# EDGAR Filing Document

**Accession Number:** 0001018953
**File Stem:** 0001752724-23-058659
**Filing Date:** 2023-3
**Character Count:** 20247
**Document Hash:** 0d6cc3a94b7bb9d69da990e27e73a7f9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-058659.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001752724-23-058659

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**EFFECTIVENESS DATE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS
- **CENTRAL INDEX KEY:** 0001018953
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07717
- **FILM NUMBER:** 23738455

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DIVERSIFIED INVESTORS STRATEGIC VARIABLE FUNDS
- **DATE OF NAME CHANGE:** 19960716

## Series and Classes Contracts Data

### Transamerica Asset Allocation-Short Horizon Subaccount (Series ID: S000008660)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000023623 | Transamerica Asset Allocation-Short Horizon Subaccount |  |

### Transamerica Asset Allocation-Intermediate Horizon Subaccount (Series ID: S000008661)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000023624 | Transamerica Asset Allocation-Intermediate Horizon Subaccount |  |

### Transamerica Asset Allocation Intermediate/Long Horizon Subaccount (Series ID: S000008662)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000023625 | Transamerica Asset Allocation Intermediate/Long Horizon Subaccount |  |

## Internal

**Report of Independent Registered Public Accounting Firm**

*To the Board of Directors and Contract holders of Transamerica Asset Allocation Variable Funds:*

In planning and performing our audits of the financial statements of Transamerica Asset Allocation Variable Funds (the "Trust") (comprising, respectively, Transamerica Asset Allocation - Short Horizon Subaccount, Transamerica Asset Allocation - Intermediate Horizon Subaccount and Transamerica Asset Allocation - Intermediate/Long Horizon Subaccount (collectively, the "Subaccounts")) as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Trust's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Trust is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trust's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December 31, 2022.

------

This report is intended solely for the information and use of management and the Board of Trustees of the Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Ernst & Young LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Boston, Massachusetts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 27, 2023

## Exempt

**TRANSAMERICA VARIABLE FUNDS**

**TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS**

**Issued by**

**TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY**

**Supplement dated June 23, 2022**

**to the**

**Prospectus dated May 1, 2022**

On June 15, 2022, the Managing Board of the Transamerica Asset Allocation Variable Funds considered and approved the liquidation and dissolution ("Liquidation") of the Short Horizon Subaccount, the Intermediate Horizon Subaccount and the Intermediate/Long Horizon Subaccounts (each a "Horizon Subaccount" and collectively, the "Horizon Subaccounts"). Each Horizon Subaccount is a managed investment company, which invests in units of the Transamerica Variable Funds subaccounts ("TVF Subaccounts"). Transamerica Asset Management, LLC ("TAM") serves as the investment adviser of the Horizon Subaccounts.

The Horizon Subaccounts, on the Liquidation Date (as defined below), will liquidate in accordance with the Plan of Liquidation: (1) sell units in the underlying TVF Subaccounts; (2) pay any liabilities; (3) purchase on behalf of participants with allocations to a Horizon Subaccount, units of the TVF Subaccounts in the same proportion as the Horizon Subaccount target allocations in the underlying TVF Subaccounts prior to the liquidation; and (4) wind up its operations and dissolve its existence. In addition, Contractholders or participants whose Contract value has an allocation to a Horizon Subaccount will receive notices of the Liquidation approximately 90 days and 30 days prior to the Liquidation Date and approximately 5 days and 30 days after the Liquidation Date. The Liquidation is expected to take effect on or about October 28, 2022 (the "Liquidation Date"), subject to any necessary regulatory approvals.

If you are a Contractholder or participant, you may transfer your interest in the Horizon Subaccount to any of the other TVF Subaccounts in accordance with the terms of your Contract *at any time prior* to the Liquidation Date. Additionally, if your Contract value in a Horizon Subaccount is transferred to the TVF Subaccounts upon the Liquidation, you may subsequently transfer your Contract value into any of the other TVF Subaccounts under your Contract in accordance with the terms of your Contract. Both transfers out of a Horizon Subaccount prior to the Liquidation and transfers out of the TVF Subaccounts following the Liquidation will be free of any applicable transfer restrictions, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge for a period of ninety (90) days after the Liquidation Date.

The Liquidation, as well as Contract value transfers in anticipation of or subsequent to the Liquidation, will not create federal income tax liability for you in connection with your Contract.

Effective on or about the close of business on September 1, 2022, the Horizon Subaccounts will close to new investors ("Closing Date"). If your Contract value is not allocated to a Horizon Subaccount on the Closing Date, you will not be able to make contributions or transfers into a Horizon Subaccount. If your Contract value is allocated to a Horizon Subaccount on the Closing Date, you will be able to continue to make allocations into that Horizon Subaccount through the Liquidation Date; provided however, if you subsequently transfer your Contract value out of a Horizon Subaccount you will not be able to make new contributions or transfers into that Horizon Subaccount. The Horizon Subaccounts reserve the right to modify the foregoing terms of the closure at any time and to accept or reject any investment for any reason consistent with the terms of the Contract.

**\* \* \***

**Investors Should Retain this Supplement for Future Reference**

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001018953

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000008660

**Series ID Record:2**
- **Series ID:** S000008661

**Series ID Record:3**
- **Series ID:** S000008662

**Class ID Record:1**
- **Class ID:** C000023623

**Class ID Record:2**
- **Class ID:** C000023624

**Class ID Record:3**
- **Class ID:** C000023625

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

- **Item B.1.b - Investment Company Act file number:** 811-07717

- **Item B.1.c - CIK:** 0001018953

- **Item B.1.d - LEI:** 549300WHLWC6UNM0DM52

- **Item B.2.a - Street 1:** 1801 CALIFORNIA STREET

- **Item B.2.a - Street 2:** SUITE 5200

- **Item B.2.b - City:** DENVER

- **Item B.2.c - State:** CO

- **Item B.2.e - Zip Code:** 80202

- **Item B.2.f - Telephone:** 720-493-4256

- **Item B.2.g - Public Website:** N/A

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Transamerica Fund Services, Inc.

- **b. Street 1:** 1801 California Street

- **Street 2:** Suite 5200

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80202

- **g. Telephone number:** 720-482-1500

- **h. Briefly describe the books and records kept at this location:** Administration and Transfer Agent Records

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** Transamerica Capital, Inc.

- **b. Street 1:** 1801 California Street

- **Street 2:** Suite 5200

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80202

- **g. Telephone number:** 720-493-8055

- **h. Briefly describe the books and records kept at this location:** Underwriter Records

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 1 Lincoln Street

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02111

- **g. Telephone number:** 617-786-3000

- **h. Briefly describe the books and records kept at this location:** Sub-Administration, Custody and Accounting Records

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** Transamerica Asset Management, Inc.

- **b. Street 1:** 1801 California Street

- **Street 2:** Suite 5200

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80202

- **g. Telephone number:** 720-493-4256

- **h. Briefly describe the books and records kept at this location:** Adviser Records

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** Yes

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** TRANSAMERICA

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [x] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                    | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Marijn P. Smit          | Yes                     | 811-04419, 811-23237, 811-04556         |
| Lauriann C. Kloppenburg | No                      | 811-04556, 811-04419                    |
| Kathleen T. Ives        | No                      | 811-04419, 811-04556                    |
| John E. Pelletier       | No                      | 811-04556, 811-04419                    |
| Patricia L. Sawyer      | No                      | 811-04556, 811-04419                    |
| John W. Waechter        | No                      | 811-04556, 811-04419                    |
| Alan F. Warrick         | Yes                     | 811-04419, 811-04556                    |
| Fredric A. Nelson III   | No                      | 811-04419, 811-04556                    |
| Sandra N. Bane          | No                      | 811-04419, 811-04556                    |
| Leo J. Hill             | No                      | 811-04556, 811-04419                    |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Francine J. Rosenberger

- **b. CRD Number, if any:** 006170363

- **c. Street Address 1:** 1801 California Street, Suite 5200

- **d. City:** Denver

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80202

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-23379

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Transamerica Capital, Inc.

- **ii. SEC file number:** 8-24829

- **iii. CRD number:** 000008217

- **iv. LEI, if any:** 549300404NXDZDER4F48

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Ernst & Young LLP

- **b. PCAOB Number:** 42

- **c. LEI, if any:** N/A

- **d. State, if applicable:** DE

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

**Date:** 2023-03-16

**Signature:** Vincent Toner

**Title:** Treasurer