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Transamerica Series Trust to reorganize two portfolios on Dec. 30
By Toni Weeks
San Diego, Oct. 24 - Transamerica Series Trust's board of trustees has approved the reorganization of two of its portfolios, according to a filing with the Securities and Exchange Commission.
The reorganization, which will occur Dec. 30, does not require shareholder approval.
The affected trusts include the initial class and service classes of the Transamerica Morgan Stanley Growth Opportunities VP, which will be reorganized into the initial and service classes of the Transamerica Morgan Stanley Mid-Cap Growth VP, and the initial and service classes of the Transamerica WMC Diversified Equity VP, which will be reorganized into the initial and service classes of the Transamerica WMC Diversified Growth VP.
Upon the completion of the reorganizations, each target portfolio shareholder will hold shares of the corresponding class of the destination portfolio with the same aggregate net asset value as that of the corresponding target portfolio, after which each target portfolio will be terminated.
The advisory fees associated with the Transamerica Morgan Stanley Mid-Cap Growth VP will be equal to the fees associated with the Transamerica Morgan Stanley Growth Opportunities VP. The annual fees, calculated as a percentage of the portfolio's average daily net assets, are 0.8% of the first $250 million, 0.75% over $250 million and 0.7% in excess of $500 million.
Like its predecessor, the Transamerica WMC Diversified Growth VP has no initial sales charge. The annual advisory fees, as a percentage of the portfolio's average daily net assets, will be 0.73% of the first $500 million, 0.7% over $500 million up to $2.5 billion and 0.65% in excess of $2.5 billion.
St. Petersburg, Fla.-based Transamerica Asset Management, Inc. will continue to act as investment adviser to the new portfolios.
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