diff --git a/django/db/models/query.py b/django/db/models/query.py
index d22a158188..104c000325 100644
--- a/django/db/models/query.py
+++ b/django/db/models/query.py
@@ -1299,8 +1299,67 @@ class RawQuerySet(object):
         self.translations = translations or {}
 
     def __iter__(self):
-        for row in self.query:
-            yield self.transform_results(row)
+        # Mapping of attrnames to row column positions. Used for constructing
+        # the model using kwargs, needed when not all model's fields are present
+        # in the query.
+        model_init_field_names = {}
+        # A list of tuples of (column name, column position). Used for
+        # annotation fields.
+        annotation_fields = []
+
+        # Cache some things for performance reasons outside the loop.
+        db = self.db
+        compiler = connections[db].ops.compiler('SQLCompiler')(self.query, connections[db], db)
+        need_resolv_columns = hasattr(compiler, 'resolve_columns')
+
+        # Find out which columns are model's fields, and which ones should be
+        # annotated to the model.
+        for pos, column in enumerate(self.columns):
+            if column in self.model_fields:
+                model_init_field_names[self.model_fields[column].attname] = pos
+            else:
+                annotation_fields.append((column, pos))
+
+        # Find out which model's fields are not present in the query.
+        skip = set()
+        for field in self.model._meta.fields:
+            if field.attname not in model_init_field_names:
+                skip.add(field.attname)
+        if skip:
+            if self.model._meta.pk.attname in skip:
+                raise InvalidQuery('Raw query must include the primary key')
+            model_cls = deferred_class_factory(self.model, skip)
+        else:
+            model_cls = self.model
+            # All model's fields are present in the query. So, it is possible
+            # to use *args based model instantation. For each field of the model,
+            # record the query column position matching that field.
+            model_init_field_pos = []
+            for field in self.model._meta.fields:
+                model_init_field_pos.append(model_init_field_names[field.attname])
+        if need_resolv_columns:
+            fields = [self.model_fields.get(c, None) for c in self.columns]
+        # Begin looping through the query values.
+        for values in self.query:
+            if need_resolv_columns:
+                values = compiler.resolve_columns(values, fields)
+            # Associate fields to values
+            if skip:
+                model_init_kwargs = {}
+                for attname, pos in model_init_field_names.iteritems():
+                    model_init_kwargs[attname] = values[pos]
+                instance = model_cls(**model_init_kwargs)
+            else:
+                model_init_args = [values[pos] for pos in model_init_field_pos]
+                instance = model_cls(*model_init_args)
+            if annotation_fields:
+                for column, pos in annotation_fields:
+                    setattr(instance, column, values[pos])
+
+            instance._state.db = db
+            instance._state.adding = False
+
+            yield instance
 
     def __repr__(self):
         return "<RawQuerySet: %r>" % (self.raw_query % self.params)
@@ -1355,50 +1414,6 @@ class RawQuerySet(object):
                 self._model_fields[converter(column)] = field
         return self._model_fields
 
-    def transform_results(self, values):
-        model_init_kwargs = {}
-        annotations = ()
-
-        # Perform database backend type resolution
-        connection = connections[self.db]
-        compiler = connection.ops.compiler('SQLCompiler')(self.query, connection, self.db)
-        if hasattr(compiler, 'resolve_columns'):
-            fields = [self.model_fields.get(c,None) for c in self.columns]
-            values = compiler.resolve_columns(values, fields)
-
-        # Associate fields to values
-        for pos, value in enumerate(values):
-            column = self.columns[pos]
-
-            # Separate properties from annotations
-            if column in self.model_fields.keys():
-                model_init_kwargs[self.model_fields[column].attname] = value
-            else:
-                annotations += (column, value),
-
-        # Construct model instance and apply annotations
-        skip = set()
-        for field in self.model._meta.fields:
-            if field.attname not in model_init_kwargs.keys():
-                skip.add(field.attname)
-
-        if skip:
-            if self.model._meta.pk.attname in skip:
-                raise InvalidQuery('Raw query must include the primary key')
-            model_cls = deferred_class_factory(self.model, skip)
-        else:
-            model_cls = self.model
-
-        instance = model_cls(**model_init_kwargs)
-
-        for field, value in annotations:
-            setattr(instance, field, value)
-
-        instance._state.db = self.query.using
-        instance._state.adding = False
-
-        return instance
-
 def insert_query(model, values, return_id=False, raw_values=False, using=None):
     """
     Inserts a new record for the given model. This provides an interface to