences, Inc. | | | 109,759 | | | | 12,850,584 | |
Incyte Corp. (B) | | | 51,073 | | | | 5,322,317 | |
Regeneron Pharmaceuticals, Inc., Class A (B) | | | 22,539 | | | | 11,497,820 | |
Vertex Pharmaceuticals, Inc. (B) | | | 31,149 | | | | 3,846,278 | |
| | | | | | | | |
| | | | | | | 72,344,744 | |
| | | | | | | | |
Capital Markets - 1.8% | | | | | | | | |
Ameriprise Financial, Inc. | | | 55,249 | | | | 6,902,257 | |
BlackRock, Inc., Class A | | | 15,390 | | | | 5,324,632 | |
Morgan Stanley | | | 138,597 | | | | 5,376,178 | |
| | | | | | | | |
| | | | | | | 17,603,067 | |
| | | | | | | | |
Chemicals - 2.1% | | | | | | | | |
Dow Chemical Co. | | | 111,906 | | | | 5,726,230 | |
Monsanto Co. | | | 60,323 | | | | 6,429,828 | |
Sherwin-Williams Co. | | | 13,991 | | | | 3,847,805 | |
Valspar Corp. (A) | | | 55,150 | | | | 4,512,373 | |
| | | | | | | | |
| | | | | | | 20,516,236 | |
| | | | | | | | |
Communications Equipment - 0.4% | | | | | | | | |
Cisco Systems, Inc. | | | 135,027 | | | | 3,707,841 | |
| | | | | | | | |
Containers & Packaging - 0.6% | | | | | | | | |
Crown Holdings, Inc. (B) | | | 105,608 | | | | 5,587,719 | |
| | | | | | | | |
Diversified Financial Services - 0.5% | | | | | | | | |
McGraw-Hill Financial, Inc. | | | 50,410 | | | | 5,063,685 | |
| | | | | | | | |
Electrical Equipment - 0.3% | | | | | | | | |
Eaton Corp. PLC | | | 49,530 | | | | 3,342,780 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 0.0% (C) | |
Fitbit, Inc. (B) | | | 3,401 | | | | 130,020 | |
| | | | | | | | |
Energy Equipment & Services - 1.1% | | | | | | | | |
Halliburton Co. | | | 135,991 | | | | 5,857,133 | |
Schlumberger, Ltd. | | | 57,232 | | | | 4,932,826 | |
| | | | | | | | |
| | | | | | | 10,789,959 | |
| | | | | | | | |
Food & Staples Retailing - 3.8% | | | | | | | | |
Costco Wholesale Corp. | | | 114,715 | | | | 15,493,408 | |
CVS Health Corp. | | | 77,561 | | | | 8,134,598 | |
Kroger Co. | | | 70,334 | | | | 5,099,918 | |
Walgreens Boots Alliance, Inc. | | | 90,693 | | | | 7,658,117 | |
| | | | | | | | |
| | | | | | | 36,386,041 | |
| | | | | | | | |
Food Products - 0.8% | | | | | | | | |
Mondelez International, Inc., Class A | | | 192,715 | | | | 7,928,295 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Health Care Equipment & Supplies - 1.2% | | | | | | | | |
Abbott Laboratories | | | 176,878 | | | | $ 8,681,172 | |
Zimmer Biomet Holdings, Inc., Class A | | | 28,070 | | | | 3,066,086 | |
| | | | | | | | |
| | | | | | | 11,747,258 | |
| | | | | | | | |
Health Care Providers & Services - 2.3% | | | | | | | | |
Aetna, Inc. | | | 46,407 | | | | 5,915,036 | |
Envision Healthcare Holdings, Inc. (B) | | | 81,592 | | | | 3,221,252 | |
McKesson Corp. | | | 24,818 | | | | 5,579,335 | |
UnitedHealth Group, Inc. | | | 65,370 | | | | 7,975,140 | |
| | | | | | | | |
| | | | | | | 22,690,763 | |
| | | | | | | | |
Health Care Technology - 0.5% | | | | | | | | |
Cerner Corp. (B) | | | 72,188 | | | | 4,985,303 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 4.7% | | | | | | | | |
Chipotle Mexican Grill, Inc., Class A (B) | | | 17,406 | | | | 10,530,456 | |
Hilton Worldwide Holdings, Inc. (B) | | | 233,500 | | | | 6,432,925 | |
Marriott International, Inc., Class A | | | 96,317 | | | | 7,165,022 | |
Starbucks Corp. | | | 395,201 | | | | 21,188,701 | |
| | | | | | | | |
| | | | | | | 45,317,104 | |
| | | | | | | | |
Household Products - 0.7% | | | | | | | | |
Colgate-Palmolive Co. | | | 102,423 | | | | 6,699,488 | |
| | | | | | | | |
Insurance - 0.5% | | | | | | | | |
Prudential Financial, Inc. | | | 55,090 | | | | 4,821,477 | |
| | | | | | | | |
Internet & Catalog Retail - 6.7% | | | | | | | | |
Amazon.com, Inc. (B) | | | 66,486 | | | | 28,860,908 | |
JD.com, Inc., ADR (B) | | | 148,239 | | | | 5,054,950 | |
Netflix, Inc. (B) | | | 17,327 | | | | 11,382,799 | |
Priceline Group, Inc. (B) | | | 13,941 | | | | 16,051,249 | |
TripAdvisor, Inc. (A) (B) | | | 28,714 | | | | 2,502,138 | |
Vipshop Holdings, Ltd., ADR (A) (B) | | | 40,529 | | | | 901,770 | |
| | | | | | | | |
| | | | | | | 64,753,814 | |
| | | | | | | | |
Internet Software & Services - 9.4% | | | | | | | | |
Akamai Technologies, Inc. (B) | | | 64,045 | | | | 4,471,622 | |
Alibaba Group Holding, Ltd., ADR (B) | | | 64,178 | | | | 5,279,924 | |
Facebook, Inc., Class A (B) | | | 309,884 | | | | 26,577,201 | |
Google, Inc., Class A (B) | | | 29,736 | | | | 16,058,630 | |
Google, Inc., Class C (B) | | | 29,591 | | | | 15,402,411 | |
LendingClub Corp. (A) (B) | | | 19,809 | | | | 292,183 | |
LinkedIn Corp., Class A (B) | | | 39,853 | | | | 8,234,825 | |
Tencent Holdings, Ltd. | | | 422,047 | | | | 8,428,363 | |
Twitter, Inc. (B) | | | 77,163 | | | | 2,794,844 | |
Zillow Group, Inc., Class A (A) (B) | | | 37,930 | | | | 3,290,048 | |
| | | | | | | | |
| | | | | | | 90,830,051 | |
| | | | | | | | |
IT Services - 6.8% | | | | | | | | |
Accenture PLC, Class A | | | 63,634 | | | | 6,158,499 | |
Automatic Data Processing, Inc. | | | 53,141 | | | | 4,263,502 | |
Cognizant Technology Solutions Corp., Class A (B) | | | 83,502 | | | | 5,101,137 | |
FleetCor Technologies, Inc. (B) | | | 39,873 | | | | 6,222,580 | |
Genpact, Ltd. (B) | | | 166,350 | | | | 3,548,246 | |
Jack Henry & Associates, Inc. | | | 51,840 | | | | 3,354,048 | |
Mastercard, Inc., Class A | | | 269,177 | | | | 25,162,666 | |
Visa, Inc., Class A (A) | | | 187,157 | | | | 12,567,593 | |
| | | | | | | | |
| | | | | | | 66,378,271 | |
| | | | | | | | |
Life Sciences Tools & Services - 0.9% | | | | | | | | |
Illumina, Inc. (A) (B) | | | 41,344 | | | | 9,027,876 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 53
Transamerica Partners Large Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Machinery - 1.1% | | | | | | | | |
Illinois Tool Works, Inc., Class A | | | 64,405 | | | | $ 5,911,735 | |
Middleby Corp. (B) | | | 43,290 | | | | 4,858,437 | |
| | | | | | | | |
| | | | | | | 10,770,172 | |
| | | | | | | | |
Media - 2.5% | | | | | | | | |
Time Warner, Inc. | | | 57,909 | | | | 5,061,825 | |
Twenty-First Century Fox, Inc., Class A | | | 235,121 | | | | 7,652,013 | |
Walt Disney Co. | | | 101,070 | | | | 11,536,130 | |
| | | | | | | | |
| | | | | | | 24,249,968 | |
| | | | | | | | |
Multiline Retail - 1.0% | | | | | | | | |
Dollar General Corp. | | | 65,565 | | | | 5,097,023 | |
Dollar Tree, Inc. (B) | | | 54,669 | | | | 4,318,304 | |
| | | | | | | | |
| | | | | | | 9,415,327 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 2.1% | | | | | | | | |
Anadarko Petroleum Corp., Class A | | | 32,101 | | | | 2,505,804 | |
Concho Resources, Inc. (B) | | | 49,775 | | | | 5,667,382 | |
EOG Resources, Inc. | | | 104,303 | | | | 9,131,728 | |
Pioneer Natural Resources Co. | | | 18,799 | | | | 2,607,233 | |
| | | | | | | | |
| | | | | | | 19,912,147 | |
| | | | | | | | |
Personal Products - 1.0% | | | | | | | | |
Coty, Inc., Class A (A) (B) | | | 79,150 | | | | 2,530,426 | |
Estee Lauder Cos., Inc., Class A | | | 87,006 | | | | 7,539,940 | |
| | | | | | | | |
| | | | | | | 10,070,366 | |
| | | | | | | | |
Pharmaceuticals - 6.6% | | | | | | | | |
Allergan PLC (B) | | | 73,883 | | | | 22,420,535 | |
Bristol-Myers Squibb Co. | | | 312,177 | | | | 20,772,258 | |
Merck & Co., Inc. | | | 73,652 | | | | 4,193,008 | |
Novo Nordisk A/S, ADR | | | 145,054 | | | | 7,943,157 | |
Shire PLC, Class B, ADR | | | 35,936 | | | | 8,678,185 | |
| | | | | | | | |
| | | | | | | 64,007,143 | |
| | | | | | | | |
Professional Services - 1.4% | | | | | | | | |
Equifax, Inc. | | | 50,430 | | | | 4,896,249 | |
Nielsen NV | | | 103,536 | | | | 4,635,307 | |
Verisk Analytics, Inc., Class A (B) | | | 52,240 | | | | 3,800,982 | |
| | | | | | | | |
| | | | | | | 13,332,538 | |
| | | | | | | | |
Real Estate Investment Trusts - 0.6% | | | | | | | | |
American Tower Corp., Class A | | | 59,479 | | | | 5,548,796 | |
| | | | | | | | |
Road & Rail - 1.6% | | | | | | | | |
Canadian Pacific Railway, Ltd. | | | 29,618 | | | | 4,745,692 | |
Hertz Global Holdings, Inc. (B) | | | 212,720 | | | | 3,854,487 | |
JB Hunt Transport Services, Inc. (A) | | | 49,420 | | | | 4,056,888 | |
Norfolk Southern Corp. | | | 29,420 | | | | 2,570,131 | |
| | | | | | | | |
| | | | | | | 15,227,198 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 1.8% | | | | | |
ARM Holdings PLC, ADR (A) | | | 104,576 | | | | 5,152,460 | |
Freescale Semiconductor, Ltd. (B) | | | 90,165 | | | | 3,603,895 | |
NXP Semiconductors NV (B) | | | 44,147 | | | | 4,335,235 | |
Skyworks Solutions, Inc. | | | 23,890 | | | | 2,486,949 | |
SunPower Corp., Class A (A) (B) | | | 78,760 | | | | 2,237,572 | |
| | | | | | | | |
| | | | | | | 17,816,111 | |
| | | | | | | | |
Software - 7.6% | | | | | | | | |
Activision Blizzard, Inc. | | | 187,465 | | | | 4,538,528 | |
Adobe Systems, Inc. (B) | | | 107,408 | | | | 8,701,122 | |
FireEye, Inc. (A) (B) | | | 65,809 | | | | 3,218,718 | |
Intuit, Inc. | | | 43,504 | | | | 4,383,898 | |
Microsoft Corp. | | | 308,856 | | | | 13,635,993 | |
PTC, Inc. (B) | | | 39,200 | | | | 1,607,984 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Software (continued) | | | | | | | | |
Red Hat, Inc. (B) | | | 95,819 | | | | $ 7,275,537 | |
salesforce.com, Inc. (B) | | | 192,380 | | | | 13,395,419 | |
Splunk, Inc. (A) (B) | | | 76,913 | | | | 5,354,683 | |
VMware, Inc., Class A (A) (B) | | | 37,438 | | | | 3,209,934 | |
Workday, Inc., Class A (A) (B) | | | 109,728 | | | | 8,382,122 | |
| | | | | | | | |
| | | | | | | 73,703,938 | |
| | | | | | | | |
Specialty Retail - 6.0% | | | | | | | | |
Advance Auto Parts, Inc. (A) | | | 45,867 | | | | 7,306,154 | |
Inditex SA | | | 256,189 | | | | 8,327,024 | |
Lowe’s Cos., Inc. | | | 142,691 | | | | 9,556,016 | |
Michaels Cos., Inc. (A) (B) | | | 182,500 | | | | 4,911,075 | |
O’Reilly Automotive, Inc. (B) | | | 28,760 | | | | 6,499,185 | |
Ross Stores, Inc. | | | 150,706 | | | | 7,325,819 | |
Tiffany & Co. | | | 41,683 | | | | 3,826,499 | |
TJX Cos., Inc. | | | 149,872 | | | | 9,917,030 | |
| | | | | | | | |
| | | | | | | 57,668,802 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 6.6% | |
Apple, Inc. | | | 506,373 | | | | 63,511,834 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 2.2% | |
NIKE, Inc., Class B | | | 119,754 | | | | 12,935,827 | |
PVH Corp. (A) | | | 18,041 | | | | 2,078,323 | |
Under Armour, Inc., Class A (A) (B) | | | 78,813 | | | | 6,576,157 | |
| | | | | | | | |
| | | | | | | 21,590,307 | |
| | | | | | | | |
Tobacco - 0.8% | | | | | | | | |
Altria Group, Inc. | | | 155,484 | | | | 7,604,722 | |
| | | | | | | | |
Total Common Stocks
(Cost $739,582,740) | | | | 963,277,744 | |
| | | | | | | | |
| | |
EXCHANGE-TRADED FUND - 0.3% | | | | | | | | |
Capital Markets - 0.3% | | | | | | | | |
iShares Russell 1000 Growth ETF | | | 29,770 | | | | 2,947,527 | |
| | | | | | | | |
Total Exchange-Traded Fund
(Cost $3,001,732) | | | | 2,947,527 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 7.5% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (D) | | | 72,862,319 | | | | 72,862,319 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $72,862,319) | | | | 72,862,319 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 0.2% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2015, to be repurchased at $2,377,983 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $2,428,278. | | | $ 2,377,983 | | | | 2,377,983 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $2,377,983) | | | | 2,377,983 | |
| | | | | | | | |
Total Investments
(Cost $817,824,774) (E) | | | | 1,041,465,573 | |
Net Other Assets (Liabilities) - (7.4)% | | | | | | | (72,118,745 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 969,346,828 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 54
Transamerica Partners Large Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (F)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 946,522,357 | | | $ | 16,755,387 | | | $ | — | | | $ | 963,277,744 | |
Exchange-Traded Fund | | | 2,947,527 | | | | — | | | | — | | | | 2,947,527 | |
Securities Lending Collateral | | | 72,862,319 | | | | — | | | | — | | | | 72,862,319 | |
Repurchase Agreement | | | — | | | | 2,377,983 | | | | — | | | | 2,377,983 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 1,022,332,203 | | | $ | 19,133,370 | | | $ | — | | | $ | 1,041,465,573 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of the security is on loan. The value of all securities on loan is $71,328,656. 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) | Percentage rounds to less than 0.1% or (0.1)%. |
| (D) | Rate disclosed reflects the yield at June 30, 2015. |
| (E) | Aggregate cost for federal income tax purposes is $817,824,774. Aggregate gross unrealized appreciation and depreciation for all securities is $238,994,162 and $15,353,363, respectively. Net unrealized appreciation for tax purposes is $223,640,799. |
| (F) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
PORTFOLIO ABBREVIATION:
| | |
| ADR | | American Depositary Receipt |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 55
Transamerica Partners Mid Value Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 95.7% | | | | | | | | |
Airlines - 1.2% | | | | | | | | |
Alaska Air Group, Inc. | | | 54,900 | | | | $ 3,537,207 | |
Copa Holdings SA, Class A (A) | | | 80,600 | | | | 6,656,754 | |
| | | | | | | | |
| | | | | | | 10,193,961 | |
| | | | | | | | |
Banks - 4.7% | | | | | | | | |
CIT Group, Inc. | | | 165,500 | | | | 7,694,095 | |
Citizens Financial Group, Inc. | | | 120,008 | | | | 3,277,418 | |
City National Corp. | | | 36,852 | | | | 3,331,052 | |
Fifth Third Bancorp | | | 316,760 | | | | 6,594,943 | |
First Republic Bank, Class A | | | 89,653 | | | | 5,650,829 | |
Huntington Bancshares, Inc., Class A | | | 145,823 | | | | 1,649,258 | |
M&T Bank Corp. (A) | | | 47,368 | | | | 5,917,684 | |
SunTrust Banks, Inc. | | | 139,730 | | | | 6,011,185 | |
Zions Bancorporation (A) | | | 44,385 | | | | 1,408,558 | |
| | | | | | | | |
| | | | | | | 41,535,022 | |
| | | | | | | | |
Beverages - 0.8% | | | | | | | | |
Constellation Brands, Inc., Class A | | | 29,631 | | | | 3,437,788 | |
Dr. Pepper Snapple Group, Inc. | | | 51,502 | | | | 3,754,496 | |
| | | | | | | | |
| | | | | | | 7,192,284 | |
| | | | | | | | |
Building Products - 0.4% | | | | | | | | |
Fortune Brands Home & Security, Inc. | | | 71,952 | | | | 3,296,841 | |
| | | | | | | | |
Capital Markets - 2.3% | | | | | | | | |
Ameriprise Financial, Inc. | | | 45,211 | | | | 5,648,210 | |
Invesco, Ltd. | | | 108,085 | | | | 4,052,107 | |
Legg Mason, Inc. | | | 47,279 | | | | 2,436,287 | |
Northern Trust Corp. | | | 39,164 | | | | 2,994,479 | |
T. Rowe Price Group, Inc. | | | 63,955 | | | | 4,971,222 | |
| | | | | | | | |
| | | | | | | 20,102,305 | |
| | | | | | | | |
Chemicals - 1.2% | | | | | | | | |
Airgas, Inc. | | | 50,226 | | | | 5,312,906 | |
Albemarle Corp. | | | 45,428 | | | | 2,510,806 | |
Sherwin-Williams Co. | | | 11,085 | | | | 3,048,597 | |
| | | | | | | | |
| | | | | | | 10,872,309 | |
| | | | | | | | |
Commercial Services & Supplies - 0.9% | | | | | | | | |
ADT Corp. (A) | | | 231,500 | | | | 7,771,455 | |
| | | | | | | | |
Communications Equipment - 1.8% | | | | | | | | |
ARRIS Group, Inc. (B) | | | 170,600 | | | | 5,220,360 | |
CommScope Holding Co., Inc. (B) | | | 91,939 | | | | 2,805,059 | |
EchoStar Corp., Class A (B) | | | 153,924 | | | | 7,493,020 | |
| | | | | | | | |
| | | | | | | 15,518,439 | |
| | | | | | | | |
Consumer Finance - 0.8% | | | | | | | | |
Ally Financial, Inc. (B) | | | 162,771 | | | | 3,650,954 | |
Navient Corp. | | | 181,300 | | | | 3,301,473 | |
| | | | | | | | |
| | | | | | | 6,952,427 | |
| | | | | | | | |
Containers & Packaging - 2.7% | | | | | | | | |
Ball Corp. | | | 51,162 | | | | 3,589,014 | |
Bemis Co., Inc. | | | 119,400 | | | | 5,374,194 | |
Rexam, PLC, ADR (A) | | | 150,688 | | | | 6,568,490 | |
Rock-Tenn Co., Class A | | | 54,700 | | | | 3,292,940 | |
Silgan Holdings, Inc. | | | 95,757 | | | | 5,052,140 | |
| | | | | | | | |
| | | | | | | 23,876,778 | |
| | | | | | | | |
Distributors - 0.3% | | | | | | | | |
Genuine Parts Co. | | | 31,806 | | | | 2,847,591 | |
| | | | | | | | |
Diversified Consumer Services - 0.9% | | | | | | | | |
H&R Block, Inc. (A) | | | 259,300 | | | | 7,688,245 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Electric Utilities - 4.6% | | | | | | | | |
Edison International | | | 62,165 | | | | $ 3,455,131 | |
PPL Corp. | | | 529,400 | | | | 15,601,418 | |
Westar Energy, Inc., Class A | | | 318,866 | | | | 10,911,594 | |
Xcel Energy, Inc. | | | 339,014 | | | | 10,909,471 | |
| | | | | | | | |
| | | | | | | 40,877,614 | |
| | | | | | | | |
Electrical Equipment - 1.4% | | | | | | | | |
AMETEK, Inc., Class A | | | 79,217 | | | | 4,339,507 | |
Hubbell, Inc., Class B | | | 47,221 | | | | 5,113,090 | |
Regal Beloit Corp. | | | 44,594 | | | | 3,237,079 | |
| | | | | | | | |
| | | | | | | 12,689,676 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 1.6% | |
Amphenol Corp., Class A | | | 77,992 | | | | 4,521,196 | |
Arrow Electronics, Inc. (B) | | | 114,193 | | | | 6,371,970 | |
CDW Corp. | | | 91,300 | | | | 3,129,764 | |
| | | | | | | | |
| | | | | | | 14,022,930 | |
| | | | | | | | |
Energy Equipment & Services - 0.3% | | | | | | | | |
Nabors Industries, Ltd. | | | 207,400 | | | | 2,992,782 | |
| | | | | | | | |
Food & Staples Retailing - 1.8% | | | | | | | | |
Kroger Co. | | | 84,496 | | | | 6,126,805 | |
Rite Aid Corp. (B) | | | 513,149 | | | | 4,284,794 | |
Sysco Corp. | | | 157,800 | | | | 5,696,580 | |
| | | | | | | | |
| | | | | | | 16,108,179 | |
| | | | | | | | |
Food Products - 2.5% | | | | | | | | |
ConAgra Foods, Inc. | | | 152,500 | | | | 6,667,300 | |
Hershey Co. | | | 40,752 | | | | 3,620,000 | |
Kellogg Co. | | | 145,900 | | | | 9,147,930 | |
McCormick & Co., Inc. (A) | | | 28,100 | | | | 2,274,695 | |
| | | | | | | | |
| | | | | | | 21,709,925 | |
| | | | | | | | |
Gas Utilities - 0.9% | | | | | | | | |
National Fuel Gas Co. (A) | | | 45,682 | | | | 2,690,213 | |
Questar Corp. | | | 245,634 | | | | 5,136,207 | |
| | | | | | | | |
| | | | | | | 7,826,420 | |
| | | | | | | | |
Health Care Providers & Services - 5.6% | | | | | | | | |
AmerisourceBergen Corp., Class A | | | 48,267 | | | | 5,132,713 | |
Brookdale Senior Living, Inc., Class A (A) (B) | | | 100,236 | | | | 3,478,189 | |
Cardinal Health, Inc. | | | 51,600 | | | | 4,316,340 | |
Cigna Corp. | | | 47,663 | | | | 7,721,406 | |
Community Health Systems, Inc. (B) | | | 52,390 | | | | 3,298,998 | |
Henry Schein, Inc. (B) | | | 19,916 | | | | 2,830,462 | |
Humana, Inc., Class A | | | 37,401 | | | | 7,154,063 | |
Laboratory Corp. of America Holdings (B) | | | 67,300 | | | | 8,158,106 | |
MEDNAX, Inc. (B) | | | 59,900 | | | | 4,439,189 | |
Universal Health Services, Inc., Class B | | | 17,679 | | | | 2,512,186 | |
| | | | | | | | |
| | | | | | | 49,041,652 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 0.7% | | | | | | | | |
Marriott International, Inc., Class A (A) | | | 35,469 | | | | 2,638,539 | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 41,322 | | | | 3,350,801 | |
| | | | | | | | |
| | | | | | | 5,989,340 | |
| | | | | | | | |
Household Durables - 1.4% | | | | | | | | |
Jarden Corp. (B) | | | 93,480 | | | | 4,837,590 | |
Mohawk Industries, Inc. (B) | | | 37,744 | | | | 7,205,330 | |
| | | | | | | | |
| | | | | | | 12,042,920 | |
| | | | | | | | |
Household Products - 0.0% (C) | | | | | | | | |
Energizer SpinCo, Inc. (B) (D) | | | 3,600 | | | | 122,400 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 56
Transamerica Partners Mid Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Independent Power and Renewable Electricity Producers - 0.1% | |
Talen Energy Corp. (B) | | | 59,255 | | | | $ 1,016,816 | |
| | | | | | | | |
Industrial Conglomerates - 0.6% | | | | | | | | |
Carlisle Cos., Inc. | | | 54,330 | | | | 5,439,520 | |
| | | | | | | | |
Insurance - 10.6% | | | | | | | | |
Alleghany Corp. (B) | | | 27,112 | | | | 12,709,021 | |
Allstate Corp. | | | 154,800 | | | | 10,041,876 | |
Assured Guaranty, Ltd. | | | 238,800 | | | | 5,728,812 | |
Chubb Corp., Class A | | | 40,265 | | | | 3,830,812 | |
Fairfax Financial Holdings, Ltd. | | | 18,900 | | | | 9,336,600 | |
Hartford Financial Services Group, Inc. | | | 117,302 | | | | 4,876,244 | |
Loews Corp. | | | 429,429 | | | | 16,537,311 | |
Marsh & McLennan Cos., Inc. | | | 101,221 | | | | 5,739,231 | |
Old Republic International Corp. | | | 128,890 | | | | 2,014,551 | |
Progressive Corp. | | | 413,034 | | | | 11,494,736 | |
Unum Group | | | 116,667 | | | | 4,170,845 | |
WR Berkley Corp. | | | 44,620 | | | | 2,317,117 | |
XL Group PLC, Class A | | | 123,762 | | | | 4,603,946 | |
| | | | | | | | |
| | | | | | | 93,401,102 | |
| | | | | | | | |
Internet & Catalog Retail - 0.7% | | | | | | | | |
Expedia, Inc. | | | 53,972 | | | | 5,901,838 | |
| | | | | | | | |
IT Services - 4.3% | | | | | | | | |
Amdocs, Ltd. | | | 152,000 | | | | 8,297,680 | |
Computer Sciences Corp. | | | 99,900 | | | | 6,557,436 | |
DST Systems, Inc. | | | 27,100 | | | | 3,414,058 | |
Jack Henry & Associates, Inc. | | | 103,748 | | | | 6,712,496 | |
Total System Services, Inc. | | | 190,000 | | | | 7,936,300 | |
Western Union Co. (A) | | | 266,900 | | | | 5,426,077 | |
| | | | | | | | |
| | | | | | | 38,344,047 | |
| | | | | | | | |
Leisure Products - 0.3% | | | | | | | | |
Brunswick Corp., Class B | | | 43,800 | | | | 2,227,668 | |
| | | | | | | | |
Life Sciences Tools & Services - 0.9% | | | | | | | | |
Bio-Rad Laboratories, Inc., Class A (B) | | | 52,944 | | | | 7,973,896 | |
| | | | | | | | |
Machinery - 2.4% | | | | | | | | |
Babcock & Wilcox Co. (B) | | | 329,800 | | | | 10,817,440 | |
IDEX Corp. | | | 60,077 | | | | 4,720,851 | |
Rexnord Corp. (B) | | | 80,751 | | | | 1,930,756 | |
Snap-on, Inc. | | | 26,250 | | | | 4,180,313 | |
| | | | | | | | |
| | | | | | | 21,649,360 | |
| | | | | | | | |
Media - 6.1% | | | | | | | | |
AMC Networks, Inc., Class A (B) | | | 67,600 | | | | 5,533,060 | |
Cablevision Systems Corp., Class A (A) | | | 93,100 | | | | 2,228,814 | |
CBS Corp., Class B | | | 52,442 | | | | 2,910,531 | |
Discovery Communications, Inc., Class C (B) | | | 156,300 | | | | 4,857,804 | |
DISH Network Corp., Class A (B) | | | 69,672 | | | | 4,717,491 | |
Gannett Co., Inc. (A) (B) | | | 60,547 | | | | 847,052 | |
Liberty Media Corp., Class C (B) | | | 204,900 | | | | 7,355,910 | |
Madison Square Garden Co., Class A (B) | | | 39,900 | | | | 3,331,251 | |
News Corp., Class B (B) | | | 551,100 | | | | 7,847,664 | |
Shaw Communications, Inc., Class B (A) | | | 368,000 | | | | 8,018,720 | |
TEGNA, Inc. | | | 121,094 | | | | 3,883,485 | |
Time, Inc. | | | 93,126 | | | | 2,142,829 | |
| | | | | | | | |
| | | | | | | 53,674,611 | |
| | | | | | | | |
Multi-Utilities - 5.8% | | | | | | | | |
Alliant Energy Corp. | | | 176,000 | | | | 10,158,720 | |
CenterPoint Energy, Inc. | | | 290,369 | | | | 5,525,722 | |
CMS Energy Corp. | | | 481,088 | | | | 15,317,842 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Multi-Utilities (continued) | | | | | | | | |
NiSource, Inc., Class B | | | 54,914 | | | | $ 2,503,529 | |
Sempra Energy | | | 30,474 | | | | 3,015,098 | |
WEC Energy Group, Inc. | | | 334,784 | | | | 15,055,236 | |
| | | | | | | | |
| | | | | | | 51,576,147 | |
| | | | | | | | |
Multiline Retail - 1.2% | | | | | | | | |
Kohl’s Corp. | | | 117,340 | | | | 7,346,657 | |
Nordstrom, Inc. | | | 49,162 | | | | 3,662,569 | |
| | | | | | | | |
| | | | | | | 11,009,226 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 3.4% | | | | | | | | |
Chesapeake Energy Corp. (A) | | | 297,700 | | | | 3,325,309 | |
Energen Corp. | | | 105,614 | | | | 7,213,436 | |
EQT Corp. | | | 72,362 | | | | 5,885,925 | |
Marathon Petroleum Corp. | | | 43,800 | | | | 2,291,178 | |
PBF Energy, Inc., Class A | | | 72,404 | | | | 2,057,722 | |
Southwestern Energy Co. (A) (B) | | | 196,189 | | | | 4,459,376 | |
Valero Energy Corp. | | | 73,400 | | | | 4,594,840 | |
| | | | | | | | |
| | | | | | | 29,827,786 | |
| | | | | | | | |
Personal Products - 0.5% | | | | | | | | |
Edgewell Personal Care Co. | | | 35,430 | | | | 4,660,816 | |
| | | | | | | | |
Professional Services - 0.5% | | | | | | | | |
Equifax, Inc. | | | 49,372 | | | | 4,793,527 | |
| | | | | | | | |
Real Estate Investment Trusts - 6.1% | | | | | | | | |
American Campus Communities, Inc. | | | 71,904 | | | | 2,710,062 | |
Annaly Capital Management, Inc. | | | 1,684,200 | | | | 15,477,798 | |
AvalonBay Communities, Inc. | | | 27,818 | | | | 4,447,264 | |
Boston Properties, Inc. | | | 21,109 | | | | 2,555,033 | |
Brixmor Property Group, Inc. | | | 145,230 | | | | 3,359,170 | |
Equinix, Inc. (A) | | | 12,554 | | | | 3,188,716 | |
General Growth Properties, Inc. | | | 140,226 | | | | 3,598,199 | |
Kimco Realty Corp. | | | 185,713 | | | | 4,185,971 | |
Outfront Media, Inc. | | | 75,314 | | | | 1,900,925 | |
Rayonier, Inc. | | | 97,227 | | | | 2,484,150 | |
Regency Centers Corp. | | | 41,760 | | | | 2,463,005 | |
Vornado Realty Trust, Class A | | | 45,432 | | | | 4,312,860 | |
Weyerhaeuser Co. | | | 104,791 | | | | 3,300,916 | |
| | | | | | | | |
| | | | | | | 53,984,069 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 2.5% | | | | | |
Analog Devices, Inc., Class A | | | 69,006 | | | | 4,429,150 | |
KLA-Tencor Corp. | | | 31,790 | | | | 1,786,916 | |
Micron Technology, Inc. (B) | | | 261,100 | | | | 4,919,124 | |
NVIDIA Corp. | | | 275,700 | | | | 5,544,327 | |
Xilinx, Inc. | | | 116,411 | | | | 5,140,710 | |
| | | | | | | | |
| | | | | | | 21,820,227 | |
| | | | | | | | |
Software - 2.1% | | | | | | | | |
CA, Inc. | | | 188,700 | | | | 5,527,023 | |
Citrix Systems, Inc. (B) | | | 46,700 | | | | 3,276,472 | |
Synopsys, Inc. (B) | | | 193,011 | | | | 9,776,007 | |
| | | | | | | | |
| | | | | | | 18,579,502 | |
| | | | | | | | |
Specialty Retail - 3.9% | | | | | | | | |
Abercrombie & Fitch Co., Class A (A) | | | 221,000 | | | | 4,753,710 | |
AutoZone, Inc. (B) | | | 7,265 | | | | 4,845,029 | |
Bed Bath & Beyond, Inc. (A) (B) | | | 140,032 | | | | 9,659,407 | |
Best Buy Co., Inc. (A) | | | 140,336 | | | | 4,576,357 | |
Gap, Inc., Class A (A) | | | 139,026 | | | | 5,306,622 | |
Tiffany & Co. | | | 55,365 | | | | 5,082,507 | |
| | | | | | | | |
| | | | | | | 34,223,632 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 57
Transamerica Partners Mid Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Technology Hardware, Storage & Peripherals - 1.4% | |
NetApp, Inc. | | | 250,700 | | | | $ 7,912,092 | |
Western Digital Corp. | | | 60,500 | | | | 4,744,410 | |
| | | | | | | | |
| | | | | | | 12,656,502 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 1.3% | | | | | |
Fossil Group, Inc. (A) (B) | | | 80,500 | | | | 5,583,480 | |
PVH Corp. | | | 35,010 | | | | 4,033,152 | |
VF Corp. | | | 29,233 | | | | 2,038,709 | |
| | | | | | | | |
| | | | | | | 11,655,341 | |
| | | | | | | | |
Thrifts & Mortgage Finance - 0.5% | | | | | | | | |
Hudson City Bancorp, Inc. | | | 172,150 | | | | 1,700,842 | |
Ocwen Financial Corp., Class B (A) (B) | | | 227,351 | | | | 2,318,980 | |
| | | | | | | | |
| | | | | | | 4,019,822 | |
| | | | | | | | |
Trading Companies & Distributors - 0.5% | | | | | |
MSC Industrial Direct Co., Inc., Class A (A) | | | 67,058 | | | | 4,678,637 | |
| | | | | | | | |
Water Utilities - 1.2% | | | | | | | | |
American Water Works Co., Inc. | | | 225,900 | | | | 10,985,517 | |
| | | | | | | | |
Total Common Stocks
(Cost $721,744,028) | | | | 845,371,104 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
SECURITIES LENDING COLLATERAL - 10.5% | | | | | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (E) | | | 92,629,338 | | | | $ 92,629,338 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $92,629,338) | | | | 92,629,338 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 5.0% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (E), dated 06/30/2015, to be repurchased at $43,853,792 on 07/01/2015. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 09/25/2039 - 05/15/2040, and with a total value of $44,732,567. | | | $ 43,853,780 | | | | 43,853,780 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $43,853,780) | | | | 43,853,780 | |
| | | | | | | | |
Total Investments
(Cost $858,227,146) (F) | | | | 981,854,222 | |
Net Other Assets (Liabilities) - (11.2)% | | | | (98,835,520 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 883,018,702 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (G)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 845,371,104 | | | $ | — | | | $ | — | | | $ | 845,371,104 | |
Securities Lending Collateral | | | 92,629,338 | | | | — | | | | — | | | | 92,629,338 | |
Repurchase Agreement | | | — | | | | 43,853,780 | | | | — | | | | 43,853,780 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 938,000,442 | | | $ | 43,853,780 | | | $ | — | | | $ | 981,854,222 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of the security is on loan. The value of all securities on loan is $90,635,772. 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) | Percentage rounds to less than 0.1% or (0.1)%. |
| (D) | When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015. |
| (E) | Rate disclosed reflects the yield at June 30, 2015. |
| (F) | Aggregate cost for federal income tax purposes is $858,227,146. Aggregate gross unrealized appreciation and depreciation for all securities is $151,540,197 and $27,913,121, respectively. Net unrealized appreciation for tax purposes is $123,627,076. |
| (G) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
PORTFOLIO ABBREVIATION:
| | |
| ADR | | American Depositary Receipt |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 58
Transamerica Partners Mid Growth Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 99.4% | | | | | | | | |
Aerospace & Defense - 2.1% | | | | | | | | |
Spirit Aerosystems Holdings, Inc., Class A (A) | | | 50,395 | | | | $ 2,777,268 | |
| | | | | | | | |
Auto Components - 3.4% | | | | | | | | |
BorgWarner, Inc. (B) | | | 76,346 | | | | 4,339,507 | |
| | | | | | | | |
Banks - 7.2% | | | | | | | | |
CIT Group, Inc. | | | 56,482 | | | | 2,625,848 | |
Comerica, Inc., Class A (B) | | | 60,359 | | | | 3,097,624 | |
First Republic Bank, Class A (B) | | | 56,749 | | | | 3,576,889 | |
| | | | | | | | |
| | | | | | | 9,300,361 | |
| | | | | | | | |
Chemicals - 4.9% | | | | | | | | |
Methanex Corp. | | | 60,878 | | | | 3,388,470 | |
RPM International, Inc. (B) | | | 59,693 | | | | 2,923,166 | |
| | | | | | | | |
| | | | | | | 6,311,636 | |
| | | | | | | | |
Communications Equipment - 2.8% | | | | | | | | |
F5 Networks, Inc., Class B (A) (B) | | | 29,925 | | | | 3,601,474 | |
| | | | | | | | |
Construction Materials - 2.7% | | | | | | | | |
Eagle Materials, Inc. | | | 45,819 | | | | 3,497,364 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 1.8% | |
Trimble Navigation, Ltd. (A) (B) | | | 100,487 | | | | 2,357,425 | |
| | | | | | | | |
Food & Staples Retailing - 2.7% | | | | | | | | |
Rite Aid Corp. (A) (B) | | | 418,225 | | | | 3,492,179 | |
| | | | | | | | |
Food Products - 2.1% | | | | | | | | |
WhiteWave Foods Co., Class A (A) (B) | | | 56,348 | | | | 2,754,290 | |
| | | | | | | | |
Health Care Equipment & Supplies - 2.5% | | | | | |
Align Technology, Inc. (A) (B) | | | 51,051 | | | | 3,201,408 | |
| | | | | | | | |
Health Care Providers & Services - 9.0% | | | | | |
Brookdale Senior Living, Inc., Class A (A) (B) | | | 92,353 | | | | 3,204,649 | |
Cardinal Health, Inc. (B) | | | 26,438 | | | | 2,211,539 | |
Laboratory Corp. of America Holdings (A) | | | 23,017 | | | | 2,790,121 | |
Universal Health Services, Inc., Class B | | | 23,427 | | | | 3,328,976 | |
| | | | | | | | |
| | | | | | | 11,535,285 | |
| | | | | | | | |
Household Durables - 3.8% | | | | | | | | |
Mohawk Industries, Inc. (A) (B) | | | 14,856 | | | | 2,836,011 | |
Whirlpool Corp. (B) | | | 11,646 | | | | 2,015,340 | |
| | | | | | | | |
| | | | | | | 4,851,351 | |
| | | | | | | | |
Insurance - 2.8% | | | | | | | | |
Hartford Financial Services Group, Inc. | | | 86,038 | | | | 3,576,600 | |
| | | | | | | | |
Internet Software & Services - 2.4% | | | | | | | | |
IAC/InterActiveCorp | | | 38,209 | | | | 3,043,729 | |
| | | | | | | | |
Machinery - 2.5% | | | | | | | | |
WABCO Holdings, Inc. (A) | | | 26,212 | | | | 3,242,949 | |
| | | | | | | | |
Media - 2.4% | | | | | | | | |
Starz, Class A (A) (B) | | | 68,437 | | | | 3,060,503 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 3.9% | | | | | | | | |
EQT Corp. | | | 62,309 | | | | 5,068,214 | |
| | | | | | | | |
Pharmaceuticals - 2.4% | | | | | | | | |
Mylan NV (A) | | | 44,946 | | | | 3,050,035 | |
| | | | | | | | |
Professional Services - 6.2% | | | | | | | | |
Equifax, Inc. | | | 41,459 | | | | 4,025,254 | |
Towers Watson & Co., Class A (B) | | | 31,661 | | | | 3,982,954 | |
| | | | | | | | |
| | | | | | | 8,008,208 | |
| | | | | | | | |
Road & Rail - 6.7% | | | | | | | | |
Genesee & Wyoming, Inc., Class A (A) (B) | | | 33,144 | | | | 2,524,910 | |
Old Dominion Freight Line, Inc. (A) (B) | | | 46,234 | | | | 3,171,884 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Road & Rail (continued) | | | | | | | | |
Ryder System, Inc., Class A (B) | | | 33,917 | | | | $ 2,963,328 | |
| | | | | | | | |
| | | | | | | 8,660,122 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 6.4% | |
Broadcom Corp., Class A | | | 72,097 | | | | 3,712,275 | |
KLA-Tencor Corp. (B) | | | 45,649 | | | | 2,565,930 | |
Synaptics, Inc. (A) (B) | | | 22,324 | | | | 1,936,272 | |
| | | | | | | | |
| | | | | | | 8,214,477 | |
| | | | | | | | |
Software - 3.9% | | | | | | | | |
Fortinet, Inc. (A) | | | 120,482 | | | | 4,979,521 | |
| | | | | | | | |
Specialty Retail - 9.5% | | | | | | | | |
Dick’s Sporting Goods, Inc. | | | 50,197 | | | | 2,598,698 | |
Foot Locker, Inc. (B) | | | 52,004 | | | | 3,484,788 | |
Signet Jewelers, Ltd. | | | 27,399 | | | | 3,513,648 | |
Ulta Salon Cosmetics & Fragrance, Inc. (A) | | | 17,000 | | | | 2,625,650 | |
| | | | | | | | |
| | | | | | | 12,222,784 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 2.7% | | | | | |
Gildan Activewear, Inc., Class A (B) | | | 103,893 | | | | 3,453,403 | |
| | | | | | | | |
Trading Companies & Distributors - 2.6% | | | | | |
Air Lease Corp., Class A (B) | | | 98,990 | | | | 3,355,761 | |
| | | | | | | | |
Total Common Stocks
(Cost $111,740,530) | | | | | | | 127,955,854 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 28.5% | | | | | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (C) | | | 36,654,367 | | | | 36,654,367 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $36,654,367) | | | | | | | 36,654,367 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 0.6% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $733,721 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $752,766. | | | $ 733,721 | | | | 733,721 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $733,721) | | | | 733,721 | |
| | | | | | | | |
Total Investments
(Cost $149,128,618) (D) | | | | 165,343,942 | |
Net Other Assets (Liabilities) - (28.5)% | | | | | | | (36,685,841 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 128,658,101 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 59
Transamerica Partners Mid Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 127,955,854 | | | $ | — | | | $ | — | | | $ | 127,955,854 | |
Securities Lending Collateral | | | 36,654,367 | | | | — | | | | — | | | | 36,654,367 | |
Repurchase Agreement | | | — | | | | 733,721 | | | | — | | | | 733,721 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 164,610,221 | | | $ | 733,721 | | | $ | — | | | $ | 165,343,942 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of the security is on loan. The value of all securities on loan is $35,859,510. 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 disclosed reflects the yield at June 30, 2015. |
| (D) | Aggregate cost for federal income tax purposes is $149,128,618. Aggregate gross unrealized appreciation and depreciation for all securities is $18,120,628 and $1,905,304, respectively. Net unrealized appreciation for tax purposes is $16,215,324. |
| (E) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 60
Transamerica Partners Small Value Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 95.3% | |
Aerospace & Defense - 1.9% | | | | | | | | |
Cubic Corp. | | | 31,701 | | | | $ 1,508,334 | |
| | | | | | | | |
Air Freight & Logistics - 1.0% | | | | | | | | |
UTi Worldwide, Inc. (A) (B) | | | 76,630 | | | | 765,534 | |
| | | | | | | | |
Banks - 11.9% | |
First Busey Corp., Class B | | | 101,130 | | | | 664,424 | |
First Midwest Bancorp, Inc. | | | 72,500 | | | | 1,375,325 | |
First Niagara Financial Group, Inc. (A) | | | 81,810 | | | | 772,287 | |
Flushing Financial Corp., Class A | | | 35,833 | | | | 752,851 | |
Great Western Bancorp, Inc. | | | 31,400 | | | | 757,054 | |
Hancock Holding Co. (A) | | | 27,400 | | | | 874,334 | |
International Bancshares Corp. | | | 55,300 | | | | 1,485,911 | |
MB Financial, Inc. | | | 31,180 | | | | 1,073,839 | |
Webster Financial Corp. | | | 47,400 | | | | 1,874,670 | |
| | | | | | | | |
| | | | | | | 9,630,695 | |
| | | | | | | | |
Beverages - 1.1% | |
C&C Group PLC | | | 230,272 | | | | 902,623 | |
| | | | | | | | |
Building Products - 0.0% (C) | |
Tyman PLC | | | 4,939 | | | | 24,911 | |
| | | | | | | | |
Capital Markets - 0.8% | |
Solar Capital, Ltd. | | | 35,200 | | | | 633,600 | |
| | | | | | | | |
Chemicals - 3.3% | |
Innospec, Inc. | | | 17,900 | | | | 806,216 | |
Koppers Holdings, Inc. | | | 17,160 | | | | 424,195 | |
Sensient Technologies Corp. | | | 20,900 | | | | 1,428,306 | |
| | | | | | | | |
| | | | | | | 2,658,717 | |
| | | | | | | | |
Commercial Services & Supplies - 9.7% | |
ACCO Brands Corp. (B) | | | 127,100 | | | | 987,567 | |
Essendant, Inc. (A) | | | 38,230 | | | | 1,500,527 | |
G&K Services, Inc., Class A | | | 28,200 | | | | 1,949,748 | |
Matthews International Corp., Class A (A) | | | 25,300 | | | | 1,344,442 | |
SP Plus Corp. (A) (B) | | | 50,400 | | | | 1,315,944 | |
Steelcase, Inc., Class A | | | 38,400 | | | | 726,144 | |
| | | | | | | | |
| | | | | | | 7,824,372 | |
| | | | | | | | |
Construction & Engineering - 0.8% | |
Primoris Services Corp. (A) | | | 33,340 | | | | 660,132 | |
| | | | | | | | |
Containers & Packaging - 0.9% | |
Greif, Inc., Class A | | | 19,800 | | | | 709,830 | |
| | | | | | | | |
Electrical Equipment - 0.6% | |
Babcock & Wilcox Enterprises, Inc. (B) (D) | | | 10,100 | | | | 188,466 | |
Thermon Group Holdings, Inc. (B) | | | 10,300 | | | | 247,921 | |
| | | | | | | | |
| | | | | | | 436,387 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 5.5% | |
Belden, Inc. | | | 29,890 | | | | 2,427,964 | |
Coherent, Inc. (B) | | | 12,810 | | | | 813,179 | |
CTS Corp. | | | 2,600 | | | | 50,102 | |
ScanSource, Inc. (B) | | | 30,800 | | | | 1,172,248 | |
| | | | | | | | |
| | | | | | | 4,463,493 | |
| | | | | | | | |
Energy Equipment & Services - 2.2% | |
Era Group, Inc. (B) | | | 30,790 | | | | 630,579 | |
SEACOR Holdings, Inc. (A) (B) | | | 14,630 | | | | 1,037,852 | |
Tesco Corp., Class B | | | 12,700 | | | | 138,430 | |
| | | | | | | | |
| | | | | | | 1,806,861 | |
| | | | | | | | |
Food & Staples Retailing - 1.3% | |
Casey’s General Stores, Inc. (A) | | | 11,000 | | | | 1,053,140 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Food Products - 2.8% | |
Cranswick PLC | | | 39,037 | | | | $ 978,937 | |
Post Holdings, Inc. (A) (B) | | | 23,150 | | | | 1,248,479 | |
| | | | | | | | |
| | | | | | | 2,227,416 | |
| | | | | | | | |
Gas Utilities - 2.8% | |
Laclede Group, Inc. (A) | | | 17,300 | | | | 900,638 | |
New Jersey Resources Corp. (A) | | | 18,900 | | | | 520,695 | |
WGL Holdings, Inc. (A) | | | 15,500 | | | | 841,495 | |
| | | | | | | | |
| | | | | | | 2,262,828 | |
| | | | | | | | |
Health Care Equipment & Supplies - 4.2% | |
Haemonetics Corp. (A) (B) | | | 23,500 | | | | 971,960 | |
ICU Medical, Inc., Class B (B) | | | 11,900 | | | | 1,138,354 | |
STERIS Corp. (A) | | | 19,400 | | | | 1,250,136 | |
| | | | | | | | |
| | | | | | | 3,360,450 | |
| | | | | | | | |
Health Care Providers & Services - 1.9% | |
Amsurg Corp., Class A (A) (B) | | | 16,400 | | | | 1,147,180 | |
Corvel Corp. (B) | | | 12,200 | | | | 390,644 | |
| | | | | | | | |
| | | | | | | 1,537,824 | |
| | | | | | | | |
Health Care Technology - 2.6% | |
Allscripts Healthcare Solutions, Inc. (A) (B) | | | 87,100 | | | | 1,191,528 | |
MedAssets, Inc. (A) (B) | | | 40,800 | | | | 900,048 | |
| | | | | | | | |
| | | | | | | 2,091,576 | |
| | | | | | | | |
Household Durables - 2.7% | |
Helen of Troy, Ltd. (B) | | | 22,285 | | | | 2,172,565 | |
| | | | | | | | |
Insurance - 2.2% | |
AMERISAFE, Inc. | | | 14,200 | | | | 668,252 | |
Primerica, Inc. (A) | | | 24,300 | | | | 1,110,267 | |
| | | | | | | | |
| | | | | | | 1,778,519 | |
| | | | | | | | |
IT Services - 1.3% | |
Forrester Research, Inc. | | | 29,320 | | | | 1,056,106 | |
| | | | | | | | |
Life Sciences Tools & Services - 2.5% | |
Charles River Laboratories International, Inc. (B) | | | 20,800 | | | | 1,463,072 | |
ICON PLC (B) | | | 8,100 | | | | 545,130 | |
| | | | | | | | |
| | | | | | | 2,008,202 | |
| | | | | | | | |
Machinery - 8.2% | |
Albany International Corp., Class A | | | 41,200 | | | | 1,639,760 | |
CIRCOR International, Inc. | | | 10,320 | | | | 562,750 | |
ESCO Technologies, Inc. | | | 28,000 | | | | 1,047,480 | |
Luxfer Holdings PLC, ADR | | | 35,100 | | | | 456,300 | |
Mueller Industries, Inc. | | | 60,300 | | | | 2,093,616 | |
TriMas Corp. (B) | | | 28,700 | | | | 849,520 | |
| | | | | | | | |
| | | | | | | 6,649,426 | |
| | | | | | | | |
Multiline Retail - 1.7% | |
Fred’s, Inc., Class A | | | 69,400 | | | | 1,338,726 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 4.1% | |
Dorian LPG, Ltd. (A) (B) | | | 44,170 | | | | 736,756 | |
RSP Permian, Inc. (B) | | | 39,100 | | | | 1,099,101 | |
Scorpio Tankers, Inc. (A) | | | 149,200 | | | | 1,505,428 | |
| | | | | | | | |
| | | | | | | 3,341,285 | |
| | | | | | | | |
Paper & Forest Products - 1.3% | |
Deltic Timber Corp. (A) | | | 15,840 | | | | 1,071,418 | |
| | | | | | | | |
Pharmaceuticals - 1.1% | | | | | | | | |
Phibro Animal Health Corp., Class A (A) | | | 23,500 | | | | 915,090 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 61
Transamerica Partners Small Value Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | |
Professional Services - 2.3% | |
FTI Consulting, Inc. (A) (B) | | | 28,900 | | | | $ 1,191,836 | |
Mistras Group, Inc. (B) | | | 36,061 | | | | 684,438 | |
| | | | | | | | |
| | | | | | | 1,876,274 | |
| | | | | | | | |
Real Estate Investment Trusts - 2.7% | |
DiamondRock Hospitality Co. | | | 54,530 | | | | 698,529 | |
Education Realty Trust, Inc. (A) | | | 24,499 | | | | 768,289 | |
Summit Hotel Properties, Inc. | | | 56,850 | | | | 739,618 | |
| | | | | | | | |
| | | | | | | 2,206,436 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 1.0% | |
Micrel, Inc. | | | 58,397 | | | | 811,718 | |
| | | | | | | | |
Specialty Retail - 4.1% | |
Ascena Retail Group, Inc., Class B (A) (B) | | | 79,700 | | | | 1,327,404 | |
Cato Corp., Class A | | | 27,920 | | | | 1,082,179 | |
Stage Stores, Inc. | | | 52,200 | | | | 915,066 | |
| | | | | | | | |
| | | | | | | 3,324,649 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 1.6% | |
Diebold, Inc. (A) | | | 36,200 | | | | 1,267,000 | |
| | | | | | | | |
Thrifts & Mortgage Finance - 1.5% | |
Northwest Bancshares, Inc. | | | 92,000 | | | | 1,179,440 | |
| | | | | | | | |
Trading Companies & Distributors - 1.7% | |
GATX Corp. (A) | | | 25,300 | | | | 1,344,695 | |
| | | | | | | | |
Total Common Stocks
(Cost $53,795,092) | | | | 76,900,272 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
SECURITIES LENDING COLLATERAL - 15.6% | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (E) | | | 12,562,325 | | | | $ 12,562,325 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $12,562,325) | | | | 12,562,325 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 5.3% | |
State Street Bank & Trust Co. 0.01% (E), dated 06/30/2015, to be repurchased at $4,311,129 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $4,400,039. | | | $ 4,311,128 | | | | 4,311,128 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $4,311,128) | | | | 4,311,128 | |
| | | | | | | | |
Total Investments
(Cost $70,668,545) (F) | | | | | | | 93,773,725 | |
Net Other Assets (Liabilities) - (16.2)% | | | | | | | (13,043,057 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 80,730,668 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (G)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 74,993,801 | | | $ | 1,906,471 | | | $ | — | | | $ | 76,900,272 | |
Securities Lending Collateral | | | 12,562,325 | | | | — | | | | — | | | | 12,562,325 | |
Repurchase Agreement | | | — | | | | 4,311,128 | | | | — | | | | 4,311,128 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 87,556,126 | | | $ | 6,217,599 | | | $ | — | | | $ | 93,773,725 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of the security is on loan. The value of all securities on loan is $12,274,469. 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) | Percentage rounds to less than 0.1% or (0.1)%. |
| (D) | When-issued security or delayed-delivery security; to be settled and delivered after June 30, 2015. |
| (E) | Rate disclosed reflects the yield at June 30, 2015. |
| (F) | Aggregate cost for federal income tax purposes is $70,668,545. Aggregate gross unrealized appreciation and depreciation for all securities is $24,109,028 and $1,003,848, respectively. Net unrealized appreciation for tax purposes is $23,105,180. |
| (G) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
PORTFOLIO ABBREVIATION:
| | |
| ADR | | American Depositary Receipt |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 62
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 99.0% | | | | | | | | |
Aerospace & Defense - 1.1% | | | | | | | | |
Ducommun, Inc. (A) | | | 41,990 | | | | $ 1,077,883 | |
Moog, Inc., Class A (A) | | | 14,250 | | | | 1,007,190 | |
Triumph Group, Inc. | | | 14,755 | | | | 973,683 | |
| | | | | | | | |
| | | | | | | 3,058,756 | |
| | | | | | | | |
Air Freight & Logistics - 0.4% | | | | | | | | |
Atlas Air Worldwide Holdings, Inc. (A) | | | 18,465 | | | | 1,014,836 | |
| | | | | | | | |
Auto Components - 0.3% | | | | | | | | |
Cooper Tire & Rubber Co. | | | 29,055 | | | | 982,931 | |
| | | | | | | | |
Banks - 4.7% | | | | | | | | |
Banc of California, Inc. | | | 70,965 | | | | 975,769 | |
Banner Corp. | | | 20,375 | | | | 976,574 | |
Cathay General Bancorp | | | 29,915 | | | | 970,742 | |
Eagle Bancorp, Inc. (A) | | | 22,140 | | | | 973,274 | |
First BanCorp (A) | | | 164,200 | | | | 791,444 | |
First Merchants Corp. | | | 39,995 | | | | 987,876 | |
First NBC Bank Holding Co. (A) | | | 27,445 | | | | 988,020 | |
Glacier Bancorp, Inc. | | | 33,030 | | | | 971,743 | |
Heartland Financial USA, Inc. | | | 26,400 | | | | 982,608 | |
Investors Bancorp, Inc. | | | 79,225 | | | | 974,468 | |
National Penn Bancshares, Inc. | | | 86,390 | | | | 974,479 | |
Popular, Inc. (A) | | | 30,085 | | | | 868,253 | |
S&T Bancorp, Inc. | | | 33,195 | | | | 982,240 | |
Wilshire Bancorp, Inc. | | | 78,350 | | | | 989,560 | |
| | | | | | | | |
| | | | | | | 13,407,050 | |
| | | | | | | | |
Biotechnology - 0.7% | | | | | | | | |
Myriad Genetics, Inc. (A) (B) | | | 28,241 | | | | 959,911 | |
PDL Biopharma, Inc. | | | 149,395 | | | | 960,610 | |
| | | | | | | | |
| | | | | | | 1,920,521 | |
| | | | | | | | |
Building Products - 0.4% | | | | | | | | |
Quanex Building Products Corp. | | | 49,085 | | | | 1,051,892 | |
| | | | | | | | |
Capital Markets - 1.1% | | | | | | | | |
Cowen Group, Inc., Class A (A) | | | 160,630 | | | | 1,028,032 | |
Investment Technology Group, Inc. | | | 35,180 | | | | 872,464 | |
Janus Capital Group, Inc. (B) | | | 59,558 | | | | 1,019,633 | |
Piper Jaffray Cos. (A) | | | 5,186 | | | | 226,317 | |
| | | | | | | | |
| | | | | | | 3,146,446 | |
| | | | | | | | |
Chemicals - 1.3% | | | | | | | | |
A. Schulman, Inc. | | | 22,316 | | | | 975,655 | |
Cabot Corp. | | | 22,685 | | | | 845,924 | |
Kronos Worldwide, Inc. (B) | | | 85,335 | | | | 935,272 | |
Stepan Co. | | | 18,285 | | | | 989,401 | |
| | | | | | | | |
| | | | | | | 3,746,252 | |
| | | | | | | | |
Commercial Services & Supplies - 2.9% | | | | | | | | |
ABM Industries, Inc. | | | 29,560 | | | | 971,637 | |
ACCO Brands Corp. (A) | | | 133,565 | | | | 1,037,800 | |
Brady Corp., Class A | | | 38,685 | | | | 957,067 | |
Ennis, Inc. | | | 37,105 | | | | 689,782 | |
Essendant, Inc. (B) | | | 25,115 | | | | 985,764 | |
Pitney Bowes, Inc. | | | 45,075 | | | | 938,011 | |
Quad/Graphics, Inc. | | | 49,690 | | | | 919,762 | |
R.R. Donnelley & Sons Co. (B) | | | 53,970 | | | | 940,697 | |
Tetra Tech, Inc. | | | 38,065 | | | | 975,986 | |
| | | | | | | | |
| | | | | | | 8,416,506 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Communications Equipment - 2.4% | | | | | | | | |
Brocade Communications Systems, Inc. | | | 78,846 | | | | $ 936,690 | |
Comtech Telecommunications Corp. | | | 34,359 | | | | 998,129 | |
Harmonic, Inc. (A) | | | 142,238 | | | | 971,486 | |
InterDigital, Inc. (B) | | | 17,140 | | | | 975,095 | |
NETGEAR, Inc. (A) | | | 34,020 | | | | 1,021,280 | |
Plantronics, Inc. | | | 17,125 | | | | 964,309 | |
Polycom, Inc. (A) | | | 80,977 | | | | 926,377 | |
ShoreTel, Inc. (A) | | | 24,695 | | | | 167,432 | |
| | | | | | | | |
| | | | | | | 6,960,798 | |
| | | | | | | | |
Construction & Engineering - 1.7% | |
Aegion Corp., Class A (A) (B) | | | 53,415 | | | | 1,011,680 | |
Comfort Systems USA, Inc., Class A | | | 43,120 | | | | 989,604 | |
EMCOR Group, Inc. | | | 20,670 | | | | 987,406 | |
MYR Group, Inc. (A) | | | 33,845 | | | | 1,047,841 | |
Tutor Perini Corp. (A) | | | 42,675 | | | | 920,927 | |
| | | | | | | | |
| | | | | | | 4,957,458 | |
| | | | | | | | |
Consumer Finance - 0.7% | |
Cash America International, Inc. (B) | | | 37,775 | | | | 989,327 | |
Nelnet, Inc., Class A | | | 23,345 | | | | 1,011,072 | |
| | | | | | | | |
| | | | | | | 2,000,399 | |
| | | | | | | | |
Containers & Packaging - 0.7% | |
Avery Dennison Corp. | | | 16,115 | | | | 982,048 | |
Sonoco Products Co. | | | 22,165 | | | | 949,992 | |
| | | | | | | | |
| | | | | | | 1,932,040 | |
| | | | | | | | |
Diversified Consumer Services - 1.9% | |
Apollo Education Group, Inc., Class A (A) | | | 59,037 | | | | 760,397 | |
Capella Education Co. | | | 17,708 | | | | 950,388 | |
K12, Inc. (A) | | | 68,002 | | | | 860,225 | |
Regis Corp. (A) | | | 61,655 | | | | 971,683 | |
Steiner Leisure, Ltd., Class A (A) | | | 18,065 | | | | 971,536 | |
Strayer Education, Inc. (A) | | | 21,729 | | | | 936,520 | |
| | | | | | | | |
| | | | | | | 5,450,749 | |
| | | | | | | | |
Diversified Telecommunication Services - 1.0% | |
Inteliquent, Inc. | | | 57,840 | | | | 1,064,256 | |
magicJack VocalTec, Ltd. (A) (B) | | | 124,495 | | | | 924,998 | |
Vonage Holdings Corp. (A) | | | 199,895 | | | | 981,484 | |
| | | | | | | | |
| | | | | | | 2,970,738 | |
| | | | | | | | |
Electric Utilities - 0.3% | |
IDACORP, Inc. (B) | | | 16,990 | | | | 953,819 | |
| | | | | | | | |
Electrical Equipment - 0.7% | |
General Cable Corp. (B) | | | 48,770 | | | | 962,232 | |
Regal Beloit Corp. | | | 13,720 | | | | 995,935 | |
| | | | | | | | |
| | | | | | | 1,958,167 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components - 5.1% | |
AVX Corp. | | | 74,245 | | | | 999,338 | |
Benchmark Electronics, Inc. (A) | | | 43,530 | | | | 948,083 | |
Celestica, Inc. (A) | | | 82,655 | | | | 962,104 | |
Checkpoint Systems, Inc. | | | 94,890 | | | | 965,980 | |
Coherent, Inc. (A) | | | 14,985 | | | | 951,248 | |
DTS, Inc. (A) | | | 29,820 | | | | 909,212 | |
II-VI, Inc. (A) | | | 51,690 | | | | 981,076 | |
Insight Enterprises, Inc. (A) | | | 31,075 | | | | 929,453 | |
Itron, Inc. (A) (B) | | | 27,265 | | | | 939,007 | |
Jabil Circuit, Inc. | | | 43,960 | | | | 935,908 | |
Methode Electronics, Inc. | | | 22,350 | | | | 613,508 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 63
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Electronic Equipment, Instruments & Components (continued) | |
Multi-Fineline Electronix, Inc. (A) | | | 34,555 | | | | $ 755,372 | |
Plexus Corp. (A) | | | 21,675 | | | | 951,099 | |
Rogers Corp. (A) | | | 702 | | | | 46,430 | |
Sanmina Corp. (A) | | | 49,410 | | | | 996,106 | |
Tech Data Corp. (A) | | | 15,770 | | | | 907,721 | |
TTM Technologies, Inc. (A) | | | 95,620 | | | | 955,244 | |
| | | | | | | | |
| | | | | | | 14,746,889 | |
| | | | | | | | |
Energy Equipment & Services - 3.7% | | | | | | | | |
Atwood Oceanics, Inc. | | | 36,260 | | | | 958,714 | |
Diamond Offshore Drilling, Inc. | | | 36,260 | | | | 935,871 | |
Gulfmark Offshore, Inc., Class A (B) | | | 86,465 | | | | 1,002,994 | |
Helix Energy Solutions Group, Inc., Class A (A) | | | 74,085 | | | | 935,694 | |
Nabors Industries, Ltd. | | | 68,660 | | | | 990,764 | |
Newpark Resources, Inc. (A) | | | 122,745 | | | | 997,917 | |
Noble Corp. PLC (B) | | | 59,345 | | | | 913,320 | |
Parker Drilling Co. (A) | | | 270,000 | | | | 896,400 | |
SEACOR Holdings, Inc. (A) (B) | | | 14,645 | | | | 1,038,916 | |
Superior Energy Services, Inc. | | | 43,685 | | | | 919,132 | |
Tidewater, Inc. (B) | | | 41,900 | | | | 952,387 | |
| | | | | | | | |
| | | | | | | 10,542,109 | |
| | | | | | | | |
Food & Staples Retailing - 0.7% | | | | | | | | |
SpartanNash Co. | | | 30,160 | | | | 981,406 | |
SUPERVALU, Inc. (A) | | | 115,285 | | | | 932,656 | |
| | | | | | | | |
| | | | | | | 1,914,062 | |
| | | | | | | | |
Food Products - 0.7% | |
Cal-Maine Foods, Inc. (B) | | | 18,445 | | | | 962,829 | |
Dean Foods Co. | | | 56,770 | | | | 917,971 | |
| | | | | | | | |
| | | | | | | 1,880,800 | |
| | | | | | | | |
Gas Utilities - 0.3% | | | | | | | | |
Southwest Gas Corp. | | | 18,585 | | | | 988,908 | |
| | | | | | | | |
Health Care Equipment & Supplies - 5.4% | |
Alere, Inc. (A) | | | 19,420 | | | | 1,024,405 | |
Analogic Corp. (B) | | | 12,105 | | | | 955,085 | |
Anika Therapeutics, Inc. (A) | | | 28,690 | | | | 947,631 | |
CONMED Corp. | | | 17,030 | | | | 992,338 | |
Cyberonics, Inc. (A) | | | 16,135 | | | | 959,387 | |
Greatbatch, Inc. (A) | | | 18,870 | | | | 1,017,470 | |
Hill-Rom Holdings, Inc. | | | 17,762 | | | | 965,010 | |
ICU Medical, Inc., Class B (A) | | | 10,380 | | | | 992,951 | |
Meridian Bioscience, Inc. (B) | | | 55,845 | | | | 1,040,951 | |
Merit Medical Systems, Inc. (A) | | | 46,015 | | | | 991,163 | |
Natus Medical, Inc. (A) | | | 22,965 | | | | 977,390 | |
NuVasive, Inc. (A) | | | 20,216 | | | | 957,834 | |
OraSure Technologies, Inc. (A) | | | 171,585 | | | | 924,843 | |
STERIS Corp. (B) | | | 14,825 | | | | 955,323 | |
SurModics, Inc. (A) | | | 42,355 | | | | 991,954 | |
Thoratec Corp. (A) | | | 22,070 | | | | 983,660 | |
| | | | | | | | |
| | | | | | | 15,677,395 | |
| | | | | | | | |
Health Care Providers & Services - 6.9% | |
Alliance HealthCare Services, Inc. (A) | | | 47,328 | | | | 884,560 | |
Almost Family, Inc. (A) | | | 25,545 | | | | 1,019,501 | |
Amsurg Corp., Class A (A) | | | 13,980 | | | | 977,901 | |
Bio-Reference Laboratories, Inc. (A) | | | 25,070 | | | | 1,034,137 | |
Chemed Corp. (B) | | | 7,622 | | | | 999,244 | |
Health Net, Inc. (A) | | | 15,595 | | | | 999,951 | |
IPC Healthcare, Inc. (A) | | | 17,615 | | | | 975,695 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Health Care Providers & Services (continued) | |
Kindred Healthcare, Inc. | | | 43,415 | | | | $ 880,890 | |
Landauer, Inc. (B) | | | 27,995 | | | | 997,742 | |
LHC Group, Inc. (A) | | | 26,750 | | | | 1,023,188 | |
LifePoint Health, Inc. (A) | | | 12,810 | | | | 1,113,829 | |
Magellan Health, Inc. (A) | | | 14,010 | | | | 981,681 | |
Molina Healthcare, Inc. (A) (B) | | | 14,160 | | | | 995,448 | |
Owens & Minor, Inc. | | | 28,965 | | | | 984,810 | |
Patterson Cos., Inc. | | | 20,390 | | | | 991,974 | |
PharMerica Corp. (A) | | | 30,510 | | | | 1,015,983 | |
Select Medical Holdings Corp. (B) | | | 60,505 | | | | 980,181 | |
Triple-S Management Corp., Class B (A) | | | 38,962 | | | | 999,765 | |
US Physical Therapy, Inc. | | | 18,725 | | | | 1,025,381 | |
VCA, Inc. (A) | | | 19,385 | | | | 1,054,641 | |
| | | | | | | | |
| | | | | | | 19,936,502 | |
| | | | | | | | |
Health Care Technology - 2.0% | |
Computer Programs & Systems, Inc. (B) | | | 18,220 | | | | 973,312 | |
HMS Holdings Corp. (A) (B) | | | 55,380 | | | | 950,874 | |
MedAssets, Inc. (A) | | | 44,429 | | | | 980,104 | |
Merge Healthcare, Inc. (A) | | | 206,625 | | | | 991,800 | |
Omnicell, Inc. (A) | | | 26,015 | | | | 981,026 | |
Quality Systems, Inc. (B) | | | 59,275 | | | | 982,187 | |
| | | | | | | | |
| | | | | | | 5,859,303 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 1.8% | |
Brinker International, Inc. | | | 17,265 | | | | 995,327 | |
Cracker Barrel Old Country Store, Inc. (B) | | | 7,095 | | | | 1,058,290 | |
Isle of Capri Casinos, Inc. (A) | | | 56,255 | | | | 1,021,028 | |
Marriott Vacations Worldwide Corp. | | | 11,195 | | | | 1,027,142 | |
Ruth’s Hospitality Group, Inc. | | | 61,785 | | | | 995,974 | |
| | | | | | | | |
| | | | | | | 5,097,761 | |
| | | | | | | | |
Household Durables - 0.3% | |
Helen of Troy, Ltd. (A) | | | 10,225 | | | | 996,835 | |
| | | | | | | | |
Independent Power and Renewable Electricity Producers - 0.3% | |
Atlantic Power Corp. (B) | | | 321,380 | | | | 989,850 | |
| | | | | | | | |
Insurance - 2.1% | | | | | | | | |
Aspen Insurance Holdings, Ltd. | | | 20,565 | | | | 985,064 | |
Employers Holdings, Inc. | | | 43,215 | | | | 984,438 | |
Hanover Insurance Group, Inc. | | | 13,270 | | | | 982,378 | |
Horace Mann Educators Corp. | | | 27,160 | | | | 988,081 | |
Maiden Holdings, Ltd. | | | 46,830 | | | | 738,977 | |
Safety Insurance Group, Inc. | | | 4,413 | | | | 254,674 | |
Selective Insurance Group, Inc. (B) | | | 36,385 | | | | 1,020,599 | |
| | | | | | | | |
| | | | | | | 5,954,211 | |
| | | | | | | | |
Internet & Catalog Retail - 0.7% | |
Nutrisystem, Inc. | | | 39,130 | | | | 973,554 | |
PetMed Express, Inc. (B) | | | 56,870 | | | | 982,145 | |
| | | | | | | | |
| | | | | | | 1,955,699 | |
| | | | | | | | |
Internet Software & Services - 1.0% | |
DHI Group, Inc. (A) | | | 110,635 | | | | 983,545 | |
Liquidity Services, Inc. (A) (B) | | | 96,455 | | | | 928,862 | |
Monster Worldwide, Inc. (A) (B) | | | 155,720 | | | | 1,018,409 | |
| | | | | | | | |
| | | | | | | 2,930,816 | |
| | | | | | | | |
IT Services - 2.0% | |
CACI International, Inc., Class A (A) | | | 11,510 | | | | 931,044 | |
Convergys Corp. (B) | | | 38,135 | | | | 972,061 | |
CSG Systems International, Inc. (B) | | | 31,233 | | | | 988,837 | |
ManTech International Corp., Class A | | | 33,370 | | | | 967,730 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 64
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
IT Services (continued) | |
NeuStar, Inc., Class A (A) | | | 34,210 | | | | $ 999,274 | |
Sykes Enterprises, Inc. (A) | | | 39,963 | | | | 969,103 | |
| | | | | | | | |
| | | | | | | 5,828,049 | |
| | | | | | | | |
Life Sciences Tools & Services - 2.4% | | | | | | | | |
Affymetrix, Inc. (A) (B) | | | 81,650 | | | | 891,618 | |
Bio-Rad Laboratories, Inc., Class A (A) | | | 6,670 | | | | 1,004,569 | |
Bruker Corp. (A) (B) | | | 47,785 | | | | 975,292 | |
Cambrex Corp. (A) | | | 22,260 | | | | 978,104 | |
Charles River Laboratories International, Inc. (A) | | | 13,585 | | | | 955,569 | |
ICON PLC (A) | | | 15,000 | | | | 1,009,500 | |
PAREXEL International Corp. (A) | | | 15,000 | | | | 964,650 | |
| | | | | | | | |
| | | | | | | 6,779,302 | |
| | | | | | | | |
Machinery - 4.5% | |
Actuant Corp., Class A | | | 43,730 | | | | 1,009,726 | |
AGCO Corp. (B) | | | 18,145 | | | | 1,030,273 | |
Blount International, Inc. (A) | | | 81,905 | | | | 894,403 | |
Briggs & Stratton Corp. (B) | | | 53,005 | | | | 1,020,876 | |
Federal Signal Corp. | | | 64,665 | | | | 964,155 | |
FreightCar America, Inc., Class A | | | 22,605 | | | | 471,992 | |
Hyster-Yale Materials Handling, Inc. | | | 14,095 | | | | 976,502 | |
Kadant, Inc. | | | 17,600 | | | | 830,720 | |
Kennametal, Inc. (B) | | | 27,400 | | | | 934,888 | |
Meritor, Inc. (A) | | | 72,095 | | | | 945,886 | |
SPX Corp. | | | 13,620 | | | | 985,952 | |
Terex Corp. | | | 39,545 | | | | 919,421 | |
Timken Co. | | | 25,975 | | | | 949,906 | |
Wabash National Corp. (A) (B) | | | 74,880 | | | | 938,995 | |
| | | | | | | | |
| | | | | | | 12,873,695 | |
| | | | | | | | |
Media - 0.7% | |
Harte-Hanks, Inc. | | | 164,485 | | | | 980,330 | |
John Wiley & Sons, Inc., Class A | | | 17,210 | | | | 935,708 | |
| | | | | | | | |
| | | | | | | 1,916,038 | |
| | | | | | | | |
Metals & Mining - 2.5% | | | | | | | | |
Dominion Diamond Corp. (A) | | | 66,720 | | | | 934,747 | |
Kaiser Aluminum Corp. (B) | | | 11,615 | | | | 964,974 | |
Materion Corp. | | | 26,880 | | | | 947,520 | |
Schnitzer Steel Industries, Inc., Class A | | | 51,665 | | | | 902,588 | |
Silver Standard Resources, Inc. (A) | | | 153,555 | | | | 964,325 | |
Steel Dynamics, Inc. | | | 44,550 | | | | 922,853 | |
Thompson Creek Metals Co., Inc. (A) | | | 729,340 | | | | 598,059 | |
U.S. Steel Corp. (B) | | | 43,253 | | | | 891,877 | |
| | | | | | | | |
| | | | | | | 7,126,943 | |
| | | | | | | | |
Multi-Utilities - 1.0% | | | | | | | | |
Avista Corp. | | | 32,730 | | | | 1,003,175 | |
MDU Resources Group, Inc. | | | 47,040 | | | | 918,691 | |
Vectren Corp. (B) | | | 23,730 | | | | 913,130 | |
| | | | | | | | |
| | | | | | | 2,834,996 | |
| | | | | | | | |
Multiline Retail - 0.3% | |
Big Lots, Inc. (B) | | | 21,155 | | | | 951,763 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 2.2% | |
Cloud Peak Energy, Inc. (A) (B) | | | 210,485 | | | | 980,860 | |
Denbury Resources, Inc. | | | 151,910 | | | | 966,148 | |
Hugoton Royalty Trust | | | 195,386 | | | | 683,851 | |
Pacific Ethanol, Inc. (A) (B) | | | 91,015 | | | | 939,275 | |
Peabody Energy Corp. (B) | | | 400,600 | | | | 877,314 | |
REX American Resources Corp., Class A (A) (B) | | | 15,610 | | | | 993,420 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Oil, Gas & Consumable Fuels (continued) | |
World Fuel Services Corp. | | | 19,995 | | | | $ 958,760 | |
| | | | | | | | |
| | | | | | | 6,399,628 | |
| | | | | | | | |
Paper & Forest Products - 1.3% | | | | | | | | |
Domtar Corp. | | | 24,290 | | | | 1,005,606 | |
Mercer International, Inc. (A) | | | 70,685 | | | | 966,971 | |
P.H. Glatfelter Co. | | | 42,700 | | | | 938,973 | |
Schweitzer-Mauduit International, Inc. | | | 22,785 | | | | 908,666 | |
| | | | | | | | |
| | | | | | | 3,820,216 | |
| | | | | | | | |
Personal Products - 1.0% | |
Avon Products, Inc. (B) | | | 154,510 | | | | 967,233 | |
Medifast, Inc. (A) (B) | | | 31,670 | | | | 1,023,574 | |
USANA Health Sciences, Inc. (A) (B) | | | 7,235 | | | | 988,735 | |
| | | | | | | | |
| | | | | | | 2,979,542 | |
| | | | | | | | |
Pharmaceuticals - 0.7% | | | | | | | | |
SciClone Pharmaceuticals, Inc. (A) | | | 106,030 | | | | 1,041,215 | |
Sucampo Pharmaceuticals, Inc., Class A (A) (B) | | | 59,310 | | | | 974,463 | |
| | | | | | | | |
| | | | | | | 2,015,678 | |
| | | | | | | | |
Professional Services - 1.4% | | | | | | | | |
CRA International, Inc. (A) | | | 34,175 | | | | 952,457 | |
Heidrick & Struggles International, Inc. | | | 37,990 | | | | 990,779 | |
Insperity, Inc. | | | 20,035 | | | | 1,019,782 | |
Resources Connection, Inc. | | | 60,375 | | | | 971,434 | |
| | | | | | | | |
| | | | | | | 3,934,452 | |
| | | | | | | | |
Real Estate Investment Trusts - 8.4% | | | | | | | | |
AG Mortgage Investment Trust, Inc. (B) | | | 55,225 | | | | 954,288 | |
Agree Realty Corp. | | | 33,880 | | | | 988,280 | |
Corporate Office Properties Trust | | | 39,472 | | | | 929,171 | |
DuPont Fabros Technology, Inc. (B) | | | 33,149 | | | | 976,238 | |
Dynex Capital, Inc. (B) | | | 126,880 | | | | 966,826 | |
EPR Properties | | | 16,390 | | | | 897,844 | |
First Potomac Realty Trust (B) | | | 93,285 | | | | 960,835 | |
Franklin Street Properties Corp. | | | 89,346 | | | | 1,010,503 | |
Government Properties Income Trust (B) | | | 52,885 | | | | 981,017 | |
Hatteras Financial Corp. | | | 56,055 | | | | 913,697 | |
Highwoods Properties, Inc. | | | 24,155 | | | | 964,992 | |
Hospitality Properties Trust | | | 33,595 | | | | 968,208 | |
Inland Real Estate Corp. | | | 100,239 | | | | 944,251 | |
Investors Real Estate Trust | | | 144,467 | | | | 1,031,494 | |
Lexington Realty Trust (B) | | | 115,160 | | | | 976,557 | |
Mack-Cali Realty Corp. (B) | | | 51,823 | | | | 955,098 | |
MFA Financial, Inc. | | | 133,415 | | | | 985,937 | |
New York Mortgage Trust, Inc. | | | 123,720 | | | | 925,426 | |
Omega Healthcare Investors, Inc. | | | 29,225 | | | | 1,003,294 | |
Parkway Properties, Inc. | | | 57,325 | | | | 999,748 | |
Piedmont Office Realty Trust, Inc., Class A | | | 59,175 | | | | 1,040,888 | |
PS Business Parks, Inc. | | | 13,400 | | | | 966,810 | |
Saul Centers, Inc. | | | 20,370 | | | | 1,002,000 | |
Select Income REIT | | | 45,470 | | | | 938,501 | |
Senior Housing Properties Trust | | | 52,910 | | | | 928,571 | |
| | | | | | | | |
| | | | | | | 24,210,474 | |
| | | | | | | | |
Road & Rail - 0.6% | | | | | | | | |
ArcBest Corp. | | | 28,765 | | | | 914,727 | |
Con-way, Inc. | | | 24,185 | | | | 927,978 | |
| | | | | | | | |
| | | | | | | 1,842,705 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 65
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Semiconductors & Semiconductor Equipment - 4.5% | |
Advanced Energy Industries, Inc. (A) | | | 34,460 | | | | $ 947,306 | |
Cabot Microelectronics Corp., Class A (A) | | | 20,924 | | | | 985,730 | |
Cohu, Inc. | | | 63,542 | | | | 840,661 | |
Fairchild Semiconductor International, Inc., Class A (A) | | | 56,810 | | | | 987,358 | |
FormFactor, Inc., Class A (A) | | | 104,800 | | | | 964,160 | |
Integrated Device Technology, Inc. (A) (B) | | | 43,640 | | | | 946,988 | |
Intersil Corp., Class A | | | 74,085 | | | | 926,803 | |
Kulicke & Soffa Industries, Inc. (A) | | | 80,220 | | | | 939,376 | |
Microsemi Corp. (A) | | | 26,955 | | | | 942,077 | |
MKS Instruments, Inc. | | | 25,305 | | | | 960,072 | |
Pericom Semiconductor Corp. | | | 69,135 | | | | 909,125 | |
PMC-Sierra, Inc. (A) | | | 108,225 | | | | 926,406 | |
Tessera Technologies, Inc. | | | 26,195 | | | | 994,886 | |
Xcerra Corp. (A) | | | 109,695 | | | | 830,391 | |
| | | | | | | | |
| | | | | | | 13,101,339 | |
| | | | | | | | |
Software - 0.3% | |
Rovi Corp. (A) (B) | | | 57,495 | | | | 917,045 | |
| | | | | | | | |
Specialty Retail - 6.5% | |
Aaron’s, Inc. | | | 26,960 | | | | 976,222 | |
American Eagle Outfitters, Inc. (B) | | | 56,510 | | | | 973,102 | |
Buckle, Inc. (B) | | | 21,205 | | | | 970,553 | |
Build-A-Bear Workshop, Inc. (A) | | | 60,585 | | | | 968,754 | |
Caleres, Inc. | | | 30,505 | | | | 969,449 | |
Cato Corp., Class A | | | 24,040 | | | | 931,790 | |
Chico’s FAS, Inc. (B) | | | 59,255 | | | | 985,411 | |
Children’s Place, Inc. | | | 15,010 | | | | 981,804 | |
Citi Trends, Inc. (A) | | | 39,085 | | | | 945,857 | |
DSW, Inc., Class A | | | 28,715 | | | | 958,220 | |
Express, Inc. (A) | | | 53,585 | | | | 970,424 | |
Guess?, Inc. (B) | | | 49,826 | | | | 955,164 | |
Hibbett Sports, Inc. (A) | | | 20,555 | | | | 957,452 | |
Kirkland’s, Inc. | | | 35,905 | | | | 1,000,672 | |
Outerwall, Inc. (B) | | | 12,635 | | | | 961,650 | |
Select Comfort Corp. (A) | | | 33,485 | | | | 1,006,894 | |
Shoe Carnival, Inc. | | | 34,470 | | | | 994,804 | |
Stage Stores, Inc. (B) | | | 51,760 | | | | 907,353 | |
Tilly’s, Inc., A Shares (A) | | | 39,258 | | | | 379,625 | |
Zumiez, Inc. (A) (B) | | | 33,630 | | | | 895,567 | |
| | | | | | | | |
| | | | | | | 18,690,767 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals - 0.9% | |
Lexmark International, Inc., Class A | | | 21,876 | | | | 966,919 | |
Logitech International SA | | | 54,465 | | | | 798,457 | |
QLogic Corp. (A) | | | 64,765 | | | | 919,015 | |
| | | | | | | | |
| | | | | | | 2,684,391 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 2.0% | |
Columbia Sportswear Co. | | | 16,115 | | | | 974,313 | |
Culp, Inc. | | | 23,635 | | | | 732,685 | |
Fossil Group, Inc. (A) | | | 13,570 | | | | 941,215 | |
Movado Group, Inc. (B) | | | 36,620 | | | | 994,599 | |
Perry Ellis International, Inc. (A) | | | 42,270 | | | | 1,004,758 | |
Wolverine World Wide, Inc. | | | 34,345 | | | | 978,146 | |
| | | | | | | | |
| | | | | | | 5,625,716 | |
| | | | | | | | |
Thrifts & Mortgage Finance - 1.1% | |
Brookline Bancorp, Inc. | | | 17,582 | | | | 198,501 | |
HomeStreet, Inc. (A) | | | 41,725 | | | | 952,165 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Thrifts & Mortgage Finance (continued) | |
Washington Federal, Inc. | | | 41,275 | | | | $ 963,771 | |
WSFS Financial Corp. (B) | | | 36,310 | | | | 993,078 | |
| | | | | | | | |
| | | | | | | 3,107,515 | |
| | | | | | | | |
Trading Companies & Distributors - 0.7% | |
Kaman Corp. | | | 23,240 | | | | 974,686 | |
WESCO International, Inc. (A) | | | 13,585 | | | | 932,474 | |
| | | | | | | | |
| | | | | | | 1,907,160 | |
| | | | | | | | |
Wireless Telecommunication Services - 0.7% | |
Shenandoah Telecommunications Co. | | | 30,570 | | | | 1,046,411 | |
Spok Holdings, Inc. | | | 56,450 | | | | 950,618 | |
| | | | | | | | |
| | | | | | | 1,997,029 | |
| | | | | | | | |
Total Common Stocks
(Cost $280,045,058) | | | | | | | 284,944,941 | |
| | | | | | | | |
|
SECURITIES LENDING COLLATERAL - 18.8% | |
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.18% (C) | | | 54,218,654 | | | | 54,218,654 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $54,218,654) | | | | | | | 54,218,654 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.4% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at 4,116,564 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $4,200,921. | | | $ 4,116,562 | | | | 4,116,562 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $4,116,562) | | | | | | | 4,116,562 | |
| | | | | | | | |
Total Investments
(Cost $338,380,274) (D) | | | | | | | 343,280,157 | |
Net Other Assets (Liabilities) - (19.2)% | | | | | | | (55,260,178 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 288,019,979 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 66
Transamerica Partners Small Core Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 284,944,941 | | | $ | — | | | $ | — | | | $ | 284,944,941 | |
Securities Lending Collateral | | | 54,218,654 | | | | — | | | | — | | | | 54,218,654 | |
Repurchase Agreement | | | — | | | | 4,116,562 | | | | — | | | | 4,116,562 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 339,163,595 | | | $ | 4,116,562 | | | $ | — | | | $ | 343,280,157 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | Non-income producing security. |
| (B) | All or a portion of the security is on loan. The value of all securities on loan is $52,731,343. 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 disclosed reflects the yield at June 30, 2015. |
| (D) | Aggregate cost for federal income tax purposes is $338,380,274. Aggregate gross unrealized appreciation and depreciation for all securities is $23,686,646 and $18,786,763, respectively. Net unrealized appreciation for tax purposes is $4,899,883. |
| (E) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 67
Transamerica Partners Small Growth Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 98.5% | | | | | | | | |
Auto Components - 1.5% | | | | | | | | |
Dorman Products, Inc. (A) (B) | | | 22,200 | | | | $ 1,058,052 | |
| | | | | | | | |
Banks - 11.5% | | | | | | | | |
BancorpSouth, Inc. (A) | | | 88,016 | | | | 2,267,292 | |
Bank of the Ozarks, Inc. (A) | | | 21,218 | | | | 970,724 | |
Pinnacle Financial Partners, Inc. (A) | | | 18,468 | | | | 1,004,105 | |
PrivateBancorp, Inc., Class A | | | 62,639 | | | | 2,494,285 | |
South State Corp. (A) | | | 22,213 | | | | 1,687,966 | |
| | | | | | | | |
| | | | | | | 8,424,372 | |
| | | | | | | | |
Biotechnology - 1.9% | | | | | | | | |
Eagle Pharmaceuticals, Inc. (A) (B) | | | 17,230 | | | | 1,393,218 | |
| | | | | | | | |
Building Products - 2.4% | | | | | | | | |
AAON, Inc. (A) | | | 30,109 | | | | 678,055 | |
Advanced Drainage Systems, Inc. (A) | | | 37,710 | | | | 1,106,034 | |
| | | | | | | | |
| | | | | | | 1,784,089 | |
| | | | | | | | |
Communications Equipment - 1.2% | | | | | | | | |
Ruckus Wireless, Inc. (A) (B) | | | 85,045 | | | | 879,365 | |
| | | | | | | | |
Diversified Financial Services - 3.1% | | | | | | | | |
MarketAxess Holdings, Inc. | | | 24,270 | | | | 2,251,528 | |
| | | | | | | | |
Diversified Telecommunication Services - 1.3% | | | | | |
Cogent Communications Holdings, Inc. (A) | | | 27,793 | | | | 940,515 | |
| | | | | | | | |
Electrical Equipment - 2.1% | | | | | | | | |
EnerSys (A) | | | 22,157 | | | | 1,557,416 | |
| | | | | | | | |
Food Products - 6.0% | | | | | | | | |
Calavo Growers, Inc. (A) | | | 10,299 | | | | 534,827 | |
J&J Snack Foods Corp. | | | 13,223 | | | | 1,463,389 | |
TreeHouse Foods, Inc. (B) | | | 29,600 | | | | 2,398,488 | |
| | | | | | | | |
| | | | | | | 4,396,704 | |
| | | | | | | | |
Health Care Equipment & Supplies - 2.7% | | | | | | | | |
Cantel Medical Corp. | | | 24,154 | | | | 1,296,345 | |
Neogen Corp. (A) (B) | | | 14,388 | | | | 682,567 | |
| | | | | | | | |
| | | | | | | 1,978,912 | |
| | | | | | | | |
Health Care Providers & Services - 5.1% | | | | | | | | |
Aceto Corp. (A) | | | 62,105 | | | | 1,529,646 | |
Air Methods Corp. (A) (B) | | | 31,513 | | | | 1,302,747 | |
Providence Service Corp. (A) (B) | | | 20,941 | | | | 927,268 | |
| | | | | | | | |
| | | | | | | 3,759,661 | |
| | | | | | | | |
Health Care Technology - 2.4% | | | | | | | | |
Medidata Solutions, Inc. (A) (B) | | | 32,149 | | | | 1,746,334 | |
| | | | | | | | |
Hotels, Restaurants & Leisure - 4.3% | | | | | | | | |
Krispy Kreme Doughnuts, Inc. (A) (B) | | | 43,932 | | | | 846,130 | |
Popeyes Louisiana Kitchen, Inc. (B) | | | 12,119 | | | | 727,019 | |
Sonic Corp. (A) | | | 54,662 | | | | 1,574,266 | |
| | | | | | | | |
| | | | | | | 3,147,415 | |
| | | | | | | | |
Internet Software & Services - 3.0% | | | | | | | | |
Envestnet, Inc. (A) (B) | | | 31,935 | | | | 1,291,132 | |
SPS Commerce, Inc. (A) (B) | | | 13,604 | | | | 895,143 | |
| | | | | | | | |
| | | | | | | 2,186,275 | |
| | | | | | | | |
IT Services - 3.0% | | | | | | | | |
Luxoft Holding, Inc., Class A (B) | | | 1,528 | | | | 86,408 | |
MAXIMUS, Inc., Class A | | | 32,022 | | | | 2,104,806 | |
| | | | | | | | |
| | | | | | | 2,191,214 | |
| | | | | | | | |
Life Sciences Tools & Services - 7.5% | | | | | | | | |
Cambrex Corp. (B) | | | 40,279 | | | | 1,769,859 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Life Sciences Tools & Services (continued) | | | | | |
ICON PLC (A) (B) | | | 44,410 | | | | $ 2,988,793 | |
PRA Health Sciences, Inc. (A) (B) | | | 20,920 | | | | 760,024 | |
| | | | | | | | |
| | | | | | | 5,518,676 | |
| | | | | | | | |
Machinery - 3.6% | | | | | | | | |
Proto Labs, Inc. (A) (B) | | | 35,040 | | | | 2,364,499 | |
Wabash National Corp. (A) (B) | | | 21,759 | | | | 272,858 | |
| | | | | | | | |
| | | | | | | 2,637,357 | |
| | | | | | | | |
Multiline Retail - 0.6% | | | | | | | | |
Tuesday Morning Corp. (A) (B) | | | 38,244 | | | | 430,819 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels - 2.3% | | | | | | | | |
Matador Resources Co. (A) (B) | | | 27,305 | | | | 682,625 | |
PDC Energy, Inc. (A) (B) | | | 18,412 | | | | 987,620 | |
| | | | | | | | |
| | | | | | | 1,670,245 | |
| | | | | | | | |
Pharmaceuticals - 6.7% | | | | | | | | |
IGI Laboratories, Inc. (A) (B) | | | 92,589 | | | | 583,311 | |
Lannett Co., Inc. (A) (B) | | | 11,785 | | | | 700,500 | |
Prestige Brands Holdings, Inc. (A) (B) | | | 39,745 | | | | 1,837,809 | |
Sagent Pharmaceuticals, Inc. (A) (B) | | | 37,898 | | | | 921,300 | |
Supernus Pharmaceuticals, Inc. (A) (B) | | | 52,450 | | | | 890,601 | |
| | | | | | | | |
| | | | | | | 4,933,521 | |
| | | | | | | | |
Professional Services - 2.8% | | | | | | | | |
WageWorks, Inc. (B) | | | 50,240 | | | | 2,032,208 | |
| | | | | | | | |
Road & Rail - 2.7% | | | | | | | | |
Celadon Group, Inc. | | | 42,278 | | | | 874,309 | |
Saia, Inc. (A) (B) | | | 28,542 | | | | 1,121,415 | |
| | | | | | | | |
| | | | | | | 1,995,724 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment - 4.5% | | | | | |
CEVA, Inc. (A) (B) | | | 34,958 | | | | 679,234 | |
Silicon Laboratories, Inc. (A) (B) | | | 47,934 | | | | 2,588,915 | |
| | | | | | | | |
| | | | | | | 3,268,149 | |
| | | | | | | | |
Software - 5.2% | | | | | | | | |
Ellie Mae, Inc. (A) (B) | | | 43,930 | | | | 3,065,875 | |
Qualys, Inc. (A) (B) | | | 17,400 | | | | 702,090 | |
| | | | | | | | |
| | | | | | | 3,767,965 | |
| | | | | | | | |
Specialty Retail - 4.8% | | | | | | | | |
Asbury Automotive Group, Inc. (A) (B) | | | 22,435 | | | | 2,033,060 | |
Monro Muffler Brake, Inc. (A) | | | 23,434 | | | | 1,456,657 | |
| | | | | | | | |
| | | | | | | 3,489,717 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods - 6.3% | | | | | | | | |
G-III Apparel Group, Ltd. (A) (B) | | | 37,984 | | | | 2,672,174 | |
Steven Madden, Ltd., Class B (B) | | | 44,660 | | | | 1,910,555 | |
| | | | | | | | |
| | | | | | | 4,582,729 | |
| | | | | | | | |
Total Common Stocks
(Cost $58,608,384) | | | | 72,022,180 | |
| | | | | | | | |
| |
SECURITIES LENDING COLLATERAL - 28.4% | | | | | |
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.18% (C) | | | 20,808,837 | | | | 20,808,837 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $20,808,837) | | | | 20,808,837 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 68
Transamerica Partners Small Growth Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 1.5% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2015, to be repurchased at $1,112,100 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 08/15/2039, and with a value of $1,136,434. | | | $ 1,112,100 | | | | $ 1,112,100 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $1,112,100) | | | | 1,112,100 | |
| | | | | | | | |
Total Investments
(Cost $80,529,321) (D) | | | | 93,943,117 | |
Net Other Assets (Liabilities) - (28.4)% | | | | | | | (20,788,633 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 73,154,484 | |
| | | | | | | | |
SECURITY VALUATION:
Valuation Inputs (E)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 72,022,180 | | | $ | — | | | $ | — | | | $ | 72,022,180 | |
Securities Lending Collateral | | | 20,808,837 | | | | — | | | | — | | | | 20,808,837 | |
Repurchase Agreement | | | — | | | | 1,112,100 | | | | — | | | | 1,112,100 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 92,831,017 | | | $ | 1,112,100 | | | $ | — | | | $ | 93,943,117 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of the security is on loan. The value of all securities on loan is $20,329,439. 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 disclosed reflects the yield at June 30, 2015. |
| (D) | Aggregate cost for federal income tax purposes is $80,529,321. Aggregate gross unrealized appreciation and depreciation for all securities is $15,279,781 and $1,865,985, respectively. Net unrealized appreciation for tax purposes is $13,413,796. |
| (E) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 69
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS - 93.0% | | | | | | | | |
Argentina - 0.6% | | | | | | | | |
Arcos Dorados Holdings, Inc., A Shares (A) | | | 542,900 | | | | $ 2,855,654 | |
| | | | | | | | |
Australia - 2.9% | | | | | | | | |
APA Group (A) | | | 285,641 | | | | 1,815,984 | |
Asciano, Ltd. | | | 916,813 | | | | 4,703,992 | |
BHP Billiton PLC, ADR (A) | | | 84,700 | | | | 3,350,732 | |
Challenger, Ltd. | | | 663,239 | | | | 3,438,773 | |
| | | | | | | | |
| | | | | | | 13,309,481 | |
| | | | | | | | |
Brazil - 0.8% | | | | | | | | |
Localiza Rent a Car SA | | | 360,500 | | | | 3,558,504 | |
| | | | | | | | |
Canada - 2.3% | |
Canadian National Railway Co. | | | 73,300 | | | | 4,228,981 | |
Fairfax Financial Holdings, Ltd. | | | 8,800 | | | | 4,339,267 | |
Newalta Corp. (A) | | | 178,300 | | | | 2,029,965 | |
| | | | | | | | |
| | | | | | | 10,598,213 | |
| | | | | | | | |
Chile - 0.5% | |
Banco Santander Chile, ADR | | | 105,000 | | | | 2,126,250 | |
| | | | | | | | |
China - 2.9% | |
Fosun International, Ltd. (A) | | | 3,353,000 | | | | 7,881,219 | |
Jintian Pharmaceutical Group, Ltd. | | | 2,200,000 | | | | 1,174,991 | |
Shenzhen Expressway Co., Ltd., Class H | | | 2,756,000 | | | | 2,197,248 | |
Sinotrans, Ltd., Class H | | | 3,050,000 | | | | 2,046,042 | |
| | | | | | | | |
| | | | | | | 13,299,500 | |
| | | | | | | | |
Denmark - 1.0% | |
Carlsberg A/S, Class B | | | 51,977 | | | | 4,718,544 | |
| | | | | | | | |
France - 6.3% | |
Arkema SA | | | 46,495 | | | | 3,350,092 | |
Bollore SA | | | 826,900 | | | | 4,401,925 | |
Cie Generale des Etablissements Michelin, Class B | | | 31,538 | | | | 3,304,700 | |
GDF Suez | | | 176,200 | | | | 3,268,703 | |
Rexel SA | | | 190,024 | | | | 3,063,325 | |
Sanofi | | | 56,201 | | | | 5,528,736 | |
Veolia Environnement SA | | | 310,870 | | | | 6,338,825 | |
| | | | | | | | |
| | | | | | | 29,256,306 | |
| | | | | | | | |
Georgia - 0.6% | |
Bank of Georgia Holdings PLC | | | 96,700 | | | | 2,962,827 | |
| | | | | | | | |
Germany - 5.1% | |
Allianz SE, Class A | | | 27,702 | | | | 4,314,434 | |
Bayer AG | | | 25,031 | | | | 3,503,573 | |
Merck KGaA | | | 34,200 | | | | 3,407,868 | |
Metro AG | | | 100,524 | | | | 3,169,315 | |
Siemens AG, Class A | | | 41,787 | | | | 4,209,065 | |
Talanx AG (B) | | | 95,000 | | | | 2,916,781 | |
TUI AG | | | 137,400 | | �� | | 2,221,115 | |
| | | | | | | | |
| | | | | | | 23,742,151 | |
| | | | | | | | |
Greece - 0.7% | |
OPAP SA | | | 323,500 | | | | 2,579,954 | |
Piraeus Bank SA (B) | | | 2,228,202 | | | | 822,521 | |
| | | | | | | | |
| | | | | | | 3,402,475 | |
| | | | | | | | |
Guernsey, Channel Islands - 0.1% | |
Etalon Group, Ltd., GDR (C) | | | 267,631 | | | | 495,117 | |
| | | | | | | | |
Hong Kong - 7.6% | |
Cheung Kong Infrastructure Holdings, Ltd. (B) | | | 308,000 | | | | 2,546,949 | |
China Mobile, Ltd. | | | 539,000 | | | | 6,911,727 | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Hong Kong (continued) | |
CK Hutchison Holdings, Ltd. | | | 308,000 | | | | $ 4,545,568 | |
First Pacific Co., Ltd. | | | 4,200,000 | | | | 3,538,131 | |
Guangdong Investment, Ltd. | | | 4,092,000 | | | | 5,722,375 | |
Noble Group, Ltd. (A) | | | 6,990,500 | | | | 3,944,597 | |
Shun Tak Holdings, Ltd. | | | 11,130,000 | | | | 6,174,120 | |
SJM Holdings, Ltd. (A) | | | 1,803,300 | | | | 1,947,175 | |
| | | | | | | | |
| | | | | | | 35,330,642 | |
| | | | | | | | |
Ireland - 2.6% | |
DCC PLC | | | 21,000 | | | | 1,649,812 | |
Ryanair Holdings PLC, ADR | | | 70,100 | | | | 5,001,635 | |
Smurfit Kappa Group PLC, Class B | | | 195,215 | | | | 5,377,770 | |
| | | | | | | | |
| | | | | | | 12,029,217 | |
| | | | | | | | |
Israel - 1.5% | |
Israel Corp., Ltd. | | | 9,437 | | | | 3,328,250 | |
Teva Pharmaceutical Industries, Ltd., ADR | | | 60,300 | | | | 3,563,730 | |
| | | | | | | | |
| | | | | | | 6,891,980 | |
| | | | | | | | |
Italy - 2.7% | |
Eni SpA, Class B | | | 324,215 | | | | 5,754,299 | |
Mediobanca SpA | | | 256,200 | | | | 2,512,067 | |
Prysmian SpA | | | 190,138 | | | | 4,108,081 | |
| | | | | | | | |
| | | | | | | 12,374,447 | |
| | | | | | | | |
Japan - 18.5% | |
Aisin Seiki Co., Ltd. | | | 92,700 | | | | 3,946,292 | |
Daiichi Sankyo Co., Ltd. | | | 136,700 | | | | 2,528,813 | |
Denki Kagaku Kogyo KK | | | 856,000 | | | | 3,804,911 | |
Electric Power Development Co., Ltd. | | | 62,200 | | | | 2,198,104 | |
FANUC Corp. | | | 6,300 | | | | 1,291,041 | |
FUJIFILM Holdings Corp. | | | 144,200 | | | | 5,153,072 | |
Hitachi, Ltd. | | | 833,800 | | | | 5,496,669 | |
Japan Airlines Co., Ltd. | | | 191,000 | | | | 6,663,970 | |
Komatsu, Ltd. | | | 128,900 | | | | 2,587,795 | |
Kuraray Co., Ltd. | | | 334,700 | | | | 4,094,014 | |
Mitsubishi Heavy Industries, Ltd. | | | 615,000 | | | | 3,742,211 | |
MS&AD Insurance Group Holdings, Inc. | | | 188,700 | | | | 5,879,095 | |
NEC Corp. | | | 1,255,000 | | | | 3,804,429 | |
Nippon Telegraph & Telephone Corp. | | | 156,200 | | | | 5,658,477 | |
Nitori Holdings Co., Ltd. | | | 62,700 | | | | 5,112,931 | |
ORIX Corp. | | | 374,200 | | | | 5,567,825 | |
Resona Holdings, Inc. | | | 928,400 | | | | 5,071,172 | |
Softbank Corp. | | | 81,900 | | | | 4,824,260 | |
Sony Corp. (B) | | | 189,400 | | | | 5,356,932 | |
Sumitomo Mitsui Financial Group, Inc. | | | 66,500 | | | | 2,966,242 | |
| | | | | | | | |
| | | | | | | 85,748,255 | |
| | | | | | | | |
Korea, Republic of - 1.6% | |
Korean Reinsurance Co. | | | 291,102 | | | | 3,209,964 | |
SK Telecom Co., Ltd. | | | 18,600 | | | | 4,168,721 | |
| | | | | | | | |
| | | | | | | 7,378,685 | |
| | | | | | | | |
Macau - 0.5% | |
MGM China Holdings, Ltd. | | | 1,359,572 | | | | 2,223,990 | |
| | | | | | | | |
Malaysia - 0.3% | |
DRB-Hicom Bhd | | | 3,109,800 | | | | 1,310,517 | |
| | | | | | | | |
Mexico - 2.1% | | | | | | | | |
Alpek SAB de CV, Class A (A) | | | 2,043,400 | | | | 2,983,683 | |
Credito Real SAB de CV SOFOM ENR | | | 1,107,813 | | | | 2,477,469 | |
Grupo Aeroportuario del Centro Norte SAB de CV, Class B (B) | | | 651,320 | | | | 3,200,761 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 70
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
Mexico (continued) | | | | | | | | |
Grupo Televisa SAB, ADR | | | 29,000 | | | | $ 1,125,780 | |
| | | | | | | | |
| | | | | | | 9,787,693 | |
| | | | | | | | |
Netherlands - 2.9% | |
Boskalis Westminster NV | | | 63,294 | | | | 3,097,728 | |
Delta Lloyd NV | | | 148,334 | | | | 2,435,075 | |
Heineken Holding NV, Class A | | | 50,444 | | | | 3,540,149 | |
Koninklijke Philips NV | | | 175,571 | | | | 4,466,678 | |
| | | | | | | | |
| | | | | | | 13,539,630 | |
| | | | | | | | |
Nigeria - 0.5% | |
Guaranty Trust Bank PLC | | | 16,340,000 | | | | 2,217,249 | |
| | | | | | | | |
Panama - 0.8% | |
Copa Holdings SA, Class A (A) | | | 43,800 | | | | 3,617,442 | |
| | | | | | | | |
Russian Federation - 1.3% | |
Lukoil OAO, ADR | | | 132,980 | | | | 5,972,132 | |
| | | | | | | | |
South Africa - 1.1% | |
Steinhoff International Holdings, Ltd. (A) | | | 782,600 | | | | 4,952,521 | |
| | | | | | | | |
Spain - 0.8% | |
Amadeus IT Holding SA, Class A | | | 98,087 | | | | 3,909,890 | |
| | | | | | | | |
Sweden - 2.6% | |
Investor AB, Class B | | | 164,281 | | | | 6,121,510 | |
Svenska Cellulosa AB SCA, Class B | | | 75,297 | | | | 1,914,704 | |
Telefonaktiebolaget LM Ericsson, Class B | | | 412,800 | | | | 4,277,462 | |
| | | | | | | | |
| | | | | | | 12,313,676 | |
| | | | | | | | |
Switzerland - 4.3% | |
GAM Holding AG (B) | | | 231,177 | | | | 4,858,686 | |
Nestle SA | | | 60,764 | | | | 4,386,940 | |
Novartis AG | | | 45,115 | | | | 4,446,599 | |
UBS Group AG | | | 291,474 | | | | 6,182,073 | |
| | | | | | | | |
| | | | | | | 19,874,298 | |
| | | | | | | | |
Taiwan - 2.0% | |
ChipMOS TECHNOLOGIES Bermuda, Ltd. | | | 176,100 | | | | 3,846,024 | |
Yuanta Financial Holding Co., Ltd. | | | 9,808,250 | | | | 5,308,716 | |
| | | | | | | | |
| | | | | | | 9,154,740 | |
| | | | | | | | |
Thailand - 0.8% | |
Thai Union Frozen Products PCL | | | 5,985,000 | | | | 3,862,948 | |
| | | | | | | | |
Turkey - 0.7% | |
Tofas Turk Otomobil Fabrikasi AS | | | 511,535 | | | | 3,492,814 | |
| | | | | | | | |
United Kingdom - 11.8% | |
Admiral Group PLC | | | 153,539 | | | | 3,346,112 | |
Aviva PLC | | | 626,375 | | | | 4,847,144 | |
Barclays PLC | | | 1,295,700 | | | | 5,303,437 | |
HSBC Holdings PLC | | | 597,200 | | | | 5,412,247 | |
IG Group Holdings PLC | | | 271,100 | | | | 3,179,835 | |
Imperial Tobacco Group PLC | | | 107,194 | | | | 5,165,704 | |
Inchcape PLC | | | 373,788 | | | | 4,763,119 | |
Johnson Matthey PLC | | | 70,732 | | | | 3,376,362 | |
Kingfisher PLC | | | 781,120 | | | | 4,262,533 | |
National Grid PLC, Class B | | | 369,084 | | | | 4,739,132 | |
Sky PLC | | | 324,060 | | | | 5,280,189 | |
Unilever PLC | | | 118,358 | | | | 5,076,981 | |
| | | | | | | | |
| | | | | | | 54,752,795 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
COMMON STOCKS (continued) | | | | | | | | |
United States - 2.2% | |
Eros International PLC (A) (B) | | | 215,500 | | | | $ 5,413,360 | |
Flextronics International, Ltd. (A) (B) | | | 430,700 | | | | 4,871,217 | |
| | | | | | | | |
| | | | | | | 10,284,577 | |
| | | | | | | | |
Total Common Stocks
(Cost $426,720,224) | | | | | | | 431,345,160 | |
| | | | | | | | |
|
CONVERTIBLE PREFERRED STOCK - 1.2% | |
Canada - 1.2% | | | | | | | | |
Suncor Energy, Inc.
3.25% (D) | | | 201,300 | | | | 5,544,211 | |
| | | | | | | | |
Total Convertible Preferred Stock
(Cost $6,841,685) | | | | | | | 5,544,211 | |
| | | | | | | | |
|
PREFERRED STOCKS - 5.2% | |
Brazil - 0.8% | | | | | | | | |
Itausa - Investimentos Itau SA
4.61% (D) | | | 1,309,748 | | | | 3,753,451 | |
| | | | | | | | |
Germany - 0.9% | |
Porsche Automobil Holding SE
2.79% (D) | | | 48,900 | | | | 4,119,785 | |
| | | | | | | | |
Korea, Republic of - 3.5% | |
Hyundai Motor Co.
3.40% (D) | | | 75,900 | | | | 6,940,517 | |
Samsung Electronics Co., Ltd.
2.13% (D) | | | 10,286 | | | | 9,156,841 | |
| | | | | | | | |
| | | | | | | 16,097,358 | |
| | | | | | | | |
Total Preferred Stocks
(Cost $27,170,981) | | | | | | | 23,970,594 | |
| | | | | | | | |
|
SECURITIES LENDING COLLATERAL - 6.3% | |
State Street Navigator Securities Lending Trust - Prime Portfolio,
0.18% (D) | | | 29,301,890 | | | | 29,301,890 | |
| | | | | | | | |
Total Securities Lending Collateral
(Cost $29,301,890) | | | | | | | 29,301,890 | |
| | | | | | | | |
| | |
| | | Principal | | | Value | |
REPURCHASE AGREEMENT - 0.2% | | | | | | | | |
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2015, to be repurchased at $1,114,592 on 07/01/2015. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 09/25/2039, and with a value of $1,137,819. | | | $ 1,114,592 | | | | 1,114,592 | |
| | | | | | | | |
Total Repurchase Agreement
(Cost $1,114,592) | | | | | | | 1,114,592 | |
| | | | | | | | |
Total Investments
(Cost $491,149,372) (E) | | | | | | | 491,276,447 | |
Net Other Assets (Liabilities) - (5.9)% | | | | | | | (27,179,794 | ) |
| | | | | | | | |
| | |
Net Assets - 100.0% | | | | | | | $ 464,096,653 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 71
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
INVESTMENTS BY INDUSTRY:
| | | | | | | | |
| Industry | | Percentage of
Total Investments | | | Value | |
Insurance | | | 6.4 | % | | $ | 31,287,872 | |
Banks | | | 6.2 | | | | 30,635,396 | |
Pharmaceuticals | | | 4.7 | | | | 22,979,319 | |
Diversified Financial Services | | | 4.4 | | | | 21,846,074 | |
Industrial Conglomerates | | | 4.3 | | | | 21,045,243 | |
Chemicals | | | 4.3 | | | | 20,937,312 | |
Capital Markets | | | 3.8 | | | | 18,861,542 | |
Technology Hardware, Storage & Peripherals | | | 3.7 | | | | 18,114,342 | |
Oil, Gas & Consumable Fuels | | | 3.5 | | | | 17,270,642 | |
Wireless Telecommunication Services | | | 3.2 | | | | 15,904,708 | |
Automobiles | | | 3.2 | | | | 15,863,633 | |
Airlines | | | 3.1 | | | | 15,283,047 | |
Multi-Utilities | | | 2.9 | | | | 14,346,660 | |
Road & Rail | | | 2.5 | | | | 12,491,477 | |
Hotels, Restaurants & Leisure | | | 2.4 | | | | 11,827,888 | |
Media | | | 2.4 | | | | 11,819,329 | |
Metals & Mining | | | 2.3 | | | | 11,231,951 | |
Electronic Equipment, Instruments & Components | | | 2.1 | | | | 10,367,886 | |
Household Durables | | | 2.1 | | | | 10,309,453 | |
Specialty Retail | | | 1.9 | | | | 9,375,464 | |
Beverages | | | 1.7 | | | | 8,258,693 | |
Food Products | | | 1.7 | | | | 8,249,888 | |
Machinery | | | 1.6 | | | | 7,621,047 | |
Auto Components | | | 1.5 | | | | 7,250,992 | |
Trading Companies & Distributors | | | 1.4 | | | | 7,007,922 | |
Air Freight & Logistics | | | 1.3 | | | | 6,447,967 | |
Water Utilities | | | 1.2 | | | | 5,722,375 | |
Diversified Telecommunication Services | | | 1.2 | | | | 5,658,477 | |
Transportation Infrastructure | | | 1.1 | | | | 5,398,009 | |
Containers & Packaging | | | 1.1 | | | | 5,377,770 | |
Tobacco | | | 1.1 | | | | 5,165,704 | |
Personal Products | | | 1.0 | | | | 5,076,981 | |
Distributors | | | 1.0 | | | | 4,763,119 | |
Communications Equipment | | | 0.9 | | | | 4,277,462 | |
Electrical Equipment | | | 0.8 | | | | 4,108,081 | |
IT Services | | | 0.8 | | | | 3,909,890 | |
Semiconductors & Semiconductor Equipment | | | 0.8 | | | | 3,846,024 | |
Food & Staples Retailing | | | 0.6 | | | | 3,169,315 | |
Construction & Engineering | | | 0.6 | | | | 3,097,728 | |
Real Estate Management & Development | | | 0.6 | | | | 3,042,066 | |
Consumer Finance | | | 0.5 | | | | 2,477,469 | |
Independent Power and Renewable Electricity Producers | | | 0.5 | | | | 2,198,104 | |
Energy Equipment & Services | | | 0.4 | | | | 2,029,965 | |
Household Products | | | 0.4 | | | | 1,914,704 | |
Gas Utilities | | | 0.4 | | | | 1,815,984 | |
Health Care Providers & Services | | | 0.2 | | | | 1,174,991 | |
| | | | | | | | |
Investments, at Value | | | 93.8 | | | | 460,859,965 | |
Short-Term Investments | | | 6.2 | | | | 30,416,482 | |
| | | | | | | | |
Total Investments | | | 100.0 | % | | $ | 491,276,447 | |
| | | | | | | | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 72
Transamerica Partners International Equity Portfolio
SCHEDULE OF INVESTMENTS (continued)
At June 30, 2015
(unaudited)
SECURITY VALUATION:
Valuation Inputs (F)
| | | | | | | | | | | | | | | | |
| | | Level 1 -
Unadjusted
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable Inputs | | | Value at
June 30, 2015 | |
ASSETS Investments | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 65,057,703 | | | $ | 366,287,457 | | | $ | — | | | $ | 431,345,160 | |
Convertible Preferred Stock | | | 5,544,211 | | | | — | | | | — | | | | 5,544,211 | |
Preferred Stocks | | | 3,753,451 | | | | 20,217,143 | | | | — | | | | 23,970,594 | |
Securities Lending Collateral | | | 29,301,890 | | | | — | | | | — | | | | 29,301,890 | |
Repurchase Agreement | | | — | | | | 1,114,592 | | | | — | | | | 1,114,592 | |
| | | | | | | | | | | | | | | | |
Total Investments | | $ | 103,657,255 | | | $ | 387,619,192 | | | $ | — | | | $ | 491,276,447 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
| (A) | All or a portion of the security is on loan. The value of all securities on loan is $28,139,420. 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) | 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. |
| (D) | Rate disclosed reflects the yield at June 30, 2015. |
| (E) | Aggregate cost for federal income tax purposes is $491,149,372. Aggregate gross unrealized appreciation and depreciation for all securities is $50,475,798 and $50,348,723, respectively. Net unrealized appreciation for tax purposes is $127,075. |
| (F) | The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2015. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs. |
PORTFOLIO ABBREVIATIONS:
| | |
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 73
STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | High Quality
Bond | | | Inflation-
Protected
Securities | | | Core Bond | | | High Yield
Bond | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investments, at value (A) (B) | | $ | 658,794,768 | | | $ | 383,398,381 | | | $ | 292,772,141 | | | $ | 1,581,720,905 | | | $ | 855,632,546 | |
Repurchase agreements, at value (C) | | | 178,687,217 | | | | 21,508,769 | | | | — | | | | 19,267,987 | | | | 15,872,148 | |
Cash on deposit with broker | | | — | | | | — | | | | 498,080 | | | | 1,346,832 | | | | — | |
Foreign currency, at value (D) | | | — | | | | — | | | | 240,624 | | | | — | | | | — | |
Cash | | | — | | | | 99,170 | | | | 1,501 | | | | 24,355 | | | | 11,096 | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | — | | | | 553,208 | | | | — | | | | — | |
OTC swap agreements, at value | | | — | | | | — | | | | 261 | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investments sold | | | — | | | | 14,100 | | | | 1,462,591 | | | | 12,199,263 | | | | 3,876,163 | |
Interest | | | 122,068 | | | | 1,449,399 | | | | 1,088,310 | | | | 7,790,219 | | | | 13,637,096 | |
Net income from securities lending | | | — | | | | 3,768 | | | | 89 | | | | 10,687 | | | | — | |
Variation margin receivable on derivative financial instruments | | | — | | | | — | | | | 9,874 | | | | — | | | | — | |
Other | | | — | | | | — | | | | — | | | | — | | | | 91,350 | |
Prepaid expenses | | | 2,113 | | | | 945 | | | | 702 | | | | 3,327 | | | | 2,072 | |
Total assets | | | 837,606,166 | | | | 406,474,532 | | | | 296,627,381 | | | | 1,622,363,575 | | | | 889,122,471 | |
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Cash deposit due to broker | | | — | | | | — | | | | — | | | | 443,000 | | | | — | |
Payables and other liabilities: | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | — | | | | 13,589,866 | | | | 1,748,119 | | | | 8,998,931 | | | | 3,117,690 | |
When-issued or delayed-delivery securities purchased | | | — | | | | — | | | | — | | | | 204,811,193 | | | | 2,363,199 | |
Investment advisory fees | | | 179,800 | | | | 113,048 | | | | 87,062 | | | | 421,065 | | | | 427,940 | |
Trustees and CCO fees | | | 3,238 | | | | 1,281 | | | | 999 | | | | 4,806 | | | | 3,250 | |
Audit and tax fees | | | 9,504 | | | | 10,427 | | | | 10,749 | | | | 14,629 | | | | 11,241 | |
Custody and accounting fees | | | 26,400 | | | | 8,900 | | | | 10,326 | | | | 37,724 | | | | 20,313 | |
Legal fees | | | 18,429 | | | | 6,587 | | | | 4,726 | | | | 22,372 | | | | 16,339 | |
Printing and shareholder reports fees | | | 3,920 | | | | 3,522 | | | | 1,372 | | | | 5,160 | | | | 3,381 | |
Other | | | 1,862 | | | | 811 | | | | 566 | | | | 2,540 | | | | 1,595 | |
Collateral for securities on loan | | | — | | | | 17,503,200 | | | | — | | | | 35,131,510 | | | | — | |
Written options and swaptions, at value (E) | | | — | | | | — | | | | 1,324,203 | | | | — | | | | — | |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | — | | | | 209,426 | | | | — | | | | — | |
Total liabilities | | | 243,153 | | | | 31,237,642 | | | | 3,397,548 | | | | 249,892,930 | | | | 5,964,948 | |
Net assets | | $ | 837,363,013 | | | $ | 375,236,890 | | | $ | 293,229,833 | | | $ | 1,372,470,645 | | | $ | 883,157,523 | |
| | | | | | | | | | | | | | | | | | | | | |
(A) Investments, at cost | | $ | 658,794,768 | | | $ | 386,888,353 | | | $ | 295,109,955 | | | $ | 1,586,847,498 | | | $ | 873,789,511 | |
(B) Securities loaned, at value | | $ | — | | | $ | 17,143,769 | | | $ | — | | | $ | 34,406,037 | | | $ | — | |
(C) Repurchase agreements, at cost | | $ | 178,687,217 | | | $ | 21,508,769 | | | $ | — | | | $ | 19,267,987 | | | $ | 15,872,148 | |
(D) Foreign currency, at cost | | $ | — | | | $ | — | | | $ | 240,404 | | | $ | — | | | $ | — | |
(E) Premium received on written options and swaptions | | $ | — | | | $ | — | | | $ | (1,744,710 | ) | | $ | — | | | $ | — | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 74
STATEMENTS OF ASSETS AND LIABILITIES (continued)
At June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | |
Balanced | | | Large Value | | | Large Core | | | Large Growth | | | Mid Value | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investments, at value (A) (B) | | $ | 184,812,851 | | | $ | 951,768,340 | | | $ | 371,270,316 | | | $ | 1,039,087,590 | | | $ | 938,000,442 | |
Repurchase agreements, at value (C) | | | 2,283,503 | | | | 712,006 | | | | 6,893,920 | | | | 2,377,983 | | | | 43,853,780 | |
Cash on deposit with broker | | | 90,000 | | | | — | | | | — | | | | — | | | | — | |
Cash | | | 1,328 | | | | — | | | | — | | | | — | | | | 15,842 | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investments sold | | | 488,137 | | | | 28,012,812 | | | | 810,669 | | | | 9,225,685 | | | | 2,499,628 | |
Interest | | | 390,393 | | | | — | | | | 2 | | | | 1 | | | | 12 | |
Dividends | | | 99,577 | | | | 733,853 | | | | 365,347 | | | | 420,289 | | | | 1,645,548 | |
Tax reclaims | | | — | | | | — | | | | 764 | | | | 114,143 | | | | — | |
Net income from securities lending | | | 1,610 | | | | 14,826 | | | | 4,264 | | | | 18,842 | | | | 21,730 | |
Variation margin receivable on derivative financial instruments | | | 1,643 | | | | — | | | | — | | | | — | | | | — | |
Prepaid expenses | | | 355 | | | | 2,244 | | | | 832 | | | | 2,306 | | | | 2,241 | |
Total assets | | | 188,169,397 | | | | 981,244,081 | | | | 379,346,114 | | | | 1,051,246,839 | | | | 986,039,223 | |
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Due to custodian | | | — | | | | — | | | | — | | | | 761,058 | | | | — | |
Payables and other liabilities: | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | 500,793 | | | | 18,159,813 | | | | 3,611,346 | | | | 7,679,554 | | | | 9,685,618 | |
When-issued or delayed-delivery securities purchased | | | 10,350,801 | | | | — | | | | — | | | | — | | | | 115,682 | |
Investment advisory fees | | | 63,581 | | | | 372,718 | | | | 187,557 | | | | 536,678 | | | | 529,655 | |
Trustees and CCO fees | | | 473 | | | | 3,361 | | | | 1,249 | | | | 3,269 | | | | 3,907 | |
Audit and tax fees | | | 8,243 | | | | 8,235 | | | | 8,181 | | | | 9,640 | | | | 13,890 | |
Custody and accounting fees | | | 15,356 | | | | 13,700 | | | | 5,489 | | | | 27,254 | | | | 17,783 | |
Legal fees | | | 2,549 | | | | 15,100 | | | | 6,228 | | | | 14,929 | | | | 17,675 | |
Printing and shareholder reports fees | | | 542 | | | | 3,506 | | | | 1,298 | | | | 3,723 | | | | 4,392 | |
Other | | | 942 | | | | 1,994 | | | | 2,599 | | | | 1,587 | | | | 2,581 | |
Collateral for securities on loan | | | 8,888,641 | | | | 39,784,367 | | | | 26,975,642 | | | | 72,862,319 | | | | 92,629,338 | |
Total liabilities | | | 19,831,921 | | | | 58,362,794 | | | | 30,799,589 | | | | 81,900,011 | | | | 103,020,521 | |
Net assets | | $ | 168,337,476 | | | $ | 922,881,287 | | | $ | 348,546,525 | | | $ | 969,346,828 | | | $ | 883,018,702 | |
| | | | | | | | | | | | | | | | | | | | | |
(A) Investments, at cost | | $ | 170,779,845 | | | $ | 851,539,769 | | | $ | 321,149,393 | | | $ | 815,446,791 | | | $ | 814,373,366 | |
(B) Securities loaned, at value | | $ | 8,693,794 | | | $ | 38,912,618 | | | $ | 26,359,052 | | | $ | 71,328,656 | | | $ | 90,635,772 | |
(C) Repurchase agreements, at cost | | $ | 2,283,503 | | | $ | 712,006 | | | $ | 6,893,920 | | | $ | 2,377,983 | | | $ | 43,853,780 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 75
STATEMENTS OF ASSETS AND LIABILITIES (continued)
At June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | |
Mid Growth | | | Small Value | | | Small Core | | | Small Growth | | | International
Equity | |
Assets: | | | | | | | | | | | | | | | | | | | | |
Investments, at value (A) (B) | | $ | 164,610,221 | | | $ | 89,462,597 | | | $ | 339,163,595 | | | $ | 92,831,017 | | | $ | 490,161,855 | |
Repurchase agreements, at value (C) | | | 733,721 | | | | 4,311,128 | | | | 4,116,562 | | | | 1,112,100 | | | | 1,114,592 | |
Foreign currency, at value (D) | | | — | | | | — | | | | — | | | | — | | | | 241,754 | |
Cash | | | 7,852 | | | | — | | | | 6,383 | | | | — | | | | — | |
Receivables: | | | | | | | | | | | | | | | | | | | | |
Investments sold | | | — | | | | — | | | | 21,774,529 | | | | 750,233 | | | | — | |
Interest | | | — | | | | 1 | | | | 1 | | | | — | | | | — | |
Dividends | | | 51,989 | | | | 80,353 | | | | 369,556 | | | | 20,123 | | | | 1,325,777 | |
Tax reclaims | | | — | | | | — | | | | — | | | | — | | | | 933,583 | |
Net income from securities lending | | | 4,906 | | | | 1,809 | | | | 38,120 | | | | 3,788 | | | | 49,295 | |
Prepaid expenses | | | 348 | | | | 192 | | | | 740 | | | | 174 | | | | 1,213 | |
Total assets | | | 165,409,037 | | | | 93,856,080 | | | | 365,469,486 | | | | 94,717,435 | | | | 493,828,069 | |
| | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | |
Payables and other liabilities: | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | — | | | | 304,165 | | | | 22,997,460 | | | | 684,917 | | | | 22 | |
When-issued or delayed-delivery securities purchased | | | — | | | | 190,853 | | | | — | | | | — | | | | — | |
Investment advisory fees | | | 82,615 | | | | 55,816 | | | | 207,536 | | | | 54,156 | | | | 311,250 | |
Trustees and CCO fees | | | 443 | | | | 261 | | | | 1,172 | | | | 212 | | | | 2,090 | |
Audit and tax fees | | | 6,715 | | | | 7,093 | | | | 8,045 | | | | 8,189 | | | | 15,479 | |
Custody and accounting fees | | | 2,983 | | | | 2,540 | | | | 8,054 | | | | 3,163 | | | | 83,774 | |
Legal fees | | | 2,062 | | | | 1,284 | | | | 5,283 | | | | 2,871 | | | | 12,694 | |
Printing and shareholder reports fees | | | 1,005 | | | | 363 | | | | 1,648 | | | | 347 | | | | 2,165 | |
Other | | | 746 | | | | 712 | | | | 1,655 | | | | 259 | | | | 2,052 | |
Collateral for securities on loan | | | 36,654,367 | | | | 12,562,325 | | | | 54,218,654 | | | | 20,808,837 | | | | 29,301,890 | |
Total liabilities | | | 36,750,936 | | | | 13,125,412 | | | | 77,449,507 | | | | 21,562,951 | | | | 29,731,416 | |
Net assets | | $ | 128,658,101 | | | $ | 80,730,668 | | | $ | 288,019,979 | | | $ | 73,154,484 | | | $ | 464,096,653 | |
| | | | | | | | | | | | | | | | | | | | | |
(A) Investments, at cost | | $ | 148,394,897 | | | $ | 66,357,417 | | | $ | 334,263,712 | | | $ | 79,417,221 | | | $ | 490,034,780 | |
(B) Securities loaned, at value | | $ | 35,859,510 | | | $ | 12,274,469 | | | $ | 52,731,343 | | | $ | 20,329,439 | | | $ | 28,139,420 | |
(C) Repurchase agreements, at cost | | $ | 733,721 | | | $ | 4,311,128 | | | $ | 4,116,562 | | | $ | 1,112,100 | | | $ | 1,114,592 | |
(D) Foreign currency, at cost | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 241,769 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 76
STATEMENTS OF OPERATIONS
For the period ended June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | High Quality
Bond | | | Inflation-
Protected
Securities | | | Core Bond | | | High Yield
Bond | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Dividend income | | $ | — | | | $ | — | | | $ | — | | | $ | 82,298 | | | $ | 196,650 | |
Interest income | | | 1,066,136 | | | | 3,439,875 | | | | (238,451 | ) | | | 17,595,217 | | | | 26,199,131 | |
Net income from securities lending | | | — | | | | 13,584 | | | | 915 | | | | 80,586 | | | | — | |
Withholding taxes on foreign income | | | — | | | | (673 | ) | | | — | | | | — | | | | — | |
Total investment income | | | 1,066,136 | | | | 3,452,786 | | | | (237,536 | ) | | | 17,758,101 | | | | 26,395,781 | |
| | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 1,027,951 | | | | 647,865 | | | | 506,275 | | | | 2,396,542 | | | | 2,380,623 | |
Trustees and CCO fees | | | 8,468 | | | | 3,665 | | | | 2,860 | | | | 13,598 | | | | 8,829 | |
Audit and tax fees | | | 10,532 | | | | 11,150 | | | | 11,408 | | | | 15,861 | | | | 12,504 | |
Custody and accounting fees | | | 70,905 | | | | 29,733 | | | | 64,670 | | | | 93,911 | | | | 67,656 | |
Legal fees | | | 17,009 | | | | 8,041 | | | | 6,215 | | | | 30,174 | | | | 18,823 | |
Printing and shareholder reports fees | | | 2,147 | | | | 1,435 | | | | 682 | | | | 3,993 | | | | 2,603 | |
Other | | | 9,669 | | | | 4,293 | | | | 3,254 | | | | 15,176 | | | | 9,528 | |
Total expenses before waiver and/or reimbursement | | | 1,146,681 | | | | 706,182 | | | | 595,364 | | | | 2,569,255 | | | | 2,500,566 | |
Expenses waived and/or reimbursed | | | — | | | | — | | | | (16,763 | ) | | | — | | | | — | |
Net expenses | | | 1,146,681 | | | | 706,182 | | | | 578,601 | | | | 2,569,255 | | | | 2,500,566 | |
Net investment income (loss) | | | (80,545 | ) | | | 2,746,604 | | | | (816,137 | ) | | | 15,188,846 | | | | 23,895,215 | |
| | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 3,649 | | | | 23,589 | | | | (2,302,626 | ) | | | 5,021,334 | | | | (7,478,956 | ) |
Futures contracts | | | — | | | | — | | | | 142,456 | | | | — | | | | — | |
Written options and swaptions | | | — | | | | — | | | | 782,510 | | | | — | | | | — | |
Swap agreements | | | — | | | | — | | | | (263,918 | ) | | | — | | | | — | |
Foreign currency transactions | | | — | | | | — | | | | 2,642,711 | | | | — | | | | — | |
Net realized gain (loss) | | | 3,649 | | | | 23,589 | | | | 1,001,133 | | | | 5,021,334 | | | | (7,478,956 | ) |
| | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | — | | | | (203,574 | ) | | | (438,498 | ) | | | (18,088,086 | ) | | | 3,153,620 | |
Futures contracts | | | — | | | | — | | | | 1,179,911 | | | | — | | | | — | |
Written options and swaptions | | | — | | | | — | | | | 399,106 | | | | — | | | | — | |
Swap agreements | | | — | | | | — | | | | 143,421 | | | | — | | | | — | |
Translation of assets and liabilities denominated in foreign currencies | | | — | | | | — | | | | (225,152 | ) | | | — | | | | — | |
Net change in unrealized appreciation (depreciation) | | | — | | | | (203,574 | ) | | | 1,058,788 | | | | (18,088,086 | ) | | | 3,153,620 | |
Net realized and change in unrealized gain (loss) | | | 3,649 | | | | (179,985 | ) | | | 2,059,921 | | | | (13,066,752 | ) | | | (4,325,336 | ) |
Net increase (decrease) in net assets resulting from operations | | $ | (76,896 | ) | | $ | 2,566,619 | | | $ | 1,243,784 | | | $ | 2,122,094 | | | $ | 19,569,879 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 77
STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | |
Balanced | | | Large Value | | | Large Core | | | Large Growth | | | Mid Value | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Dividend income | | $ | 843,892 | | | $ | 8,104,954 | | | $ | 2,971,818 | | | $ | 4,714,023 | | | $ | 8,245,865 | |
Interest income | | | 752,556 | | | | 556 | | | | 183 | | | | 451 | | | | 1,991 | |
Net income from securities lending | | | 7,640 | | | | 88,865 | | | | 42,533 | | | | 72,061 | | | | 168,599 | |
Withholding taxes on foreign income | | | (5,317 | ) | | | (3,729 | ) | | | (7,524 | ) | | | (54,935 | ) | | | (102,313 | ) |
Total investment income | | | 1,598,771 | | | | 8,190,646 | | | | 3,007,010 | | | | 4,731,600 | | | | 8,314,142 | |
| | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 357,021 | | | | 2,078,915 | | | | 1,055,354 | | | | 2,967,718 | | | | 2,989,920 | |
Trustees and CCO fees | | | 1,507 | | | | 9,291 | | | | 3,506 | | | | 9,452 | | | | 9,634 | |
Audit and tax fees | | | 11,754 | | | | 11,198 | | | | 10,890 | | | | 12,549 | | | | 18,581 | |
Custody and accounting fees | | | 48,026 | | | | 47,401 | | | | 20,252 | | | | 53,060 | | | | 53,039 | |
Legal fees | | | 2,873 | | | | 20,183 | | | | 6,983 | | | | 20,380 | | | | 22,725 | |
Printing and shareholder reports fees | | | 418 | | | | 2,710 | | | | 1,005 | | | | 2,633 | | | | 2,873 | |
Other | | | 1,478 | | | | 9,954 | | | | 3,536 | | | | 10,019 | | | | 10,098 | |
Total expenses before waiver and/or reimbursement | | | 423,077 | | | | 2,179,652 | | | | 1,101,526 | | | | 3,075,811 | | | | 3,106,870 | |
Expenses waived and/or reimbursed | | | (26,386 | ) | | | — | | | | — | | | | — | | | | — | |
Net expenses | | | 396,691 | | | | 2,179,652 | | | | 1,101,526 | | | | 3,075,811 | | | | 3,106,870 | |
Net investment income (loss) | | | 1,202,080 | | | | 6,010,994 | | | | 1,905,484 | | | | 1,655,789 | | | | 5,207,272 | |
| | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 4,417,449 | | | | 66,838,180 | | | | 24,682,810 | | | | 29,617,896 | | | | 33,118,496 | |
Futures contracts | | | 87,565 | | | | — | | | | — | | | | — | | | | — | |
Foreign currency transactions | | | (7 | ) | | | — | | | | — | | | | (895 | ) | | | 3 | |
Net realized gain (loss) | | | 4,505,007 | | | | 66,838,180 | | | | 24,682,810 | | | | 29,617,001 | | | | 33,118,499 | |
| | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | (4,879,165 | ) | | | (48,915,764 | ) | | | (18,889,942 | ) | | | 32,639,023 | | | | (23,486,301 | ) |
Futures contracts | | | (9,715 | ) | | | — | | | | — | | | | — | | | | — | |
Translation of assets and liabilities denominated in foreign currencies | | | 10 | | | | — | | | | (57 | ) | | | (955 | ) | | | (328 | ) |
Net change in unrealized appreciation (depreciation) | | | (4,888,870 | ) | | | (48,915,764 | ) | | | (18,889,999 | ) | | | 32,638,068 | | | | (23,486,629 | ) |
Net realized and change in unrealized gain (loss) | | | (383,863 | ) | | | 17,922,416 | | | | 5,792,811 | | | | 62,255,069 | | | | 9,631,870 | |
Net increase (decrease) in net assets resulting from operations | | $ | 818,217 | | | $ | 23,933,410 | | | $ | 7,698,295 | | | $ | 63,910,858 | | | $ | 14,839,142 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 78
STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2015
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | |
Mid Growth | | | Small Value | | | Small Core | | | Small Growth | | | International
Equity | |
Investment Income: | | | | | | | | | | | | | | | | | | | | |
Dividend income | | $ | 263,341 | | | $ | 679,203 | | | $ | 2,494,622 | | | $ | 411,403 | | | $ | 12,042,185 | |
Interest income | | | 47 | | | | 178 | | | | 162 | | | | 119 | | | | 32,551 | |
Net income from securities lending | | | 22,875 | | | | 12,375 | | | | 301,073 | | | | 65,056 | | | | 330,693 | |
Withholding taxes on foreign income | | | (9,248 | ) | | | (3,840 | ) | | | (10,945 | ) | | | — | | | | (2,209,660 | ) |
Total investment income | | | 277,015 | | | | 687,916 | | | | 2,784,912 | | | | 476,578 | | | | 10,195,769 | |
| | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees | | | 465,895 | | | | 320,729 | | | | 1,191,283 | | | | 294,333 | | | | 1,774,521 | |
Trustees and CCO fees | | | 1,281 | | | | 767 | | | | 3,073 | | | | 669 | | | | 5,132 | |
Audit and tax fees | | | 9,497 | | | | 9,941 | | | | 12,114 | | | | 9,455 | | | | 13,104 | |
Custody and accounting fees | | | 9,844 | | | | 11,649 | | | | 26,468 | | | | 10,915 | | | | 181,162 | |
Legal fees | | | 2,853 | | | | 1,604 | | | | 6,863 | | | | 839 | | | | 10,553 | |
Printing and shareholder reports fees | | | 215 | | | | 183 | | | | 671 | | | | 143 | | | | 1,487 | |
Other | | | 1,547 | | | | 830 | | | | 3,369 | | | | 727 | | | | 6,234 | |
Total expenses before waiver and/or reimbursement | | | 491,132 | | | | 345,703 | | | | 1,243,841 | | | | 317,081 | | | | 1,992,193 | |
Expenses waived and/or reimbursed | | | (5,825 | ) | | | (13,238 | ) | | | — | | | | (1,724 | ) | | | — | |
Net expenses | | | 485,307 | | | | 332,465 | | | | 1,243,841 | | | | 315,357 | | | | 1,992,193 | |
Net investment income (loss) | | | (208,292 | ) | | | 355,451 | | | | 1,541,071 | | | | 161,221 | | | | 8,203,576 | |
| | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | 15,412,912 | | | | 3,646,726 | | | | 11,608,019 | | | | 2,138,084 | | | | (8,069,173 | ) |
Foreign currency transactions | | | — | | | | (329 | ) | | | 457 | | | | — | | | | (130,835 | ) |
Net realized gain (loss) | | | 15,412,912 | | | | 3,646,397 | | | | 11,608,476 | | | | 2,138,084 | | | | (8,200,008 | ) |
| | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | | | | | | | | | |
Investments | | | (2,963,089 | ) | | | (44,052 | ) | | | (15,119,335 | ) | | | 3,494,212 | | | | 29,580,226 | |
Translation of assets and liabilities denominated in foreign currencies | | | — | | | | 82 | | | | — | | | | — | | | | (102,580 | ) |
Net change in unrealized appreciation (depreciation) | | | (2,963,089 | ) | | | (43,970 | ) | | | (15,119,335 | ) | | | 3,494,212 | | | | 29,477,646 | |
Net realized and change in unrealized gain (loss) | | | 12,449,823 | | | | 3,602,427 | | | | (3,510,859 | ) | | | 5,632,296 | | | | 21,277,638 | |
Net increase (decrease) in net assets resulting from operations | | $ | 12,241,531 | | | $ | 3,957,878 | | | $ | (1,969,788 | ) | | $ | 5,793,517 | | | $ | 29,481,214 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 79
STATEMENTS OF CHANGES IN NET ASSETS
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | High Quality Bond | | | Inflation-Protected Securities | |
| | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (80,545 | ) | | $ | (405,088 | ) | | $ | 2,746,604 | | | $ | 5,557,003 | | | $ | (816,137 | ) | | $ | 3,295,015 | |
Net realized gain (loss) | | | 3,649 | | | | 10,182 | | | | 23,589 | | | | 37,515 | | | | 1,001,133 | | | | (2,026,292 | ) |
Net change in unrealized appreciation (depreciation) | | | — | | | | — | | | | (203,574 | ) | | | (2,422,845 | ) | | | 1,058,788 | | | | 6,620,161 | |
Net increase (decrease) in net assets resulting from operations | | | (76,896 | ) | | | (394,906 | ) | | | 2,566,619 | | | | 3,171,673 | | | | 1,243,784 | | | | 7,888,884 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 286,775,019 | | | | 604,412,830 | | | | 104,771,192 | | | | 168,879,564 | | | | 33,402,808 | | | | 44,535,342 | |
Withdrawals | | | (311,703,154 | ) | | | (728,511,842 | ) | | | (103,255,299 | ) | | | (200,754,741 | ) | | | (24,342,555 | ) | | | (44,286,154 | ) |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | (24,928,135 | ) | | | (124,099,012 | ) | | | 1,515,893 | | | | (31,875,177 | ) | | | 9,060,253 | | | | 249,188 | |
Net increase (decrease) in net assets | | | (25,005,031 | ) | | | (124,493,918 | ) | | | 4,082,512 | | | | (28,703,504 | ) | | | 10,304,037 | | | | 8,138,072 | |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 862,368,044 | | | | 986,861,962 | | | | 371,154,378 | | | | 399,857,882 | | | | 282,925,796 | | | | 274,787,724 | |
End of period/year | | $ | 837,363,013 | | | $ | 862,368,044 | | | $ | 375,236,890 | | | $ | 371,154,378 | | | $ | 293,229,833 | | | $ | 282,925,796 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond | | | High Yield Bond | | | Balanced | |
| | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 15,188,846 | | | $ | 34,907,805 | | | $ | 23,895,215 | | | $ | 52,214,684 | | | $ | 1,202,080 | | | $ | 2,261,478 | |
Net realized gain (loss) | | | 5,021,334 | | | | 28,880,767 | | | | (7,478,956 | ) | | | 25,943,110 | | | | 4,505,007 | | | | 7,008,505 | |
Net change in unrealized appreciation (depreciation) | | | (18,088,086 | ) | | | 19,066,627 | | | | 3,153,620 | | | | (50,739,572 | ) | | | (4,888,870 | ) | | | 4,682,230 | |
Net increase (decrease) in net assets resulting from operations | | | 2,122,094 | | | | 82,855,199 | | | | 19,569,879 | | | | 27,418,222 | | | | 818,217 | | | | 13,952,213 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 148,003,743 | | | | 243,239,709 | | | | 58,584,618 | | | | 112,116,324 | | | | 27,449,194 | | | | 27,672,670 | |
Withdrawals | | | (132,130,880 | ) | | | (307,830,084 | ) | | | (71,772,029 | ) | | | (119,665,792 | ) | | | (7,494,375 | ) | | | (17,330,758 | ) |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | 15,872,863 | | | | (64,590,375 | ) | | | (13,187,411 | ) | | | (7,549,468 | ) | | | 19,954,819 | | | | 10,341,912 | |
Net increase (decrease) in net assets | | | 17,994,957 | | | | 18,264,824 | | | | 6,382,468 | | | | 19,868,754 | | | | 20,773,036 | | | | 24,294,125 | |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 1,354,475,688 | | | | 1,336,210,864 | | | | 876,775,055 | | | | 856,906,301 | | | | 147,564,440 | | | | 123,270,315 | |
End of period/year | | $ | 1,372,470,645 | | | $ | 1,354,475,688 | | | $ | 883,157,523 | | | $ | 876,775,055 | | | $ | 168,337,476 | | | $ | 147,564,440 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 80
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Value | | | Large Core | | | Large Growth | |
| | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 6,010,994 | | | $ | 11,285,487 | | | $ | 1,905,484 | | | $ | 3,319,424 | | | $ | 1,655,789 | | | $ | 3,799,693 | |
Net realized gain (loss) | | | 66,838,180 | | | | 108,717,853 | | | | 24,682,810 | | | | 33,339,747 | | | | 29,617,001 | | | | 172,880,474 | |
Net change in unrealized appreciation (depreciation) | | | (48,915,764 | ) | | | (35,341,767 | ) | | | (18,889,999 | ) | | | 9,785,542 | | | | 32,638,068 | | | | (84,671,004 | ) |
Net increase (decrease) in net assets resulting from operations | | | 23,933,410 | | | | 84,661,573 | | | | 7,698,295 | | | | 46,444,713 | | | | 63,910,858 | | | | 92,009,163 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 53,574,368 | | | | 67,987,946 | | | | 17,259,009 | | | | 29,197,760 | | | | 54,665,205 | | | | 62,275,027 | |
Withdrawals | | | (74,879,002 | ) | | | (156,673,532 | ) | | | (23,793,046 | ) | | | (37,995,285 | ) | | | (75,811,103 | ) | | | (169,720,555 | ) |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | (21,304,634 | ) | | | (88,685,586 | ) | | | (6,534,037 | ) | | | (8,797,525 | ) | | | (21,145,898 | ) | | | (107,445,528 | ) |
Net increase (decrease) in net assets | | | 2,628,776 | | | | (4,024,013 | ) | | | 1,164,258 | | | | 37,647,188 | | | | 42,764,960 | | | | (15,436,365 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 920,252,511 | | | | 924,276,524 | | | | 347,382,267 | | | | 309,735,079 | | | | 926,581,868 | | | | 942,018,233 | |
End of period/year | | $ | 922,881,287 | | | $ | 920,252,511 | | | $ | 348,546,525 | | | $ | 347,382,267 | | | $ | 969,346,828 | | | $ | 926,581,868 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid Value | | | Mid Growth | | | Small Value | |
| | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 5,207,272 | | | $ | 12,714,125 | | | $ | (208,292 | ) | | $ | 798,940 | | | $ | 355,451 | | | $ | 752,806 | |
Net realized gain (loss) | | | 33,118,499 | | | | 205,832,321 | | | | 15,412,912 | | | | 10,596,128 | | | | 3,646,397 | | | | 9,659,760 | |
Net change in unrealized appreciation (depreciation) | | | (23,486,629 | ) | | | (100,147,711 | ) | | | (2,963,089 | ) | | | (1,341,660 | ) | | | (43,970 | ) | | | (5,124,496 | ) |
Net increase (decrease) in net assets resulting from operations | | | 14,839,142 | | | | 118,398,735 | | | | 12,241,531 | | | | 10,053,408 | | | | 3,957,878 | | | | 5,288,070 | |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 57,415,206 | | | | 60,667,605 | | | | 11,724,147 | | | | 16,339,479 | | | | 5,554,421 | | | | 9,733,013 | |
Withdrawals | | | (58,169,723 | ) | | | (285,213,427 | ) | | | (21,436,891 | ) | | | (50,406,635 | ) | | | (5,374,700 | ) | | | (20,725,556 | ) |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | (754,517 | ) | | | (224,545,822 | ) | | | (9,712,744 | ) | | | (34,067,156 | ) | | | 179,721 | | | | (10,992,543 | ) |
Net increase (decrease) in net assets | | | 14,084,625 | | | | (106,147,087 | ) | | | 2,528,787 | | | | (24,013,748 | ) | | | 4,137,599 | | | | (5,704,473 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 868,934,077 | | | | 975,081,164 | | | | 126,129,314 | | | | 150,143,062 | | | | 76,593,069 | | | | 82,297,542 | |
End of period/year | | $ | 883,018,702 | | | $ | 868,934,077 | | | $ | 128,658,101 | | | $ | 126,129,314 | | | $ | 80,730,668 | | | $ | 76,593,069 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 81
STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Core | | | Small Growth | | | International Equity | |
| | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | | | June 30, 2015
(unaudited) | | | December 31, 2014 | |
From operations: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,541,071 | | | $ | 3,359,210 | | | $ | 161,221 | | | $ | (249,719 | ) | | $ | 8,203,576 | | | $ | 16,095,155 | |
Net realized gain (loss) | | | 11,608,476 | | | | 23,328,860 | | | | 2,138,084 | | | | 8,927,234 | | | | (8,200,008 | ) | | | 7,181,699 | |
Net change in unrealized appreciation (depreciation) | | | (15,119,335 | ) | | | (13,556,343 | ) | | | 3,494,212 | | | | (6,868,899 | ) | | | 29,477,646 | | | | (62,059,763 | ) |
Net increase (decrease) in net assets resulting from operations | | | (1,969,788 | ) | | | 13,131,727 | | | | 5,793,517 | | | | 1,808,616 | | | | 29,481,214 | | | | (38,782,909 | ) |
| | | | | | | |
From transactions in investors’ beneficial interests: | | | | | | | | | | | | | | | | | | | | | | | | |
Contributions | | | 20,193,623 | | | | 20,707,866 | | | | 6,449,272 | | | | 9,958,737 | | | | 38,369,408 | | | | 81,284,021 | |
Withdrawals | | | (36,495,161 | ) | | | (61,729,892 | ) | | | (5,549,432 | ) | | | (18,370,607 | ) | | | (102,934,158 | ) | | | (155,426,237 | ) |
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests | | | (16,301,538 | ) | | | (41,022,026 | ) | | | 899,840 | | | | (8,411,870 | ) | | | (64,564,750 | ) | | | (74,142,216 | ) |
Net increase (decrease) in net assets | | | (18,271,326 | ) | | | (27,890,299 | ) | | | 6,693,357 | | | | (6,603,254 | ) | | | (35,083,536 | ) | | | (112,925,125 | ) |
| | | | | | | |
Net assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of period/year | | | 306,291,305 | | | | 334,181,604 | | | | 66,461,127 | | | | 73,064,381 | | | | 499,180,189 | | | | 612,105,314 | |
End of period/year | | $ | 288,019,979 | | | $ | 306,291,305 | | | $ | 73,154,484 | | | $ | 66,461,127 | | | $ | 464,096,653 | | | $ | 499,180,189 | |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 82
FINANCIAL HIGHLIGHTS
For the period and years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | (0.01 | )%(B) | | | (0.05 | )% | | | (0.07 | )% | | | (0.11 | )% | | | (0.04 | )% | | | 0.02 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 837,363 | | | $ | 862,368 | | | $ | 986,862 | | | $ | 948,358 | | | $ | 995,629 | | | $ | 1,065,396 | |
Expenses to average net assets | | | 0.28 | %(C) | | | 0.28 | % | | | 0.29 | % | | | 0.28 | % | | | 0.28 | % | | | 0.28 | % |
Net investment income (loss) to average net assets | | | (0.02 | )%(C) | | | (0.05 | )% | | | (0.07 | )% | | | (0.11 | )% | | | (0.04 | )% | | | 0.02 | % |
| (A) | Total return reflects all Portfolio expenses. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Quality Bond | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 0.68 | %(B) | | | 0.81 | % | | | 0.41 | % | | | 2.95 | % | | | 2.16 | % | | | 4.20 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 375,237 | | | $ | 371,154 | | | $ | 399,858 | | | $ | 386,046 | | | $ | 458,228 | | | $ | 463,701 | |
Expenses to average net assets | | | 0.38 | %(C) | | | 0.38 | % | | | 0.39 | % | | | 0.38 | % | | | 0.38 | % | | | 0.38 | % |
Net investment income (loss) to average net assets | | | 1.48 | %(C) | | | 1.47 | % | | | 1.81 | % | | | 2.10 | % | | | 2.43 | % | | | 2.99 | % |
Portfolio turnover rate | | | 29 | %(B) | | | 92 | % | | | 77 | % | | | 68 | % | | | 84 | % | | | 87 | % |
| (A) | Total return reflects all Portfolio expenses. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Inflation-Protected Securities | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 0.46 | %(B) | | | 3.00 | % | | | (8.26 | )% | | | 7.06 | % | | | 12.33 | % | | | 6.23 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 293,230 | | | $ | 282,926 | | | $ | 274,788 | | | $ | 341,136 | | | $ | 358,544 | | | $ | 328,010 | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.41 | %(C) | | | 0.42 | % | | | 0.41 | % | | | 0.40 | % | | | 0.40 | % | | | 0.38 | % |
Including waiver and/or reimbursement | | | 0.40 | %(C) | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.40 | % | | | 0.38 | % |
Net investment income (loss) to average net assets | | | (0.56 | )%(C) | | | 1.17 | % | | | 0.48 | % | | | 1.43 | % | | | 3.30 | % | | | 2.04 | % |
Portfolio turnover rate | | | 29 | %(B) | | | 81 | % | | | 99 | % | | | 103 | % | | | 134 | % | | | 117 | % |
| (A) | Total return reflects all Portfolio expenses. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Core Bond | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 0.16 | %(B) | | | 6.32 | % | | | (0.96 | )% | | | 8.28 | % | | | 6.20 | % | | | 8.26 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 1,372,471 | | | $ | 1,354,476 | | | $ | 1,336,211 | | | $ | 1,470,033 | | | $ | 1,588,591 | | | $ | 1,622,006 | |
Expenses to average net assets | | | 0.38 | %(C) | | | 0.38 | % | | | 0.39 | % | | | 0.39 | % | | | 0.39 | % | | | 0.39 | % |
Net investment income (loss) to average net assets | | | 2.22 | %(C) | | | 2.58 | % | | | 2.64 | % | | | 3.03 | % | | | 3.54 | % | | | 3.65 | % |
Portfolio turnover rate | | | 26 | %(B) | | | 184 | % | | | 200 | % | | | 297 | % | | | 406 | % | | | 633 | % |
| (A) | Total return reflects all Portfolio expenses. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 83
FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | High Yield Bond | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 2.31 | %(B) | | | 3.16 | % | | | 7.48 | % | | | 15.14 | % | | | 4.93 | % | | | 15.81 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 883,158 | | | $ | 876,775 | | | $ | 856,906 | | | $ | 819,993 | | | $ | 729,276 | | | $ | 709,083 | |
Expenses to average net assets | | | 0.58 | %(C) | | | 0.58 | %(D) | | | 0.59 | %(D) | | | 0.59 | %(D) | | | 0.59 | %(D) | | | 0.59 | %(D) |
Net investment income (loss) to average net assets | | | 5.52 | %(C) | | | 5.87 | %(E) | | | 6.37 | %(E) | | | 7.23 | %(E) | | | 8.04 | %(E) | | | 8.84 | %(E) |
Portfolio turnover rate | | | 21 | %(B) | | | 97 | %(F) | | | 51 | %(F) | | | 102 | %(F) | | | 81 | %(F) | | | 98 | %(F) |
| (A) | Total return reflects all Portfolio expenses. |
| (D) | Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests. |
| (E) | Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests. |
| (F) | Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Balanced | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 0.66 | %(B) | | | 10.99 | % | | | 18.33 | % | | | 13.47 | % | | | 3.60 | % | | | 13.91 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 168,337 | | | $ | 147,564 | | | $ | 123,270 | | | $ | 109,602 | | | $ | 104,111 | | | $ | 116,337 | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.53 | %(C) | | | 0.58 | % | | | 0.63 | % | | | 0.61 | % | | | 0.62 | % | | | 0.59 | % |
Including waiver and/or reimbursement | | | 0.50 | %(C) | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % | | | 0.50 | % |
Net investment income (loss) to average net assets | | | 1.52 | %(C) | | | 1.69 | % | | | 1.44 | % | | | 1.82 | % | | | 2.26 | % | | | 2.42 | % |
Portfolio turnover rate | | | 24 | %(B) | | | 92 | % | | | 123 | % | | | 150 | % | | | 245 | % | | | 211 | % |
| (A) | Total return reflects all Portfolio expenses. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Value | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 2.62 | %(B) | | | 9.82 | % | | | 38.08 | % | | | 17.39 | % | | | 2.32 | % | | | 14.66 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 922,881 | | | $ | 920,253 | | | $ | 924,277 | | | $ | 785,039 | | | $ | 877,766 | | | $ | 1,014,115 | |
Expenses to average net assets (C) | | | 0.47 | %(D) | | | 0.47 | % | | | 0.48 | % | | | 0.48 | % | | | 0.47 | % | | | 0.47 | % |
Net investment income (loss) to average net assets (E) | | | 1.30 | %(D) | | | 1.24 | % | | | 1.69 | % | | | 2.08 | %(F) | | | 1.70 | % | | | 1.65 | % |
Portfolio turnover rate (G) | | | 40 | %(B) | | | 69 | % | | | 99 | % | | | 48 | % | | | 55 | % | | | 62 | % |
| (A) | Total return reflects all Portfolio expenses. |
| (C) | Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests. |
| (E) | Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests. |
| (F) | Includes litigation proceeds received during the year that represented 0.15%. |
| (G) | Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Core | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 2.21 | %(B) | | | 15.16 | % | | | 37.28 | % | | | 17.30 | % | | | 3.51 | % | | | 11.79 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 348,547 | | | $ | 347,382 | | | $ | 309,735 | | | $ | 244,984 | | | $ | 235,204 | | | $ | 255,995 | |
Expenses to average net assets | | | 0.63 | %(C) | | | 0.63 | % | | | 0.64 | % | | | 0.64 | % | | | 0.63 | % | | | 0.63 | % |
Net investment income (loss) to average net assets | | | 1.08 | %(C) | | | 1.02 | % | | | 1.41 | % | | | 1.68 | % | | | 1.37 | % | | | 1.47 | % |
Portfolio turnover rate | | | 36 | %(B) | | | 70 | % | | | 116 | % | | | 54 | % | | | 63 | % | | | 55 | % |
| (A) | Total return reflects all Portfolio expenses. |
The Notes to Financial Statements are an integral part of this report.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 84
FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Growth | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 6.96 | %(B) | | | 10.75 | % | | | 35.32 | % | | | 14.91 | % | | | (1.78 | )% | | | 16.62 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 969,347 | | | $ | 926,582 | | | $ | 942,018 | | | $ | 825,014 | | | $ | 1,016,307 | | | $ | 1,176,583 | |
Expenses to average net assets (C) | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.64 | %(D) | | | 0.65 | % | | | 0.66 | % | | | 0.66 | % | | | 0.65 | % | | | 0.66 | % |
Including waiver and/or reimbursement | | | 0.64 | %(D) | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
Net investment income (loss) to average net assets (E) | | | 0.35 | %(D) | | | 0.42 | % | | | 0.57 | % | | | 0.75 | % | | | 0.34 | % | | | 0.56 | % |
Portfolio turnover rate (F) | | | 17 | %(B) | | | 73 | % | | | 49 | % | | | 53 | % | | | 53 | % | | | 119 | % |
| (A) | Total return reflects all Portfolio expenses. |
| (C) | Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests. |
| (E) | Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests. |
| (F) | Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid Value | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 1.65 | %(B) | | | 12.97 | % | | | 32.99 | % | | | 19.50 | % | | | (2.19 | )% | | | 21.29 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 883,019 | | | $ | 868,934 | | | $ | 975,081 | | | $ | 777,964 | | | $ | 748,835 | | | $ | 909,134 | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.70 | %(C) | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.69 | % |
Including waiver and/or reimbursement | | | 0.70 | %(C) | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.70 | % | | | 0.69 | % |
Net investment income (loss) to average net assets | | | 1.17 | %(C) | | | 1.32 | % | | | 0.93 | % | | | 1.36 | % | | | 1.08 | % | | | 1.14 | % |
Portfolio turnover rate | | | 20 | %(B) | | | 92 | % | | | 53 | % | | | 71 | % | | | 69 | % | | | 76 | % |
| (A) | Total return reflects all Portfolio expenses. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Mid Growth | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 9.80 | %(B) | | | 8.04 | % | | | 30.35 | % | | | 13.93 | % | | | (6.90 | )% | | | 29.27 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 128,658 | | | $ | 126,129 | | | $ | 150,143 | | | $ | 164,933 | | | $ | 206,602 | | | $ | 269,733 | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.76 | %(C) | | | 0.76 | % | | | 0.77 | % | | | 0.76 | % | | | 0.75 | % | | | 0.75 | % |
Including waiver and/or reimbursement | | | 0.75 | %(C) | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % | | | 0.75 | % |
Net investment income (loss) to average net assets | | | (0.32 | )%(C) | | | 0.60 | % | | | — | %(D) | | | 0.10 | % | | | (0.33 | )% | | | (0.36 | )% |
Portfolio turnover rate | | | 32 | %(B) | | | 60 | % | | | 234 | % | | | 178 | % | | | 135 | % | | | 199 | % |
| (A) | Total return reflects all Portfolio expenses. |
| (D) | Rounds to less than 0.01% or (0.01)%. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Value | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 5.16 | %(B) | | | 7.38 | % | | | 34.10 | % | | | 16.11 | % | | | 1.35 | % | | | 23.12 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 80,731 | | | $ | 76,593 | | | $ | 82,298 | | | $ | 70,183 | | | $ | 103,958 | | | $ | 134,427 | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.88 | %(C) | | | 0.88 | % | | | 0.88 | % | | | 0.88 | % | | | 0.87 | % | | | 0.87 | % |
Including waiver and/or reimbursement | | | 0.85 | %(C) | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % |
Net investment income (loss) to average net assets | | | 0.91 | %(C) | | | 0.99 | % | | | 0.57 | % | | | 1.41 | % | | | 0.63 | % | | | 0.84 | % |
Portfolio turnover rate | | | 7 | %(B) | | | 18 | % | | | 16 | % | | | 15 | % | | | 16 | % | | | 121 | % |
| (A) | Total return reflects all Portfolio expenses. |
The Notes to Financial Statements are an integral part of this report.
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| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 85
FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Core | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | (0.72 | )%(B) | | | 4.21 | % | | | 33.62 | % | | | 15.04 | % | | | (2.19 | )% | | | 29.89 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 288,020 | | | $ | 306,291 | | | $ | 334,182 | | | $ | 296,936 | | | $ | 296,060 | | | $ | 341,598 | |
Expenses to average net assets | | | 0.84 | %(C) | | | 0.83 | % | | | 0.84 | % | | | 0.84 | % | | | 0.84 | % | | | 0.85 | % |
Net investment income (loss) to average net assets | | | 1.03 | %(C) | | | 1.05 | % | | | 0.74 | % | | | 1.07 | % | | | 0.32 | % | | | 0.43 | % |
Portfolio turnover rate | | | 73 | %(B) | | | 148 | % | | | 195 | % | | | 59 | % | | | 59 | % | | | 55 | % |
| (A) | Total return reflects all Portfolio expenses. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Growth | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 8.83 | %(B) | | | 3.13 | % | | | 37.97 | % | | | 1.30 | % | | | (6.45 | )% | | | 25.65 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 73,154 | | | $ | 66,461 | | | $ | 73,064 | | | $ | 58,300 | | | $ | 108,124 | | | $ | 142,731 | |
Expenses to average net assets | | | | | | | | | | | | | | | | | | | | | | | | |
Excluding waiver and/or reimbursement | | | 0.90 | %(C) | | | 0.91 | % | | | 0.93 | % | | | 0.94 | % | | | 0.94 | % | | | 0.93 | % |
Including waiver and/or reimbursement | | | 0.90 | %(C)(D) | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % | | | 0.90 | % |
Net investment income (loss) to average net assets | | | 0.46 | %(C) | | | (0.37 | )% | | | (0.46 | )% | | | (0.20 | )% | | | (0.37 | )% | | | (0.41 | )% |
Portfolio turnover rate | | | 27 | %(B) | | | 78 | % | | | 72 | % | | | 209 | % | | | 120 | % | | | 99 | % |
| (A) | Total return reflects all Portfolio expenses. |
| (D) | Waiver/reimbursement rounds to less than 0.01%. |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | |
| | | June 30, 2015
(unaudited) | | | December 31,
2014 | | | December 31,
2013 | | | December 31,
2012 | | | December 31,
2011 | | | December 31,
2010 | |
Total return (A) | | | 6.22 | %(B) | | | (7.74 | )% | | | 13.92 | % | | | 17.35 | % | | | (13.51 | )% | | | 14.94 | % |
Ratio and supplemental data: | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets end of period/year (000’s) | | $ | 464,097 | | | $ | 499,180 | | | $ | 612,105 | | | $ | 614,432 | | | $ | 680,170 | | | $ | 893,260 | |
Expenses to average net assets | | | 0.83 | %(C) | | | 0.83 | % | | | 0.85 | % | | | 0.82 | % | | | 0.82 | % | | | 0.81 | % |
Net investment income (loss) to average net assets | | | 3.42 | %(C) | | | 2.80 | % | | | 1.31 | % | | | 1.65 | % | | | 1.70 | % | | | 1.45 | % |
Portfolio turnover rate | | | 13 | %(B) | | | 28 | % | | | 116 | % | | | 23 | % | | | 24 | % | | | 29 | % |
| (A) | Total return reflects all Portfolio expenses. |
The Notes to Financial Statements are an integral part of this report.
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| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 86
NOTES TO FINANCIAL STATEMENTS
At June 30, 2015
(unaudited)
NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Transamerica Partners Portfolios (the “Series Portfolio”) is an open-end management investment company registered 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 applies investment company accounting and reporting guidance. The Series Portfolio is composed of fifteen different series that are, in effect, separate investment funds. The portfolios (each, a “Portfolio” and collectively, the “Portfolios”) are listed below. 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.
|
| Portfolio |
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”) |
Transamerica Partners International Equity Portfolio (“International Equity”) |
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 fund 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 (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review 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 Portfolios’ independent registered public 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’s oversight, among other things, 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 Portfolios 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 Portfolios from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Value (“NAV”); 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 each Portfolio’s investments; assisting with fund 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 Portfolios’ custodian and their dividend disbursing agent and monitoring their services to the Portfolios; assisting the Portfolios in preparing reports to shareholders; acting as liaison with the Portfolios’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of the Board and committees
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Page 87
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
of trustees; assisting in the 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 Portfolios. State Street performs back office services to support TFS, including furnishing financial and performance information about the Portfolios for inclusion in regulatory filings and trustees’ and shareholder reports; preparing drafts of regulatory filings, trustees’ materials, tax returns, 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 Statements of Operations.
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 its 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 Generally Accepted Accounting Principles (“GAAP”) in the United States of America, 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. State Street serves as securities lending agent to the Portfolios pursuant to a Securities Lending Agreement. The lending of securities exposes the Portfolios to risks such as, the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral, or the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Portfolios in the case of default of any securities borrower.
Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. 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, 2015, if any, are shown on a gross basis in the Schedule of Investments and Statements of Assets and Liabilities.
Repurchase agreements: In a repurchase agreement, the Portfolios purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. 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.
Repurchase agreements are subject to netting agreements, which are agreements between the Portfolios and its counterparties that provide for the net settlement of all transactions and collateral with the Portfolios, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected in the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2015.
Open repurchase agreements at June 30, 2015, if any, are included within the Schedule 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 based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. 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, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.
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Page 88
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
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.
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 or unrealized, 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.
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, if any, from U.S. cash overdrafts and foreign cash overdrafts are reflected in Custody fees and Interest income within the Statements of Operations, respectively.
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. Forward foreign currency contracts are traded in the over-the-counter (“OTC”) inter-bank currency dealer market. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.
Open forward foreign currency contracts at June 30, 2015, if any, are listed in the Schedule of Investments.
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. The 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 price 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. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.
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 investment. Writing put options tends to increase exposure to the underlying investment. When the Portfolios write 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, the Portfolios bear 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 the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 89
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
Inflation-capped options: The Portfolios purchase or write inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Portfolios from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.
Interest rate swaptions: The Portfolios may write or purchase interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.
Foreign currency options: The Portfolios may purchase or write foreign currency options. Purchasing foreign currency options gives the Portfolios the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date. These options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.
Open option contracts at June 30, 2015, if any, are included within the Schedule of Investments.
Transactions in written options at June 30, 2015 are as follows:
| | | | | | | | | | | | | | | | |
| | | Call Options | | | Put Options | |
| Inflation-Protected Securities | | Amount of
Premiums | | | Number of
Contracts | | | Amount of
Premiums | | | Number of
Contracts | |
Balance at December 31, 2014 | | $ | 114,227 | | | | 140 | | | $ | — | | | | — | |
Options written | | | 41,362 | | | | 106 | | | | 104,598 | | | | 460,458 | |
Options closed | | | (114,227 | ) | | | (140 | ) | | | — | | | | — | |
Options expired | | | — | | | | — | | | | (48,149 | ) | | | (460,158 | ) |
Options exercised | | | — | | | | — | | | | (56,449 | ) | | | (300 | ) |
Balance at June 30, 2015 | | $ | 41,362 | | | | 106 | | | $ | — | | | | — | |
| | | | | | | | | | | | | | | | | |
Transactions in written swaptions and foreign exchange options at June 30, 2015 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Call Options | |
| Inflation-Protected Securities | | Amount of
Premiums | | | Notional
Amount | | | Notional
Amount | | | Notional
Amount | | | Notional
Amount | | | Notional
Amount | |
Balance at December 31, 2014 | | $ | 232,837 | | | AUD | 9,850,000 | | | CHF | — | | | EUR | 1,070,000 | | | GBP | — | | | USD | 8,900,000 | |
Options written | | | 891,512 | | | | 7,520,000 | | | | 3,425,625 | | | | 18,745,000 | | | | 3,715,000 | | | | 27,830,000 | |
Options closed | | | (69,162 | ) | | | — | | | | — | | | | (10,680,000 | ) | | | — | | | | — | |
Options expired | | | (212,741 | ) | | | (9,850,000 | ) | | | — | | | | — | | | | (3,715,000 | ) | | | (8,720,000 | ) |
Options exercised | | | (108,580 | ) | | | — | | | | — | | | | — | | | | — | | | | (8,900,000 | ) |
Balance at June 30, 2015 | | $ | 733,866 | | | AUD | 7,520,000 | | | CHF | 3,425,625 | | | EUR | 9,135,000 | | | GBP | — | | | USD | 19,110,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Put Options | |
Inflation-Protected
Securities | | Amount of
Premiums | | | Notional
Amount | | | Notional
Amount | | | Notional
Amount | | | Notional
Amount | |
Balance at December 31, 2014 | | $ | 564,166 | | | AUD | 16,405,000 | | | EUR | 3,200,000 | | | GBP | — | | | USD | 22,760,000 | |
Options written | | | 1,154,722 | | | | 6,970,000 | | | | 8,190,000 | | | | 2,910,000 | | | | 27,375,000 | |
Options closed | | | (193,033 | ) | | | — | | | | (5,440,000 | ) | | | — | | | �� | (13,860,000 | ) |
Options expired | | | (556,373 | ) | | | (19,690,000 | ) | | | — | | | | (2,910,000 | ) | | | (14,665,000 | ) |
Options exercised | | | — | | | | — | | | | — | | | | — | | | | — | |
Balance at June 30, 2015 | | $ | 969,482 | | | AUD | 3,685,000 | | | EUR | 5,950,000 | | | GBP | — | | | USD | 21,610,000 | |
| | | | | | | | | | | | | | | | | | | | | |
Futures contracts: The Portfolios are subject to equity and commodity 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, 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
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| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 90
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Portfolios, 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. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.
Open futures contracts at June 30, 2015, if any, are listed in the Schedule of Investments. The variation margin receivable or payable, as applicable, is shown on the Statements of Assets and Liabilities.
Swap agreements: Swap agreements are bilaterally negotiated agreements between the Portfolios and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bilateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swaps”). Centrally cleared swaps listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swaps the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate forward rate to calculate the daily settlement price. 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.
For OTC swap agreements, 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. The fair value of OTC derivative instruments, collateral received/pledged and net assets exposure by counterparty is disclosed within the Risk Exposures and the Use of Derivative Instruments section of the notes.
Specific risks and accounting related to each type of swap agreement are identified and described as follows:
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 is disclosed in the Schedule 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 Schedule 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 the Portfolios hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
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.
Open centrally cleared swap agreements at June 30, 2015, if any, are listed in the Schedule of Investments. The centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded by the Portfolios, if applicable, and is shown on the Statements of Assets and Liabilities.
Open OTC swap agreements at June 30, 2015, if any, are listed in the Schedule of Investments. The value, as applicable, is shown on the Statements of Assets and Liabilities.
Short sales: A short sale is a transaction in which the Portfolios sell securities it does not own, but has borrowed, in anticipation of a decline in the fair market value 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 from short sales 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 and/or interest payable on securities in a short position and these payables, if any, are reflected as dividends and/or interest from securities sold short in the Statements of Operations. The Portfolios also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as dividends and/or interest from securities sold short in the Statements of Operations.
Open short sale transactions at June 30, 2015, if any, are included within the Schedule of Investments.
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 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, with the exception of Money Market, 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, 2015. Open loan participations and assignments at June 30, 2015, if any, are included within the Schedule 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 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 Valuation.
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
TBA commitments held at June 30, 2015, if any, are identified in the Schedule of Investments. Open balances at June 30, 2015, if any, are included in the payable or receivable for When-issued or delayed-delivery securities 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, the Portfolios will segregate with its custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase 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.
When-issued securities or delayed-delivery securities held at June 30, 2015, if any, are identified in the Schedule of Investments. Open trades, if any, are reflected as When-issued or delayed-delivery securities purchased in the Statements of Assets and Liabilities.
Treasury inflation-protected securities (“TIPS”): Certain Portfolios may invest in TIPS. TIPS are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of a TIPS will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.
TIPS held at June 30, 2015, if any, are included within the Schedule of Investments. The adjustments, if any, 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 in the Statements of Assets and Liabilities.
PIKs held at June 30, 2015, if any, are identified in the Schedule of Investments.
Restricted and illiquid securities: The Portfolios may invest in unregulated 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 under the Securities Act of 1933. 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.
Restricted and illiquid securities held at June 30, 2015, if any, are identified in the Schedule 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
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 1. (continued)
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, 2015, are included in Net realized gain (loss) in the Statements of Operations and are summarized as follows:
| | | | |
| Portfolio | | Commissions
Recaptured | |
Large Growth | | $ | 12,830 | |
Mid Value | | | 25,335 | |
Small Value | | | 122 | |
Small Growth | | | 1,848 | |
International Equity | | | 480 | |
Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out 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 trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Dividend income related to a REIT is recorded at management’s estimate of the income and capital gains 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. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.
REITs held at June 30, 2015, if any, are identified in the Schedule of Investments.
NOTE 2. SECURITY VALUATION
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 4:00 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, which 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 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. The hierarchy classification of inputs used to value the Portfolios’ investments, at June 30, 2015, is disclosed in the Security Valuation section of each Portfolio’s Schedule of Investments.
Under supervision of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 2. (continued)
annually by the Board. 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, 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 Board reviews Valuation Committee determinations at its regularly scheduled meetings.
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.
Fair value measurements: Descriptions of the valuation techniques applied to the Portfolios’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:
Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the underlying portfolios. These securities are actively traded and no valuation adjustments are applied. ETFs 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, ETFs, 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 NAV 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 inactive 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
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 2. (continued)
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.
Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.
Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are 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 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 pass-throughs 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.
Derivative instruments: Centrally cleared or 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 within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.
NOTE 3. RELATED PARTY TRANSACTIONS
TAM, the Portfolios’ investment adviser, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.
Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Money Market, Core Bond, High Yield Bond and Balanced.
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 3. (continued)
Transamerica Partners Funds Group (“TPFG”) is an open-end management investment company. The percentage of each Portfolio that is owned by TPFG is as follows:
| | | | |
| TPFG | | Investments in
Portfolio | |
Money Market | | | 59.98 | % |
High Quality Bond | | | 30.59 | |
Inflation-Protected Securities | | | 45.14 | |
Core Bond | | | 29.38 | |
High Yield Bond | | | 15.25 | |
Balanced | | | 59.79 | |
Large Value | | | 32.36 | |
Stock Index | | | 5.45 | |
Large Core | | | 27.15 | |
Large Growth | | | 30.24 | |
Mid Value | | | 18.04 | |
Mid Growth | | | 51.96 | |
Small Value | | | 56.61 | |
Small Core | | | 26.73 | |
Small Growth | | | 61.84 | |
International Equity | | | 39.13 | |
Transamerica Partners Funds Group II (“TPFG II”) is an open-end management investment company. The percentage of each Portfolio that is owned by TPFG II is as follows:
| | | | |
| TPFG II | | Investments in
Portfolio | |
Money Market | | | 27.74 | % |
High Quality Bond | | | 15.93 | |
Inflation-Protected Securities | | | 27.67 | |
Core Bond | | | 28.57 | |
High Yield Bond | | | 41.19 | |
Balanced | | | 3.34 | |
Large Value | | | 11.04 | |
Stock Index | | | 11.62 | |
Large Core | | | 2.70 | |
Large Growth | | | 11.63 | |
Mid Value | | | 45.28 | |
Mid Growth | | | 14.99 | |
Small Value | | | 9.66 | |
Small Core | | | 8.51 | |
Small Growth | | | 15.13 | |
International Equity | | | 10.26 | |
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 3. (continued)
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 | | | 3.52 | % |
High Quality Bond | | | 12.64 | |
Inflation-Protected Securities | | | 9.64 | |
Core Bond | | | 11.54 | |
High Yield Bond | | | 5.13 | |
Balanced | | | 34.59 | |
Large Value | | | 38.14 | |
Large Core | | | 54.88 | |
Large Growth | | | 41.71 | |
Mid Value | | | 7.27 | |
Mid Growth | | | 0.67 | |
Small Value | | | 0.71 | |
Small Core | | | 52.48 | |
Small Growth | | | 0.75 | |
International Equity | | | 27.96 | |
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 | | | 8.72 | % |
High Quality Bond | | | 32.16 | |
Inflation-Protected Securities | | | 13.22 | |
Core Bond | | | 26.15 | |
High Yield Bond | | | 20.86 | |
Balanced | | | 2.00 | |
Large Value | | | 13.91 | |
Large Core | | | 12.29 | |
Large Growth | | | 13.90 | |
Mid Value | | | 5.91 | |
Mid Growth | | | 16.26 | |
Small Value | | | 25.65 | |
Small Core | | | 10.81 | |
Small Growth | | | 14.85 | |
International Equity | | | 17.02 | |
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 | | | 8.69 | |
Inflation-Protected Securities | | | 4.33 | |
Core Bond | | | 4.34 | |
High Yield Bond | | | 17.57 | |
Large Value | | | 4.39 | |
Large Core | | | 2.98 | |
Large Growth | | | 2.52 | |
Mid Value | | | 23.50 | |
Mid Growth | | | 16.13 | |
Small Value | | | 7.37 | |
Small Core | | | 1.47 | |
Small Growth | | | 7.43 | |
International Equity | | | 5.63 | |
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NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 3. (continued)
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 trustees of TAM or its affiliates. No interested trustee, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, 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 corresponding to the Portfolios’ daily Average 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. Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.
| | | | |
| Portfolio | | Rate | |
Money Market | | | 0.2500 | % |
High Quality Bond | | | 0.3500 | |
Inflation-Protected Securities | | | 0.3500 | |
Core Bond | | | | |
First $2 billion | | | 0.3500 | |
Over $2 billion | | | 0.3350 | |
High Yield Bond | | | | |
First $1.25 billion | | | 0.5500 | |
Over $1.25 billion up to $2 billion | | | 0.5250 | |
Over $2 billion | | | 0.5000 | |
Balanced | | | 0.4500 | |
Large Value | | | 0.4500 | |
Large Core | | | 0.6000 | |
Large Growth | | | | |
First $2 billion | | | 0.6200 | |
Over $2 billion up to $3 billion | | | 0.6100 | |
Over $3 billion up to $4 billion | | | 0.6000 | |
Over $4 billion | | | 0.5800 | |
Mid Value | | | | |
First $750 million | | | 0.6700 | |
Over $750 million up to $1.5 billion | | | 0.6650 | |
Over $1.5 billion up to $2 billion | | | 0.6550 | |
Over $2 billion | | | 0.6475 | |
Mid Growth | | | 0.7200 | |
Small Value | | | 0.8200 | |
Small Core | | | | |
First $300 million | | | 0.8000 | |
Over $300 million | | | 0.7700 | |
Small Growth | | | | |
First $300 million | | | 0.8400 | |
Over $300 million | | | 0.8000 | |
International Equity | | | | |
First $500 million | | | 0.7400 | |
Over $500 million up to $1 billion | | | 0.7200 | |
Over $1 billion up to $2 billion | | | 0.6900 | |
Over $2 billion | | | 0.6600 | |
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 99
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 3. (continued)
TAM has voluntarily elected to waive and/or reimburse fees to the extent that the total operating expenses of the Portfolio exceed the following expense limit percentages to the Portfolio’s daily ANA.
| | | | | | |
| Portfolio | | Operating
Expense Limit | | | Operating Expense Limit
Effective Through |
Money Market | | | 0.30 | % | | May 1, 2017 |
High Quality Bond | | | 0.40 | | | May 1, 2017 |
Inflation-Protected Securities | | | 0.40 | | | May 1, 2017 |
Core Bond | | | 0.40 | | | May 1, 2017 |
High Yield Bond | | | 0.60 | | | May 1, 2017 |
Balanced | | | 0.50 | | | May 1, 2017 |
Large Value | | | 0.50 | | | May 1, 2017 |
Large Core | | | 0.65 | | | May 1, 2017 |
Large Growth | | | 0.65 | | | May 1, 2017 |
Mid Value | | | 0.70 | | | May 1, 2017 |
Mid Growth | | | 0.75 | | | May 1, 2017 |
Small Value | | | 0.85 | | | May 1, 2017 |
Small Core | | | 0.85 | | | May 1, 2017 |
Small Growth | | | 0.90 | | | May 1, 2017 |
International Equity | | | 0.90 | | | May 1, 2017 |
The expenses waived and/or reimbursed are included in the Statements of Operations. Such fee waivers and/or reimbursements are not subject to recapture by TAM in future years.
TAM also may waive/reimburse additional fees from time to time to help maintain competitive expense ratios. These arrangements are voluntary and may be terminated at any time. Expenses waived and/or reimbursed that are unsettled at year end are included in Due from adviser 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 January 1, 2010, 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 the investment option, as elected by the trustee. As of December 1, 2014, balances to the deferred compensation plan are recorded under the Trustees and CCO fees on the Statements of Assets and Liabilities.
Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2015.
NOTE 4. PURCHASES AND SALES OF SECURITIES
The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2015 were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases of Securities | | | Sales/Maturities of Securities | |
| Portfolio | | Long-Term | | | U.S. Government | | | Long-Term | | | U.S. Government | |
High Quality Bond | | $ | 65,399,665 | | | $ | 54,335,441 | | | $ | 45,683,557 | | | $ | 61,795,343 | |
Inflation-Protected Securities | | | 4,778,102 | | | | 91,843,948 | | | | 9,141,772 | | | | 72,869,395 | |
Core Bond | | | 177,624,136 | | | | 169,291,713 | | | | 124,018,542 | | | | 178,548,638 | |
High Yield Bond | | | 214,766,010 | | | | — | | | | 172,572,888 | | | | — | |
Balanced | | | 45,506,596 | | | | 9,596,664 | | | | 26,386,809 | | | | 8,808,563 | |
Large Value | | | 359,989,673 | | | | — | | | | 366,499,952 | | | | — | |
Large Core | | | 125,507,053 | | | | — | | | | 129,605,646 | | | | — | |
Large Growth | | | 157,947,857 | | | | — | | | | 175,968,703 | | | | — | |
Mid Value | | | 173,875,125 | | | | — | | | | 174,952,187 | | | | — | |
Mid Growth | | | 41,687,344 | | | | — | | | | 50,832,101 | | | | — | |
Small Value | | | 6,998,510 | | | | — | | | | 5,311,344 | | | | — | |
Small Core | | | 215,959,405 | | | | — | | | | 230,710,370 | | | | — | |
Small Growth | | | 19,975,206 | | | | — | | | | 18,268,788 | | | | — | |
International Equity | | | 61,440,756 | | | | — | | | | 89,004,340 | | | | — | |
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 100
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 5. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS
The following is a summary of the location and each Portfolio’s fair values of derivative investments disclosed, if any, in the Statements of Assets and Liabilities, categorized by primary risk exposure as of June 30, 2015. The primary risks pertaining to each derivative type is disclosed in further detail within the Organization and Significant Accounting Policies section of the notes.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Asset Derivatives | |
| Portfolio/Location | | Interest Rate
Contracts | | | Foreign
Exchange
Contracts | | | Equity
Contracts | | | Credit
Contracts | | | Commodity
Contracts | | | Total | |
Inflation-Protected Securities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchased options and swaptions (A) (B) | | $ | 1,443,849 | | | $ | 202,453 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,646,302 | |
Net unrealized appreciation on futures contracts (B) (C) | | | 441,083 | | | | — | | | | — | | | | — | | | | — | | | | 441,083 | |
Centrally cleared swap agreements, at value (B) (D) | | | 150,234 | | | | — | | | | — | | | | — | | | | — | | | | 150,234 | |
OTC swap agreements, at value | | | 261 | | | | — | | | | — | | | | — | | | | — | | | | 261 | |
Unrealized appreciation on forward foreign currency contracts | | | — | | | | 553,208 | | | | — | | | | — | | | | — | | | | 553,208 | |
Total (E) | | $ | 2,035,427 | | | $ | 755,661 | | | $ | — | | | $ | — | | | $ | — | | | $ | 2,791,088 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Liability Derivatives | |
| Portfolio/Location | | Interest Rate
Contracts | | | Foreign
Exchange
Contracts | | | Equity
Contracts | | | Credit
Contracts | | | Commodity
Contracts | | | Total | |
Inflation-Protected Securities | | | | | | | | | | | | | | | | | | | | | | | | |
Written options and swaptions, at value (B) | | $ | (1,137,846 | ) | | $ | (186,357 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (1,324,203 | ) |
Net unrealized depreciation on futures contracts (B) (C) | | | (183,836 | ) | | | — | | | | — | | | | — | | | | — | | | | (183,836 | ) |
Centrally cleared swap agreements, at value (B) (D) | | | (345,973 | ) | | | — | | | | — | | | | — | | | | — | | | | (345,973 | ) |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | (209,426 | ) | | | — | | | | — | | | | — | | | | (209,426 | ) |
Total (E) | | $ | (1,667,655 | ) | | $ | (395,783 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (2,063,438 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Balanced | | | | | | | | | | | | | | | | | | | | | | | | |
Net unrealized depreciation on futures contracts (B) (C) | | $ | — | | | $ | — | | | $ | (10,927 | ) | | $ | — | | | $ | — | | | $ | (10,927 | ) |
Total (E) | | $ | — | | | $ | — | | | $ | (10,927 | ) | | $ | — | | | $ | — | | | $ | (10,927 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (A) | Included within Investments, at value on the Statements of Assets and Liabilities. |
| (B) | May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement. |
| (C) | Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
| (D) | Included within fair value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
| (E) | The Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. |
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 101
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 5. (continued)
The following is a summary of the location and the effect of derivative investments, if any, on the Statements of Operations, categorized by primary risk exposure as of June 30, 2015.
| | | | | | | | | | | | | | | | | | | | | | | | |
| Realized Gain (Loss) on Derivative Instruments | |
| Portfolio/Location | | Interest Rate
Contracts | | | Foreign
Exchange
Contracts | | | Equity
Contracts | | | Credit
Contracts | | | Commodity
Contracts | | | Total | |
Inflation-Protected Securities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchased options and swaptions (A) | | $ | (418,195 | ) | | $ | (1,043,191 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (1,461,386 | ) |
Futures contracts | | | 142,456 | | | | — | | | | — | | | | — | | | | — | | | | 142,456 | |
Written options and swaptions | | | 109,362 | | | | 673,148 | | | | — | | | | — | | | | — | | | | 782,510 | |
Swap agreements | | | (263,918 | ) | | | — | | | | — | | | | — | | | | — | | | | (263,918 | ) |
Forward foreign currency contracts (B) | | | — | | | | 1,520,931 | | | | — | | | | — | | | | — | | | | 1,520,931 | |
Total | | $ | (430,295 | ) | | $ | 1,150,888 | | | $ | — | | | $ | — | | | $ | — | | | $ | 720,593 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Balanced | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | 87,565 | | | $ | — | | | $ | — | | | $ | 87,565 | |
Total | | $ | — | | | $ | — | | | $ | 87,565 | | | $ | — | | | $ | — | | | $ | 87,565 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments | |
| Portfolio/Location | | Interest Rate
Contracts | | | Foreign
Exchange
Contracts | | | Equity
Contracts | | | Credit
Contracts | | | Commodity
Contracts | | | Total | |
Inflation-Protected Securities | | | | | | | | | | | | | | | | | | | | | | | | |
Purchased options and swaptions (C) | | $ | 92,240 | | | $ | (359,531 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | (267,291 | ) |
Futures contracts | | | 1,179,911 | | | | — | | | | — | | | | — | | | | — | | | | 1,179,911 | |
Written options and swaptions | | | 194,792 | | | | 204,314 | | | | — | | | | — | | | | — | | | | 399,106 | |
Swap agreements | | | 143,421 | | | | — | | | | — | | | | — | | | | — | | | | 143,421 | |
Forward foreign currency contracts (D) | | | — | | | | (273,312 | ) | | | — | | | | — | | | | — | | | | (273,312 | ) |
Total | | $ | 1,610,364 | | | $ | (428,529 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | 1,181,835 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Balanced | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | (9,715 | ) | | $ | — | | | $ | — | | | $ | (9,715 | ) |
Total | | $ | — | | | $ | — | | | $ | (9,715 | ) | | $ | — | | | $ | — | | | $ | (9,715 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| (A) | Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations. |
| (B) | Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations. |
| (C) | Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations. |
| (D) | Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations. |
The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2015.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Purchased Options and
Swaptions at Value | | | Written Options and
Swaptions at Value | | | Forward Foreign Currency Contracts at
Contract Amount | | | Futures Contracts at Notional
Amount | | | Swap
Agreements
at Notional
Amount (A) | |
| Portfolio | | Calls | | | Puts | | | Calls | | | Puts | | | Purchased | | | Sold | | | Cross
Currency | | | Long | | | Short | | |
Inflation-Protected Securities | | $ | 325,245 | | | $ | 919,239 | | | $ | (399,068 | ) | | $ | (696,959 | ) | | $ | 82,799,746 | | | $ | 39,361,345 | | | $ | 1,465,601 | | | | 45,128,581 | | | | (1,205,457,143 | ) | | | 16,996,221 | |
Balanced | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 514 | | | | — | | | | — | |
| (A) | USD equivalent of notional amount. |
The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 102
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 5. (continued)
ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.
Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolios and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolios exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolios’ net liability may be delayed or denied.
Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (futures contracts, exchange traded options, and exchange traded swap agreements) while collateral terms are contract specific for OTC traded derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolios may be required to post collateral on derivatives if the Portfolios are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolios fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.
The following is a summary of the Portfolios’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolios as of June 30, 2015. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Gross Amounts Not Offset
in the Statements of
Assets and Liabilities | | | | | | | | | Gross Amounts Not Offset
in the Statements of
Assets and Liabilities | | | | |
| Counterparty | | Gross Amounts of
Assets
Presented in
Statements of
Assets and
Liabilities (A) | | | Financial
Instruments | | | Collateral
Received (B) | | | Net Amount | | | Gross Amounts of
Liabilities
Presented in
Statements of
Assets and
Liabilities (A) | | | Financial
Instruments | | | Collateral
Pledged (B) | | | Net Amount | |
| | | Assets | | | Liabilities | |
Inflation-Protected Securities | | | | | | | | | | | | | | | | | | | | | | | | | |
BNP Paribas | | $ | 34,965 | | | $ | (30,151 | ) | | $ | — | | | $ | 4,814 | | | $ | 30,151 | | | $ | (30,151 | ) | | $ | — | | | $ | — | |
Bank of America, N.A. | | | 50,902 | | | | — | | | | — | | | | 50,902 | | | | — | | | | — | | | | — | | | | — | |
Barclays Bank PLC | | | 190,275 | | | | (49,836 | ) | | | — | | | | 140,439 | | | | 49,836 | | | | (49,836 | ) | | | — | | | | — | |
Citibank, N.A. | | | 2,568 | | | | (2,568 | ) | | | — | | | | — | | | | 19,108 | | | | (2,568 | ) | | | — | | | | 16,540 | |
Deutsche Bank AG | | | 1,395,065 | | | | (1,231,444 | ) | | | — | | | | 163,621 | | | | 1,231,444 | | | | (1,231,444 | ) | | | — | | | | — | |
Goldman Sachs Bank | | | — | | | | — | | | | — | | | | — | | | | 6,924 | | | | — | | | | — | | | | 6,924 | |
HSBC Bank USA | | | 29,398 | | | | (29,398 | ) | | | — | | | | — | | | | 59,138 | | | | (29,398 | ) | | | — | | | | 29,740 | |
JPMorgan Chase Bank, N.A. | | | 299,584 | | | | (4,269 | ) | | | — | | | | 295,315 | | | | 4,269 | | | | (4,269 | ) | | | — | | | | — | |
Royal Bank of Canada | | | 4,299 | | | | (4,299 | ) | | | — | | | | — | | | | 9,181 | | | | (4,299 | ) | | | — | | | | 4,882 | |
Standard Chartered Bank | | | — | | | | — | | | | — | | | | — | | | | 32,054 | | | | — | | | | — | | | | 32,054 | |
UBS AG | | | 32,601 | | | | (32,601 | ) | | | — | | | | — | | | | 72,086 | | | | (32,601 | ) | | | — | | | | 39,485 | |
Other Derivatives (C) | | | 751,431 | | | | — | | | | — | | | | 751,431 | | | | 549,247 | | | | — | | | | — | | | | 549,247 | |
Total | | $ | 2,791,088 | | | $ | (1,384,566 | ) | | $ | — | | | $ | 1,406,522 | | | $ | 2,063,438 | | | $ | (1,384,566 | ) | | $ | — | | | $ | 678,872 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 due to overcollateralization. |
| (C) | Other Derivatives are not subject to a master netting arrangement or another similar arrangement. |
| | |
| Transamerica Partners Portfolios | | Semi-Annual Report 2015 |
Page 103
NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2015
(unaudited)
NOTE 6. FEDERAL INCOME TAXES
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 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. The Portfolios’ federal tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Portfolios’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. If applicable, the Portfolios recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Portfolios identify their major tax jurisdictions as U.S. Federal, the states of Colorado and New York, and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 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. ACCOUNTING PRONOUNCEMENTS
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-11, “Transfers and Servicing, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. The guidance changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The guidance is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ financial statements.
In July 2014, the Securities and Exchange Commission voted to amend Rule 2a-7, which governs money market funds. A significant change resulting from these amendments is a requirement that institutional prime and institutional municipal money market funds transact fund shares based on a market-based NAV. Government, treasury, retail prime and retail municipal money market funds may continue to transact fund shares at an NAV calculated using the amortized cost valuation method. Among additional disclosure and other requirements, the amendments also will permit a money market fund, or, in certain circumstances, require a money market fund (other than a government money market fund which satisfies the requirements of the amended rules) to impose liquidity fees on redemptions, and permit a money market fund to limit (or gate) redemptions for up to 10 business days in any 90-day period. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (retail or institutional). The amendments have staggered compliance dates; however, the majority of these amendments will be effective on October 14, 2016, two years after the effective date for the rule amendments. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact to the Portfolios’ financial statements.
In May 2015, the FASB issued ASU No. 2015-07, “Disclosures for Investments in Certain Entities that Calculate NAV per Share (or its Equivalent)”. The guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Sufficient information must be provided to permit reconciliation of the fair value of assets categorized within the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities. The guidance is required to be presented for annual periods beginning after December 15, 2015, and for interim periods within those fiscal years. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ financial statements.
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INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL
At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Trustees” or the “Board”) held on June 9-10, 2015, the Board 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”):
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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 | | |
The Board also 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”) for the Portfolios listed in the left-hand column below between TAM and the corresponding sub-advisers listed in the right-hand column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).
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| Portfolio | | Sub-Adviser(s) |
| Transamerica Partners Balanced Portfolio | | Aegon USA Investment Management, LLC J.P. Morgan Investment Management Inc. |
Transamerica Partners Core Bond Portfolio | | Aegon USA Investment Management, LLC |
Transamerica Partners High Quality Bond Portfolio | | Merganser Capital Management, LLC |
Transamerica Partners High Yield Bond Portfolio | | Aegon USA Investment Management, LLC |
Transamerica Partners Inflation-Protected Securities Portfolio | | BlackRock Financial Management, Inc. |
Transamerica Partners International Equity Portfolio | | Thompson, Siegel & Walmsley LLC |
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 Growth Portfolio | | Quantum Capital Management |
| Transamerica Partners Mid Value Portfolio | | J.P. Morgan Investment Management Inc. Thompson, Siegel & Walmsley LLC |
Transamerica Partners Money Market Portfolio | | Aegon USA Investment Management, LLC |
Transamerica Partners Small Core Portfolio | | Systematic Financial Management, LP |
Transamerica Partners Small Growth Portfolio | | Ranger Investment Management, L.P. |
Transamerica Partners Small Value Portfolio | | Wellington Management Company LLP |
Following its review and consideration, the Board determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each Agreement was in the best interests of the applicable Portfolio and its investors. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2016. Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed 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 investors 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 to them by counsel, including 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.
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INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
Nature, Extent and Quality of the Services Provided
The Board considered the nature, extent and quality of the services provided by TAM and, as applicable, 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; 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 investment advisory fee it retains after payment of the sub-advisory fee(s). With respect to each Portfolio, the Board noted that the investment advisory and other services include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ administrator, custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder 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, 2014.
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 1-, 3- and 5-year periods and in line with 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-, 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-, 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-, 3-, 5- and 10-year periods. The Board also noted that J.P. Morgan Investment Management Inc. had commenced sub-advising the Portfolio on July 9, 2010 and Aegon USA Investment Management, LLC had commenced sub-advising the Portfolio on May 1, 2014.
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 3- and 5-year periods and in line with the median for the past 1- 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 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 1-, 3-, 5- and 10-year periods. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2014.
Transamerica Partners High Quality Bond 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 above the median for its peer universe for the past 10-year period and below the median 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 5-year period and below its benchmark for the past 1-, 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance relative to the peer universe and benchmark for the Transamerica Partners Fund and Transamerica Partners Institutional Fund for certain periods with TAM and agreed to continue to closely monitor the performance of the Portfolio.
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INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
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 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 benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1- and 5-year periods and below its benchmark for the past 3- and 10-year periods. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2014.
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- and 10-year periods and below the median for the past 3- and 5-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 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 Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on May 1, 2007.
Transamerica Partners International Equity 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 below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on December 15, 2013.
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-, 3- 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 1-, 3- and 5-year periods and in line with 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 5-year periods and below its primary benchmark for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-, 3- and 5-year periods and below its primary benchmark for the past 10-year period. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward.
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 5-year periods and below the median for the past 3- 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 Board considered recent changes to the portfolio management team and the investment process of one sub-adviser to the Portfolio. The Trustees noted that TAM intends to monitor and report to the Board on these changes and performance going forward. The Board also noted that Jennison Associates LLC had commenced sub-advising the Portfolio on September 16, 2009 and Wellington Management Company LLP had commenced sub-advising the Portfolio on June 19, 2007.
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 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 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 5-year period and below its primary benchmark for the past 1-, 3- and 10-year periods. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on December 31, 2008.
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
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performance of the Transamerica Partners Institutional Fund was above 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. 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 the Sub-Adviser had commenced sub-advising the Portfolio on June 28, 2013.
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- and 5-year periods and in line with 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-, 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 J.P. Morgan Investment Management Inc. had commenced sub-advising the Portfolio on September 16, 2009 and Thompson, Siegel & Walmsley LLC had commenced sub-advising the Portfolio on May 1, 2014.
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 in line with its benchmark for the past 10-year period and below its benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. 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 Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on March 1, 2013.
Transamerica Partners Small Core 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 in line with the median for its peer universe for the past 1- and 5-year periods and below the median for the past 3- 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 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 TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on June 28, 2013.
Transamerica Partners Small 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- year period and below the median for the past 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 below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to closely monitor and report to the Board on the performance of the Portfolio. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on August 31, 2012. The Trustees also noted that the performance of the Portfolio had improved during 2015.
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 1-year period, in line with the median for the past 5-year period and below the median for the past 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 1- and 5-year periods, in line with the median for the 3-year period and below the median for the 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1- and 5- year periods and below its benchmark for the 3- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the 10-year period. The Board also noted that the Sub-Adviser had commenced sub-advising the Portfolio on July 9, 2010.
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 provided by 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 comparable investment companies.
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INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
Investment Advisory and Sub-Advisory Fees and Total Expense Ratios
The Board considered the investment advisory fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the investment advisory fee and total expense ratio of each Transamerica Partners Fund and Transamerica Partners Institutional Fund to the investment advisory fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered, where applicable, the fees charged by the Sub-Advisers for sub-advisory services, the portion of a Portfolio’s investment advisory fee retained by TAM following payment of the sub-advisory fee(s) and how the portion of the contractual investment advisory fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers sub-advising mutual funds with similar investment strategies as calculated by TAM.
Transamerica Partners Balanced Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above 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 investors.
Transamerica Partners Core Bond Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. 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 investors.
Transamerica Partners High Quality Bond Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. 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 above 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 investors.
Transamerica Partners High Yield Bond Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. 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 above 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 investors.
Transamerica Partners Inflation-Protected Securities Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. 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 above 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 investors.
Transamerica Partners International Equity Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were
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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 investors.
Transamerica Partners Large Core Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was in line with the median for its peer group and below the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its 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 investors.
Transamerica Partners Large Growth Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its 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 investors.
Transamerica Partners Large Value Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was in line with the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above 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 investors.
Transamerica Partners Mid Growth Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the median for its peer group and in line with the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above 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 investors.
Transamerica Partners Mid Value Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above 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 investors.
Transamerica Partners Money Market Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the median for its peer group and above the median for its peer universe. 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 above 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 investors.
Transamerica Partners Small Core Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s
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TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its 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 investors.
Transamerica Partners Small Growth Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the median for its peer group and in line with the median for its peer universe. 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 investors.
Transamerica Partners Small Value Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was in line with the medians for its peer group and peer universe. 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 investors.
On the basis of these considerations, together with the other information it considered, the Board determined that the investment advisory 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 providing and procuring fund management services, as well as the costs of the provision of administration and other services, to the Portfolios 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, which is not affiliated with TAM, and are paid by TAM and not the applicable Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to each Portfolio. With respect to Aegon USA Investment Management, LLC (“AUIM”), the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Portfolio. As a result, the Board focused on profitability information for TAM and AUIM in the aggregate.
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 future 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 any economies of scale. The Board considered each Portfolio’s investment advisory fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Portfolios through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the investment advisory fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.
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TRANSAMERICA PARTNERS PORTFOLIOS
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)
Benefits to TAM, its Affiliates, or the Sub-Advisers from their Relationships with the Portfolios
The Board considered other benefits derived by TAM, its affiliates and/or 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 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 investors, 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 the Portfolio and its investors. 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 was in the best interests of the applicable Portfolio and its investors and voted to approve the renewal of each of the Agreements.
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Page 112
TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
c/o Transamerica Retirement Solutions
440 Mamaroneck Avenue
Harrison, NY 10528
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.
| | (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. |
| | (a)(2) | Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
| | (b) | A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. 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/ Marijn P. Smit |
| | Marijn P. Smit |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| |
| Date: | | September 8, 2015 |
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/ Marijn P. Smit |
| | Marijn P. Smit |
| | Chief Executive Officer |
| | (Principal Executive Officer) |
| |
| Date: | | September 8, 2015 |
| |
| By: | | /s/ Vincent J. Toner |
| | Vincent J. Toner |
| | Treasurer |
| | (Principal Financial Officer) |
| |
| Date: | | September 8, 2015 |
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 |
