Transamerica Asset Allocation Variable Funds NCSRS Certified semi-annual shareholder report (management investment company)

As filed with the SEC on August 26, 2010.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07717

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

570 Carillon Parkway, St. Petersburg, Florida 33716
(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (727) 299-1800

Dennis P. Gallagher, Esq. P.O. Box 9012, Clearwater, Florida 33758-9771
(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2010 – June 30, 2010

TRANSAMERICA PARTNERS VARIABLE FUNDS TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS Intermediate/Long Horizon Intermediate Horizon Short Horizon International Equity Small Core Large Growth Large Core Large Value Balanced Calvert High Yield Bond Core Bond Inflation-Protected Securities High Quality Bond Money Market Semi-Annual Report June 30, 2010

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 Social 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.transamericafunds.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, 2010, is available without charge, upon request.

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, INC.

440 Mamaroneck Avenue
Harrison, New York 10528

June 30, 2010

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 Social 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, Inc. with unit interests in one or more of the 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 Social Balanced Portfolio, a series of Calvert Variable Series, Inc.

Please call your retirement plan administrator, Diversified Investment Advisors, Inc., at (800) 755-5801 if you have any questions regarding these reports.

(This page intentionally left blank)

Dear Fellow Shareholder,

On behalf of Transamerica Asset Allocation Variable Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial adviser in the future. We value the trust you have placed in us.

This semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. During the past six months, markets have oscillated as investor sentiment has shifted from optimism regarding economic recovery to concern over global government debt levels and high unemployment rates. After an initial sell-off in January, the equity markets generally exhibited positive results until a sharp sell-off was triggered in May based in part on concerns regarding European government debt, particularly in Greece. Fixed-income markets have generally fared better than equities, although there has been a modest flight to quality within the fixed-income markets which has resulted in some sell-off in more credit-sensitive sectors. Given concerns over European debt levels and the ultimate strength of a global economic recovery, the U.S. dollar has strengthened in a flight to quality versus the Euro and British Pound Sterling, while weakening against the Japanese Yen. Oil prices have remained in a trading range for the past six months. The Federal Reserve continues to keep the federal funds rate in a range of 0% - 0.25% in an effort to support the economy. Year-to-date, equities have struggled to produce any gains while fixed-income sectors have generally produced modestly positive results. For the six months ending June 30, 2010, the Dow Jones Industrial Average returned (5.00%), the Standard & Poor’s 500 Index returned (6.65%), and the Barclays U.S. Capital Aggregate Bond Index returned 5.33%. Please keep in mind 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 financial adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

Please contact your financial adviser if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,


John K. Carter		Christopher A. Staples
Chairman of the Board,		Vice President & Chief Investment Officer
President & Chief Executive Officer		Transamerica Asset Allocation Variable Funds
Transamerica Asset Allocation Variable Funds



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 1

Understanding Your Funds’ Expenses

(unaudited)

UNIT HOLDER EXPENSES

Transamerica Asset Allocation Variable Funds (individually, a “Subaccount” and collectively, the “Subaccounts”) is a separate investment account established by Transamerica Financial Life Insurance Company, Inc. (“TFLIC”), and is used as an investment vehicle under certain tax-deferred annuity contracts issued by TFLIC. Each Subaccount invests in underlying subaccounts of Transamerica Partners Variable Funds (“TPVF”), a unit investment trust. As a contractholder of a Subaccount, you will bear the ongoing costs of managing the corresponding subaccount in which your Subaccount invests. You will also bear the cost of operating the Subaccount. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at January 1, 2010 and held for the entire period until June 30, 2010.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number shown under the heading “Expenses paid during Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the Subaccount’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Subaccount’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


			Actual Expenses				Hypothetical Expenses (b)
					Expenses Paid				Expenses Paid
	Beginning		Ending Account		During Period		Ending Account		During Period		Annualized
Fund Name	Account Value		Value		(a)(c)		Value		(a)(c)		Expense Ratio (c)

Transamerica Asset Allocation Variable Funds - Short Horizon Subaccount (“Short Horizon”)		$1,000.00		$1,032.20		$1.01		$1,023.80		$1.00		0.20%
Transamerica Asset Allocation Variable Funds - Intermediate Horizon Subaccount (“Intermediate Horizon”)		1,000.00		987.50		0.99		1,023.80		1.00		0.20%
Transamerica Asset Allocation Variable Funds - Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”)		1,000.00		968.80		0.98		1,023.80		1.00		0.20%


(a)		Expenses are equal to each Subaccount’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

(b)		5% return per year before actual expenses.

(c)		Expense ratios do not include expenses of the investment companies in which the Subaccounts invest.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 2

Schedules of Investments Composition

At June 30, 2010
(the following charts summarize the Schedule of Investments of each Subaccount by asset type)
(unaudited)


Transamerica Asset Allocation Variable -
Short Horizon

Fixed Income Funds	88.0	%
Domestic Equity Funds	7.8
Money Market Fund	2.3
International Equity Fund	1.9
Other Assets and Liabilities - net	(0.0	)*

Total	100.0	%


Transamerica Asset Allocation Variable -
Intermediate Horizon

Fixed Income Funds	50.1	%
Domestic Equity Funds	37.9
International Equity Fund	11.7
Money Market Fund	0.3
Other Assets and Liabilities - net	(0.0	)*

Total	100.0	%


Transamerica Asset Allocation Variable -
Intermediate/Long Horizon

Domestic Equity Funds	50.9	%
Fixed Income Funds	29.4
International Equity Fund	17.4
Money Market Fund	2.3
Other Assets and Liabilities - net	(0.0	)*

Total	100.0	%

*Amount rounds to less than (0.1)%.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 3

Transamerica Asset Allocation Variable – Short Horizon

SCHEDULE OF INVESTMENTS
At June 30, 2010
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

INVESTMENT COMPANIES ж - 100.0%
Domestic Equity Funds - 7.8%
Transamerica Partners Variable Large Growth ‡		6,290		$260
Transamerica Partners Variable Large Value ‡		7,467		281
Transamerica Partners Variable Small Core ‡		6,021		177
Fixed Income Funds - 88.0%
Transamerica Partners Variable Core Bond ‡		114,278		4,377
Transamerica Partners Variable High Quality Bond ‡		86,249		1,482
Transamerica Partners Variable High Yield Bond ‡		44,353		956
Transamerica Partners Variable Inflation-Protected Securities ‡		54,374		1,331
International Equity Fund - 1.9%
Transamerica Partners Variable International Equity ‡		10,657		177
Money Market Fund - 2.3%
Transamerica Partners Variable Money Market ‡		10,029		212

Total Investment Companies (cost $8,169) #				9,253
Other Assets and Liabilities - Net				(2	)

Net Assets				$9,251

NOTES TO SCHEDULE OF INVESTMENTS:


‡		Non-income producing security.
ж		Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.
#		Aggregate cost for federal income tax purposes is $8,169. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,200 and $116, respectively. Net unrealized appreciation for tax purposes is $1,084.

VALUATION SUMMARY:

Level 1

Level 2

Level 3

Total

Investment Companies

$9,253

$–

$9,253

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 4

Transamerica Asset Allocation Variable – Intermediate Horizon

SCHEDULE OF INVESTMENTS
At June 30, 2010
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

INVESTMENT COMPANIES ж - 100.0%
Domestic Equity Funds - 37.9%
Transamerica Partners Variable Large Growth ‡		77,355		$3,203
Transamerica Partners Variable Large Value ‡		79,599		2,990
Transamerica Partners Variable Small Core‡		73,751		2,173
Fixed Income Funds - 50.1%
Transamerica Partners Variable Core Bond ‡		144,855		5,547
Transamerica Partners Variable High Quality Bond ‡		106,896		1,837
Transamerica Partners Variable High Yield Bond ‡		65,703		1,417
Transamerica Partners Variable Inflation-Protected Securities ‡		92,041		2,253
International Equity Fund - 11.7%
Transamerica Partners Variable International Equity ‡		156,022		2,594
Money Market Fund - 0.3%
Transamerica Partners Variable Money Market ‡		3,552		75

Total Investment Companies (cost $21,727) #				22,089
Other Assets and Liabilities - Net				(5	)

Net Assets				$22,084

NOTES TO SCHEDULE OF INVESTMENTS:


‡		Non-income producing security.
ж		Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.
#		Aggregate cost for federal income tax purposes is $21,727. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,544 and $1,182, respectively. Net unrealized appreciation for tax purposes is $362.

VALUATION SUMMARY:


	Level 1		Level 2	Level 3	Total
Investment Companies	$	22,089	$ —	$ —	$	22,089

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 5

Transamerica Asset Allocation Variable –
Intermediate/Long Horizon

SCHEDULE OF INVESTMENTS
At June 30, 2010
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

INVESTMENT COMPANIES ж - 100.0%
Domestic Equity Funds - 50.9%
Transamerica Partners Variable Large Growth ‡		129,370		$5,357
Transamerica Partners Variable Large Value ‡		128,111		4,812
Transamerica Partners Variable Small Core‡		124,009		3,653
Fixed Income Funds - 29.4%
Transamerica Partners Variable Core Bond ‡		111,392		4,267
Transamerica Partners Variable High Quality Bond ‡		33,025		567
Transamerica Partners Variable High Yield Bond ‡		55,000		1,186
Transamerica Partners Variable Inflation-Protected Securities ‡		80,555		1,972
International Equity Fund - 17.4%
Transamerica Partners Variable International Equity ‡		285,014		4,738
Money Market Fund - 2.3%
Transamerica Partners Variable Money Market ‡		29,113		614

Total Investment Companies (cost $29,405) #				27,166
Other Assets and Liabilities - Net				(5	)

Net Assets				$27,161

NOTES TO SCHEDULE OF INVESTMENTS:


‡		Non-income producing security.
ж		Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.
#		Aggregate cost for federal income tax purposes is $29,405. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,189 and $3,428, respectively. Net unrealized depreciation for tax purposes is $2,239.

VALUATION SUMMARY:

Level 1

Level 2

Level 3

Total

Investment Companies

$27,166

$–

$27,166

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 6

Statements of Assets and Liabilities

At June 30, 2010
(all amounts except unit value in thousands)
(unaudited)


						Intermediate					Intermediate/Long
		Short Horizon				Horizon					Horizon

Assets:
Investments in affiliated investment companies, at value	$		9,253		$		22,089			$		27,166
Receivables:
Units sold			6				10					14

			9,259				22,099					27,180

Liabilities:
Accounts payable and accrued liabilities:
Units redeemed			6				10					14
Investment advisory fees			2				5					5
									��
			8				15					19

Net assets	$		9,251		$		22,084			$		27,161

Net assets consist of:
Cost of accumulation units			5,895				16,790					24,542
(Accumulated) net investment (loss)			(193	)			(557	)				(781	)
Undistributed net realized gain from investments in affiliated investment companies			2,465				5,489					5,639
Net unrealized appreciation (depreciation) on investments in affiliated investment companies			1,084				362					(2,239	)

Net assets	$		9,251		$		22,084			$		27,161


Accumulation units			529				1,379					1,777


Unit value	$		17.49		$		16.01			$		15.28


Investments in affiliated investment companies, at cost	$		8,169		$		21,727			$		29,405

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 7

Statements of Operations

For the period ended June 30, 2010
(all amounts in thousands)
(unaudited)


				Intermediate				Intermediate/Long
		Short Horizon		Horizon				Horizon

Investment advisory fees			9		24				29


Net realized and unrealized gain (loss) on investments in affiliated investment companies:

Realized gain from investments in affiliated investment companies			174		225				157
Change in net unrealized appreciation (depreciation) on investments in affiliated investment companies			138		(466	)			(981	)


Net realized and unrealized gain (loss) on investments in affiliated investment companies			312		(241	)			(824	)

Net increase (decrease) in net assets resulting from operations	$		303	$	(265	)	$		(853	)

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 8

Statements of Changes in Net Assets

For the period or year ended:
(all amounts in thousands)


��		Short Horizon								Intermediate Horizon								Intermediate/Long Horizon
		June 30, 2010				December 31,				June 30, 2010				December 31,				June 30, 2010				December 31,
		(unaudited)				2009				(unaudited)				2009				(unaudited)				2009

From operations:
Investment advisory fees	$		(9	)	$		(19	)	$		(24	)	$		(45	)	$		(29	)	$		(59	)
Net realized gain (loss) on investments in affiliated investment companies			174				59				225				91				157				(947	)
Change in net unrealized appreciation (depreciation) on investments in affiliated investment companies			138				1,340				(466	)			4,111				(981	)			6,758

Net increase (decrease) in net assets resulting from operations			303				1,380				(265	)			4,157				(853	)			5,752


From unit transactions:
Units sold			919				2,058				1,291				3,379				1,665				4,496
Units redeemed			(2,083	)			(2,776	)			(3,237	)			(5,231	)			(4,129	)			(13,223	)

Net decrease in net assets resulting from unit transactions			(1,164	)			(718	)			(1,946	)			(1,852	)			(2,464	)			(8,727	)

Total increase (decrease) in net assets			(861	)			662				(2,211	)			2,305				(3,317	)			(2,975	)


Net assets:
Beginning of period/year			10,112				9,450				24,295				21,990				30,478				33,453

End of period/year	$		9,251		$		10,112		$		22,084		$		24,295		$		27,161		$		30,478


Units outstanding beginning of period/year			597				645				1,498				1,633				1,932				2,596
Units sold			53				130				78				239				104				335
Units redeemed			(121	)			(178	)			(197	)			(374	)			(259	)			(999	)

Units outstanding end of period/year			529				597				1,379				1,498				1,777				1,932

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 9

Financial Highlights

For the period or years ended:


For a unit outstanding throughout each period		Short Horizon
		June 30, 2010				December 31,				December 31,				December 31,				December 31,				December 31,
		(unaudited)				2009				2008				2007				2006				2005


Unit value
Beginning of period/year			$16.95				$14.66				$16.28				$15.59				$14.91				$14.68


Investment operations
From net investment (loss)^(a)			(0.02	)			(0.03	)			(0.03	)			(0.03	)			(0.03	)			(0.03	)
From net realized and unrealized gain (loss) on affiliated investment companies			0.56				2.32				(1.59	)			0.72				0.71				0.26

Total from investment operations			0.54				2.29				(1.62	)			0.69				0.68				0.23


Unit value
End of period/year			$17.49				$16.95				$14.66				$16.28				$15.59				$14.91


Total return			3.22	%^(b)			15.62	%			(9.95	%)			4.43	%			4.56	%			1.57	%


Net assets end of period/year (000’s)	$		9,251		$		10,112		$		9,450		$		11,097		$		10,205		$		11,574


Ratio and supplemental data
Expenses to average net assets^(c)			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment (loss) to average net assets			(0.20	%)^(d)			(0.20	%)			(0.20	%)			(0.20	%)			(0.20	%)			(0.20	%)
Portfolio turnover rate			24	%^(b)			28	%			125	%			55	%			86	%			46	%


For a unit outstanding throughout each period		Intermediate Horizon
		June 30, 2010				December 31,				December 31,				December 31,				December 31,				December 31,
		(unaudited)				2009				2008				2007				2006				2005


Unit value
Beginning of period/year			$16.22				$13.46				$18.16				$17.44				$16.11				$15.50


Investment operations
From net investment (loss)^(a)			(0.02	)			(0.03	)			(0.03	)			(0.04	)			(0.03	)			(0.03	)
From net realized and unrealized gain (loss) on affiliated investment companies			(0.19	)			2.79				(4.67	)			0.76				1.36				0.64

Total from investment operations			(0.21	)			2.76				(4.70	)			0.72				1.33				0.61


Unit value
End of period/year			$16.01				$16.22				$13.46				$18.16				$17.44				$16.11


Total return			(1.25	)%^(b)			20.51	%			(25.88	%)			4.13	%			8.26	%			3.94	%


Net assets end of period/year (000’s)	$		22,084		$		24,295		$		21,990		$		32,583		$		29,956		$		29,281


Ratio and supplemental data
Expenses to average net assets^(c)			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment (loss) to average net assets			(0.20	%)^(d)			(0.20	%)			(0.20	%)			(0.20	%)			(0.20	%)			(0.20	%)
Portfolio turnover rate			15	%^(b)			34	%			111	%			18	%			55	%			29	%

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 10

Financial Highlights (continued)

For the period or years ended:


For a unit outstanding throughout each period		Intermediate/Long Horizon
		June 30, 2010				December 31,				December 31,				December 31,				December 31,				December 31,
		(unaudited)				2009				2008				2007				2006				2005


Unit value
Beginning of period/year			$15.78				$12.89				$19.30				$18.56				$16.87				$16.06


Investment operations
From net investment (loss)^(a)			(0.02	)			(0.03	)			(0.03	)			(0.04	)			(0.03	)			(0.03	)
From net realized and unrealized gain (loss) on affiliated investment companies			(0.48	)			2.92				(6.38	)			0.78				1.72				0.84

Total from investment operations			(0.50	)			2.89				(6.41	)			0.74				1.69				0.81


Unit value
End of period/year			$15.28				$15.78				$12.89				$19.30				$18.56				$16.87


Total return			(3.12	)%^(b)			22.42	%			(33.21	%)			3.99	%			10.02	%			5.04	%


Net assets end of period/year (000’s)	$		27,161		$		30,478		$		33,453		$		52,704		$		47,293		$		45,441


Ratio and supplemental data
Expenses to average net assets^(c)			0.20	%^(d)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%
Net investment (loss) to average net assets			(0.20	%)^(d)			(0.20	%)			(0.20	%)			(0.20	%)			(0.20	%)			(0.20	%)
Portfolio turnover rate			15	%^(b)			54	%			105	%			21	%			63	%			25	%
														��


^(a)		Calculation is based on average number of units outstanding.

^(b)		Not annualized.

^(c)		Ratios exclude expenses of the investment companies in which the Subaccounts invest.

^(d)		Annualized.

The notes to the financial statements are an integral part of this report.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 11

Notes to Financial Statements

At June 30, 2010

(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate accounts of Transamerica Financial Life Insurance Company (“TFLIC”), and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a management investment company. The Separate Account is composed of three different subaccounts that are separate investment funds: Transamerica Asset Allocation – Short Horizon Subaccount (“Short Horizon”), Transamerica Asset Allocation – Intermediate Horizon Subaccount (“Intermediate Horizon”), and Transamerica Asset Allocation – Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”) (individually, a “Subaccount” and collectively, the “Subaccounts”). Each Subaccount invests all of its investable assets among certain Transamerica Partners Variable Funds (“TPVF”).

In the normal course of business, the Separate Account enters into contracts that contain a variety of representations that provide general indemnifications. The Separate Account’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Separate Account and/or their affiliates that have not yet occurred. However, based on experience, the Separate Account expects the risk of loss to be remote.

In preparing the Separate Account’s financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions may be used that affect reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Separate Account.

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 in which it invests. These expenses are not reflected in the expenses in the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights.

Security transactions: Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Net realized gain (loss) from investments in affiliates for the Subaccounts are from investments in units of affiliated investment companies.

NOTE 2. SECURITY VALUATIONS

All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding subaccount of TPVF is valued at the unit value per share of each Subaccount determined as of the close of business of the New York Stock Exchange (“NYSE”), normally, 4:00 P.M. Eastern time, each day the NYSE is open for business. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three Levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical securities;

Level 2 – Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly; and

Level 3 – Unobservable inputs, to the extent that relevant observable inputs are not available, representing each Subaccount’s own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risks associated with investing in those securities.

Fair value measurement: Investment company securities are valued at the unit value per share of the underlying subaccounts and can be redeemed daily. They are categorized in Level 1 of the fair value hierarchy.

The hierarchy classification of inputs used to value each Subaccount’s investments at June 30, 2010, are included at the end of each Subaccount’s Schedule of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

The Separate Account has entered into an Investment Advisory Agreement with Transamerica Asset Management, Inc. (“TAM”). TAM is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly-owned subsidiaries of AEGON NV. AUSA is wholly-owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

Pursuant to the Investment Advisory Agreement TAM provides general investment advice to each Subaccount. For providing these services and facilities and for bearing the related expenses, TAM receives a monthly fee from each Subaccount which is accrued daily and payable monthly at an annual rate equal to 0.20% of the average daily net assets of each Subaccount.

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.




Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 12

Notes to Financial Statements (continued)

At June 30, 2010
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

Certain Managing Board Members and officers of TFLIC are also trustees, officers or employees of TAM or its affiliates. None of the non-independent Managing Board Members so affiliated receive compensation for services as Managing Board Members of the Separate Account. Similarly, none of the Separate Account’s officers receive compensation from the Subaccounts. The independent board members are also trustees of the Portfolios for which they receive fees.

Deferred compensation plan: Under a non-qualified deferred compensation plan, effective January 1, 1996, as amended and restated January 1, 2010, (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the Trust to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, or the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), as elected by the Trustee.

NOTE 4. SECURITIES TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold for the period ended June 30, 2010 were as follows:



	Purchases of affiliated investments		Proceeds from maturities and sales of affiliated investments
Fund	Long-term		Long-term
Short Horizon		$2,302		$3,475
Intermediate Horizon		3,500		5,469
Intermediate/Long Horizon		4,403		6,896

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 for federal income tax purposes.

NOTE 6. SUBSEQUENT EVENT

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Separate Account’s Financial Statements.




Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 13

Change of Independent Registered Certified Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”) served as independent registered certified public accounting firm through April 7, 2010. On April 8, 2010, upon recommendation by the Transamerica Asset Allocation Variable Funds’ (“TAAVF”) Audit Committee, the TAAVF Board selected Ernst & Young LLP to replace PwC as the independent public accountant for the fiscal year ending December 31, 2010.

The reports of PwC on the financial statements for the past two fiscal years contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the two most recent fiscal years and through April 7, 2010, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements if not resolved to the satisfaction of PwC would have caused them to make reference thereto in their reports on the financial statements for such years.

During the two most recent fiscal years and through April 7, 2010, there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

TAAVF has requested that PwC furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter will be filed as Exhibit 77 to Form N-SAR.




Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 14

TRANSAMERICA ASSET ALLOCATION — SHORT HORIZON SUBACCOUNT

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL
(unaudited)

At a meeting of the Board of Trustees of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Short Horizon Subaccount (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past, as well as the services anticipated to be provided in the future. The Trustees also reviewed TAM’s investment approach for the Fund. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM, and the professional qualifications of the portfolio management team of TAM. The Trustees determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of asset allocation funds as prepared by Lipper for various trailing periods ended December 31, 2009. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Trustees considered the management fee schedule and the existence of breakpoints, if any. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM, in the future.

Benefits to TAM and its affiliates from their relationship with the Fund. The Board noted that management believes that other benefits anticipated to be derived by TAM and its affiliates from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Fund.

Other considerations. The Board determined 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 the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement.




Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 15

TRANSAMERICA ASSET ALLOCATION — INTERMEDIATE HORIZON SUBACCOUNT

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL
(unaudited)

At a meeting of the Board of Trustees of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation - Intermediate Horizon Subaccount (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.




Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 16

TRANSAMERICA ASSET ALLOCATION — INTERMEDIATE/LONG HORIZON SUBACCOUNT

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL
(unaudited)

At a meeting of the Board of Trustees of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation - Intermediate/Long Horizon Subaccount (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. The Trustees considered the economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Trustees considered the management fee schedule and the existence of breakpoints, if any. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM, in the future.




Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2010

Page 17

Transamerica Partners Portfolios

SCHEDULES OF INVESTMENTS COMPOSITION

At June 30, 2010
(the following charts summarize the Schedule of Investments of each portfolio by asset type)
(Unaudited)


Transamerica Partners Money Market Portfolio
Commercial Paper	49.4	%
Certificates of Deposit	21.4
Short-Term U.S. Government Obligations	10.1
Repurchase Agreements	9.8
U.S. Government Obligations	6.2
Corporate Debt Securities	3.1
Other Assets and Liabilities — Net	0.0	*

Total	100.0	%

Transamerica Partners High Quality Bond Portfolio
Corporate Debt Securities	37.0	%
Asset-Backed Securities	33.1
Mortgage-Backed Securities	21.5
U.S. Government Agency Obligations	4.1
U.S. Government Obligation	2.9
Securities Lending Collateral	1.0
Foreign Government Obligation	0.8
Repurchase Agreement	0.2
Other Assets and Liabilities — Net	(0.6	)

Total	100.0	%

Transamerica Partners Inflation-Protected Securities Portfolio
U.S. Government Obligations	96.1	%
Repurchase Agreement	1.4
Foreign Government Obligations	1.4
Purchased Swaptions	0.2
Corporate Debt Security	0.2
Mortgage-Backed Security	0.2
Structured Note Debt	0.2
Purchased Option	0.0	*
Other Assets and Liabilities — Net ^(a)	0.3

Total	100.0	%

Transamerica Partners Core Bond Portfolio
U.S. Government Agency Obligations	44.2	%
Corporate Debt Securities	32.1
Mortgage-Backed Securities	19.1
Repurchase Agreement	10.8
Securities Lending Collateral	8.6
Asset-Backed Securities	7.0
Foreign Government Obligations	4.5
U.S. Government Obligations	2.4
Municipal Government Obligations	2.1
Preferred Corporate Debt Securities	1.1
Purchased Swaptions	0.7
Convertible Bond	0.1
Common Stocks	0.0	*
Preferred Stocks	0.0	*
Warrant	0.0	*
Other Assets and Liabilities — Net ^(a)	(32.7	)

Total	100.0	%

Transamerica Partners High Yield Bond Portfolio
Corporate Debt Securities	89.9	%
Loan Assignments	4.1
Convertible Bonds	1.3
Repurchase Agreement	1.0
Common Stocks	0.5
Convertible Preferred Stocks	0.4
Asset-Backed Securities	0.1
Investment Company	0.0	*
Preferred Corporate Debt Security	0.0	*
Warrants	0.0	*
Other Assets and Liabilities — Net	2.7

Total	100.0	%

Transamerica Partners Balanced Portfolio
Common Stocks	56.6	%
Corporate Debt Securities	13.2
U.S. Government Agency Obligations	13.0
Mortgage-Backed Securities	6.4
Repurchase Agreement	6.2
Asset-Backed Securities	3.8
Short-Term U.S. Government Obligation	2.5
U.S. Government Obligations	2.3
Preferred Corporate Debt Securities	1.1
Municipal Government Obligations	0.8
Foreign Government Obligation	0.2
Preferred Stocks	0.1
Purchased Options	0.0	*
Warrant	0.0	*
Other Assets and Liabilities — Net ^(a)	(6.2	)

Total	100.0	%

Transamerica Partners Large Value Portfolio
Common Stocks	96.3	%
Securities Lending Collateral	2.0
Repurchase Agreement	2.0
Other Assets and Liabilities — Net	(0.3	)

Total	100.0	%

Transamerica Partners Large Core Portfolio
Common Stocks	96.5	%
Repurchase Agreement	0.6
Securities Lending Collateral	0.1
Other Assets and Liabilities — Net	2.8

Total	100.0	%

Transamerica Partners Large Growth Portfolio
Common Stocks	98.9	%
Securities Lending Collateral	1.9
Repurchase Agreement	0.4
Other Assets and Liabilities — Net	(1.2	)

Total	100.0	%

Transamerica Partners Mid Value Portfolio
Common Stocks	97.2	%
Securities Lending Collateral	25.6
Repurchase Agreements	3.7
Other Assets and Liabilities — Net	(26.5	)

Total	100.0	%

Transamerica Partners Mid Growth Portfolio
Common Stocks	99.7	%
Securities Lending Collateral	3.4
Repurchase Agreement	0.4
Other Assets and Liabilities — Net	(3.5	)

Total	100.0	%

Transamerica Partners Small Value Portfolio
Common Stocks	97.9	%
Repurchase Agreement	2.1
Other Assets and Liabilities — Net	0.0	*

Total	100.0	%


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 1

SCHEDULES OF INVESTMENTS COMPOSITION (Continued)

At June 30, 2010
(the following charts summarize the Schedule of Investments of each portfolio by asset type)
(Unaudited)


Transamerica Partners Small Core Portfolio
Common Stocks	98.4	%
Securities Lending Collateral	25.6
Repurchase Agreement	1.7
Investment Company	0.2
Short-Term U.S. Government Obligation	0.1
Warrant	0.0	*
Other Assets and Liabilities — Net ^(a)	(26.0	)

Total	100.0	%

Transamerica Partners Small Growth Portfolio
Common Stocks	98.5	%
Securities Lending Collateral	25.7
Repurchase Agreement	1.5
Warrant	0.0	*
Other Assets and Liabilities — Net	(25.7	)

Total	100.0	%

Transamerica Partners International Equity Portfolio
Common Stocks	96.1	%
Securities Lending Collateral	6.7
Preferred Stock	1.9
Repurchase Agreement	0.2
Other Assets and Liabilities — Net ^(a)	(4.9	)

Total	100.0	%


*		Amount rounds to less than (0.1%) or 0.1%.

^(a)		The Other Assets and Liabilities — Net category may include, but is not limited to, Forward Currencies contracts, Futures contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Cash Collateral.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 2

TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		COMMERCIAL PAPER — 49.4%
		Commercial Banks — 39.5%
		Allied Irish Banks North America, Inc.
$	26,000	0.77%, 07/09/2010 — 144A	$	25,996
		Australia & New Zealand Banking Group, Ltd.
	26,300	0.50%, 09/20/2010 — 144A		26,270
		Banco Bilbao Vizcaya Argentaria SA
	40,250	0.31%, 07/16/2010 — 07/26/2010		40,247
		Banco Bilbao Vizcaya Argentaria SA/ London
	7,000	0.70%, 07/08/2010 — 144A		6,999
		Bank of Montreal
	32,500	0.30%, 07/23/2010		32,500
		Barclays Bank PLC
	19,100	0.30%, 07/15/2010		19,100
	22,350	0.49%, 11/03/2010		22,350
		Commonwealth Bank of Australia
	36,450	0.51%, 08/30/2010 — 144A		36,418
		Credit Suisse/New York NY
	11,500	0.30%, 07/15/2010		11,500
		Danske Corp.
	26,200	0.41%, 08/26/2010 — 144A		26,183
		Deutsche Bank AG
	30,000	0.30%, 07/20/2010		30,000
		HSBC USA, Inc.
	23,750	0.27%, 07/13/2010		23,748
		National Australia Funding Delaware, Inc.
	16,100	0.29%, 07/19/2010 — 144A		16,098
		Royal Bank of Scotland PLC
	20,500	0.37%, 07/09/2010		20,500
		Societe Generale North America, Inc.
	14,100	0.43%, 07/06/2010		14,099
	19,000	0.47%, 08/05/2010		18,991
		Toronto-Dominion Holdings USA, Inc.
	25,250	0.54%, 11/19/2010		25,250
		UBS Finance Delaware LLC
	26,800	0.16%, 07/02/2010		26,800
		Westpac Banking Corp.
	28,150	0.27%, 07/06/2010 — 144A		28,149
	13,400	0.31%, 10/06/2010 — 144A		13,400
		Diversified Financial Services — 9.9%
		Eksportfinans ASA
	42,550	0.23%, 07/01/2010 — 144A		42,549
		Nordea North America, Inc.
	29,000	0.34%, 08/04/2010		28,991
	9,500	0.58%, 11/18/2010		9,479
		Procter & Gamble International Funding SCA
	34,800	0.17%, 07/15/2010 — 144A		34,798

		Total Commercial Paper (cost $580,415)		580,415

		CERTIFICATES OF DEPOSIT — 21.4%
		Commercial Banks — 18.6%
		Abbey National Treasury Services PLC
	38,100	0.42%, 02/25/2011 *		38,100
		Bank of Ireland
	38,520	0.27%, 07/01/2010		38,520
		Bank of Nova Scotia
	18,000	0.35%, 12/17/2010 *		18,000
		BNP Paribas
	18,300	0.24%, 07/01/2010		18,300
	20,000	0.44%, 08/03/2010		20,000
		Rabobank Nederland NV
	13,350	0.29%, 07/23/2010 *		13,350
	20,550	0.52%, 09/14/2010		20,555
		Royal Bank of Canada
	13,400	0.35%, 02/24/2011 *		13,400
		Svenska Handelsbanken AB
	16,500	0.28%, 07/14/2010		16,500
	22,000	0.45%, 08/20/2010		22,000
		Diversified Financial Services — 2.8%
		Calyon NY
	33,000	0.33%, 07/07/2010		33,000

		Total Certificates of Deposit (cost $251,725)		251,725

		CORPORATE DEBT SECURITIES — 3.1%
		Capital Markets — 1.9%
		Goldman Sachs Group, Inc.
	21,500	1.04%, 12/03/2010 *		21,551
		Commercial Banks — 1.2%
		International Bank for Reconstruction & Development
	14,550	0.39%, 07/13/2011		14,550

		Total Corporate Debt Securities (cost $36,101)		36,101

		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS — 10.1%
		Fannie Mae
	11,850	0.11%, 08/02/2010		11,848
	19,750	0.14%, 10/06/2010		19,734
		Freddie Mac
	11,700	0.04%, 07/30/2010		11,699
	16,250	0.04%, 07/16/2010		16,249
	35,500	0.07%, 08/13/2010		35,494
	23,500	0.13%, 07/27/2010		23,497

		Total Short-Term U.S. Government Obligations (cost $118,521)		118,521

		U.S. GOVERNMENT OBLIGATIONS — 6.2%
		Freddie Mac
	18,200	0.19%, 07/12/2010 *		18,200
	6,115	4.70%, 08/10/2010		6,145
		U.S. Treasury Note
	23,000	0.88%, 02/28/2011		23,089
	25,700	5.75%, 08/15/2010		25,877

		Total U.S. Government Obligations (cost $73,311)		73,311


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 3

TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		REPURCHASE AGREEMENTS - 9.8%
		State Street Bank & Trust Co.
$	2	0.01% ▲, dated 06/30/2010, to be repurchased at $2 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $5.	$	2
		Goldman Sachs & Co.
	78,000	0.02% ▲, dated 06/30/2010, to be repurchased at $78,000 on 07/01/2010. Collateralized by a U.S. Government Agency Obligation, 1.25%, due 05/07/2012, and with a value of $79,416.		78,000
		Barclays Capital Inc.
	17,700	0.01% ▲, dated 06/30/2010, to be repurchased at $17,700 on 07/01/2010. Collateralized by a U.S. Government Obligation, 5.00%, due 05/15/2037, and with a value of $18,064.		17,700
		JPMorgan Chase Funding, Inc.
	17,800	0.00% ▲, dated 06/30/2010, to be repurchased at $17,800 on 07/01/2010. Collateralized by a U.S. Government Obligation, 3.00%, due 02/28/2017, and with a value of $17,996.		17,800
		HSBC Americas, Inc.
	1,650	0.01% ▲, dated 06/30/2010, to be repurchased at $1,650 on 07/01/2010. Collateralized by a U.S. Government Obligation, 3.63%, due 08/15/2019, and with a value of $1,665.		1,650

		Total Repurchase Agreements (cost $115,152)		115,152

		Total Investment Securities (cost $1,175,225) #		1,175,225

		Other Assets and Liabilities — Net		772

		Net Assets	$	1,175,997

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 06/30/2010.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $1,175,225.

DEFINITION:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2010, these securities aggregated $256,860, or 21.84%, of the portfolio’s net assets.

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Fixed Income — Financials	$	—	$	868,241	$	—	$	868,241
Fixed Income — Short-Term U.S. Government Obligation		—		118,521		—		118,521
Fixed Income — U.S. Government Obligation		—		73,311		—		73,311
Cash & Cash Equivalent — Repurchase Agreement		—		115,152		—		115,152

Total	$	—	$	1,175,225	$	—	$	1,175,225


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 4

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value
		U.S. GOVERNMENT OBLIGATION — 2.9%
		U.S. Treasury Note
$	14,000	0.75%, 05/31/2012	$	14,040
		Total U.S. Government Obligation (cost $14,006)
		U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.1%
		Fannie Mae
	2,473	4.00%, 10/25/2016 — 07/25/2033		2,528
	1,310	4.50%, 09/01/2013		1,346
	820	5.00%, 07/01/2013 — 04/01/2014		847
	1,105	5.50%, 12/01/2022		1,197
	590	6.00%, 10/01/2011 — 09/01/2014		632
		Freddie Mac
	1,524	2.87%, 12/15/2016		1,546
	2,784	3.38%, 03/15/2018		2,878
	4,107	4.00%, 09/15/2016 — 09/15/2017		4,215
	749	5.50%, 03/01/2011 — 01/15/2027		796
	2,412	6.00%, 10/15/2021		2,538
	93	6.50%, 02/01/2013 — 04/01/2013		98
		Ginnie Mae
	950	5.75%, 12/15/2022		1,043

		Total U.S. Government Agency Obligations (cost $18,771)		19,664

		FOREIGN GOVERNMENT OBLIGATION — 0.8%
		Province of Manitoba Canada
	3,650	2.13%, 04/22/2013		3,732
		Total Foreign Government Obligation (cost $3,662)
		MORTGAGE-BACKED SECURITIES — 21.5%
	558	Bear Stearns Asset Backed Securities Trust Series 2003-AC3, Class A1 4.50%, 07/25/2033 *		524
	56	Bear Stearns Commercial Mortgage Securities Series 2001-TOP4, Class A1 5.06%, 11/15/2016		57
	184	Series 2002-PBW1, Class A1 3.97%, 11/11/2035 *		187
	947	Series 2006-T22, Class A1 5.42%, 04/12/2038 *		946
	7,000	Series 2007-PW15, Class A2 5.21%, 02/11/2044		7,231
	1,662	Citigroup Commercial Mortgage Trust Series 2006-C5, Class A1 5.27%, 10/15/2049		1,689
	170	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A1 5.05%, 07/15/2044		169
	1,988	Commercial Mortgage Pass-Through Certificates Series 2005-LP5, Class A2 4.63%, 05/10/2043		1,999
	3,990	Series 2006-C8, Class A3 5.31%, 12/10/2013		4,120
	798	Community Program Loan Trust Series 1987-A, Class A4 4.50%, 10/01/2018		804
	1,753	Credit Suisse First Boston Mortgage Securities Corp. Series 2004-C5, Class A2 4.18%, 11/15/2037		1,753
	554	Crusade Global Trust Series 2004-2, Class A1 0.38%, 11/19/2037 *		539
	4,522	CW Capital Cobalt, Ltd. Series 2006-C1, Class A2 5.17%, 08/15/2048		4,723
	129	GE Capital Commercial Mortgage Corp. Series 2001-3, Class A1 5.56%, 06/10/2038		130
	253	Series 2002-1A, Class A2 5.99%, 12/10/2035		254
	3,438	Series 2005-C1, Class A2 4.35%, 06/10/2048		3,474
	1,473	Greenwich Capital Commercial Funding Corp. Series 2005-GG3, Class A2 4.31%, 08/10/2042		1,488
	3,075	Series 2006-GG7, Class A2 6.03%, 07/10/2038 *		3,150
	4,400	GS Mortgage Securities Corp. II Series 2004-GG2, Class A4 4.96%, 08/10/2038		4,552
	901	Series 2006-GG6, Class A2 5.51%, 03/10/2011 *		915
	4,250	Series 2006-GG6, Class AAB 5.59%, 09/10/2015 *		4,523
	4,700	Series 2006-GG8, Class AAB 5.54%, 11/10/2039		5,050
	1,407	Series 2007-GG10, Class A1 5.69%, 08/10/2045		1,450
	5,010	GS Mortgage Securities Trust Series 2007-GG10, Class AAB 6.00%, 08/10/2045 *		5,331
	225	Interstar Millennium Trust Series 2003-3G, Class A2 1.04%, 09/27/2035 *		219
	257	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2002-C2, Class A1 4.33%, 12/12/2034		261
	4,500	Series 2006-LDP7, Class A2 6.05%, 04/15/2045 *		4,610
	2,898	JPMorgan Mortgage Trust Series 2006-S2, Class 1A17 6.00%, 07/25/2036		2,583
	4,550	LB-UBS Commercial Mortgage Trust Series 2003-C7, Class A3 4.56%, 09/15/2027 *		4,608
	5,000	Series 2004-C8, Class A3 4.44%, 12/15/2029		5,088
	998	Series 2005-C7, Class A2 5.10%, 11/15/2030		1,003
	4,000	Series 2006-C4, Class AAB 6.05%, 06/15/2032 *		4,357
	2,607	Series 2006-C7, Class A2 5.30%, 11/15/2011		2,681
	4,500	Series 2007-C2, Class A2 5.30%, 02/15/2040		4,648
	2,280	Merrill Lynch Mortgage Trust Series 2005-MKB2, Class A2 4.81%, 09/12/2042		2,283
	675	Series 2006-C1, Class A2 5.79%, 05/12/2039 *		710


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 5

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value
		MORTGAGE-BACKED SECURITIES — (continued)
$	211	Morgan Stanley Capital I Series 2005-HQ6, Class A1 4.65%, 08/13/2042	$	211
	2,000	Morgan Stanley Dean Witter Capital I Series 2001-IQA, Class B 6.09%, 12/18/2032		2,023
	2,017	Wachovia Bank Commercial Mortgage Trust Series 2003-C5, Class A1 2.99%, 06/15/2035		2,025
	4,718	Series 2003-C9, Class A3 4.61%, 12/15/2035		4,901
	4,700	Series 2007-C30, Class A3 5.25%, 12/15/2043		4,698
	1,422	Wells Fargo Mortgage Backed Securities Trust Series 2005-9, Class 1A1 4.75%, 10/25/2035		1,409

		Total Mortgage-Backed Securities (cost $102,226)		103,376

		ASSET-BACKED SECURITIES — 33.1%
	431	ALG Student Loan Trust I Series 2006-1A, Class A1 0.26%, 10/28/2018 — 144A *		431
	2,300	American Express Co. Series 2006-2, Class C 5.65%, 01/15/2014 — 144A		2,367
	1,000	AmeriCredit Automobile Receivables Trust Series 2009-1, Class B 9.79%, 04/15/2014		1,153
	759	Bay View Auto Trust Series 2005-LJ1, Class A4 4.09%, 05/25/2012		773
	3,000	BMW Vehicle Lease Trust Series 2009-1, Class A3 2.91%, 03/15/2012		3,038
	4,000	BMW Vehicle Owner Trust Series 2010-A, Class A4 2.10%, 10/25/2016		4,064
	522	Brazos Higher Education Authority Series 2005-A, Class A5 4.91%, 12/01/2040 * Ә		496
	3,000	Cabela’s Master Credit Card Trust Series 2006-3A, Class A1 5.26%, 10/15/2014 — 144A		3,136
	3,000	Capital One Multi-Asset Execution Trust Series 2006-10, Class A 5.15%, 06/16/2014		3,139
	3,000	Series 2006-A6, Class A6 5.30%, 02/18/2014		3,104
	1,500	Series 2009-A2, Class A2 3.20%, 04/15/2014		1,532
	3,000	Capital One Prime Auto Receivables Trust Series 2007-1, Class B 5.76%, 12/15/2013		3,104
	4,750	CarMax Auto Owner Trust Series 2010-2, Class A3 1.41%, 02/16/2015		4,750
	2,880	CenterPoint Energy Transition Bond Co., LLC Series 2009-1, Class A1 1.83%, 02/15/2016		2,931
	2,333	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2003-4, Class 1A6 4.43%, 10/25/2014 *		2,211
	4,500	Chase Issuance Trust Series 2009-A3, Class A3 2.40%, 06/17/2013		4,564
	1,712	Chase Manhattan Auto Owner Trust Series 2006-B, Class A4 5.11%, 04/15/2014		1,730
	2,125	CIT Equipment Collateral Series 2009-VT1, Class A3 3.07%, 12/15/2011 — 144A		2,148
	1,200	Citibank Credit Card Issuance Trust Series 2005-A7, Class A7 4.75%, 10/22/2012		1,215
	3,000	Series 2009-A5, Class A5 2.25%, 12/23/2014		3,053
	2,850	Citibank Omni Master Trust Series 2009-A8, Class A8 2.33%, 05/16/2016 — 144A *		2,879
	3,000	CNH Equipment Trust Series 2006-B, Class B 5.36%, 06/17/2013		3,003
	2,000	Series 2007-A, Class B 5.09%, 06/16/2014		2,022
	3,100	Series 2009-B, Class A4 5.17%, 10/15/2014		3,327
	3,000	Series 2009-C, Class A4 3.00%, 08/17/2015		3,114
	1,000	Series 2010-A, Class B 4.04%, 09/15/2016		1,023
	4,000	Discover Card Master Trust Series 2008-A3, Class A3 5.10%, 10/15/2013		4,133
	2,300	Entergy Texas Restoration Funding LLC Series 2009-A, Class A1 1.00%, 02/01/2016		2,341
	2,000	Ford Credit Auto Owner Trust Series 2006-C, Class D 6.89%, 05/15/2013 — 144A		2,096
	1,000	Series 2007-A, Class B 5.60%, 10/15/2012		1,058
	2,480	Series 2009-E, Class A4 1.00%, 11/15/2014		2,536
	2,630	Series 2010-A, Class A3 1.32%, 06/15/2014		2,643
	2,500	GE Capital Credit Card Master Note Trust Series 2009-2, Class A 3.69%, 07/15/2015		2,598
	3,000	Series 2010-3, Class A 2.21%, 06/15/2013 Ә		3,000
	4,750	GE Equipment Midticket LLC Series 2009-1, Class A4 3.13%, 11/16/2020		4,886
	281	Goal Capital Funding Trust Series 2006-1, Class A1 0.25%, 08/25/2020 *		281
	1,250	Honda Auto Receivables Owner Trust Series 2009-2, Class A3 2.79%, 01/16/2012		1,272
	2,650	Series 2009-2, Class A4 4.43%, 08/15/2012		2,803
	2,400	Series 2010-1, Class A3 1.25%, 11/21/2012		2,411


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 6

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value
		ASSET-BACKED SECURITIES — (continued)
$	3,078	Huntington Auto Trust Series 2008-1A, Class A3A 4.81%, 04/16/2012 — 144A	$	3,117
	1,251	Hyundai Auto Receivables Trust Series 2006-B, Class B 5.19%, 05/15/2013		1,274
	3,229	Series 2008-A, Class A3 4.93%, 12/17/2012		3,321
	2,152	John Deere Owner Trust Series 2007-A, Class A4 5.07%, 04/15/2014		2,169
	3,600	Series 2008, Class A4 4.89%, 03/16/2015		3,752
	2,427	Series 2009-A, Class A3 2.59%, 10/15/2013		2,457
	42	Marlin Leasing Receivables LLC Series 2006-1A, Class A4 5.33%, 09/16/2013 — 144A		42
	1,582	Massachusetts RRB Special Purpose Trust Series 2005-1, Class A4 4.40%, 03/15/2015		1,685
	1,745	Mercedes-Benz Auto Receivables Trust Series 2010-1, Class A3 1.42%, 08/15/2014		1,756
	3,445	MMAF Equipment Finance LLC Series 2009-AA, Class A4 3.51%, 01/15/2030 — 144A		3,517
	1,250	Nissan Auto Lease Trust Series 2009-B, Class A3 2.07%, 01/15/2015		1,264
	815	Popular ABS Mortgage Pass-Through Trust Series 2005-3, Class AF3 4.44%, 07/25/2035 *		812
	7,073	Railcar Leasing LLC Series 1, Class A2 7.13%, 01/15/2013 — 144A Ә		7,524
	4,000	Toyota Auto Receivables Owner Trust Series 2010-A, Class A3 1.27%, 12/16/2013		4,010
	5,400	USAA Auto Owner Trust Series 2007-2, Class A4 5.07%, 06/15/2013		5,556
	1,005	Series 2009-2, Class A4 2.53%, 06/17/2013		1,033
	3,200	Series 2010-1, Class A3 1.30%, 06/16/2014		3,213
	3,750	Volkswagen Auto Lease Trust Series 2009-A, Class A3 3.41%, 04/16/2012		3,827
	1,870	Volkswagen Auto Loan Enhanced Trust Series 2010-1, Class A4 2.14%, 08/22/2016		1,900
	1,890	World Omni Auto Receivables Trust Series 2006-B, Class A4 5.12%, 06/15/2012		1,914
	2,250	Series 2006-BA, Class B 5.26%, 03/17/2014 — 144A		2,271
	3,500	Series 2007-AA, Class B 5.31%, 12/15/2014 — 144A		3,586
	2,200	Series 2010-A, Class A4 2.21%, 09/15/2013		2,236

		Total Asset-Backed Securities (cost $157,317)		158,601

		CORPORATE DEBT SECURITIES — 37.0%
		Air Freight & Logistics — 0.2%
	950	United Parcel Service, Inc. 3.88%, 04/01/2014		1,022
		Beverages — 2.6%
	3,875	Anheuser-Busch InBev Worldwide, Inc. 2.50%, 03/26/2013 — 144A		3,920
	4,210	Bottling Group LLC 6.95%, 03/15/2014		4,968
	3,320	Diageo Finance BV 5.50%, 04/01/2013		3,650
		Capital Markets — 4.2%
	2,225	BP Capital Markets PLC 5.25%, 11/07/2013		2,045
	4,840	Deutsche Bank AG — London Branch 2.38%, 01/11/2013		4,866
	2,800	Goldman Sachs Group, Inc. 6.60%, 01/15/2012		2,961
	4,000	Goldman Sachs Group, Inc. — Series B 0.65%, 10/07/2011 *		3,965
	6,100	Morgan Stanley 6.00%, 05/13/2014		6,464
		Chemicals — 0.4%
	1,855	Praxair, Inc. 3.95%, 06/01/2013 ˆ		1,973
		Commercial Banks — 5.0%
	6,640	Bank of Nova Scotia 2.25%, 01/22/2013		6,732
	4,815	Barclays Bank PLC 2.50%, 01/23/2013		4,796
	4,230	Credit Suisse/New York, NY 5.50%, 05/01/2014		4,625
	5,000	Wells Fargo Bank NA — Series AI 4.75%, 02/09/2015		5,233
	2,705	Westpac Banking Corp. 2.25%, 11/19/2012		2,728
		Commercial Services & Supplies — 0.8%
	3,500	Yale University 2.90%, 10/15/2014		3,631
		Consumer Finance — 1.4%
	4,520	Capital One Financial Corp. 5.70%, 09/15/2011		4,702
	2,000	SLM Corp. — Series CPI 4.50%, 07/26/2010		2,004
		Diversified Financial Services — 8.2%
	3,700	Ally Financial, Inc. 2.20%, 12/19/2012		3,802
	2,500	Bank of America Corp. 2.38%, 06/22/2012 ˆ		2,576
	4,625	Citigroup, Inc. 5.10%, 09/29/2011		4,756
	2,275	CME Group, Inc. 5.40%, 08/01/2013		2,510
	1,015	General Electric Capital Corp. — Series G 3.00%, 12/09/2011		1,048
	5,360	General Electric Capital Corp. 6.00%, 06/15/2012		5,768
	2,235	HSBC Finance Corp. 8.00%, 07/15/2010		2,239
	2,875	John Deere Capital Corp. 5.25%, 10/01/2012		3,115


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 7

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Principal			Value

		Diversified Financial Services — (continued)
$	5,610	JPMorgan Chase & Co. 4.65%, 06/01/2014 ˆ	$	5,982
	3,025	Merrill Lynch & Co., Inc. 5.45%, 02/05/2013		3,173
	3,670	NYSE Euronext 4.80%, 06/28/2013		3,969
		Diversified Telecommunication Services — 1.4%
	6,375	AT&T, Inc. 4.95%, 01/15/2013		6,920
		Electric Utilities — 0.5%
	2,365	Public Service Electric & Gas Co. 5.13%, 09/01/2012		2,547
		Food & Staples Retailing — 1.0%
	1,100	CVS Caremark Corp. 3.25%, 05/18/2015		1,117
	3,470	5.75%, 08/15/2011		3,626
		Household Products — 0.8%
	3,870	Procter & Gamble Co. 1.38%, 08/01/2012		3,909
		Insurance — 4.1%
	2,465	Berkshire Hathaway Finance Corp. 5.00%, 08/15/2013		2,707
	4,920	Berkshire Hathaway, Inc. 1.40%, 02/10/2012		4,946
	3,400	Metropolitan Life Global Funding I 2.50%, 01/11/2013 — 144A		3,439
	430	2.88%, 09/17/2012 — 144A		440
	3,745	New York Life Global Funding 5.38%, 09/15/2013 — 144A		4,105
	3,740	Principal Life Income Funding Trusts 5.30%, 12/14/2012		4,028
		Office Electronics — 0.7%
	3,005	Xerox Corp. 8.25%, 05/15/2014		3,522
		Oil, Gas & Consumable Fuels — 0.9%
	4,055	Shell International Finance BV 1.88%, 03/25/2013		4,089
		Pharmaceuticals — 0.7%
	3,215	Novartis Capital Corp. 1.90%, 04/24/2013		3,264
		Real Estate Investment Trusts — 0.7%
	3,190	Boston Properties, LP 6.25%, 01/15/2013		3,475
		Thrifts & Mortgage Finance — 0.7%
	3,155	U.S. Central Federal Credit Union 1.90%, 10/19/2012		3,220
		Wireless Telecommunication Services — 2.7%
	4,275	ALLTEL Corp. 7.00%, 07/01/2012		4,723
	2,825	Cellco Partnership/Verizon Wireless Capital LLC 3.75%, 05/20/2011		2,893
	5,100	Vodafone Group PLC 5.50%, 06/15/2011		5,297

		Total Corporate Debt Securities (cost $174,738)		177,490



Shares

		SECURITIES LENDING COLLATERAL — 1.0%
	4,969,895	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25%5	$	4,970
		Total Securities Lending Collateral (cost $4,970)


Principal

		REPURCHASE AGREEMENT — 0.2%
$	937	State Street Bank & Trust Co. 0.01% 5, dated 06/30/2010, to be repurchased at $937 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $959.		937
		Total Repurchase Agreement (cost $937)

		Total Investment Securities (cost $476,627) #		482,810
		Other Assets and Liabilities — Net		(2,989	)

		Net Assets	$	479,821




*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 8

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:



*		Floating or variable rate note. Rate is listed as of 06/30/2010.

Ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a market value of $11,020, or 2.30% of the portfolio’s net assets.

ˆ		All or a portion of this security is on loan. The value of all securities on loan is $4,868.

5		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $476,627. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,936 and $1,753, respectively. Net unrealized appreciation for tax purposes is $6,183.

DEFINITIONS:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2010, these securities aggregated $45,018, or 9.38%, of the portfolio’s net assets.

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Fixed Income — Asset-Backed Security	$	—	$	150,581	$	8,020	$	158,601
Fixed Income — Consumer Discretionary		—		8,599		—		8,599
Fixed Income — Consumer Staples		—		16,222		—		16,222
Fixed Income — Energy		—		4,089		—		4,089
Fixed Income — Financials		—		116,419		—		116,419
Fixed Income — Foreign Government Obligation		—		3,732		—		3,732
Fixed Income — Health Care		—		3,264		—		3,264
Fixed Income — Industrials		—		1,022		—		1,022
Fixed Income — Information Technology		—		3,522		—		3,522
Fixed Income — Materials		—		1,973		—		1,973
Fixed Income — Mortgage-Backed Security		—		103,376		—		103,376
Fixed Income — Telecommunication Services		—		19,833		—		19,833
Fixed Income — U.S. Government Agency Obligation		—		19,664		—		19,664
Fixed Income — U.S. Government Obligation		—		14,040		—		14,040
Fixed Income — Utilities		—		2,547		—		2,547
Cash & Cash Equivalent — Repurchase Agreement		—		937		—		937
Cash & Cash Equivalent — Securities Lending Collateral		4,970		—		—		4,970

Total	$	4,970	$	469,820	$	8,020	$	482,810

Level 3 Rollforward — Investment Securities


			Net		Accrued					Change in Unrealized		Net Transfers
	Beginning Balance		Purchases/		Discounts/		Total Realized			Appreciation/		In/(Out)		Ending Balance
Securities	at 12/31/2009		(Sales)		(Premiums)		Gain/(Loss)			(Depreciation)		of Level 3		at 06/30/2010

Fixed Income - Asset-Backed Security	$	5,009	$	2,913	$	—	$	(109	)	$	207	$	—	$	8,020




*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 9

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		U.S. GOVERNMENT OBLIGATIONS — 96.1%
		U.S. Treasury Inflation Indexed Bond
$	11,514	1.75%, 01/15/2028	$	11,679
	19,166	2.00%, 01/15/2026		20,267
	6,319	2.13%, 02/15/2040		6,923
	35,063	2.38%, 01/15/2025 — 01/15/2027		38,877
	1,919	2.50%, 01/15/2029		2,169
	915	3.38%, 04/15/2032		1,191
	7,211	3.63%, 04/15/2028		9,332
	14,162	3.88%, 04/15/2029		19,005
		U.S. Treasury Inflation Indexed Note
	6,262	0.50%, 04/15/2015		6,345
	866	0.63%, 04/15/2013		884
	10,738	1.25%, 04/15/2014		11,211
	12,957	1.38%, 07/15/2018 — 01/15/2020		13,371
	14,374	1.63%, 01/15/2015 — 01/15/2018		15,166
	26,443	1.88%, 07/15/2013 — 07/15/2015		28,117
	5,871	1.88%, 07/15/2019 Υ		6,293
	34,911	2.00%, 04/15/2012 — 01/15/2016		36,936
	2,843	2.13%, 01/15/2019		3,102
	38,451	2.38%, 04/15/2011 — 01/15/2017		40,680
	6,806	2.50%, 07/15/2016 δ		7,574
	873	2.63%, 07/15/2017		985
	17,556	3.00%, 07/15/2012		18,677
	7,207	3.38%, 01/15/2012		7,597
		U.S. Treasury Note
	16,450	2.13%, 05/31/2015		16,733
	3,000	3.50%, 05/15/2020		3,140

		Total U.S. Government Obligations (cost $315,545)		326,254

		FOREIGN GOVERNMENT OBLIGATIONS — 1.4%
		Hellenic Republic Government Bond
	1,118	2.30%, 07/25/2030	EUR	542
		International Bank for Reconstruction & Development
$	315	3.24%, 12/10/2013 *		315
		Italy Buoni Poliennali del Tesoro
	3,055	0.95%, 09/15/2010	EUR	3,734

		Total Foreign Government Obligations (cost $5,558)		4,591

		MORTGAGE-BACKED SECURITY — 0.2%
		GMAC Commercial Mortgage Securities, Inc.
		Series 2004-C3, Class A4
$	695	4.55%, 12/10/2041		706
		Total Mortgage-Backed Security (cost $666)
		CORPORATE DEBT SECURITY — 0.2%
		Diversified Financial Services — 0.2%
		Bear Stearns Cos. LLC — Series CPI
	649	4.11%, 03/10/2014 *		635
		Total Corporate Debt Security (cost $603)
		STRUCTURED NOTE DEBT — 0.2%
		Consumer Finance — 0.2%
		SLM Corp. — Series CPI
	900	4.43%, 01/31/2014 *		751
		Total Structured Note Debt (cost $826)

Notional
Amount

		PURCHASED OPTION — 0.0% ∞
		Put Options — 0.0% ∞
$	220	1-Year Euro Mid Curve	$	1
		Put Strike $98.50
		Expires 07/16/2010
		Total Purchased Option (cost $24)
		PURCHASED SWAPTIONS — 0.2%
		Call Swaptions — 0.2%
	5,000	If exercised, the Series receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 05/08/2012		422
		Put Swaptions — 0.0% ∞
	5,000	If exercised, the Series receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 05/08/2012		148

		Total Purchased Swaptions (cost $591)		570

Principal

		REPURCHASE AGREEMENT — 1.4%
		State Street Bank & Trust Co.
$	4,873	0.00% ▲, dated 06/30/2010, to be repurchased at $4,873 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $4,975.		4,873
		Total Repurchase Agreement (cost $4,873)

		Total Investment Securities (cost $328,686) #		338,381
		Other Assets and Liabilities — Net		1,136

		Net Assets	$	339,517


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 10

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

WRITTEN SWAPTIONS:


	Floating Rate	Pay/Receive	Exercise			Expiration					Premiums Paid
Description	Index	Floating Rate	Rate			Date		Notional Amount			(Received)			Value

Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.26	%		08/24/2010	$	(9,600	)	$	(473	)	$	(970	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		5.39			01/06/2015		(2,500	)		(173	)		(302	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.26			08/24/2010		(9,600	)		(473	)		(1	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		5.39			01/06/2015		(2,500	)		(173	)		(98	)

											$	(1,292	)	$	(1,371	)

SWAP AGREEMENTS: ^β

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE:


																Net Unrealized
							Currency		Notional		Market			Premiums Paid		Appreciation
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Code		Amount		Value			(Received)		(Depreciation)

3-month USD-LIBOR		3.50	%		11/18/2019	MYC		—	$	3,300	$	(155	)	$	—	$	(155	)
3-month USD-LIBOR		2.43			04/09/2014	GSB		—		7,800		(229	)		—		(229	)
3-month USD-LIBOR		3.89			06/05/2019	GSB		—		12,500		(1,013	)		—		(1,013	)
3-month USD-LIBOR		3.59			12/14/2019	CBK		—		2,400		(130	)		—		(130	)
3-month USD-LIBOR		3.95			01/06/2020	DUB		—		5,000		(421	)		—		(421	)
3-month USD-LIBOR		3.64			03/08/2020	DUB		—		11,400		(647	)		—		(647	)
3-month USD-LIBOR		3.94			04/09/2020	DUB		—		11,200		(925	)		—		(925	)
3-month USD-LIBOR		3.58			05/12/2020	CBK		—		10,900		(553	)		—		(553	)

											$	(4,073	)	$	—	$	(4,073	)

INTEREST RATE SWAP AGREEMENTS — PAYABLE:


															Net Unrealized
							Currency		Notional		Market		Premiums Paid		Appreciation
Floating Rate Index	Fixed Rate			Maturity Date		Counterparty	Code		Amount		Value		(Received)		(Depreciation)

3-month USD-LIBOR		1.60	%		02/04/2011	DUB		—	$	20,200	$	115	$	—	$	115
3-month USD-LIBOR		1.41			06/08/2011	DUB		—		55,300		357		—		357
3-month USD-LIBOR		2.26			06/21/2015	CBK		—		24,400		240		—		240
3-month USD-LIBOR		2.24			06/24/2015	DUB		—		13,200		120		—		120
3-month USD-LIBOR		3.96			01/06/2020	CBK		—		5,000		427		—		427
3-month USD-LIBOR		3.88			01/07/2020	MYC		—		4,700		369		—		369
3-month USD-LIBOR		3.69			02/09/2020	DUB		—		11,900		736		—		736
3-month USD-LIBOR		3.75			05/04/2020	DUB		—		22,900		1,512		—		1,512

											$	3,876	$	—	$	3,876

FUTURES CONTRACTS:


							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)

10-Year U.S. Treasury Note	Long		165			09/21/2010	$	192
2-Year U.S. Treasury Note	Short		(72	)		09/30/2010		(66	)
30-Year U.S. Treasury Bond	Short		(3	)		09/21/2010		(6	)
5-Year U.S. Treasury Note	Short		(347	)		09/30/2010		(376	)

							$	(256	)

FORWARD FOREIGN CURRENCY CONTRACTS:

Amount in U.S.

Settlement

Dollars Bought

Net Unrealized

Currency

Bought (Sold)

Date

(Sold)

Appreciation

Euro

(3,557

)

07/14/2010

(4,464

)

114


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 11

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:



Υ		All or a portion of this security is segregated with the broker to cover margin requirements for open swaps contracts and/or for swaptions. The value of this security at 06/30/2010 is $1,273.

δ		All or a portion of this security is segregated with the broker to cover margin requirements for open futures contracts. The value of this security at 06/30/2010 is $449.

*		Floating or variable rate note. Rate is listed as of 06/30/2010.

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 06/30/2010.

β		A U.S. Treasury Note, in the amount of $639, has been pledged as collateral with the custodian to cover open swap contracts.

┌		Contract amounts are not in thousands.

#		Aggregate cost for federal income tax purposes is $328,686. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,216 and $1,521, respectively. Net unrealized appreciation for tax purposes is $9,695.

DEFINITIONS:



CBK		Citibank N.A.
DUB		Deutsche Bank AG
EUR		Euro
GSB		Goldman Sachs Bank USA
LIBOR		London Interbank Offered Rate
MYC		Morgan Stanley Capital Services

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Fixed Income — Financials	$	—	$	1,386	$	—	$	1,386
Fixed Income — Foreign Government Obligation		—		4,591		—		4,591
Fixed Income — Mortgage-Backed Security		—		706		—		706
Fixed Income — U.S. Government Obligation		—		326,254		—		326,254
Purchased Options and Swaptions		—		571		—		571
Cash & Cash Equivalent — Repurchase Agreement		—		4,873		—		4,873

Total	$	—	$	338,381	$	—	$	338,381


Other Financial Instruments^*	Level 1		Level 2			Level 3		Total

Interest Rate Swap — Appreciation	$	—	$	3,876		$	—	$	3,876
Interest Rate Swap — Depreciation		—		(4,073	)		—		(4,073	)
Futures Contracts — Appreciation		—		192			—		192
Futures Contracts — Depreciation		—		(448	)		—		(448	)
Forward Foreign Currency Contracts — Appreciation		—		114			—		114

Total	$	—	$	(339	)	$	—	$	(339	)


Other Financial Instruments	Level 1		Level 2			Level 3		Total

Written Swaption	$	—	$	(1,371	)	$	—	$	(1,371	)


^*		Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.



*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 12

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		U.S. GOVERNMENT OBLIGATIONS — 2.4%
		U.S. Treasury Bond
$	1,470	4.25%, 05/15/2039 ^{^}	$	1,554
	3,140	4.50%, 08/15/2039		3,459
	300	8.00%, 11/15/2021		436
		U.S. Treasury Inflation Indexed Bond
	1,987	1.75%, 01/15/2028		2,016
	1,819	2.38%, 01/15/2025 — 01/15/2027		2,015
	1,340	2.50%, 01/15/2029		1,515
		U.S. Treasury Note
	28,315	1.88%, 06/30/2015		28,424
	300	3.50%, 05/15/2020		314

		Total U.S. Government Obligations (cost $38,489)		39,733

		U.S. GOVERNMENT AGENCY OBLIGATIONS — 44.2%
		Fannie Mae
	500	Zero Coupon, 10/09/2019 ^{^}		309
	8,760	2.63%, 11/20/2014 ^{^}		9,054
	32	2.73%, 08/01/2034 *		33
	67	2.99%, 01/01/2035 *		69
	199	3.06%, 08/01/2035		207
	9,799	4.39%, 03/01/2039 *		10,188
	10,200	4.63%, 05/01/2013		11,015
	46,442	5.00%, 06/01/2035 Υ		49,354
	58,398	5.00%, 06/01/2035 — 05/01/2040		61,931
	5,040	5.25%, 08/01/2012		5,440
	69,425	5.50%, 07/01/2014 — 02/01/2040		74,871
	25	5.77%, 08/01/2037 *		27
	26,425	6.00%, 04/01/2035Υ		29,147
	10,709	6.00%, 07/01/2020 — 03/01/2038		11,759
	1,746	6.50%, 05/01/2037		1,915
	211	7.00%, 01/01/2015 — 10/01/2016		229
		Fannie Mae, TBA
	43,800	4.00%		45,066
	19,000	4.50%		19,692
	98,988	5.00%		104,676
	73,700	5.50%		79,156
	71,600	6.00%		77,653
	22,500	6.50%		24,578
	900	Farmer Mac Guaranteed Notes Trust 2007-1 5.13%, 04/19/2017 — 144A		984
	1,900	Freddie Mac, TBA 5.00%		2,010
		Freddie Mac
	54	3.00%, 12/01/2034		56
	2,119	4.27%, 04/01/2035 *		2,220
	6,651	4.74%, 09/01/2035 *		6,996
	16,800	4.75%, 06/28/2012		18,126
	4,436	5.00%, 03/01/2035 — 08/01/2039		4,699
	10,865	5.38%, 05/15/2019		12,527
	14,919	5.50%, 06/15/2015 — 02/01/2040		16,123
	2,047	5.56%, 01/01/2038 *		2,186
	9,195	5.63%, 06/13/2016		9,875
	115	5.69%, 02/01/2037 *		122
	712	5.87%, 04/01/2037 *		762
	283	5.88%, 05/01/2037 *		301
	276	5.90%, 05/01/2037 *		295
	3,130	6.00%, 02/01/2013 — 05/01/2031		3,430
	451	6.08%, 09/01/2037 *		486
		Ginnie Mae, TBA
	17,300	5.00%		18,314
	9,600	6.50%		10,531
		Ginnie Mae
	5,306	5.00%, 07/15/2033 — 10/15/2039		5,682
	56	6.50%, 12/20/2031		63
		Resolution Funding Corp. Interest Strip
	1,200	07/15/2018		933
	1,200	10/15/2018		919
		Tennessee Valley Authority
	7,500	5.25%, 09/15/2039		8,291
	440	5.98%, 04/01/2036		527

		Total U.S. Government Agency Obligations (cost $725,884)		742,827

		FOREIGN GOVERNMENT OBLIGATIONS — 4.5%
		Eksportfinans ASA
	14,295	1.88%, 04/02/2013		14,412
	6,435	3.00%, 11/17/2014		6,627
	5,075	5.50%, 05/25/2016 ^{^}		5,768
	780	Hellenic Republic Government Bond 4.60%, 09/20/2040	EUR	479
$	14,535	Inter-American Development Bank 2.25%, 07/15/2015		14,585
	9,700	Israel Government AID Bond 5.50%, 09/18/2023		11,340
		Province of Ontario Canada
	5,115	1.88%, 11/19/2012 ^{^}		5,175
	5,340	4.10%, 06/16/2014		5,743
	7,480	Russian Federation 7.50%, 03/31/2030 * ±		8,432
		United Mexican States
	2,630	5.13%, 01/15/2020 ^{^}		2,735
	8	5.63%, 01/15/2017		9

		Total Foreign Government Obligations (cost $72,185)		75,305

		MORTGAGE-BACKED SECURITIES — 19.1%
	37	Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2 0.77%, 02/25/2035 *		29
	2	Series 2004-5, Class 7A2 1.01%, 04/25/2035 *		2
	1,358	American Home Mortgage Assets Series 2006-2, Class 2A1 0.54%, 09/25/2046 *		634
	219	American Home Mortgage Investment Trust Series 2005-4, Class 1A1 0.64%, 11/25/2045 *		131
	7,140	Arkle Master Issuer PLC Series 2010-1A, Class 2A 1.53%, 05/17/2060 — 144A *		7,099
	2,426	Banc of America Alternative Loan Trust Series 2004-7, Class 4A1 5.00%, 08/25/2019		2,431
	5,876	Banc of America Commercial Mortgage, Inc. Series 2001-1, Class A2 6.50%, 04/15/2036		5,994
	16,715	Series 2002-2, Class A3 5.12%, 07/11/2043		17,413
	11,062	Series 2002-PB2, Class A4 6.19%, 06/11/2035		11,611


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 13

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		MORTGAGE-BACKED SECURITIES (continued)
		Banc of America Commercial Mortgage, Inc. (continued)
$	1,214	Series 2005-3, Class A4 4.67%, 07/10/2043	$	1,258
	3,500	Series 2007-3, Class A2 5.84%, 06/10/2049 *		3,597
	567	Banc of America Funding Corp. Series 2005-E, Class 4A1 3.00%, 03/20/2035 *		534
	3,230	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-8, Class 14A1 5.39%, 11/25/2034 *		3,049
	3,428	Series 2005-1, Class 4A1 5.32%, 03/25/2035 *		2,941
	173	Bear Stearns Alt-A Trust Series 2004-11, Class 2A2 3.50%, 11/25/2034 *		121
	764	Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A2 0.61%, 08/25/2036 *		172
	1,334	Series 2006-AR5, Class 1A2 0.56%, 12/25/2046 *		312
	1,340	Chase Commercial Mortgage Securities Corp. Series 2000-3, Class A2 7.32%, 10/15/2032		1,341
	1,585	Citigroup Commercial Mortgage Trust Series 2006-C5, Class A4 5.43%, 10/15/2049		1,615
	1,038	Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4, Class A4 5.32%, 12/11/2049		1,008
	2,266	Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A 0.66%, 08/25/2035 *		897
	248	Series 2005-36, Class 3A1 3.98%, 08/25/2035 *		156
	589	Series 2005-38, Class A3 0.70%, 09/25/2035 *		334
	134	Series 2005-44, Class 1A1 0.68%, 10/25/2035 *		73
	5,246	Series 2005-50CB, Class 1A1 5.50%, 11/25/2035		3,767
	1,933	Series 2005-51, Class 3A3A 0.67%, 11/20/2035 *		1,097
	292	Series 2005-59, Class 1A1 0.67%, 11/20/2035 *		169
	583	Series 2005-72, Class A1 0.62%, 01/25/2036 *		353
	704	Series 2005-J12, Class 2A1 0.62%, 08/25/2035 *		375
	862	Series 2006-OA2, Class A5 0.58%, 05/20/2046 *		375
	5,165	Series 2006-OA21, Class A1 0.54%, 03/20/2047 *		2,649
	363	Series 2006-OA6, Class 1A1A 0.56%, 07/25/2046 *		188
	4,211	Series 2007-5CB, Class 1A31 5.50%, 04/25/2037		2,683
		Countrywide Home Loan Mortgage Pass-Through Trust
	89	Series 2004-R2, Class 1AF1 0.77%, 11/25/2034 — 144A *		69
	145	Series 2005-R1, Class 1AF1 0.71%, 03/25/2035 — 144A *		118
	234	Series 2005-R3, Class AF 0.75%, 09/25/2035 — 144A *		188
	287	Series 2003-60, Class 1A1 3.83%, 02/25/2034 *		254
	141	Series 2004-23, Class A 2.48%, 11/25/2034 *		84
	413	Series 2005-3, Class 1A2 0.64%, 04/25/2035 *		233
	2,188	Series 2006-OA5, Class 2A1 0.55%, 04/25/2036 *		1,168
		Credit Suisse First Boston Mortgage Securities Corp.
	10,280	Series 2002-CKS4, Class A2 5.18%, 11/15/2036		10,801
	14,005	Series 2003-C3, Class A5 3.94%, 05/15/2038		14,445
	642	Series 2004-AR5, Class 7A2 3.62%, 06/25/2034 *		630
	2,100	Credit Suisse Mortgage Capital Certificates Series 2007-C2, Class A2 5.45%, 01/15/2049 *		2,147
	3,499	Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2006-OA1, Class A1 0.55%, 02/25/2047 *		2,045
	1,270	Deutsche Mortgage Securities, Inc. Series 2005-W, Class 1A3 5.18%, 06/26/2035 — 144A *		1,056
	551	DLJ Commercial Mortgage Corp. Series 2000-CKP1, Class A1B 7.18%, 11/10/2033		551
	602	First Horizon Alternative Mortgage Securities Series 2006-FA8, Class 1A8 0.72%, 02/25/2037 *		299
	10,556	First Union National Bank Commercial Mortgage Series 2001-C2, Class A2 6.66%, 01/12/2043		10,745
	10,380	GE Capital Commercial Mortgage Corp. Series 2002-1A, Class A3 6.27%, 12/10/2035		10,953
	11,875	Series 2002-2A, Class A3 5.35%, 08/11/2036		12,556
	800	GMAC Commercial Mortgage Securities, Inc. Series 2006-C1, Class A4 5.24%, 11/10/2045 *		842
	44	GMAC Mortgage Corp. Loan Trust Series 2003-AR2, Class 1A1 3.80%, 12/19/2033 *		44
	169	Series 2005-AR1, Class 3A 4.29%, 03/18/2035 *		143
	104	Greenpoint Mortgage Funding Trust Series 2006-AR4, Class A1A 0.45%, 09/25/2046 *		99
	867	Series 2007-AR1, Class 1A1A 0.43%, 02/25/2047 *		616


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 14

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		MORTGAGE-BACKED SECURITIES (continued)
$	2,436	Greenwich Capital Commercial Funding Corp. Series 2004-GG1, Class A4 4.76%, 06/10/2036	$	2,459
	11,200	Series 2005-GG3, Class A3 4.57%, 08/10/2042		11,338
	3,175	GS Mortgage Securities Corp. II Series 2005-GG4, Class A4A 4.75%, 07/10/2039		3,285
	184	Series 2005-GG4, Class AABA 4.68%, 07/10/2039		191
	230	GSMPS Mortgage Loan Trust Series 2005-RP3, Class 1AF 0.70%, 09/25/2035 — 144A *		184
	2,009	GSR Mortgage Loan Trust Series 2004-9, Class 3A1 3.09%, 08/25/2034 *		1,673
	3,306	Series 2005-AR1, Class 2A1 3.36%, 01/25/2035 *		2,895
	5,893	Series 2005-AR4, Class 6A1 5.25%, 07/25/2035 *		5,313
	571	Harborview Mortgage Loan Trust Series 2005-8, Class 1A2A 0.68%, 09/19/2035 *		331
	1,943	Series 2006-10, Class 2A1A 0.53%, 11/19/2036 *		1,105
	7,493	Series 2006-11, Class A1A 0.52%, 12/19/2036 *		4,664
	83	Impac CMB Trust Series 2004-6, Class 1A1 1.15%, 10/25/2034 *		62
	3,180	IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 4A1 5.70%, 09/25/2036 *		2,388
	987	Series 2007-AR7, Class 1A1 6.15%, 09/25/2037 *		751
	1,919	IndyMac Index Mortgage Loan Trust Series 2005-AR14, Class 2A1A 0.65%, 07/25/2035 *		1,197
	87	Series 2005-AR15, Class A2 5.10%, 09/25/2035 *		63
	1,768	Series 2007-AR15, Class 2A1 5.54%, 08/25/2037 *		934
	10,430	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-C1, Class A3 5.86%, 10/12/2035		10,822
	6,544	Series 2001-CIB2, Class A3 6.43%, 04/15/2035		6,747
	7,063	Series 2001-CIBC, Class A3 6.26%, 03/15/2033		7,159
	1,697	Series 2004-CB8, Class A1A 4.16%, 01/12/2039 — 144A		1,709
	1,100	Series 2007-LD11, Class A3 5.98%, 06/15/2049 *		1,127
	691	JPMorgan Mortgage Trust Series 2004-A1, Class 1A1 4.79%, 02/25/2034 *		693
	141	Series 2004-A3, Class 1A1 2.65%, 07/25/2034 *		136
	294	Series 2006-A2, Class 5A1 3.37%, 11/25/2033 *		283
	1,097	Series 2006-S2, Class 2A2 5.88%, 07/25/2036		999
	3,177	Series 2006-S3, Class 1A12 6.50%, 08/25/2036		2,844
	907	Series 2007-S1, Class 1A2 5.50%, 03/25/2022		855
	2,869	Series 2007-S1, Class 2A22 5.75%, 03/25/2037		2,354
	7,395	LB-UBS Commercial Mortgage Trust Series 2003-C7, Class A3 4.56%, 09/15/2027 *		7,490
	9,100	Series 2004-C8, Class A4 4.51%, 12/15/2029		9,271
	900	Series 2005-C3, Class A5 4.74%, 07/15/2030		939
	100	Series 2005-C3, Class AAB 4.66%, 07/15/2030		104
	9,658	Series 2007-C2, Class A3 5.43%, 02/15/2040		9,687
	1,261	MASTR Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 1.22%, 12/25/2046 *		403
	993	Series 2007-R5, Class A1 5.53%, 11/25/2035 — 144A *		567
	562	Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class 2A1 2.82%, 02/25/2034 *		524
	564	Series 2004-A3, Class 4A3 5.05%, 05/25/2034 *		571
	108	Series 2005-A3, Class A1 0.62%, 04/25/2035 *		74
	499	Series 2005-A4, Class 2A2 3.00%, 07/25/2035 *		430
	400	Series 2005-A5, Class A3 2.75%, 06/25/2035 *		346
	7,173	Series 2006-A3, Class 3A1 5.67%, 05/25/2036 *		4,773
	110	MLCC Mortgage Investors, Inc. Series 2003-F, Class A1 0.67%, 10/25/2028 *		102
	2,200	Morgan Stanley Capital I Series 2007-IQ15, Class A2 6.04%, 06/11/2049 *		2,307
	426	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A2 2.80%, 10/25/2034 *		368
	909	Series 2006-3AR, Class 2A3 4.94%, 03/25/2036 *		549
	144	Nomura Asset Acceptance Corp. Series 2004-R1, Class A1 6.50%, 03/25/2034 — 144A ±		142
	190	Series 2004-R2, Class A1 6.50%, 10/25/2034 — 144A *		185
	305	Prime Mortgage Trust Series 2006-DR1, Class 1A1 5.50%, 05/25/2035 — 144A		297
	136	Series 2006-DR1, Class 1A2 6.00%, 05/25/2035 — 144A		133
	928	Series 2006-DR1, Class 2A1 5.50%, 05/25/2035 — 144A		785
	771	Series 2006-DR1, Class 2A2 6.00%, 05/25/2035 — 144A		659


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 15

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		MORTGAGE-BACKED SECURITIES (continued)
$	7,570	RBSCF Trust Series 2010-RR3, Class WBTA 6.10%, 04/16/2017 — 144A *	$	7,935
	1,032	RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 1A4 0.80%, 01/25/2037 *		572
	837	Residential Accredit Loans, Inc. Series 2006-QO10, Class A1 0.51%, 01/25/2037 *		474
	1,022	Series 2007-QO1, Class A1 0.50%, 02/25/2047 *		575
	1,971	Series 2007-QO4, Class A1A 0.54%, 05/25/2047 *		1,013
	3,976	Residential Asset Securitization Trust Series 2005-A14, Class A4 5.50%, 12/25/2035		3,701
	7,712	Salomon Brothers Mortgage Securities VII, Inc. Series 2001-C2, Class A3 6.50%, 10/13/2011		8,039
	8,210	Station Place Securitization Trust Series 2009-1, Class A 1.75%, 12/29/2010 — 144A *		8,210
	738	Structured Adjustable Rate Mortgage Loan Trust Series 2004-20, Class 3A1 2.71%, 01/25/2035 *		586
	1,091	Series 2005-15, Class 1A1 4.60%, 07/25/2035 *		764
	423	Series 2005-16XS, Class A1 0.69%, 08/25/2035 *		337
	581	Series 2005-19XS, Class 1A1 0.67%, 10/25/2035 *		354
	3,980	Series 2007-3, Class 3A1 5.50%, 04/25/2047 *		2,822
	112	Structured Asset Mortgage Investments, Inc. Series 2003-AR4, Class A1 0.70%, 01/19/2034 *		91
	372	Series 2006-AR6, Class 1A3 0.54%, 07/25/2046 *		190
	389	Structured Asset Securities Corp. Series 2005-RF3, Class 1A 0.70%, 06/25/2035 — 144A *		306
	8,511	Thornburg Mortgage Securities Trust Series 2006-5, Class A1 0.47%, 10/25/2046 *		8,304
	1,069	Voyager BRSTN Delaware Trust, IO Series 2009-1, Class UAU7 0.60%, 12/26/2036 — 144A * Ә		251
	2,534	WaMu Alternative Mortgage Pass-Through Certificates Series 2006-AR3, Class A1A 1.43%, 05/25/2046 *		1,350
	1,537	Series 2006-AR6, Class 2A 1.42%, 08/25/2046 *		796
	1,827	WaMu Commercial Mortgage Securities Trust Series 2005-C1A, Class A2 5.15%, 05/25/2036 — 144A *		1,836
	196	WaMu Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1 0.64%, 10/25/2045 *		153
	221	Series 2005-AR15, Class A1A2 0.63%, 11/25/2045 *		151
	127	Series 2005-AR8, Class 2A1A 0.64%, 07/25/2045 *		98
	1,900	Series 2006-AR14, Class 1A3 5.54%, 11/25/2036 *		1,369
	5,312	Series 2007-HY1, Class 1A1 5.57%, 02/25/2037 *		3,884
	527	Series 2007-HY4, Class 4A1 5.49%, 09/25/2036 *		435
	2,530	Series 2007-OA4, Class 1A 1.23%, 05/25/2047 *		1,478
	2,466	Series 2007-OA6, Class 1A1B 1.27%, 07/25/2047 *		653
	3,417	Wells Fargo Mortgage Backed Securities Trust Series 2006-3, Class A9 5.50%, 03/25/2036		3,275
	400	Series 2006-AR4, Class 2A4 5.72%, 04/25/2036 *		338

		Total Mortgage-Backed Securities (cost $341,201)		320,101

		ASSET-BACKED SECURITIES — 7.0%
	6,357	321 Henderson Receivables I LLC Series 2010-1A, Class A 5.56%, 07/15/2059 — 144A		6,405
	219	Aames Mortgage Investment Trust Series 2005-3, Class A1 0.50%, 08/25/2035 — 144A *		217
	79	Accredited Mortgage Loan Trust Series 2005-3, Class A1 0.59%, 09/25/2035 *		72
	3,135	AmeriCredit Automobile Receivables Trust Series 2008-2, Class A2 4.35%, 08/06/2012 *		3,171
	415	Amortizing Residential Collateral Trust Series 2002-BC5, Class M1 1.38%, 07/25/2032 *		295
	7,331	Bank of America Auto Trust Series 2009-2A, Class A2 1.16%, 02/15/2012 — 144A		7,339
	1,150	Chase Funding Mortgage Loan Asset-Backed Certificates Series 2003-4, Class 1A5 5.42%, 05/25/2033 *		1,063
	13,965	Chase Issuance Trust Series 2009-A7, Class A7 0.68%, 09/17/2012 *		13,975
	1,634	Conseco Finance Securitizations Corp. Series 2002-1, Class A 6.68%, 12/01/2033 *		1,668
	1,981	Series 2002-2, Class A2 6.03%, 03/01/2033 *		2,059
	295	Continental Airlines Pass-Through Trust Series 2007-1A, Class A 5.98%, 04/19/2022		289
	35	Countrywide Asset-Backed Certificates Series 2005-4, Class AF3 4.46%, 10/25/2035 *		34
	119	Countrywide Home Equity Loan Trust Series 2005-G, Class 2A 0.46%, 12/15/2035 *		45
	369	Series 2006-RES, Class 4Q1B 0.65%, 12/15/2033 — 144A *		124
	181	Credit Suisse Mortgage Capital Certificates Series 2006-CF2, Class A1 0.61%, 05/25/2036 — 144A * ±		153


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 16

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		ASSET-BACKED SECURITIES (continued)
$	741	CVS Pass-Through Trust 6.94%, 01/10/2030	$	817
	39	Delta Air Lines, Inc. Series 2001-1, Class A1 6.62%, 03/18/2011		40
	337	Series 2007-1, Class A 6.82%, 08/10/2022		333
	2,453	DT Auto Owner Trust Series 2007-A, Class A3 5.60%, 03/15/2013 — 144A *		2,493
	8,585	Ford Credit Auto Owner Trust Series 2010-A, Class A2 0.72%, 09/15/2012		8,579
	2,888	Globaldrive BV Series 2008-2, Class A 4.00%, 10/20/2016 ±		3,585
	1,000	GMAC Mortgage Servicer Advance Funding Co., Ltd. Series 2010-1A, Class A 4.25%, 01/15/2022 — 144A		1,000
	148	Lehman XS Trust Series 2005-5N, Class 1A1 0.65%, 11/25/2035 *		98
	924	Series 2005-5N, Class 3A1A 0.65%, 11/25/2035 *		593
	123	Series 2005-7N, Class 1A1B 0.65%, 12/25/2035 *		39
	67	Series 2006-GP4, Class 3A1A 0.42%, 08/25/2046 *		66
	388	Series 2007-2N, Class 3A1 0.44%, 02/25/2037 *		347
	1,474	Merrill Lynch Mortgage Investors, Inc. Series 2007-SD1, Class A1 0.80%, 02/25/2047 *		699
	312	Mirant Mid Atlantic Pass-Through Trust Series C 10.06%, 12/30/2028		334
	780	Nelnet Student Loan Trust Series 2008-4, Class A4 1.80%, 04/25/2017 *		804
	3,191	Nissan Auto Receivables Owner Trust Series 2009-A, Class A2 2.94%, 07/15/2011		3,201
	604	Popular ABS Mortgage Pass-Through Trust Series 2006-D, Class A1 0.41%, 11/25/2046 *		595
	1,568	RAAC Series Series 2007-RP4, Class A 0.70%, 06/25/2037 — 144A *		767
	1,500	Renaissance Home Equity Loan Trust Series 2007-2, Class AF6 5.88%, 06/25/2037 *		702
	4,010	Santander Drive Auto Receivables Trust Series 2010-A, Class A2 1.37%, 08/15/2013 — 144A		3,994
	3,100	Series 2010-A, Class A3 1.83%, 11/17/2014 — 144A		3,106
	1,560	Series 2010-A, Class A4 2.39%, 06/15/2017 — 144A		1,566
	2,700	Securitized Asset Backed Receivables LLC Trust Series 2007-BR3, Class A2B 0.57%, 04/25/2037 *		970
	400	SLC Student Loan Trust Series 2008-1, Class A4A 2.14%, 12/15/2032 *		415
	3,884	SLM Student Loan Trust Series 2005-4, Class A2 0.40%, 04/26/2021 *		3,872
	18,210	Series 2008-5, Class A2 1.42%, 10/25/2016 *		18,484
	4,600	Series 2008-5, Class A3 1.62%, 01/25/2018 *		4,742
	12,410	Series 2008-5, Class A4 2.02%, 07/25/2023 *		13,035
	397	Small Business Administration Series 2002-P10B, Class 1 5.20%, 08/10/2012		416
	617	Series 2004-P10A, Class 1 4.50%, 02/01/2014		644
	3,065	Structured Asset Securities Corp. Series 2003-AL2, Class A 3.36%, 01/25/2031 — 144A		2,536
	2,002	Series 2007-TC1, Class A 0.65%, 04/25/2031 — 144A *		1,354

		Total Asset-Backed Securities (cost $121,927)		117,135

		MUNICIPAL GOVERNMENT OBLIGATIONS — 2.1%
	1,200	City of Chicago IL — Build America Bonds 6.40%, 01/01/2040		1,300
	3,135	Metropolitan Transportation Authority 7.34%, 11/15/2039		3,828
	3,260	New York City Municipal Water Finance Authority 5.72%, 06/15/2042		3,384
	2,300	New York State Dormitory Authority, Revenue Bond 5.63%, 03/15/2039		2,323
	1,825	Port Authority of New York & New Jersey 6.04%, 12/01/2029		1,960
		State of California — Build America Bonds
	11,550	5.45%, 04/01/2015		12,117
	4,815	7.30%, 10/01/2039		5,066
	2,640	7.35%, 11/01/2039		2,778
	1,740	7.50%, 04/01/2034		1,857
	353	Virginia Housing Development Authority - -Series 2006-C, Class CTFS 6.00%, 06/25/2034		354

		Total Municipal Government Obligations (cost $33,203)		34,967

		PREFERRED CORPORATE DEBT SECURITIES — 1.1%
		Capital Markets — 0.1%
	3,270	Goldman Sachs Capital II 5.79%, 06/01/2012 * Ž^{^}		2,469
	1,945	Lehman Brothers Holdings Capital Trust VII 5.86%, 05/31/2012 Ž Џ		♦
		Commercial Banks — 0.1%
	30	BAC Capital Trust XIV 5.63%, 03/15/2012 * Ž^{^}		20
	2,245	Barclays Bank PLC 7.43%, 12/15/2017 — 144A * Ž^{^}		1,998


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 17

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Diversified Financial Services — 0.7%
$	610	Bank of America Corp. — Series K 8.00%, 01/30/2018 * Ž^{^}	$	589
	90	Bank of America Corp. — Series M 8.13%, 05/15/2018 * Ž^{^}		87
	3,045	Credit Suisse/Guernsey 5.86%, 05/15/2017 * Ž^{^}		2,688
	440	ILFC E-Capital Trust II 6.25%, 12/21/2065 — 144A *		282
	5,655	JPMorgan Chase & Co. — Series 1 7.90%, 04/30/2018 * Ž		5,830
	729	ZFS Finance USA Trust V — Series V 6.50%, 05/09/2037 — 144A *		652
		Insurance — 0.2%
	2,350	Lincoln National Corp. 7.00%, 05/17/2066 *		1,956
	2,150	Reinsurance Group of America, Inc. — Series A 6.75%, 12/15/2065 *^{^}		1,781

		Total Preferred Corporate Debt Securities (cost $22,674)		18,352

		CORPORATE DEBT SECURITIES — 32.1%
		Aerospace & Defense — 0.0% ∞
		L-3 Communications Corp.
	470	5.88%, 01/15/2015 ^{^}		464
	155	6.38%, 10/15/2015 ^{^}		155
		Air Freight & Logistics — 0.2%
	2,495	United Parcel Service, Inc. 6.20%, 01/15/2038		3,000
		Automobiles — 0.0% ∞
	600	Daimler Finance North America LLC 5.88%, 03/15/2011		618
		Beverages — 0.4%
	4,375	Anheuser-Busch InBev Worldwide, Inc. 5.38%, 01/15/2020 ^{^}		4,714
	1,290	Diageo Capital PLC 7.38%, 01/15/2014		1,514
	600	PepsiCo, Inc. 7.90%, 11/01/2018 ^{^}		776
		Biotechnology — 0.0% ∞
	280	FMC Finance III SA 6.88%, 07/15/2017		283
		Capital Markets — 2.5%
	6,755	BP Capital Markets PLC 3.13%, 03/10/2012 ^{^}		6,245
		Goldman Sachs Group, Inc.
	4,315	5.25%, 10/15/2013 ^{^}		4,548
	6,000	5.38%, 03/15/2020 ^{^}		5,929
	140	5.45%, 11/01/2012 ^{^}		147
	2,390	6.00%, 06/15/2020 ^{^}		2,464
	490	7.50%, 02/15/2019 ^{^}		548
		Morgan Stanley — Series F
	200	0.75%, 10/18/2016 *^{^}		174
	610	5.63%, 01/09/2012 ^{^}		635
		Morgan Stanley
	11,610	2.93%, 05/14/2013 *^{^}		11,652
	6,085	4.20%, 11/20/2014 ^{^}		6,009
	1,865	5.63%, 09/23/2019 ^{^}		1,804
	565	6.25%, 08/28/2017 ^{^}		574
	1,420	6.60%, 04/01/2012 ^{^}		1,507
		Chemicals — 0.4%
	4,340	CF Industries Holdings, Inc. 7.13%, 05/01/2020 ^{^}		4,449
	1,020	Dow Chemical Co. 5.70%, 05/15/2018 ^{^}		1,075
		Nova Chemicals Corp.
	1,400	3.75%, 11/15/2013 *		1,285
	230	6.50%, 01/15/2012		230
	44	Westlake Chemical Corp. 6.63%, 01/15/2016		42
		Commercial Banks — 1.4%
	5,575	Achmea Hypotheekbank NV 1.00%, 11/03/2014 — 144A		5,760
	100	Bank of Scotland PLC 5.25%, 02/21/2017 — 144A		105
	530	Barclays Bank PLC 5.20%, 07/10/2014 ^{^}		559
		Dexia Credit Local
	5,425	2.00%, 03/05/2013 — 144A		5,422
	3,260	2.75%, 04/29/2014 — 144A		3,285
		Glitnir Banki HF
	290	6.33%, 07/28/2011 — 144A Џ		75
	800	6.69%, 06/15/2016 — 144A * Џ		1
	3,730	HSBC Bank PLC 3.50%, 06/28/2015 — 144A		3,766
	320	Landsbanki Islands HF 6.10%, 08/25/2011 — 144A Џ		36
		Landwirtschaftliche Rentenbank
	1,060	4.00%, 02/02/2015		1,140
	530	4.13%, 07/15/2013		570
	1,165	4.38%, 01/15/2013		1,253
	1,820	5.25%, 07/02/2012		1,965
	220	Santander Issuances S.A Unipersonal 5.81%, 06/20/2016 — 144A *		213
		Commercial Services & Supplies — 0.1%
	2,190	Board of Trustees of The Leland Stanford Junior University 4.25%, 05/01/2016		2,380
	600	Waste Management, Inc. 6.38%, 11/15/2012		657
		Computers & Peripherals — 0.2%
	2,915	Seagate Technology International 10.00%, 05/01/2014 — 144A^{^}		3,323
		Consumer Finance — 0.4%
	320	Aiful Corp. 5.00%, 08/10/2010 — 144A		310
	510	American Express Co. 8.13%, 05/20/2019 ^{^}		633
	220	American Express Credit Corp. — Series C 5.88%, 05/02/2013		241
		SLM Corp.
	270	0.33%, 04/01/2014 *		231
	40	5.00%, 04/15/2015 ^{^}		34
	675	5.00%, 10/01/2013 ^{^}		645
	120	5.05%, 11/14/2014		107
	1,005	5.38%, 05/15/2014 ^{^}		919
	3,365	5.40%, 10/25/2011 ^{^}		3,346
	105	5.63%, 08/01/2033		77
		Containers & Packaging — 0.5%
		Ball Corp.
	1,200	7.13%, 09/01/2016 ^{^}		1,256
	1,200	7.38%, 09/01/2019		1,248
	949	Crown Americas LLC 7.63%, 05/15/2017 — 144A		982
	4,280	Owens-Brockway Glass Container, Inc. 7.38%, 05/15/2016 ^{^}		4,461


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 18

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal				Value

		Diversified Consumer Services — 0.0% ∞
		Service Corp., International
$	55	7.50%, 04/01/2027		$	49
	50	7.63%, 10/01/2018			50
	440	Tyco International Group SA 6.00%, 11/15/2013			492
		Diversified Financial Services — 7.7%
	303	AES Ironwood LLC 8.86%, 11/30/2025			289
	4,050	Ally Financial, Inc. 8.00%, 03/15/2020 — 144A			3,959
	1,320	AngloGold Ashanti Holdings PLC 5.38%, 04/15/2020 ^{^}			1,340
	20	ASIF Global Financing XIX 4.90%, 01/17/2013 — 144A			20
		Bank of America Corp.
	6,240	5.63%, 07/01/2020			6,290
	2,130	6.00%, 09/01/2017			2,241
	800	Bear Stearns Cos. LLC 7.25%, 02/01/2018			934
	2,875	Belvoir Land LLC — Series A 5.40%, 12/15/2047 — 144A			2,403
	860	Caterpillar Financial Services Corp. — Series F 6.20%, 09/30/2013 ^{^}			976
	8,435	CDP Financial, Inc. 3.00%, 11/25/2014 — 144A			8,513
		Citigroup Funding, Inc.
	11,900	1.88%, 10/22/2012 ^{^}			12,149
	6,710	2.13%, 07/12/2012 ^{^}			6,884
		Citigroup, Inc.
	6,370	6.00%, 12/13/2013 ^{^}			6,683
	1,160	6.50%, 08/19/2013 ^{^}			1,236
	7,340	Crown Castle Towers LLC 6.11%, 01/15/2020 — 144A			8,056
		FCE Bank PLC
	1,000	7.13%, 01/15/2013	EUR		1,229
	2,300	7.88%, 02/15/2011	GBP		3,462
		General Electric Capital Corp.
$	4,255	0.40%, 04/10/2012 *^{^}			4,190
	7,600	2.00%, 09/28/2012 ^{^}			7,781
	3,105	2.13%, 12/21/2012 ^{^}			3,192
	10,420	5.00%, 11/15/2011 ^{^}			10,917
	1,190	6.38%, 11/15/2067 *^{^}			1,107
	2,130	General Electric Capital Corp. — Series A 6.88%, 01/10/2039 ^{^}			2,352
	960	HSBC Finance Corp. 4.63%, 09/15/2010			967
	4,175	Japan Finance Corp. 2.00%, 06/24/2011			4,211
		JPMorgan Chase & Co.
	1,550	1.16%, 02/26/2013 *^{^}			1,550
	920	5.13%, 09/15/2014			982
	1,100	5.15%, 10/01/2015 ^{^}			1,177
	950	6.13%, 06/27/2017			1,039
		JPMorgan Chase Bank NA
	7,750	6.00%, 07/05/2017			8,390
	1,945	6.00%, 10/01/2017 ^{^}			2,118
	200	Kaupthing Bank Hf 7.13%, 05/19/2016 — 144A Џ			♦
	600	Merna Reinsurance, Ltd. — Series B 2.04%, 07/07/2010 — 144A *			600
	1,420	Merrill Lynch & Co., Inc. 6.88%, 04/25/2018 ^{^}			1,515
	3,750	New Communications Holdings, Inc. 8.25%, 04/15/2017 — 144A			3,764
	4,351	Reynolds Group Issuer, Inc. 7.75%, 10/15/2016 — 144A			4,253
	170	RSHB Capital SA for OJSC Russian Agricultural Bank 6.30%, 05/15/2017 — 144A			169
		TNK-BP Finance SA
	108	7.50%, 07/18/2016 — Reg S ±			112
	170	7.50%, 07/18/2016 — 144A ±			176
		Diversified Telecommunication Services — 2.6%
		AT&T, Inc.
	410	5.10%, 09/15/2014 ^{^}			455
	10,025	6.50%, 09/01/2037 ^{^}			11,120
	10	BellSouth Corp. 4.75%, 11/15/2012			11
	375	Deutsche Telekom International Finance BV 5.75%, 03/23/2016			410
	75	Frontier Communications Corp. 7.13%, 03/15/2019			69
	320	Koninklijke KPN NV 8.00%, 10/01/2010			325
	1,375	Qwest Communications International, Inc. 7.50%, 02/15/2014			1,378
	705	Qwest Communications International, Inc. — Series B 7.50%, 02/15/2014 ^{^}			707
		Qwest Corp.
	675	3.79%, 06/15/2013 *			668
	495	8.88%, 03/15/2012			531
	80	Sprint Capital Corp. 8.75%, 03/15/2032			76
		Telecom Italia Capital SA
	2,115	5.25%, 10/01/2015 ^{^}			2,135
	650	7.00%, 06/04/2018			692
		Telefonica Emisiones SAU
	4,850	4.95%, 01/15/2015 ^{^}			5,082
	75	6.42%, 06/20/2016			82
	850	Telefonica Europe BV 7.75%, 09/15/2010			861
		Verizon Communications, Inc.
	990	6.90%, 04/15/2038			1,157
	6,700	8.75%, 11/01/2018 ^{^}			8,711
	210	8.95%, 03/01/2039 ^{^}			297
	160	Verizon Global Funding Corp. 7.38%, 09/01/2012 ^{^}			180
	215	Verizon Maryland, Inc. — Series B 5.13%, 06/15/2033 ^{^}			190
	2,350	Verizon New England, Inc. 7.88%, 11/15/2029			2,742
	970	Verizon New Jersey, Inc. 7.85%, 11/15/2029			1,088
	560	Verizon New York, Inc. — Series A 6.88%, 04/01/2012			605
	1,470	Vodafone Group PLC 5.00%, 12/16/2013 ^{^}			1,592
		Windstream Corp.
	1,375	8.13%, 08/01/2013 ^{^}			1,421
	1,220	8.63%, 08/01/2016 ^{^}			1,229
		Electric Utilities — 0.4%
	235	AES Red Oak LLC — Series B 9.20%, 11/30/2029			228


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 19

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Electric Utilities (continued)
$	240	Calpine Construction Finance Co., LP 8.00%, 06/01/2016 — 144A^{^}	$	245
	590	Duke Energy Corp. 5.63%, 11/30/2012		645
	230	Elwood Energy LLC 8.16%, 07/05/2026		218
	535	Energy Future Holdings Corp. — Series R 6.55%, 11/15/2034		238
	200	Energy Future Holdings Corp. — Series Q 6.50%, 11/15/2024		90
	370	Exelon Corp. 5.63%, 06/15/2035		358
	29	FirstEnergy Corp. — Series B 6.45%, 11/15/2011		31
	515	FirstEnergy Corp. — Series C 7.38%, 11/15/2031 ^{^}		543
	1,000	Florida Power & Light Co. 5.63%, 04/01/2034		1,090
	1,700	Florida Power Corp. 6.40%, 06/15/2038 ^{^}		2,032
	80	Homer City Funding LLC 8.73%, 10/01/2026		74
		Pacific Gas & Electric Co.
	620	5.63%, 11/30/2017		699
	140	5.80%, 03/01/2037		152
	210	6.05%, 03/01/2034 ^{^}		234
		Energy Equipment & Services — 0.3%
	800	Baker Hughes, Inc. 7.50%, 11/15/2018		978
		Cie Generale de Geophysique-Veritas
	100	7.50%, 05/15/2015 ^{^}		95
	105	7.75%, 05/15/2017		99
	195	Complete Production Services, Inc. 8.00%, 12/15/2016		191
	40	Gulfmark Offshore, Inc. 7.75%, 07/15/2014 ^{^}		38
	3,435	Rockies Express Pipeline LLC 3.90%, 04/15/2015 — 144A		3,320
	120	Transocean, Inc. 5.25%, 03/15/2013 ^{^}		113
		Food Products — 0.6%
		Kraft Foods, Inc.
	6,630	5.38%, 02/10/2020 ^{^}		7,104
	2,447	6.50%, 08/11/2017 — 02/09/2040		2,771
		Health Care Equipment & Supplies — 0.1%
	1,090	Covidien International Finance SA 2.80%, 06/15/2015		1,101
		Health Care Providers & Services — 0.9%
	156	DaVita, Inc. 6.63%, 03/15/2013 ^{^}		156
		HCA, Inc.
	4,395	7.25%, 09/15/2020		4,417
	4,220	8.50%, 04/15/2019 ^{^}		4,473
	50	9.13%, 11/15/2014 ^{^}		52
	500	9.63%, 11/15/2016 Ώ		535
	220	Humana, Inc. 7.20%, 06/15/2018		246
		Tenet Healthcare Corp.
	2,855	8.88%, 07/01/2019 — 144A		3,026
	1,325	9.00%, 05/01/2015 — 144A		1,401
	50	WellPoint, Inc. 5.88%, 06/15/2017		56
		Hotels, Restaurants & Leisure — 0.0% ∞
	60	Inn of the Mountain Gods Resort & Casino 12.00%, 11/15/2010 Џ		29
		MGM Resorts International
	25	10.38%, 05/15/2014 ^{^}		27
	60	11.13%, 11/15/2017		66
		Independent Power Producers & Energy Traders — 0.1%
	67	AES Corp. 7.75%, 03/01/2014		68
		Edison Mission Energy
	50	7.00%, 05/15/2017 ^{^}		32
	140	7.20%, 05/15/2019		86
	730	NRG Energy, Inc. 7.38%, 02/01/2016 ^{^}		727
		Insurance — 2.6%
	3,800	Chubb Corp. 6.38%, 03/29/2067 *^{^}		3,648
	1,450	Lincoln National Corp. 7.00%, 06/15/2040		1,527
		MetLife, Inc.
	5,595	6.40%, 12/15/2036 ^{^}		4,924
	360	6.75%, 06/01/2016 ^{^}		407
		Metropolitan Life Global Funding I
	13,155	2.50%, 01/11/2013 — 144A		13,305
	1,525	2.88%, 09/17/2012 — 144A		1,561
	6,550	5.13%, 04/10/2013 — 144A		7,085
	3,595	Progressive Corp. 6.70%, 06/15/2037 *		3,361
	2,525	Teachers Insurance & Annuity Association of America 6.85%, 12/16/2039 — 144A		2,941
	4,795	Travelers Cos., Inc. 6.25%, 03/15/2037 *		4,499
		Life Sciences Tools & Services — 0.0% ∞
	530	Bio-Rad Laboratories, Inc. 6.13%, 12/15/2014		533
		Machinery — 0.0% ∞
	20	Terex Corp. 7.38%, 01/15/2014 ^{^}		20
		Media — 2.8%
	80	Cengage Learning Acquisitions, Inc. 10.50%, 01/15/2015 — 144A		74
	5,279	Comcast Cable Communications Holdings, Inc. 8.38%, 03/15/2013		6,114
		Comcast Cable Communications LLC
	1,800	6.75%, 01/30/2011		1,856
	320	8.88%, 05/01/2017		401
		Comcast Corp.
	210	5.88%, 02/15/2018		234
	780	6.50%, 01/15/2015 — 01/15/2017 ^{^}		895
	2,935	6.95%, 08/15/2037		3,339
	965	7.05%, 03/15/2033 ^{^}		1,114
	3,525	COX Communications, Inc. 8.38%, 03/01/2039 — 144A		4,792
	2,350	Discovery Communications LLC 3.70%, 06/01/2015 ^{^}		2,409
		DISH DBS Corp.
	115	7.00%, 10/01/2013		118
	4,655	7.75%, 05/31/2015		4,796
	20	Lamar Media Corp. — Series B 6.63%, 08/15/2015		19


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 20

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Media (continued)
$	3,405	NBC Universal, Inc. 5.15%, 04/30/2020 — 144A	$	3,551
		News America, Inc.
	3,000	6.20%, 12/15/2034		3,160
	40	6.65%, 11/15/2037 ^{^}		45
	260	7.28%, 06/30/2028		291
	1,070	7.63%, 11/30/2028		1,235
	360	Reed Elsevier Capital, Inc. 8.63%, 01/15/2019		458
	1,675	TCI Communications, Inc. 7.13%, 02/15/2028		1,866
		Time Warner Cable, Inc.
	450	5.85%, 05/01/2017 ^{^}		494
	4,030	6.20%, 07/01/2013 ^{^}		4,507
	240	6.75%, 06/15/2039 ^{^}		265
	560	8.25%, 04/01/2019		689
	160	8.75%, 02/14/2019 ^{^}		202
	1,910	Time Warner Cos., Inc. 7.57%, 02/01/2024		2,315
	180	Time Warner Entertainment Co., LP 8.38%, 07/15/2033		223
	510	Time Warner, Inc. 6.88%, 05/01/2012		556
		Metals & Mining — 0.4%
	560	Aleris International, Inc. 9.00%, 12/15/2014 Џ		4
	320	Freeport-McMoRan Copper & Gold, Inc. 8.38%, 04/01/2017		352
	870	Rio Tinto Finance USA, Ltd. 6.50%, 07/15/2018 ^{^}		992
		Steel Dynamics, Inc.
	105	6.75%, 04/01/2015		105
	55	7.38%, 11/01/2012		57
		Teck Resources, Ltd.
	25	9.75%, 05/15/2014		30
	20	10.25%, 05/15/2016		24
	4,150	10.75%, 05/15/2019 ^{^}		5,084
		Multiline Retail — 0.3%
	3,630	Dollar General Corp. 11.88%, 07/15/2017 Ώ		4,125
		Macy’s Retail Holdings, Inc.
	725	5.35%, 03/15/2012		741
	730	5.75%, 07/15/2014 ^{^}		734
		Multi-Utilities — 0.2%
	2,735	CenterPoint Energy, Inc. — Series B 7.25%, 09/01/2010		2,756
	560	Dominion Resources, Inc. — Series D 8.88%, 01/15/2019 ^{^}		740
		Dominion Resources, Inc.
	30	4.75%, 12/15/2010		31
	580	5.70%, 09/17/2012		627
		Oil, Gas & Consumable Fuels — 3.9%
	320	Anadarko Finance Co. — Series B 7.50%, 05/01/2031 ^{^}		269
	1,250	Anadarko Petroleum Corp. 6.45%, 09/15/2036 ^{^}		994
		Apache Corp.
	240	5.25%, 04/15/2013 ^{^}		262
	950	5.63%, 01/15/2017 ^{^}		1,070
	2,965	Arch Western Finance LLC 6.75%, 07/01/2013		2,972
		Canadian Natural Resources, Ltd.
	2,000	6.25%, 03/15/2038		2,186
	1,100	6.50%, 02/15/2037		1,229
	3,500	Cenovus Energy, Inc. 6.75%, 11/15/2039		4,018
		Chesapeake Energy Corp.
	120	6.25%, 01/15/2018 ^{^}		121
	60	6.38%, 06/15/2015 ^{^}		62
	100	7.25%, 12/15/2018 ^{^}		103
		ConocoPhillips
	6,045	4.60%, 01/15/2015 ^{^}		6,604
	900	6.50%, 02/01/2039 ^{^}		1,087
	210	ConocoPhillips Holding Co. 6.95%, 04/15/2029		258
		Consol Energy, Inc.
	2,610	8.00%, 04/01/2017 — 144A		2,695
	1,665	8.25%, 04/01/2020 — 144A		1,736
	1,425	Consolidated Natural Gas Co. — Series A 5.00%, 03/01/2014		1,544
		El Paso Corp.
	1,220	7.00%, 06/15/2017 ^{^}		1,213
	19	7.80%, 08/01/2031		19
		El Paso Natural Gas Co.
	110	8.38%, 06/15/2032		129
	365	8.63%, 01/15/2022		435
		Hess Corp.
	420	7.30%, 08/15/2031		496
	80	7.88%, 10/01/2029		98
	850	8.13%, 02/15/2019 ^{^}		1,060
		Kerr-McGee Corp.
	200	6.95%, 07/01/2024		182
	295	7.88%, 09/15/2031 ^{^}		270
		Kinder Morgan Energy Partners, LP
	2,550	5.30%, 09/15/2020 ^{^}		2,637
	130	5.85%, 09/15/2012		139
	260	6.00%, 02/01/2017		283
	470	6.75%, 03/15/2011 ^{^}		487
	220	6.95%, 01/15/2038 ^{^}		234
	4,000	Nexen, Inc. 6.40%, 05/15/2037 ^{^}		4,171
	45	Peabody Energy Corp. — Series B 6.88%, 03/15/2013 ^{^}		45
	1,060	Pemex Project Funding Master Trust 6.63%, 06/15/2035 ^{^}		1,090
		Petrobras International Finance Co.
	7,340	5.75%, 01/20/2020 ^{^}		7,392
	325	5.88%, 03/01/2018 ^{^}		334
	371	6.13%, 10/06/2016 ^{^}		394
	7,272	Shell International Finance BV 4.00%, 03/21/2014		7,692
		Southern Natural Gas Co.
	60	5.90%, 04/01/2017 — 144A		64
	5	8.00%, 03/01/2032		6
		Tennessee Gas Pipeline Co.
	665	7.00%, 10/15/2028		703
	20	7.63%, 04/01/2037		22
	4,200	Valero Energy Corp. 6.63%, 06/15/2037 ^{^}		4,089
	622	Williams Cos., Inc. — Series A 7.50%, 01/15/2031 ^{^}		662


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 21

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Principal			Value

		Oil, Gas & Consumable Fuels (continued)
		Williams Cos., Inc.
$	281	7.75%, 06/15/2031	$	302
	274	7.88%, 09/01/2021		314
		XTO Energy, Inc.
	270	5.50%, 06/15/2018 ^{^}		309
	340	5.65%, 04/01/2016		390
	10	6.25%, 08/01/2017		12
	1,760	6.75%, 08/01/2037		2,267
	550	7.50%, 04/15/2012 ^{^}		612
		Paper & Forest Products — 0.3%
	3,225	Georgia-Pacific LLC 8.25%, 05/01/2016 — 144A^{^}		3,439
	1,805	International Paper Co. 7.30%, 11/15/2039 ^{^}		1,990
		Pharmaceuticals — 0.8%
	200	Abbott Laboratories 5.60%, 11/30/2017 ^{^}		232
	600	Bristol-Myers Squibb Co. 6.88%, 08/01/2097		741
	3,235	Eli Lilly & Co. 3.55%, 03/06/2012		3,373
	4,032	Pfizer, Inc. 5.35%, 03/15/2015 ^{^}		4,567
	2,330	Teva Pharmaceutical Finance II BV 3.00%, 06/15/2015		2,376
		Wyeth
	470	5.95%, 04/01/2037		532
	1,580	6.00%, 02/15/2036		1,775
		Real Estate Investment Trusts — 0.0% ∞
		Ventas Realty, LP
	30	6.50%, 06/01/2016		30
	10	9.00%, 05/01/2012		11
		Real Estate Management & Development — 0.0% ∞
		Forest City Enterprises, Inc.
	30	6.50%, 02/01/2017		24
	35	7.63%, 06/01/2015		32
		Road & Rail — 0.4%
	4,680	Burlington Northern Santa Fe LLC 5.75%, 05/01/2040 ^{^}		4,951
	180	Union Pacific Corp. 5.38%, 05/01/2014		198
		Tobacco — 0.3%
	5,600	Philip Morris International, Inc. 4.50%, 03/26/2020 ^{^}		5,688
		Wireless Telecommunication Services — 1.3%
		America Movil SAB de CV
	220	5.63%, 11/15/2017 ^{^}		240
	625	6.38%, 03/01/2035 ^{^}		669
	14,580	Cellco Partnership/Verizon Wireless Capital LLC 3.75%, 05/20/2011 ^{^}		14,933
	3,606	Cricket Communications, Inc. 7.75%, 05/15/2016 ^{^}		3,678
		Rogers Communications, Inc.
	60	6.75%, 03/15/2015		70
	80	6.80%, 08/15/2018		95
	890	7.50%, 03/15/2015		1,062
	500	Vodafone Group PLC 5.00%, 09/15/2015		540

		Total Corporate Debt Securities (cost $520,574)		538,795


Shares

		PREFERRED STOCKS — 0.0% ∞
		Diversified Financial Services — 0.0% ∞
	341	Ally Financial, Inc. 7.00% — 144A	$	265
		U.S. Government Agency Obligation — 0.0% ∞
	1,300	Fannie Mae 7.00%		1
	31,175	Fannie Mae 8.25% *		11
	43,300	Freddie Mac 8.38% *		14

		Total Preferred Stocks (cost $1,988)		291

		COMMON STOCKS — 0.0% ∞
		Energy Equipment & Services — 0.0% ∞
	323	SemGroup Corp. — Class A ‡ ^{^}		8
		Media — 0.0% ∞
	692	Charter Communications, Inc. ‡^{^}		25

		Total Common Stocks (cost $31)		33

		WARRANT — 0.0% ∞
		United States — 0.0% ∞
	340	SemGroup Corp. ‡ Ә		2
		Expiration: 11/30/2014
		Exercise Price: $25.00		2
		Total Warrant (cost $w)


Notional
Amount

		PURCHASED SWAPTIONS — 0.7%
		Call Swaptions — 0.6%
$	109,300	If exercised, the Series receives 1.15%, and pays floating 3 month LIBOR, European Style Expires 09/03/2010	377
	17,400	If exercised, the Series receives 3.90%, and pays floating 3 month LIBOR, European Style Expires 11/16/2010	1,165
	29,900	If exercised, the Series receives 4.01%, and pays floating 3 month LIBOR, European Style Expires 05/16/2011	2,094
	11,600	If exercised, the Series receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 05/08/2012	980
	46,200	If exercised, the Series receives 5.2%, and pays floating 3 month LIBOR, European Style Expires 04/28/2015	5,027
		Put Swaptions- 0.1%
	109,300	If exercised, the Series receives floating 3 month LIBOR, and pays 1.92%, European Style Expires 09/02/2010	w
	109,300	If exercised, the Series receives floating 3 month LIBOR, and pays 1.95%, European Style Expires 09/03/2010	w


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 22

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Notional
Amount				Value

			PURCHASED SWAPTIONS (continued)
			Put Swaptions (continued)
$	17,400		If exercised the Series receives floating 3 month LIBOR, and pays 3.90%, European Style Expires 11/16/2010	$	81
	29,900		If exercised the Series receives floating 3 month LIBOR, and pays 4.01%, European Style Expires 05/16/2011		470
	11,600		If exercised the Series receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 05/08/2012		343
	46,200		If exercised the Series receives floating 3 month LIBOR, and pays 5.2%, European Style Expires 04/28/2015		2,045

			Total Purchased Swaptions (cost $12,874)		12,582



Principal

			CONVERTIBLE BOND - 0.1%
			Machinery - 0.1%
	1,020		Navistar International Corp. 3.00%, 10/15/2014		1,196
			Total Convertible Bond (cost $1,207)


Shares

			SECURITIES LENDING COLLATERAL - 8.6%
	144,818,795		State Street Navigator Securities Lending Trust - Prime Portfolio, 0.25% ▲		144,819
			Total Securities Lending Collateral (cost $144,819)


Principal

			REPURCHASE AGREEMENT - 10.8%
$	181,466		State Street Bank & Trust Co. 0.00% ▲, dated 06/30/2010, to be repurchased at $181,466 on 07/01/2010. Collateralized by a U.S. Government Obligation, 2.50%, due 04/30/2015, and with a value of $185,098.		181,466
			Total Repurchase Agreement (cost $181,466)

			Total Investment Securities (cost $2,218,522) #		2,227,604
			Other Assets and Liabilities — Net		(548,577	)

			Net Assets	$	1,679,027



Notional
Amount

			WRITTEN-OPTIONS - 0.0% ∞
			Put Options - 0.0% ∞
$	(285	)	10-Year U.S. Treasury Note Put Strike $119.50 Expires 08/27/2010	$	(111	)
			Call Options - 0.0% ∞
	(285	)	10-Year U.S. Treasury Note Call Strike $122.50 Expires 08/27/2010		(396	)

			Total Written Options (Premiums: $621)	$	(507	)



Principal

			SECURITIES SOLD SHORT — (10.9%)
			Fannie Mae, TBA
	(19,000	)	4.50%	$	(19,620	)
	(93,988	)	5.00%		(99,427	)
	(8,300	)	5.50%		(8,913	)
	(36,200	)	6.00%		(39,260	)
			Freddie Mac, TBA
	(9,600	)	5.50%		(10,271	)
			Ginnie Mae, TBA
	(5,300	)	5.00%		(5,645	)

			Total Securities Sold Short (proceeds $181,247)	$	(183,136	)


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 23

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

WRITTEN SWAPTIONS:


	Floating Rate	Pay/Receive	Exercise			Expiration					Premiums Paid
Description	Index	Floating Rate	Rate			Date		Notional Amount			(Received)			Value

Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.86	%		06/02/2011	$	(39,200	)	$	(1,524	)	$	(2,374	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.05			06/18/2012		(16,500	)		(879	)		(1,063	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.14			06/15/2012		(36,000	)		(1,917	)		(2,492	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.49			12/05/2011		(19,900	)		(1,208	)		(1,903	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.89			12/03/2014		(14,600	)		(1,085	)		(1,375	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.90			03/04/2013		(24,700	)		(1,470	)		(2,629	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.92			03/05/2013		(17,000	)		(996	)		(1,835	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		2.10			12/02/2010		(73,400	)		(147	)		(29	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.86			06/02/2011		(39,200	)		(1,525	)		(788	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.05			06/18/2012		(16,500	)		(879	)		(664	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.14			06/15/2012		(36,000	)		(1,916	)		(1,355	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.49			12/05/2011		(19,900	)		(1,208	)		(384	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.89			12/03/2014		(14,600	)		(1,085	)		(712	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.90			03/04/2013		(24,700	)		(1,470	)		(795	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.92			03/05/2013		(17,000	)		(996	)		(539	)

											$	(18,305	)	$	(18,937	)

SWAP AGREEMENTS: €

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — BUY PROTECTION:⁽¹⁾


							Implied
	Fixed						Credit										Unrealized
	Deal Pay			Maturity			Spread at		Notional					Premiums Paid			Appreciation
Reference Obligation	Rate			Date		Counterparty	06/30/2010⁽³⁾		Amount⁽⁴⁾		Market Value			(Received)			(Depreciation)

Macy’s Retail Holdings, Inc., 7.45%, 07/15/2017 *		8.00	%		06/20/2012	MYC		1.16	$	725	$	(97	)	$	—		$	(97	)
Macy’s Retail Holdings, Inc., 7.45%, 07/15/2017		1.00			09/20/2014	MYC		1.78		730		23			30			(7	)
Nova Chemicals Corp., 4.54%, 11/15/2013		5.00			03/20/2012	CBK		3.89		230		(4	)		(2	)		(2	)
Nova Chemicals Corp., 4.54%, 11/15/2013		5.00			12/20/2013	GSB		5.10		1,400		4			19			(15	)
Seagate Technology HDD Holdings, 6.88%, 10/01/2016 *		5.00			06/20/2014	MYC		2.76		1,905		(156	)		(188	)		32

											$	(230	)	$	(141	)	$	(89	)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES — SELL PROTECTION:⁽²⁾


							Implied
							Credit
	Fixed Deal			Maturity			Spread at		Notional					Premiums Paid			Unrealized
Reference Obligation	Receive Rate			Date		Counterparty	06/30/2010⁽³⁾		Amount⁽⁴⁾		Market Value			(Received)			(Depreciation)

CDX.NA.HY.14 5 Year Index		5.00	%		06/20/2015	CBK		6.51	$	11,300	$	(653	)	$	(607	)	$	(46	)


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 24

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

SWAP AGREEMENTS (continued):

INTEREST RATE SWAP AGREEMENTS — RECEIVABLE:


															Unrealized
				Maturity			Notional		Market			Premiums Paid			Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Amount		Value			(Received)			(Depreciation)

3-month USD-LIBOR		1.14	%		03/22/2012	DUB	$	64,300	$	(267	)	$	—		$	(267	)
3-month USD-LIBOR		1.21			04/29/2012	GSB		100,000		(530	)		—			(530	)
3-month USD-LIBOR		1.21			05/06/2012	GSB		38,800		(201	)		—			(201	)
3-month USD-LIBOR		1.29			05/28/2012	MYC		2,900		(18	)		—			(18	)
3-month USD-LIBOR		2.38			05/21/2015	MYC		80,700		(1,364	)		—			(1,364	)
3-month USD-LIBOR		2.36			06/08/2015	CBK		25,400		(388	)		—			(388	)
3-month USD-LIBOR		2.22			06/24/2015	GSB		34,000		(272	)		—			(272	)
3-month USD-LIBOR		2.23			06/25/2015	DUB		119,200		(977	)		—			(977	)
3-month USD-LIBOR		3.88			04/07/2020	GSB		16,900		(1,310	)		—			(1,310	)
3-month USD-LIBOR		3.40			04/12/2020	DUB		20,500		(739	)		829			(1,568	)
3-month USD-LIBOR		4.88			05/06/2020	DUB		35,600		(5,836	)		(1,591	)		(4,245	)
3-month USD-LIBOR		3.48			05/11/2020	DUB		22,200		(934	)		—			(934	)
3-month USD-LIBOR		3.39			05/11/2020	DUB		44,500		(1,527	)		—			(1,527	)
3-month USD-LIBOR		3.60			05/26/2020	MYC		18,800		(982	)		(226	)		(756	)
3-month USD-LIBOR		3.60			05/26/2020	MYC		30,300		(1,582	)		(354	)		(1,228	)
3-month USD-LIBOR		3.28			05/26/2020	DUB		11,500		(276	)		—			(276	)
3-month USD-LIBOR		4.35			06/07/2020	DUB		35,000		(4,125	)		(1,785	)		(2,340	)
3-month USD-LIBOR		4.31			06/07/2020	CBK		25,000		(2,859	)		(1,275	)		(1,584	)
3-month USD-LIBOR		3.36			06/08/2020	MYC		5,900		(181	)		—			(181	)
3-month USD-LIBOR		4.80			06/15/2020	CBK		25,200		(3,970	)		(1,316	)		(2,654	)
3-month USD-LIBOR		4.35			07/31/2039	MYC		3,000		(356	)		—			(356	)

									$	(28,694	)	$	(5,718	)	$	(22,976	)


INTEREST RATE SWAP AGREEMENTS — PAYABLE:
															Unrealized
				Maturity			Notional		Market			Premiums Paid			Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Amount		Value			(Received)			(Depreciation)

3-month USD-LIBOR		1.21	%		05/05/2012	CBK	$	146,000	$	746		$	—		$	746
3-month USD-LIBOR		1.72			06/07/2013	MYC		45,500		524			—			524
3-month USD-LIBOR		2.69			02/16/2015	MYC		16,500		549			—			549
3-month USD-LIBOR		2.67			04/15/2015	GSB		46,000		1,450			—			1,450
3-month USD-LIBOR		2.46			05/20/2015	DUB		11,700		241			—			241
3-month USD-LIBOR		2.23			05/25/2015	DUB		109,900		1,025			—			1,025
3-month USD-LIBOR		2.34			06/14/2015	DUB		89,500		1,239			—			1,239
3-month USD-LIBOR		2.39			06/15/2015	DUB		35,400		574			—			574
3-month USD-LIBOR		2.31			06/21/2015	UAG		100,000		1,245			—			1,245
3-month USD-LIBOR		3.75			04/30/2020	CBK		12,400		819			—			819
3-month USD-LIBOR		3.73			05/05/2020	MYC		53,000		3,371			—			3,371
3-month USD-LIBOR		3.64			05/05/2020	MYC		11,700		660			—			660
3-month USD-LIBOR		3.57			05/07/2020	GSB		17,200		866			—			866
3-month USD-LIBOR		3.39			06/01/2020	GSB		3,400		114			—			114
3-month USD-LIBOR		3.43			06/04/2020	MYC		9,100		337			—			337
3-month USD-LIBOR		3.34			06/14/2020	MYC		11,000		320			—			320
3-month USD-LIBOR		3.31			06/21/2020	GSB		50,000		1,332			—			1,332
3-month USD-LIBOR		3.26			06/22/2020	MYC		3,600		77			—			77
3-month USD-LIBOR		3.06			07/01/2020	MYC		5,200		18			—			18
3-month USD-LIBOR		3.05			07/01/2020	MYC		15,000		44			—			44
3-month USD-LIBOR		4.39			05/04/2040	DUB		15,900		2,016			—			2,016
U.S. CPI Urban Consumers NAS		2.62			05/18/2020	MYC		35,600		846			—			846
U.S. CPI Urban Consumers NAS		2.52			05/21/2020	DUB		21,200		240			—			240

									$	18,653		$	—		$	18,653


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 25

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

FUTURES CONTRACTS: £


							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)

10-Year U.S. Treasury Note	Short		(113	)		09/21/2010	$	(6	)
2-Year U.S. Treasury Note	Long		63			09/30/2010		11
30-Year U.S. Treasury Bond	Long		573			09/21/2010		1,806
5-Year U.S. Treasury Note	Short		(461	)		09/30/2010		(282	)
Euro-Schatz	Short		(624	)		09/30/2010		56
Ultra Long U.S. Treasury Bond	Long		262			09/21/2010		1,646

							$	3,231

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Euro		(4,065	)		07/14/2010	$	(5,102	)	$	130
Euro		112			07/14/2010		138			(1	)
Euro		725			07/14/2010		884			2
Euro		(13,835	)		08/16/2010		(16,928	)		6
Euro		7,015			08/16/2010		8,611			(31	)
Euro		13,995			08/16/2010		16,901			217
Euro		7,015			08/16/2010		8,662			(82	)
Pound Sterling		(2,231	)		07/28/2010		(3,451	)		119

									$	360

NOTES TO SCHEDULE OF INVESTMENTS:


^{^}		All or a portion of this security is on loan. The value of all securities on loan is $141,842.

w		Value and/or principal is less than $1.

*		Floating or variable rate note. Rate is listed as of 06/30/2010.

Y		All or a portion of this security is segregated as collateral at the broker to cover margin requirements for open swaps contracts and/or for swaptions. The value of these securities at 06/30/2010 is $26,840.

€		Securities with an aggregate market value of $9,233 have been pledged as collateral with the custodian to cover margin requirements for open swap contracts.

£		Cash, in the amount of $3,559, is being held at the broker to cover margin requirements for open futures contracts

Ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $253, or 0.02% of the portfolio’s net assets.

Ώ		Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

IO		Interest Only.

Ž		The security has a perpetual maturity. The date shown is the next call date.

Џ		In default.

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 06/30/2010.

‡		Non-income producing security.

┌		Contract amounts are not in thousands.

#		Aggregate cost for federal income tax purposes is $2,218,522. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $63,335 and $54,253, respectively. Net unrealized appreciation for tax purposes is $9,082.

±		Restricted security. At 06/30/2010, the portfolio owned the following securities (representing 0.75% of net assets) which were restricted as to public resale.

Description

Date of Acquisition

Principal

Cost

Value

Price*

Russian Federation

05/09/2005

7,480

8,407

8,432

1.13

Nomura Asset Acceptance Corp.

06/11/2009

144

121

142

0.99

Credit Suisse Mortgage Capital Certificates

07/06/2006

181

153

0.85

Globaldrive BV

11/02/2009

2,888

4,318

3,585

1.24

TNK-BP Finance SA

05/22/2007

108

112

1.04

TNK-BP Finance SA

07/13/2006

170

175

176

1.04


*		Price not rounded to thousands.

*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 26

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS: (continued)


(1)		If the portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (a) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (b) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)		If the portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the portfolio will either (a) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (b) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)		Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(4)		The maximum potential amount the portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

DEFINITIONS:



144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2010, these securities aggregated $171,390, or 10.21%, of the portfolio’s net assets.

BPS		Basis points

CBK		Citibank N.A.

CDX		A series of indices that track North American and emerging market credit derivative indices.

CPI		Consumer Price Index

DUB		Deutsche Bank AG

EUR		Euro

GBP		Pound Sterling

GSB		Goldman Sachs Bank USA

IO		Interest Only

LB		Lehman Brothers

LIBOR		London Interbank Offered Rate

MYC		Morgan Stanley Capital Services

OJSC		Open Joint Stock Company

TBA		To Be Announced

UAG		UBS AG

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	25	$	—	$	—	$	25
Equities — Energy		8		2		—		10
Equities — Financials		265		—		—		265
Equities — U.S. Government Agency Obligation		26		—		—		26
Fixed Income — Asset-Backed Security		—		117,135		—		117,135
Fixed Income — Consumer Discretionary		—		47,715		—		47,715
Fixed Income — Consumer Staples		—		22,567		—		22,567
Fixed Income — Energy		—		70,596		—		70,596
Fixed Income — Financials		—		261,861		—		261,861
Fixed Income — Foreign Government Obligation		—		75,305		—		75,305
Fixed Income — Health Care		—		26,850		—		26,850
Fixed Income — Industrials		—		11,133		—		11,133
Fixed Income — Information Technology		—		3,323		—		3,323
Fixed Income — Materials		—		27,106		—		27,106
Fixed Income — Mortgage-Backed Security		—		320,101		—		320,101
Fixed Income — Municipal Government Obligation		—		34,967		—		34,967
Fixed Income — Telecommunication Services		—		75,248		—		75,248
Fixed Income — U.S. Government Agency Obligation		—		742,827		—		742,827
Fixed Income — U.S. Government Obligation		—		39,733		—		39,733
Fixed Income — Utilities		—		11,944		—		11,944
Cash & Cash Equivalent — Repurchase Agreement		—		181,466		—		181,466
Cash & Cash Equivalent — Securities Lending Collateral		144,819		—		—		144,819
Purchased Swaptions		—		12,582		—		12,582

Total	$	145,143	$	2,082,461	$	—	$	2,227,604


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 27

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

Valuation Summary: (continued)


Other Financial Instruments^*	Level 1		Level 2			Level 3		Total

Credit Default Swap — Appreciation	$	—	$	32		$	—	$	32
Credit Default Swap — Depreciation		—		(167	)		—		(167	)
Interest Rate Swap — Appreciation		—		18,653			—		18,653
Interest Rate Swap — Depreciation		—		(22,976	)		—		(22,976	)
Forward Foreign Currency Contracts — Appreciation		—		474			—		474
Forward Foreign Currency Contracts — Depreciation		—		(114	)		—		(114	)
Futures Contracts — Appreciation		—		3,519			—		3,519
Futures Contracts — Depreciation		—		(288	)		—		(288	)

Total	$	—	$	(867	)	$	—	$	(867	)


Other Financial Instruments	Level 1		Level 2			Level 3		Total

Written Swaption	$	—	$	(18,937	)	$	—	$	(18,937	)
Written Option		—		(507	)		—		(507	)

Total	$	—	$	(19,444	)	$	—	$	(19,444	)


Securities Sold Short	Level 1		Level 2			Level 3		Total

Fixed Income — U.S. Government Agency Obligation	$	—	$	(183,136	)	$	—	$	(183,136	)

Level 3 Rollforward — Investment Securities


	Beginning													Net Transfers			Ending
	Balance at		Net			Accrued		Total Realized			Change in Unrealized			In/(Out) of			Balance at
Securities	12/31/2009		Purchases/(Sales)			Discounts/(Premiums)		Gain/(Loss)			Appreciation/(Depreciation)			Level 3			06/30/2010

Fixed Income - Asset-Backed Security	$	4,957	$	(713	)	$	—	$	(94	)	$	(565	)	$	(3,585	)	$	—


*		Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 28

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		ASSET-BACKED SECURITIES — 0.1%
$	393	AES Eastern Energy, LP Series 99-A, Class A 9.00%, 01/02/2017	$	405
	331	Continental Airlines Pass-Through Trust Series 2001-1, Class C 7.03%, 06/15/2011		330

		Total Asset-Backed Securities (cost $720)		735

		PREFERRED CORPORATE DEBT SECURITY — 0.0% ¥
		Hotels, Restaurants & Leisure — 0.0% ¥
	3,827	Fontainebleau Resorts 12.50%, 06/30/2012 — 144A Ə Џ § ± W	t
		Total Preferred Corporate Debt Security (cost $3,759)
		CORPORATE DEBT SECURITIES — 89.9%
		Aerospace & Defense — 0.1%
	480	Hawker Beechcraft Acquisition Co., LLC 8.50%, 04/01/2015		385
		Airlines — 0.0% ¥
	500	Delta Air Lines, Inc. — (Escrow Certificates) 7.90%, 12/15/2049		11
	235	United Air Lines, Inc. 9.88%, 08/01/2013 — 144A		241
		Auto Components — 2.1%
	450	Affinia Group Holdings, Inc. 10.75%, 08/15/2016 — 144A		491
	735	Allison Transmission, Inc. 11.00%, 11/01/2015 — 144A		770
	4,583	11.25%, 11/01/2015 — 144A W		4,823
	395	American Axle & Manufacturing Holdings, Inc. 5.25%, 02/11/2014		332
	1,175	7.88%, 03/01/2017		1,019
	2,130	9.25%, 01/15/2017 — 144A		2,194
	2,225	Goodyear Tire & Rubber Co. 10.50%, 05/15/2016		2,420
	450	Lear Corp. 7.88%, 03/15/2018		451
	555	8.13%, 03/15/2020		556
		Automobiles — 0.0% ¥
	120	Ford Motor Co. 7.45%, 07/16/2031		108
		Biotechnology — 0.1%
	450	Talecris Biotherapeutics Holdings Corp. 7.75%, 11/15/2016 — 144A		479
		Building Products — 0.5%
	1,610	Goodman Global, Inc. 13.50%, 02/15/2016		1,771
	650	Masco Corp. 7.13%, 03/15/2020		631
	885	Ply Gem Industries, Inc. 11.75%, 06/15/2013		925
		Chemicals — 2.8%
	1,380	Ashland, Inc. 9.13%, 06/01/2017		1,511
	2,180	CF Industries Holdings, Inc. 6.88%, 05/01/2018		2,218
	1,625	7.13%, 05/01/2020		1,666
	2,570	Ineos Group Holdings PLC 8.50%, 02/15/2016 — 144A		2,005
	3,335	LBI Escrow Corp. 8.00%, 11/01/2017 — 144A		3,434
	1,445	Nalco Co. 8.25%, 05/15/2017		1,496
	1,390	Nova Chemicals Corp. 8.38%, 11/01/2016		1,383
	2,320	Reichhold Industries, Inc. 9.00%, 08/15/2014 — 144A § ±		2,042
	460	Scotts Miracle-Gro Co. 7.25%, 01/15/2018		464
	1,225	Solutia, Inc. 8.75%, 11/01/2017		1,274
		Commercial Services & Supplies — 2.0%
	1,890	ACCO Brands Corp. 7.63%, 08/15/2015		1,739
	1,610	10.63%, 03/15/2015		1,746
	1,470	Avis Budget Car Rental LLC 9.63%, 03/15/2018 — 144A		1,485
	475	Casella Waste Systems, Inc. 11.00%, 07/15/2014 — 144A		513
	595	Hertz Corp. 8.88%, 01/01/2014		602
	580	Interface, Inc. 11.38%, 11/01/2013		650
	139	Interface, Inc. — Series B 9.50%, 02/01/2014		143
	235	KAR Auction Services, Inc. 8.75%, 05/01/2014		236
	550	Koppers, Inc. 7.88%, 12/01/2019		556
	870	RBS Global, Inc. 11.75%, 08/01/2016		907
	775	Servicemaster Co. 10.75%, 07/15/2015 — 144A W		802
	1,680	Trans Union LLC 11.38%, 06/15/2018 — 144A		1,739
	520	United Rentals North America, Inc. 7.75%, 11/15/2013		506
	719	Viant Holdings, Inc. 10.13%, 07/15/2017 — 144A § ±		732
	560	Waste Services, Inc. 9.50%, 04/15/2014 — 144A		574
		Communications Equipment — 0.2%
	565	Brocade Communications Systems, Inc. 6.63%, 01/15/2018 — 144A		561
	565	6.88%, 01/15/2020 — 144A		561
		Construction & Engineering — 0.3%
	1,835	Esco Corp. 8.63%, 12/15/2013 — 144A		1,821
		Construction Materials — 0.1%
	2,145	RathGibson, Inc. 11.25%, 02/15/2014 Џ		32
	830	Texas Industries, Inc. 7.25%, 07/15/2013		803
		Containers & Packaging — 0.5%
	1,140	BWAY Holding Co. 10.00%, 06/15/2018 — 144A		1,188
	1,055	Intertape Polymer U.S., Inc. 8.50%, 08/01/2014		855
	1,145	Solo Cup Corp. 10.50%, 11/01/2013		1,184
		Distributors — 0.3%
	1,760	McJunkin Red Man Corp. 9.50%, 12/15/2016 — 144A		1,707

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 29

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Diversified Consumer Services — 4.0%
$	2,360	Amsted Industries, Inc. 8.13%, 03/15/2018 — 144A	$	2,354
	2,475	Education Management LLC 8.75%, 06/01/2014		2,469
	1,095	10.25%, 06/01/2016		1,139
	3,510	Express LLC 8.75%, 03/01/2018 — 144A		3,571
	5,980	Laureate Education, Inc. 10.00%, 08/15/2015 — 144A		5,950
	7,383	10.25%, 08/15/2015 — 144A W		7,530
	2,070	11.75%, 08/15/2017 — 144A		2,122
		Diversified Financial Services — 8.3%
	1,300	Ally Financial, Inc. 7.00%, 02/01/2012		1,308
	1,700	8.00%, 12/31/2018		1,564
	2,130	8.00%, 11/01/2031		1,965
	4,655	8.30%, 02/12/2015 — 144A		4,712
	3,095	Buffalo Thunder Development Authority 9.38%, 12/15/2014 — 144A Џ		557
	1,215	CCM Merger, Inc. 8.00%, 08/01/2013 — 144A		1,112
	2,290	Ceva Group PLC 11.50%, 04/01/2018 — 144A		2,324
	1,715	11.63%, 10/01/2016 — 144A		1,771
	935	Chukchansi Economic Development Authority 4.12%, 11/15/2012 — 144A * § ±		617
	2,805	CIT Group, Inc. 7.00%, 05/01/2017		2,525
	1,140	7.00%, 05/01/2014		1,074
	550	Escrow NCS Acquisition 10.00%, 02/15/2009 Ə		82
	2,490	Ford Motor Credit Co., LLC 7.50%, 08/01/2012		2,546
	4,675	8.00%, 12/15/2016		4,780
	2,175	8.13%, 01/15/2020		2,220
	1,150	12.00%, 05/15/2015		1,331
	450	Fresenius U.S. Finance II, Inc. 9.00%, 07/15/2015 — 144A		488
	2,000	Ineos Finance PLC 9.00%, 05/15/2015 — 144A		1,995
	1,725	MCE Finance, Ltd. 10.25%, 05/15/2018 — 144A		1,792
	710	Midwest Gaming Borrower LLC 11.63%, 04/15/2016 — 144A § ±		698
	1,790	MU Finance PLC 8.38%, 02/01/2017 — 144A		1,716
	255	Petroplus Finance, Ltd. 6.75%, 05/01/2014 — 144A		222
	1,645	7.00%, 05/01/2017 — 144A		1,341
	2,250	9.38%, 09/15/2019 — 144A		1,935
	1,590	Pinnacle Foods Finance LLC 9.25%, 04/01/2015 — 144A		1,622
	235	9.25%, 04/01/2015		240
	2,690	Reynolds Group Issuer, Inc. 8.50%, 05/15/2018 — 144A		2,640
	2,325	SSI Investments II 11.13%, 06/01/2018 — 144A		2,360
	2,665	Universal City Development Partners, Ltd. 8.88%, 11/15/2015 — 144A		2,678
	1,790	10.88%, 11/15/2016 — 144A		1,826
		Diversified Telecommunication Services — 9.4%
	545	Allbritton Communications Co. 8.00%, 05/15/2018 — 144A		540
	3,200	Avaya, Inc. 9.75%, 11/01/2015		3,000
	4,351	10.13%, 11/01/2015 W		4,069
	3,955	Clearwire Communications LLC 12.00%, 12/01/2015 — 144A		3,940
	965	Digicel, Ltd. 8.25%, 09/01/2017 — 144A		955
	1,825	Intelsat Corp. 9.25%, 08/15/2014-06/15/2016		1,884
	3,616	Intelsat Jackson Holdings SA 9.50%, 06/15/2016		3,797
	5,550	11.25%, 06/15/2016		5,910
	570	11.50%, 06/15/2016		604
	335	Lamar Media Corp. 7.88%, 04/15/2018 — 144A		334
	338	Muzak LLC 15.00%, 07/31/2014 W		289
	1,365	Qwest Communications International, Inc. — Series B 7.50%, 02/15/2014		1,368
	3,050	Sprint Capital Corp. 6.88%, 11/15/2028		2,532	��
	4,165	6.90%, 05/01/2019		3,769
	6,620	Telesat Canada 11.00%, 11/01/2015		7,149
	3,375	12.50%, 11/01/2017		3,780
	3,475	Virgin Media Finance PLC 9.13%, 08/15/2016		3,597
	1,700	9.50%, 08/15/2016		1,796
	3,625	West Corp. 9.50%, 10/15/2014		3,643
	2,680	Wind Acquisition Finance SA 11.75%, 07/15/2017 — 144A		2,747
	3,565	Windstream Corp. 7.88%, 11/01/2017		3,480
		Electric Utilities — 0.5%
	1,520	Calpine Construction Finance Co., LP 8.00%, 06/01/2016 — 144A		1,554
	1,550	Dynegy Holdings, Inc. 7.63%, 10/15/2026		953
	485	8.38%, 05/01/2016		384
		Electronic Equipment & Instruments — 0.5%
	1,050	NXP BV 7.88%, 10/15/2014		963
	1,980	9.50%, 10/15/2015		1,658
		Energy Equipment & Services — 0.4%
	2,885	El Paso Tennessee Pipeline Co. 7.25%, 12/15/2025		2,632
		Food Products — 2.4%
	1,950	American Seafoods Group LLC 10.75%, 05/15/2016 — 144A		2,004
	1,265	ASG Consolidated LLC 15.00%, 05/15/2017 — 144A § ±		1,142
	1,380	C&S Group Enterprises LLC 8.38%, 05/01/2017 — 144A		1,339
	66	Dole Food Co., Inc. 0.24%, 08/30/2010		66
	1,449	13.88%, 03/15/2014		1,699
	2,210	Michael Foods, Inc. 9.75%, 07/15/2018 — 144A		2,270

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 30

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Food Products — (continued)
$	1,540	Smithfield Foods, Inc. 7.75%, 07/01/2017	$	1,471
	955	10.00%, 07/15/2014 — 144A		1,058
	4,230	U.S. Foodservice 10.75%, 06/30/2015 — 144A		4,208
		Health Care Equipment & Supplies — 3.3%
	2,370	Accellent, Inc. 8.38%, 02/01/2017 — 144A		2,323
	2,035	10.50%, 12/01/2013		2,004
	200	Biomet, Inc. 10.00%, 10/15/2017		215
	2,050	10.38%, 10/15/2017 W		2,204
	7,065	11.63%, 10/15/2017		7,647
	3,735	DJO Finance LLC 10.88%, 11/15/2014		3,922
	220	Inverness Medical Innovations, Inc. 7.88%, 02/01/2016		215
	2,270	9.00%, 05/15/2016		2,276
		Health Care Providers & Services — 4.1%
	435	American Renal Holdings 8.38%, 05/15/2018 — 144A		431
	280	Apria Healthcare Group, Inc. 12.38%, 11/01/2014 — 144A		299
	2,210	Capella Healthcare, Inc. 9.25%, 07/01/2017 — 144A		2,232
	2,200	HCA, Inc. 7.25%, 09/15/2020		2,211
	4,470	9.25%, 11/15/2016		4,738
	1,500	9.88%, 02/15/2017		1,613
	3,485	Multiplan, Inc. 10.38%, 04/15/2016 — 144A		3,572
	1,930	National Mentor Holdings, Inc. 11.25%, 07/01/2014		1,925
	710	Radiation Therapy Services, Inc. 9.88%, 04/15/2017 — 144A		682
	1,590	Res-Care, Inc. 7.75%, 10/15/2013		1,566
	1,815	Rural/Metro Corp. 12.75%, 03/15/2016 *		1,913
	3,205	U.S. Oncology, Inc. 9.13%, 08/15/2017		3,293
	1,775	10.75%, 08/15/2014		1,819
		Hotels, Restaurants & Leisure — 6.0%
	126	Eldorado Casino Shreveport 10.00%, 08/01/2012 Ə		111
	5,645	Fontainebleau Las Vegas Holdings LLC 10.25%, 06/15/2015 — 144A Џ		21
	1,495	Greektown Holdings LLC 10.75%, 12/01/2013 — 144A Џ		95
	5,820	Harrah’s Operating Co., Inc. 5.63%, 06/01/2015		3,855
	3,240	11.25%, 06/01/2017		3,409
	2,250	12.75%, 04/15/2018 — 144A		2,149
	2,060	Inn of the Mountain Gods Resort & Casino 12.00%, 11/15/2010 Џ		999
	890	Majestic Holdco LLC 12.50%, 10/15/2011 — 144A Џ § ±		3
	555	MGM Resorts International 9.00%, 03/15/2020 — 144A		570
	1,175	10.38%, 05/15/2014		1,278
	1,215	11.13%, 11/15/2017		1,340
	2,340	Mohegan Tribal Gaming Authority 6.88%, 02/15/2015		1,661
	2,225	7.13%, 08/15/2014		1,608
	2,050	8.00%, 04/01/2012		1,789
	1,385	11.50%, 11/01/2017 — 144A		1,371
	2,220	MTR Gaming Group, Inc. — Series B 12.63%, 07/15/2014		2,226
	2,065	NPC International, Inc. 9.50%, 05/01/2014		2,065
	335	Peninsula Gaming LLC 8.38%, 08/15/2015		334
	1,635	10.75%, 08/15/2017		1,627
	710	Pinnacle Entertainment, Inc. 7.50%, 06/15/2015		666
	1,005	Royal Caribbean Cruises, Ltd. 6.88%, 12/01/2013		977
	1,655	7.00%, 06/15/2013		1,647
	970	7.25%, 06/15/2016 — 03/15/2018		945
	475	San Pasqual Casino 8.00%, 09/15/2013 — 144A § ±		451
	405	Seminole Hard Rock Entertainment, Inc. 2.75%, 03/15/2014 — 144A *		345
	2,435	Tunica-Biloxi Gaming Authority 9.00%, 11/15/2015 — 144A § ±		2,179
	2,897	Waterford Gaming LLC 8.63%, 09/15/2014 — 144A Ə § ±		2,312
	2,335	WMG Acquisition Corp. 9.50%, 06/15/2016		2,487
		Household Durables — 0.3%
	535	Norcraft Cos., LP 10.50%, 12/15/2015 — 144A		551
	939	Sealy Mattress Co. 10.88%, 04/15/2016 — 144A		1,038
		Household Products — 2.7%
	3,590	Amscan Holdings, Inc. 8.75%, 05/01/2014		3,500
	2,346	Diversey Holdings, Inc. 10.50%, 05/15/2020 — 144A		2,605
	3,140	Libbey Glass, Inc. 10.00%, 02/15/2015 — 144A		3,250
	3,445	Spectrum Brands Holdings, Inc. 9.50%, 06/15/2018 — 144A		3,553
	3,770	Yankee Acquisition Corp. 9.75%, 02/15/2017		3,835
		Independent Power Producers & Energy Traders — 1.0%
	955	AES Corp. 8.00%, 10/15/2017		965
	77	8.75%, 05/15/2013 — 144A		78
	835	Edison Mission Energy 7.00%, 05/15/2017		534
	760	7.20%, 05/15/2019		467
	995	NRG Energy, Inc. 7.38%, 02/01/2016		990
	210	RRI Energy, Inc. 7.63%, 06/15/2014		207
	3,235	7.88%, 06/15/2017		3,058

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 31

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Insurance — 0.5%
$	1,120	Alliant Holdings I, Inc. 11.00%, 05/01/2015 — 144A	$	1,128
	1,340	Hub International Holdings, Inc. 9.00%, 12/15/2014 — 144A		1,270
	980	USI Holdings Corp. 4.31%, 11/15/2014 — 144A *		801
		Internet & Catalog Retail — 0.9%
	2,565	Expedia, Inc. 8.50%, 07/01/2016		2,757
	2,585	Ticketmaster Entertainment, Inc. 10.75%, 08/01/2016		2,786
		IT Services — 1.1%
	7,160	SunGard Data Systems, Inc. 10.63%, 05/15/2015		7,652
		Life Sciences Tools & Services — 0.5%
	2,155	Bio-Rad Laboratories, Inc. 8.00%, 09/15/2016		2,247
	880	Patheon, Inc. 8.63%, 04/15/2017 — 144A		873
		Machinery — 1.6%
	1,000	American Railcar Industries, Inc. 7.50%, 03/01/2014		970
	2,760	Case New Holland, Inc. 7.88%, 12/01/2017 — 144A		2,781
	850	Chart Industries, Inc. 9.13%, 10/15/2015		852
	710	Commercial Vehicle Group, Inc. 8.00%, 07/01/2013		600
	380	Manitowoc Co., Inc. 9.50%, 02/15/2018		380
	1,735	Navistar International Corp. 8.25%, 11/01/2021		1,761
	2,630	Terex Corp. 10.88%, 06/01/2016		2,834
		Media — 7.4%
	1,305	Adelphia Communications Corp. 9.25%, 10/01/2049		16
	1460	Adelphia Communications Corp. - (Escrow Certificates) 10.25%, 06/15/2049 — 11/01/2049		19
	2,505	AMC Entertainment, Inc. 8.00%, 03/01/2014		2,411
	535	8.75%, 06/01/2019		538
	6,780	11.00%, 02/01/2016		7,119
	1,945	Cablevision Systems Corp. 7.75%, 04/15/2018		1,945
	550	8.63%, 09/15/2017 — 144A		561
	2,384	Catalina Marketing Corp. 10.50%, 10/01/2015 — 144A W		2,461
	2,063	11.63%, 10/01/2017 — 144A * § ±		2,171
	550	CCO Holdings LLC 7.88%, 04/30/2018 — 144A		553
	555	8.13%, 04/30/2020 — 144A		567
		Clear Channel Communications, Inc.
	600	4.40%, 05/15/2011		570
	7,425	6.25%, 03/15/2011		7,147
	1,245	7.65%, 09/15/2010		1,239
	1,270	Clear Channel Worldwide Holdings, Inc. 9.25%, 12/15/2017 — 144A		1,276
	1,795	Interpublic Group of Cos., Inc. 10.00%, 07/15/2017		1,979
	405	LBI Media, Inc. 11.00%, 10/15/2013 *		363
	465	Live Nation Entertainment, Inc. 8.13%, 05/15/2018 — 144A		451
	265	Local Insight Regatta Holdings, Inc. — Series B 11.00%, 12/01/2017		172
	1,365	MediMedia USA, Inc. 11.38%, 11/15/2014 — 144A § ±		1,246
	1,750	Nielsen Finance LLC 11.50%, 05/01/2016		1,912
	1,825	11.63%, 02/01/2014		1,994
	1,365	12.50%, 08/01/2016 *		1,300
	605	Rainbow National Services LLC 10.38%, 09/01/2014 — 144A		630
	1,390	Sirius XM Radio, Inc. 8.75%, 04/01/2015 — 144A		1,369
	1,135	9.75%, 09/01/2015 — 144A		1,206
	680	Sitel LLC 11.50%, 04/01/2018 — 144A		629
	1,730	XM Satellite Radio, Inc. 11.25%, 06/15/2013 — 144A		1,847
	2,740	13.00%, 08/01/2013 — 144A		2,993
		Metals & Mining — 1.7%
	905	AK Steel Corp. 7.63%, 05/15/2020		878
	1,500	FMG Finance Property, Ltd. 10.63%, 09/01/2016 — 144A		1,650
	675	Novelis, Inc. 11.50%, 02/15/2015		705
	1,630	Rain CII Carbon LLC 11.13%, 11/15/2015 — 144A		1,585
	3,910	Teck Resources, Ltd. 10.75%, 05/15/2019		4,791
	1,450	U.S. Steel Corp. 7.38%, 04/01/2020		1,434
		Multiline Retail — 2.1%
	5,925	General Nutrition Centers, Inc. 5.75%, 03/15/2014 * W		5,436
	4,520	10.75%, 03/15/2015		4,543
	3,317	Neiman-Marcus Group, Inc. 9.00%, 10/15/2015 W		3,325
		Multi-Utilities — 0.5%
	2,960	MDC Partners, Inc. 11.00%, 11/01/2016 — 144A		3,152
		Oil, Gas & Consumable Fuels — 7.8%
	550	Antero Resources Finance Corp. 9.38%, 12/01/2017 — 144A		550
	655	Arch Coal, Inc. 8.75%, 08/01/2016 — 144A		683
	1,695	Berry Petroleum Co. 10.25%, 06/01/2014		1,822
	340	Bill Barrett Corp. 9.88%, 07/15/2016		360
	2,735	Cloud Peak Energy Resources LLC 8.25%, 12/15/2019 — 144A		2,721
	2,080	Coffeyville Resources LLC 9.00%, 04/01/2015 — 144A		2,059
	2,020	Compton Petroleum Finance Corp. 7.63%, 12/01/2013		1,616

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 32

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Oil, Gas & Consumable Fuels — (continued)
$	1,335	Consol Energy, Inc. 8.00%, 04/01/2017 — 144A	$	1,378
	1,120	8.25%, 04/01/2020 — 144A		1,168
	230	Continental Resources, Inc. 7.38%, 10/01/2020 — 144A		226
		Denbury Resources, Inc.
	1,200	7.50%, 12/15/2015		1,212
	1,360	8.25%, 02/15/2020		1,421
	3,875	9.75%, 03/01/2016		4,185
	1,405	El Paso Corp. 9.63%, 05/15/2012		1,493
	2,425	Expro Finance Luxembourg SCA 8.50%, 12/15/2016 — 144A		2,316
	2,900	Forbes Energy Services LLC 11.00%, 02/15/2015		2,610
	1,510	Holly Corp. 9.88%, 06/15/2017 — 144A		1,552
	3,215	Murray Energy Corp. 10.25%, 10/15/2015 — 144A		3,199
	1,075	Opti Canada, Inc. 7.88%, 12/15/2014		935
	1,635	8.25%, 12/15/2014		1,422
	565	Patriot Coal Corp. 8.25%, 04/30/2018		544
	1,170	Petroleum Development Corp. 12.00%, 02/15/2018		1,208
	1,040	Quicksilver Resources, Inc. 7.13%, 04/01/2016		959
	2,415	11.75%, 01/01/2016		2,663
	825	Rosetta Resources, Inc. 9.50%, 04/15/2018 — 144A		821
	3,040	Sandridge Energy, Inc. 8.63%, 04/01/2015 W		2,953
	1,145	8.75%, 01/15/2020 — 144A		1,088
	290	SESI LLC 6.88%, 06/01/2014		283
	5,970	United Refining Co. 10.50%, 08/15/2012		5,478
		Paper & Forest Products — 1.4%
	445	Boise Paper Holdings LLC 8.00%, 04/01/2020 — 144A		444
	1,535	9.00%, 11/01/2017 — 144A		1,581
	1,540	Domtar Corp. 10.75%, 06/01/2017		1,848
	425	Verso Paper Holdings LLC — Series B 4.09%, 08/01/2014 *		364
	3,725	11.38%, 08/01/2016		3,176
	1,555	Verso Paper Holdings LLC 9.13%, 08/01/2014		1,485
		Personal Products — 0.3%
	2,150	Revlon Consumer Products Corp. 9.75%, 11/15/2015 — 144A		2,204
		Pharmaceuticals — 1.7%
	2,205	Elan Corp. PLC 8.75%, 10/15/2016 — 144A		2,142
	925	Elan Finance PLC 8.88%, 12/01/2013		927
	280	Mylan, Inc. 7.63%, 07/15/2017 — 144A		286
	5,125	Quintiles Transnational Corp. 9.50%, 12/30/2014 — 144A W		5,150
	760	Valeant Pharmaceuticals International 7.63%, 03/15/2020 — 144A		897
	1,230	8.38%, 06/15/2016		1,390
		Real Estate Management & Development — 0.2%
	1,160	CB Richard Ellis Services, Inc. 11.63%, 06/15/2017		1,299
		Road & Rail — 1.2%
	1,710	Greenbrier Cos., Inc. 8.38%, 05/15/2015		1,612
	635	Hertz Corp. 10.50%, 01/01/2016		659
	1,870	RSC Equipment Rental, Inc. 9.50%, 12/01/2014		1,858
	2,645	10.00%, 07/15/2017 — 144A		2,837
	430	10.25%, 11/15/2019 — 144A		434
		Semiconductors & Semiconductor Equipment — 0.9%
	840	Advanced Micro Devices, Inc. 8.13%, 12/15/2017 — 144A		836
	4,565	Amkor Technology, Inc. 9.25%, 06/01/2016		4,782
		Specialty Retail — 3.8%
	2,265	Limited Brands, Inc. 8.50%, 06/15/2019		2,441
	2,185	Michaels Stores, Inc. 0.00%, 11/01/2016 *		1,945
	8,700	Sally Holdings LLC 10.50%, 11/15/2016		9,308
	330	Sonic Automotive, Inc. 9.00%, 03/15/2018		335
	780	Toys “R” US, Inc. 7.88%, 04/15/2013		784
	8,415	Toys “R” US Property Co. I LLC 10.75%, 07/15/2017 — 144A		9,193
		Textiles, Apparel & Luxury Goods — 1.1%
	65	Levi Strauss & Co. 8.88%, 04/01/2016		67
	1,720	Oxford Industries, Inc. 11.38%, 07/15/2015		1,892
	1,860	Perry Ellis International, Inc. — Series B 8.88%, 09/15/2013		1,883
	325	Phillips-Van Heusen Corp. 7.38%, 05/15/2020		328
	2,255	7.75%, 11/15/2023		2,462
		Trading Companies & Distributors — 0.3%
	1,760	United Rentals North America, Inc. 10.88%, 06/15/2016		1,888
		Transportation Infrastructure — 1.0%
	805	Kansas City Southern de Mexico SA de CV 7.38%, 06/01/2014		819
	2,245	7.63%, 12/01/2013		2,290
	100	9.38%, 05/01/2012		103
	1,115	Overseas Shipholding Group, Inc. 8.13%, 03/30/2018		1,095
	1,200	Swift Transportation Co., Inc. 12.50%, 05/15/2017 — 144A		1,134
	905	Teekay Corp. 8.50%, 01/15/2020		900
		Wireless Telecommunication Services — 2.0%
	4,712	Digicel Group, Ltd. 9.13%, 01/15/2015 — 144A W		4,624
	1,030	Digicel, Ltd. 12.00%, 04/01/2014 — 144A		1,151

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 33

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Principal			Value

		Wireless Telecommunication Services — (continued)
$	2,685	NII Capital Corp. 8.88%, 12/15/2019	$	2,712
	2,380	10.00%, 08/15/2016		2,505
	985	SBA Telecommunications, Inc. 8.00%, 08/15/2016 — 144A		1,019
	660	8.25%, 08/15/2019 — 144A		695

		Total Corporate Debt Securities (cost $558,498)		567,337

Shares

		CONVERTIBLE PREFERRED STOCKS — 0.4%
		Oil, Gas & Consumable Fuels — 0.2%
	2,304	Chesapeake Energy Corp. 3.27%, 11/15/2010 — 144A ▲ Ž		180
	18,815	Chesapeake Energy Corp. 5.25%, 9/15/2010 ▲ Ž		1,437
		Wireless Telecommunication Services — 0.2%
	18,825	Crown Castle International Corp. 5.56% ▲		1,054

		Total Convertible Preferred Stocks (cost $2,971)		2,671

		COMMON STOCKS — 0.5%
		Airlines — 0.0% ¥
	12,233	Delta Air Lines, Inc. ‡		144
		Commercial Services & Supplies — 0.3%
	95,700	RathGibson, Inc. ‡ Ə § ±		1,497
		Construction Materials — 0.2%
	1,803	Panolam Holdings Co. ‡ Ə § ±		1,053
		Energy Equipment & Services — 0.0% ¥
	7,723	SemGroup Corp. — Class A ‡		203
		Hotels, Restaurants & Leisure — 0.0% ¥
	889	Shreveport Gaming Holdings, Inc. Ə		16
		Independent Power Producers & Energy
		Traders — 0.0% ¥
	550,000	Mirant Corp. ‡ Ə § ±	t
	1,220,000	Mirant Corp. — (Escrow Certificates) ‡ Ə § ±	t
		Media — 0.0% ¥
	6,995	Dex One Corp. ‡		133

		Total Common Stocks (cost $4,798)		3,046

		INVESTMENT COMPANY — 0.0% ¥
		Diversified Financial Services — 0.0% ¥
	2,697,805	Adelphia Recovery Trust ‡		94
		Total Investment Company (cost $2,666)
		WARRANTS — 0.0% ¥
		United States — 0.0% ¥
	8,130	SemGroup Corp. ‡ Ə Expiration: 11/30/2014 Exercise Price: $25.00		45
	1,265	American Seafoods Group LLC ‡ § ± Expiration: 05/15/2018 Exercise Price: $0.00		95
	13,112	Reader’s Digest Association, Inc. ‡ Ə § ± Expiration: 02/19/2014 Exercise Price: $0.00	t

		Total Warrants (cost $t)		140

Principal

		LOAN ASSIGNMENTS — 4.1%
		Aerospace & Defense — 1.0%
$	328	Hawker Beechcraft Acquisition Co. LLC 2.29%, 03/26/2014 *	$	265
	5,521	2.34%, 03/26/2014 *		4,448
	1,532	10.50%, 03/26/2014*		1,510
		Automobiles — 0.3%
	1,690	Ford Motor Co. 3.33%, 12/16/2013 *		1,595
		Building Products — 0.3%
	1,236	Panolam Industries International, Inc. 8.25%, 12/31/2013 Ə		1,136
	843	12.00%, 06/30/2014*		791
		Diversified Financial Services — 0.5%
	535	Ceva Sante Animale — Line of Credit 3.29%, 11/04/2013 *		461
	2,114	Ceva Sante Animale 3.35%, 11/04/2013 *		1,826
	1,440	Veyance Technologies, Inc., 2^nd Lien 6.10%, 07/13/2015 *		1,108
		Diversified Telecommunication Services — 0.4%
	2,332	Travelport LLC 10.50%, 08/23/2013*		2,336
		Electric Utilities — 0.6%
	5,022	Texas Competitive Electric Holdings Co. LLC, B2 3.97%, 10/10/2014 *		3,701
		Hotels, Restaurants & Leisure — 0.6%
	2,010	BLB Worldwide Holdings, 2^nd Lien 0.00%, 07/18/2012 * Џ		60
	860	Cannery Casino Resorts LLC, 2^nd Lien 4.60%, 05/16/2014 *		682
	1,221	Great Lakes Entertainment LLC 9.00%, 08/15/2012 *		1,179
	3,260	Hit Entertainment, Inc., 2^nd Lien 5.85%, 02/05/2013 *		2,078
		Pharmaceuticals — 0.4%
	2,571	Rite Aid Corp., Tranche 4 9.50%, 06/10/2015 *		2,602

		Total Loan Assignments (cost $27,223)		25,778

		CONVERTIBLE BONDS — 1.3%
		Automobiles — 0.3%
	1,785	Ford Motor Co. 4.25%, 11/15/2016		2,225
		Construction Materials — 0.0% ¥
	190	Cemex SAB de CV 4.88%, 03/15/2015 — 144A		188
		Health Care Providers & Services — 0.2%
	1,750	LifePoint Hospitals, Inc. 3.25%, 08/15/2025		1,638
		Life Sciences Tools & Services — 0.1%
	555	Kendle International, Inc. 3.38%, 07/15/2012		511
		Media — 0.1%
	510	Virgin Media, Inc. 6.50%, 11/15/2016		597
		Semiconductors & Semiconductor Equipment — 0.6%
	3,315	Advanced Micro Devices, Inc. 6.00%, 05/01/2015		3,149

		Total Convertible Bonds (cost $6,868)		8,308

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 34

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Principal			Value

		REPURCHASE AGREEMENT — 1.0%
$	6,149	State Street Bank & Trust Co. 0.00% ▲, dated 06/30/2010, to be repurchased at $6,149 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $6,272.	$	6,149
		Total Repurchase Agreement (cost $6,149)

		Total Investment Securities (cost $613,653) #		614,258
		Other Assets and Liabilities — Net		16,775

		Net Assets	$	631,033

NOTES TO SCHEDULE OF INVESTMENTS:


¥		Percentage rounds to less than 0.1%.

W		Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

t		Value and/or principal is less than $1.

§		lliquid. These securities aggregated to $16,238, or 2.57%, of the portfolio’s net assets.

Џ		In default.

*		Floating or variable rate note. Rate is listed as of 06/30/2010.

Ə		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a total market value of $6,252, or 0.99% of the portfolio’s net assets.

▲		Rate shown reflects the yield at 06/30/2010.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $613,653. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $36,086 and $35,481, respectively. Net unrealized appreciation for tax purposes is $605.

Ž		The security has a perpetual maturity. The date shown is the next call date.

±		Restricted security. At 06/30/2010, the portfolio owned the following securities (representing 2.57% of net assets) which were restricted as to public resale.

Description

Date of Acquisition

Principal

Cost

Value

Price*

ASG Consolidated LLC

05/07/2010

1,265

1,142

0.90

Catalina Marketing Corp.

11/17/2008

2,063

1,995

2,171

1.05

Chukchansi Economic Development Authority

11/14/2005

935

617

.66

Fontainebleau Resorts

06/01/2007

3,827

3,759

Majestic Holdco LLC

05/03/2006

890

893

MediMedia USA, Inc.

11/06/2006

1,365

1,414

1,246

0.91

Midwest Gaming Borrower LLC

04/09/2010

710

703

698

0.98

Reichhold Industries, Inc.

08/21/2006

2,320

2,315

2,042

0.88

San Pasqual Casino

09/29/2005

475

451

0.95

Tunica-Biloxi Gaming Authority

11/14/2005

2,435

2,489

2,179

.90

Viant Holdings, Inc.

06/27/2007

719

520

732

1.02

Waterford Gaming LLG

09/27/2007

2,897

2,312

.80

Description

Date of Acquisition

Shares

Cost

Value

Price*

American Seafoods Group LLC

05/07/2010

1,265

75.00

Mirant Corp.

01/20/2006

1,770,000

Panolam Holdings Co.

12/29/2009

1,803

3,080

1,053

583.76

RathGibson, Inc.

06/14/2010

95,700

891

1,497

15.64

Reader’s Digest Association, Inc.

05/18/2010

13,112


*		Price not rounded to thousands.

t		Value and/or principal is less than $1.

¥		Price rounds to less than $0.01.

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 35

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

DEFINITION:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2010, these securities aggregated $218,252, or 34.59%, of the portfolio’s net assets.

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	133	$	—	$	16	$	149
Equities — Consumer Staples		—		95		—		95
Equities — Energy		1,820		45		—		1,865
Equities — Industrials		144		—		1,497		1,641
Equities — Materials		—		—		1,053		1,053
Equities — Telecommunication Services		1,054		—		—		1,054
Equities — Utilities		—		—	t		t
Fixed Income — Asset-Backed Security		—		735		—		735
Fixed Income — Consumer Discretionary		—		148,276		3,601		151,877
Fixed Income — Consumer Staples		—		34,204		—		34,204
Fixed Income — Energy		—		51,557		—		51,557
Fixed Income — Financials		—		59,852		82		59,934
Fixed Income — Health Care		—		66,241		—		66,241
Fixed Income — Industrials		—		70,377		1,137		71,514
Fixed Income — Information Technology		—		19,199		—		19,199
Fixed Income — Materials		—		40,199		—		40,199
Fixed Income — Telecommunication Services		—		90,655		—		90,655
Fixed Income — Utilities		—		16,043		—		16,043
Investment Company — Financials		—		94		—		94
Cash & Cash Equivalent — Repurchase Agreement		—		6,149		—		6,149

Total	$	3,151	$	603,721	$	7,386	$	614,258

Level 3 Rollforward — Investment Securities


	Beginning												Net Transfers		Ending
	Balance at		Net			Accrued		Total Realized		Change in Unrealized			In/(Out) of		Balance at
Securities	12/31/2009		Purchases/(Sales)			Discounts/(Premiums)		Gain/(Loss)		Appreciation/(Depreciation)			Level 3		06/30/2010

Fixed Income — Consumer Discretionary	$	1,420	$	(425	)	$	—	$	11	$	821		$	1,775	$	3,602
Fixed Income — Financials		—		212			—		—		(131	)		—		81
Fixed Income — Industrials		—		1,092			—		—		45			—		1,137
Equities — Consumer Discretionary		16		—			—		—		—			—		16
Equities — Industrials		—		891			—		—		606			—		1,497
Equities — Utilities	t			—			—		—		—			—	t
Equities — Materials		991		—			—		—		62			—		1,053

Total	$	2,427	$	1,770		$	—	$	11	$	1,403		$	1,775	$	7,386

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 36

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		U.S. GOVERNMENT OBLIGATIONS — 2.3%
		U.S. Treasury Bond
$	275	3.50%, 02/15/2039	$	255
	370	4.63%, 02/15/2040		416
	223	U.S. Treasury Inflation Indexed Bond 2.50%, 01/15/2029		252
		U.S. Treasury Note
	290	0.63%, 06/30/2012		290
	41	1.75%, 04/15/2013		42
	30	2.13%, 05/31/2015		31
	320	2.50%, 04/30/2015- 06/30/2017		326
	570	2.75%, 05/31/2017		581
	470	3.13%, 01/31/2017- 04/30/2017		492
	30	3.38%, 11/15/2019		31

		Total U.S. Government Obligations (cost $2,581)		2,716

		U.S. GOVERNMENT AGENCY OBLIGATIONS — 13.0%
		Fannie Mae
	1,528	5.00%, 05/25/2018- 06/01/2035 δ		1,644
	167	5.00%, 02/01/2036		177
	130	5.15% ▲, 10/09/2019 δ		80
	1,450	5.50%, 01/25/2034- 04/01/2036 δ		1,554
	366	6.00%, 03/25/2029- 08/01/2034 δ		403
	26	6.00%, 07/01/2034		29
	600	6.02%, 11/25/2010		609
	130	6.25%, 05/15/2029 δ		161
	14	6.50%, 07/01/2031- 10/01/2031 δ		16
	52	7.00%, 01/01/2016- 12/01/2016 δ		57
	120	7.13%, 01/15/2030 δ		163
	17	7.50%, 09/01/2030- 06/01/2031 δ		20
		Fannie Mae, TBA
	200	4.00%		202
	1,050	4.50%		1,084
	650	5.50%		696
	200	6.00%		217
	1,300	6.50%		1,423
		Farmer Mac Guaranteed Notes Trust 2007-1
	350	5.13%, 04/19/2017 — 144A δ		383
		Freddie Mac
	80	1.50%, 01/16/2013 δ		81
	54	5.50%, 11/01/2035 δ		58
		Freddie Mac, TBA
	900	5.00%		959
	300	5.50%		322
	100	6.00%		108
		Ginnie Mae
	479	1.50%, 11/20/2059 *		493
	100	4.50%, 03/15/2040		104
	100	5.00%, 05/15/2040		107
	2	7.00%, 01/15/2028		3
		Ginnie Mae, TBA
	300	4.50%		312
	1,200	5.00%		1,274
	1,300	5.50%		1,401
	700	6.00%		763
		Resolution Funding Corp. Interest Strip
	250	07/15/2018 §		194
	250	10/15/2018 §		192
	60	Tennessee Valley Authority 5.25%, 09/15/2039		66
		Total U.S. Government Agency Obligations (cost $14,915)		15,355
		FOREIGN GOVERNMENT OBLIGATION — 0.2%
	250	Japan Finance Corp. 2.88%, 02/02/2015		257
		Total Foreign Government Obligation (cost $249)
		MORTGAGE-BACKED SECURITIES — 6.4%
	94	Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2 0.77%, 02/25/2035 * δ		71
	4	Series 2004-5, Class 7A2 1.01%, 04/25/2035 *		4
	250	Banc of America Commercial Mortgage, Inc. Series 2005-5, Class A4 5.12%, 10/10/2045 * δ		265
	1,186	Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2 0.56%, 12/25/2046 *		277
	666	Countrywide Alternative Loan Trust Series 2005-56, Class 4A1 0.66%, 11/25/2035 *		360
	546	Countrywide Home Loan Mortgage Pass- Through Trust Series 2005-R3, Class AF 0.75%, 09/25/2035 — 144A * δ		439
	300	GE Capital Commercial Mortgage Corp. Series 2007-C1, Class A4 5.54%, 12/10/2049		286
	508	GMAC Mortgage Corp. Loan Trust Series 2005-AR1, Class 3A 3.60%, 03/18/2035 *		428
	160	GS Mortgage Securities Corp. II Series 2001-1285, Class C 6.71%, 08/15/2018 — 144A		165
	195	Impac CMB Trust Series 2004-6, Class 1A1 1.15%, 10/25/2034 *		146
	430	IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 6.15%, 09/25/2037 *		327
	523	IndyMac Index Mortgage Loan Trust Series 2007-AR15, Class 2A1 5.54%, 08/25/2037 *		276
	354	JPMorgan Mortgage Trust Series 2004-A3, Class 1A1 2.65%, 07/25/2034 *		339
	225	Merrill Lynch Mortgage Investors, Inc. Series 2004-A3, Class 4A3 5.05%, 05/25/2034 *		228
	1,300	Series 2005-A5, Class A3 2.75%, 06/25/2035 *		1,125
	200	Merrill Lynch Mortgage Trust Series 2006-C1, Class A4 5.84%, 05/12/2039 *		214
	150	MLCC Mortgage Investors, Inc. Series 2003-F, Class A1 0.67%, 10/25/2028 *		139
	190	Morgan Stanley Capital I Series 2005-HQ6, Class A4A 4.99%, 08/13/2042		197

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 37

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		MORTGAGE-BACKED SECURITIES — (continued)
$	135	Morgan Stanley Mortgage Loan Trust Series 2004-6AR, Class 1A 0.80%, 07/25/2034 *	$	114
	509	Prime Mortgage Trust Series 2006-DR1, Class 1A1 5.50%, 05/25/2035 — 144A		495
	226	Series 2006-DR1, Class 1A2 6.00%, 05/25/2035 — 144A		221
	264	Structured Asset Mortgage Investments, Inc. Series 2003-AR4, Class A1 0.70%, 01/19/2034 *		215
	406	WaMu Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1 0.64%, 10/25/2045 *		315
	434	Series 2005-AR13, Class A1B3 0.71%, 10/25/2045 *		255
	515	Series 2005-AR15, Class A1A2 0.63%, 11/25/2045 *		353
	396	Series 2007-HY4, Class 4A1 5.49%, 09/25/2036 *		326

		Total Mortgage-Backed Securities (cost $9,942)		7,580

		ASSET-BACKED SECURITIES — 3.8%
	197	Accredited Mortgage Loan Trust Series 2005-3, Class A1 0.59%, 09/25/2035 * δ		179
	100	Avis Budget Rental Car Funding Aesop LLC Series 2010-3A, Class A 4.64%, 05/20/2016 — 144A δ		104
	2,538	Bear Stearns Asset Backed Securities Trust Series 2007-SD1, Class 1A3A 6.50%, 10/25/2036 δ		1,789
	393	Continental Airlines Pass-Through Trust Series 2007-1A, Class A 5.98%, 04/19/2022 δ		385
	106	Countrywide Asset-Backed Certificates Series 2005-4, Class AF3 4.46%, 10/25/2035 *		103
	277	Countrywide Home Equity Loan Trust Series 2005-G, Class 2A 0.46%, 12/15/2035 *		105
	247	CVS Pass-Through Trust 6.94%, 01/10/2030 δ		272
	300	Delta Air Lines, Inc. Series 2000-1, Class A-2 7.57%, 11/18/2010 δ		304
	84	Series 2007-1, Class A 6.82%, 08/10/2022 δ		83
	150	Education Funding Capital Trust I Series 2003-3, Class A7 2.43%, 12/15/2042 * δ		140
	204	GSAMP Trust Series 2006-SD2, Class A1 0.46%, 05/25/2046 — 144A *		196
	120	Hertz Corp. Series 2009-2A, Class A2 5.29%, 03/25/2016 — 144A		130
	345	Lehman XS Trust Series 2005-5N, Class 1A1 0.65%, 11/25/2035 *		229
	268	Series 2005-7N, Class 1A1B 0.65%, 12/25/2035 *		85
	101	Series 2006-GP4, Class 3A1A 0.42%, 08/25/2046 *		99
	170	Nelnet Student Loan Trust Series 2008-4, Class A4 1.80%, 04/25/2017 *		175
	50	UAL Pass-Through Trust Series 2009-2A 9.75%, 01/15/2017		53

		Total Asset-Backed Securities (cost $5,589)		4,431

		MUNICIPAL GOVERNMENT OBLIGATIONS — 0.8%
	50	Municipal Electrical Authority of Georgia Build America Bonds 6.64%, 04/01/2057		48
	100	North Texas Higher Education Authority, Inc. 1.46%, 07/01/2030		99
	60	State of California — Build America Bonds 7.30%, 10/01/2039 δ		63
	757	Virginia Housing Development Authority Series 2006-C, Class CTFS 6.00%, 06/25/2034		760

		Total Municipal Government Obligations (cost $955)		970

		PREFERRED CORPORATE DEBT SECURITIES — 1.1%
		Capital Markets — 0.0% ∞
	20	Goldman Sachs Capital II 5.79%, 06/01/2012 * Ž		15
	200	Lehman Brothers Holdings Capital Trust VII 5.86%, 05/31/2012 Ž Џ	♦
		Commercial Banks — 0.6%
	10	BAC Capital Trust XIV 5.63%, 03/15/2012 * Ž		7
	75	Rabobank Nederland NV Series U 11.00%, 06/30/2019 — 144A * Ž		93
	100	Royal Bank of Scotland Group PLC 7.64%, 09/29/2017 * Ž		57
	200	Shinsei Finance Cayman, Ltd. 6.42%, 07/20/2016 — 144A * Ž		129
	150	Wachovia Capital Trust III 5.80%, 03/15/2011 * Ž		119
	130	Wells Fargo Capital X 5.95%, 12/15/2036		115
	140	Wells Fargo Capital XV 9.75%, 09/26/2013 * Ž		150
		Diversified Financial Services — 0.5%
	90	Credit Suisse 5.86%, 05/15/2017 * Ž δ		79
	250	ILFC E-Capital Trust II 6.25%, 12/21/2065 — 144A *		160
	170	MUFG Capital Finance 1, Ltd. 6.35%, 07/25/2016 * Ž		164
	235	Resona Preferred Global Securities Cayman, Ltd. 7.19%, 07/30/2015 — 144A * Ž		217

		Total Preferred Corporate Debt Securities (cost $1,755)		1,305

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 38

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		CORPORATE DEBT SECURITIES — 13.2%
		Aerospace & Defense — 0.1%
$	90	Boeing Co. 4.88%, 02/15/2020 δ	$	99
		Automobiles — 0.4%
	300	Daimler Finance North America LLC 5.88%, 03/15/2011		309
	470	Motors Liquidation Co. 8.25%, 07/15/2023 Џ		142
		Beverages — 0.4%
	120	Anheuser-Busch InBev Worldwide, Inc. 5.38%, 01/15/2020 δ		129
	310	Diageo Capital PLC 4.83%, 07/15/2020 δ		329
		Biotechnology — 0.1%
	120	FMC Finance III SA 6.88%, 07/15/2017		121
		Capital Markets — 0.8%
		BP Capital Markets PLC
	30	3.13%, 03/10/2012 δ		28
	100	5.25%, 11/07/2013 δ		92
		Goldman Sachs Group, Inc.
	20	3.63%, 08/01/2012		20
	10	4.75%, 07/15/2013		10
	20	5.25%, 10/15/2013		21
	60	5.38%, 03/15/2020		59
	90	5.45%, 11/01/2012		95
	120	Lehman Brothers Holdings E-Capital Trust I 3.59%, 08/19/2065 Џ	♦
	100	Lehman Brothers Holdings, Inc. 5.25%, 02/06/2012 Џ		20
	480	Lehman Brothers Holdings, Inc. — Series I 6.75%, 12/28/2017 Џ	♦
	100	Morgan Stanley — Series F 0.75%, 10/18/2016 *		87
	260	5.63%, 01/09/2012		271
	260	UBS AG Stamford CT 3.88%, 01/15/2015		259
		Chemicals — 0.0% ∞
	17	Westlake Chemical Corp. 6.63%, 01/15/2016		16
		Commercial Banks — 1.2%
	120	Barclays Bank PLC 5.20%, 07/10/2014 δ		127
		Commonwealth Bank of Australia
	80	3.75%, 10/15/2014 — 144A δ		82
	30	5.00%, 10/15/2019 — 144A δ		31
	180	Credit Agricole SA 8.38%, 10/13/2019 — 144A * Ž δ		170
		Glitnir Banki HF
	160	6.33%, 07/28/2011 — 144A Џ §		42
	380	6.69%, 06/15/2016 — 144A * Џ §	♦
	140	Landsbanki Islands HF 6.10%, 08/25/2011 — 144A Џ §		16
		Lloyds TSB Bank PLC
	120	4.38%, 01/12/2015 — 144A		116
	100	5.80%, 01/13/2020 — 144A		94
		Nordea Bank AB
	110	3.70%, 11/13/2014 — 144A		112
	100	4.88%, 01/27/2020 — 144A		103
	110	Royal Bank of Scotland Group PLC 6.40%, 10/21/2019		112
	260	Santander Issuances S.A Unipersonal 5.81%, 06/20/2016 — 144A *		251
	100	Wachovia Corp. 5.25%, 08/01/2014		106
		Consumer Finance — 0.5%
	190	American Express Co. 6.80%, 09/01/2066 * δ		181
		SLM Corp.
	235	5.00%, 10/01/2013 — 04/15/2015		224
	60	5.05%, 11/14/2014		54
	45	5.63%, 08/01/2033		33
	120	8.00%, 03/25/2020		105
		Containers & Packaging — 0.0% ∞
	50	Ball Corp. 6.75%, 09/15/2020		51
		Diversified Consumer Services — 0.0% ∞
	35	Service Corp. International 7.50%, 04/01/2027		31
		Diversified Financial Services — 3.1%
	150	Ally Financial, Inc. 1.75%, 10/30/2012		153
	40	ASIF Global Financing XIX 4.90%, 01/17/2013 — 144A δ		39
		Bank of America Corp.
	190	4.50%, 04/01/2015 δ		192
	30	5.42%, 03/15/2017 δ		30
	200	5.63%, 07/01/2020 δ		202
	80	7.40%, 01/15/2011		82
	50	Boeing Capital Corp. 4.70%, 10/27/2019 δ		54
	210	Caterpillar Financial Services Corp. — Series F 6.20%, 09/30/2013 δ		238
		Citigroup, Inc.
	330	5.00%, 09/15/2014 δ		330
	40	5.50%, 10/15/2014 δ		41
	120	6.00%, 12/13/2013 δ		126
	130	6.01%, 01/15/2015 δ		136
	50	6.38%, 08/12/2014 δ		53
	300	6.88%, 03/05/2038 δ		315
	90	General Electric Capital Corp. 6.00%, 08/07/2019		97
	350	General Electric Capital Corp. — Series A 6.88%, 01/10/2039		387
	200	JPMorgan Chase & Co. 5.13%, 09/15/2014		213
	40	5.15%, 10/01/2015		43
	220	6.13%, 06/27/2017		241
	130	Kaupthing Bank Hf 7.13%, 05/19/2016 — 144A Џ §	♦
	710	Kaupthing Bank Hf — Series I 7.63%, 02/28/2015 — 144A Џ §		170
	300	Merna Reinsurance, Ltd. — Series B 2.04%, 07/07/2010 — 144A *		300
	100	Reynolds Group Issuer, Inc. 7.75%, 10/15/2016 — 144A		98
	110	TNK-BP Finance SA 7.50%, 07/18/2016 — 144A		114

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 39

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


Principal			Value

		Diversified Telecommunication Services — 1.1%
		AT&T, Inc.
$	190	5.10%, 09/15/2014	$	211
	60	5.50%, 02/01/2018 δ		66
	20	6.55%, 02/15/2039 δ		22
	80	Deutsche Telekom International Finance BV 5.75%, 03/23/2016 δ		88
	50	Intelsat Jackson Holdings SA 8.50%, 11/01/2019 — 144A		51
	60	Sprint Capital Corp. 8.75%, 03/15/2032		57
	130	Telecom Italia Capital SA 5.25%, 10/01/2015		131
	90	Telefonica Emisiones SAU 5.13%, 04/27/2020		90
	10	Verizon Communications, Inc. 8.95%, 03/01/2039		14
	50	Verizon Global Funding Corp. 7.38%, 09/01/2012		56
	300	Verizon New York, Inc. — Series A 6.88%, 04/01/2012		325
	140	Windstream Corp. 8.63%, 08/01/2016		141
		Electric Utilities — 0.5%
	10	Dynegy Holdings, Inc. 7.75%, 06/01/2019		7
	449	Energy Future Holdings Corp. 11.25%, 11/01/2017 Ώ		292
	5	Exelon Corp. 5.63%, 06/15/2035 δ		5
	7	FirstEnergy Corp. — Series B 6.45%, 11/15/2011		7
	175	FirstEnergy Corp. — Series C 7.38%, 11/15/2031		185
		Pacific Gas & Electric Co.
	60	5.80%, 03/01/2037		65
	20	6.05%, 03/01/2034		22
	40	8.25%, 10/15/2018		51
		Energy Equipment & Services — 0.3%
		Cie Generale de Geophysique-Veritas
	80	7.50%, 05/15/2015		76
	40	7.75%, 05/15/2017		38
	105	Complete Production Services, Inc. 8.00%, 12/15/2016		103
	110	Enterprise Products Operating LLC 9.75%, 01/31/2014 δ		132
	25	Pride International, Inc. 7.38%, 07/15/2014		25
		Food Products — 0.2%
	93	Delhaize America, Inc. 9.00%, 04/15/2031 δ		127
	140	Kraft Foods, Inc. 5.38%, 02/10/2020		150
		Health Care Equipment & Supplies — 0.0% ∞
	40	Medtronic, Inc. 4.45%, 03/15/2020		43
	58	DaVita, Inc. 6.63%, 03/15/2013		57
		HCA, Inc.
	6	6.30%, 10/01/2012		6
	20	9.13%, 11/15/2014		21
	50	Humana, Inc. 7.20%, 06/15/2018		56
		Tenet Healthcare Corp.
	45	9.00%, 05/01/2015 — 144A		48
	45	10.00%, 05/01/2018 — 144A		50
	20	WellPoint, Inc. 5.88%, 06/15/2017		22
		Hotels, Restaurants & Leisure — 0.1%
		Boyd Gaming Corp.
	25	6.75%, 04/15/2014		22
	80	7.13%, 02/01/2016		65
	30	Inn of the Mountain Gods Resort & Casino 12.00%, 11/15/2010 Џ §		15
		MGM Resorts International
	5	6.63%, 07/15/2015		4
	10	7.63%, 01/15/2017		8
	15	Mohegan Tribal Gaming Authority 6.13%, 02/15/2013		12
		Station Casinos, Inc.
	10	6.88%, 03/01/2016 Џ §		♦
	90	7.75%, 08/15/2016 Џ §		6
		Independent Power Producers & Energy Traders — 0.1%
	80	AES Corp. 7.75%, 10/15/2015		81
	70	Edison Mission Energy 7.00%, 05/15/2017		45
	10	NRG Energy, Inc. 7.38%, 01/15/2017		10
		Insurance — 0.5%
	40	American International Group, Inc. 5.85%, 01/16/2018 δ		36
	100	Berkshire Hathaway, Inc. 3.20%, 02/11/2015 δ		103
	130	MetLife, Inc. 6.40%, 12/15/2036		114
	80	Teachers Insurance & Annuity Association of America 6.85%, 12/16/2039 — 144A		93
	250	Travelers Cos., Inc. 6.25%, 03/15/2037 *		235
		Media — 0.6%
	10	Cengage Learning Acquisitions, Inc. 10.50%, 01/15/2015 — 144A		9
	150	Comcast Cable Communications LLC 8.88%, 05/01/2017 δ		188
	20	Comcast Corp. 5.88%, 02/15/2018 δ		22
	5	CSC Holdings LLC 8.63%, 02/15/2019		5
		DISH DBS Corp.
	30	7.00%, 10/01/2013		31
	25	7.75%, 05/31/2015		26
	10	News America, Inc. 6.65%, 11/15/2037		11
	80	Reed Elsevier Capital, Inc. 8.63%, 01/15/2019		102

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 40

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Principal			Value

		Media — (continued)
$	30	Sun Media Corp. 7.63%, 02/15/2013	$	30
		Time Warner Cable, Inc.
	130	8.25%, 04/01/2019		160
	10	8.75%, 02/14/2019		13
	80	Time Warner Entertainment Co., LP 8.38%, 07/15/2033		99
		Metals & Mining — 0.5%
	10	Alcoa, Inc. 6.00%, 07/15/2013 δ		11
	190	Freeport-McMoRan Copper & Gold, Inc. 8.38%, 04/01/2017		209
	150	Rio Tinto Finance USA, Ltd. 6.50%, 07/15/2018		171
	65	Steel Dynamics, Inc. 6.75%, 04/01/2015		65
	101	Vale Overseas, Ltd. 6.88%, 11/21/2036		105
		Multiline Retail — 0.0% ∞
	20	JC Penney Corp., Inc. 7.40%, 04/01/2037		20
		Multi-Utilities — 0.1%
	80	Dominion Resources, Inc. — Series D 8.88%, 01/15/2019 δ		106
		Oil, Gas & Consumable Fuels — 1.7%
	150	Apache Corp. 6.00%, 09/15/2013 δ		168
		Chesapeake Energy Corp.
	20	6.25%, 01/15/2018		20
	5	6.38%, 06/15/2015		5
	25	6.50%, 08/15/2017		25
	5	7.25%, 12/15/2018		5
	80	ConocoPhillips 6.50%, 02/01/2039 δ		97
	40	ConocoPhillips Holding Co. 6.95%, 04/15/2029 δ		49
	40	Consol Energy, Inc. 8.25%, 04/01/2020 — 144A		42
	86	El Paso Corp. 7.80%, 08/01/2031		85
	70	El Paso Natural Gas Co. 8.38%, 06/15/2032 δ		82
		Hess Corp.
	20	7.30%, 08/15/2031 δ		24
	20	7.88%, 10/01/2029 δ		25
	90	8.13%, 02/15/2019		112
		Kerr-McGee Corp.
	90	6.95%, 07/01/2024		82
	20	7.88%, 09/15/2031		18
		Kinder Morgan Energy Partners, LP
	50	5.85%, 09/15/2012		54
	190	6.75%, 03/15/2011		196
	150	Occidental Petroleum Corp. 7.00%, 11/01/2013		174
	10	Opti Canada, Inc. 7.88%, 12/15/2014		9
	147	Pemex Project Funding Master Trust 6.63%, 06/15/2035		151
		Petrobras International Finance Co.
	42	5.75%, 01/20/2020		42
	50	6.13%, 10/06/2016		53
	60	Sandridge Energy, Inc. 8.75%, 01/15/2020 — 144A		57
		Shell International Finance BV
	10	4.38%, 03/25/2020		10
	80	6.38%, 12/15/2038		96
	15	Williams Cos., Inc. 8.75%, 03/15/2032		18
	71	Williams Cos., Inc. — Series A 7.50%, 01/15/2031		76
		XTO Energy, Inc.
	40	6.50%, 12/15/2018		49
	190	7.50%, 04/15/2012		211
		Pharmaceuticals — 0.1%
	110	Wyeth 5.95%, 04/01/2037		125
		Real Estate Management & Development — 0.2%
	230	Realogy Corp. 10.50%, 04/15/2014		195
		Semiconductors & Semiconductor Equipment — 0.0% ∞
	1	MagnaChip Semiconductor SA 0.03%, 12/15/2011 Ә		1
	10	National Semiconductor Corp. 6.60%, 06/15/2017		11
		Tobacco — 0.2%
	70	Altria Group, Inc. 8.50%, 11/10/2013 δ		82
	100	Reynolds American, Inc. 6.75%, 06/15/2017		108
		Wireless Telecommunication Services — 0.1%
	50	America Movil SAB de CV 5.63%, 11/15/2017 δ		54
		Rogers Communications, Inc.
	40	6.38%, 03/01/2014		45
	35	6.75%, 03/15/2015		41
	20	6.80%, 08/15/2018		24

		Total Corporate Debt Securities (cost $17,285)		15,595



Shares

		COMMON STOCKS — 56.6%
		Aerospace & Defense — 1.7%
	4,451	Boeing Co.	$	279
	9,475	Honeywell International, Inc.		370
	1,298	Lockheed Martin Corp.		97
	8,999	Northrop Grumman Corp.		490
	11,637	United Technologies Corp.		756
		Air Freight & Logistics — 1.0%
	4,201	FedEx Corp.		295
	15,132	United Parcel Service, Inc. — Class B		860
		Auto Components — 0.3%
	1,059	Autoliv, Inc. ‡		51
	13,426	Johnson Controls, Inc.		360
		Automobiles — 0.1%
	15,881	Ford Motor Co. ‡		160
		Beverages — 1.2%
	13,431	Coca-Cola Co.		674
	2,489	Dr. Pepper Snapple Group, Inc.		93
	871	Hansen Natural Corp. ‡		34
	9,291	PepsiCo, Inc.		566

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 41

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Biotechnology — 1.3%
	14,094	Amgen, Inc. ‡	$	740
	3,174	Biogen Idec, Inc. ‡		151
	3,060	Celgene Corp. ‡		156
	1,353	Genzyme Corp. ‡		69
	12,087	Gilead Sciences, Inc. ‡		414
		Building Products — 0.1%
	1,711	Armstrong World Industries, Inc. ‡		51
	2,855	Masco Corp.		31
		Capital Markets — 0.8%
	21,000	Bank of New York Mellon Corp.		518
	2,933	Federated Investors, Inc. — Class B		61
	2,391	Franklin Resources, Inc.		206
	4,227	T. Rowe Price Group, Inc.		188
		Chemicals — 0.8%
	732	Ashland, Inc.		34
	9,978	Dow Chemical Co.		237
	7,035	E.I. du Pont de Nemours & Co.		243
	4,335	Eastman Chemical Co.		231
	9,864	Huntsman Corp.		86
	1,465	Monsanto Co.		68
		Commercial Banks — 1.7%
	7,999	BB&T Corp.		210
	2,391	PNC Financial Services Group, Inc.		135
	26,376	U.S. Bancorp		590
	44,072	Wells Fargo & Co.		1,128
		Commercial Services & Supplies — 0.1%
	7,890	RR Donnelley & Sons Co.		129
		Communications Equipment — 1.2%
	52,843	Cisco Systems, Inc. ‡		1,126
	22,651	Motorola, Inc. ‡		148
	3,235	QUALCOMM, Inc.		106
	5,877	Tellabs, Inc.		38
		Computers & Peripherals — 3.0%
	2,916	Apple, Inc. ‡		734
	23,387	Dell, Inc. ‡		282
	14,828	EMC Corp. ‡		271
	11,103	Hewlett-Packard Co.		482
	6,102	International Business Machines Corp.		754
	3,678	Lexmark International, Inc. — Class A ‡		121
	1,755	NCR Corp. ‡		21
	1,744	SanDisk Corp. ‡		73
	27,005	Seagate Technology ‡		352
	1,241	Teradata Corp. ‡		38
	11,371	Western Digital Corp. ‡		343
		Consumer Finance — 0.4%
	11,329	Capital One Financial Corp.		457
		Diversified Consumer Services — 0.1%
	1,508	Apollo Group, Inc. — Class A ‡		64
		Diversified Financial Services — 2.8%
	89,388	Bank of America Corp.		1,285
	104,814	Citigroup, Inc. ‡		394
	625	CME Group, Inc. — Class A		176
	35,237	JPMorgan Chase & Co.		1,289
	5,065	SEI Investments Co.		103
		Diversified Telecommunication Services — 1.5%
	55,217	AT&T, Inc. δ		1,335
	16,736	Verizon Communications, Inc.		469
		Electric Utilities — 1.2%
	45,442	Duke Energy Corp.		728
	13,968	Exelon Corp.		530
	2,329	PPL Corp.		58
		Electrical Equipment — 0.4%
	8,784	Emerson Electric Co.		384
	1,879	Rockwell Automation, Inc.		92
		Electronic Equipment & Instruments — 0.5%
	2,817	Arrow Electronics, Inc. ‡		63
	12,538	Flextronics International, Ltd. ‡		70
	13,531	Ingram Micro, Inc. — Class A ‡		206
	647	Tech Data Corp. ‡		23
	9,665	Tyco Electronics, Ltd.		245
	3,917	Vishay Intertechnology, Inc. ‡		30
		Energy Equipment & Services — 0.8%
	3,804	Exterran Holdings, Inc. ‡		98
	7,655	Halliburton Co.		188
	3,292	National Oilwell Varco, Inc.		109
	9,784	Schlumberger, Ltd.		541
	64	SemGroup Corp. — Class A ‡		2
		Food & Staples Retailing — 1.1%
	953	Costco Wholesale Corp.		52
	7,917	CVS Caremark Corp.		232
	4,119	SUPERVALU, Inc.		45
	7,127	Walgreen Co.		190
	15,260	Wal-Mart Stores, Inc.		734
		Food Products — 1.0%
	17,414	Archer-Daniels-Midland Co.		450
	7,049	ConAgra Foods, Inc.		164
	1,856	Hormel Foods Corp.		75
	3,104	Kraft Foods, Inc. — Class A		87
	3,366	Smithfield Foods, Inc. ‡		50
	19,474	Tyson Foods, Inc. — Class A		319
		Gas Utilities — 0.0% ∞
	755	Energen Corp.		33
		Health Care Equipment & Supplies — 0.8%
	39,394	Boston Scientific Corp. ‡		228
	8,929	CareFusion Corp. ‡		203
	5,127	Medtronic, Inc.		186
	5,362	Stryker Corp.		268
	1,273	Zimmer Holdings, Inc. ‡		69
		Health Care Providers & Services — 1.2%
	10,706	Cardinal Health, Inc.		360
	7,598	Coventry Health Care, Inc. ‡		134
	858	Humana, Inc. ‡		39
	2,023	McKesson Corp.		136
	1,702	Medco Health Solutions, Inc. ‡		94
	10,333	UnitedHealth Group, Inc.		293
	7,459	WellPoint, Inc. ‡		365
		Hotels, Restaurants & Leisure — 0.7%
	8,803	Carnival Corp.		266
	1,053	Darden Restaurants, Inc.		41
	5,419	Marriott International, Inc. — Class A		162
	13,768	Starbucks Corp.		335
	953	Wynn Resorts, Ltd.		73

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 42

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Household Durables — 0.3%
	1,620	Harman International Industries, Inc. ‡	$	48
	1,433	Leggett & Platt, Inc.		29
	2,592	Mohawk Industries, Inc. ‡		119
	1,670	Whirlpool Corp.		146
		Household Products — 1.5%
	31,770	Procter & Gamble Co.		1,905
		Independent Power Producers & Energy
		Traders — 0.2%
	6,882	Constellation Energy Group, Inc.		222
	4,890	Mirant Corp. ‡		52
		Industrial Conglomerates — 1.3%
	4,190	3M Co.		331
	76,466	General Electric Co.		1,103
	2,675	Textron, Inc.		45
		Insurance — 2.0%
	2,498	Aflac, Inc.		107
	5,996	Berkshire Hathaway, Inc. — Class B ‡		477
	2,649	Chubb Corp.		132
	883	Cincinnati Financial Corp.		23
	2,785	Genworth Financial, Inc. — Class A ‡		36
	3,123	Lincoln National Corp.		76
	991	Loews Corp.		33
	1,199	Mercury General Corp.		50
	10,333	MetLife, Inc.		390
	1,097	Principal Financial Group, Inc.		26
	1,472	Protective Life Corp.		31
	4,483	Prudential Financial, Inc.		241
	6,519	Travelers Cos., Inc.		321
	16,800	Unum Group		365
	181	White Mountains Insurance Group, Ltd.		59
		Internet & Catalog Retail — 0.4%
	4,123	Amazon.com, Inc. ‡		451
	4,322	Liberty Media Corp. — Interactive ‡		45
		Internet Software & Services — 0.9%
	5,561	eBay, Inc. ‡		109
	2,161	Google, Inc. — Class A ‡		961
	1,157	VeriSign, Inc. ‡		31
		IT Services — 0.6%
	16,483	Accenture PLC — Class A		637
	1,971	Computer Sciences Corp.		89
		Machinery — 1.0%
	2,930	Caterpillar, Inc.		176
	2,507	Cummins, Inc.		163
	2,272	Eaton Corp.		149
	2,960	Illinois Tool Works, Inc.		122
	3,708	Oshkosh Corp. ‡		116
	4,011	PACCAR, Inc.		160
	2,350	Parker Hannifin Corp.		130
	3,726	Toro Co.		183
		Media — 2.4%
	34,364	Comcast Corp. — Class A		596
	10,128	Comcast Corp. — Special Class A		166
	3,005	DIRECTV — Class A ‡		102
	14,800	DISH Network Corp. — Class A		269
	33,744	News Corp. — Class A		404
	3,876	News Corp. — Class B		54
	615	Scripps Networks Interactive, Inc. — Class A		25
	917	Time Warner Cable, Inc.		48
	20,337	Time Warner, Inc.		587
	14,083	Walt Disney Co.		444
		Metals & Mining — 0.7%
	8,028	Alcoa, Inc.		81
	6,788	Freeport-McMoRan Copper & Gold, Inc.		401
	5,239	Newmont Mining Corp.		323
	1,963	Reliance Steel & Aluminum Co.		71
	1,602	Schnitzer Steel Industries, Inc. — Class A		63
		Multiline Retail — 0.4%
	5,929	Big Lots, Inc. ‡		190
	4,868	JC Penney Co., Inc.		105
	4,743	Nordstrom, Inc.		153
		Multi-Utilities — 0.4%
	4,703	Dominion Resources, Inc.		182
	813	DTE Energy Co.		37
	2,307	Integrys Energy Group, Inc.		101
	2,512	MDU Resources Group, Inc.		45
	5,832	NiSource, Inc.		85
	1,727	TECO Energy, Inc.		26
		Oil, Gas & Consumable Fuels — 5.6%
	748	Apache Corp.		63
	6,676	Chesapeake Energy Corp.		140
	19,735	Chevron Corp.		1,339
	3,519	Cimarex Energy Co.		252
	20,263	ConocoPhillips		995
	7,189	Devon Energy Corp.		438
	40,930	Exxon Mobil Corp.		2,336
	8,642	Hess Corp.		435
	1,135	Occidental Petroleum Corp.		88
	1,124	Sunoco, Inc.		39
	7,401	Tesoro Corp.		86
	20,629	Valero Energy Corp.		371
		Paper & Forest Products — 0.4%
	1,253	Domtar Corp.		62
	16,354	International Paper Co.		370
		Personal Products — 0.0% ∞
	1,110	NBTY, Inc. ‡		38
		Pharmaceuticals — 3.7%
	2,542	Abbott Laboratories		119
	8,929	Bristol-Myers Squibb Co.		223
	30,836	Eli Lilly & Co.		1,033
	6,601	Forest Laboratories, Inc. ‡		181
	19,808	Johnson & Johnson		1,170
	7,045	King Pharmaceuticals, Inc. ‡		53
	11,032	Merck & Co., Inc.		386
	84,936	Pfizer, Inc.		1,212
		Professional Services — 0.1%
	3,717	Manpower, Inc.		161
		Real Estate Investment Trusts — 1.4%
	2,117	AvalonBay Communities, Inc.		198
	2,483	Plum Creek Timber Co., Inc.		86
	2,982	Public Storage		262
	5,052	Rayonier, Inc.		222
	10,857	Simon Property Group, Inc.		877

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 43

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Semiconductors & Semiconductor
		Equipment — 1.7%
	4,254	Advanced Micro Devices, Inc. ‡	$	31
	3,406	Fairchild Semiconductor International, Inc. — Class A ‡		29
	12,472	Integrated Device Technology, Inc. ‡		62
	63,803	Intel Corp.		1,240
	18,845	LSI Corp. ‡		87
	14,852	Micron Technology, Inc. ‡		126
	2,378	NVIDIA Corp. ‡		24
	17,172	Texas Instruments, Inc.		400
		Software — 2.9%
	22,175	Activision Blizzard, Inc.		233
	4,096	Adobe Systems, Inc. ‡		108
	2,825	Amdocs, Ltd. ‡		76
	76,126	Microsoft Corp.		1,751
	36,603	Oracle Corp.		786
	22,667	Symantec Corp. ‡		315
		Specialty Retail — 1.0%
	6,863	AutoNation, Inc. ‡		134
	2,630	Best Buy Co., Inc.		89
	1,346	Carmax, Inc. ‡		27
	3,987	Gap, Inc.		78
	3,975	Guess?, Inc.		124
	10,160	Limited Brands, Inc.		224
	6,198	Office Depot, Inc. ‡		25
	2,205	Penske Automotive Group, Inc. ‡		25
	8,250	Ross Stores, Inc.		439
	2,820	Williams-Sonoma, Inc.		70
		Textiles, Apparel & Luxury Goods — 0.1%
	991	Fossil, Inc. ‡		34
	1,956	Nike, Inc. — Class B		133
		Thrifts & Mortgage Finance — 0.1%
	8,051	Hudson City Bancorp, Inc.		99
		Tobacco — 1.5%
	10,248	Altria Group, Inc.		205
	14,690	Lorillard, Inc.		1,057
	11,531	Philip Morris International, Inc.		529
		Trading Companies & Distributors — 0.0% ∞
	781	Fastenal Co.		39
		Wireless Telecommunication Services — 0.2%
	44,286	Sprint Nextel Corp. ‡		188
	1,579	Telephone & Data Systems, Inc.		48

		Total Common Stocks (cost $71,613)		66,789

		PREFERRED STOCKS — 0.1%
		Diversified Financial Services — 0.1%
		Citigroup Capital XII
	2,850	2.43% ▲ *		71
		U.S. Government Agency Obligation — 0.0% ∞
	600	Fannie Mae 7.00%	♦
	10,800	Fannie Mae 8.25% *		4
	14,925	Freddie Mac 8.38% *		5

		Total Preferred Stocks (cost $746)		80


Principal

		SHORT-TERM U.S. GOVERNMENT OBLIGATION — 2.5%
$	3,000	U.S. Treasury Bill 0.23%, 08/26/2010		2,999
		Total Short-Term U.S. Government Obligation (cost $2,999)

Shares

		WARRANT — 0.0% ∞
		SemGroup Corp. ‡ Ә
		Expiration: 11/30/2014
	68	Exercise Price: $25.00	♦
		Total Warrant (cost $♦)

Notional
Amount

		PURCHASED OPTIONS — 0.0% ∞
		Call Options — 0.0% ∞
$	3	10-Year U.S. Treasury Note Call Strike $119.50 Expires 08/27/2010		10
	4	10-Year U.S. Treasury Note
		Call Strike $121.50
		Expires 08/27/2010		8

		Total Purchased Options (cost $9)		18


Principal

		REPURCHASE AGREEMENT — 6.2%
$	7,337	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $7,337 on 07/01/2010. Collateralized by a U.S. Government Obligations, 1.00%, due 04/30/2012, and with a total value of $7,493.		7,337
		Total Repurchase Agreement (cost $7,337)

		Total Investment Securities (cost $135,975) #		125,432
		Other Assets and Liabilities — Net		(7,296	)

		Net Assets	$	118,136

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 44

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


	Notional
	Amount			Value

WRITTEN-OPTIONS - 0.0% ∞
Put Options - 0.0% ∞
10-Year U.S. Treasury Note Put Strike $115.00 Expires 08/27/2010	$	(4	)	$	♦
Call Options - 0.0% ∞
10-Year U.S. Treasury Note Call Strike $123.50 Expires 08/27/2010		(2	)		(2	)
10-Year U.S. Treasury Note Call Strike $121.00 Expires 08/27/2010		(4	)		(9	)
Euro Call Strike $99.25 Expires 09/13/2010		(28	)		(5	)

Total Written Options (Premiums: $12)				$	(16	)

FUTURES CONTRACTS: ^(a)


							Net Unrealized
							Appreciation
Description	Type	Contracts ┌			Expiration Date		(Depreciation)

10-Year U.S. Treasury Note	Long		35			09/21/2010	$	93
30-Year U.S. Treasury Bond	Long		2			09/21/2010		7
5-Year U.S. Treasury Note	Short		(48	)		09/30/2010		(69	)
90-Day Euro	Long		12			09/13/2010		5
S&P 500 E Mini Index	Long		13			09/17/2010		(54	)
Ultra Long U.S. Treasury Bond	Long		23			09/21/2010		82

							$	64

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in			Net Unrealized
				Settlement		U.S. Dollars			Appreciation
Currency	Bought (Sold)			Date		Bought (Sold)			(Depreciation)

Euro		113			08/17/2010	$	144			($5	)
Euro		(97	)		08/17/2010		(123	)		5
Euro		102			08/17/2010		125			♦
Euro		94			08/17/2010		120			(5	)
Euro		(102	)		08/17/2010		(132	)		8
Euro		(110	)		08/17/2010		(135	)		♦

									$	3

NOTES TO SCHEDULE OF INVESTMENTS:

δ		All or a portion of this security is segregated with the broker to cover margin requirements for open futures contracts. The value of these securities at 06/30/2010 is $14,107.

§		Illiquid. At 06/30/2010, illiquid investment securities aggregated $635, or 0.54% of the portfolio’s net assets.

*		Floating or variable rate note. Rate is listed as of 06/30/2010.

Ž		The security has a perpetual maturity. The date shown is the next call date.

Џ		In default.

♦		Amount rounds to less than $1.

Ώ		Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.

Ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. These securities had a market value of $1, or less than 0.01% of the portfolio’s net assets.

‡		Non-income producing security.

∞		Percentage rounds to less than 0.1%.

▲		Rate shown reflects the yield at 06/30/2010.

┌		Contract amounts are not in thousands.

^(a)		Cash, in the amount of $330, has been pledged as collateral with the broker to cover open futures contracts.

#		Aggregate cost for federal income tax purposes is $135,975. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,635 and $16,178, respectively. Net unrealized depreciation for tax purposes is $10,543.

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 45

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

DEFINITIONS:

144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2010, these securities aggregated $4,820, or 4.08%, of the portfolio’s net assets.

STRIP		Separate Trading of Registered Interest and Principal of Security

TBA		To Be Announced

Valuation Summary:


Investment Securities	Level 1		Level 2			Level 3		Total

Equities — Consumer Discretionary	$	6,895	$	—		$	—	$	6,895
Equities — Consumer Staples		7,499		—			—		7,499
Equities — Energy		7,520		♦			—		7,520
Equities — Financials		10,922		—			—		10,922
Equities — Health Care		8,282		—			—		8,282
Equities — Industrials		6,712		—			—		6,712
Equities — Information Technology		12,620		—			1		12,621
Equities — Materials		2,270		—			—		2,270
Equities — Telecommunication Services		2,040		—			—		2,040
Equities — U.S. Government Agency Obligation		9		—			—		9
Equities — Utilities		2,099		—			—		2,099
Fixed Income — Asset-Backed Security		—		4,431			—		4,431
Fixed Income — Consumer Discretionary		—		1,319			—		1,319
Fixed Income — Consumer Staples		—		925			—		925
Fixed Income — Energy		—		2,409			—		2,409
Fixed Income — Financials		—		8,656			♦		8,656
Fixed Income — Foreign Government Obligation		—		257			—		257
Fixed Income — Health Care		—		549			—		549
Fixed Income — Industrials		—		99			—		99
Fixed Income — Information Technology		—		12			—		12
Fixed Income — Materials		—		628			—		628
Fixed Income — Mortgage-Backed Security		—		7,580			—		7,580
Fixed Income — Municipal Government Obligation		—		970			—		970
Fixed Income — Short-Term U.S. Government Obligation		—		2,999			—		2,999
Fixed Income — Telecommunication Services		—		1,427			—		1,427
Fixed Income — U.S. Government Agency Obligation		—		15,355			—		15,355
Fixed Income — U.S. Government Obligation		—		2,716			—		2,716
Fixed Income — Utilities		—		876			—		876
Purchased Options		—		18			—		18
Cash & Cash Equivalent — Repurchase Agreement		—		7,337			—		7,337

Total	$	66,868	$	58,563		$	1	$	125,432


Other Financial Instruments^*

Futures Contracts — Appreciation	$	—	$	187		$	—	$	187
Futures Contracts — Depreciation		—		(123	)		—		(123	)
Forward Foreign Currency Contracts — Appreciation		—		13			—		13
Forward Foreign Currency Contracts — Depreciation		—		(10	)		—		(10	)

Total	$	—	$	67		$	—	$	67


Other Financial Instruments

Written Option	$	—		($16	)	$	—		($16	)

Level 3 Rollforward — Investment Securities


	Beginning		Net						Change in Unrealized		Net Transfers		Ending
	Balance at		Purchases/		Accrued Discounts/		Total Realized		Appreciation/		In/(Out) of		Balance at
Securities	12/31/2009		(Sales)		(Premiums)		Gain/(Loss)		(Depreciation)		Level 3		06/30/2010

Fixed Income — Financials	$	—	$	—	$	—	$	—	$	♦	$	—	$	♦
Fixed Income — Information Technology		1		—		—		—		♦		—		1

Total	$	1	$	—	$	—	$	—	$	♦	$	—	$	1


^*		Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.

♦		Amount rounds to less than $1.

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 46

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 96.3%
		Aerospace & Defense — 2.9%
	72,700	General Dynamics Corp. ^	$	4,257
	49,200	L-3 Communications Holdings, Inc. ^		3,485
	15,400	Lockheed Martin Corp. ^		1,147
	200,000	Northrop Grumman Corp.		10,888
	138,100	Raytheon Co.		6,683
		Air Freight & Logistics — 0.6%
	76,600	FedEx Corp.		5,370
		Airlines — 0.5%
	103,800	Copa Holdings SA — Class A		4,590
		Biotechnology — 2.8%
	289,400	Amgen, Inc. ‡		15,222
	128,200	Biogen Idec, Inc. ‡ ^		6,083
	143,200	Gilead Sciences, Inc. ‡ ^		4,909
		Building Products — 0.6%
	181,400	Owens Corning, Inc. ‡ ^		5,426
		Capital Markets — 2.5%
	134,100	Ameriprise Financial, Inc.		4,845
	102,300	Franklin Resources, Inc. ^		8,817
	210,400	T. Rowe Price Group, Inc. ^		9,340
		Chemicals — 2.0%
	83,500	Ashland, Inc.		3,876
	219,300	Cabot Corp.		5,287
	99,600	Cytec Industries, Inc.		3,983
	90,700	Eastman Chemical Co. ^		4,840
	15,600	Lubrizol Corp. ^		1,253
		Commercial Banks — 5.1%
	107,700	Credicorp, Ltd. ^		9,789
	158,800	PNC Financial Services Group, Inc. ^		8,972
	1,137,500	Wells Fargo & Co. ^		29,120
		Communications Equipment — 0.5%
	101,200	Harris Corp. ^		4,215
		Construction & Engineering — 0.8%
	375,000	KBR, Inc.		7,628
		Consumer Finance — 0.8%
	173,100	Capital One Financial Corp. ^		6,976
		Diversified Consumer Services — 1.0%
	76,200	Apollo Group, Inc. — Class A ‡		3,236
	74,100	ITT Educational Services, Inc. ‡ ^		6,152
		Diversified Financial Services — 5.9%
	844,200	Bank of America Corp. ^		12,131
	13,000	CME Group, Inc. — Class A		3,660
	836,400	JPMorgan Chase & Co. ^		30,621
	301,100	NYSE Euronext ^		8,319
		Diversified Telecommunication Services — 4.3%
	1,005,500	AT&T, Inc. ^		24,323
	187,000	BCE, Inc.		5,473
	372,600	Verizon Communications, Inc.		10,440
		Electric Utilities — 3.8%
	373,300	Edison International ^		11,841
	143,000	Entergy Corp.		10,242
	149,500	Exelon Corp.		5,677
	667,200	NV Energy, Inc.		7,880
		Electronic Equipment & Instruments — 1.0%
	737,900	Flextronics International, Ltd. ‡ ^		4,132
	339,100	Ingram Micro, Inc. — Class A ‡ ^		5,151
		Energy Equipment & Services — 0.6%
	144,600	Oil States International, Inc. ‡ ^		5,723
		Food & Staples Retailing — 4.7%
	105,800	BJ’s Wholesale Club, Inc. ‡ ^		3,916
	165,800	CVS Caremark Corp.		4,861
	480,400	Kroger Co. ^		9,459
	481,900	Safeway, Inc. ^		9,474
	307,800	Sysco Corp. ^		8,794
	147,400	Wal-Mart Stores, Inc.		7,086
		Food Products — 0.8%
	468,700	Tyson Foods, Inc. — Class A ^		7,682
		Gas Utilities — 0.4%
	80,200	Energen Corp.		3,555
		Health Care Providers & Services — 6.0%
	133,600	Aetna, Inc. ^		3,524
	280,400	AmerisourceBergen Corp. — Class A ^		8,903
	325,100	Cardinal Health, Inc. ^		10,927
	305,800	Health Net, Inc. ‡		7,452
	134,300	Humana, Inc. ‡ ^		6,133
	549,500	UnitedHealth Group, Inc. ^		15,606
	70,400	WellPoint, Inc. ‡		3,445
		Household Durables — 0.6%
	59,000	Whirlpool Corp. ^		5,181
		Household Products — 2.3%
	349,200	Procter & Gamble Co.		20,945
		Independent Power Producers & Energy Traders — 1.2%
	148,500	Constellation Energy Group, Inc. ^		4,789
	571,800	Mirant Corp. ‡ ^		6,038
		Industrial Conglomerates — 0.7%
	460,000	General Electric Co.		6,633
		Insurance — 10.5%
	122,700	ACE, Ltd.		6,317
	103,400	Aflac, Inc. ^		4,412
	86,200	Allied World Assurance Co., Holdings, Ltd.		3,912
	75,200	Arch Capital Group, Ltd. ‡ ^		5,602
	189,500	Assurant, Inc.		6,576
	278,100	Axis Capital Holdings, Ltd.		8,265
	243,300	Chubb Corp. ^		12,167
	125,500	Platinum Underwriters Holdings, Ltd. ^		4,554
	159,000	RenaissanceRe Holdings, Ltd. ^		8,947
	113,000	Torchmark Corp. ^		5,595
	285,800	Travelers Cos., Inc.		14,077
	479,300	Unum Group ^		10,401
	259,500	WR Berkley Corp. ^		6,866
		Internet & Catalog Retail — 0.7%
	56,100	NetFlix, Inc. ‡		6,095
		Machinery — 1.5%
	132,300	Gardner Denver, Inc. ^		5,899
	271,100	Oshkosh Corp. ‡ ^		8,448
		Media — 3.3%
	754,100	Comcast Corp. — Class A ^		13,098
	268,000	DIRECTV — Class A ‡ ^		9,091
	325,700	Time Warner, Inc.		9,416
		Metals & Mining — 0.7%
	228,800	Southern Copper Corp. ^		6,072
		Multi-Utilities — 1.2%
	366,200	Public Service Enterprise Group, Inc. ^		11,473


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 47

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Oil, Gas & Consumable Fuels — 10.6%
	473,200	Chevron Corp. ^	$	32,111
	351,900	ConocoPhillips ^		17,275
	203,000	Exxon Mobil Corp. ^		11,585
	193,100	Hess Corp.		9,721
	422,400	Marathon Oil Corp. ^		13,132
	191,900	Murphy Oil Corp.		9,509
	150,000	Sunoco, Inc. ^		5,216
		Personal Products — 0.9%
	176,100	Herbalife, Ltd. ^		8,109
		Pharmaceuticals — 3.9%
	273,300	Bristol-Myers Squibb Co. ^		6,816
	37,300	Eli Lilly & Co.		1,250
	476,300	Johnson & Johnson ^		28,130
		Real Estate Investment Trusts — 0.6%
	137,400	Taubman Centers, Inc. ^		5,170
		Real Estate Management & Development — 0.9%
	123,500	Jones Lang Lasalle, Inc. ^		8,107
		Road & Rail — 0.4%
	99,100	Ryder System, Inc. ^		3,987
		Semiconductors & Semiconductor Equipment — 2.2%
	544,600	Intel Corp.		10,592
	452,400	Texas Instruments, Inc.		10,532
		Software — 1.1%
	448,100	Microsoft Corp.		10,311
		Specialty Retail — 0.8%
	20,700	AutoZone, Inc. ‡ ^		4,000
	190,800	Gap, Inc. ^		3,713
		Textiles, Apparel & Luxury Goods — 2.2%
	250,400	Coach, Inc. ^		9,153
	34,200	Deckers Outdoor Corp. ‡ ^		4,886
	175,600	Fossil, Inc. ‡ ^		6,093
		Thrifts & Mortgage Finance — 1.0%
	764,100	Hudson City Bancorp, Inc. ^		9,353
		Tobacco — 0.4%
	90,100	Philip Morris International, Inc.		4,130
		Wireless Telecommunication Services — 1.0%
	311,800	Telephone & Data Systems, Inc.		9,476

		Total Common Stocks (cost $925,789)		896,045

		SECURITIES LENDING COLLATERAL — 2.0%
		State Street Navigator Securities Lending
	18,317,346	Trust — Prime Portfolio, 0.25% ▲		18,317
		Total Securities Lending Collateral (cost $18,317)


Principal

		REPURCHASE AGREEMENT — 2.0%
$	18,358	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $18,358 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $18,726.		18,358

		Total Repurchase Agreement (cost $18,358)

		Total Investment Securities (cost $962,464) #		932,720
		Other Assets and Liabilities — Net		(2,602	)

		Net Assets	$	930,118


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 48

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $17,886.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $962,464. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $51,905 and $81,649, respectively. Net unrealized depreciation for tax purposes is $29,744.

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	80,114	$	—	$	—	$	80,114
Equities — Consumer Staples		84,456		—		—		84,456
Equities — Energy		104,272		—		—		104,272
Equities — Financials		252,911		—		—		252,911
Equities — Health Care		118,400		—		—		118,400
Equities — Industrials		74,441		—		—		74,441
Equities — Information Technology		44,933		—		—		44,933
Equities — Materials		25,311		—		—		25,311
Equities — Telecommunication Services		49,712		—		—		49,712
Equities — Utilities		61,495		—		—		61,495
Cash & Cash Equivalent — Securities Lending Collateral		18,317		—		—		18,317
Cash & Cash Equivalent — Repurchase Agreement		—		18,358		—		18,358

Total	$	914,362	$	18,358	$	—	$	932,720


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 49

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 96.5%
		Aerospace & Defense — 4.7%
	14,200	General Dynamics Corp.	$	832
	24,900	L-3 Communications Holdings, Inc.		1,764
	21,100	Lockheed Martin Corp.		1,572
	50,500	Northrop Grumman Corp.		2,749
	57,200	Raytheon Co.		2,768
	16,100	United Technologies Corp.		1,045
		Air Freight & Logistics — 0.9%
	31,500	FedEx Corp.		2,208
		Automobiles — 0.4%
	83,400	Ford Motor Co. ‡		841
		Beverages — 0.6%
	30,200	Coca-Cola Co.		1,514
		Biotechnology — 2.9%
	52,000	Amgen, Inc. ‡		2,734
	48,000	Biogen Idec, Inc. ‡		2,278
	47,800	Gilead Sciences, Inc. ‡		1,639
		Capital Markets — 2.3%
	22,900	Ameriprise Financial, Inc.		827
	26,200	Franklin Resources, Inc.		2,258
	53,000	T. Rowe Price Group, Inc.		2,353
		Chemicals — 0.3%
	15,800	Agrium, Inc.		773
		Commercial Banks — 3.4%
	14,800	Credicorp, Ltd.		1,345
	36,500	PNC Financial Services Group, Inc.		2,062
	180,500	Wells Fargo & Co.		4,621
		Communications Equipment — 1.7%
	85,900	Cisco Systems, Inc. ‡		1,831
	42,000	Research In Motion, Ltd. ‡		2,068
		Computers & Peripherals — 6.1%
	5,300	Apple, Inc. ‡		1,333
	94,700	Hewlett-Packard Co.		4,099
	50,200	International Business Machines Corp.		6,199
	20,600	SanDisk Corp. ‡		867
	74,700	Seagate Technology ‡		974
	27,800	Western Digital Corp. ‡		838
		Consumer Finance — 0.9%
	50,100	Capital One Financial Corp.		2,019
		Diversified Consumer Services — 0.7%
	39,100	Apollo Group, Inc. — Class A ‡		1,661
		Diversified Financial Services — 2.1%
	3,300	CME Group, Inc. — Class A		929
	56,800	JPMorgan Chase & Co.		2,080
	68,200	NYSE Euronext		1,884
		Diversified Telecommunication Services — 3.0%
	207,300	AT&T, Inc.		5,015
	68,600	BCE, Inc.		2,008
		Electric Utilities — 1.5%
	76,500	Edison International		2,427
	15,600	Entergy Corp.		1,117
		Electronic Equipment & Instruments — 0.9%
	78,700	Tyco Electronics, Ltd.		1,997
		Food & Staples Retailing — 5.3%
	29,000	CVS Caremark Corp.		850
	106,000	Kroger Co.		2,087
	104,900	Safeway, Inc.		2,062
	40,100	Sysco Corp.		1,146
	54,100	Walgreen Co.		1,444
	96,000	Wal-Mart Stores, Inc.		4,615
		Food Products — 1.4%
	37,300	Archer-Daniels-Midland Co.		963
	66,300	Campbell Soup Co. ^		2,376
		Health Care Equipment & Supplies — 1.1%
	28,500	Covidien PLC		1,145
	38,200	Medtronic, Inc.		1,386
		Health Care Providers & Services — 5.3%
	46,600	Aetna, Inc.		1,229
	78,600	AmerisourceBergen Corp. — Class A		2,496
	70,900	Cardinal Health, Inc.		2,383
	45,300	Humana, Inc. ‡		2,069
	121,400	UnitedHealth Group, Inc.		3,447
	17,900	WellPoint, Inc. ‡		876
		Hotels, Restaurants & Leisure — 0.5%
	48,700	Starbucks Corp.		1,183
		Household Durables — 0.6%
	14,900	Whirlpool Corp.		1,309
		Household Products — 2.4%
	95,100	Procter & Gamble Co.		5,703
		Industrial Conglomerates — 0.9%
	61,700	Tyco International, Ltd.		2,174
		Insurance — 5.1%
	32,500	ACE, Ltd.		1,673
	47,700	Aflac, Inc.		2,035
	54,300	Allstate Corp.		1,560
	59,600	Chubb Corp.		2,981
	61,300	Travelers Cos., Inc.		3,019
	24,600	Unum Group		534
		IT Services — 1.0%
	22,200	Fiserv, Inc. ‡		1,014
	17,800	Visa, Inc. — Class A		1,259
		Machinery — 1.2%
	15,900	Dover Corp.		664
	27,700	Illinois Tool Works, Inc.		1,144
	16,300	Parker Hannifin Corp.		904
		Media — 3.6%
	61,500	Comcast Corp. — Class A		1,068
	99,100	DIRECTV — Class A ‡		3,361
	18,400	Time Warner Cable, Inc.		958
	108,500	Time Warner, Inc.		3,137
		Metals & Mining — 2.1%
	17,500	Cliffs Natural Resources, Inc.		825
	31,300	Freeport-McMoRan Copper & Gold, Inc.		1,851
	85,200	Southern Copper Corp. ^		2,262
		Multiline Retail — 1.7%
	118,300	Macy’s, Inc.		2,118
	39,400	Target Corp.		1,937


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 50

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Multi-Utilities — 1.6%
	27,500	DTE Energy Co. ^	$	1,254
	80,700	Public Service Enterprise Group, Inc.		2,528
		Oil, Gas & Consumable Fuels — 11.2%
	88,400	Chevron Corp.		5,999
	86,700	ConocoPhillips		4,256
	163,500	Exxon Mobil Corp.		9,331
	35,900	Hess Corp.		1,807
	94,700	Marathon Oil Corp.		2,944
	36,400	Murphy Oil Corp.		1,804
		Paper & Forest Products — 0.5%
	48,300	International Paper Co.		1,093
		Pharmaceuticals — 2.7%
	108,500	Johnson & Johnson		6,408
		Real Estate Management & Development — 0.5%
	51,900	Brookfield Asset Management, Inc. — Class A		1,174
		Road & Rail — 0.9%
	17,700	Norfolk Southern Corp.		939
	16,500	Union Pacific Corp.		1,147
		Semiconductors & Semiconductor
		Equipment — 3.5%
	266,900	Intel Corp.		5,191
	127,000	Texas Instruments, Inc.		2,957
		Software — 4.2%
	49,900	CA, Inc.		918
	290,100	Microsoft Corp.		6,675
	155,800	Symantec Corp. ‡		2,163
		Specialty Retail — 2.4%
	12,500	AutoZone, Inc. ‡		2,415
	112,800	Gap, Inc.		2,195
	21,900	TJX Cos., Inc.		919
		Textiles, Apparel & Luxury Goods — 1.3%
	61,100	Coach, Inc.		2,233
	12,800	V.F. Corp.		911
		Thrifts & Mortgage Finance — 1.1%
	200,300	Hudson City Bancorp, Inc.		2,452
		Tobacco — 1.6%
	80,400	Philip Morris International, Inc.		3,686
		Trading Companies & Distributors — 0.4%
	10,200	WW Grainger, Inc.		1,014

		Total Common Stocks (cost $235,688)		225,189

		SECURITIES LENDING COLLATERAL — 0.1%
	214,618	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25% ▲	$	215
		Total Securities Lending Collateral (cost $215)


Principal

		REPURCHASE AGREEMENT — 0.6%
$	1,354	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $1,354 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $1,383.		1,354
		Total Repurchase Agreement (cost $1,354)

		Total Investment Securities (cost $237,257) #		226,758

		Other Assets and Liabilities — Net		6,548

		Net Assets	$	233,306

NOTES TO SCHEDULE OF INVESTMENTS:



‡		Non-income producing security.

^		All or a portion of this security is on loan. The value of all securities on loan is $209.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $237,257. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,981 and $16,480, respectively. Net unrealized depreciation for tax purposes is $10,499.


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 51

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	26,246	$	—	$	—	$	26,246
Equities — Consumer Staples		26,446		—		—		26,446
Equities — Energy		26,141		—		—		26,141
Equities — Financials		35,806		—		—		35,806
Equities — Health Care		28,090		—		—		28,090
Equities — Industrials		20,924		—		—		20,924
Equities — Information Technology		40,383		—		—		40,383
Equities — Materials		6,804		—		—		6,804
Equities — Telecommunication Services		7,023		—		—		7,023
Equities — Utilities		7,326		—		—		7,326
Cash & Cash Equivalent — Securities Lending Collateral		215		—		—		215
Cash & Cash Equivalent — Repurchase Agreement		—		1,354		—		1,354

Total	$	225,404	$	1,354	$	—	$	226,758


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 52

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 98.9%
		Aerospace & Defense — 3.3%
	11,500	Alliant Techsystems, Inc. ‡^	$	714
	139,495	Boeing Co. ^		8,753
	86,831	Honeywell International, Inc.		3,389
	41,574	Lockheed Martin Corp. ^		3,097
	53,256	Precision Castparts Corp.		5,481
	60,221	Raytheon Co.		2,914
	137,921	United Technologies Corp. ^		8,953
		Air Freight & Logistics — 0.5%
	14,400	Expeditors International of Washington, Inc.		497
	8,854	FedEx Corp.		621
	66,200	United Parcel Service, Inc. — Class B ^		3,766
		Airlines — 0.6%
	77,700	Continental Airlines, Inc. — Class B ‡^		1,709
	7,100	Copa Holdings SA — Class A		314
	385,155	Southwest Airlines Co. ^		4,279
		Auto Components — 0.5%
	32,000	Autoliv, Inc. ‡^		1,531
	37,100	Goodyear Tire & Rubber Co. ‡^		369
	94,794	Johnson Controls, Inc.		2,548
	6,800	TRW Automotive Holdings Corp. ‡^		187
		Automobiles — 0.2%
	79,667	Harley-Davidson, Inc.		1,771
		Beverages — 1.1%
	32,632	Anheuser-Busch InBev NV ADR		1,567
	114,304	Coca-Cola Co.		5,728
	64,969	PepsiCo, Inc.		3,960
		Biotechnology — 1.2%
	42,530	Amylin Pharmaceuticals, Inc. ‡^		800
	113,207	Celgene Corp. ‡^		5,753
	83,470	Gilead Sciences, Inc. ‡		2,861
	80,010	Vertex Pharmaceuticals, Inc. ‡^		2,632
		Building Products — 0.3%
	12,400	Lennox International, Inc.		515
	123,400	Masco Corp. ^		1,328
	36,500	Owens Corning, Inc. ‡^		1,092
		Capital Markets — 2.2%
	48,300	Ameriprise Financial, Inc.		1,745
	6,400	BlackRock, Inc. — Class A ^		918
	295,276	Charles Schwab Corp. ^		4,187
	66,646	Goldman Sachs Group, Inc.		8,749
	253,336	Morgan Stanley		5,880
		Chemicals — 1.2%
	36,900	Air Products & Chemicals, Inc.		2,392
	39,000	Ashland, Inc.		1,810
	59,900	Celanese Corp. — Series A		1,492
	34,200	International Flavors & Fragrances, Inc. ^		1,451
	6,900	Lubrizol Corp.		554
	9,000	Monsanto Co. ^		416
	45,800	Mosaic Co.		1,785
	71,000	Nalco Holding Co.		1,453
		Commercial Banks — 0.2%
	73,475	Wells Fargo & Co.		1,881
		Commercial Services & Supplies — 0.1%
	71,600	RR Donnelley & Sons Co. ^		1,172
		Communications Equipment — 4.9%
	1,448,940	Cisco Systems, Inc. ‡		30,877
	325,534	Emulex Corp. ‡^		2,988
	14,489	Harris Corp.		603
	471,322	Juniper Networks, Inc. ‡^		10,756
	52,530	QUALCOMM, Inc.		1,725
	93,773	Riverbed Technology, Inc. ‡^		2,590
		Computers & Peripherals — 13.7%
	179,465	Apple, Inc. ‡		45,140
	394,226	Dell, Inc. ‡^		4,754
	593,206	EMC Corp. ‡		10,856
	388,168	Hewlett-Packard Co. ^		16,800
	274,731	International Business Machines Corp.		33,923
	422,105	NetApp, Inc. ‡		15,749
	537,465	QLogic Corp. ‡^		8,933
	69,140	SanDisk Corp. ‡^		2,909
		Construction & Engineering — 0.2%
	78,740	Quanta Services, Inc. ‡^		1,626
		Consumer Finance — 0.2%
	49,200	American Express Co. ^		1,953
		Containers & Packaging — 0.0%∞
	8,200	Ball Corp. ^		433
		Diversified Consumer Services — 0.5%
	30,268	Apollo Group, Inc. — Class A ‡		1,285
	47,760	ITT Educational Services, Inc. ‡^		3,966
		Diversified Financial Services — 0.5%
	135,078	JPMorgan Chase & Co.		4,945
		Diversified Telecommunication Services — 0.2%
	10,997	Brasil Telecom SA ADR ‡^		221
	80,700	TW Telecom, Inc. — Class A ‡^		1,346
		Electrical Equipment — 1.2%
	29,000	AMETEK, Inc.		1,164
	151,696	Emerson Electric Co.		6,628
	29,100	Hubbell, Inc. — Class B		1,155
	38,100	Rockwell Automation, Inc.		1,870
	30,000	Thomas & Betts Corp. ‡		1,041
		Electronic Equipment & Instruments — 0.7%
	146,808	Agilent Technologies, Inc. ‡^		4,174
	57,700	Arrow Electronics, Inc. ‡		1,290
	118,300	Jabil Circuit, Inc. ^		1,573
		Energy Equipment & Services — 1.9%
	54,263	Baker Hughes, Inc. ^		2,256
	18,100	Cameron International Corp. ‡		589
	11,400	FMC Technologies, Inc. ‡^		600
	82,051	Oceaneering International, Inc. ‡		3,684
	19,200	Oil States International, Inc. ‡		760
	208,308	Schlumberger, Ltd. ^		11,527
		Food & Staples Retailing — 1.7%
	117,924	Costco Wholesale Corp.		6,466
	86,600	Walgreen Co. ^		2,312
	114,336	Wal-Mart Stores, Inc.		5,496
	70,684	Whole Foods Market, Inc. ‡^		2,546
		Food Products — 1.3%
	81,986	General Mills, Inc.		2,912
	23,490	Green Mountain Coffee Roasters, Inc. ‡^		604
	148,773	Kraft Foods, Inc. — Class A		4,166
	33,567	Mead Johnson Nutrition Co. — Class A		1,682
	149,300	Unilever PLC		3,991


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 53

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Health Care Equipment & Supplies — 2.8%
	33,460	Alcon, Inc.	$	4,958
	41,239	CR Bard, Inc.		3,197
	165,012	Hologic, Inc. ‡		2,299
	48,229	Hospira, Inc. ‡		2,771
	10,398	Intuitive Surgical, Inc. ‡		3,282
	258,459	Medtronic, Inc.		9,374
	35,934	Stryker Corp.		1,799
	11,500	Teleflex, Inc.		624
		Health Care Providers & Services — 3.1%
	83,076	AmerisourceBergen Corp. — Class A ^		2,638
	49,900	Cardinal Health, Inc. ^		1,677
	11,300	Community Health Systems, Inc. ‡		382
	79,204	Express Scripts, Inc. ‡		3,724
	14,500	Henry Schein, Inc. ‡^		796
	55,315	Laboratory Corp. of America Holdings ‡^		4,168
	39,115	McKesson Corp.		2,627
	200,501	Medco Health Solutions, Inc. ‡		11,043
	80,916	UnitedHealth Group, Inc.		2,298
	43,911	WellPoint, Inc. ‡		2,149
		Hotels, Restaurants & Leisure — 2.3%
	25,900	Carnival Corp.		783
	140,904	Las Vegas Sands Corp. ‡^		3,120
	160,569	Marriott International, Inc. — Class A ^		4,807
	113,548	McDonald’s Corp. ^		7,480
	20,300	Panera Bread Co. — Class A ‡^		1,528
	236,096	Starbucks Corp. ^		5,737
		Household Durables — 0.4%
	41,600	Harman International Industries, Inc. ‡		1,243
	30,000	Tupperware Brands Corp.		1,196
	15,500	Whirlpool Corp. ^		1,361
		Household Products — 1.8%
	20,728	Clorox Co.		1,288
	79,944	Colgate-Palmolive Co. ^		6,296
	13,700	Kimberly-Clark Corp.		831
	165,864	Procter & Gamble Co.		9,950
		Industrial Conglomerates — 1.7%
	48,800	3M Co.		3,855
	38,200	Carlisle Cos., Inc.		1,380
	467,009	General Electric Co. ^		6,735
	129,510	Koninklijke Philips Electronics NV		3,867
	66,400	McDermott International, Inc. ‡^		1,438
		Insurance — 0.8%
	51,300	Aflac, Inc.		2,189
	24,600	Endurance Specialty Holdings, Ltd. ^		923
	213,316	Lincoln National Corp.		5,182
		Internet & Catalog Retail — 2.1%
	163,321	Amazon.com, Inc. ‡		17,844
	141,980	Expedia, Inc.		2,666
	3,300	priceline.com, Inc. ‡^		583
		Internet Software & Services — 3.5%
	54,764	Baidu, Inc. ADR ‡		3,728
	95,601	eBay, Inc. ‡		1,875
	60,021	Google, Inc. — Class A ‡		26,706
	193,017	Tencent Holdings, Ltd.		3,198
		IT Services — 2.6%
	63,600	Automatic Data Processing, Inc.		2,561
	36,100	Cognizant Technology Solutions Corp. — Class A ‡		1,807
	17,800	Fiserv, Inc. ‡		813
	55,576	Mastercard, Inc. — Class A ^		11,089
	131,662	Visa, Inc. — Class A		9,315
	11,000	Western Union Co. ^		164
		Leisure Equipment & Products — 0.1%
	62,400	Mattel, Inc.		1,320
		Life Sciences Tools & Services — 0.9%
	63,714	Illumina, Inc. ‡^		2,773
	32,883	Life Technologies Corp. ‡^		1,554
	34,200	PerkinElmer, Inc.		707
	59,571	Waters Corp. ‡		3,854
		Machinery — 4.7%
	151,945	Caterpillar, Inc.		9,128
	65,359	Cummins, Inc.		4,257
	38,900	Deere & Co. ^		2,166
	118,005	Dover Corp.		4,931
	18,700	Eaton Corp.		1,224
	92,250	Illinois Tool Works, Inc.		3,808
	210,387	Ingersoll-Rand PLC ^		7,256
	48,734	Joy Global, Inc.		2,441
	52,000	Oshkosh Corp. ‡		1,620
	53,900	Pall Corp.		1,853
	110,662	Parker Hannifin Corp.		6,137
	50,000	Timken Co.		1,300
		Media — 2.0%
	29,600	DIRECTV — Class A ‡^		1,004
	16,740	Dreamworks Animation SKG, Inc. — Class A ‡		478
	183,700	Interpublic Group of Cos., Inc. ‡^		1,310
	177,420	News Corp. — Class A		2,122
	143,023	Omnicom Group, Inc.		4,906
	317,821	Walt Disney Co. ^		10,011
		Metals & Mining — 0.6%
	31,300	Cliffs Natural Resources, Inc.		1,476
	116,852	Nucor Corp. ^		4,473
		Multiline Retail — 1.4%
	147,358	Dollar General Corp. ‡^		4,060
	24,600	JC Penney Co., Inc. ^		528
	17,900	Kohl’s Corp. ‡		850
	181,994	Target Corp. ^		8,949
		Oil, Gas & Consumable Fuels — 4.6%
	35,300	Chevron Corp.		2,395
	68,300	ConocoPhillips		3,353
	269,493	Exxon Mobil Corp.		15,381
	39,300	Marathon Oil Corp. ^		1,222
	13,800	Murphy Oil Corp.		684
	153,220	Occidental Petroleum Corp.		11,821
	14,200	SM Energy Co.		570
	100,654	Southwestern Energy Co. ‡		3,889
	247,108	Valero Energy Corp. ^		4,443
	99,400	Williams Cos., Inc.		1,817


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 54

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Paper & Forest Products — 0.1%
	50,600	International Paper Co. ^	$	1,145
		Pharmaceuticals — 3.3%
	203,213	Abbott Laboratories		9,507
	4,912	Allergan, Inc.		286
	170,758	Eli Lilly & Co.		5,720
	60,935	Johnson & Johnson ^		3,599
	144,454	Mylan, Inc. ‡^		2,461
	89,765	Roche Holding AG ADR		3,079
	34,287	Shire PLC ADR		2,105
	125,972	Teva Pharmaceutical Industries, Ltd. ADR		6,550
		Professional Services — 0.0%∞
	4,700	Dun & Bradstreet Corp.		315
		Real Estate Management & Development — 0.0%∞
	1,300	Jones Lang Lasalle, Inc.		85
		Road & Rail — 0.4%
	63,704	Union Pacific Corp.		4,428
		Semiconductors & Semiconductor Equipment — 6.3%
	212,900	Advanced Micro Devices, Inc. ‡^		1,558
	367,428	Altera Corp. ^		9,116
	131,721	Analog Devices, Inc.		3,670
	73,766	Atheros Communications, Inc. ‡^		2,032
	120,600	Atmel Corp. ‡^		579
	167,842	Broadcom Corp. — Class A ^		5,534
	739,971	Intel Corp.		14,392
	410,244	Intersil Corp. — Class A ^		4,968
	140,130	Marvell Technology Group, Ltd. ‡		2,208
	59,900	Microchip Technology, Inc. ^		1,662
	38,200	National Semiconductor Corp. ^		514
	48,600	Rambus, Inc. ‡^		851
	160,200	Teradyne, Inc. ‡^		1,562
	171,077	Texas Instruments, Inc.		3,983
	422,171	Xilinx, Inc. ^		10,664
		Software — 8.2%
	322,151	Adobe Systems, Inc. ‡		8,514
	26,200	Amdocs, Ltd. ‡		703
	83,981	BMC Software, Inc. ‡		2,908
	32,500	CA, Inc.		598
	118,474	Check Point Software Technologies, Ltd. ‡^		3,493
	34,787	Longtop Financial Technologies, Ltd. ADR ‡^		1,127
	54,900	McAfee, Inc. ‡		1,687
	1,422,915	Microsoft Corp.		32,740
	645,532	Oracle Corp.		13,853
	70,633	Salesforce.com, Inc. ‡^		6,062
	76,093	Solarwinds, Inc. ‡^		1,221
	100,400	Symantec Corp. ‡^		1,394
	43,835	Synopsys, Inc. ‡^		915
	112,168	VMware, Inc. — Class A ‡^		7,021
		Specialty Retail — 3.8%
	43,100	Abercrombie & Fitch Co. — Class A ^		1,323
	75,408	Advance Auto Parts, Inc. ^		3,784
	109,300	American Eagle Outfitters, Inc. ^		1,284
	37,900	Best Buy Co., Inc. ^		1,283
	86,765	Buckle, Inc. ^		2,813
	84,200	Gap, Inc. ^		1,639
	54,886	Guess?, Inc.		1,715
	115,129	Home Depot, Inc.		3,232
	71,800	Limited Brands, Inc.		1,585
	56,700	PetSmart, Inc.		1,711
	79,348	Ross Stores, Inc. ^		4,228
	167,536	Staples, Inc. ^		3,192
	57,749	Tiffany & Co. ^		2,189
	132,323	TJX Cos., Inc. ^		5,550
	65,076	Urban Outfitters, Inc. ‡^		2,238
		Textiles, Apparel & Luxury Goods — 1.9%
	162,411	Coach, Inc.		5,936
	134,946	Nike, Inc. — Class B ^		9,115
	55,243	Polo Ralph Lauren Corp. — Class A ^		4,031
		Thrifts & Mortgage Finance — 0.1%
	94,100	Hudson City Bancorp, Inc. ^		1,152
		Tobacco — 0.7%
	21,500	Altria Group, Inc.		431
	138,702	Philip Morris International, Inc.		6,358
		Trading Companies & Distributors — 0.2%
	22,400	WW Grainger, Inc.		2,228
		Wireless Telecommunication Services — 0.1%
	10,400	Crown Castle International Corp. ‡^		388
	17,000	NII Holdings, Inc. ‡		553
	5,100	SBA Communications Corp. — Class A ‡		173

		Total Common Stocks (cost $990,556)		994,233


		SECURITIES LENDING COLLATERAL — 1.9%
	18,782,349	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25% 5		18,782
		Total Securities Lending Collateral (cost $18,782)


Principal

		REPURCHASE AGREEMENT — 0.4%
$	4,229	State Street Bank & Trust Co. 0.01% 5, dated 06/30/2010, to be repurchased at $4,229 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $4,320.		4,229

		Total Repurchase Agreement (cost $4,229)
		Total Investment Securities (cost $1,013,567) #		1,017,244
		Other Assets and Liabilities — Net		(12,120	)

		Net Assets	$	1,005,124


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 55

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

Notes to Schedule of Investments:


^		All or a portion of this security is on loan. The value of all securities on loan is $18,333.

‡		Non-income producing security.

∞		Percentage rounds to less than 0.1%.

5		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $1,013,567. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $72,375 and $68,698, respectively. Net unrealized appreciation for tax purposes is $3,677.

DEFINITIONS:


ADR		American Depositary Receipt

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	152,391	$	—	$	—	$	152,391
Equities — Consumer Staples		62,592		3,991		—		66,583
Equities — Energy		64,991		—		—		64,991
Equities — Financials		39,789		—		—		39,789
Equities — Health Care		114,047		—		—		114,047
Equities — Industrials		128,578		3,867		—		132,445
Equities — Information Technology		399,228		3,198		—		402,426
Equities — Materials		18,880		—		—		18,880
Equities — Telecommunication Services		2,681		—		—		2,681
Cash & Cash Equivalent — Repurchase Agreement		—		4,229		—		4,229
Cash & Cash Equivalent — Securities Lending Collateral		18,782		—		—		18,782

Total	$	1,001,959	$	15,285	$	—	$	1,017,244


*The notes to the financial statements are an integral part of this report.*




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 56

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 97.2%
		Aerospace & Defense — 1.5%
	42,900	Alliant Techsystems, Inc. ‡^{^}	$	2,662
	53,600	L-3 Communications Holdings, Inc. ^{^}		3,797
	46,800	Precision Castparts Corp. ^{^}		4,817
		Auto Components — 0.4%
	94,600	WABCO Holdings, Inc. ‡^{^}		2,978
		Beverages — 2.4%
	43,700	Brown-Forman Corp. — Class B ^{^}		2,501
	361,800	Coca-Cola Enterprises, Inc. ^{^}		9,356
	142,900	Molson Coors Brewing Co. — Class B ^{^}		6,053
		Capital Markets — 2.5%
	22,500	Affiliated Managers Group, Inc. ‡^{^}		1,367
	190,100	Ameriprise Financial, Inc. ^{^}		6,869
	59,000	Northern Trust Corp. ^{^}		2,755
	66,100	T. Rowe Price Group, Inc. ^{^}		2,934
	313,100	TD Ameritrade Holding Corp. ‡^{^}		4,791
		Chemicals — 5.2%
	143,900	Air Products & Chemicals, Inc. ^{^}		9,327
	22,900	Airgas, Inc. ^{^}		1,424
	115,200	Albemarle Corp. ^{^}		4,575
	66,900	Celanese Corp. — Series A ^{^}		1,666
	100,000	CF Industries Holdings, Inc. ^{^}		6,345
	108,000	FMC Corp. ^{^}		6,202
	71,200	PPG Industries, Inc. ^{^}		4,301
	95,400	Sigma-Aldrich Corp. ^{^}		4,754
		Commercial Banks — 5.8%
	109,800	Bancorpsouth, Inc. ^{^}		1,963
	129,500	BB&T Corp. ^{^}		3,407
	44,600	City National Corp. ^{^}		2,285
	43,300	Cullen/Frost Bankers, Inc. ^{^}		2,226
	597,400	Fifth Third Bancorp ^{^}		7,342
	139,100	KeyCorp ^{^}		1,070
	47,100	M&T Bank Corp. ^{^}		4,001
	1,085,700	Regions Financial Corp. ^{^}		7,144
	372,600	SunTrust Banks, Inc. ^{^}		8,682
	169,500	TCF Financial Corp. ^{^}		2,815
	65,200	Wilmington Trust Corp. ^{^}		723
	83,000	Zions Bancorporation ^{^}		1,790
		Commercial Services & Supplies — 2.3%
	249,700	Avery Dennison Corp. ^{^}		8,023
	304,200	Republic Services, Inc. — Class A ^{^}		9,044
		Computers & Peripherals — 0.4%
	241,100	Seagate Technology ‡		3,144
		Construction Materials — 0.2%
	30,900	Vulcan Materials Co. ^{^}		1,354
		Containers & Packaging — 2.2%
	123,700	Ball Corp. ^{^}		6,535
	400,600	Crown Holdings, Inc. ‡		10,031
		Distributors — 0.6%
	114,300	Genuine Parts Co. ^{^}		4,509
		Diversified Consumer Services — 0.4%
	202,900	H&R Block, Inc. ^{^}		3,184
		Diversified Financial Services — 1.7%
	338,200	Invesco, Ltd. ^{^}		5,692
	261,300	NYSE Euronext ^{^}		7,220
		Diversified Telecommunication Services — 0.8%
	130,800	CenturyLink, Inc. ^{^}		4,357
	137,800	Windstream Corp. ^{^}		1,455
		Electric Utilities — 3.7%
	254,000	American Electric Power Co., Inc. ^{^}		8,204
	100,300	Entergy Corp.		7,183
	76,900	PPL Corp. ^{^}		1,919
	237,300	Westar Energy, Inc. ^{^}		5,128
	94,900	Wisconsin Energy Corp. ^{^}		4,815
		Electrical Equipment — 2.2%
	54,300	AMETEK, Inc.		2,180
	234,500	Cooper Industries PLC — Class A		10,318
	71,400	Roper Industries, Inc. ^{^}		3,996
		Electronic Equipment & Instruments — 1.8%
	116,000	Amphenol Corp. — Class A ^{^}		4,556
	131,200	Arrow Electronics, Inc. ‡^{^}		2,932
	237,400	Tyco Electronics, Ltd.		6,026
		Energy Equipment & Services — 1.8%
	185,000	Baker Hughes, Inc. ^{^}		7,690
	426,000	Weatherford International, Ltd. ‡^{^}		5,598
		Food & Staples Retailing — 0.7%
	266,800	Safeway, Inc. ^{^}		5,245
		Food Products — 1.8%
	109,900	JM Smucker Co. ^{^}		6,619
	62,050	McCormick & Co., Inc. ^{^}		2,355
	92,400	Mead Johnson Nutrition Co. — Class A ^{^}		4,631
		Gas Utilities — 2.2%
	154,700	Energen Corp.		6,858
	126,900	EQT Corp. ^{^}		4,586
	110,400	Oneok, Inc. ^{^}		4,775
	23,100	Questar Corp. ‡		373
		Health Care Equipment & Supplies — 6.2%
	85,400	Becton, Dickinson and Co. ^{^}		5,775
	112,450	CR Bard, Inc. ^{^}		8,718
	355,600	St. Jude Medical, Inc. ‡^{^}		12,833
	149,900	Stryker Corp. ^{^}		7,504
	219,200	Zimmer Holdings, Inc. ‡^{^}		11,848
		Health Care Providers & Services — 2.2%
	124,900	Community Health Systems, Inc. ‡^{^}		4,223
	162,400	Coventry Health Care, Inc. ‡^{^}		2,871
	230,850	Lincare Holdings, Inc. ‡^{^}		7,505
	72,400	VCA Antech, Inc. ‡^{^}		1,793
		Hotels, Restaurants & Leisure — 1.2%
	45,899	Darden Restaurants, Inc. ^{^}		1,783
	97,066	Marriott International, Inc. — Class A ^{^}		2,906
	113,900	Yum! Brands, Inc. ^{^}		4,447
		Household Durables — 4.6%
	142,600	Fortune Brands, Inc. ^{^}		5,587
	89,600	Jarden Corp. ^{^}		2,408
	75,100	Mohawk Industries, Inc. ‡^{^}		3,437
	517,200	Newell Rubbermaid, Inc. ^{^}		7,571
	95,706	Snap-On, Inc. ^{^}		3,915
	238,200	Stanley Black & Decker, Inc. ^{^}		12,033
		Household Products — 0.7%
	41,400	Clorox Co. ^{^}		2,573
	49,500	Energizer Holdings, Inc. ‡^{^}		2,489
		Industrial Conglomerates — 2.4%
	59,500	Carlisle Cos., Inc. ^{^}		2,150
	464,300	Tyco International, Ltd.		16,356

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 57

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Insurance — 8.4%
	161,500	AON Corp.	$	5,995
	85,700	Assurant, Inc.		2,974
	222,700	Cincinnati Financial Corp. ^{^}		5,761
	225,700	Loews Corp.		7,518
	557,700	Old Republic International Corp. ^{^}		6,765
	196,200	OneBeacon Insurance Group, Ltd. — Class A ^{^}		2,810
	150,200	Principal Financial Group, Inc. ^{^}		3,521
	74,500	Symetra Financial Corp. ^{^}		894
	115,500	Transatlantic Holdings, Inc. ^{^}		5,539
	332,500	Unum Group ^{^}		7,215
	182,600	WR Berkley Corp. ^{^}		4,832
	502,900	XL Capital, Ltd. — Class A ^{^}		8,051
		Internet & Catalog Retail — 0.4%
	146,800	Expedia, Inc.		2,757
		IT Services — 1.5%
	103,500	Alliance Data Systems Corp. ‡^{^}		6,161
	345,300	Western Union Co. ^{^}		5,148
		Leisure Equipment & Products — 0.3%
	52,000	Hasbro, Inc.		2,137
		Media — 4.5%
	79,900	Cablevision Systems Corp. — Class A ^{^}		1,918
	115,500	DISH Network Corp. — Class A		2,096
	257,900	Gannett Co., Inc. ^{^}		3,471
	210,300	Omnicom Group, Inc. ^{^}		7,213
	42,900	Scripps Networks Interactive, Inc. — Class A ^{^}		1,731
	444,600	Viacom, Inc. — Class B ^{^}		13,948
	7,600	Washington Post Co. — Class B ^{^}		3,120
		Metals & Mining — 0.7%
	115,200	Allegheny Technologies, Inc. ^{^}		5,091
		Multiline Retail — 0.2%
	90,100	Macy’s, Inc. ^{^}		1,613
		Multi-Utilities — 3.5%
	790,300	CMS Energy Corp. ^{^}		11,577
	103,300	NSTAR ^{^}		3,616
	116,300	Sempra Energy ^{^}		5,442
	282,000	Xcel Energy, Inc. ^{^}		5,812
		Oil, Gas & Consumable Fuels — 4.5%
	117,300	CVR Energy, Inc. ‡^{^}		882
	272,400	Denbury Resources, Inc. ‡^{^}		3,988
	87,900	Devon Energy Corp.		5,355
	201,700	El Paso Corp.		2,241
	91,030	Kinder Morgan Management LLC ‡		5,151
	240,900	Nexen, Inc.		4,739
	163,300	Teekay Corp. ^{^}		4,274
	391,600	Williams Cos., Inc. ^{^}		7,158
		Professional Services — 1.4%
	53,300	Dun & Bradstreet Corp. ^{^}		3,577
	150,950	Manpower, Inc. ^{^}		6,519
		Real Estate Investment Trusts — 1.8%
	138,000	Kimco Realty Corp. ^{^}		1,855
	23,400	Public Storage ^{^}		2,057
	98,300	Regency Centers Corp. ^{^}		3,382
	42,100	Ventas, Inc. ^{^}		1,977
	59,837	Vornado Realty Trust ^{^}		4,364
		Real Estate Management & Development — 0.8%
	258,900	Brookfield Properties Corp.		3,635
	190,900	CB Richard Ellis Group, Inc. — Class A ‡^{^}		2,598
		Semiconductors & Semiconductor Equipment — 1.0%
	56,899	Avago Technologies, Ltd. ‡		1,198
	1,353,800	LSI Corp. ‡^{^}		6,228
		Software — 4.8%
	119,600	Amdocs, Ltd. ‡		3,211
	233,200	BMC Software, Inc. ‡^{^}		8,076
	122,600	Check Point Software Technologies, Ltd. ‡^{^}		3,614
	190,100	Jack Henry & Associates, Inc. ^{^}		4,540
	271,850	Parametric Technology Corp. ‡^{^}		4,260
	266,600	Red Hat, Inc. ‡^{^}		7,715
	201,700	Synopsys, Inc. ‡^{^}		4,209
		Specialty Retail — 3.6%
	13,900	AutoNation, Inc. ‡^{^}		271
	21,600	AutoZone, Inc. ‡^{^}		4,174
	103,600	Bed Bath & Beyond, Inc. ‡^{^}		3,841
	364,300	Gap, Inc. ^{^}		7,090
	56,500	Sherwin-Williams Co. ^{^}		3,909
	79,700	Staples, Inc. ^{^}		1,518
	86,500	Tiffany & Co. ^{^}		3,279
	67,500	TJX Cos., Inc. ^{^}		2,832
		Textiles, Apparel & Luxury Goods — 0.4%
	56,600	Phillips-Van Heusen Corp. ^{^}		2,619
		Thrifts & Mortgage Finance — 0.3%
	148,600	People’s United Financial, Inc. ^{^}		2,006
		Tobacco — 0.3%
	30,100	Lorillard, Inc.		2,167
		Water Utilities — 0.4%
	140,900	American Water Works Co., Inc. ^{^}		2,903
		Wireless Telecommunication Services — 0.5%
	135,763	Telephone & Data Systems, Inc. — Class L		3,603

		Total Common Stocks (cost $718,277)		725,923


		SECURITIES LENDING COLLATERAL — 25.6%
	190,923,525	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25% ▲		190,924
		Total Securities Lending Collateral (cost $190,924)


Principal

		REPURCHASE AGREEMENTS — 3.7%
$	8,680	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $8,680 on 07/01/2010. Collateralized by a U.S. Government Agency Obligation, 4.38%, due 09/17/2010, and with a value of $8,855.		8,680
	18,745	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $18,745 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00% due 04/30/2012, and with a value of $19,124.		18,745

		Total Repurchase Agreements (cost $27,425)		27,425

		Total Investment Securities (cost $936,626) #		944,272
		Other Assets and Liabilities — Net		(197,616	)

		Net Assets	$	746,656

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 58

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:



^{^}		All or a portion of this security is on loan. The value of all securities on loan is $186,330.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $936,626. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $40,996 and $33,350, respectively. Net unrealized appreciation for tax purposes is $7,646.

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	124,295	$	—	$	—	$	124,295
Equities — Consumer Staples		43,989		—		—		43,989
Equities — Energy		47,076		—		—		47,076
Equities — Financials		158,825		—		—		158,825
Equities — Health Care		63,070		—		—		63,070
Equities — Industrials		73,439		—		—		73,439
Equities — Information Technology		71,018		—		—		71,018
Equities — Materials		61,605		—		—		61,605
Equities — Telecommunication Services		9,415		—		—		9,415
Equities — Utilities		73,191		—		—		73,191
Cash & Cash Equivalent — Securities Lending Collateral		190,924		—		—		190,924
Cash & Cash Equivalent — Repurchase Agreement		—		27,425		—		27,425

Total	$	916,847	$	27,425	$	—	$	944,272

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 59

TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 99.7%
		Aerospace & Defense — 2.2%
	183,940	BE Aerospace, Inc. ‡	$	4,678
		Auto Components — 4.0%
	119,805	BorgWarner, Inc. ‡		4,474
	121,985	Gentex Corp.		2,193
	95,000	Tenneco, Inc. ‡		2,001
		Chemicals — 2.7%
	145,590	Albemarle Corp.		5,781
		Commercial Banks — 1.8%
	552,217	Marshall & Ilsley Corp.		3,965
		Communications Equipment — 3.5%
	111,016	F5 Networks, Inc. ‡		7,612
		Computers & Peripherals — 5.1%
	102,395	Lexmark International, Inc. — Class A ‡		3,382
	67,000	NetApp, Inc. ‡		2,500
	123,840	SanDisk Corp. ‡		5,210
		Consumer Finance — 2.3%
	123,375	Capital One Financial Corp.		4,972
		Electronic Equipment & Instruments — 4.1%
	92,035	Dolby Laboratories, Inc. — Class A ‡		5,770
	111,417	Plexus Corp. ‡		2,979
		Energy Equipment & Services — 1.6%
	22,975	Core Laboratories NV ^{^}		3,391
		Food & Staples Retailing — 1.9%
	112,168	Whole Foods Market, Inc. ‡^{^}		4,041
		Food Products — 0.8%
	64,330	Green Mountain Coffee Roasters, Inc. ‡		1,653
		Health Care Equipment & Supplies — 6.0%
	68,910	Edwards Lifesciences Corp. ‡		3,861
	16,363	Intuitive Surgical, Inc. ‡		5,165
	88,775	Thoratec Corp. ‡		3,793
		Health Care Providers & Services — 2.2%
	53,848	Emergency Medical Services Corp. - Class A ‡		2,640
	44,698	Express Scripts, Inc. ‡		2,102
		Health Care Technology — 1.0%
	29,705	Cerner Corp. ‡^{^}		2,254
		Hotels, Restaurants & Leisure — 6.8%
	36,425	Chipotle Mexican Grill, Inc. — Class A ‡^{^}		4,983
	66,985	Panera Bread Co. — Class A ‡^{^}		5,043
	109,290	Starwood Hotels & Resorts Worldwide, Inc.		4,528
		Household Durables — 1.2%
	87,300	Tempur-Pedic International, Inc. ‡		2,684
		Internet & Catalog Retail — 1.5%
	28,960	NetFlix, Inc. ‡		3,147
		Internet Software & Services — 0.9%
	27,070	Baidu, Inc. ADR ‡		1,843
		IT Services — 6.1%
	222,810	Acxiom Corp. ‡		3,273
	66,580	Alliance Data Systems Corp. ‡		3,962
	69,140	Cognizant Technology Solutions Corp. — Class A ‡		3,461
	93,000	Gartner, Inc. ‡		2,162
		Leisure Equipment & Products — 1.2%
	47,000	Polaris Industries, Inc.		2,567
		Life Sciences Tools & Services — 3.9%
	96,665	Illumina, Inc. ‡		4,207
	162,555	Pharmaceutical Product Development, Inc.		4,131
		Machinery — 2.0%
	66,580	Cummins, Inc.		4,336
		Metals & Mining — 4.2%
	89,690	Allegheny Technologies, Inc. ^{^}		3,964
	150,800	Eldorado Gold Corp.		2,708
	120,100	Silver Wheaton Corp. ‡		2,414
		Oil, Gas & Consumable Fuels — 6.4%
	305,552	Brigham Exploration Co. ‡		4,700
	178,975	Denbury Resources, Inc. ‡		2,621
	75,455	Forest Oil Corp. ‡		2,064
	37,000	Noble Energy, Inc.		2,232
	29,675	Whiting Petroleum Corp. ‡		2,327
		Personal Products — 1.6%
	63,198	Estee Lauder Cos., Inc. — Class A		3,522
		Pharmaceuticals — 5.2%
	49,610	Perrigo Co.		2,930
	103,195	Salix Pharmaceuticals, Ltd. ‡		4,028
	69,940	Shire PLC ADR		4,293
		Road & Rail — 4.1%
	321,855	Hertz Global Holdings, Inc. ‡		3,045
	158,045	Kansas City Southern ‡		5,745
		Semiconductors & Semiconductor Equipment — 3.5%
	72,400	Atheros Communications, Inc. ‡		1,994
	94,215	Cree, Inc. ‡^{^}		5,656
		Software — 2.9%
	73,350	Salesforce.com, Inc. ‡		6,295
		Specialty Retail — 1.8%
	166,805	Dress Barn, Inc. ‡		3,972
		Textiles, Apparel & Luxury Goods — 7.2%
	90,785	Coach, Inc.		3,318
	124,604	Fossil, Inc. ‡		4,324
	88,163	Phillips-Van Heusen Corp.		4,079
	116,510	Under Armour, Inc. — Class A ‡^{^}		3,860

		Total Common Stocks (cost $206,269)		214,835


		SECURITIES LENDING COLLATERAL — 3.4%
	7,411,431	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25% ▲		7,411
		Total Securities Lending Collateral (cost $7,411)


Principal

		REPURCHASE AGREEMENT — 0.4%
$	815	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $815 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $833.		815
		Total Repurchase Agreement (cost $815)

		Total Investment Securities (cost $214,495) #		223,061
		Other Assets and Liabilities — Net		(7,557	)

		Net Assets	$	215,504

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 60

TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:



‡		Non-income producing security.

^{^}		All or a portion of this security is on loan. The value of all securities on loan is $7,247.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $214,495. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $21,541 and $12,975, respectively. Net unrealized appreciation for tax purposes is $8,566.

DEFINITIONS:


ADR		American Depositary Receipt

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	51,172	$	—	$	—	$	51,172
Equities — Consumer Staples		9,216		—		—		9,216
Equities — Energy		17,335		—		—		17,335
Equities — Financials		8,937		—		—		8,937
Equities — Health Care		39,404		—		—		39,404
Equities — Industrials		17,804		—		—		17,804
Equities — Information Technology		56,100		—		—		56,100
Equities — Materials		14,867		—		—		14,867
Cash & Cash Equivalent — Securities Lending Collateral		7,411		—		—		7,411
Cash & Cash Equivalent — Repurchase Agreement		—		815		—		815

Total	$	222,246	$	815	$	—	$	223,061

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 61

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 97.9%
		Aerospace & Defense — 0.9%
	65,109	Ducommun, Inc. §	$	1,113
		Auto Components — 2.9%
	91,398	BorgWarner, Inc. ‡		3,413
		Building Products — 1.4%
	55,699	Universal Forest Products, Inc.		1,688
		Chemicals — 1.9%
	25,430	Newmarket Corp.		2,221
		Commercial Banks — 4.5%
	23,255	Iberiabank Corp.		1,197
	144,184	Susquehanna Bancshares, Inc.		1,201
	252,455	Umpqua Holdings Corp.		2,898
		Communications Equipment — 1.8%
	70,796	Comtech Telecommunications Corp. ‡		2,119
		Construction & Engineering — 1.8%
	92,803	EMCOR Group, Inc. ‡		2,150
		Consumer Finance — 3.1%
	197,824	Ezcorp, Inc. — Class A ‡		3,670
		Containers & Packaging — 2.5%
	107,892	Silgan Holdings, Inc.		3,062
		Electric Utilities — 1.7%
	80,550	UIL Holdings Corp.		2,016
		Electronic Equipment & Instruments — 2.8%
	58,417	Greatbatch, Inc. ‡		1,303
	69,671	MTS Systems Corp. §		2,021
		Energy Equipment & Services — 1.7%
	52,254	Tidewater, Inc.		2,023
		Food Products — 4.7%
	104,669	American Italian Pasta Co. — Class A ‡		5,534
		Gas Utilities — 1.9%
	49,523	National Fuel Gas Co.		2,272
		Health Care Equipment & Supplies — 1.7%
	53,711	West Pharmaceutical Services, Inc.		1,960
		Health Care Providers & Services — 2.8%
	76,229	LHC Group, Inc. ‡		2,115
	43,431	Owens & Minor, Inc.		1,233
		Hotels, Restaurants & Leisure — 2.6%
	76,767	PF Chang’s China Bistro, Inc.		3,044
		Household Durables — 2.9%
	157,808	Helen of Troy, Ltd. ‡		3,481
		Insurance — 4.8%
	69,274	Hanover Insurance Group, Inc.		3,013
	50,118	RLI Corp.		2,632
		IT Services — 2.3%
	181,784	Acxiom Corp. ‡		2,670
		Machinery — 7.9%
	59,936	CIRCOR International, Inc.		1,533
	77,343	Oshkosh Corp. ‡		2,410
	61,534	Wabtec Corp.		2,455
	98,198	Watts Water Technologies, Inc. — Class A		2,814
		Metals & Mining — 2.1%
	101,057	RTI International Metals, Inc. ‡		2,436
		Oil, Gas & Consumable Fuels — 5.5%
	98,183	Penn Virginia Corp.		1,974
	84,105	Swift Energy Co. ‡		2,263
	88,198	World Fuel Services Corp.		2,289
		Pharmaceuticals — 2.4%
	47,740	Perrigo Co.		2,820
		Professional Services — 1.2%
	45,010	Exponent, Inc. ‡		1,473
		Real Estate Investment Trusts — 5.8%
	100,622	Healthcare Realty Trust, Inc.		2,211
	100,288	National Retail Properties, Inc.		2,150
	57,604	Rayonier, Inc.		2,535
		Semiconductors & Semiconductor Equipment — 3.0%
	165,044	Omnivision Technologies, Inc. ‡		3,539
		Specialty Retail — 10.1%
	76,282	Childrens Place Retail Stores, Inc. ‡		3,358
	112,644	Group 1 Automotive, Inc. ‡		2,651
	63,602	Jo-Ann Stores, Inc. ‡		2,386
	65,233	JOS A. Bank Clothiers, Inc. ‡		3,521
		Textiles, Apparel & Luxury Goods — 1.2%
	9,686	Deckers Outdoor Corp. ‡		1,384
		Thrifts & Mortgage Finance — 3.8%
	223,291	Brookline Bancorp, Inc.		1,983
	157,585	Washington Federal, Inc.		2,550
		Trading Companies & Distributors — 2.2%
	103,026	Applied Industrial Technologies, Inc.		2,609
		Water Utilities — 2.0%
	70,213	American States Water Co.		2,327

		Total Common Stocks (cost $111,699)		115,720



Principal

		REPURCHASE AGREEMENT — 2.1%
$	2,498	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $2,498 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $2,553.		2,498
		Total Repurchase Agreement (cost $2,498)

		Total Investment Securities (cost $114,197) #		118,218
		Other Assets and Liabilities — Net		(14	)


		Net Assets	$	118,204

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 62

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:



§		Illiquid. At 06/30/2010, illiquid investment securities aggregated $3,134, or 2.65% of the portfolio’s net assets.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $114,197. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,807 and $7,786, respectively. Net unrealized appreciation for tax purposes is $4,021.

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	23,238	$	—	$	—	$	23,238
Equities — Consumer Staples		5,534		—		—		5,534
Equities — Energy		8,549		—		—		8,549
Equities — Financials		26,040		—		—		26,040
Equities — Health Care		8,128		—		—		8,128
Equities — Industrials		18,245		—		—		18,245
Equities — Information Technology		11,652		—		—		11,652
Equities — Materials		7,719		—		—		7,719
Equities — Utilities		6,615		—		—		6,615
Cash & Cash Equivalent — Repurchase Agreement		—		2,498		—		2,498

Total	$	115,720	$	2,498	$	—	$	118,218

The notes to the financial statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 63

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 98.4%
		Aerospace & Defense — 1.1%
	44,960	AAR Corp. ‡ ^{^}	$	753
	7,735	American Science & Engineering, Inc.		589
	14,000	Ceradyne, Inc. ‡ ^{^}		299
	12,900	Cubic Corp. ^{^}		469
	9,380	Ducommun, Inc. ^{^}		160
	7,900	Esterline Technologies Corp. ‡		375
	36,785	Hexcel Corp. ‡		571
		Air Freight & Logistics — 0.6%
	11,000	Air Transport Services Group, Inc. ‡		52
	18,200	Atlas Air Worldwide Holdings, Inc. ‡ ^{^}		864
	4,000	Dynamex, Inc. ‡ ^{^}		49
	21,781	Hub Group, Inc. — Class A ‡		654
		Airlines — 0.3%
	10,200	Allegiant Travel Co. ^{^}		436
	17,800	Hawaiian Holdings, Inc. ‡ ^{^}		92
	70,400	JetBlue Airways Corp. ‡		386
	7,300	Pinnacle Airlines Corp. ‡ ^{^}		40
		Auto Components — 0.3%
	25,086	Fuel Systems Solutions, Inc. ‡ ^{^}		650
	21,500	Standard Motor Products, Inc. ^{^}		174
	2,900	Superior Industries International, Inc. ^{^}		39
	4,300	TRW Automotive Holdings Corp. ‡ ^{^}		119
		Beverages — 0.0%∞
	1,300	Coca-Cola Bottling Co., Consolidated ^{^}		62
	5,100	MGP Ingredients, Inc. ‡ ^{^}		34
		Biotechnology — 4.2%
	79,455	Acorda Therapeutics, Inc. ‡ ^{^}		2,472
	42,379	Alexion Pharmaceuticals, Inc. ‡ ^{^}		2,169
	102,420	BioMarin Pharmaceutical, Inc. ‡ ^{^}		1,942
	109,460	Genomic Health, Inc. ‡ ^{^}		1,415
	12,800	Martek Biosciences Corp. ‡		303
	18,685	Onyx Pharmaceuticals, Inc. ‡ ^{^}		403
	4,300	Osiris Therapeutics, Inc. ‡ ^{^}		25
	347,028	RTI Biologics, Inc. ‡ ^{^}		1,017
	31,935	United Therapeutics Corp. ‡ ^{^}		1,559
	152,525	Vanda Pharmaceuticals, Inc. ‡		1,008
		Building Products — 0.2%
	47,400	Gibraltar Industries, Inc. ‡ ^{^}		479
		Capital Markets — 0.5%
	46,700	Apollo Investment Corp. ^{^}		435
	5,500	Arlington Asset Investment Corp. — Class A		104
	95,900	BGC Partners, Inc. — Class A ^{^}		489
	10,400	Calamos Asset Management, Inc. — Class A ^{^}		97
	30,300	TICC Capital Corp. ^{^}		255
		Chemicals — 1.9%
	48,100	A Schulman, Inc. ^{^}		912
	29,838	Balchem Corp. ^{^}		746
	3,000	Cytec Industries, Inc. ^{^}		120
	6,700	Innophos Holdings, Inc. ^{^}		175
	6,000	Innospec, Inc. ‡ ^{^}		56
	35,306	LSB Industries, Inc. ‡ ^{^}		470
	4,200	Minerals Technologies, Inc.		200
	24,500	OM Group, Inc. ‡ ^{^}		585
	15,700	Omnova Solutions, Inc. ‡ ^{^}		123
	45,500	PolyOne Corp. ‡ ^{^}		383
	8,500	Spartech Corp. ‡ ^{^}		87
	98,800	Zep, Inc. ^{^}		1,722
		Commercial Banks — 5.9%
	7,700	1st Source Corp. ^{^}		130
	64,900	Banco Latinoamericano de Comercio Exterior SA — Class E		811
	26,900	Bancorp, Inc. ‡ ^{^}		211
	10,400	Bank of Hawaii Corp. ^{^}		503
	1,200	Camden National Corp. ^{^}		33
	7,400	City Holding Co. ^{^}		206
	49,700	Community Bank System, Inc. ^{^}		1,095
	28,900	Dime Community Bancshares ^{^}		356
	5,000	Financial Institutions, Inc. ^{^}		89
	129,472	First Busey Corp. ^{^}		587
	1,500	First Citizens BancShares, Inc. — Class A		288
	5,500	First Defiance Financial Corp.		49
	8,400	First Financial Bankshares, Inc. ^{^}		404
	3,800	First Financial Corp. ^{^}		98
	113,000	First Midwest Bancorp, Inc. ^{^}		1,374
	4,400	First Niagara Financial Group, Inc. ^{^}		55
	12,900	First Place Financial Corp. ^{^}		39
	11,000	FirstMerit Corp.		188
	50,500	Fulton Financial Corp. ^{^}		487
	4,800	Great Southern Bancorp, Inc. ^{^}		97
	3,000	Independent Bank Corp.		74
	65,800	International Bancshares Corp. ^{^}		1,098
	8,400	Lakeland Bancorp, Inc. ^{^}		72
	4,300	Lakeland Financial Corp. ^{^}		86
	3,700	MainSource Financial Group, Inc.		27
	49,700	MB Financial, Inc. ^{^}		914
	2,600	NBT Bancorp, Inc. ^{^}		53
	2,500	Northrim BanCorp, Inc. ^{^}		39
	19,600	OceanFirst Financial Corp.		237
	47,900	Old National Bancorp ^{^}		496
	1,200	Orrstown Financial Services, Inc.		27
	11,000	Park National Corp. ^{^}		715
	13,800	Santander BanCorp ‡ ^{^}		174
	8,500	SCBT Financial Corp. ^{^}		299
	3,100	State Bancorp, Inc. ^{^}		29
	6,200	Suffolk Bancorp ^{^}		192
	9,900	Sun Bancorp, Inc. ‡ ^{^}		37
	19,400	SVB Financial Group ‡ ^{^}		800
	9,700	SY Bancorp, Inc. ^{^}		223
	600	Tompkins Financial Corp.		23
	85,400	Trustco Bank Corp. ^{^}		478
	3,900	Trustmark Corp. ^{^}		81
	28,900	United Bankshares, Inc. ^{^}		692
	4,900	Washington Trust Bancorp, Inc. ^{^}		83
	117,000	Webster Financial Corp. ^{^}		2,100
	3,100	WesBanco, Inc. ^{^}		52
	4,600	West Bancorporation, Inc. ‡ ^{^}		31
	14,700	Westamerica Bancorporation ^{^}		772
	6,200	WSFS Financial Corp. ^{^}		223
		Commercial Services & Supplies — 2.3%
	149,700	ACCO Brands Corp. ‡ ^{^}		747
	5,800	ATC Technology Corp. ‡ ^{^}		93
	6,200	Casella Waste Systems, Inc. — Class A ‡		24
	32,600	Compass Diversified Holdings ^{^}		437
	3,000	Consolidated Graphics, Inc. ‡		130


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 64

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Commercial Services & Supplies — (continued)
	31,900	Diamond Management & Technology Consultants, Inc. — Class A ^{^}	$	329
	4,300	EnergySolutions, Inc.		22
	4,300	G&K Services, Inc. — Class A		89
	98,380	Kforce, Inc. ‡ ^{^}		1,254
	50,088	Standard Parking Corp. ‡ ^{^}		793
	52,896	Sykes Enterprises, Inc. ‡ ^{^}		753
	36,300	United Stationers, Inc. ‡ ^{^}		1,977
		Communications Equipment — 2.5%
	20,600	Arris Group, Inc. ‡		210
	1,200	Bel Fuse, Inc. — Class B ^{^}		20
	6,200	Black Box Corp. ^{^}		173
	29,960	Blue Coat Systems, Inc. ‡ ^{^}		612
	11,300	F5 Networks, Inc. ‡ ^{^}		775
	115,686	Finisar Corp. ‡ ^{^}		1,724
	18,800	InterDigital, Inc. ‡ ^{^}		464
	64,964	Oplink Communications, Inc. ‡ ^{^}		931
	1,300	Plantronics, Inc. ^{^}		37
	29,900	Polycom, Inc. ‡ ^{^}		891
	51,451	Riverbed Technology, Inc. ‡ ^{^}		1,421
	8,500	Symmetricom, Inc. ‡		43
		Computers & Peripherals — 0.7%
	60,300	ADPT Corp. ‡ ^{^}		174
	47,300	Diebold, Inc. ^{^}		1,289
	60,627	Electronics for Imaging, Inc. ‡ ^{^}		591
	11,000	Imation Corp. ‡ ^{^}		101
		Construction & Engineering — 0.4%
	48,735	MYR Group, Inc. ‡ ^{^}		814
	26,300	Sterling Construction Co., Inc. ‡ ^{^}		340
		Consumer Finance — 1.3%
	106,400	Advance America Cash Advance Centers, Inc. ^{^}		439
	108,450	Ezcorp, Inc. — Class A ‡ ^{^}		2,012
	30,820	World Acceptance Corp. ‡ ^{^}		1,181
		Containers & Packaging — 0.6%
	30,300	Aptargroup, Inc. ^{^}		1,146
	11,645	Rock-Tenn Co. — Class A ^{^}		578
		Distributors — 0.6%
	3,700	Audiovox Corp. — Class A ‡ ^{^}		27
	15,200	Core-Mark Holding Co., Inc. ‡ ^{^}		416
	67,310	LKQ Corp. ‡		1,298
		Diversified Consumer Services — 2.5%
	38,410	American Public Education, Inc. ‡ ^{^}		1,679
	22,889	Capella Education Co. ‡ ^{^}		1,862
	36,115	Coinstar, Inc. ‡		1,552
	37,700	Matthews International Corp. — Class A ^{^}		1,104
	29,694	Steiner Leisure, Ltd. ‡ ^{^}		1,141
		Diversified Financial Services — 3.4%
	114,200	Ares Capital Corp.		1,431
	18,100	BlackRock Kelso Capital Corp. ^{^}		179
	36,980	Cash America International, Inc. ^{^}		1,267
	68,138	Encore Capital Group, Inc. ‡ ^{^}		1,404
	73,940	First Cash Financial Services, Inc. ‡ ^{^}		1,612
	3,700	Gladstone Capital Corp. ^{^}		40
	5,600	Hercules Technology Growth Capital, Inc. ^{^}		52
	12,000	Kayne Anderson Energy Development Co. ^{^}		182
	11,600	Kirkland’s, Inc. ‡ ^{^}		196
	3,600	Marlin Business Services Corp. ‡ ^{^}		44
	42,500	MCG Capital Corp. ^{^}		205
	3,800	Medallion Financial Corp. ^{^}		25
	3,700	Oppenheimer Holdings, Inc. — Class A ^{^}		89
	53,300	PHH Corp. ‡ ^{^}		1,015
	29,179	Portfolio Recovery Associates, Inc. ‡ ^{^}		1,948
	9,100	QC Holdings, Inc. ^{^}		33
		Diversified Telecommunication Services — 0.1%
	19,700	IDT Corp. — Class B ‡ ^{^}		251
	20,000	Surewest Communications ‡ ^{^}		127
		Electric Utilities — 1.6%
	5,500	Cleco Corp. ^{^}		145
	57,600	El Paso Electric Co. ‡ ^{^}		1,115
	3,700	NGP Capital Resources Co. ^{^}		27
	82,600	Unisource Energy Corp. ^{^}		2,492
	48,300	Westar Energy, Inc. ^{^}		1,044
		Electrical Equipment — 2.6%
	24,300	Acuity Brands, Inc. ^{^}		884
	2,400	AO Smith Corp. ^{^}		116
	97,700	Belden, Inc. ^{^}		2,150
	28,425	General Cable Corp. ‡		758
	72,075	GrafTech International, Ltd. ‡		1,054
	52,963	LaBarge, Inc. ‡ ^{^}		604
	9,900	Tecumseh Products Co. — Class A ‡ ^{^}		110
	10,300	Thomas & Betts Corp. ‡		357
	54,733	Woodward Governor Co. ^{^}		1,397
		Electronic Equipment & Instruments — 2.4%
	2,400	Anixter International, Inc. ‡ ^{^}		102
	54,115	Avnet, Inc. ‡ ^{^}		1,305
	39,100	AVX Corp.		501
	43,300	Benchmark Electronics, Inc. ‡ ^{^}		686
	20,300	Brightpoint, Inc. ‡ ^{^}		142
	17,600	Coherent, Inc. ‡ ^{^}		604
	41,200	CTS Corp. ^{^}		381
	2,600	Insight Enterprises, Inc. ‡ ^{^}		34
	12,800	Methode Electronics, Inc. ^{^}		125
	28,600	MTS Systems Corp. ^{^}		829
	36,043	Multi-Fineline Electronix, Inc. ‡ ^{^}		900
	73,600	Nam Tai Electronics, Inc. ‡		303
	17,500	RadiSys Corp. ‡ ^{^}		167
	12,900	Tech Data Corp. ‡ ^{^}		459
	60,700	Vishay Intertechnology, Inc. ‡ ^{^}		470
		Energy Equipment & Services — 2.6%
	23,000	Bristow Group, Inc. ‡ ^{^}		676
	10,045	Carbo Ceramics, Inc. ^{^}		725
	86,600	Complete Production Services, Inc. ‡		1,238
	64,900	Hercules Offshore, Inc. ‡		158
	23,090	Lufkin Industries, Inc. ^{^}		900
	43,010	Natural Gas Services Group, Inc. ‡ ^{^}		651
	12,300	Oil States International, Inc. ‡ ^{^}		487
	19,100	SEACOR Holdings, Inc. ‡ ^{^}		1,350
	30,388	T-3 Energy Services, Inc. ‡ ^{^}		848
	12,900	Unit Corp. ‡		524
		Food & Staples Retailing — 0.5%
	1,300	Andersons, Inc. ^{^}		42
	34,200	Casey’s General Stores, Inc. ^{^}		1,194
	6,200	Nash Finch Co. ^{^}		212
		Food Products — 0.4%
	3,100	Del Monte Foods Co.		45
	1,900	John B. Sanfilippo & Son, Inc. ‡ ^{^}		27


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 65

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Food Products — (continued)
	4,200	Lancaster Colony Corp. ^{^}	$	224
	56,200	Lance, Inc. ^{^}		927
		Gas Utilities — 1.4%
	33,500	Atmos Energy Corp.		905
	6,100	Chesapeake Utilities Corp. ^{^}		192
	19,572	New Jersey Resources Corp. ^{^}		689
	19,300	Nicor, Inc. ^{^}		782
	8,400	Northwest Natural Gas Co. ^{^}		366
	9,900	Southwest Gas Corp. ^{^}		292
	24,800	WGL Holdings, Inc. ^{^}		844
		Health Care Equipment & Supplies — 4.2%
	10,500	American Medical Systems Holdings, Inc. ‡ ^{^}		232
	1,800	Cooper Cos., Inc. ^{^}		72
	145,705	CryoLife, Inc. ‡ ^{^}		785
	3,200	Cyberonics, Inc. ‡ ^{^}		76
	6,000	Haemonetics Corp. ‡ ^{^}		321
	16,300	Hill-Rom Holdings, Inc. ^{^}		496
	38,500	ICU Medical, Inc. ‡		1,239
	79,780	Insulet Corp. ‡ ^{^}		1,201
	34,900	Invacare Corp. ^{^}		724
	19,400	Matrixx Initiatives, Inc. ‡ ^{^}		89
	2,400	Nutraceutical International Corp. ‡		37
	36,455	NuVasive, Inc. ‡ ^{^}		1,293
	20,579	NxStage Medical, Inc. ‡		305
	53,395	SonoSite, Inc. ‡ ^{^}		1,448
	256,224	Spectranetics Corp. ‡ ^{^}		1,327
	13,300	STERIS Corp. ^{^}		413
	133,292	TranS1, Inc. ‡ ^{^}		348
	102,934	Wright Medical Group, Inc. ‡ ^{^}		1,709
		Health Care Providers & Services — 1.9%
	6,900	AMN Healthcare Services, Inc. ‡ ^{^}		52
	65,100	Amsurg Corp. — Class A ‡ ^{^}		1,160
	25,800	Corvel Corp. ‡ ^{^}		872
	29,000	Health Management Associates, Inc. — Class A ‡ ^{^}		225
	23,000	Healthspring, Inc. ‡ ^{^}		357
	27,190	HMS Holdings Corp. ‡ ^{^}		1,474
	18,450	Lincare Holdings, Inc. ‡ ^{^}		600
	3,000	Magellan Health Services, Inc. ‡		109
	4,800	PharMerica Corp. ‡ ^{^}		70
	6,100	Skilled Healthcare Group, Inc. — Class A ‡ ^{^}		41
	5,500	U.S. Physical Therapy, Inc. ‡		93
	27,700	Universal American Corp. ‡ ^{^}		399
		Hotels, Restaurants & Leisure — 2.7%
	10,500	Bally Technologies, Inc. ‡ ^{^}		340
	28,063	BJ’s Restaurants, Inc. ‡ ^{^}		662
	34,800	CEC Entertainment, Inc. ‡ ^{^}		1,227
	23,900	Cheesecake Factory, Inc. ‡ ^{^}		532
	8,799	Chipotle Mexican Grill, Inc. ‡ ^{^}		1,204
	31,200	Choice Hotels International, Inc. ^{^}		943
	9,100	Isle of Capri Casinos, Inc. ‡ ^{^}		84
	26,300	O’Charley’s, Inc. ‡ ^{^}		139
	8,525	Panera Bread Co. — Class A ‡ ^{^}		642
	4,200	PF Chang’s China Bistro, Inc. ^{^}		167
	4,300	Red Lion Hotels Corp. ‡ ^{^}		26
	55,800	Ruby Tuesday, Inc. ‡ ^{^}		474
	121,300	Sonic Corp. ‡ ^{^}		940
		Household Durables — 1.8%
	40,000	Beazer Homes USA, Inc. ‡ ^{^}		145
	11,000	Blyth, Inc. ^{^}		375
	21,200	Furniture Brands International, Inc. ‡ ^{^}		111
	70,900	Helen of Troy, Ltd. ‡ ^{^}		1,563
	5,000	Lifetime Brands, Inc. ‡ ^{^}		73
	27,700	Meritage Homes Corp. ‡ ^{^}		451
	23,000	Ryland Group, Inc. ^{^}		364
	237,100	Standard Pacific Corp. ‡		790
	21,450	Tempur-Pedic International, Inc. ‡ ^{^}		660
	15,770	Tupperware Brands Corp.		628
		Household Products — 0.2%
	54,700	Central Garden & Pet Co. — Class A ‡ ^{^}		491
		Industrial Conglomerates — 1.2%
	94,400	Carlisle Cos., Inc. ^{^}		3,411
	5,500	Standex International Corp.		139
		Insurance — 4.6%
	2,756	Alleghany Corp. ‡ ^{^}		808
	10,200	Allied World Assurance Co., Holdings, Ltd.		463
	5,600	Alterra Capital Holdings, Ltd. ^{^}		105
	115,800	American Equity Investment Life Holding Co. ^{^}		1,195
	6,000	American Physicians Capital, Inc. ^{^}		185
	48,500	Amerisafe, Inc. ‡ ^{^}		851
	4,300	Aspen Insurance Holdings, Ltd.		106
	48,300	Assured Guaranty, Ltd. ^{^}		641
	74,828	Delphi Financial Group, Inc. — Class A ^{^}		1,827
	14,700	Endurance Specialty Holdings, Ltd. ^{^}		552
	4,300	Enstar Group, Ltd. ‡ ^{^}		286
	3,000	First Mercury Financial Corp.		32
	6,200	FPIC Insurance Group, Inc. ‡ ^{^}		159
	77,600	Montpelier Re Holdings, Ltd. ^{^}		1,159
	14,600	National Financial Partners Corp. ‡ ^{^}		143
	34,800	Phoenix Cos., Inc. ‡ ^{^}		73
	67,400	Platinum Underwriters Holdings, Ltd. ^{^}		2,446
	31,400	Reinsurance Group of America, Inc. — Class A ^{^}		1,435
	9,700	Unitrin, Inc. ^{^}		248
	28,018	Validus Holdings, Ltd.		684
		Internet & Catalog Retail — 1.1%
	15,669	NetFlix, Inc. ‡ ^{^}		1,703
	84,125	PetMed Express, Inc. ^{^}		1,497
		Internet Software & Services — 2.1%
	69,145	comScore, Inc. ‡ ^{^}		1,139
	140,700	EarthLink, Inc. ^{^}		1,120
	57,360	J2 Global Communications, Inc. ‡ ^{^}		1,253
	28,390	VistaPrint NV ‡ ^{^}		1,348
	65,500	Websense, Inc. ‡ ^{^}		1,238
		IT Services — 2.7%
	23,600	Acxiom Corp. ��		347
	68,300	Agilysys, Inc. ^{^}		457
	9,300	Ciber, Inc. ‡ ^{^}		26
	50,000	CSG Systems International, Inc. ‡ ^{^}		917
	28,825	ManTech International Corp. — Class A ‡ ^{^}		1,227
	38,515	MAXIMUS, Inc.		2,228
	53,345	VeriFone Holdings, Inc. ‡ ^{^}		1,010
	76,832	Virtusa Corp. ‡ ^{^}		717
	29,140	Wright Express Corp. ‡ ^{^}		865
		Leisure Equipment & Products — 0.4%
	21,500	Arctic Cat, Inc. ‡ ^{^}		196


*The notes to the financial statements are an integral part of this report.*



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 66

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Leisure Equipment & Products — (continued)
	43,100	Jakks Pacific, Inc. ‡ ^{^}	$	621
	6,100	Multimedia Games, Inc. ‡ ^{^}		27
	8,900	RC2 Corp. ‡ ^{^}		143
	14,400	Sturm Ruger & Co., Inc. ^{^}		206
		Life Sciences Tools & Services — 1.4%
	42,000	Charles River Laboratories International, Inc. ‡ ^{^}		1,436
	171,265	eResearchTechnology, Inc. ‡ ^{^}		1,350
	40,000	ICON PLC ADR ‡ ^{^}		1,156
		Machinery — 3.3%
	74,700	Albany International Corp. — Class A ^{^}		1,209
	10,500	Altra Holdings, Inc. ‡ ^{^}		137
	7,900	Briggs & Stratton Corp. ^{^}		134
	31,835	Clarcor, Inc. ^{^}		1,131
	11,000	Crane Co.		332
	29,696	EnPro Industries, Inc. ‡ ^{^}		836
	30,700	ESCO Technologies, Inc. ^{^}		791
	4,300	Kadant, Inc. ‡ ^{^}		75
	64,800	Mueller Industries, Inc. ^{^}		1,595
	17,400	Oshkosh Corp. ‡ ^{^}		542
	21,920	Toro Co. ^{^}		1,077
	21,885	Wabtec Corp. ^{^}		873
	23,000	Watts Water Technologies, Inc. — Class A ^{^}		659
		Marine — 0.6%
	64,900	Excel Maritime Carriers, Ltd. — Class A ‡ ^{^}		332
	37,100	Kirby Corp. ‡ ^{^}		1,419
		Media — 1.3%
	66,200	Arbitron, Inc. ^{^}		1,697
	38,500	Gannett Co., Inc. ^{^}		518
	13,200	Harte-Hanks, Inc. ^{^}		138
	19,700	Lee Enterprises, Inc. ‡ ^{^}		51
	23,200	McClatchy Co. — Class A ‡ ^{^}		84
	26,410	Morningstar, Inc. ‡ ^{^}		1,123
	3,700	Valassis Communications, Inc. ‡		117
		Metals & Mining — 0.4%
	86,060	Worthington Industries, Inc. ^{^}		1,107
		Multiline Retail — 1.6%
	131,889	99 Cents Only Stores ‡ ^{^}		1,952
	53,488	Big Lots, Inc. ‡ ^{^}		1,716
	35,200	Dillard’s, Inc. — Class A ^{^}		757
	17,500	Retail Ventures, Inc. ‡ ^{^}		137
	19,400	Stein Mart, Inc. ‡ ^{^}		121
	7,300	Tuesday Morning Corp. ‡ ^{^}		29
		Multi-Utilities — 0.2%
	16,800	NorthWestern Corp. ^{^}		440
		Office Electronics — 0.3%
	34,300	Zebra Technologies Corp. — Class A ‡ ^{^}		870
		Oil, Gas & Consumable Fuels — 1.8%
	52,800	Penn Virginia Corp. ^{^}		1,062
	5,500	Petroleum Development Corp. ‡ ^{^}		141
	78,200	PetroQuest Energy, Inc. ‡ ^{^}		529
	12,200	RAM Energy Resources, Inc. ‡		25
	18,500	SM Energy Co. ^{^}		743
	29,100	Stone Energy Corp. ‡ ^{^}		325
	12,400	Whiting Petroleum Corp. ‡ ^{^}		972
	57,962	World Fuel Services Corp. ^{^}		1,503
		Paper & Forest Products — 0.8%
	38,300	Buckeye Technologies, Inc. ‡ ^{^}		381
	1,300	Clearwater Paper Corp. ‡		71
	24,500	Deltic Timber Corp. ^{^}		1,024
	14,600	Domtar Corp. ^{^}		718
	11,000	KapStone Paper and Packaging Corp. ‡ ^{^}		123
	3,900	Neenah Paper, Inc. ^{^}		71
	3,800	P.H. Glatfelter Co. ^{^}		41
		Personal Products — 0.7%
	47,900	Herbalife, Ltd. ^{^}		2,205
		Pharmaceuticals — 2.3%
	86,080	Auxilium Pharmaceuticals, Inc. ‡ ^{^}		2,023
	312,515	Inspire Pharmaceuticals, Inc. ‡ ^{^}		1,559
	34,000	Medicis Pharmaceutical Corp. — Class A ^{^}		744
	11,000	Par Pharmaceutical Cos., Inc. ‡ ^{^}		286
	46,520	Salix Pharmaceuticals, Ltd. ‡ ^{^}		1,816
	69,467	Somaxon Pharmaceuticals, Inc. ‡		250
	4,300	ViroPharma, Inc. ‡ ^{^}		48
		Professional Services — 0.3%
	3,700	On Assignment, Inc. ‡ ^{^}		19
	181,110	SFN Group, Inc. ‡ ^{^}		988
		Real Estate Investment Trusts — 4.6%
	25,600	American Campus Communities, Inc. ^{^}		699
	37,300	Ashford Hospitality Trust, Inc. ‡ ^{^}		273
	6,800	Associated Estates Realty Corp. ^{^}		88
	4,300	BRT Realty Trust ‡		25
	46,100	CapLease, Inc. ^{^}		213
	9,600	CBL & Associates Properties, Inc. ^{^}		119
	95,600	Colonial Properties Trust ^{^}		1,390
	83,752	DiamondRock Hospitality Co. ^{^}		688
	93,500	Education Realty Trust, Inc. ^{^}		564
	61,300	Equity One, Inc.		956
	27,000	Extra Space Storage, Inc. ^{^}		375
	54,600	Felcor Lodging Trust, Inc. ‡		272
	9,600	First Potomac Realty Trust ^{^}		138
	42,500	HRPT Properties Trust ^{^}		264
	22,100	Lasalle Hotel Properties ^{^}		455
	65,500	Lexington Realty Trust ^{^}		394
	1,200	LTC Properties, Inc. ^{^}		29
	19,900	Mack-Cali Realty Corp.		592
	46,100	Medical Properties Trust, Inc. ^{^}		435
	19,100	Mission West Properties, Inc. ^{^}		130
	11,600	Monmouth Real Estate Investment Corp. — Class A ^{^}		86
	31,300	National Health Investors, Inc. ^{^}		1,207
	29,000	One Liberty Properties, Inc.		432
	26,500	Parkway Properties, Inc. ^{^}		386
	18,200	Realty Income Corp. ^{^}		552
	64,900	Resource Capital Corp. ^{^}		369
	16,000	Sun Communities, Inc. ^{^}		415
	27,300	Sunstone Hotel Investors, Inc. ‡		271
	10,800	UMH Properties, Inc. ^{^}		109
	139,400	U-Store-It Trust ^{^}		1,040
	19,400	Winthrop Realty Trust		249
		Road & Rail — 1.2%
	7,900	Amerco, Inc. ‡ ^{^}		435
	40,700	Genesee & Wyoming, Inc. — Class A ‡ ^{^}		1,518
	25,630	Landstar System, Inc. ^{^}		999
	12,300	Ryder System, Inc. ^{^}		495
	5,600	Werner Enterprises, Inc. ^{^}		123


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 67

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June��30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Semiconductors & Semiconductor Equipment — 3.0%
	45,441	Atheros Communications, Inc. ‡ ^{^}	$	1,251
	6,700	DSP Group, Inc. ‡ ^{^}		43
	23,400	Fairchild Semiconductor International, Inc. — Class A ‡ ^{^}		197
	209,800	Lattice Semiconductor Corp. ‡ ^{^}		911
	41,150	Mellanox Technologies, Ltd. ‡ ^{^}		901
	27,700	Micrel, Inc. ^{^}		282
	104,860	Microsemi Corp. ‡ ^{^}		1,534
	89,155	Skyworks Solutions, Inc. ‡ ^{^}		1,497
	36,560	Tessera Technologies, Inc. ‡ ^{^}		587
	32,377	Veeco Instruments, Inc. ‡ ^{^}		1,110
		Software — 2.8%
	5,600	Actuate Corp. ‡ ^{^}		25
	96,565	Ariba, Inc. ‡ ^{^}		1,538
	10,500	Epicor Software Corp. ‡ ^{^}		84
	9,300	Fair Isaac Corp. ^{^}		203
	23,880	Micros Systems, Inc. ‡ ^{^}		761
	9,400	NET 1 UEPS Technologies, Inc. ‡ ^{^}		126
	86,102	Netscout Systems, Inc. ‡ ^{^}		1,224
	58,615	Nuance Communications, Inc. ‡ ^{^}		876
	55,970	Parametric Technology Corp. ‡ ^{^}		877
	40,060	Progress Software Corp. ‡ ^{^}		1,203
	49,636	Taleo Corp. — Class A ‡ ^{^}		1,206
		Specialty Retail — 4.8%
	64,000	Borders Group, Inc. ‡ ^{^}		85
	5,500	Brown Shoe Co., Inc. ^{^}		83
	132,424	Cato Corp. — Class A ^{^}		2,916
	100,715	Chico’s FAS, Inc. ^{^}		995
	51,700	Dress Barn, Inc. ‡ ^{^}		1,231
	54,400	DSW, Inc. — Class A ‡ ^{^}		1,222
	3,700	Group 1 Automotive, Inc. ‡ ^{^}		87
	50,820	hhgregg, Inc. ‡ ^{^}		1,185
	36,800	Hibbett Sports, Inc. ‡ ^{^}		882
	17,400	Jo-Ann Stores, Inc. ‡ ^{^}		653
	1,900	Lawson Products, Inc. ^{^}		32
	49,200	MarineMax, Inc. ‡		341
	15,200	Pier 1 Imports, Inc. ‡ ^{^}		97
	17,500	Select Comfort Corp. ‡ ^{^}		153
	20,900	Sonic Automotive, Inc. — Class A ‡		179
	164,300	Stage Stores, Inc. ^{^}		1,755
	19,182	Tractor Supply Co. ^{^}		1,170
	18,600	Williams-Sonoma, Inc. ^{^}		462
		Textiles, Apparel & Luxury Goods — 0.9%
	9,629	Deckers Outdoor Corp. ‡ ^{^}		1,377
	44,500	Jones Apparel Group, Inc. ^{^}		705
	9,000	Oxford Industries, Inc. ^{^}		188
	10,500	Unifirst Corp. ^{^}		462
		Thrifts & Mortgage Finance — 0.8%
	21,800	Brookline Bancorp, Inc. ^{^}		194
	63,800	NewAlliance Bancshares, Inc. ^{^}		715
	72,600	Northwest Bancshares, Inc. ^{^}		833
	30,300	Provident Financial Services, Inc. ^{^}		354
	8,400	Provident New York Bancorp ^{^}		74
		Tobacco — 0.1%
	34,000	Alliance One International, Inc. ‡ ^{^}		121
	600	Universal Corp. ^{^}		24
		Trading Companies & Distributors — 0.6%
	46,000	GATX Corp. ^{^}		1,227
	10,800	Houston Wire & Cable Co. ^{^}		117
	13,800	WESCO International, Inc. ‡ ^{^}		465
		Water Utilities — 0.0%∞
	3,000	Consolidated Water Co., Ltd. ^{^}		34
		Wireless Telecommunication Services — 0.8%
	11,600	Novatel Wireless, Inc. ‡ ^{^}		67
	67,250	Syniverse Holdings, Inc. ‡ ^{^}		1,375
	61,300	USA Mobility, Inc. ‡ ^{^}		792

		Total Common Stocks (cost $257,681)		284,509


		INVESTMENT COMPANY — 0.2%
		Diversified Financial Services — 0.2%
	77,500	KKR Financial Holdings LLC		578
		Total Investment Company (cost $238)

Principal

		SHORT-TERM U.S. GOVERNMENT OBLIGATION — 0.1%
$	330	U.S. Treasury Bill Zero Coupon, 09/16/2010 δ		330
		Total Short-Term U.S. Government Obligation (cost $330)

Shares

		WARRANT — 0.0%∞
		Lantronix, Inc. ‡ Ә
		Expiration: 02/09/2011
	640	Exercise Price: $0.00		♦
		Total Warrant (cost $♦)

		SECURITIES LENDING COLLATERAL — 25.6%
	73,983,585	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25% ▲		73,984
		Total Securities Lending Collateral (cost $73,984)

Principal

		REPURCHASE AGREEMENT — 1.7%
$	4,937	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $4,937 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $5,046.		4,937
		Total Repurchase Agreement (cost $4,937)

		Total Investment Securities (cost $337,170) #		364,338
		Other Assets and Liabilities — Net		(75,195	)

		Net Assets	$	289,143


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 68

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

FUTURES CONTRACTS:

Net Unrealized

Appreciation

Description

Type

Contracts ┌

Expiration Date

(Depreciation)

Russell 2000 Mini Index

Long

09/17/2010

(98

)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $72,049.

‡		Non-income producing security.

∞		Percentage rounds to less than 0.1%.

δ		All or a portion of this security is segregated with the broker to cover margin requirements for open futures contracts. The value of this security at 06/30/2010 is $330.

♦		Value is less than $1.

Ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of less than $1, or less than 0.01% of the portfolio’s net assets.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $337,170. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $45,840 and $18,672, respectively. Net unrealized appreciation for tax purposes is $27,168.

┌		Contract amounts are not in thousands.

DEFINITIONS:


ADR		American Depositary Receipt

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	51,735	$	—	$	—	$	51,735
Equities — Consumer Staples		5,608		—		—		5,608
Equities — Energy		12,857		—		—		12,857
Equities — Financials		60,744		—		—		60,744
Equities — Health Care		40,507		—		—		40,507
Equities — Industrials		42,578		—		—		42,578
Equities — Information Technology		47,662		—		♦		47,662
Equities — Materials		10,839		—		—		10,839
Equities — Telecommunication Services		2,612		—		—		2,612
Equities — Utilities		9,367		—		—		9,367
Fixed Income — Short-Term U.S. Government Obligation		—		330		—		330
Investment Company — Financials		578		—		—		578
Cash & Cash Equivalent — Repurchase Agreement		—		4,937		—		4,937
Cash & Cash Equivalent — Securities Lending Collateral		73,984		—		—		73,984

Total	$	359,071	$	5,267	$	—	$	364,338


Other Financial Instruments^*	Level 1		Level 2			Level 3		Total

Futures Contracts — Depreciation	$	—	$	(98	)	$	—	$	(98	)

Level 3 Rollforward — Investment Securities

Beginning

Net Transfers

Ending

Balance at

Net

Accrued

Total Realized

Change in Unrealized

In/(Out) of

Balance at

Securities

12/31/2009

Purchases/(Sales)

Discounts/(Premiums)

Gain/(Loss)

Appreciation/(Depreciation)

Level 3

6/30/2010

Equities — Information Technology

—

♦


^*		Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.


*The notes to the financial statements are an integral part of this report.*


Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 69

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		COMMON STOCKS — 98.5%
		Aerospace & Defense — 1.3%
	15,206	Esterline Technologies Corp. ‡ ^	$	722
	23,715	GeoEye, Inc. ‡ ^		738
	7,600	LMI Aerospace, Inc. ‡		120
		Air Freight & Logistics — 0.7%
	26,966	Hub Group, Inc. — Class A ‡ ^		809
		Airlines — 0.5%
	136,900	AirTran Holdings, Inc. ‡ ^		664
		Auto Components — 2.2%
	62,984	Amerigon, Inc. ‡ ^		465
	31,507	Drew Industries, Inc. ‡ ^		637
	27,593	Harbin Electric, Inc. ‡ ^		459
	37,400	Westport Innovations, Inc. ‡		587
	72,000	Wonder Auto Technology, Inc. ‡ ^		527
		Beverages — 0.3%
	16,230	Central European Distribution Corp. ‡ ^		347
		Biotechnology — 1.5%
	3,605	Alexion Pharmaceuticals, Inc. ‡		185
	41,800	Alnylam Pharmaceuticals, Inc. ‡ ^		627
	28,800	Onyx Pharmaceuticals, Inc. ‡ ^		622
	30,700	Theravance, Inc. ‡ ^		386
		Capital Markets — 1.0%
	25,300	Grand Canyon Education, Inc. ‡ ^		593
	14,300	Stifel Financial Corp. ‡ ^		620
		Chemicals — 1.5%
	24,400	Cabot Corp.		588
	56,193	Solutia, Inc. ‡ ^		736
	42,703	Spartech Corp. ‡ ^		438
		Commercial Banks — 1.2%
	3,600	First Citizens BancShares, Inc. — Class A ^		693
	36,300	Pinnacle Financial Partners, Inc. ‡ ^		466
	86,805	United Community Banks, Inc. ‡		343
		Commercial Services & Supplies — 2.0%
	20,600	Consolidated Graphics, Inc. ‡		891
	52,077	Kforce, Inc. ‡ ^		664
	25,567	Waste Connections, Inc. ‡ ^		892
		Communications Equipment — 3.7%
	31,327	Acme Packet, Inc. ‡ ^		842
	24,213	Blue Coat Systems, Inc. ‡ ^		495
	15,389	DG FastChannel, Inc. ‡ ^		501
	69,100	Emulex Corp. ‡ ^		634
	26,232	Netgear, Inc. ‡ ^		468
	33,463	Nice Systems, Ltd. ADR ‡		854
	45,020	Oplink Communications, Inc. ‡ ^		645
		Computers & Peripherals — 1.5%
	57,071	Cray, Inc. ‡ ^		318
	102,100	Hypercom Corp. ‡ ^		474
	44,400	Isilon Systems, Inc. ‡ ^		571
	39,600	STEC Inc. ‡ ^		497
		Construction & Engineering — 0.9%
	67,587	MasTec, Inc. ‡ ^		635
	35,006	Orion Marine Group, Inc. ‡ ^		497
		Containers & Packaging — 1.1%
	16,500	Aptargroup, Inc. ^		624
	25,700	Silgan Holdings, Inc. ^		729
		Diversified Consumer Services — 2.5%
	14,633	American Public Education, Inc. ‡ ^		639
	19,800	Bridgepoint Education, Inc. ‡ ^		313
	65,600	ChinaCast Education Corp. ‡ ^		390
	30,200	Hillenbrand, Inc.		646
	151,200	Princeton Review, Inc. ‡ ^		351
	29,271	Sotheby’s ^		669
		Diversified Financial Services — 2.0%
	22,500	Cash America International, Inc. ^		771
	46,709	Encore Capital Group, Inc. ‡ ^		962
	30,531	First Cash Financial Services, Inc. ‡ ^		666
		Diversified Telecommunication Services — 0.3%
	9,200	Atlantic Tele-Network, Inc. ^		380
		Electrical Equipment — 2.1%
	296,249	Capstone Turbine Corp. ‡ ^		290
	37,900	EnerSys ‡ ^		810
	2,910	General Cable Corp. ‡ ^		78
	42,100	GrafTech International, Ltd. ‡		616
	24,380	II-VI, Inc. ‡ ^		722
		Electronic Equipment & Instruments — 0.6%
	26,900	Maxwell Technologies, Inc. ‡ ^		307
	61,800	Power-One, Inc. ‡ ^		417
		Energy Equipment & Services — 3.5%
	49,400	Complete Production Services, Inc. ‡ ^		706
	5,000	Core Laboratories NV ^		737
	20,899	Dawson Geophysical Co. ‡ ^		445
	66,353	Hercules Offshore, Inc. ‡ ^		161
	48,316	Key Energy Services, Inc. ‡ ^		444
	23,908	Natural Gas Services Group, Inc. ‡ ^		362
	16,900	Oil States International, Inc. ‡		669
	12,800	OYO Geospace Corp. ‡ ^		621
		Food & Staples Retailing — 0.1%
	35,301	QKL Stores, Inc. ‡ ^		148
		Food Products — 1.0%
	22,147	Calavo Growers, Inc. ^		398
	26,482	Darling International, Inc. ‡ ^		199
	13,719	TreeHouse Foods, Inc. ‡ ^		626
		Health Care Equipment & Supplies — 6.4%
	90,212	Alphatec Holdings, Inc. ‡ ^		419
	33,805	American Medical Systems Holdings, Inc. ‡ ^		748
	38,900	Angiodynamics, Inc. ‡ ^		574
	3,300	Atrion Corp. ^		446
	16,800	Haemonetics Corp. ‡ ^		898
	12,110	ICU Medical, Inc. ‡ ^		390
	36,400	Immucor, Inc. ‡ ^		693
	15,243	Integra LifeSciences Holdings Corp. ‡ ^		564
	29,100	Invacare Corp. ^		604
	20,548	Micrus Endovascular Corp. ‡ ^		427
	19,500	Natus Medical, Inc. ‡ ^		318
	24,900	Sirona Dental Systems, Inc. ‡ ^		867
	53,991	Synovis Life Technologies, Inc. ‡		825



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 70

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Health Care Providers & Services — 3.8%
	16,600	Air Methods Corp. ‡ ^	$	494
	31,636	Bio-Reference Labs, Inc. ‡ ^		701
	7,200	Emergency Medical Services Corp. — Class A ‡ ^		353
	25,600	Ensign Group, Inc. ^		423
	20,023	Genoptix, Inc. ‡ ^		344
	23,200	Hanger Orthopedic Group, Inc. ‡ ^		417
	15,900	Magellan Health Services, Inc. ‡ ^		577
	28,869	RehabCare Group, Inc. ‡ ^		629
	36,464	U.S. Physical Therapy, Inc. ‡		616
		Health Care Technology — 0.7%
	46,685	Omnicell, Inc. ‡		545
	4,130	SXC Health Solutions Corp. ‡		303
		Hotels, Restaurants & Leisure — 2.4%
	16,200	Bally Technologies, Inc. ‡ ^		525
	19,906	BJ’s Restaurants, Inc. ‡ ^		470
	27,700	Cheesecake Factory, Inc. ‡ ^		617
	64,000	Domino’s Pizza, Inc. ‡ ^		722
	47,300	Texas Roadhouse, Inc. — Class A ‡ ^		597
		Internet Software & Services — 3.0%
	46,886	GigaMedia, Ltd. ‡ ^		112
	87,473	Infospace, Inc. ‡ ^		658
	56,614	Liveperson, Inc. ‡ ^		388
	79,120	NIC, Inc. ^		507
	10,200	Radware, Ltd. ‡ ^		209
	46,300	United Online, Inc. ^		267
	60,700	US Auto Parts Network, Inc. ‡ ^		364
	79,570	Valueclick, Inc. ‡ ^		850
	81,600	Web.com Group, Inc. ‡		293
		IT Services — 1.2%
	43,200	CSG Systems International, Inc. ‡ ^		792
	21,700	Wright Express Corp. ‡ ^		644
		Life Sciences Tools & Services — 2.5%
	71,913	Bruker Corp. ‡ ^		874
	26,499	ICON PLC ADR ‡ ^		766
	63,044	Nektar Therapeutics ‡ ^		763
	30,600	Parexel International Corp. ‡ ^		663
		Machinery — 1.6%
	17,600	Briggs & Stratton Corp.		300
	40,400	Columbus McKinnon Corp. ‡ ^		564
	25,313	EnPro Industries, Inc. ‡ ^		712
	16,300	Kennametal, Inc. ^		415
		Media — 1.9%
	102,700	APAC Customer Services, Inc. ‡ ^		585
	35,800	Dolan Co. ‡ ^		398
	50,000	Imax Corp. ‡ ^		730
	19,500	Valassis Communications, Inc. ‡		619
		Metals & Mining — 1.6%
	36,574	AK Steel Holding Corp. ^		436
	69,229	Stillwater Mining Co. ‡ ^		805
	86,987	Thompson Creek Metals Co., Inc. ‡ ^		755
		Multiline Retail — 1.0%
	59,352	99 Cents Only Stores ‡ ^		878
	11,900	Big Lots, Inc. ‡ ^		382
		Multi-Utilities — 0.5%
	28,200	Avista Corp. ^		551
		Oil, Gas & Consumable Fuels — 3.0%
	29,100	Carrizo Oil & Gas, Inc. ‡ ^		452
	24,400	Comstock Resources, Inc. ‡ ^		676
	14,900	Georesources, Inc. ‡ ^		208
	157,200	International Coal Group, Inc. ‡ ^		605
	2,521	Magnum Hunter Resources Corp. ‡ ^		11
	75,691	North American Energy Partners, Inc. ‡		668
	29,700	Penn Virginia Corp. ^		597
	47,000	Rex Energy Corp. ‡ ^		475
		Paper & Forest Products — 0.5%
	55,376	Buckeye Technologies, Inc. ‡ ^		551
		Pharmaceuticals — 4.4%
	52,200	Cardiome Pharma Corp. ‡		425
	39,000	Impax Laboratories, Inc. ‡ ^		743
	40,600	Medicis Pharmaceutical Corp. — Class A ^		888
	48,209	Oculus Innovative Sciences, Inc. ‡ ^		98
	36,200	Par Pharmaceutical Cos., Inc. ‡ ^		940
	29,500	Salix Pharmaceuticals, Ltd. ‡ ^		1,152
	115,249	Vivus, Inc. ‡ ^		1,107
		Professional Services — 2.2%
	17,200	Advisory Board Co. ‡		739
	19,600	FTI Consulting, Inc. ‡ ^		855
	14,995	Heidrick & Struggles International, Inc. ^		342
	47,190	TrueBlue, Inc. ‡		528
	7,700	VSE Corp.		245
		Road & Rail — 2.4%
	56,863	Celadon Group, Inc. ‡ ^		804
	27,613	Marten Transport, Ltd. ‡ ^		574
	26,200	Old Dominion Freight Line, Inc. ‡ ^		920
	21,200	Werner Enterprises, Inc. ^		464
		Semiconductors & Semiconductor Equipment — 3.7%
	57,400	Entropic Communications, Inc. ‡ ^		364
	63,400	Fairchild Semiconductor International, Inc. — Class A ‡ ^		533
	74,679	Mattson Technology, Inc. ‡ ^		283
	53,500	Microsemi Corp. ‡ ^		783
	16,758	NVE Corp. ‡ ^		729
	98,200	O2Micro International, Ltd. ADR ‡		583
	90,900	PMC-Sierra, Inc. ‡		684
	60,567	Zoran Corp. ‡ ^		578
		Software — 9.8%
	78,400	Actuate Corp. ‡ ^		349
	106,863	Clicksoftware Technologies, Ltd. ‡		569
	131,100	Compuware Corp. ‡ ^		1,045
	63,330	EPIQ Systems, Inc. ‡ ^		819
	38,140	Interactive Intelligence, Inc. ‡ ^		627
	32,362	JDA Software Group, Inc. ‡		711
	17,200	Manhattan Associates, Inc. ‡ ^		474
	42,100	NET 1 UEPS Technologies, Inc. ‡ ^		565
	8,500	Open Text Corp. ‡ ^		319
	26,600	Parametric Technology Corp. ‡		417
	20,400	Progress Software Corp. ‡ ^		613
	15,100	Quality Systems, Inc. ^		876
	27,256	Quest Software, Inc. ‡ ^		492
	36,254	Radiant Systems, Inc. ‡ ^		524



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 71

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		Software — (continued)
	75,883	Smith Micro Software, Inc. ‡ ^	$	722
	28,700	Solera Holdings, Inc.		1,038
	33,751	TeleCommunication Systems, Inc. — Class A ‡ ^		140
	63,800	TIBCO Software, Inc. ‡		769
	25,249	Tyler Technologies, Inc. ‡ ^		392
	12,200	Ultimate Software Group, Inc. ‡ ^		401
		Specialty Retail — 7.7%
	42,204	Aaron’s, Inc. ^		720
	131,300	Casual Male Retail Group, Inc. ‡		449
	33,600	Dress Barn, Inc. ‡ ^		800
	61,000	Finish Line, Inc. — Class A ^		849
	26,644	Genesco, Inc. ‡ ^		701
	27,007	hhgregg, Inc. ‡ ^		630
	33,886	Hibbett Sports, Inc. ‡ ^		812
	204	Jo-Ann Stores, Inc. ‡ ^		8
	10,680	JOS A. Bank Clothiers, Inc. ‡ ^		577
	19,300	Monro Muffler Brake, Inc. ^		763
	52,324	Penske Automotive Group, Inc. ‡ ^		594
	94,900	PEP Boys-Manny Moe & Jack ^		841
	12,314	Shoe Carnival, Inc. ‡		253
	27,503	Ulta Salon Cosmetics & Fragrance, Inc. ‡ ^		651
	26,700	Williams-Sonoma, Inc. ^		663
		Textiles, Apparel & Luxury Goods — 4.7%
	28,800	Carter’s, Inc. ‡ ^		756
	6,200	Deckers Outdoor Corp. ‡ ^		885
	16,500	Fossil, Inc. ‡ ^		573
	52,856	Iconix Brand Group, Inc. ‡ ^		760
	42,400	Jones Apparel Group, Inc. ^		672
	32,600	Maidenform Brands, Inc. ‡ ^		664
	25,477	Steven Madden, Ltd. ‡ ^		803
	14,975	Warnaco Group, Inc. ‡		541
		Thrifts & Mortgage Finance — 0.8%
	30,300	Provident Financial Services, Inc. ^		354
	38,800	Washington Federal, Inc. ^		628
		Wireless Telecommunication Services — 1.2%
	64,400	Novatel Wireless, Inc. ‡ ^		370
	52,551	Syniverse Holdings, Inc. ‡ ^		1,074

		Total Common Stocks
		(cost $114,498)		119,389

		SECURITIES LENDING COLLATERAL — 25.7%
	31,173,907	State Street Navigator Securities Lending Trust - Prime Portfolio, 0.25% ▲		31,174
		Total Securities Lending Collateral (cost $31,174)
		WARRANT — 0.0%¥
		Krispy Kreme Doughnuts, Inc. ‡
	141	Expiration: 03/02/2012
		Exercise Price: $12.21	¨
		Total Warrant (cost $¨)

Principal

		REPURCHASE AGREEMENT — 1.5%
$	1,869	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $1,869 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $1,907.		1,869
		Total Repurchase Agreement (cost $1,869)

		Total Investment Securities (cost $147,541) #		152,432
		Other Assets and Liabilities — Net		(31,162	)

		Net Assets	$	121,270

NOTES TO SCHEDULE OF INVESTMENTS:



^		All or a portion of this security is on loan. The value of all securities on loan is $30,303.

‡		Non-income producing security.

¥		Percentage rounds to less than 0.1%.

¨		Value is less than $1.

▲		Rate shown reflects the yield at 06/30/2010.

#		Aggregate cost for federal income tax purposes is $147,541. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $14,914 and $10,023, respectively. Net unrealized appreciation for tax purposes is $4,891.



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 72

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

DEFINITION:

ADR American Depositary Receipt

Valuation Summary:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	27,171	$	¨	$	—	$	27,171
Equities — Consumer Staples		1,718		—		—		1,718
Equities — Energy		7,837		—		—		7,837
Equities — Financials		6,096		—		—		6,096
Equities — Health Care		23,414		—		—		23,414
Equities — Industrials		16,610		—		—		16,610
Equities — Information Technology		28,142		—		—		28,142
Equities — Materials		5,662		—		—		5,662
Equities — Telecommunication Services		2,188		—		—		2,188
Equities — Utilities		551		—		—		551
Cash & Cash Equivalent — Securities Lending Collateral		31,174		—		—		31,174
Cash & Cash Equivalent — Repurchase Agreement		—		1,869		—		1,869

Total	$	150,563	$	1,869	$	—	$	152,432



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 73

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS

At June 30, 2010
(all amounts except share amounts in thousands)
(Unaudited)


Shares			Value

		PREFERRED STOCK — 1.9%
		Germany — 1.9%
	162,082	Volkswagen AG, 3.03% ▲	$	14,223
		Total Preferred Stock (cost $14,730)

		COMMON STOCKS - 96.1%
		Australia — 2.0%
	488,801	BHP Billiton, Ltd.		15,206
		Brazil — 5.0%
	1,653,500	BM&F BOVESPA SA		10,626
	277,400	Empresa Brasileira de Aeronautica SA ADR ^		5,812
	491,200	Natura Cosmeticos SA		10,885
	313,310	Petroleo Brasileiro SA ADR ^		10,753
		Canada — 5.5%
	290,450	Canadian National Railway Co. ^		16,647
	312,600	Canadian Natural Resources, Ltd.		10,374
	107,400	Potash Corp. of Saskatchewan, Inc.		9,262
	174,000	Thomson Reuters Corp. ^		6,227
		China — 6.7%
	1,813,000	China Life Insurance Co., Ltd. — Class H		7,965
	7,081,095	China Merchants Bank Co., Ltd. — Class H		16,896
	25,100,000	Industrial & Commercial Bank of China — Class H		18,258
	2,208,400	Sinopharm Group Co. — Class H		8,026
		Denmark — 3.9%
	265,520	Novo Nordisk A/S — Class B		21,452
	204,053	Vestas Wind Systems A/S ‡		8,492
		France — 7.2%
	124,449	Air Liquide SA		12,568
	249,513	BNP Paribas		13,424
	139,442	Lafarge SA ^		7,603
	165,933	LVMH Moet Hennessy Louis Vuitton SA		18,061
	98,040	Publicis Groupe SA ^		3,911
		Germany — 5.0%
	84,400	Deutsche Bank AG		4,741
	254,600	Fresenius Medical Care AG & Co., KGaA		13,737
	452,161	SAP AG		20,106
		Guernsey, Channel Islands — 1.2%
	352,900	Amdocs, Ltd. ‡		9,475
		Hong Kong — 4.3%
	10,913,770	CNOOC, Ltd.		18,409
	926,900	Hong Kong Exchanges & Clearing, Ltd.		14,457
		Ireland — 1.1%
	216,500	Covidien PLC		8,699
		Israel — 3.3%
	489,694	Teva Pharmaceutical Industries, Ltd. ADR		25,459
		Italy — 0.8%
	2,457,056	Intesa Sanpaolo SpA		6,471
		Japan — 9.0%
	248,296	Canon, Inc.		9,254
	6,971	Dai-ichi Life Insurance Co., Ltd.		9,666
	72,294	Fanuc, Ltd.		8,164
	828,100	Komatsu, Ltd.		14,911
	3,030,100	Mitsubishi UFJ Financial Group, Inc.		13,759
	382,500	Toyota Motor Corp.		13,142
		Korea, Republic of — 1.7%
	113,230	Hyundai Motor Co.		13,249
		Mexico — 3.0%
	245,609	America Movil SAB de CV — Series L ADR		11,666
	5,120,400	Wal-Mart de Mexico SAB de CV — Series V ^		11,343
		Netherlands — 1.6%
	1,110,300	ING Groep NV ‡		8,216
	305,700	Koninklijke KPN NV		3,897
		Spain — 1.4%
	566,373	Telefonica SA		10,492
		Sweden — 2.0%
	563,116	Hennes & Mauritz AB — Class B ^		15,476
		Switzerland — 7.2%
	186,096	Julius Baer Group, Ltd.		5,306
	416,187	Logitech International SA ‡ ^		5,634
	312,854	Nestle SA		15,085
	357,271	Novartis AG		17,314
	84,892	Roche Holding AG		11,685
		Taiwan — 1.3%
	982,900	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		9,593
		Turkey — 1.2%
	340,817	Turkcell Iletisim Hizmet AS		1,768
	1,731,400	Turkiye Garanti Bankasi AS		7,205
		United Kingdom — 19.4%
	1,827,141	ARM Holdings PLC ^		7,562
	543,573	British American Tobacco PLC		17,251
	1,171,719	British Sky Broadcasting Group PLC		12,236
	1,145,621	Cairn Energy PLC ‡		7,038
	474,698	Carnival PLC		15,376
	3,602,310	Kingfisher PLC		11,284
	663,937	Pearson PLC		8,732
	319,491	Reckitt Benckiser Group PLC		14,861
	361,156	SABMiller PLC		10,127
	851,541	Smith & Nephew PLC		8,045
	721,755	Standard Chartered PLC		17,575
	3,283,557	Tesco PLC		18,524
		United States — 2.3%
	208,000	Schlumberger, Ltd. ^		11,510
	237,400	Southern Copper Corp.		6,301

		Total Common Stocks (cost $660,904)		737,249

		SECURITIES LENDING COLLATERAL - 6.7%
	51,589,376	State Street Navigator Securities Lending Trust — Prime Portfolio, 0.25%▲		51,589
		Total Securities Lending Collateral (cost $51,589)

Principal

		REPURCHASE AGREEMENT — 0.2%
$	1,402	State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2010, to be repurchased at $1,402 on 07/01/2010. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, and with a value of $1,433.		1,402
		Total Repurchase Agreement (cost $1,402)

		Total Investment Securities (cost $728,625) #		804,463
		Other Assets and Liabilities — Net		(37,277	)

		Net Assets	$	767,186



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 74

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:


						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)

Euro		(7,178	)		07/26/2010		($9,699	)	$	921
Euro		8,176			07/26/2010		11,005			(1,006	)
Euro		(16,175	)		07/26/2010		(22,757	)		2,975
Euro		(16,150	)		07/26/2010		(22,202	)		2,450
Euro		(6,950	)		07/26/2010		(9,640	)		1,140
Mexican Peso		(295,800	)		11/30/2010		(22,322	)		(177	)
Mexican Peso		32,836			11/30/2010		2,504			(6	)
Pound Sterling		(10,322	)		11/18/2010		(14,903	)		(517	)

Pound Sterling		(11,829	)		11/18/2010		(17,196	)		(476	)

									$	5,304

NOTES TO SCHEDULE OF INVESTMENTS:


▲		Rate shown reflects the yield at 06/30/2010.

^		All or a portion of this security is on loan. The value of all securities on loan is $49,095.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $728,625. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $117,331 and $41,493, respectively. Net unrealized appreciation for tax purposes is $75,838.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:


Investment Securities	Level 1		Level 2		Level 3		Total

Equities — Consumer Discretionary	$	6,227	$	125,690	$	—	$	131,917
Equities — Consumer Staples		22,228		75,848		—		98,076
Equities — Energy		32,638		25,447		—		58,085
Equities — Financials		10,626		143,940		—		154,566
Equities — Health Care		34,160		80,259		—		114,419
Equities — Industrials		22,457		31,566		—		54,023
Equities — Information Technology		19,068		42,556		—		61,624
Equities — Materials		15,563		35,377		—		50,940
Equities — Telecommunication Services		11,666		16,156		—		27,822
Cash & Cash Equivalent — Securities Lending Collateral		51,589		—		—		51,589
Cash & Cash Equivalent — Repurchase Agreement		—		1,402		—		1,402

Total	$	226,222	$	578,241	$	—	$	804,463


Other Financial Instruments^*	Level 1		Level 2			Level 3		Total

Forward Foreign Currency Contracts — Appreciation	$	—	$	7,486		$	—	$	7,486
Forward Foreign Currency Contracts — Depreciation		—		(2,182	)		—		(2,182	)

Total	$	—	$	5,304		$	—	$	5,304


^*		Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Contracts, and Swap Contracts that are valued at unrealized appreciation (depreciation) on the instrument.



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 75

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

At June 30, 2010
(all amounts in thousands)
(Unaudited)


	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value

Commercial Banks		11.7	%	$	93,589
Pharmaceuticals		10.3			83,936
Oil, Gas & Consumable Fuels		5.8			46,574
Automobiles		5.0			40,614
Diversified Financial Services		4.1			33,300
Media		3.9			31,105
Food & Staples Retailing		3.7			29,867
Software		3.7			29,582
Specialty Retail		3.3			26,760
Machinery		2.9			23,074
Chemicals		2.7			21,830
Metals & Mining		2.7			21,507
Textiles, Apparel & Luxury Goods		2.2			18,061
Insurance		2.2			17,631
Tobacco		2.1			17,251
Semiconductors & Semiconductor Equipment		2.1			17,155
Health Care Equipment & Supplies		2.1			16,744
Road & Rail		2.1			16,646
Hotels, Restaurants & Leisure		1.9			15,376
Food Products		1.9			15,085
Household Products		1.8			14,861
Diversified Telecommunication Services		1.8			14,388
Health Care Providers & Services		1.7			13,737
Wireless Telecommunication Services		1.7			13,434
Energy Equipment & Services		1.4			11,511
Personal Products		1.4			10,885
Beverages		1.3			10,127
Capital Markets		1.3			10,047
Office Electronics		1.2			9,254
Electrical Equipment		1.1			8,492
Construction Materials		0.9			7,603
Aerospace & Defense		0.7			5,812
Computers & Peripherals		0.7			5,634

Investment Securities, at Value		93.4			751,472
Short-Term Investments		6.6			52,991

Total Investments		100.0	%	$	804,463



*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 76

STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2010
(all amounts in thousands)
(unaudited)


							Inflation-
				High Quality			Protected
	Money Market			Bond			Securities			Core Bond			High Yield Bond			Balanced
Assets:
Investment securities, at value	$	1,060,073		$	481,873		$	333,508		$	2,046,138		$	608,109		$	118,095
Repurchase agreements, at value		115,152			937			4,873			181,466			6,149			7,337
Cash on deposit with broker		—			—			—			3,559			—			330
Cash		—			—			—			2,979			—			—
Foreign currency, at value		—			—			12			114			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			114			474			—			13
Swap agreements, at value		—			—			3,876			19,563			—			—
Receivables:
Due from Advisor		—			—			—			—			—			5
Investment securities sold		—			4,014			—			1,064,919			7,429			7,703
Interest		1,086			2,892			2,717			11,671			12,317			393
Dividends		—			—			—	^(a)		—			—			57
Securities lending income (net)		—			—	^(a)		—			5			—			1
Variation margin		—			—			34			533			—			18

		1,176,311			489,716			345,134			3,331,421			634,004			133,952

Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		—			4,970			—			144,819			—			—
Investment securities purchased		—			4,750			2			1,273,762			2,624			15,700
Advisory fees		266			149			109			542			315			50
Custody fees		25			8			16			44			16			21
Audit and tax fees		13			15			14			7			14			17
Other		10			3			32			39			2			2
Swap agreements, at value		—			—			4,073			30,487			—			—
Securities sold short, at value		—			—			—			183,136			—			—
Written options and swaptions, at value		—			—			1,371			19,444			—			16
Unrealized depreciation on forward foreign currency contracts		—			—			—			114			—			10

		314			9,895			5,617			1,652,394			2,971			15,816

Net Assets	$	1,175,997		$	479,821		$	339,517		$	1,679,027		$	631,033		$	118,136


Investment securities, at cost	$	1,060,073		$	475,690		$	323,813		$	2,037,056		$	607,504		$	128,638
Repurchase agreements, at cost	$	115,152		$	937		$	4,873		$	181,466		$	6,149		$	7,337
Foreign currency, at cost	$	—		$	—		$	11		$	114		$	—		$	—
Securities loaned, at value	$	—		$	4,868		$	—		$	141,842		$	—		$	—
Proceeds from securities sold short	$	—		$	—		$	—		$	181,247		$	—		$	—
Premium paid on swap agreements	$	—		$	—		$	—		$	878		$	—		$	—
Premium received on swap agreements	$	—		$	—		$	—		$	7,344		$	—		$	—
Premium on written options and swaptions	$	—		$	—		$	1,292		$	18,926		$	—		$	12

	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Assets:
Investment securities, at value	$	914,362		$	225,404		$	1,013,015		$	916,847		$	222,246		$	115,720
Repurchase agreements, at value		18,358			1,354			4,229			27,425			815			2,498
Foreign currency, at value		—			—			—			6			—			—
Receivables:
Investment securities sold		23,243			9,248			10,259			2,065			—			—
Interest		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)		—	^(a)
Dividends		930			271			1,071			981			35			111
Dividend reclaims		—			—			55			12			—			—
Securities lending income (net)		5			2			14			23			4			1

		956,898			236,279			1,028,643			947,359			223,100			118,330

Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		18,317			215			18,782			190,924			7,411			—
Investment securities purchased		7,960			2,572			4,060			9,257			—			—
Advisory fees		406			136			608			478			152			94
Custody fees		41			29			34			13			6			18
Audit and tax fees		9			16			5			21			24			12
Other		47			5			30			10			3			2

		26,780			2,973			23,519			200,703			7,596			126

Net Assets	$	930,118		$	233,306		$	1,005,124		$	746,656		$	215,504		$	118,204


Investment securities, at cost	$	944,106		$	235,903		$	1,009,338		$	909,201		$	213,680		$	111,699
Repurchase agreements, at cost	$	18,358		$	1,354		$	4,229		$	27,425		$	815		$	2,498
Foreign currency, at cost	$	—		$	—		$	—		$	6		$	—		$	—
Securities loaned, at value	$	17,886		$	209		$	18,333		$	186,330		$	7,247		$	—


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 77

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At June 30, 2010
(all amounts in thousands)
(unaudited)


							International
	Small Core			Small Growth			Equity
Assets:
Investment securities, at value	$	359,401		$	150,563		$	803,061
Repurchase agreements, at value		4,937			1,869			1,402
Foreign currency, at value		—			—			1,261
Unrealized appreciation on forward foreign currency contracts		—			—			7,486
Receivables:
Due from Advisor		—			5			—
Investment securities sold		1,694			1,364			4,962
Interest		—	^(a)		—	^(a)		—	^(a)
Dividends		240			12			1,171
Dividend reclaims		—			—			3,201
Securities lending income (net)		31			7			73

		366,303			153,820			822,617

Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		73,984			31,174			51,589
Investment securities purchased		2,873			1,250			890
Variation margin		13			—			—
Advisory fees		226			103			538
Custody fees		44			10			213
Audit and tax fees		15			12			13
Other		5			1			6
Unrealized depreciation on forward foreign currency contracts		—			—			2,182

		77,160			32,550			55,431

Net Assets	$	289,143		$	121,270		$	767,186


Investment securities, at cost	$	332,233		$	145,672		$	727,223
Repurchase agreements, at cost	$	4,937		$	1,869		$	1,402
Foreign currency, at cost	$	—		$	—		$	1,256
Securities loaned, at value	$	72,049		$	30,303		$	49,095


^(a)		Rounds to less than $1.


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 78

STATEMENTS OF OPERATIONS
For the period ended June 30, 2010
(all amounts in thousands)
(unaudited)


						Inflation-
				High Quality		Protected
	Money Market			Bond		Securities			Core Bond			High Yield Bond			Balanced
Investment income:
Interest income	$	1,560		$	8,337	$	5,266		$	36,683		$	30,699		$	1,194
Securities lending income (net)		—			7		—	^(a)		15		��	—	^(a)		4
Dividend income		—			—		—			12			78			801
Withholding taxes on foreign income		—			—		(1	)		—			—			—	^(a)

		1,560			8,344		5,265			36,710			30,777			1,999

Expenses:
Advisory		1,452			829		621			3,064			1,765			290
Custody		76			33		45			218			64			48
Audit & tax		12			13		13			15			13			14
Legal		25			10		13			40			14			3
Printing and shareholder reports		4			2		2			6			2			1
Trustee and CCO		14			6		5			22			8			2
Other		7			3		2			22			6			1

Total expenses		1,590			896		701			3,387			1,872			359

Expenses reimbursed/waived		—			—		—			—			—			(37	)

Net expenses		1,590			896		701			3,387			1,872			322


Net investment income (loss)		(30	)		7,448		4,564			33,323			28,905			1,677

Net realized gain (loss) on transactions from:
Investment securities		5			2,132		6,760			14,335			5,774			34
Swap agreements		—			—		163			(253	)		—			(133	)
Futures contracts		—			—		2,000			5,653			—			435
Written option and swaption contracts		—			—		25			14,556			—			23
Foreign currency transactions		—			—		623			3,874			—			16
Securities sold short		—			—		—			(465	)		—			(111	)

		5			2,132		9,571			37,700			5,774			264

Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			2,655		2,566			43,604			(4,392	)		(2,653	)
Swap agreements		—			—		(1,070	)		(2,914	)		—			—
Futures contracts		—			—		(374	)		8,094			—			119
Written option and swaption contracts		—			—		(270	)		(8,704	)		—			(9	)
Securities sold short		—			—		—			(3,347	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—		(47	)		(1,051	)		—			5

		—			2,655		805			35,682			(4,392	)		(2,538	)

Net realized and unrealized gain (loss)		5			4,787		10,376			73,382			1,382			(2,274	)

Net increase (decrease) in net assets resulting from operations	$	(25	)	$	12,235	$	14,940		$	106,705		$	30,287		$	(597	)


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 79

STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2010
(all amounts in thousands)
(unaudited)


	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Investment income:
Interest income	$	1		$	—	^(a)	$	—	^(a)	$	1		$	—	^(a)	$	—	^(a)
Securities lending income (net)		80			31			89			93			16			8
Dividend income		12,958			2,842			7,643			7,037			493			880
Withholding taxes on foreign income		(5	)		(8	)		(76	)		(11	)		(2	)		—

		13,034			2,865			7,656			7,120			507			888

Expenses:
Advisory		2,568			803			3,724			2,738			880			573
Custody		71			31			129			51			21			20
Audit & tax		15			14			15			12			13			11
Legal		41			6			24			17			5			3
Printing and shareholder reports		4			2			4			3			2			1
Trustee and CCO		15			3			16			10			3			2
Other		6			1			22			5			1			1

Total expenses		2,720			860			3,934			2,836			925			611

Expenses reimbursed/waived		—			—			(13	)		—			(10	)		(17	)

Net expenses		2,720			860			3,921			2,836			915			594


Net investment income (loss)		10,314			2,005			3,735			4,284			(408	)		294

Net realized gain (loss) on transactions from:
Investment securities		84,300			7,418			84,986			25,837			23,208			4,624
Foreign currency transactions		1			—	^(a)		(8	)		—	^(a)		—	^(a)		—

		84,301			7,418			84,978			25,837			23,208			4,624

Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		(145,658	)		(29,686	)		(168,565	)		(57,683	)		(29,737	)		(6,155	)
Translation of assets and liabilities denominated in foreign currencies		(2	)		(1	)		—			—	^(a)		—			—

		(145,660	)		(29,687	)		(168,565	)		(57,683	)		(29,737	)		(6,155	)

Net realized and unrealized (loss)		(61,359	)		(22,269	)		(83,587	)		(31,846	)		(6,529	)		(1,531	)

Net (decrease) in net assets resulting from operations	$	(51,045	)	$	(20,264	)	$	(79,852	)	$	(27,562	)	$	(6,937	)	$	(1,237	)


							International
	Small Core			Small Growth			Equity
Investment income:
Interest income	$	—	^(a)	$	—	^(a)	$	—	^(a)
Securities lending income (net)		178			84			357
Dividend income		1,706			226			13,970
Withholding taxes on foreign income		—	^(a)		—	^(a)		(404	)

		1,884			310			13,923

Expenses:
Advisory		1,292			638			3,461
Custody		72			29			282
Audit & tax		15			11			15
Legal		7			3			27
Printing and shareholder reports		2			1			5
Trustee and CCO		4			2			12
Other		2			1			6

Total expenses		1,394			685			3,808

Expenses reimbursed/waived		(22	)		(25	)		—

Net expenses		1,372			660			3,808


Net investment income (loss)		512			(350	)		10,115

Net realized gain (loss) on transactions from:
Investment securities		31,442			11,345			42,425
Futures contracts		52			—			—
Foreign currency transactions		—			—			(1,855	)

		31,494			11,345			40,570

Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		(27,858	)		(12,676	)		(132,276	)
Futures contracts		(177	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			—			5,176

		(28,035	)		(12,676	)		(127,100	)

Net realized and unrealized gain (loss)		3,459			(1,331	)		(86,530	)

Net increase (decrease) in net assets resulting from operations	$	3,971		$	(1,681	)	$	(76,415	)


^(a)		Rounds to less than $1.


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 80

STATEMENTS OF CHANGES IN NET ASSETS
For the period and year ended:
(all amounts in thousands)


	Money Market						High Quality Bond						Inflation-Protected Securities
	June 30, 2010			December 31,			June 30, 2010			December 31,			June 30, 2010			December 31,
	(unaudited)			2009			(unaudited)			2009			(unaudited)			2009
From operations:
Net investment income (loss)	$	(30	)	$	4,556		$	7,448		$	14,943		$	4,564		$	3,718
Net realized gain (loss)		5			56			2,132			(415	)		9,571			(842	)
Change in net unrealized appreciation		—			—			2,655			22,148			805			31,871

Net increase (decrease) in net assets resulting from operations		(25	)		4,612			12,235			36,676			14,940			34,747


From transactions in investors’ beneficial interests:
Contributions		451,539			1,027,545			115,064			235,138			36,997			78,906
Withdrawals		(408,424	)		(1,225,052	)		(124,566	)		(215,958	)		(82,430	)		(132,841	)

Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		43,115			(197,507	)		(9,502	)		19,180			(45,433	)		(53,935	)

Net increase (decrease) in net assets		43,090			(192,895	)		2,733			55,856			(30,493	)		(19,188	)


Net Assets:
Beginning of period/year		1,132,907			1,325,802			477,088			421,232			370,010			389,198

End of period/year	$	1,175,997		$	1,132,907		$	479,821		$	477,088		$	339,517		$	370,010


	Core Bond						High Yield Bond						Balanced
	June 30, 2010			December 31,			June 30, 2010			December 31,			June 30, 2010			December 31,
	(unaudited)			2009			(unaudited)			2009			(unaudited)			2009
From operations:
Net investment income	$	33,323		$	67,637		$	28,905		$	53,541		$	1,677		$	4,399
Net realized gain (loss)		37,700			(29,343	)		5,774			(24,341	)		264			(17,018	)
Change in net unrealized appreciation (depreciation)		35,682			135,401			(4,392	)		205,329			(2,538	)		42,670

Net increase (decrease) in net assets resulting from operations		106,705			173,695			30,287			234,529			(597	)		30,051


From transactions in investors’ beneficial interests:
Contributions		230,408			545,781			137,156			120,397			4,108			19,026
Contribution in-Kind		—			164,114			—			—			—			—
Series Reorganizations		—			60,639			—			—			—			—
Withdrawals		(407,617	)		(862,011	)		(178,327	)		(152,872	)		(23,109	)		(80,273	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(177,209	)		(91,477	)		(41,171	)		(32,475	)		(19,001	)		(61,247	)

Net increase (decrease) in net assets		(70,504	)		82,218			(10,884	)		202,054			(19,598	)		(31,196	)


Net Assets:
Beginning of period/year		1,749,531			1,667,313			641,917			439,863			137,734			168,930

End of period/year	$	1,679,027		$	1,749,531		$	631,033		$	641,917		$	118,136		$	137,734


	Large Value						Large Core						Large Growth
	June 30, 2010			December 31,			June 30, 2010			December 31,			June 30, 2010			December 31,
	(unaudited)			2009			(unaudited)			2009			(unaudited)			2009
From operations:
Net investment income	$	10,314		$	27,267		$	2,005		$	4,050		$	3,735		$	10,856
Net realized gain (loss)		84,301			(675,481	)		7,418			(52,167	)		84,978			(109,199	)
Change in net unrealized appreciation (depreciation)		(145,660	)		814,282			(29,687	)		102,075			(168,565	)		436,386

Net increase (decrease) in net assets resulting from operations		(51,045	)		166,068			(20,264	)		53,958			(79,852	)		338,043


From transactions in investors’ beneficial interests:
Contributions		66,310			153,363			18,056			25,021			56,797			269,103
Contribution in-Kind		—			41,832			—			—			—			83,167
Series Reorganizations		—			879			—			—			—			94,418
Withdrawals		(348,610	)		(549,649	)		(45,382	)		(79,857	)		(313,341	)		(573,994	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(282,300	)		(353,575	)		(27,326	)		(54,836	)		(256,544	)		(127,306	)

Net increase (decrease) in net assets		(333,345	)		(187,507	)		(47,590	)		(878	)		(336,396	)		210,737


Net Assets:
Beginning of period/year		1,263,463			1,450,970			280,896			281,774			1,341,520			1,130,783

End of period/year	$	930,118		$	1,263,463		$	233,306		$	280,896		$	1,005,124		$	1,341,520


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 81

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the period and year ended:
(all amounts in thousands)


	Mid Value						Mid Growth						Small Value
	June 30, 2010			December 31,			June 30, 2010			December 31,			June 30, 2010			December 31,
	(unaudited)			2009			(unaudited)			2009			(unaudited)			2009
From operations:
Net investment income (loss)	$	4,284		$	9,785		$	(408	)	$	(536	)	$	294		$	1,730
Net realized gain (loss)		25,837			(182,248	)		23,208			(44,907	)		4,624			(24,300	)
Change in net unrealized appreciation (depreciation)		(57,683	)		371,554			(29,737	)		98,216			(6,155	)		47,791

Net increase (decrease) in net assets resulting from operations		(27,562	)		199,091			(6,937	)		52,773			(1,237	)		25,221


From transactions in investors’ beneficial interests:
Contributions		239,835			82,637			28,554			31,031			8,480			13,079
Withdrawals		(274,278	)		(103,316	)		(57,862	)		(61,021	)		(34,766	)		(49,201	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(34,443	)		(20,679	)		(29,308	)		(29,990	)		(26,286	)		(36,122	)

Net increase (decrease) in net assets		(62,005	)		178,412			(36,245	)		22,783			(27,523	)		(10,901	)


Net Assets:
Beginning of period/year		808,661			630,249			251,749			228,966			145,727			156,628

End of period/year	$	746,656		$	808,661		$	215,504		$	251,749		$	118,204		$	145,727


	Small Core						Small Growth						International Equity
	June 30, 2010			December 31,			June 30, 2010			December 31,			June 30, 2010			December 31,
	(unaudited)			2009			(unaudited)			2009			(unaudited)			2009
From operations:
Net investment income (loss)	$	512		$	2,206		$	(350	)	$	(564	)	$	10,115		$	13,884
Net realized gain (loss)		31,494			(117,450	)		11,345			(23,946	)		40,570			(416,301	)
Change in net unrealized appreciation (depreciation)		(28,035	)		189,213			(12,676	)		67,426			(127,100	)		634,486

Net increase (decrease) in net assets resulting from operations		3,971			73,969			(1,681	)		42,916			(76,415	)		232,069


From transactions in investors’ beneficial interests:
Contributions		16,321			33,336			9,265			14,916			61,018			111,677
Withdrawals		(71,193	)		(156,923	)		(39,038	)		(57,621	)		(261,466	)		(399,757	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(54,872	)		(123,587	)		(29,773	)		(42,705	)		(200,448	)		(288,080	)

Net increase (decrease) in net assets		(50,901	)		(49,618	)		(31,454	)		211			(276,863	)		(56,011	)


Net Assets:
Beginning of period/year		340,044			389,662			152,724			152,513			1,044,049			1,100,060

End of period/year	$	289,143		$	340,044		$	121,270		$	152,724		$	767,186		$	1,044,049


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 82

FINANCIAL HIGHLIGHTS
For the period and years ended:


	Money Market
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	1,175,997		$	1,132,907		$	1,325,802		$	1,050,796		$	925,941		$	765,777


Total return		—	%^(a)		0.36	%		2.44	%		5.17	%		4.86	%		3.00	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.27	%^(b)		0.27	%		0.27	%		0.28	%		0.28	%		0.28	%
After reimbursement		0.27	%^(b)		0.27	%		0.27	%		0.28	%		0.28	%		0.28	%
Net investment income (loss), to average net assets		(0.01	%)^(b)		0.37	%		2.43	%		5.01	%		4.77	%		2.97	%

	High Quality Bond
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	479,821		$	477,088		$	421,232		$	833,291		$	817,623		$	788,399


Total return		2.60	%^(a)		9.83	%		0.55	%		5.34	%		4.38	%		1.95	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.38	%^(b)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
After reimbursement		0.38	%^(b)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
Net investment income, to average net assets		3.14	%^(b)		3.75	%		4.24	%		4.38	%		4.03	%		3.25	%
Portfolio turnover rate		52	%^(a)		104	%		64	%		56	%		55	%		58	%

	Inflation-Protected Securities
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	339,517		$	370,010		$	389,198		$	149,013		$	150,681		$	261,107


Total return		4.32	%^(a)		10.22	%		(2.14	%)		10.16	%		3.48	%		1.34	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.39	%^(b)		0.40	%		0.39	%		0.42	%		0.41	%		0.40	%
After reimbursement		0.39	%^(b)		0.40	%		0.39	%		0.40	%		0.40	%		0.40	%
Net investment income, to average net assets		2.57	%^(b)		1.02	%		4.99	%		5.26	%		4.50	%		3.45	%
Portfolio turnover rate		58	%^(a)		118	%		154	%		340	%		525	%		756	%

	Core Bond
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	1,679,027		$	1,749,531		$	1,667,313		$	2,248,880		$	2,077,821		$	2,052,893


Total return		6.26	%^(a)		12.89	%		(1.83	%)		6.67	%		4.17	%		2.38	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.39	%^(b)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
After reimbursement		0.39	%^(b)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
Net investment income, to average net assets		3.81	%^(b)		4.45	%		5.12	%		4.81	%		4.50	%		3.99	%
Portfolio turnover rate		686	%^(a)		1,014	%^(c)		530	%		503	%		487	%		1,003	%


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 83

FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:


	High Yield Bond
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	631,033		$	641,917		$	439,863		$	538,727		$	502,330		$	416,027


Total return		4.83	%^(a)		57.21	%		(28.90	%)		2.02	%		11.99	%		3.34	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.58	%^(b)		0.59	%		0.58	%		0.58	%		0.59	%		0.60	%
After reimbursement		0.58	%^(b)		0.59	%		0.58	%		0.58	%		0.59	%		0.60	%
Net investment income, to average net assets		9.01	%^(b)		10.10	%		9.57	%		7.97	%		7.86	%		7.74	%
Portfolio turnover rate		43	%^(a)		98	%		54	%		96	%		93	%		68	%


	Balanced
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	118,136		$	137,734		$	168,930		$	318,635		$	381,649		$	410,748


Total return		(1.04	%)^(a)		23.45	%		(26.71	%)		1.79	%		11.74	%		5.59	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.56	%^(b)		0.55	%		0.53	%		0.52	%		0.53	%		0.54	%
After reimbursement		0.50	%^(b)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income, to average net assets		2.60	%^(b)		3.01	%		3.45	%		2.87	%		2.72	%		2.25	%
Portfolio turnover rate		99	%^(a)		167	%		154	%		226	%		224	%		367	%

	Large Value
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	930,118		$	1,263,463		$	1,450,970		$	3,165,025		$	3,538,944		$	3,018,060


Total return		(5.72	%)^(a)		16.71	%		(42.94	%)		(1.75	%)		20.68	%		6.88	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.48	%^(b)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
After reimbursement		0.48	%^(b)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income, to average net assets		1.81	%^(b)		2.22	%		2.53	%		1.68	%		1.47	%		1.38	%
Portfolio turnover rate		37	%^(a)		124	%^(c)		26	%		30	%		31	%		89	%

	Large Core
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	233,306		$	280,896		$	281,774		$	903,262		$	1,159,020		$	1,178,759


Total return		(8.21	%)^(a)		23.36	%		(36.65	%)		2.11	%		11.77	%		7.12	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.64	%^(b)		0.62	%		0.65	%		0.64	%		0.63	%		0.64	%
After reimbursement		0.64	%^(b)		0.62	%		0.65	%		0.64	%		0.63	%		0.64	%
Net investment income, to average net assets		1.50	%^(b)		1.57	%		1.31	%		1.08	%		1.11	%		0.96	%
Portfolio turnover rate		30	%^(a)		168	%		99	%		101	%		73	%		79	%


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 84

FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:


	Large Growth
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	1,005,124		$	1,341,520		$	1,130,783		$	2,444,761		$	2,526,917		$	2,587,382


Total return		(7.68	%)^(a)		35.56	%		(39.87	%)		12.25	%		4.12	%		7.18	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.66	%^(b)		0.65	%		0.65	%		0.65	%		0.64	%		0.65	%
After reimbursement		0.65	%^(b)		0.65	%		0.65	%		0.65	%		0.64	%		0.65	%
Net investment income, to average net assets		0.62	%^(b)		0.97	%		0.92	%		0.61	%		0.43	%		0.34	%
Portfolio turnover rate		38	%^(a)		102	%^(c)		102	%		129	%		84	%		76	%

	Mid Value
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	746,656		$	808,661		$	630,249		$	998,177		$	936,974		$	641,532


Total return		(3.63	%)^(a)		32.53	%		(37.73	%)		2.62	%		18.33	%		9.77	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.69	%^(b)		0.70	%		0.70	%		0.70	%		0.71	%		0.72	%
After reimbursement		0.69	%^(b)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income, to average net assets		1.05	%^(b)		1.44	%		1.69	%		1.37	%		1.17	%		1.28	%
Portfolio turnover rate		42	%^(a)		122	%		68	%		69	%		80	%		112	%

	Mid Growth
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	215,504		$	251,749		$	228,966		$	337,189		$	309,909		$	282,950


Total return		(3.46	%)^(a)		25.24	%		(41.55	%)		30.42	%		2.17	%		13.42	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.76	%^(b)		0.76	%		0.75	%		0.75	%		0.75	%		0.76	%
After reimbursement		0.75	%^(b)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment loss, to average net assets		(0.33	%)^(b)		(0.23	%)		(0.02	%)		(0.23	%)		(0.31	%)		(0.38	%)
Portfolio turnover rate		115	%^(a)		214	%		158	%		152	%		151	%		142	%

	Small Value
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2009			2008			2007			2006			2005
Net assets end of period/year (000’s)	$	118,204		$	145,727		$	156,628		$	185,137		$	236,317		$	218,749


Total return		(1.94	%)^(a)		19.64	%		(26.63	%)		(7.74	%)		9.64	%		(4.70	%)

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.87	%^(b)		0.88	%		0.87	%		0.87	%		0.87	%		0.88	%
After reimbursement		0.85	%^(b)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income, to average net assets		0.42	%^(b)		1.24	%		1.94	%		1.36	%		0.27	%		0.10	%
Portfolio turnover rate		24	%^(a)		103	%		117	%		94	%		105	%		143	%


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 85

FINANCIAL HIGHLIGHTS (continued)
For the period and years ended:


	Small Core
	June 30, 2010			December 31,			December 31,			December 31,			December 31,				December 31,
	(unaudited)			2009			2008			2007			2006				2005
Net assets end of period/year (000’s)	$	289,143		$	340,044		$	389,662		$	950,197		$	1,211,556			$	1,296,672


Total return		0.28	%^(a)		27.64	%		(36.06	%)		(4.49	%)		11.77	%			10.53	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.86	%^(b)		0.85	%		0.85	%		0.84	%		0.85	%			0.85	%
After reimbursement		0.85	%^(b)		0.85	%		0.85	%		0.84	%		0.85	%			0.85	%
Net investment income, to average net assets		0.32	%^(b)		0.67	%		0.94	%		0.58	%		0.29	%			0.09	%
Portfolio turnover rate		32	%^(a)		88	%		106	%		97	%		86	%			92	%

	Small Growth
	June 30, 2010			December 31,			December 31,			December 31,			December 31,				December 31,
	(unaudited)			2009			2008			2007			2006				2005
Net assets end of period/year (000’s)	$	121,270		$	152,724		$	152,513		$	166,817		$	155,003			$	132,904


Total return		(2.66	%)^(a)		32.99	%		(37.87	%)		8.64	%		8.71	%			0.55	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.93	%^(b)		0.93	%		0.93	%		0.92	%		1.04	%			0.98	%
After reimbursement		0.90	%^(b)		0.90	%		0.90	%		0.90	%		0.90	%			0.90	%
Net investment loss, to average net assets		(0.48	%)^(b)		(0.38	%)		(0.18	%)		(0.42	%)		(0.29	%)			(0.41	%)
Portfolio turnover rate		49	%^(a)		104	%		146	%		144	%		173	%			183	%

	International Equity
	June 30, 2010			December 31,			December 31,			December 31,			December 31,			��	December 31,
	(unaudited)			2009			2008			2007			2006				2005
Net assets end of period/year (000’s)	$	767,186		$	1,044,049		$	1,100,060		$	2,264,062		$	2,101,152			$	1,721,786


Total return		(8.44	%)^(a)		26.10	%		(49.94	%)		11.69	%		27.31	%			11.20	%

Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.83	%^(b)		0.82	%		0.84	%		0.87	%		0.87	%			0.88	%
After reimbursement		0.83	%^(b)		0.82	%		0.84	%		0.87	%		0.87	%			0.88	%
Net investment income, to average net assets		2.19	%^(b)		1.39	%		2.78	%		2.25	%		1.78	%			2.03	%
Portfolio turnover rate		14	%^(a)		138	%		174	%		110	%		81	%			94	%


^(a)		Not annualized.

^(b)		Annualized.

^(c)		Excludes investment securities received in kind.


*The notes to the financial statements are an integral part of this report.*
Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 86

NOTES TO FINANCIAL STATEMENTS
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 1. Organization and Significant Accounting Policies

Transamerica Partners Portfolios (the “Series Portfolio”) is an open-end management investment company, which was organized as a series trust under the laws of the State of New York. The Series Portfolio is composed of fifteen different series that are, in effect, separate investment funds: Transamerica Partners Money Market Portfolio (“Money Market”), Transamerica Partners High Quality Bond Portfolio (“High Quality Bond”), Transamerica Partners Inflation-Protected Securities Portfolio (“Inflation-Protected Securities”), Transamerica Partners Core Bond Portfolio (“Core Bond”), Transamerica Partners High Yield Bond Portfolio (“High Yield Bond”), Transamerica Partners Balanced Portfolio (“Balanced”), Transamerica Partners Large Value Portfolio (“Large Value”), Transamerica Partners Large Core Portfolio (“Large Core”), Transamerica Partners Large Growth Portfolio (“Large Growth”), Transamerica Partners Mid Value Portfolio (“Mid Value”), Transamerica Partners Mid Growth Portfolio (“Mid Growth”), Transamerica Partners Small Value Portfolio (“Small Value”), Transamerica Partners Small Core Portfolio (“Small Core”), Transamerica Partners Small Growth Portfolio (“Small Growth”), and Transamerica Partners International Equity Portfolio (“International Equity”) (each a “Portfolio”; collectively, the “Portfolios”). Investments in each Portfolio may be only made by investment companies, insurance company separate accounts, common or comingled trust funds or other similar organizations or entities.

In the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios and/or their affiliates that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss to be remote.

In preparing the Portfolios’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolios.

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Portfolios’ custodian and, pursuant to the terms of the repurchase agreements, 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.

Foreign currency denominated investments: The accounting records of the Portfolios are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities are translated at the exchange rates in effect when the investment was acquired. Each Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values and possible adverse political, social and economic developments, including those particular to a specific industry, country or region.

Forward foreign currency contracts: The Portfolios are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios, with the exception of the Money Market, enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at June 30, 2010 are listed in the Schedules of Investments.

Option and swaption 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 the Money Market, enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. 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.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 87

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 1. (continued)

The Portfolios write call and put options on futures, swaps (“swaptions”), securities or currencies they own or in which they may invest. When a Portfolio writes a covered call or put option/swaption, an amount equal to the premium received by a Portfolio is included in the Portfolio’s Statement of Assets and Liabilities as an asset and as an equivalent liability. Premiums received from writing options/swaptions which expire 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 future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.

The portfolios purchase put and call options on foreign or U.S. securities, indices, futures, swaps (“swaptions”), and commodities. Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Portfolio pays a premium, which is included in the Statement of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying futures, swaps, security, commodity, or currency transaction to determine the realized gain or loss. Realized gains or losses are reflected in the realized gains or losses of investment securities on the Statement of Operations.

The underlying face amounts of open option and swaption contracts at June 30, 2010 are listed in the Schedules of Investments.

Transactions in written options were as follows:


				Notional
Inflation-Protected Securities	Premium			Amount

Balance at December 31, 2009	$	146		$	1,485
Sales		—			—
Closing Buys		(146	)		(1,485	)
Expirations		—			—
Exercised		—			—

Balance at June 30, 2010	$	—		$	—



				Notional
Core Bond	Premium			Amount

Balance at December 31, 2009	$	893		$	2,961
Sales		632			585
Closing Buys		(663	)		(2,468	)
Expirations		(241	)		(508	)
Exercised		—			—

Balance at June 30, 2010	$	621		$	570



				Notional
Balanced	Premium			Amount

Balance at December 31, 2009	$	30		$	168
Sales		31			121
Closing Buys		(36	)		(170	)
Expirations		(13	)		(81	)
Exercised		—			—

Balance at June 30, 2010	$	12		$	38


Transactions in written swaptions were as follows:

				Notional
Inflation-Protected Securities	Premium			Amount

Balance at December 31, 2009	$	946		$	19,200
Sales		346			5,000
Closing Buys		—			—
Expirations		—			—
Exercised		—			—

Balance at June 30, 2010	$	1,292		$	24,200



				Notional
Core Bond	Premium			Amount

Balance at December 31, 2009	$	26,800		$	576,400
Sales		28,291			902,800
Closing Buys		(16,038	)		(411,260	)
Expirations		(20,748	)		(658,740	)
Exercised		—			—

Balance at June 30, 2010	$	18,305		$	409,200




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 88

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 1. (continued)

Futures 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. Certain Portfolios, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against changes in the value of equities, 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 securities an initial margin in an amount equal to a certain percentage of the contract amount.

Subsequent payments (variation margin) are paid or received by the Portfolios each day, depending on the daily fluctuations in the value of the contracts, 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 interest or exchange rates or security prices moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at June 30, 2010 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the daily market value of the contract.

Swap agreements: Swap agreements are privately 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. Certain 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 and interest rate risk. In connection with these agreements, securities may be identified as collateral 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 or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement 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 on 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 on the Statements of Operations. Net periodic payments received or paid by a Portfolio are included as part of realized gains or losses on the Statements of Operations. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Portfolios are subject to credit risk in the normal course of pursuing their investment objectives. The Portfolios enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolios’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolios and the counterparty and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty.

Certain Portfolios sell credit default swaps which expose them to risk of loss from credit risk related events specified in the contracts. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. The aggregate fair value of the credit default swaps are disclosed in the Schedules of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swaps is included in the footnotes to the Schedules of Investments. If a defined credit event had occurred during the period, the swaps’ credit-risk-related contingent features would have been triggered and the Portfolios would have been required to pay the notional amounts for the credit default swaps with a sell protection less the value of the contracts’ related reference obligations.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 89

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 1. (continued)

Interest rate swap agreements: The Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. To help hedge against this risk, the Portfolios enter into interest rate swap contracts. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Portfolios with interest rate swap 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 by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty.

Short sales: A short sale is a transaction in which a Portfolio, with the exception of the Money Market, sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Portfolios are obligated to replace the borrowed securities at the market price at the time of replacement. The Portfolios’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Portfolios consider the short sale to be a borrowing by the Portfolios that is subject to the asset coverage requirements of the 1940 Act, as amended. The Portfolios incur a profit or a loss, depending upon whether the market price of the securities decrease or increase between the date of the short sale and the date on which the Portfolios must replace the borrowed securities. 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 Porfolios may be unable to replace borrowed securities sold short.

The Portfolios investing in short sales are liable for any income payable on securities while those securities are in a short position and also bear other costs, such as charges for the prime brokerage accounts, in connection with its short positions. These costs, if any, are reported in the Statements of Operations.

Loan participations/assignments: Participations/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/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 the Money Market, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. Loan participations typically represent direct participation in loans to corporate borrowers, and generally are offered by banks or other financial institutions or lending syndicates. The Portfolios that participate in such syndications, or 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, under the terms of the loans or other indebtedness, the Portfolios have direct recourse against the corporate borrowers, 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, 2010.

To be announced purchase commitments (“TBA”): TBA purchase commitments are entered into to purchase 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 prior to settlement date, in addition to the risk of decline in the value of the Portfolios’ other assets. Unsettled TBA purchase commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Treasury Inflation-Protected Securities (“TIPS”): Certain Portfolios invest in TIPS, specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation as measured by the U.S. Consumer Price Index. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

Restricted and illiquid securities: Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at June 30, 2010 are listed in the Schedules of Investments.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 90

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 1. (continued)

Payment in-kind securities (“PIKs”): PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. 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 interest receivable to the unrealized appreciation or depreciation on investment on the Statements of Assets and Liabilities.

The PIKs at June 30, 2010 are listed in the Schedules of Investments.

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of the Portfolios’ securities exposes the Portfolios to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. 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 such securities, the Portfolios seek to increase their net investment income through the receipt of interest (after rebates and fees).

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at June 30, 2010 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities on the Statements of Operations is net of fees earned by the lending agent for its services.

Commission recapture: The sub-advisers of certain Portfolios, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Portfolios with broker/dealers with which other Funds or Portfolios advised by Transamerica Asset Management, Inc. (“TAM”) have 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 from security transactions to a Portfolio. In no event will commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other Funds or Portfolios advised by TAM or by any other party.

Commissions recaptured for the period ended June 30, 2010, are included in net realized gains/(losses) on the Statements of Operations and are summarized as follows:


Portfolio	Commissions

Large Growth	$	84
Mid Value		165
Mid Growth		43
Small Value		47
Small Core		27
Small Growth		94

Portfolios not listed in the above table did not have any commissions recaptured during the period ended June 30, 2010.

Security transactions and investment income: Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are calculated on the specific identification basis. Dividend income less foreign taxes withheld, 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 date. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Purchases of TBA, when-issued or delayed delivery securities may be settled a month or more after the trade date. Interest income is not accrued until settlement date.

Dividend income related to a Real Estate Investment Trust (“REIT”) is recorded at the amount of distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of 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.

All of the net investment income and realized and unrealized gains and losses from security transactions are determined on each valuation day and allocated pro rata among the investors in a Portfolio at the time of such determination.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 91

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 1. (continued)

Market and credit risk: On September 6, 2008, the Federal Housing Finance Agency (“FHFA”) placed Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. On September 7, 2008, the U.S. Treasury announced additional steps taken by it in connection with the conservatorship. The U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury will purchase up to an aggregate of $100 billion of each of FNMA and FHLMC to maintain a positive net worth in each enterprise. Second, the U.S. Treasury announced the creation of a new secured lending facility which is available to each of FNMA and FHLMC as a liquidity backstop. Third, the U.S. Treasury announced the creation of a temporary program to purchase mortgage-backed securities issued by each of FNMA and FHLMC. On February 18, 2009, the U.S. Treasury announced that it was doubling the size of its commitment to each enterprise under the Senior Preferred Stock Program to $200 billion. Both the liquidity backstop and the mortgage-backed securities purchase program expired December 31, 2009. FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remain liable for all of its obligations associated with its mortgage-backed securities, including its guaranty obligations. The Senior Preferred Stock Purchase Agreement is intended to enhance each of FNMA’s and FHLMC’s ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the FHFA determines that the FHFA’s plan to restore the enterprise to a safe and solvent condition has been completed.

Foreign taxes: The Portfolios may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Portfolios will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolios invest.

Note 2. Security Valuations

All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, 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 three Levels of inputs are:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3—Unobservable inputs, to the extent that relevant observable inputs are not available, representing each Portfolio’s own assumptions about the assumptions a market participant would use in valuing the investment, based on the best information available.

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.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

Fair value measurements: Descriptions of the valuation techniques applied to the Portfolios’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stock): 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.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 92

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 2. (continued)

Foreign securities, in which their 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 intra-day trading in the U.S. markets for investments such as American Depositary Receipts (“ADRs”), financial futures, Exchange Traded Funds (“ETFs”), and the movement of certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Asset backed securities: The fair value of asset backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as 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.

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.

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.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Option contracts and derivative instruments are carried at unrealized appreciation/depreciation, including forward contracts, swap contracts, and futures contracts. These are generally categorized as a Level 2 in the fair value hierarchy. Over the counter (“OTC”) derivative contracts include forward, swap, 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 by 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 for 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 generally are categorized in Level 2 of the fair value hierarchy.

Other: Securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees.

The hierarchy classification of inputs used to value the Portfolios’ investments at June 30, 2010 as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, are included at the end of each Portfolio’s Schedule of Investments.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 93

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 3. Related Party Transactions

TAM is the Portfolios’ investment adviser and is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly-owned subsidiaries of AEGON NV. AUSA is wholly-owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Financial Life Insurance Company (“TFLIC”) is a wholly-owned subsidiary of AEGON USA. The percentage of each Portfolio that is owned by TFLIC sub-accounts is as follows:


	Investments in
TFLIC Sub-accounts	Portfolio

Money Market		4.58	%
High Quality Bond		13.27
Inflation-Protected Securities		14.90
Core Bond		8.85
High Yield Bond		5.96
Balanced		47.51
Large Value		28.57
Large Core		46.73
Large Growth		27.86
Mid Value		4.64
Mid Growth		1.91
Small Value		2.63
Small Core		44.67
Small Growth		2.66
International Equity		17.71

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:


	Investments in
CIT Sub-accounts	Portfolio

Money Market		16.12	%
High Quality Bond		39.64
Inflation-Protected Securities		14.19
Core Bond		29.83
High Yield Bond		26.63
Balanced		5.24
Large Value		19.06
Large Core		11.40
Large Growth		20.80
Mid Value		12.28
Mid Growth		37.31
Small Value		41.73
Small Core		11.60
Small Growth		39.36
International Equity		27.03

Transamerica Asset Management, Inc. 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:


	Investments in
CTF Sub-accounts	Portfolio

Money Market		0.27	%
High Quality Bond		6.29
Inflation-Protected Securities		3.94
Core Bond		5.96
High Yield Bond		16.06
Balanced		—
Large Value		4.22
Large Core		3.19
Large Growth		2.18
Mid Value		24.92
Mid Growth		8.82
Small Value		4.47
Small Core		1.19
Small Growth		4.31
International Equity		4.64




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 94

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 3. (continued)

Transamerica Fund Services, Inc. (“TFS”) is the Portfolios’ administrator. 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 of TAM or its affiliates. None of the non-independent trustees receive compensation for services as trustees of the Series Portfolio or the entities that invest in the Series Portfolio.

Investment advisory fees: TAM manages the assets of each Portfolio of the Series Portfolio pursuant to the Investment Advisory Agreement with the Series Portfolio. For its services, TAM receives fees from each Portfolio, accrued daily and payable monthly, at an annual rate equal to the percentages specified in the table below of the corresponding Portfolios’ average daily net assets (“ANA”).

For each Portfolio, TAM has entered into Investment Sub-Advisory Agreements with the Portfolios’ sub-advisers. It is the responsibility of each sub-adviser to make the day-to-day investment decisions of the Portfolios and to place the purchase and sales orders for securities transactions of the Portfolios, subject in all cases to the general supervision of TAM.

Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.


	Advisory
Portfolio	Fee

Money Market		0.25	%
High Quality Bond		0.35
Inflation-Protected Securities		0.35
Core Bond		0.35
High Yield Bond		0.55
Balanced		0.45
Large Value		0.45
Large Core		0.60
Large Growth		0.62
Mid Value		0.67
Mid Growth		0.72
Small Value		0.82
Small Core		0.80
Small Growth		0.87
International Equity		0.75

TAM has voluntarily elected to waive fees to the extent the total operating expenses of a Portfolio exceed the following expense caps (as a proportion of ANA):


Portfolio	Expense Cap

Money Market		0.30	%
High Quality Bond		0.40
Inflation-Protected Securities		0.40
Core Bond		0.40
High Yield Bond		0.60
Balanced		0.50
Large Value		0.50
Large Core		0.65
Large Growth		0.65
Mid Value		0.70
Mid Growth		0.75
Small Value		0.85
Small Core		0.85
Small Growth		0.90
International Equity		0.90

Such fee waivers are not subject to recoupment by TAM in future years.

TAM also may contribute to the Portfolios from time to time to help them maintain competitive expense ratios. These arrangements are voluntary and may be terminated at any time.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to the Trustees, compensation may be deferred that would otherwise be payable by the Trust to an Independent Trustee on a current basis for services rendered as Trustee. Deferred compensation amounts will accumulate based on the value of Class A (or comparable) shares of a series of Transamerica Funds (without imposition of sales charge), or investment options under Transamerica Partners Institutional Funds and Transamerica Institutional Asset Allocation Funds, as elected by the Trustee.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 95

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 3. (continued)

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of TAM or sub-advisers for the period ended June 30, 2010 were as follows:


	Brokerage
Portfolio	Commissions

Balanced	$	1

Note 4. Investment Transactions

The cost of securities purchased and proceeds from securities sold (excluding short-term securities and in-kind contributions or withdrawals) for the period ended June 30, 2010 were as follows:


					Proceeds from maturities and sales of
	Purchases of securities:				securities:
Portfolio	Long-term		U.S. Government		Long-term		U.S. Government

Money Market	$	—	$	—	$	—	$	—
High Quality Bond		214,627		40,512		113,371		135,757
Inflation-Protected Securities		—		210,319		111		246,834
Core Bond		11,035,078		3,523,979		11,140,834		3,593,929
High Yield Bond		265,195		—		287,135		—
Balanced		115,082		11,131		129,378		12,998
Large Value		410,244		—		686,228		—
Large Core		78,203		—		107,359		—
Large Growth		446,636		—		701,758		—
Mid Value		326,301		—		345,416		—
Mid Growth		273,445		—		302,736		—
Small Value		31,897		—		55,417		—
Small Core		100,111		—		151,997		—
Small Growth		69,501		—		97,004		—
International Equity		129,225		—		323,638		—




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 96

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 5. Derivative Financial Instruments

Inflation-Protected Securities Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of Forward Foreign Currency Contracts, Futures Contracts, and Written Options and Swaptions held at period end is indicative of the volume held throughout the period. The volume of Purchased Options and Swaptions, as well as Swaps held throughout the period increased steadily, starting at one and six contracts respectively and ending at three and 16 contracts respectively. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2010

Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange
Location	contracts			contracts		Total

Asset derivatives
Purchased options and swaptions, at value	$	571		$	—	$	571
Swap agreements, at value		3,876			—		3,876
Unrealized appreciation on futures contracts		192			—		192	*
Unrealized appreciation on forward currency contracts		—			114		114
Liability derivatives
Written options and swaptions, at value		(1,371	)		—		(1,371	)
Swap agreements, at value		(4,073	)		—		(4,073	)
Unrealized depreciation on futures contracts		(448	)		—		(448)	*

Total	$	(1,253	)	$	114	$	(1,139	)


*		Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010

Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange
Location	contracts			contracts			Total

Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on purchased options and swaptions	$	(125	)	$	—		$	(125	)
Net realized gain on written options and swaptions		25			—			25
Net realized gain on swap agreements		163			—			163
Net realized gain on futures contracts		2,000			—			2,000
Net realized gain on foreign currency transactions		—			618			618
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net (decrease) in unrealized (depreciation) on purchased options and swaptions		(220	)		—			(220	)
Net (decrease) in unrealized (depreciation) on futures contracts		(270	)		—			(270	)
Net (decrease) in unrealized (depreciation) on swap agreements		(992	)		—			(992	)
Net (decrease) in unrealized (depreciation) on written options and swaptions		(374	)		—			(374	)
Net (decrease) in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(38	)		(38	)

Total	$	207		$	580		$	787

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts.

Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 97

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 5. (continued)

Core Bond Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of Forward Foreign Currency Contracts, Future Contracts, and Purchased Options and Swaptions held at period end is indicative of the volume held throughout the period. The volume of Written Options and Swaptions held throughout the period decreased from 24 contracts at the beginning of the period to 17 contracts at the end of the period. In addition, the volume of Swaps held throughout the period increased beginning at 29 contracts and ending at 50 contracts. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2010

Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange			Credit
Location	contracts			contracts			contracts			Total

Asset Derivatives
Purchased options and swaptions, at value	$	12,582		$	—		$	—		$	12,582
Swap agreements, at value		18,653			—			27			18,680
Unrealized appreciation on futures contracts		3,519			—			—			3,519	*
Unrealized appreciation on forward currency contracts		—			474			—			474
Liability derivatives
Written options and swaptions, at value		(19,444	)		—			—			(19,444	)
Swap agreements, at value		(28,694	)		—			(910	)		(29,604	)
Unrealized depreciation on futures contracts		(288	)		—			—			(288	)*
Unrealized depreciation on forward currency contracts		—			(114	)		—			(114	)

Total	$	(13,672	)	$	360		$	(883	)	$	14,195


*		Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010

Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange			Credit
Location	contracts			contracts			contracts			Total

Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on purchased options and swaptions	$	(4,868	)	$	—		$	—		$	(4,868	)
Net realized gain on written options and swaptions		14,556			—			—			14,556
Net realized gain/(loss) on swap agreements		3,050			—			(3,303	)		(253	)
Net realized gain on futures contracts		5,653			—			—			5,653
Net realized gain on foreign currency transactions		—			4,937			—			4,937
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on purchased options and swaptions		1,136			—			—			1,136
Net (decrease) in unrealized (depreciation) on written options and swaptions		(8,704	)		—			—			(8,704	)
Net increase (decrease) in unrealized appreciation/(depreciation) on swap agreements		(4,751	)		—			2,530			(2,221	)
Net increase in unrealized appreciation on futures contracts		8,094			—			—			8,094
Net (decrease) in unrealized (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(1,038	)		—			(1,038	)

Total	$	14,166		$	3,899		$	(773	)	$	17,292




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 98

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 5. (continued)

Balanced Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of Purchased Options, Written Options and Futures Contracts held at period end is indicative of the volume held throughout the period. The volume of Forward Foreign Currency Contracts held throughout the period increased from zero contracts at the beginning of the period to six contracts at the end of the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2010

Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange			Equity
Location	contracts			contracts			contracts			Total

Asset Derivatives
Purchased options and swaptions, at value	$	18		$	—		$	—		$	18
Unrealized appreciation on futures contracts		187			—			—			187	*
Unrealized appreciation on forward currency contracts		—			13			—			13
Liability derivatives
Written options and swaptions, at value		(16	)		—			—			(16	)
Unrealized depreciation on futures contracts		(69	)		—			(54	)		(123	)*
Unrealized depreciation on forward currency contracts		—			(10	)		—			(10	)

Total	$	120		$	3		$	(54	)	$	69


*		Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010

Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange		Equity
Location	contracts			contracts		contracts			Total

Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on purchased options and swaptions	$	(16	)	$	—	$	—		$	(16	)
Net realized gain on written options and swaptions		23			—		—			23
Net realized (loss) on swap agreements		(133	)		—		—			(133	)
Net realized gain/(loss) on futures contracts		457			—		(22	)		435
Net realized gain on foreign currency transactions		—			18		—			18
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on purchased options and swaptions		12			—		—			12
Net (decrease) in unrealized (depreciation) on written options and swaptions		(9	)		—		—			(9	)
Net increase (decrease) in unrealized appreciation/(depreciation) on futures contracts		146			—		(27	)		119
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		—			3		—			3

Total	$	480		$	21	$	(49	)	$	452




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 99

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 5. (continued)

Small Core Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of derivatives held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2010

Derivatives not accounted for as hedging instruments


		Equity
Location		contracts

Liability derivatives
Unrealized depreciation on futures contracts		$(98)*


*		Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010

Derivatives not accounted for as hedging instruments


	Equity
Location	contracts

Realized Gain/(Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	52
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net (decrease) in unrealized (depreciation) on futures contracts		(177	)

Total	$	(125	)

International Equity Portfolio:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2010

Derivatives not accounted for as hedging instruments


	Foreign exchange
Location	contracts

Asset Derivatives
Unrealized appreciation on forward foreign currency contracts	$	7,486
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(2,182	)

Total	$	5,304

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2010

Derivatives not accounted for as hedging instruments


	Equity
Location	contracts

Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on foreign currency transactions	$	(801	)
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase in unrealized appreciation on translation of assets and liabilities denominated in foreign currencies		5,370

Total	$	4,569




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 100

NOTES TO FINANCIAL STATEMENTS (Continued)
At June 30, 2010
(all amounts in thousands)
(Unaudited)

Note 6. Federal Income Tax Matters

The Portfolios are not required to pay federal income taxes on their net investment income and net capital gains because they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of the Portfolios are deemed to have been “passed through” to the Portfolios’ partners in proportion to their holdings in each Portfolio, regardless of whether such items have been distributed by the Portfolios. Each partner is responsible for tax liability based on its distributive share; therefore, no provision has been made for federal income taxes.

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 the taxing authorities. Management has evaluated the Portfolios’ tax positions taken for all open tax years (2007 — 2009), or expected to be taken in the Portfolios’ 2010 tax returns, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. The Portfolios identify their major tax jurisdictions as U.S. Federal, the states of Florida and New York, and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions that will change materially in the next twelve months.

Income and capital gains are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, distribution reclasses for REITs, passive foreign investment companies, and foreign currency transactions.

Note 7. Contributions in-kind

The Board of Trustees approved Agreements and Plans of Reorganizations made by and among Transamerica Partners Funds Group and Transamerica Partners Funds Group II as beneficial owners of the Series Portfolio by combining Funds with comparable investment objectives and strategies. The purpose of the transactions was to achieve a more cohesive, focused and streamlined fund complex. As a result of the fund reorganizations, the respective Portfolios, as noted below, received contributions in-kind.

On November 27, 2009, Core Bond received contributions in-kind of $224,753. The contributions in-kind included the investment portfolio of Transamerica Partners Total Return Bond Portfolio (“Total Return Bond”), with a fair value of $202,879, including $29,762 of unrealized depreciation. For financial reporting purposes, assets received by Core Bond were recorded at fair value; however, the cost basis of the investments received from Total Return Bond was carried forward to align ongoing reporting of Core Bond’s realized and unrealized gain and losses with amounts realizable for tax purposes.

On November 20, 2009, Large Growth received contributions in-kind of $177,585. The contributions in-kind included the investment portfolio of Transamerica Partners Growth Portfolio (“Growth”), with a fair value of $183,557, including $10,363 of unrealized appreciation. For financial reporting purposes, assets received by Large Growth were recorded at fair value; however, the cost basis of the investments received from Growth was carried forward to align ongoing reporting of Large Growth’s realized and unrealized gain and losses with amount realizable for tax purposes.

On November 27, 2009, Large Value received contributions in-kind of $42,711. The contributions in-kind included the investment portfolio of Transamerica Partners Value Portfolio (“Value”), with a fair value of $34,123, including $2,788 of unrealized appreciation. For financial reporting purposes, assets received by Large Value were recorded at fair value; however, the cost basis of the investments received from Value was carried forward to align ongoing reporting of Large Growth’s realized and unrealized gain and losses with amount realizable for tax purposes.

Note 8. Subsequent Events

At a meeting held on April 8, 2010, the Board of Trustees approved the termination of the investment sub-advisory agreements with Goldman Sachs Asset Management, L.P., Western Asset Management Company and Western Asset Management Company Limited, with respect to Transamerica Partners Balanced Portfolio, the underlying mutual fund in which all of the assets of Balanced is invested, and entered into new sub-advisory agreements with BlackRock Financial Management, Inc. (“BlackRock”) and J.P. Morgan Investment Management Inc. (“JPMorgan”).

At a meeting held on June 10, 2010, the Board of Trustees approved the termination of the investment sub-advisory agreement with Mesirow Financial Investment Management, Inc., with respect to Transamerica Partners Small Value Portfolio, the underlying mutual fund in which all of the assets of Small Value is invested, and entered into a new sub-advisory agreement with Wellington Management Company, LLP (“Wellington Management”).

BlackRock, JPMorgan and Wellington Management took over day-to-day management of the respective portfolios on July 9, 2010.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 101

Change of Independent Registered Certified Public Accounting Firm

PricewaterhouseCoopers LLP (“PwC”) served as independent registered certified public accounting firm through April 7, 2010. On April 8, 2010, upon recommendation by the Transamerica Partners Portfolios’ (“TPP”) Audit Committee, the TPP Board selected Ernst & Young LLP to replace PwC as the independent public accountant for the fiscal year ending December 31, 2010.

During the two most recent fiscal years and through April 7, 2010, there have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation S-K).

TPP has requested that PwC furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter will be filed as Exhibit 77 to Form N-SAR.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 102

TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Money Market Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and GE Asset Management, Incorporated (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. It was noted that relative performance in the tightly constrained money market universe is largely a function of expenses. The Board also noted management’s observation that yields on money market funds have been below average due to a low interest rate environment. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the median for its peer group and above the median for its peer universe. The total expenses 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 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Trustees considered the economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Trustees considered the management fee schedule and the existence of breakpoints, if any. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 103

TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)

Other considerations. The Board determined 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 the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation and fee waiver arrangements with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 104

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners High Quality Bond Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Merganser Capital Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including composite information about fees and performance provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was in line with the median for its peer universe for the past 1- and 10-year periods and above the median for the past 3- and 5-year periods and that the Transamerica Partners Institutional Fund’s performance was in line with the median for its peer universe for the past 1-year period and above the median for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 105

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 106

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Inflation-Protected Securities Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and BlackRock Financial Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund and account managed by the Sub-Adviser as well as composite information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009, noting that the Portfolio changed its name and investment objective on May 1, 2007 and that Lipper discarded the prior track record of the funds for performance comparison purposes. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-year period and that the Transamerica Partners Institutional Fund’s performance was in line with the median for its peer universe for the past 1-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 107

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 108

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Core Bond Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and BlackRock Financial Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund and account managed by the Sub-Adviser as well as composite information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance 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 and that the Transamerica Partners Institutional Fund’s performance was in line with the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses 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 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 109

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 110

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners High Yield Bond Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Eaton Vance Management (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser as well as composite information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was above the median for its peer universe for the past 1-, 5- and 10-year periods and in line with the median for the past 3-year period and that the Transamerica Partners Institutional Fund’s performance was above the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses 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 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Trustees noted that TAM would over the long term seek to address the Sub-Adviser’s negative profitability with respect to management of the Portfolio. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 111

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 112

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENTS

(Unaudited)

At a meeting of the Board of Trustees (the “Board” or “Board Members”) of Transamerica Partners Portfolios held on April 8, 2010, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM”): (i) to terminate Goldman Sachs Asset Management, L.P. (“GSAM”), Western Asset Management Company and Western Asset Management Company, Limited (“WAMCO”) as sub-advisers for Transamerica Partners Balanced Portfolio (the “Portfolio”) and (ii) approve investment sub-advisory agreements between TAM and BlackRock Financial Management, Inc. (“BlackRock”) and TAM and J.P. Morgan Investment Management Inc. (“JPMorgan,” together with BlackRock, the “Sub-Advisers”) (the “Sub-Advisory Agreements”) for the Portfolio.

To assist the Board in its consideration of the Sub-Advisory Agreements, the Board received in advance of the meeting certain materials and information. In addition, the independent members of the Board consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board’s deliberations. Among other matters, the Board Members considered:

(a) that TAM has advised the Board Members that the appointment of the Sub-Advisers is not expected to result in any diminution in the nature, quality and extent of services provided to the Portfolio and its shareholders, including compliance services;

(b) that the Sub-Advisers are experienced and respected asset management firms and both have the capabilities, resources and personnel necessary to provide advisory services to the Portfolio based on an assessment of the services that the Sub-Advisers provide to other funds within the Transamerica Asset Management Group (“TAMG”) fund complex;

(c) the proposed responsibilities of the Sub-Advisers for the Portfolio and the services expected to be provided by them;

(d) the fact that the sub-advisory fees payable to the Sub-Advisers, although slightly higher, would be paid by TAM and not the Portfolio, and that the sub-advisory fees paid by TAM to the Sub-Advisers are consistent with TAM’s fiduciary duty under applicable law;

(e) that TAM recommended to the Board that BlackRock be appointed as sub-adviser to the Portfolio based on its desire to engage a sub-adviser with the ability to implement a core bond strategy similar to that currently used by BlackRock in advising Transamerica Partners Core Bond Portfolio, and with a proven performance record for that program; and

(f) that TAM recommended to the Board that JPMorgan be appointed as sub-adviser to the Portfolio based on its desire to engage a sub-adviser with the ability to implement an enhanced index strategy similar to that currently used by JPMorgan in advising Transamerica JPMorgan Enhanced Index VP, and with a proven performance record for that program.

Discussed below are some of the material factors considered by the Board. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Sub-Advisory Agreements, and each Board Member attributed different weight to the various factors.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by the Sub-Advisers under the Sub-Advisory Agreements, the Board Members considered, among other things, information and assurances provided by TAM and the Sub-Advisers as to the operations, facilities, organization and personnel of the Sub-Advisers, and the anticipated ability of the Sub-Advisers to perform their duties under the Sub-Advisory Agreements, and the anticipated changes to the current investment program and other practices of the Portfolio. The Board Members considered that TAM has advised the Board Members that the appointment of the Sub-Advisers is not expected to result in any diminution in the nature, quality and extent of services provided to the Portfolio and its shareholders, including compliance services. The Board Members considered that the Sub-Advisers are experienced and respected asset management firms and that TAM believes that the Sub-Advisers have the capabilities, resources and personnel necessary to provide advisory services to the Portfolio based on the assessment of the services that the Sub-Advisers provide to other funds within the TAMG fund complex, including, with respect to JPMorgan, Transamerica JPMorgan Enhanced Index VP and, with respect to BlackRock, Transamerica Partners Core Bond, which serve as the model for the investment program that JPMorgan and BlackRock, respectively, intend to implement for the Portfolio if appointed as sub-advisers. The Board also noted that TAM recommended to the Board that JPMorgan and BlackRock be appointed as sub-advisers to the Portfolio based on a desire to engage sub-advisers with the ability to implement an investment program similar to that currently used by the Sub-Advisers in advising other accounts and with a proven performance record for that program..

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that the Sub-Advisers can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Portfolio and that the appointment of the Sub-Advisers is not expected to adversely affect the nature, quality and extent of services provided to the Portfolio.

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rates under the Sub-Advisory Agreements and noted that the sub-advisory fees payable by TAM would be slightly increased if the Sub-Advisory Agreements are implemented, however, the Board Members noted that the Portfolio does not pay the sub-advisory fees. The Board Members determined that the sub-advisory fees paid by TAM to the Sub-Advisers are consistent with TAM’s fiduciary duty under applicable law.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 113

TRANSAMERICA PARTNERS BALANCED PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENTS (Continued)

(Unaudited)

Economies of Scale. The Board Members considered the sub-advisory fee schedule and the existence of breakpoints. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.

Fall-Out Benefits. The Board noted that management believes that other benefits anticipated to be derived by the Sub-Advisers from their relationship with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Board Members also noted that TAM would not realize soft dollar benefits from its relationship with the Sub-Advisers, and that the Sub-Advisers may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that one of the Sub-Advisers (JPMorgan) is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio will be recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements JPMorgan may engage in with respect to the Portfolio’s brokerage transactions.

Investment Performance. The Board Members noted the investment management experience, capabilities and resources of each Sub-Adviser with respect to other series of Transamerica funds managed by the Sub-Advisers. The Board Members considered the Sharpe Ratio (risk-return) and Standard Deviation comparison of the Sub-Advisers’ strategies versus that of GSAM and WAMCO, and determined: 1) that the JPMorgan strategy was superior to the GSAM strategy in terms of risk and return over the near-term as well as long-term periods; and 2) that the BlackRock strategy was superior to that of WAMCO in terms of risk and return. The Board Members noted that TAM believes that the appointment of the Sub-Advisers could benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but the Board Members were unable to predict what effect execution of the Sub-Advisory Agreements would actually have on the future performance of the Portfolio. Based on this information, the Board Members determined that Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies.

Conclusion. After consideration of the factors described above as well as other factors, the Board Members, including all of the independent members of the Board, concluded that the execution of the Sub-Advisory Agreements and the compensation to be received by the Sub-Adviser is consistent with TAM’s fiduciary duty under applicable law and voted to approve the Sub-Advisory Agreement.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 114

TRANSAMERICA PARTNERS BALANCED PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Balanced Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreements”) of the Portfolio between TAM and each of the following sub-advisers: Goldman Sachs Asset Management, L.P., Western Asset Management Company and Western Asset Management Company Ltd. (each a “Sub-Adviser” and collectively the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreements through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including standard fee and composite performance information provided by the Sub-Advisers. The Trustees also considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Advisers’ investment approaches for the Portfolio. 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 one of the Sub-Advisers and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Advisers and TAM’s management oversight process. The Trustees determined that TAM and the Sub-Advisers can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs. In making this determination, the Trustees considered that they had previously approved the replacement of the Sub-Advisers, with such replacement to take effect in July 2010. Accordingly, the Trustees noted that the Sub-Advisers would provide services under the Sub-Advisory Agreements for a limited period of time.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period. The Trustees discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Portfolio following the appointment of the new sub-advisers. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses 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 total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Advisers, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 115

TRANSAMERICA PARTNERS BALANCED PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Portfolio grows. The Trustees considered the economies of scale with respect to the management of the Portfolio, whether the Portfolio had appropriately benefited from any economies of scale, and whether there was potential for realization of any further economies of scale. The Trustees considered the management fee schedule and the existence of breakpoints, if any. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.

Benefits to TAM, its affiliates, or the Sub-Advisers from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Portfolio.

Other considerations. The Board determined 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 the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation and fee waiver arrangements with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements.



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 116

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Large Value Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Aronson+Johnson+Ortiz, LP (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser as well as composite information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the Sub-Adviser assumed management of the Portfolio in January 2009, and, accordingly, the longer-term performance is not entirely attributable to the Sub-Adviser. The Trustees agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and the total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 117

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 118

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Large Core Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Aronson+Johnson+Ortiz, LP (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser as well as composite information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board noted that the Sub-Adviser assumed sole responsibility for the Portfolio in September 2009. The Trustees discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 119

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 120

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Large Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreements”) of the Portfolio between TAM and each of the following sub-advisers: OFI Institutional Asset Management, Inc. and Wellington Management Company, LLP (each a “Sub-Adviser” and together the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreements through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by one of the Sub-Advisers as well as standard fee and composite performance information provided by the Sub-Advisers. The Trustees also considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approaches for the Portfolio. 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 Sub-Advisers and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Advisers, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Advisers. The Trustees determined that TAM and the Sub-Advisers can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance 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 Transamerica Partners Institutional Fund’s performance was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5-year period. The Board noted that Jennison Associates LLC was appointed as sub-adviser in September 2009, and the Trustees agreed that they would continue to monitor the performance of the Portfolio for improvement. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses 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 total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Advisers, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 121

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)

Benefits to TAM, its affiliates, or the Sub-Advisers from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Portfolio. The Trustees also noted that they receive a CAPIS report regarding the Sub-Advisers’ participation in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Advisers may engage in with respect to the Portfolio’s brokerage transactions.

Other considerations. The Board determined 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 the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation and fee waiver arrangements with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 122

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Mid Value Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Cramer Rosenthal McGlynn, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about performance of a comparable account managed by the Sub-Adviser and standard fee information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5-year period and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5-year period. The Trustees discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Portfolio. The Board also noted that J.P. Morgan Investment Management Inc. was approved as a sub-adviser to the Portfolio in September 2009. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and the total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 123

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Portfolio. The Trustees also noted that they receive a CAPIS report regarding the Sub-Adviser’s participation in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Portfolio’s brokerage transactions.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 124

TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Mid Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Columbus Circle Investors (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about performance of a comparable account managed by the Sub-Adviser as well as composite information provided by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-year period, above the median for the past 3-year period and in line with the median for the past 5-year period and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1-year period, above the median for the past 3-year period and in line with the median for the past 5-year period. The Trustees discussed the reasons for the short-term underperformance with TAM, and agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe. The total expenses 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 total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 125

TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 126

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(Unaudited)

At a meeting of the Board of Trustees (the “Board” or “Board Members”) of Transamerica Partners Portfolios held on June 10, 2010, the Board considered a proposal from Transamerica Asset Management, Inc. (“TAM”): (i) to terminate Mesirow Financial Investment Management, Inc. as a sub-adviser for Transamerica Partners Small Value Portfolio (the “Portfolio”) and (ii) approve an investment sub-advisory agreement between TAM and Wellington Management Company, LLP (“Wellington Management”) (the “Sub-Advisory Agreement”) for the Portfolio.

To assist the Board in its consideration of the Sub-Advisory Agreement, the Board received in advance of the meeting certain materials and information. In addition, the independent members of the Board consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Board’s deliberations. Among other matters, the Board considered:

(a) that TAM advised the Board Members that the appointment of Wellington Management was not expected to result in any diminution in the nature, quality and extent of services provided to the Portfolio and its shareholders, including compliance services;

(b) that Wellington Management is an experienced and respected asset management firm and that Wellington Management has the capabilities, resources and personnel necessary to provide advisory services to the Portfolio based on an assessment of the services that Wellington Management provides to other funds within the Transamerica Asset Management Group (“TAMG”) fund complex;

(c) the proposed responsibilities of Wellington Management for the Portfolio and the services expected to be provided by it;

(d) the fact that the sub-advisory fee payable to Wellington Management would be paid by TAM and not the Portfolio;

(e) that the sub-advisory fee will be reduced at certain asset levels, and that the sub-advisory fee paid by TAM to Wellington Management is consistent with TAM’s fiduciary duty under applicable law; and

(f) that TAM recommended to the Board that Wellington Management be appointed as Sub-Adviser to the Portfolio based on its desire to engage a sub-adviser with the ability to implement a small cap value strategy similar to that currently used by Wellington Management in advising Transamerica Partners Small Core Portfolio and with a proven performance record for that program.

Discussed below are some of the material factors considered by the Board. No single factor reviewed by the Board was identified as the principal factor in determining whether to approve the Sub-Advisory Agreement, and each Board Member attributed different weight to the various factors.

Nature, Quality and Extent of Services Provided. In evaluating the nature, quality and extent of the services to be provided by Wellington Management under the Sub-Advisory Agreement, the Board Members considered, among other things, information and assurances provided by TAM and Wellington Management as to the operations, facilities, organization and personnel of Wellington, the anticipated ability of Wellington Management to perform its duties under the Sub-Advisory Agreement, and the anticipated changes to the current investment program and other practices of the Portfolio. The Board Members considered that TAM has advised the Board Members that the appointment of Wellington Management is not expected to result in any diminution in the nature, quality and extent of services provided to the Portfolio and its shareholders, including compliance services. The Board Members considered that Wellington Management is an experienced and respected asset management firm and that TAM believes that Wellington Management has the capabilities, resources and personnel necessary to provide advisory services to the Portfolio based on the assessment of the services that Wellington Management provides to other funds within the TAMG complex, including a portion of the assets of Transamerica Partners Small Core Portfolio, which serves as a model for the investment program that Wellington Management intends to implement for the Portfolio if Wellington Management is appointed as sub-adviser. The Board Members also considered that they performed a full annual review of a number of sub-advisory agreements with Wellington Management the previous and same day. The Board also noted that TAM recommended to the Board that Wellington Management be appointed as sub-adviser to the Portfolio based on its desire to engage a sub-adviser with the ability to implement an investment program similar to that currently used by Wellington Management in advising other accounts and with a proven performance record for that program.

Based on their review of the materials provided and the assurances they had received from TAM, the Board Members determined that Wellington Management can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Portfolio and that Wellington Management’s appointment is not expected to adversely affect the nature, quality and extent of services provided to the Portfolio.

Fees and Costs of Services Provided. The Board Members considered the sub-advisory fee rate under the Sub-Advisory Agreement as well as the overall management fee structure of the Portfolio and other funds managed by Wellington Management and noted that the sub-advisory fee payable by TAM would be reduced at certain asset levels if the Sub-Advisory Agreement is implemented. The Board Members noted that the Portfolio does not pay the sub-advisory fee. The Board Members determined that the sub-advisory fee paid by TAM to Wellington Management is consistent with TAM’s fiduciary duty under applicable law.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 127

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO
APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (Continued)

(Unaudited)

Economies of Scale. The Board Members considered the sub-advisory fee schedule and the existence of breakpoints, if any. The Board Members concluded that they would have the opportunity to periodically reexamine whether economies of scale had been achieved, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future. The Board Members noted that TAM believes that the appointment of Wellington Management as sub-adviser has the potential to attract additional assets.

Fall-Out Benefits. The Board noted that management believes that other benefits anticipated to be derived by the Sub-Adviser from its relationship with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Board Members also noted that TAM would not realize soft dollar benefits from its relationship with Wellington Management, and that Wellington Management may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements. The Board also noted that Wellington Management is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio will be recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements Wellington Management may engage in with respect to the Portfolio’s brokerage transactions. The Board Members also considered the potential for increased visibility in the marketplace as a result of Wellington Management’s relationship with the Portfolio.

Investment Performance. The Board Members noted that the performance data as of March 31, 2010 indicated that Wellington Management’s small cap value strategy outperformed the Mesirow strategy over short- and longer-term trailing time periods, on both an absolute and a risk-adjusted basis. The Board Members noted that TAM believes that the appointment of Wellington Management could benefit shareholders by offering them the potential for superior performance based on the historical comparisons, but were unable to predict what effect execution of the Sub-Advisory Agreement would actually have on the future performance of the Portfolio. Based on this information, the Board Members determined that Wellington Management is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies.

Conclusion. After consideration of the factors described above as well as other factors, the Board Members, including all of the independent members of the Board, concluded that the execution of the Sub-Advisory Agreement and the compensation to be received by the Sub-Adviser is consistent with TAM’s fiduciary duty under applicable law and voted to approve the Sub-Advisory Agreement.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 128

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Small Value Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Mesirow Financial Investment Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser and TAM’s management oversight process. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs. In making this determination, the Trustees considered that they had previously approved the replacement of the Sub-Adviser, with such replacement to take effect in July 2010. Accordingly, the Trustees noted that the Sub-Adviser would provide services under the Sub-Advisory Agreement for a limited period of time.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1 - and 5-year periods and in line with the median for the past 3-year period. The Trustees discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Portfolio following the appointment of the new sub-adviser. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe. The total expenses 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 total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and peer universe. The Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 129

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Portfolio. The Trustees also noted that they receive a CAPIS report regarding the Sub-Adviser’s participation in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Portfolio’s brokerage transactions.

Other considerations. The Board determined 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 the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation and fee waiver arrangements with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.



Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 130

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Small Core Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreements”) of the Portfolio between TAM and each of the following sub-advisers: Fort Washington Investment Advisors, Inc., Invesco Advisers, Inc. (formerly known as INVESCO Institutional (N.A.), Inc.) and Wellington Management Company, LLP (each a “Sub-Adviser” and collectively the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreements through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by one of the Sub-Advisers as well as standard or composite fee and composite performance information provided by the Sub-Advisers. The Trustees also considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Advisers’ investment approaches for the Portfolio. 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 the Sub-Advisers and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Advisers, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Advisers. The Trustees determined that TAM and the Sub-Advisers can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Trustees noted that the longer-term performance was only partially attributable to the current Sub-Advisers of the Portfolio given sub-adviser changes in recent years. The Trustees agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Advisers, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 131

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)

Benefits to TAM, its affiliates, or the Sub-Advisers from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Portfolio are expected to be consistent with industry practice and the best interests of the Portfolio and its shareholders. The Trustees also noted that TAM would not realize soft dollar benefits from its relationship with the Portfolio. The Trustees also noted that they receive a CAPIS report regarding the participation of certain Sub-Advisers (Fort Washington Investment Advisors, Inc. and Wellington Management Company, LLP) in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Advisers may engage in with respect to the Portfolio’s brokerage transactions.

Other considerations. The Board determined 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 the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation and fee waiver arrangements with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Conclusion. After consideration of the factors described above as well as other factors, the Trustees, including all of the independent members of the Board, concluded that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers is consistent with TAM’s fiduciary duty under applicable law and voted to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 132

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Small Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Perimeter Capital Partners LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3-year period and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1- and 5-year periods and above the median for the past 3-year period. The Trustees discussed the reasons for the underperformance with TAM, and agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe. The total expenses of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 133

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 134

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(Unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 9-10, 2010, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners International Equity Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Thornburg Investment Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2011. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund and accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the 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 and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses were better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the Sub-Adviser’s investment approach for the Portfolio. 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 the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2009. The Board noted that the Transamerica Partners Fund’s performance was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the Transamerica Partners Institutional Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the Sub-Adviser assumed management of the Portfolio on January 1, 2009, and, accordingly, the longer-term performance is not entirely attributable to the Sub-Adviser. The Trustees agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The total expenses of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the 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 Trustees noted the anticipated profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 135

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT
RENEWAL (Continued)

(Unaudited)




Transamerica Partners Portfolios		Semi-Annual Report 2010

Page 136

TRANSAMERICA FUNDS
P.O. Box 9012, Clearwater, FL 33758-9012
Customer Service: 1-888-233-4339

Item 1: Report(s) to Stockholders.

The Semi-Annual Report is attached.

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Expert.

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 Registrant.

Not applicable for semi-annual reports.

Item 6: Investments.

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) 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 Registrant’s management, including its principal executive officer and principal financial officer, to allow timely

			decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

	(b)		The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)

(1) Not Applicable

	(2)		Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

	(3)		Not Applicable

(b)

A certification for 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 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 Partners Portfolios (Registrant)
	By:	/s/ John K. Carter
		John K. Carter
		Chief Executive Officer
		Date: August 26, 2010

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/ John K. Carter John K. Carter
		Chief Executive Officer
		Date: August 26, 2010

By:		/s/ Robert A. DeVault, Jr.

		Robert A. DeVault, Jr.
		Principal Financial Officer
		Date: August 26, 2010
��

EXHIBIT INDEX



12(a)(2)(i)		Section 302 N-CSR Certification of Chief Executive Officer

12(a)(2)(ii)		Section 302 N-CSR Certification of Principal Financial Officer

12(b)		Section 906 N-CSR Certification of Chief Executive Officer and Principal Financial Officer

Transamerica Asset Allocation Variable Funds N-CSRSCertified semi-annual shareholder report (management investment company)