Transamerica Asset Allocation Variable Funds N-CSR Certified annual shareholder report (management investment company)

As filed with the SEC on March 3, 2011.

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 — December 31, 2010

Item 1: Report(s) to Shareholders. The Annual Report is attached.

1

TRANSAMERICA PARTNERS VARIABLE FUNDS

TRANSAMERICA ASSET
ALLOCATION VARIABLE FUNDS

Annual Report

December 31, 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 annual report of the Transamerica Asset Allocation Variable Funds and the annual reports of the Transamerica Partners Portfolios and the Calvert VP SRI Balanced Portfolio, the underlying portfolios in which the Transamerica Partners Variable Funds invest.

Proxy Voting Policies and Procedures

A description of the proxy voting policies and procedures of the Transamerica Asset Allocation Variable Funds and Transamerica Partners Portfolios is included in the Statement of Additional Information (“SAI”), which is available without charge, upon request: (i) by calling 1-888-233-4339; (ii) on the Subaccounts’ website at www.transamericapartners.com or (iii) on the SEC’s website at www.sec.gov. In addition, the Transamerica Asset Allocation Variable Funds and the Transamerica Partners Portfolios are required to file Form N-PX, with the complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2010, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

Transamerica Asset Allocation Variable Funds will file their portfolios of investments on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Subaccounts’ Form N-Q is available on the SEC’s website at www.sec.gov. The Subaccounts’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. For information on the operation of the SEC’s Public Reference Room, call 1-800-SEC-0330. You may also obtain a copy of Form N-Q without charge, upon request, by calling 1-888-233-4339. Form N-Q for the corresponding Transamerica Partners Portfolios is also available without charge on the SEC website, at the SEC’s Public Reference Room, or by calling 1-888-233-4339.

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue
Harrison, New York 10528

December 31, 2010

To Contract Holders with Interests in the Transamerica Partners Variable Funds:

     We are pleased to present the most recent annual reports for the Transamerica Partners Portfolios and for the Calvert VP SRI Balanced Portfolio. As required under applicable law, we are sending these annual reports to contract holders of Group Variable Annuity Contracts issued by Transamerica Financial Life Insurance Company with unit interests in one or more of the Transamerica Partners Variable Funds. Each subaccount available within the Transamerica Partners Variable Funds, other than the Calvert Subaccount, invests its assets in a corresponding mutual fund that is a series of Transamerica Partners Portfolios. The Calvert Subaccount invests in the Calvert VP SRI Balanced Portfolio, a series of Calvert Variable Series, Inc.

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

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 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 twelve months, markets have generally advanced, yet have exhibited periods of weakness in conjunction with investors’ concerns over the health of the economy and the labor market, and periods of strength in conjunction with investors’ optimism of recovery and improved economic data points. The equity markets exhibited weakness in February, advanced into late April, were weak during June, July and August, and ended the period at the highs of the year. The period ended with positive twelve month returns for both the broad equity and bond markets. The U.S. dollar has risen and fallen versus the British pound and Euro along with rising and falling levels of concern over foreign debt levels during the year. The U.S. dollar ended the period modestly stronger versus the Euro and the British pound, and weaker versus the Japanese yen. Oil prices have remained volatile over the past year, hitting their lows in early summer and rebounding to end higher at the end of the period. The Federal Reserve has kept the federal funds rate to a range of 0%-0.25% in an effort to stimulate the economy. The unemployment rate has been sluggish to recede, beginning the period at 10.0% and ending the period at 9.4%. Anticipation of economic recovery has led to strong gains for particular equity and fixed-income sectors, including small-cap and mid-cap stocks, emerging market stocks, and high yield bonds. Money market securities have lagged on a relative basis. For the twelve months ended December 31, 2010, the Dow Jones Industrial Average returned 14.06%, the Standard & Poor’s 500® Index returned 15.06%, and the Barclays Capital U.S. Aggregate Bond Index returned 6.54%. 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

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Asset Allocation Variable Funds. These views are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Asset Allocation Variable Funds.

Transamerica Asset Allocation Variable Funds 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 July 1, 2010 and held for the entire period until December 31, 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)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (A)		Value		During Period (A)		Expense Ratio (C)
Transamerica Asset Allocation Variable Funds – Short Horizon Subaccount	$	1,000.00	$	1,043.00	$	1.03	$	1,024.20	$	1.02		0.20	%
Transamerica Asset Allocation Variable Funds – Intermediate Horizon Subaccount		1,000.00		1,132.20		1.07		1,024.20		1.02		0.20	%
Transamerica Asset Allocation Variable Funds – Intermediate/Long Horizon Subaccount		1,000.00		1,177.30		1.10		1,024.20		1.02		0.20	%

(A)	Expenses are equal to each fund’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 (184 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 portfolios invest.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 2

Schedules of Investments Composition

At December 31, 2010
(the following charts summarize the Schedule of Investments of each Subaccount by asset type)
(unaudited)

Transamerica Asset Allocation Variable Funds —
Short Horizon Subaccount
Fixed Income Funds	86.5	%
Domestic Equity Funds	9.1
International Equity Fund	2.3
Money Market Fund	2.1
Other Assets and Liabilities — net	(0.0	)*
Total	100.0	%

Transamerica Asset Allocation Variable Funds —
Intermediate Horizon Subaccount
Fixed Income Funds	44.8	%
Domestic Equity Funds	40.8
International Equity Fund	12.7
Money Market Fund	1.7
Other Assets and Liabilities — net	(0.0	)*
Total	100.0	%

Transamerica Asset Allocation Variable Funds —
Intermediate/Long Horizon Subaccount
Domestic Equity Funds	53.6	%
Fixed Income Funds	26.4
International Equity Fund	18.3
Money Market Fund	1.7
Other Assets and Liabilities — net	(0.0	)*
Total	100.0	%

* Amount rounds to less than (0.1)%.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 3

Transamerica Asset Allocation Variable —
Short Horizon Subaccount

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES Ж — 100.0%
Domestic Equity Funds — 9.1%
Transamerica Partners Variable Large Growth ‡		6,314	$	329
Transamerica Partners Variable Large Value ‡		7,485		339
Transamerica Partners Variable Small Core ‡		5,526		210
Fixed Income Funds — 86.5%
Transamerica Partners Variable Core Bond ‡		114,590		4,446
Transamerica Partners Variable High Quality Bond ‡		86,656		1,504
Transamerica Partners Variable High Yield Bond ‡		42,296		1,002
Transamerica Partners Variable Inflation-Protected Securities ‡		54,626		1,354
International Equity Fund — 2.3%
Transamerica Partners Variable International Equity ‡		10,695		222
Money Market Fund — 2.1%
Transamerica Partners Variable Money Market ‡		9,603		203
Total Investment Companies (cost $8,155) #				9,609
Other Assets and Liabilities — Net				(1	)
Net Assets			$	9,608

NOTES TO SCHEDULE OF INVESTMENTS:
Ж	Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $8,155. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,461 and $7, respectively. Net unrealized appreciation for tax purposes is $1,454.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	9,609	$	—	$	—	$	9,609

The notes to the financial statements are an integral part of this report.
Transamerica Asset Allocation Variable Funds	Annual Report 2010

Page 4

Transamerica Asset Allocation Variable —
Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES Ж — 100.0%
Domestic Equity Funds — 40.8%
Transamerica Partners Variable Large Growth ‡		73,182	$	3,808
Transamerica Partners Variable Large Value ‡		75,304		3,419
Transamerica Partners Variable Small Core ‡		69,773		2,648
Fixed Income Funds — 44.8%
Transamerica Partners Variable Core Bond ‡		137,040		5,317
Transamerica Partners Variable High Quality Bond ‡		101,129		1,755
Transamerica Partners Variable High Yield Bond ‡		62,159		1,473
Transamerica Partners Variable Inflation-Protected Securities ‡		92,414		2,291
International Equity Fund — 12.7%
Transamerica Partners Variable International Equity ‡		147,605		3,064
Money Market Fund — 1.7%
Transamerica Partners Variable Money Market ‡		19,404		409
Total Investment Companies (cost $21,137) #				24,184
Other Assets and Liabilities — Net				(4	)
Net Assets			$	24,180

NOTES TO SCHEDULE OF INVESTMENTS:
Ж	Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $21,142. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,092 and $50, respectively. Net unrealized appreciation for tax purposes is $3,042.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	24,184	$	—	$	—	$	24,184

The notes to the financial statements are an integral part of this report.
Transamerica Asset Allocation Variable Funds	Annual Report 2010

Page 5

Transamerica Asset Allocation Variable —
Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
INVESTMENT COMPANIES Ж — 100.0%
Domestic Equity Funds — 53.6%
Transamerica Partners Variable Large Growth ‡		124,338	$	6,469
Transamerica Partners Variable Large Value ‡		123,128		5,590
Transamerica Partners Variable Small Core ‡		119,186		4,524
Fixed Income Funds — 26.4%
Transamerica Partners Variable Core Bond ‡		113,136		4,390
Transamerica Partners Variable High Quality Bond ‡		33,634		584
Transamerica Partners Variable High Yield Bond ‡		50,350		1,193
Transamerica Partners Variable Inflation-Protected Securities ‡		81,882		2,030
International Equity Fund — 18.3%
Transamerica Partners Variable International Equity ‡		273,929		5,686
Money Market Fund — 1.7%
Transamerica Partners Variable Money Market ‡		25,150		530
Total Investment Companies (cost $28,557) #				30,996
Other Assets and Liabilities — Net				(5	)
Net Assets			$	30,991

NOTES TO SCHEDULE OF INVESTMENTS:
Ж	Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $28,581. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,019 and $604, respectively. Net unrealized appreciation for tax purposes is $2,415.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	30,996	$	—	$	—	$	30,996

The notes to the financial statements are an integral part of this report.
Transamerica Asset Allocation Variable Funds	Annual Report 2010

Page 6

STATEMENTS OF ASSETS AND LIABILITIES
At December 31, 2010
(all amounts except unit value in thousands)

				Intermediate			Intermediate/Long
	Short Horizon			Horizon			Horizon
Assets:
Investments in affiliated investment companies, at value Receivables:	$	9,609		$	24,184		$	30,996
Units sold		33			56			100
		9,642			24,240			31,096
Liabilities:
Accounts payable and accrued liabilities:
Units redeemed		3			5			6
Securities purchased		30			51			94
Investment advisory fees		1			4			5
		34			60			105
Net Assets	$	9,608		$	24,180		$	30,991
Net Assets Consist of:
Cost of accumulation units		5,849			16,038			23,644
(Accumulated) net investment (loss)		(203	)		(580	)		(810	)
Undistributed net realized gains		2,508			5,675			5,718
Net unrealized appreciation on investments in affiliated investment companies		1,454			3,047			2,439
Net Assets	$	9,608		$	24,180		$	30,991
Accumulation units		527			1,334			1,722
Unit value	$	18.24		$	18.13		$	17.99
Investments in affiliated investment companies, at cost	$	8,155		$	21,137		$	28,557

STATEMENTS OF OPERATIONS
For the year ended December 31, 2010
(all amounts in thousands)

			Intermediate		Intermediate/
	Short Horizon		Horizon		Long Horizon
Investment advisory fees	$	19	$	47	$	58
Net realized and unrealized gain on investments in affiliates:
Realized gain from investments in affiliated investment companies		217		411		236
Change in net unrealized appreciation on investments in affiliated investment companies		508		2,219		3,697
Net realized and unrealized gain on investments in affiliated investment companies		725		2,630		3,933
Net increase In net assets resulting from operations	$	706	$	2,583	$	3,875

The notes to the financial statements are an integral part of this report.
Transamerica Asset Allocation Variable Funds	Annual Report 2010

Page 7

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

	Short Horizon						Intermediate Horizon						Intermediate/Long Horizon
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2010			2009			2010			2009
From operations:
Investment advisory fees	$	(19	)	$	(19	)	$	(47	)	$	(45	)	$	(58	)	$	(59	)
Net realized gain (loss) on investments in affiliated investment companies		217			59			411			91			236			(947	)
Change in net unrealized appreciation (depreciation) on investments in affiliated investment companies		508			1,340			2,219			4,111			3,697			6,758
Net increase in net assets resulting from operations		706			1,380			2,583			4,157			3,875			5,752
From unit transactions:
Units sold		2,071			2,058			3,088			3,379			3,680			4,496
Units redeemed		(3,281	)		(2,776	)		(5,786	)		(5,231	)		(7,042	)		(13,223	)
Net decrease in net assets resulting from unit transactions		(1,210	)		(718	)		(2,698	)		(1,852	)		(3,362	)		(8,727	)
Total increase (decrease) in net assets		(504	)		662			(115	)		2,305			513			(2,975	)
Net assets:
Beginning of year		10,112			9,450			24,295			21,990			30,478			33,453
End of year	$	9,608		$	10,112		$	24,180		$	24,295		$	30,991		$	30,478
Units outstanding beginning of year		597			645			1,498			1,633			1,932			2,596
Units sold		117			130			184			239			226			335
Units redeemed		(187	)		(178	)		(348	)		(374	)		(436	)		(999	)
Units outstanding end of year		527			597			1,334			1,498			1,722			1,932

Note: Prior to January 1, 2010, the Statements of Changes in Net Assets were audited by another independent registered public accounting firm.

The notes to the financial statements are an integral part of this report.
Transamerica Asset Allocation Variable Funds	Annual Report 2010

Page 8

FINANCIAL HIGHLIGHTS
For the years ended:

							Short Horizon
	December 31,			December 31,			December 31,			December 31,			December 31,
For a unit outstanding throughout each period	2010			2009			2008			2007			2006
Unit value
Beginning of year	$	16.95		$	14.66		$	16.28		$	15.59		$	14.91
Investment operations
From net investment (loss)(A)		(0.04	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
From net realized and unrealized gains (loss) on affiliated investment companies		1.33			2.32			(1.59	)		0.72			0.71
Total from investment operations		1.29			2.29			(1.62	)		0.69			0.68
Unit value
End of year	$	18.24		$	16.95		$	14.66		$	16.28		$	15.59
Total return		7.65	%		15.62	%		(9.95	%)		4.43	%		4.56	%
Net assets End of Year (000’s)	$	9,608		$	10,112		$	9,450		$	11,097		$	10,205
Ratio and supplemental data
Expenses to average net assets(B)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment (loss), to average net assets		(0.20	%)		(0.20	%)		(0.20	%)		(0.20	%)		(0.20	%)
Portfolio turnover rate(C)		36	%		28	%		125	%		55	%		86	%

	Intermediate Horizon
	December 31,			December 31,			December 31,			December 31,			December 31,
For a unit outstanding throughout each period	2010			2009			2008			2007			2006
Unit value
Beginning of year	$	16.22		$	13.46		$	18.16		$	17.44		$	16.11
Investment operations
From net investment (loss)(A)		(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.03	)
From net realized and unrealized gains (loss) on affiliated investment companies		1.94			2.79			(4.67	)		0.76			1.36
Total from investment operations		1.91			2.76			(4.70	)		0.72			1.33
Unit value
End of year	$	18.13		$	16.22		$	13.46		$	18.16		$	17.44
Total return		11.81	%		20.51	%		(25.88	%)		4.13	%		8.26	%
Net assets End of Year (000’s)	$	24,180		$	24,295		$	21,990		$	32,583		$	29,956
Ratio and supplemental data
Expenses to average net assets(B)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment (loss), to average net assets		(0.20	%)		(0.20	%)		(0.20	%)		(0.20	%)		(0.20	%)
Portfolio turnover rate(C)		25	%		34	%		111	%		18	%		55	%

The notes to the financial statements are an integral part of this report.
Transamerica Asset Allocation Variable Funds	Annual Report 2010

Page 9

FINANCIAL HIGHLIGHTS (continued)
For the years ended:

				Intermediate/Long Horizon
	December 31,			December 31,			December 31,			December 31,			December 31,
For a unit outstanding throughout each period	2010			2009			2008			2007			2006
Unit value
Beginning of year	$	15.78		$	12.89		$	19.30		$	18.56		$	16.87
Investment operations
From net investment (loss)(A)		(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.03	)
From net realized and unrealized gains (loss) on affiliated investment companies		2.24			2.92			(6.38	)		0.78			1.72
Total from investment operations		2.21			2.89			(6.41	)		0.74			1.69
Unit value
End of year	$	17.99		$	15.78		$	12.89		$	19.30		$	18.56
Total return		14.05	%		22.42	%		(33.21	%)		3.99	%		10.02	%
Net assets End of Year (000’s)	$	30,991		$	30,478		$	33,453		$	52,704		$	47,293
Ratio and supplemental data
Expenses to average net assets(B)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment (loss), to average net assets		(0.20	%)		(0.20	%)		(0.20	%)		(0.20	%)		(0.20	%)
Portfolio turnover rate(C)		23	%		54	%		105	%		21	%		63	%

(A)	Calculated is based on average number of shares outstanding.
(B)	Ratios exclude expenses of the investment companies in which the Subaccounts invest.
(C)	Does not include the Portfolio activity of the underlying affiliated funds.

Note: Prior to January 1, 2010, all of the Financial Highlights were audited by another independent registered public accounting firm.

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

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 10

NOTES TO FINANCIAL STATEMENTS
At December 31, 2010
(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate account of Transamerica Financial Life Insurance Company (“TFLIC”), and is registered 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”). Certain TPVF subaccounts invest all their investable assets in the Transamerica Partners Portfolios.

This report should be read in conjunction with the Subaccounts’ current prospectus, which contains more complete information about the Subaccounts, including investment objectives and strategies.

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 its 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. 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 the Subaccounts’ 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 measurement: Investment company securities are valued at the net asset value of the underlying subaccounts. These securities are actively traded and no valuation adjustments are applied. They are categorized in Level 1 of the fair value hierarchy.The hierarchy classification of inputs used to value the Subaccounts’ investments at December 31, 2010 are included at the end of each Subaccount’s Schedule of Investments. There were no transfers into or out of any Levels as described above during the year ended December 31, 2010.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 11

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

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 and AUSA Holding Company (“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.

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 Transamerica Partners 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 year ended December 31, 2010 were as follows:

	Purchases of				Proceeds from maturities and sales
	affiliated investments				of affiliated investments
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Short Horizon	$	3,453	$	—	$	4,683	$	—
Intermediate Horizon		5,768		—		8,512		—
Intermediate/Long Horizon		6,834		—		10,255		—

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.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 12

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 requested and PwC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as Exhibit 77 to Form N-SAR for the period.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 13

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Financial Life Insurance Company and the Contractholders of Transamerica Asset Allocation Variable Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Asset Allocation Variable Funds (comprising, respectively, Transamerica Asset Allocation — Short Horizon Subaccount, Transamerica Asset Allocation - Intermediate Horizon Subaccount and Transamerica Asset Allocation — Intermediate/Long Horizon Subaccount) (collectively, the “Funds”) as of December 31, 2010, and the related statements of operations and changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the year ended December 31, 2009 and the financial highlights for periods ended prior to January 1, 2010 were audited by another independent registered public accounting firm whose report, dated March 1, 2010, expressed an unqualified opinion on those statements of changes in net assets and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective funds constituting Transamerica Asset Allocation Variable Funds at December 31, 2010, and the results of their operations, changes in their net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
February 24, 2011

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 14

BOARD MEMBERS AND OFFICERS

(unaudited)

The Board Members and executive officers of the Trust are listed below. The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of the Trust by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser. The funds are among the funds advised and sponsored by Transamerica Asset Management, Inc. (“TAM”) (collectively, “Transamerica Asset Management Group”). Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”), and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 152 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716. The Board Members, their ages, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in TAMG the Board oversees, and other board memberships they hold are set forth in the table below.

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
INTERESTED BOARD MEMBER**
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 2007	Chairman, Board Member, President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2007 – present);		152	N/A
			Chairman (2007 – present), Board Member (2006 – present), President and Chief Executive Officer (2006 – present), Senior Vice President (1999 – 2006), Chief Compliance Officer, General Counsel and Secretary (1999 – 2006), Transamerica Funds and TST;
			Chairman (2007 – present), Board Member (2006 – present), President and Chief Executive Officer (2006 – present), Senior Vice President (2002 – 2006), General Counsel, Secretary and Chief Compliance Officer (2002 – 2006), TIS;
			Chairman, President and Chief Executive Officer (2006 – present), Director (2002 – present), Senior Vice President (1999 – 2006), General Counsel and Secretary (2000 – 2006), Chief Compliance Officer (2004 – 2006), TAM;
			Chairman, President and Chief Executive Officer (2006 – present), Senior Vice President (1999 – 2006), Director (2002 – present), General Counsel and Secretary (2001 – 2006), Transamerica Fund Services, Inc. (“TFS”);
			Vice President, AFSG Securities Corporation (2001 – present);

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 15

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
			Chairman and Board Member (2008 – present), President (2007 – 2010), Chief Executive Officer (2006 – 2010), Vice President, Secretary and Chief Compliance Officer (2003 – 2006), Transamerica Investors, Inc. (“TII”);
			Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”) (2002 – 2004); and
			Director, (2008 – present), Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 – 2005) and Transamerica Investment Management, LLC (“TIM”) (2001 – 2005).
INDEPENDENT BOARD MEMBERS***
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TII (2003 – 2010); and Partner, KPMG (1975 – 1999).		152	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (1956)	Lead Independent Board Member	Since 2007	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);		152	N/A
			Board Member, TST (2001 – present);
			Board Member, Transamerica Funds and TIS (2002 – present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Board Member, TII (2008 – 2010);
			President, L. J. Hill & Company (a holding company for privately-held assets) (1999 – present);
			Market President, Nations Bank of Sun Coast Florida (1998 – 1999);
			Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);
			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and
			Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 16

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TII (2009 – 2010); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).		152	N/A
Russell A. Kimball, Jr. (1944)	Board Member	Since 2007	General Manager, Sheraton Sand Key Resort (1975 – present);		152	N/A
			Board Member, TST (1986 – present);
			Board Member, Transamerica Funds, (1986 – 1990), (2002 – present);
			Board Member, TIS (2002 – present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and
			Board Member, TII (2008 – 2010).
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present);		152	N/A
			Self-employed consultant (2006 – present);
			President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 – 2008);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present);
			Board Member, Transamerica Funds, TST and TIS (2007 – present);
			Board Member, TII (2008 – 2010); and
			President, International Fund Services (alternative asset administration) (1993 – 2005).

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 17

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2007	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present);		152	Buena Vista University Board of Trustees (2004 – present)
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Board Member, TII (2008 – 2010);
			Director, Iowa Student Loan Service Corporation (2006 – present);
			Director, League for Innovation in the Community Colleges (1985 – 2005);
			Director, Iowa Health Systems (1994 – 2003);
			Director, U.S. Bank (1985 – 2006); and
			President, Kirkwood Community College (1985 – 2005).
Joyce G. Norden (1939)	Board Member	Since 1993	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present);		152	Board of Governors, Reconstructionist Rabbinical College (2007 – present)
			Board Member, Transamerica Funds, TST and TIS (2007 – present);
			Board Member, TII (2008 – 2010); and
			Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds, TST and TIS (2007 – present);		152	Honorary Trustee, Bryant University (1996 – present)
			Board Member, TII (2008 – 2010);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present);
			Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University;
			Vice President, American Express (1987 – 1989);
			Vice President, The Equitable (1986 – 1987); and
			Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 18

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander and Fischer, LLP (2008 – present); Retired (2004 – 2008); Board Member, TST and TIS (2004 – present); Board Member, Transamerica Funds (2005 – present);		152	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – present)
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Board Member, TII (2008 – 2010);
			Employee, RBC Dain Rauscher (securities dealer) (2004);
			Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and
			Treasurer, The Hough Group of Funds (1993 – 2004).

*	Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.
**	May be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his employment with TAM or an affiliate of TAM.
***	Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 19

OFFICERS

The mailing address of each officer is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716. The following table shows information about the officers, including their ages, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

		Term of Office
		and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 2007	See the table above.
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2007	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present);
			Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Vice President, General Counsel and Secretary, TII, (2006 – 2010);
			Director, Senior Vice President, General Counsel, Operations, and Secretary, TAM and TFS (2006 – present);
			Assistant Vice President, TCI (2007 – present);
			Director, Deutsche Asset Management (1998 – 2006); and
			Corporate Associate, Ropes & Gray LLP (1995 – 1998).
Robert A. DeVault, Jr. (1965)	Vice President, Treasurer and Principal Financial Officer	Since 2009	Vice President, Treasurer and Principal Financial Officer, (2010 – present), Assistant Treasurer, (2009 – 2010), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF;
			Vice President, Treasurer and Principal Financial Officer, (2010), Assistant Treasurer, (2009 – 2010), TII;
			Vice President (2010 – present), Assistant Vice President (2007 – 2010) and Manager, Fund Administration, (2002 – 2007), TFS; and
			Vice President (2010 – present), TAM.
Christopher A. Staples (1970)	Vice President and Chief Investment Officer	Since 2007	Vice President and Chief Investment Officer (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President - Investment Management (2005 – 2006), Transamerica Funds, TST and TIS;
			Vice President and Chief Investment Officer, TPP, TPFG, TPFG II and TAAVF (2007 – present);
			Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII;
			Director (2005 – present), Senior Vice President – Investment Management (2006 – present) and Chief Investment Officer (2007 – present), TAM;

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 20

		Term of Office
		and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
			Director, TFS (2005 – present); and
			Assistant Vice President, Raymond James & Associates (1999 – 2004).
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);
			Vice President and Senior Counsel, TAM and TFS (2007 – present);
			Senior Counsel, United States Securities and Exchange Commission (2004 – 2007); and
			Associate, Dechert, LLP (1999 – 2004).
Bradley O. Ackerman (1966)	Anti-Money Laundering Officer	Since 2009	Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Anti-Money Laundering Officer, Transamerica Funds (2007 – present);
			Senior Compliance Officer, TAM (2007 – present); and
			Director, Institutional Services, Rydex Investments (2002 – 2007).
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Assistant Secretary, TII (2009 – 2010);
			Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present);
			Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and
			Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present);
			Assistant Secretary, TII (2009 – 2010);
			Counsel, TAM (2008 – present);
			Counsel (contract), Massachusetts Financial Services, Inc. (2007);
			Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 – 2007); and
			Associate, Greenberg Traurig, P.A. (2004 – 2005).

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 21

		Term of Office
		and Length of	Principal Occupation(s) or
Name and Age	Position	Time Served*	Employment During Past 5 Years
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);
			Assistant Vice President, TCI (2009 – present);
			Vice President and Senior Counsel, TAM and TFS (2006 – present);
			Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 – 2007); and
			Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).
Richard E. Shield, Jr. (1974)	Tax Officer	Since 2008	Tax Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present);
			Tax Officer, TII (2008 – 2010);
			Tax Manager, Jeffrey P. McClanathan, CPA (2006 – 2007) and Gregory, Sharer & Stuart (2005 – 2006);
			Tax Senior, Kirkland, Russ, Murphy & Tapp, P.A. (2003 – 2005); and
			Certified Public Accountant, Schultz, Chaipel & Co., LLP (1998 – 2003).
Elizabeth Strouse (1974)	Assistant Treasurer	Since 2010	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 – present);
			Director, Fund Financial Services (2009 – present), TFS;
			Director, Fund Administration, TIAA-CREF (2007 – 2009); and
			Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.

* Elected and serves at the pleasure of the Board of the Trust.

If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, available, without charge, upon request, by calling toll free 1-888-233-4339 or on the Trust’s website at www.transamericapartners.com.

Transamerica Asset Allocation Variable Funds Annual Report 2010

Page 22

Transamerica Partners Portfolios

I

(This page intentionally left blank)

Transamerica Partners High Quality Bond Portfolio
(unaudited)

MARKET ENVIRONMENT

While not without volatility, 2010 was largely a year of recovery for the U.S. economy. Corporations continued to clean up their balance sheets, consumers began to spend, and at the end of the year, politicians came together to extend unemployment benefits and clarify tax policy. Over the course of the year there were spurts of volatility, much of which stemmed from uncertainty surrounding the magnitude of the European debt crisis and its possible contagious effects. In the spring, concerns over Europe as well as fiscal and regulatory reform in the U.S. drove a ‘flight to quality’ where Treasuries rallied and spreads in the fixed income spread sectors widened. This volatility was also seen in the U.S. equity markets and reinforced the belief that continued economic recovery was far from certain. During the third quarter, persistently high unemployment and lackluster growth inspired discussion of new quantitative easing measures by the Federal Reserve Board (“Fed”). Quantitative Easing Phase II was announced in November with the goal of lowering long-term interest rates, but as it had been widely anticipated by investors, there was little change to market rates. The fourth quarter of 2010 saw stronger than anticipated economic data which prompted a rise in rates which was largely unexpected. We believe that the economy is poised for continued, more robust growth in 2011, although without substantial improvement in unemployment and housing, the extent of the recovery will remain constrained.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners High Quality Bond Portfolio (“Portfolio”) returned 4.20%. By comparison its benchmark, the Bank of America Merrill Lynch U.S. Corporate & Government, 1-3 Yrs Index (“Index”), returned 2.82%.

STRATEGY REVIEW

Merganser Capital Management, Inc.’s (“Merganser”) investment process is a bottom up sector and security selection process that emphasizes high quality spread sectors and includes U.S. Treasuries and Agencies, Asset-Backed Securities (“ABS”), Domestic Corporates, U.S. dollar denominated Yankee Notes, Commercial Mortgage Backed Securities, Agency Pass-throughs and Collateralized Mortgage Obligations (“CMO’s”) and Non-Agency Residential Mortgage Backed Securities. The strategy is generally duration neutral versus the Index.

The year 2009 saw a tremendous rally in the fixed income markets as sectors recovered from the dislocation caused by the credit crisis of 2008. While the events of 2008 and the subsequent returns generated by the recovery of 2009 are unlikely to ever be repeated, 2010’s continuation of market normalization led to a very strong performance year for the Portfolio. The Portfolio outperformed the Index by 1.38% for 2010.

Throughout 2010, demand for high quality fixed income securities was strong as investors looked for alternatives to low-yielding Treasuries and money market funds. For much of the year, spread product outperformed duration-matched U.S. Treasuries. Thus, the decision to remain overweight in spread sectors was rewarded as riskier asset classes substantially out-performed Treasuries. The net result was that sector selection was the largest contributor to the Portfolio’s performance for 2010 as Merganser’s overweights to ABS, Commercial Mortgage-Backed Securities (“CMBS”) and Financial Corporates drove the Portfolio’s outperformance versus the index.

In the asset-backed sector, spreads tightened throughout the year due to strong technicals where demand for high quality AAA rated ABS exceeded supply. ABS holdings Chase Funding Series Mortgage Loan Asset-Backed Certificates — Series 2003-4, Class 1A6 and Popular ABS Mortgage Pass-Through Trust — Series 2005-3, Class AF3 all had double digit total returns in response to dramatic spread tightening that occurred in the home equity sector during the year.

In the corporate sector, returns were strongly positive for 2010 as spreads on corporate bonds (particularly banks and finance companies) tightened sharply. Indeed, throughout the year, financials were far and away the largest contributors to performance for the corporate sector; CME Group, Inc., NYSE Euronext; and Diageo Finance BV were top contributors. While high yield corporate names posted the strongest returns during 2010, Merganser’s selection of high quality investment grade securities consistently added to excess returns while minimizing credit risk.

The year 2010 also saw a dramatic rally in CMBS, despite a myriad of negative headlines focused on the commercial real estate sector. Merganser’s focus in CMBS is on the highest quality, top tier tranches. Our diligent stress-testing and thorough analysis of CMBS has allowed us to capture the spread tightening in the CMBS sector while avoiding ratings downgrades and potentially troublesome pockets of the CMBS market. In the CMBS sector, LB-UBS Commercial Mortgage Trust — Series 2006-C4, Class AAB and Commercial Mortgage Pass-Through Certificates — Series 2006-C8, Class A3 were the top performers in the sector as spreads also tightened in response to improving credit fundamentals and little issuance in the sector.

Merganser also benefitted from maintaining a duration-neutral position during 2010. Our exposure to 3-5 year securities benefitted the Portfolio as we were able to pick up additional yield.

Douglas A. Kelly
Peter S. Kaplan

Co-Portfolio Managers
Merganser Capital Management, Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 1

Transamerica Partners Inflation-Protected Securities Portfolio
(unaudited)

MARKET ENVIRONMENT

In 2010, risk assets continued the choppy advance they began in 2009. In some sense, there were three parts to the year. The early months saw risk assets move higher amid a continuation of the 2009 recovery, as well as improvements in jobs data and very strong corporate earnings reported for the fourth quarter of 2009 and first quarter of 2010. The middle months saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in job growth, igniting double-dip recessionary fears. Investors were also unnerved by the “flash crash” and the uncertainty surrounding the financial reform bill. From the late summer lows, the market experienced a very strong finish to the year as double-dip fears receded, job growth resumed, and Federal Reserve Board (“Fed”) Chairman Ben Bernanke delivered his famous Jackson Hole speech, leading to further Quantitative Easing Phase II (“QE2”). Additionally, and perhaps most importantly, the Bush tax cuts were extended, along with some fiscal sweeteners. Debt and deflationary risks were present throughout 2010, causing central banks (especially the Fed) to respond with unprecedented actions. These accommodative actions from the government, along with broadly improving economic indicators, drove breakevens (the difference between nominal Treasury yields and real Treasury Inflation-Protected Securities (“TIPS”) yields) wider for the remainder of the year through December.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Inflation-Protected Securities Portfolio (“Portfolio”) returned 6.23%. By comparison its benchmark, the Barclays Capital U.S. TIPS Index, returned 6.30%.

STRATEGY REVIEW

The top line strategy continued to focus on inflation expectations and whether these expectations were being appropriately priced into the TIPS markets throughout the period. Indicators of such fluctuated with economic data releases, which alternately depicted an economy that was bottoming with one that might need additional fiscal and monetary support. In addition, the anticipation and eventual implementation of QE2 by the Fed created additional volatility in the market. While times and markets remained tumultuous, we continued to follow our core beliefs that within a sector-specific market such as TIPS, we must continue to make relative value choices that, when considered in the aggregate, point to superior risk-adjusted positioning. We concentrate our efforts in three main themes: 1) actively managing average duration and yield curve positioning; 2) trading real interest rates; and 3) trading breakevens, which indicate inflation expectations in the market. On the duration front, we remained close to the index as volatility was high, but driven less by economic activity and more so by outside events like the European sovereign debt crisis. While tactically managing our positioning, we largely maintained a yield curve-flattening bias within both the nominal and breakeven curves. Over the course of the year, we continued to add value by finding opportunities in the TIPS market, underweighting TIPS when we viewed them as overbought, mainly using nominal Treasuries as an alternative.

The Portfolio held derivatives during the period. Interest rate derivatives including, futures, swaps and swaptions are mainly used to manage duration risk in the Portfolio. In addition, these derivatives were used to aid in implementing the Portfolio’s yield curve positioning.

Stuart Spodek
Brian Weinstein
Martin Hegarty

Co-Portfolio Managers
BlackRock Financial Management, Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 2

Transamerica Partners Core Bond Portfolio
(unaudited)

MARKET ENVIRONMENT

In 2010, risk assets continued the choppy advance they began in 2009. In some sense, there were three parts to the year. The early months saw risk assets move higher amid a continuation of the 2009 recovery, as well as improvements in jobs data and very strong corporate earnings reported for the first quarter 2010. The middle months saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in job growth, igniting double-dip recessionary fears. Investors were also unnerved by the “flash crash” and the uncertainty surrounding the financial reform bill. From the late summer lows, the market experienced a very strong finish to the year as double-dip fears receded, job growth resumed, and Federal Reserve Board (“Fed”) Chairman Ben Bernanke delivered his famous Jackson Hole speech, leading to further Quantitative Easing Phase II. Additionally, and perhaps most importantly, the Bush tax cuts were extended, along with some fiscal sweeteners. Debt and deflationary risks were present throughout 2010, causing central banks (especially the Fed) to respond with unprecedented actions. Real gross domestic product (“GDP”) growth continued in a positive direction, but remained subpar compared to most recoveries. U.S. job growth was not strong enough to reduce the unemployment rate. Corporations; however, produced fantastic earnings gains, despite mediocre economic growth. Inflation remained a non-issue in the developed world, but began to rear its ugly head in some emerging economies. Government deficit spending and debt levels continued to haunt investors, but corporate financial health remained remarkably strong in both balance sheet and income statement terms. We saw investor assets flow out of equity funds (U.S. equities, in particular) and into bond funds as the demand for yield continued amidst tempered growth expectations.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Core Bond Portfolio (“Portfolio”) returned 8.26%. By comparison its benchmark, the Barclays Capital U.S. Aggregate Bond Index (“Barclays Capital U.S. Aggregate Bond”), returned 6.54%.

STRATEGY REVIEW

The strategy of the Portfolio is centered on finding relative value across the markets by actively trading across sectors and sub-sectors of the fixed income markets, and ultimately through individual security selection. The Portfolio’s outperformance relative to its benchmark, the Barclays Capital U.S. Aggregate Bond, for the twelve-month period was primarily attributable to its overweight relative to its benchmark index, in non-government spread sectors, such as, commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”) and investment grade credit. Additional positive performance came from the Portfolio’s out-of-index allocations to high yield corporate credit and non-agency mortgage-backed securities (“MBS”), which broadly rallied over the year. During the period, the Portfolio reduced exposure to government sectors such as agency debt as well as to lower beta credit sectors such as investment grade corporate. Correspondingly, the Portfolio added exposure to higher beta sectors including high yield corporate and CMBS.

At year end, the Portfolio was generally underweight in government-owned/government-related sectors in favor of non-government spread sectors. Within the government sectors, the Portfolio was underweight in U.S. Treasuries, agency debentures and FDIC-guaranteed debt. In non-government spread sectors, the Portfolio is overweight in CMBS, ABS and investment-grade corporate debt. The Portfolio also held allocations outside of the benchmark in non-agency MBS and high yield corporate credit. We believe that spread sectors will continue to benefit from both monetary and fiscal policy support along with gradually improving economic conditions. The Portfolio ended the year with a shorter duration relative to the benchmark.

The Portfolio held derivatives during the period. Interest rate derivatives including, futures, options, swaps and swaptions are mainly used to manage duration and convexity risk in the Portfolio. In addition, these derivatives were used to aid in implementing the Portfolio’s yield curve positioning.

Matthew Marra
Eric Pellicciaro
Rick Rieder

Co-Portfolio Managers
BlackRock Financial Management, Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 3

Transamerica Partners High Yield Bond Portfolio
(unaudited)

MARKET ENVIRONMENT

The leveraged finance market continued to recover in 2010 with modest economic growth, improving corporate conditions, accommodative primary market conditions and a decline in default activity contributing to double digit return for high yield bonds. For the year, the Bank of America Merrill Lynch High Yield Master II Index (“BofA Merrill Lynch High Yield Master II”) returned 15.19% with spreads narrowing by 0.98% to 5.41% while yields declined from 9.05% to 7.50%. After a strong first quarter, the high yield market experienced a difficult May when the BofA Merrill Lynch High Yield Master II declined 3.5%. Sovereign debt concerns precipitated fears of another financial shock which led to weakness in equity and credit markets. In addition, the struggling U.S. economic recovery continued as unemployment remained stubbornly high and the housing market remained weak. The Federal Reserve Board (“Fed”) along with the European community took action to address the problems which brought calm to credit markets. Additional Fed actions along with tax legislation which is expected to bring additional economic stimulus contributed to an improved outlook.

Once again, the CCC rated segment was the highest returning category in the BofA Merrill Lynch High Yield Master II, returning 18.42% in 2010. BB rated securities returned 14.93%, benefiting from strong demand from the investment-grade cross over investor and lower Treasury yields and the B segment returned 13.99%. The insurance and financials segments again led the market, posting total returns of 40.9% and 26.35%, respectively, for the year. All sectors reported positive returns with utilities the poorest performer at 4.2%, followed by food and pharmacies at 6.2%, the only single digit return segments. By year end, the high yield default rate was 0.79%, significantly lower than expectations. Given current market conditions and an improving economic environment, default rates, we believe, are expected to remain at historically low levels in the 1.5% to 2% range.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners High Yield Bond Portfolio (“Portfolio”) returned 15.81%. By comparison its benchmark, the BofA Merrill Lynch High Yield Master II, returned 15.19%.

STRATEGY REVIEW

Performance was driven by company credit selection along with issue selection within the company. Healthcare was the top contributor to the Portfolio as Multiplan Inc., completed a refinancing that resulted in a total return of 34.43%. The automotive category was the second largest contributor to returns, with Ford Motor Co., holdings generating 26.44% in total return. Telecommunications, retail, energy and gaming were also large factors in the Portfolio’s return for the year with Harrahs Operating Co. Inc., Ineos Group Holdings PLC, and Sprint Capital Corp. among the top performing names in the Portfolio. We continued to underweight financials which restrained performance. Holdings in Waterford Gaming LLC and Mohegan Tribal Gaming Authority also detracted from constrained results.

We shortened the duration of the Portfolio during the year as shorter maturity bonds offered better return opportunities. We have increased the allocation to BB-rated bonds in the recent quarter as these securities responded adversely to higher treasury rates and we reduced our exposure to CCC-rated bonds from 22.1% at December 31, 2009 to 19.43% at year end 2010. We believe the ability to refinance and stronger economy to be beneficial to the CCC segment of the market.

Linda Carter
Michael W. Weilheimer

Co-Portfolio Managers
Eaton Vance Management

Transamerica Partners Portfolios Annual Report 2010

Page 4

Transamerica Partners Balanced Portfolio
(unaudited)

MARKET ENVIRONMENT

BlackRock Financial Management, Inc.

In 2010, risk assets continued the choppy advance they began in 2009. In some sense, there were three parts to the year. The early months saw risk assets move higher amid a continuation of the 2009 recovery, as well as improvements in jobs data and very strong corporate earnings reported for the fourth quarter of 2009 and first quarter of 2010. The middle months saw a double-digit percentage correction on the back of the Greek sovereign debt crisis and a stalling in job growth, igniting double-dip recessionary fears. Investors were also unnerved by the “flash crash” and the uncertainty surrounding the financial reform bill. From the late summer lows, the market experienced a very strong finish to the year as double-dip fears receded, job growth resumed, and Federal Reserve Board (“Fed”) Chairman Ben Bernanke delivered his famous Jackson Hole speech, leading to further Quantitative Easing Phase II (“QE2”). Additionally, and perhaps most importantly, the Bush tax cuts were extended, along with some fiscal sweeteners. Debt and deflationary risks were present throughout 2010, causing central banks (especially the Fed) to respond with unprecedented actions. Real gross domestic product (“GDP”) growth continued in a positive direction, but remained subpar compared to most recoveries. U.S. job growth was not strong enough to reduce the unemployment rate. Corporations, however, produced fantastic earnings gains, despite mediocre economic growth. Inflation remained a non-issue in the developed world, but began to rear its ugly head in some emerging economies. Government deficit spending and debt levels continued to haunt investors, but corporate financial health remained remarkably strong in both balance sheet and income statement terms. We saw investor assets flow out of equity funds (U.S. equities, in particular) and into bond funds as the demand for yield continued amidst tempered growth expectations.

J.P. Morgan Investment Management, Inc.

Despite a year marred by various economic and political concerns, not to mention considerable market volatility, U.S. stocks managed to post healthy gains in 2010. The Standard & Poor’s 500^® Index (“S&P 500”) added over 15% for the year, thanks to a particularly strong fourth quarter when the S&P 500 gained nearly 11%.

A struggle between the macro and micro environment was the overriding theme in 2010, pulling the market violently in different directions for much of the year. The micro, i.e., company fundamentals, won out earlier in the year as better earnings and low valuations drove stocks higher into the second quarter. However, the good times came to an end by late April as an onslaught of bad news unfolded, including the European sovereign debt crisis and an uncontained oil spill in the Gulf of Mexico. These worries dominated the headlines and, with the exception of some brief optimism about the second-quarter earnings season in July, dragged the market lower through August.

It was not until the Fed announcement in late August of further QE2 by promising to buy some $600 billion of U.S. Treasuries that the market began its relatively uninterrupted advance. This was followed by yet another strong corporate earnings season with approximately 73% of S&P 500 companies exceeding earnings estimates; the seventh-straight quarter of higher-than-expected corporate profits. Additionally, some political uncertainty abated as the November mid-term elections saw the House of Representatives swing decisively back to the Republicans, while the Senate narrowly remained in the hands of Democrats. Congress went on to pass an extension of the Bush-era tax cuts in December, which had been plaguing sentiment for much of the year.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Balanced Portfolio (“Portfolio”) returned 13.91%. By comparison its primary and secondary benchmarks, the Barclays Capital U.S. Aggregate Bond Index and the S&P 500, returned 6.54% and 15.06%, respectively.

STRATEGY REVIEW

The Portfolio held derivatives during the period. Interest rate derivatives including, futures, options, swaps and swaptions are mainly used to manage duration and convexity risk in the Portfolio. In addition, these derivatives were used to aid in implementing the Portfolio’s yield curve positioning.

BlackRock Financial Management, Inc.

BlackRock Financial Management, Inc., the fund’s sub-adviser, manages the fixed income portion of the portfolio using a “core bond plus” strategy. The strategy of the Portfolio is centered on finding relative value across the markets by actively trading across sectors and sub-sectors of the fixed income markets, and ultimately through individual security selection. The Portfolio’s outperformance relative to its benchmark, the Barclays Capital U.S. Aggregate Bond Index, for the twelve-month period was primarily attributable to its overweight relative to its benchmark index, in non-government spread sectors, such as, commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”) and investment grade credit. Additional positive performance came from the Portfolio’s out-of-index allocations to high yield corporate credit and non-agency mortgage-backed securities (“MBS”), which broadly rallied over the year. During the period, the Portfolio reduced exposure to government sectors such as agency debt as well as to lower beta credit sectors such as investment grade corporate. Correspondingly, the Portfolio added exposure to higher beta sectors including high yield corporate and CMBS.

At year end, the Portfolio was generally underweight in government-owned/government-related sectors in favor of non-government spread sectors. Within the government sectors, the Portfolio was underweight in U.S. Treasuries, agency debentures and FDIC-guaranteed debt. In non-government spread sectors, the Portfolio is overweight in CMBS, ABS and investment-grade corporate debt. The Portfolio also held allocations outside of the benchmark in non-agency MBS and high yield corporate credit. We believe that spread sectors will continue to benefit from both monetary and fiscal policy support along with gradually improving economic conditions. The Portfolio ended the period with a shorter duration relative to the benchmark.

J.P. Morgan Investment Management, Inc.

J.P. Morgan Investment Management, Inc., the fund’s other sub-adviser, manages the equity portion of the portfolio employing an enhanced index strategy. During 2010, this strategy outperformed its benchmark, the S&P 500, with industrial cyclical, basic materials and semiconductors sectors contributing to results.

An overweight position in Cognizant Technology Solutions Corp. (“Cognizant Technology”), aided returns for the year. Shares rose after the company posted better-than-expected profit and revenue figures earlier in the year. Cognizant Technology attributed its positive results to increased business spending on new technology projects after a prolonged period of cost-cutting during the downturn. We continue to like the company as it has strong, stable margins and solid growth prospects. An overweight position in SanDisk Corp. (“SanDisk”) also helped performance. The share price rallied after the company reported record quarterly earnings that also exceeded Wall Street analysts’ estimates, and benefited from continued strength in its original equipment manufacturers and retail businesses. We continue to favor the stock as we believe that demand for flash storage devices will continue to increase, giving us confidence in SanDisk’s sustainability and growth prospects.

Transamerica Partners Portfolios Annual Report 2010

Page 5

Transamerica Partners Balanced Portfolio (continued)
(unaudited)

STRATEGY REVIEW (continued)

On the negative side, stock selection in the energy, media, and health services and systems sectors hurt performance.

Our position in Time Warner Inc. detracted from returns. During the first half of the year, an overweight in Time Warner Inc. was the Portfolio’s biggest contributor, benefiting from improving advertising trends and better pricing power. However, concerns about new media technology and the disintermediation of traditional cable distribution weighed on the company’s revenue stream and video subscription. Nevertheless, we continue to have high conviction in the company’s management team and believe that continued strength in advertising trends will benefit Time Warner. Additionally, an overweight position in Hewlett-Packard Co. negatively impacted performance, given Mark Hurd’s departure. The former Chief Executive Officer was instrumental to our investment thesis on the company. His absence, along with a further weakening of the personal computer market as it faces competition from tablet makers, fueled concerns about the company’s growth prospects.

Matthew Marra	Scott Blasdell
Eric Pellicciaro	Terance Chen
Rick Reider	Raffaele Zingone
Co-Portfolio Managers	Co-Portfolio Managers
BlackRock Financial Management, Inc.	J.P. Morgan Investment Management Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 6

Transamerica Partners Large Value Portfolio
(unaudited)

MARKET ENVIRONMENT

The year 2010 provided a radical return reversal, as small- and mid-cap indexes exhibited standout returns. Even more dramatic was the hierarchy of returns since the March 9, 2009, market low: Real Estate Investment Trusts are up 181%, emerging markets are up 147%, the Russell 2000^® Index is up 133%, the Standard & Poor’s 500^® Index (“S&P 500”) is up 92%, and Treasury Bills returned roughly 0%.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Large Value Portfolio (“Portfolio”) returned 14.66%. By comparison, its benchmarks, the Russell 1000^® Value Index and the S&P 500, returned 15.51% and 15.06%, respectively.

STRATEGY REVIEW

With regard to any discussion of performance, we always like to frame it with a clear definition of our investment process. We are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform our benchmark with incremental gains across many holdings. Using bottom-up, quantitatively-driven stock selection, we evaluate companies relative to their industry peers using three broad categories of measures: value, management, and momentum. Value means the somewhat traditional ratios of price to fundamental value; management means we look for evidence that a company’s management team has and will continue to emphasize earning power; and momentum indicates when stocks might begin to rise toward full valuation. And as we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us maximize profits in our stock-selection effort.

In 2010 our measures of management struggled. We generally favor company management that chooses to repurchase rather than issue shares; however, our repurchase measure was at odds with market sentiment, particularly within the capital goods, consumer discretionary, and services sectors. Despite our measures of management not helping the Portfolio in aggregate, within the financial sector they were a driving and positive force through November. This is most evident in Credicorp, Ltd, one of our top-performing bank holdings, with consistently strong management valuation throughout the year.

Value characteristics were better correlated with positive returns over most of 2010, particularly price-to-sales and price-to-book, but they too exhibited weakness during the fourth quarter. Momentum measures were consistently good performers, specifically our indicator of earnings revision. It proved beneficial to invest in companies with positive forecasted earnings revision and underweight or avoid companies having negative revision compared to their peers. Our holdings in the healthcare sector benefitted most from our take on momentum, as exemplified by the performance of winning holding UnitedHealth Group, Inc. Other top performers with solid momentum scores include KBR, Inc. and Coach, Inc.

As we search for our desired value, management, and momentum traits, we have the flexibility to tilt the overall Portfolio slightly toward the more attractive looking market-cap tiers within the investment universe. As indicated by the broad market results described above, a 10% underweight to the very largest cap stocks and a corresponding overweight to more mid-cap names gave the Portfolio additional traction in 2010.

Out of all of our stock picks in 2010, Netflix, Inc. topped the list. Netflix, Inc. was already a holding since the beginning of 2010. Our position limit of 1.2% above benchmark weight (although it was not in the benchmark, thereby making it an absolute limit of 1.2%) combined with our value orientation caused us to continually trim our position and take profits as the stock price rose dramatically. That said, the strength of the company’s management characteristics as well as their evident price and earnings momentum kept us invested. We finally sold completely out of our position near the end of September with more than a 190% return in the Portfolio.

As we begin the new decade, we remain firm in our conviction that superior results are best achieved through a consistent, systematic approach focused on low-priced companies with proven management and earnings power.

Theodore R. Aronson
Stefani Cranston
Kevin M. Johnson
Gina Marie N. Moore
Martha E. Ortiz
R. Brian Wenzinger
Christopher J.W. Whitehead

Co-Portfolio Managers
Aronson Johnson Ortiz, LP

Transamerica Partners Portfolios Annual Report 2010

Page 7

Transamerica Partners Large Core Portfolio
(unaudited)

MARKET ENVIRONMENT

The year 2010 provided a radical return reversal, as small- and mid-cap indexes exhibited standout returns. Even more dramatic was the hierarchy of returns since the March 9, 2009, market low: Real Estate Investment Trusts are up 181%, emerging markets are up 147%, the Russell 2000^® Index is up 133%, the Standard & Poor’s 500^® Index (“S&P 500”) is up a “mere” 92%, and Treasury Bills returned roughly 0%.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Large Core Portfolio (“Portfolio”) returned 11.79%. By comparison its benchmarks, the Russell 1000^® Index and the S&P 500, returned 16.10% and 15.06%, respectively.

STRATEGY REVIEW

With regard to any discussion of performance, we always like to frame it with a clear definition of our investment process. We are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform our benchmark with incremental gains across many holdings. Using bottom-up, quantitatively-driven stock selection, we evaluate companies relative to their industry peers using three broad categories of measures: value, management, and momentum. Value means the somewhat traditional ratios of price to fundamental value; management means we look for evidence that a company’s management team has and will continue to emphasize earning power; and momentum indicates when stocks might begin to rise toward full valuation. And as we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us maximize profits in our stock-selection effort.

Over the course of the year, our biggest struggle was stock selection within the technology sector. Our value orientation, combined with our emphasis on management measures like share repurchase and earnings quality, caused our choice of stable value holdings like Hewlett-Packard Co. to fall short of the fast-paced growth names like Apple, Inc. And in a different but related way, companies like Google, Inc. and Amazon.com, Inc., stocks within the consumer discretionary sector that we avoided because of their relatively poor management and momentum characteristics, had a run in the second half of the year that we could not catch. Where our stock choices were most successful was within the financial and materials sectors. And although we describe the sectors in which our stock selection was most or least effective, we remain sector-neutral to the benchmark in an effort to minimize risk when our style of investing is out of favor.

Our flexibility to tilt the overall Portfolio slightly toward the more attractive looking market-cap tiers within our investment universe worked in our favor, as our underweight to the very largest cap stocks and corresponding overweight to the more mid-cap names in the benchmark gave the Portfolio some traction.

As we begin the new decade, we remain firm in our conviction that superior results are best achieved through a consistent, systematic approach focused on low-priced value companies with proven management and earnings power.

Theodore R. Aronson
Stefani Cranston
Kevin M. Johnson
Gina Marie N. Moore
Martha E. Ortiz
R. Brian Wenzinger
Christopher J.W. Whitehead

Co-Portfolio Managers
Aronson Johnson Ortiz, LP

Transamerica Partners Portfolios Annual Report 2010

Page 8

Transamerica Partners Large Growth Portfolio
(unaudited)

MARKET ENVIRONMENT

Jennison Associates LLC

U.S. equity market’s strength at the beginning and end of 2010, aided by continued, albeit slow, economic growth, more than offset declines during the year’s middle months, when expansion appeared to be losing steam. In early 2010, distressed sale prices, low interest rates, increased mortgage credit, and tax credits stimulated housing activity. Manufacturing activity increased and corporate profits improved, largely due to workforce and inventory reductions.

Clouds began to gather into the first quarter; however, as the pace of improvement decelerated. Markets grappled with the effects of reduced stimulus, persistently subpar job growth, and flagging confidence indicators. In Europe, a sovereign debt crisis in several European Union member states weakened the Euro and prompted the European Central Bank to intervene. Attempts in China to cool the domestic property market raised fears that global growth might slow more than anticipated.

Domestic markets saw additional volatility linked to turns in Washington policy debates. In March, an overhaul in the U.S. health care system was enacted. In July, sweeping financial regulatory legislation was passed.

At the end of the year, consumer spending, retail sales, and personal income were rising, as was consumer confidence. However, business production and housing measures were mixed, overall job growth remained anemic, and credit expansion continued to be weak. Given the overall uncertainty, businesses prolonged their pause in investing and hiring.

Wellington Management Company, LLP

Equity markets experienced another year of volatile results. Despite the massive stimulus bill during the first half of the year, the unemployment rate remained high. Record government deficits continued as well, and a new healthcare entitlement bill was enacted, increasing taxes significantly for certain companies and individuals. The sustainable future growth of the global economy remained in question and the record government deficits continued to grow due to increased spending, despite increased taxes during the first half. During the second half of the year, equity markets began to reflect the likelihood of a positive change in the direction of the U.S. economy in 2011 due to less onerous regulation and an improvement in the relationship between business and Congress. The market’s increase reflected the positive change from the election in early November. The election resulted in a significant change in the structure of Congress. The new Congress will likely slow down the excessive government spending, historic annual trillion dollar deficits, and massive expansion of government regulation that occurred over the last two years.

In this environment, nine of the ten sectors in the Russell 1000^® Growth Index (“Russell 1000^® Growth”) posted positive returns during the period (16.7%). The Consumer Discretionary and Industrials sectors increased the most, while the Utilities sector was the only sector to post a decline for the year.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Large Growth Portfolio (“Portfolio”) returned 16.62%. By comparison its benchmarks, the Russell 1000^® Growth and the Standard & Poor’s 500^® Index (“S&P 500”), returned 16.71% and 15.06%, respectively.

STRATEGY REVIEW

Jennison Associates LLC

The Russell 1000^® Growth benchmark rose 16.71% in 2010, exceeding the broad market S&P 500’s 15.06% gain. Advances exceeded 20% in the consumer discretionary, industrials, and materials sectors. Returns were more modest in health care. In the growth index, the utilities sector lost ground. The Portfolio generated double-digit returns but underperformed the benchmark, primarily due to the financials and health care sectors. In addition, while the Portfolio had many holdings with high returns, these positions had relatively small portfolio weights.

The Portfolio is built from the bottom up, with stocks selected one at a time, based on the fundamentals of individual companies. In health care, stock selection and an overweight position were detrimental, especially earlier in the period when uncertainty about U.S. regulatory reform and Europe’s sovereign debt crisis took a toll. Baxter International, Inc. fell on weakness in its blood plasma products business, while Gilead Sciences, Inc. declined on concerns that health care reforms and exposure to European markets would reduce its growth rate. We eliminated the Portfolio’s positions in both stocks.

Although a relatively small weight in the Portfolio, financials holdings detracted from return, reflecting in part exposure to industries most likely to be affected by yet undefined regulation. Charles Schwab, Corp. (“Schwab”) declined, as low interest rates precipitated fee waivers on money market funds and reduced income on cash balances, reducing the company’s material earnings power. We continue to like Schwab’s resilient business model and best-in-class organic growth. We believe its sustainable competitive advantages include dominant market share, a leading brand name, and unit cost economies of scale.

Holdings in consumer staples failed to keep pace, as the benchmark’s tobacco constituents, not held in the Portfolio, outperformed dramatically.

Underweight positions in industrials, materials, and energy detracted from relative performance, as well.

Stock selection contributed positively to return in information technology, where Baidu, Inc. (“Baidu”), VMware, Inc. (“VMware”), Salesforce.com, Inc. (“Salesforce.com”), NetApp, Inc. (“NetApp”), and Apple, Inc. (“Apple”), each rose 50% or more. Baidu is the world’s dominant Chinese-language Internet search engine. We believe the Chinese search market is still in its early growth stage and like Baidu’s improving execution and exploration of long-term monetization opportunities. Cloud-computing pioneer VMware used product cycles to upgrade customers to bigger license agreements and increased its share in the market of servers not yet virtualized. The increased acceptance of “software as a service,” another type of cloud-based opportunity, helped Salesforce.com expand to new markets and extend relationships with existing customers. NetApp, which provides technology that simplifies storing, managing, protecting, and archiving enterprise data, rose on growth in the storage business spurred by increased digital content. The strong launch of iPad, international opportunities, and secular growth in Mac personal computers made 2010 another good year for Apple.

Security selection was also beneficial in energy, where oil services company Schlumberger, Ltd. advanced. The company continues to develop new products and technologies providing dominant market share in what we consider important secular growth markets.

Transamerica Partners Portfolios Annual Report 2010

Page 9

Transamerica Partners Large Growth Portfolio (continued)
(unaudited)

STRATEGY REVIEW (continued)

An overweight position in consumer discretionary also worked well.

Wellington Management Company, LLP

The Portfolio’s investment process leverages the extensive research resources of Wellington Management Company, LLP and emphasizes a balance of growth, valuation, and quality criteria in selecting stocks. We utilize risk analysis tools to help maintain the Portfolio’s emphasis on stock selection and minimize other sources of relative risk. With this bottom-up approach, incorporating diversified sources of alpha and effective risk analysis, our goal is to generate consistent outperformance over time.

During the period, strong selection in the Information Technology, Industrials, and Energy sectors was somewhat offset by weaker stock selection within Financials and Consumer Staples. Sector allocation, a result of bottom-up stock selection, detracted from relative performance, largely due to an overweight position in Information Technology and an underweight in Energy stocks.

The Portfolio’s largest contributors to relative performance during the period included Las Vegas Sands Corp. (“Las Vegas Sands”), Riverbed Technology, Inc. (“Riverbed Technology”), and Caterpillar Inc. (“Caterpillar”). Owner and operator of casino resorts in Las Vegas, Macau, and Singapore, Las Vegas Sands’ shares rose after the firm’s results beat expectations on strong performance both in its new Singapore resort and in Macau. Shares of Riverbed Technology, a wide area network applications and software company providing optimized telecommunication solutions from remote locations, benefited from low penetration in a rapidly growing market for high response low cost solutions. The company is a beneficiary of server virtualization build-out across the world. Manufacturer of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines, Caterpillar’s shares surged amid continued momentum in machinery sales driven by a robust recovery in construction activity. The Portfolio’s positions in Apple and Altera Corp. also contributed to positive returns during the year.

The Portfolio’s largest relative detractors during the period included Cisco Systems, Inc. (“Cisco Systems”), QLogic, Corp. (“QLogic”) and Medtronic, Inc. Leading supplier of networking equipment, software, and services for corporate data networks and the Internet, Cisco Systems’ shares fell on weaker than expected revenue guidance as state and local government spending slowed sharply due to budget concerns. Shares of QLogic, a designer and supplier of network infrastructure products, were hurt when the company announced lower-than-expected revenue guidance for the second quarter. The company subsequently revised estimates and reported estimates in line with expectations. A broad-based slowdown in procedural volumes has led to weakness in revenue growth for diversified medical device manufacturer Medtronic, Inc.

Blair A. Boyer	Paul E. Marrkand, CFA
Michael A. Del Balso
Spiros “Sig” Segalas
Co-Portfolio Managers	Portfolio Manager
Jennison Associates LLC	Wellington Management Company, LLP

Transamerica Partners Portfolios Annual Report 2010

Page 10

Transamerica Partners Mid Value Portfolio
(unaudited)

MARKET ENVIRONMENT

Cramer, Rosenthal, McGlynn, LLC

Although the Federal Reserve Board’s (“Fed”) announcement of further Quantitative Easing Phase II was well telegraphed in August, commentary around “easier for longer” more than offset any initial disappointment regarding the $600 billion figure. The eventual side effects and ability to unwind the entire monetary stimulus were not a current concern. The markets also began to discount a Republican Party stampede in the late summer and they were not disappointed by the results.

There has been troubling news out of the Eurozone nearly every day (sovereign debt, bank debt, fiscal austerity); however, none was significant enough to have mattered this past quarter. Municipal bond markets declined as the Build America Bond program ended and spreads widened over fears of state and local budgetary crises. However, there were no headline grabbing defaults. Housing data continued to be tepid. There was a brief scare for the money center banks as the magnitude of the liability for mortgage put-backs soared, but, again, the issue receded. Most commodity prices continued their upward climb, but oil did not reach levels that are considered overly taxing to consumers. China has a more immediate inflation problem, mostly driven by food costs. Their government is once again trying to slow their economy without upsetting their key growth pillars, namely infrastructure investment and exports. We hope that they get it right, but interestingly the Shanghai stock market was down 14% in 2010. Most other emerging countries are also pursuing tighter monetary policies to likewise stem inflation. In the fourth quarter, all of these issues were topical and well discussed in many op-ed sections, but none were able to derail the equity market momentum which culminated in the best December in more than a decade.

In 2010, there was a 23% increase in global merger and acquisitions (“M&A”) ($2.8 trillion) and stock buybacks more than doubled for Standard & Poor’s 500^® Index (“S&P 500”) companies. While dividend increases were modest in 2010, there were over 100 companies that bought back shares as prospective dividend tax treatment was unclear for most of the year.

J.P. Morgan Investment Management Inc.

U.S. equity markets rallied during the back half of 2010, enabling market indexes to fully recover losses that followed the Lehman Brothers collapse in September 2008. The road back towards two-year highs was most certainly not a straight ride upward. After rising steadily during the first four months of the year, equities began to sell off in May as investors became fearful of a potential credit crisis in Europe and a slowdown in the Chinese economy. Approaching mid-year, continuously weaker-than-expected economic data brought the possibility of a double-dip recession to the forefront of investors’ minds.

Confidence increased in July as concerns about a potential credit crisis in Europe eased and earnings of U.S. corporations continued to exceed expectations. However, equities retreated again in August as downward revisions to the second quarter U.S. gross domestic product, rising weekly unemployment claims and disappointing home sales once again reignited concerns that the U.S. economy may fall back into recession. Equity markets advanced strongly in the final months of the year on the heels of repeated reassurances from the Fed that it is prepared “to provide additional accommodation” if needed to further support the economic recovery, and on expectations that the U.S. mid-term elections would split up what was viewed as a not so business-friendly Congress. The year finished with one of the strongest Decembers on record when a large piece of uncertainty was removed as Congress voted to extend the Bush-era tax cuts.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Mid Value Portfolio (“Portfolio”) returned 21.29%. By comparison its benchmark, the Russell Midcap^® Value Index, returned 24.75%.

STRATEGY REVIEW

Cramer, Rosenthal, McGlynn, LLC

Some of the top contributors to year’s performance were St. Jude Medical, Inc. (“St. Jude Medical”) and Fifth Third Bancorp. During the second quarter, many medical product companies suffered from a slowdown in medical procedures. We took advantage of this decline to establish a new position in St. Jude Medical in this strategy. The company is enjoying share gains in their cardiac rhythm management segment behind new technology and has a duopoly position in atrial fibrillation ablation. The company is also relocating much of its manufacturing to lower cost facilities which should enhance their operating margins. Fifth Third Bancorp announced better than expected results and an improvement in its commercial lending production, particularly in the Midwest. In addition, we believe the company will finally payback the Trouble Asset Relief Program in early 2011.

Some of the year’s detractors were Regions Financial Corp. (“Regions Financial”) and Unum Group (“Unum”). During the 2^nd quarter we established a new position in Regions Financial, as we believe its newly reconstituted management team to show further credit quality improvements, which in turn should drive significant earnings at the company. Longer-term, the bank’s balance sheet remains highly levered to rising interest rates. However, the shares were dragged down by concerns over the potential impact of the Gulf Coast’s oil spill on its borrowers and the developing litigation surrounding Morgan Keegan’s fixed income funds. In the 3^rd quarter 2010 we exited this position and redeployed capital to higher conviction ideas. Similar to the rest of the life insurance group, Wall Street became increasingly concerned about the impact of low interest rates on the profitability of Unum’s various businesses and the stock underperformed.

J.P. Morgan Investment Management Inc.

Our strategy employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. While the strategy participated in much of the market’s advance, the Portfolio underperformed its benchmark due mostly to stock selection and an underweight in the energy sector as well as stock selection and an overweight in the healthcare sector. Alternatively, stock selection in the information technology and materials sectors made positive contributions to results.

A top contributor to performance was Tyco Electronics, Ltd. (“Tyco”), a global provider of engineered electronic components, network solutions, specialty products and undersea telecommunication systems. The company delivered solid results throughout the year. Tyco aggressively cut costs during the downturn and appears to be benefiting from the broad-based economic recovery.

Another top contributor to performance was WABCO Holdings, Inc. (“WABCO”), a leading provider of electric and electromechanical braking, stability and suspension systems for commercial vehicles. WABCO consistently beat earnings and revenue expectations throughout the year as it benefited from a global recovery in the commercial vehicle market.

Transamerica Partners Portfolios Annual Report 2010

Page 11

Transamerica Partners Mid Value Portfolio (continued)
(unaudited)

STRATEGY REVIEW (continued)

H&R Block, Inc., a provider of tax, banking, and business and consulting services, was a top detractor from performance. The stock came under pressure as higher levels of unemployment led to a subsequent decline in tax returns and investor concerns about the continuing trend of individuals shifting to “do it yourself” tax preparation products. Given these headwinds, as well as significant turnover of senior management, we sold the stock and redeployed proceeds to more attractive investment opportunities.

Another detractor from performance was L-3 Communications Holdings, Inc., a defense contractor operating in command, control, communications, intelligence, surveillance and reconnaissance systems. The stock performed poorly due mostly to anticipated reductions in U.S. government defense spending. Given an attractive valuation and the company’s competitive position in key areas in defense, such as unmanned systems, we remain invested in the name.

Jay B. Abramson	Gloria Fu, CFA
Robert L. Rewey, III	Lawrence Playford, CFA
	Jonathan K.L. Simon
Co-Portfolio Managers	Co-Portfolio Managers
Cramer, Rosenthal, McGlynn, LLC	J.P. Morgan Investment Management Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 12

Transamerica Partners Mid Growth Portfolio
(unaudited)

MARKET ENVIRONMENT

Spurred by the Federal Reserve Board’s (“Fed”) second Quantitative Easing Phase II (“QE2”) program and comforted by the shift in the balance of power in Congress back towards the center, the market continued the rally that began in September. Improved economic data during the fall helped ease fears of a double-dip recession and raised confidence that corporate earnings would continue to be strong.

Growth stocks led for the year across the market capitalization spectrum. Performance was led by strong stock selection in the consumer discretionary, energy, and information technology sectors, offset slightly by underperformance in the financials sector.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Mid Growth Portfolio returned 29.27%. By comparison its benchmark, the Russell Midcap^® Growth Index, returned 26.38%.

STRATEGY REVIEW

Contributors to performance over the last year were F5 Networks, Inc. (“F5 Networks”), Fossil, Inc. (“Fossil”), and Salesforce.com, Inc. (“Salesforce.com”) F5 Networks rose due to continued strong demand for its communications equipment, which benefited from data center consolidation and “server virtualization,” secular trends that are believed to be in the early stages of adoption. Fossil, a leading manufacturer of watches and accessories, rose due to strong demand for the company’s products. The most notable driver was a resurgence in fashion watch demand. Salesforce.com gained as demand for the company’s “cloud-computing” solutions strengthened. These solutions permit customers to use software on an as-needed basis without having to manage data centers and servers, reducing up-front costs and allowing companies to focus on their core business expertise.

The largest detractors from performance were Plexus Corp. (“Plexus”), Atheros Communications, Inc. (“Atheros”), and Marshall & IIsley Corp. (“Marshall & IIsley”). Plexus, an electronic contract manufacturer, declined because of worries over its European market exposure and inventory cuts at several customers. Atheros, a fabless supplier of wireless semiconductors, fell due to market share losses and weakness in sales to the personal computer industry. Marshall & IIsley dropped due to reporting worse-than-expected credit metrics, diminishing confidence in its credit recovery.

We believe the combination of an improved economic tone, better political environment, and continued profit growth make the stock market outlook for the first half of 2011 positive. Farther out, the picture is clouded by the need to address the federal deficit and a number of underfunded social safety-net and pension issues at the federal, state, and local levels. Additionally, it remains unclear whether the current better economic tone can withstand the end of the QE2 program, scheduled to expire at mid-year. With the savings rate still well below the long term average and housing prices drifting lower, sustained economic growth remains a critical question.

In this light, we continue to prefer to search for positively surprising fundamentals in companies that are benefiting from strong secular trends, improving industry dynamics, or simply executing well at the company specific level rather than making a straightforward bet on lesser companies. The risk to this approach includes the possibility that economic growth can sustain at a robust level, unaided by excess liquidity. Another risk is that very low interest rates inspire an acquisition boom in lower quality companies, causing better quality, higher valuation stocks to underperform.

Despite concern for the domestic consumer, we enter 2011 most overweighted in the consumer discretionary sector, where many of our holdings are gaining share via strong product cycles, international expansion, or company specific execution. Conversely, we are most underweight financials, where deleveraging continues to weigh on loan growth and reregulation threatens profitability.

Clifford Fox
Michael Iacono
Katerina Wasserman

Co-Portfolio Managers
Columbus Circle Investors

Transamerica Partners Portfolios Annual Report 2010

Page 13

Transamerica Partners Small Value Portfolio
(unaudited)

MARKET ENVIRONMENT

Equities rebounded sharply in the second half. Investors shrugged off sovereign debt fears in Europe and embraced strong earnings growth, generally improving economic data, the extension of U.S. tax cuts, and continued high levels of global liquidity to push stocks higher.

In this environment, all ten sectors in the Russell 2000^® Value Index (+24.5%) posted positive returns during the period, July 9 — December 31, 2010. In this period, the materials (+43.9%) and energy (+34.9%) sectors increased the most, while the telecommunication services sector (+9.6%) lagged the broader index returns.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Small Value Portfolio (“Portfolio”) returned 23.12%. By comparison, its benchmark, the Russell 2000^® Value Index, returned 24.5%. (Prior to July 9, 2010, this Portfolio was managed by a different sub-adviser).

STRATEGY REVIEW

For the period beginning July 9, 2010 through December 31, 2010, the Portfolio returned 23.8%. By comparison its benchmark, the Russell 2000 ^®Value Index, returned 24.5%.

The Portfolio employs a bottom-up stock selection process that utilizes Wellington Management’s proprietary, fundamental research to identify undervalued companies that have the potential for significant outperformance over time. We take a long-term approach, focusing on high-quality companies with a record of above-average rates of profitability that sell at a discount relative to their intrinsic value and the overall small cap market. Companies with a history of above-average profitability are likely to have a strong and sustainable competitive position within a market niche. These companies typically generate strong cash flows that can be used to build the value of the business or fund measures that otherwise benefit shareholders, such as dividend distributions and share repurchases. The quality of a company’s management, its strategic direction, and expectations with regard to the use of current and future cash flows are integral components of our valuation process.

During the year, weak stock selection in health care and materials was partially offset by stronger selection in the consumer staples and consumer discretionary sectors. Allocation amongst sectors, a residual of the bottom-up stock selection process, had an additive effect due to an underweight in financials and overweight in industrials.

The Portfolio’s largest contributors to relative performance during the period included Belden, Inc. (“Belden”), Stage Stores, Inc. (“Stage Stores”), and Arbitron, Inc. (“Arbitron”). Belden designs, manufactures, and markets electronic cables and connectivity products for the specialty electronics and data-networking markets. The company reported better than expected earnings and improving margins, and again raised full-year guidance. In addition, Belden announced two accretive acquisitions and sold a money-losing business during the period. Shares of Stage Stores, the Houston retailer, rose after the company narrowed its fiscal third-quarter net loss and lifted its estimate of fourth-quarter same-store sales. Shares of Arbitron, a leading provider of media audience rating services for the radio industry, benefited when the company announced a favorable contract extension with their largest customer and provided solid earnings guidance for 2011.

The Portfolio’s largest relative detractors during the period included ICON PLC (“ICON”), Carlisle Cos. (“Carlisle”), and First Midwest Bancorp, Inc. (“First Midwest”). Shares of ICON, a contract research organization providing outsourced development services on a global basis to the pharmaceutical industry, fell when the company reduced its guidance for the remainder of 2010 based on slower revenue realization of the backlog and startup expenses associated with new strategic alliances. Diversified manufacturing company Carlisle disappointed after the company reported somewhat disappointing quarterly results on higher raw materials costs and lower average selling prices. Carlisle’s shares finished the period up, but trailed their industrials peers. Shares of Chicago-based regional bank First Midwest fell sharply on weak earnings driven by higher credit costs. The Portfolio’s positions in Penn Virginia Corp., and MB Financial, Inc. also hurt relative and absolute performance results during the period.

Timothy J. McCormack, CFA
Shaun F. Pedersen, involved in portfolio management and securities analysis since 2010.

Co-Portfolio Managers
Wellington Management Company, LLP

Transamerica Partners Portfolios Annual Report 2010

Page 14

Transamerica Partners Small Core Portfolio
(unaudited)

MARKET ENVIRONMENT

Fort Washington Investment Advisors, Inc.

The stock market picked up in 2010 where 2009 ended. The Russell 2000^® Growth Index rose strongly to start the year, appreciating by about 15% from year end 2009 to mid-April. The economy exhibited signs of continued recovery, while a historic improvement in corporate earnings combined with continued multi-decade low interest rates seemed to be the primary drivers of the improved outlook. However, in April, the European debt crisis interrupted the market’s ascent as fears about the spillover effect into global economies caused profit taking. The U.S. economy slowed through the summer as the jobs picture became more clouded and other economic statistics softened. However, several factors contributed to a powerful rally that ensued from the August lows which lasted through the end of the year: 1) 3^rd quarter earnings reports again surprised positively; 2) economic data proved more positive; 3) Congress and the President reached a compromise on the Bush era tax cuts; and 4) the Federal Reserve Board (“Fed”) stating it will initiate a second round of Quantitative Easing Phase II (“QE2”).

Invesco Advisers, Inc.

With returns in excess of 15%, the U.S. equity market was one of the best performing regions in the world in 2010. These gains were achieved despite rapid changes in investors’ risk appetite that dominated market sentiment mid-year given the second quarter sell-off, mid-term U.S. elections, and sovereign debt issues in Europe. Continued improvement in the overall U.S. economy also supported these gains. Third quarter gross domestic product (“GDP”) was strong when initially reported and was subsequently revised upward. Inflation remains non-existent as companies find themselves much too early in the recovery cycle to test pricing power. Improvement in retail sales over the same period last year offered encouraging signs that the American consumer is willing to spend. Despite a stubbornly high unemployment rate, investor sentiment improved in the fourth quarter in response to both monetary and fiscal policy moves designed to bolster the recovery.

For 2010, the Russell 2000^® Index (“Russell 2000^®”) returned 26.86%, outpacing both its mid-cap and large-cap peers. For the second consecutive year, growth stocks outpaced value stocks across the capitalization spectrum, which is typical in the early stages of an economic recovery.

Wellington Management Company, LLP

U.S. equities were volatile during the year, moving higher early in the period on strong corporate earnings and generally favorable economic data before succumbing in the second quarter to escalating global growth concerns and sovereign debt challenges in Europe. Equity markets rebounded in the third quarter and continued their ascent through the end of the year. Investors shrugged off sovereign debt fears in Europe and embraced strong earnings growth, generally improving economic data, the extension of U.S. tax cuts, and continued high levels of global liquidity to push equities higher.

In this environment, all ten sectors in the Russell 2000^® Value Index (+24.5%) gained during the year. The materials (+36.6%) and industrials (+31.5%) sectors increased the most, while the telecommunication services (+5.2%) and consumer staples (+14.7%) sectors posted more modest returns.

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Small Core Portfolio (“Portfolio”) returned 29.89%. By comparison, its benchmarks, the Russell 2000^® and the Standard & Poor’s 500^® Index, returned 26.86% and 15.06%, respectively.

STRATEGY REVIEW

Fort Washington Investment Advisors, Inc.

Stock selection within consumer discretionary generated the greatest relative returns for the year, followed by financials, telecommunication services, and technology. The industrial sector was the largest detractor from relative performance while healthcare and energy also negatively affected the Portfolio.

Stocks with the greatest outperformance for 2010 included:

• Consumer discretionary — Netflix, Inc., Coinstar, Inc., Deckers Outdoor Corp., and Chipotle Mexican Grill, Inc.

• Technology/telecommunications — Riverbed Technology, Inc., Finisar Corp., Skyworks Solutions, Inc., and Syniverse Holdings, Inc.

• Financials — Portfolio Recovery Associates, Inc., and Ezcorp, Inc.

• Healthcare — Alexion Pharmaceuticals, Inc., Salix Pharmaceuticals, Inc., and NxStage Medical, Inc.

• Energy — Lufkin Industries, Inc.

Stocks with the greatest negative impact on the Portfolio included:

• Industrials — Sykes Enterprises, Inc., AAR Corp., and Granite Construction, Inc.

• Healthcare — Auxillium Pharmaceuticals, Inc., Wright Medical Group, Inc., Spectranetics Corp., and RTI Biologics, Inc.

• Energy — Arena Resources, Inc., and Natural Gas Services Group, Inc.

• Technology — Vistaprint NV and Euronet Worldwide, Inc.

• Consumer discretionary — hhgregg, Inc., Chico’s FAS, Inc., and American Public Education, Inc.

The Portfolio’s sector overweight positions and rationale are generally similar to last quarter. Going into 2011, we are overweight in financials, technology, consumer discretionary, and energy. The financial position is driven by pawn broker and debt collection companies, which we believe may benefit from the continued contraction in consumer credit, higher gold prices and increasing supply of charged off credit card debt. In technology, the Portfolio is positioned to benefit from the increasing need for data capacity/speed for enterprise, internet, and wireless applications. In consumer discretionary, we like companies that have strong organic sales growth driven by geographic expansion and/or recurring revenue. In energy, oil demand is improving and we believe global oil production growth will be challenged longer term.

Our largest underweight positions are in industrials, consumer staples, and materials. However, we have added to industrials and materials as it appears the economy has improved in the last several months. In consumer staples, we have chosen to redeploy those funds into companies in consumer discretionary that we believe have more growth potential.

As we stated above, the economy has generated some momentum recently but still remains tenuous. We continue to focus on companies that have the ability to increase sales, even in a difficult economic environment, through new product introductions, geographic expansion, and/or niche product or service offerings. In addition, companies that have operating leverage from cyclically improving end-markets will be another avenue of focus.

Transamerica Partners Portfolios Annual Report 2010

Page 15

Transamerica Partners Small Core Portfolio (continued)
(unaudited)

STRATEGY REVIEW (continued)

Invesco Advisers, Inc.

The Portfolio is an active small capitalization strategy designed to capture excess returns through Invesco Global Quantitative Equity’s proprietary multi-factor stock selection model. We believe that relative returns are predictable based on certain fundamental and behavioral concepts. To capture excess return, our process: 1) systematically evaluates stocks within their respective industries using four key investment concepts: earnings momentum; price trend; management action; and relative value; and 2) constructs the Portfolio and manages risk to limit the impact of unintended beta, size, and industry biases through an optimization technique that seeks to maximize expected return at a specified level of risk. The research team is dedicated to an ongoing effort to quantify and rigorously test investment themes. Stock selection is expected to be the primary driver of excess returns because we control for risk associated with sector/industry bets, style exposures, and beta. We are also very risk-management driven as the Portfolio has a low tracking error target of 5%.

Stock selection was the primary source of valued added but sector and risk (style) decisions also contributed. In terms of style factor biases, the Portfolio greatly benefited from having an overweight to price momentum in 2010, which is directly related to our investment process. Furthermore, overweights to the consumer cyclical and health care sectors, along with an underweight to financials, contributed favorably while an underweight to basic materials hurt results.

Stock selection was positive in nine of 13 sectors led by financials (banks, asset managers/brokers, and insurers), health care (pharmaceuticals), commercial services (industrial and information services), and energy (oil services). The five best stocks were overweight positions in Complete Production Services, Inc. (oil services), Dollar Thrifty Automotive Group, Inc. (industrial services), Valeant Pharmaceutical, Inc. (pharmaceuticals), Cirrus Logic, Inc. (semiconductor), and Dillards, Inc. (department stores). These positive results were partially offset by stock selection in consumer cyclicals (automotive-related and apparel/textiles) and transportation (airlines) that did not add value. The five worst stocks were overweight positions in Gilbraltar Industries, Inc. (metals/mining), Agilysys, Inc. (information technology), Stone Energy Corp. (oil/natural gas), Oshkosh Corp. (automotive-related), and not owning American Capital, Ltd. (investment banking).

Within the portfolio, we target 2% cash at the time of rebalance, and we use Russell 2000^® Index futures to equitize the cash position. The account has daily cash flows; therefore, we buy or sell futures in the account to keep the portfolio as fully invested as possible. Because the cash balance and number of futures contracts changes each day, and the timing of the futures trades is in the middle of the trading day, it is difficult to determine the exact performance attribution. In 2010, the Portfolio’s average month-end cash position was 1.4% and the Russell 2000^® Index returned 26.85%, resulting in an estimated 38 basis points contribution from the futures exposure.

Wellington Management Company, LLP

The Portfolio employs a bottom-up stock selection process that utilizes Wellington Management’s proprietary, fundamental research to identify undervalued companies that have the potential for significant outperformance over time. We take a long-term approach, focusing on high-quality companies with a record of above-average rates of profitability that sell at a discount relative to their intrinsic value and the overall small cap market.

Companies with a history of above-average profitability are likely to have a strong and sustainable competitive position within a market niche. These companies typically generate strong cash flows that can be used to build the value of the business or fund measures that otherwise benefit shareholders, such as dividend distributions and share repurchases. The quality of a company’s management, its strategic direction, and expectations with regard to the use of current and future cash flows are integral components of our valuation process.

During the period, strong selection in the consumer staples and energy sectors contributed most to outperformance. This was somewhat offset by weaker stock selection within materials and health care. Allocation amongst sectors, a residual of the bottom-up stock selection process, had an additive effect due to an underweight in financials and overweight in industrials.

The Portfolio’s largest contributors to relative performance during the period included Belden, Inc. (“Belden”), Herbalife, Ltd. (“Herbalife”), and Arbitron, Inc. (“Arbitron”). Belden designs, manufactures, and markets electronic cables and connectivity products for the specialty electronics and data-networking markets. The company reported better than expected earnings and improving margins, and again raised full-year guidance. In addition, Belden announced two accretive acquisitions and sold a money-losing business during the period. Shares of Herbalife, a leading worldwide direct marketer of health and nutrition products, appreciated due to continued strong profit results. Shares of Arbitron, a leading provider of media audience rating services for the radio industry, benefited when the company announced a favorable contract extension with their largest customer and provided solid earnings guidance for 2011.

The Portfolio’s largest relative detractors during the period included Penn Virginia Corp. (“Penn Virginia”), Snyder’s-Lance, Inc. (formerly Lance, Inc.) (“Synders-Lance”), and Matthews International Corp. (“Matthews International”). Independent oil and gas exploration and production company Penn Virginia disappointed after the company announced lower than anticipated quarterly earnings due to production delays. Shares of Snyder’s-Lance, Inc., a producer of snack foods, were hurt earlier in the year when the company fell short of analyst expectations. Lance, Inc., shares have since rebounded due in part to the merger with pretzel-maker Snyder’s of Hanover, Inc. Identification and memorialization products supplier Matthews International’s shares fell when the company issued cautious guidance for 2011 due to the declining rate of casketed burial deaths in the U.S. and rising commodity costs. The Portfolio’s positions in Sterling Construction Co., Inc. and MB Financial, Inc., also hurt relative and absolute performance results during the period.

Richard R. Jandrain III	Timothy J. McCormack, CFA	Ralph Coutant, CFA
Daniel J. Kapusta	Shaun F. Pedersen, involved in portfolio	Anthony Munchak, CFA
Bihag N. Patel, CFA	management and securities	Glen Murphy, CFA
David K. Robinson, CFA	analysis since 2004.	Francis Orlando, CFA
		Anthony Shufflebotham, CFA
Co-Portfolio Managers	Co-Portfolio Managers
Fort Washington Investment Advisors, Inc.	Wellington Management Company, LLP	Co-Portfolio Managers
		Invesco Advisers, Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 16

Transamerica Partners Small Growth Portfolio
(unaudited)

MARKET ENVIRONMENT

The year 2010 was a volatile year as the market continued its upward momentum from 2009’s impressive recovery. Within the Russell 2000^® Growth Index (“Russell 2000^® Growth”), consumer discretionary stocks benefitted from a recovery in retail sales and overall consumer confidence. In the first quarter, the market also received a boost from the healthcare sector as the passage of healthcare reform removed much of the uncertainty surrounding the sector.

Most indices reached 52-week highs by late April, only to see a sharp reversal as weakening economic data raised the specter of a double-dip recession. Housing statistics turned downward shortly after the expiration of the first time home buyers’ tax credit, and employment statistics showed a lack of improvement as corporations and small businesses remained hesitant to add jobs. Furthermore, with the spreading sovereign debt crisis and the massive oil spill in the Gulf of Mexico, it was not surprising that consumer and investor sentiment turned negative by mid-year.

The market continued to display tremendous volatility, as it reversed in the second half of 2010, beginning with the best September ever for the Russell 2000^®. In addition, higher beta stocks also played a significant role beginning in the third quarter, where highest beta stocks in the Russell 2000^® Growth outperformed lower beta stocks by a wide margin, particularly within technology. This “high beta trade” presented a headwind for a lower beta growth manager such as Perimeter Capital Partners, LLC (“Perimeter”).

PERFORMANCE

For the year ended December 31, 2010, Transamerica Partners Small Growth Portfolio (“Portfolio”) returned 25.65%. By comparison its benchmark, the Russell 2000^® Growth, returned 29.09%.

STRATEGY REVIEW

Consumer discretionary was a top contributor to the Portfolio’s performance, with both stock selection and an overweight to the benchmark providing a nice tailwind to returns. The overweight in consumer discretionary has been less a bullish call on a “robust consumer”. Instead, our overweight was more company-specific, with a focus on companies that we feel can continue to maintain strong growth whatever the consumer environment (e.g. Deckers Outdoor Corp., Steve Madden, Ltd., etc.).

Healthcare was also a contributor to the Portfolio’s performance, mainly due to being an underweight in the sector that lagged considerably during the year. Our healthcare positions were largely driven by a reversal of 2009’s trends such as falling hospital capital expenditure and procedure volumes. Hospitals needed to restock, clarity was gained on the health care reform bill and valuation for many companies in the space became attractive.

Although Perimeter stock selection in technology contributed an average of 30% for the year, this was not enough to keep pace with the benchmark’s 40+% return for the sector. Our underweight in technology also proved to be a headwind. Earlier in the year Perimeter reduced our weight to the sector on concerns of excess semiconductor and component inventories, which proved to be a solid call. As we sought to increase our weight in the space, many stocks (namely network storage and communication companies) ran higher due to surging earnings growth and the frenzy of merger and acquisition activity that began in the third quarter and continued in the fourth. Nowhere was the high beta trade felt more acutely than in technology stocks, as there was much speculation on which company, regardless of fundamentals, was next to be acquired.

Despite the highly diversified/lower volatility profile of the Portfolio, we feel we have performed as expected in such a strong environment, relatively keeping pace with the benchmark. However, we are by no means satisfied with our recent results and are committed to making the most of what we believe will be a more normalized market in the coming year. We remain focused on our investment process of investing in higher quality companies that are expected to post the strongest relative earnings growth and momentum in the market, across all industries and sectors.

James N. Behre
Mark D. Garfinkel, CFA

Co-Portfolio Managers
Perimeter Capital Partners LLC

Transamerica Partners Portfolios Annual Report 2010

Page 17

Transamerica Partners International Equity Portfolio
(unaudited)

MARKET ENVIRONMENT

Despite some negative sentiment at the start of the year, most international equity markets ended the year in positive territory. As the year progressed, positive economic development and abundant liquidity more than offset lingering sovereign debt and currency concerns in certain peripheral European countries. Transamerica Partners International Equity Portfolio (“Portfolio”) strategy was a beneficiary of this.

PERFORMANCE

For the year ended December 31, 2010, the Portfolio returned 14.94%. By comparison its benchmark, the Morgan Stanley Capital International All Country World ex-U.S. Index, returned 11.60%.

STRATEGY REVIEW

Broadly speaking, the consumer discretionary, energy and information technology (“IT”) sectors were the key drivers of outperformance during the year. When viewed at the country level, the United Kingdom was the top contributor. On a more granular level, there were several stocks that posted very strong returns for the year. Momentum in business fundamentals continues for Volkswagen AG as they gain market share in developed economies as well as in Brazil and China. Increased operating efficiencies coupled with brand cache (Audi AG) have allowed for pricing power, and ultimately an improvement in operating margins. Komatsu, Ltd. (“Komatsu”), and China National Offshore Oil Company Ltd., (“CNOOC”) continue to benefit from optimism about emerging market growth, energy and commodity prices. Komatsu continues to experience strong demand for its construction and mining machinery. CNOOC provides an unusual mix of leverage to oil prices and production growth upside, reinforced by new gas discoveries this past quarter. Outside of energy, Carnival PLC (“Carnival”) has experienced a resurgence in demand as the cruise industry offers competitively priced vacation packages. Earnings guidance has been raised, reflecting accelerated bookings and firm pricing. Importantly, Carnival was a top performer despite cost headwinds associated with the above mentioned strong energy prices and adverse publicity related to an engine fire that disabled one of its ships while at sea.

Detractors during the year generally reflect sovereign debt concerns in Europe as well as company specific issues. BNP Paribas and Intesa Sanpaolo SpA (“Intesa”) were impacted by the former. European banks generally become more sensitive to capital requirements as Basel III financial regulations move closer to implementation. This headwind looms larger against a backdrop of sovereign debt concerns because major European financial institutions are often the key buyers of European sovereign paper and growth and capital generation targets are not necessarily secure. Vestas Wind Systems A/S has seen weaker than anticipated order growth for wind turbines and lingering concerns surrounding government financial incentives for alternative energy. Petroleo Brasileiro SA (“Petrobras”) was also a significant detractor for the year. Sentiment surrounding this stock soured due to a dilutive deal struck with the government of Brazil for offshore reserves.

Names recently eliminated from the Portfolio included Intesa, Petrobras, China Life Insurance Co., Ltd., and Cairn Energy PLC (“Cairn”). Sales were made primarily due to changes in company related specifics (Intesa, Petroleo Brasileiro SA), target price achievement (Cairn), or better alternative investment opportunities. One such new opportunity is Canadian exploration and production company Cenovus Energy, Inc. We believe their development and operating costs to be among best in class within the Canadian Oil Sands, Ltd. producers. Long term production growth appears sustainable from existing high quality reserves. Other additions include Norwegian based SeaDrill, Ltd., an offshore drilling contractor with a technologically advanced rig fleet and little current exposure to the Gulf of Mexico, where drilling activity has been curtailed since the BP oil spill; and high quality conglomerate Siemens AG (“Siemens”), which has leading positions in a number of growing industries such as energy and healthcare. In Siemens’ case, improved margins and capital returns are expected to deliver growth and encourage better valuation metrics than in the past.

William V. Fries, CFA
Wendy Trevisani
Lei Wang, CFA

Co-Portfolio Managers
Thornburg Investment Management, Inc.

Transamerica Partners Portfolios Annual Report 2010

Page 18

Schedules of Investments Composition

At December 31, 2010
(the following charts summarize the Schedule of Investments of each portfolio by asset type)
(unaudited)

	% of Net
Transamerica Partners Money Market Portfolio	Assets
Certificate of Deposit		37.0	%
Commercial Paper		22.6
Repurchase Agreement		17.3
Short-Term U.S. Government Obligation		11.0
U.S. Government Obligation		6.8
Corporate Debt Security		3.2
Short-Term Foreign Government Obligation		2.1
Other Assets and Liabilities - Net		0.0	*
Total		100.0	%

	% of Net
Transamerica Partners High Quality Bond Portfolio	Assets
Corporate Debt Security		33.0	%
Asset-Backed Security		31.0
Mortgage-Backed Security		19.7
U.S. Government Obligation		10.0
U.S. Government Agency Obligation		3.4
Securities Lending Collateral		2.6
Repurchase Agreement		1.5
Foreign Government Obligation		0.9
Other Assets and Liabilities - Net		(2.1	)
Total		100.0	%

	% of Net
Transamerica Partners Inflation-Protected Securities Portfolio	Assets
U.S. Government Obligation		93.2	%
Repurchase Agreement		5.5
Securities Lending Collateral		4.2
Foreign Government Obligation		0.3
Structured Note Debt		0.3
Corporate Debt Security		0.2
Purchased Swaption		0.2
Mortgage-Backed Security		0.2
Other Assets and Liabilities - Net(A)		(4.1	)
Total		100.0	%

	% of Net
Transamerica Partners Core Bond Portfolio	Assets
U.S. Government Agency Obligation		47.6	%
Corporate Debt Security		29.4
Mortgage-Backed Security		21.0
U.S. Government Obligation		7.6
Asset-Backed Security		6.0
Repurchase Agreement		4.4
Municipal Government Obligation		2.2
Securities Lending Collateral		2.0
Purchased Swaption		1.7
Foreign Government Obligation		1.2
Preferred Corporate Debt Security		0.7
Convertible Bond		0.1
Preferred Stock		0.0	*
Warrant		0.0	*
Common Stock		0.0	*
Other Assets and Liabilities - Net(A)		(23.9	)
Total		100.0	%

	% of Net
Tansamerica Partners High Yield Bond Portfolio	Assets
Corporate Debt Security		87.3	%
Loan Assignment		5.8
Repurchase Agreement		3.8
Common Stock		0.6
Convertible Preferred Stock		0.3
Preferred Stock		0.1
Asset-Backed Security		0.1
Convertible Bond		0.1
Preferred Corporate Debt Security		0.0	*
Right		0.0	*
Warrant		0.0	*
Investment Company		0.0	*
Other Assets and Liabilities - Net		1.9
Total		100.0	%

	% of Net
Transamerica Partners Balanced Portfolio	Assets
Common Stock		61.9	%
U.S. Government Agency Obligation		16.5
Corporate Debt Security		10.9
Mortgage-Backed Security		6.1
Short-Term U.S. Government Obligation		2.9
U.S. Government Obligation		2.3
Asset-Backed Security		2.1
Municipal Government Obligation		1.1
Repurchase Agreement		1.0
Preferred Corporate Debt Security		0.3
Foreign Government Obligation		0.2
Preferred Stock		0.0	*
Warrant		0.0	*
Other Assets and Liabilities - Net(A)		(5.3	)
Total		100.0	%

	% of Net
Transamerica Partners Large Value Portfolio	Assets
Common Stock		98.3	%
Securities Lending Collateral		1.8
Repurchase Agreement		1.7
Other Assets and Liabilities - Net		(1.8	)
Total		100.0	%

	% of Net
Transamerica Partners Large Core Portfolio	Assets
Common Stock		98.4	%
Securities Lending Collateral		2.2
Repurchase Agreement		1.5
Other Assets and Liabilities - Net		(2.1	)
Total		100.0	%

	% of Net
Transamerica Partners Large Growth Portfolio	Assets
Common Stock		99.8	%
Securities Lending Collateral		1.6
Repurchase Agreement		0.2
Other Assets and Liabilities - Net		(1.6	)
Total		100.0	%

	% of Net
Transamerica Partners Mid Value Portfolio	Assets
Common Stock		96.4	%
Securities Lending Collateral		5.2
Repurchase Agreement		3.4
Other Assets and Liabilities - Net		(5.0	)
Total		100.0	%

Transamerica Partners Portfolios Annual Report 2010

Page 19

Schedules of Investments Composition

At December 31, 2010
(the following charts summarize the Schedule of Investments of each portfolio by asset type)
(unaudited)

	% of Net
Transamerica Partners Mid Growth Portfolio	Assets
Common Stock		95.9	%
Repurchase Agreement		0.8
Securities Lending Collateral		0.7
Other Assets and Liabilities - Net		2.6
Total		100.0	%

	% of Net
Transamerica Partners Small Value Portfolio	Assets
Common Stock		95.3	%
Repurchase Agreement		4.7
Securities Lending Collateral		1.3
Other Assets and Liabilities - Net		(1.3	)
Total		100.0	%

	% of Net
Transamerica Partners Small Core Portfolio	Assets
Common Stock		98.2	%
Securities Lending Collateral		25.7
Repurchase Agreement		1.5
Investment Company		0.2
Short-Term U.S. Government Obligation		0.1
Warrant		0.0	*
Other Assets and Liabilities - Net(A)		(25.7	)
Total		100.0	%

	% of Net
Transamerica Partners Small Growth Portfolio	Assets
Common Stock		97.6	%
Securities Lending Collateral		25.6
Repurchase Agreement		2.7
Warrant		0.0	*
Other Assets and Liabilities - Net		(25.9	)
Total		100.0	%

	% of Net
Transamerica Partners International Equity Portfolio	Assets
Common Stock		96.4	%
Securities Lending Collateral		4.2
Preferred Stock		2.6
Repurchase Agreement		0.7
Other Assets and Liabilities - Net(A)		(3.9	)
Total		100.0	%

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

Transamerica Partners Portfolios Annual Report 2010

Page 20

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts in thousands)

	Principal		Value
COMMERCIAL PAPER - 22.6%
Capital Markets - 1.9%
Credit Suisse
0.25%, 01/19/2011	$	20,500	$	20,497
Commercial Banks - 14.6%
Banco Bilbao Vizcaya
0.50%, 02/25/2011 - 144A		16,050		16,038
Banco Bilbao Vizcaya Argentaria SA
0.56%, 03/07/2011		16,350		16,350
Commonwealth Bank of Australia
0.27%, 02/25/2011 - 144A		33,250		33,237
Eksportfinans ASA
0.23%, 01/21/2011 - 144A		29,550		29,547
European Investment Bank
0.26%, 01/05/2011		21,400		21,395
Svenska Handelsbanken AB
0.27%, 02/17/2011		16,800		16,800
UBS Finance Delaware LLC
0.28%, 02/14/2011		11,050		11,046
Westpac Banking Corp.
0.31%, 04/08/2011 - 144A		10,450		10,441
Diversified Financial Services - 6.1%
Nordea North America, Inc.
0.33%, 01/06/2011		27,800		27,798
Societe Generale North America, Inc.
0.33%, 02/07/2011		19,000		18,994
0.50%, 02/01/2011		18,700		18,692
Total Commercial Paper (cost $240,835)				240,835
CERTIFICATES OF DEPOSIT - 37.0%
Capital Markets - 3.3%
Deutsche Bank AG
0.47%, 01/10/2011 *		35,000		35,000
Commercial Banks - 33.7%
Abbey National Treasury Services PLC
0.34%, 02/25/2011		38,100		38,100
Bank of Montreal
0.24%, 01/20/2011 *		16,600		16,600
Bank of Nova Scotia
0.30%, 04/04/2011 *		20,500		20,500
Barclays Bank PLC
0.36%, 05/03/2011 *		17,800		17,800
0.40%, 06/20/2011 *		19,550		19,550
BNP Paribas
0.33%, 02/18/2011		22,000		22,000
Credit Agricole SA
0.29%, 02/03/2011 *		32,350		32,350
National Australia Bank, Ltd.
0.32%, 06/10/2011 *		18,200		18,200
Nordea Bank Finland PLC
0.28%, 03/17/2011		7,000		7,000
Rabobank Nederland NV
0.29%, 01/13/2011		20,050		20,050
0.55%, 02/01/2011		23,700		23,701
Royal Bank of Canada
0.26%, 02/24/2011 *		13,400		13,400
0.28%, 08/26/2011 *		23,350		23,350
Royal Bank of Scotland PLC
0.29%, 01/20/2011		27,050		27,050
Svenska Handelsbanken AB
0.30%, 02/28/2011		11,800		11,800
Toronto-Dominion Bank Holdings, USA, Inc.
0.25%, 03/03/2011 *		20,750		20,750
Westpac Banking Corp.
0.29%, 05/13/2011 *		26,950		26,950
Total Certificates of Deposit (cost $394,151)				394,151
CORPORATE DEBT SECURITIES - 3.2%
Commercial Banks - 3.2%
Australia & New Zealand Banking Group, Ltd.
0.45%, 04/26/2011 - 144A *		11,350		11,358
International Bank for Reconstruction & Development
0.31%, 07/13/2011 *		14,550		14,550
National Australia Bank, Ltd.
0.37%, 07/07/2011 - 144A *		7,900		7,905
Total Corporate Debt Securities (cost $33,813)				33,813
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 2.1%
Caisse D’amortissement de La Dette Sociale
0.26%, 03/15/2011 - 144A		22,200		22,188
Total Short-Term Foreign Government Obligation (cost $22,188)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 11.0%
Fannie Mae
Zero Coupon, 01/05/2011		18,900		18,899
Freddie Mac
0.06%, 02/02/2011		19,600		19,597
0.09%, 02/16/2011		14,000		13,997
0.12%, 02/04/2011		18,250		18,247
0.35%, 04/01/2011 *		15,000		15,010
U.S. Treasury Bill
0.13%, 02/17/2011		31,950		31,945
Total Short-Term U.S. Government Obligations (cost $117,695)				117,695
U.S. GOVERNMENT OBLIGATIONS - 6.8%
U.S. Treasury Note
0.88%, 02/28/2011 - 04/30/2011		51,200		51,274
1.00%, 07/31/2011		21,300		21,397
Total U.S. Government Obligations (cost $72,671)				72,671
REPURCHASE AGREEMENTS - 17.3%
Deutsche Bank AG
0.22% ▲, dated 12/31/2010, to be repurchased at $20,100 on 01/03/2011. Collateralized by a U.S. Government Agency Obligation, 3.15%, due 10/28/2020, with a value of $20,385.		20,100		20,100
Goldman Sachs
0.14% ▲, dated 12/31/2010, to be repurchased at $63,801 on 01/03/2011. Collateralized by U.S. Government Agency Obligations, Zero Coupon - 6.25%, due 01/05/2011 - 09/15/2029, with a total value of $65,081.		63,800		63,800
HSBC Bank USA
0.21% ▲, dated 12/31/2010, to be repurchased at $53,001 on 01/03/2011. Collateralized by a U.S. Government Obligation, 1.88%, due 09/30/2017, with a value of $54,063.		53,000		53,000
JP Morgan Chase Bank
0.18% ▲, dated 12/31/2010, to be repurchased at $46,941 on 01/03/2011. Collateralized by a U.S. Government Agency Obligation, Zero Coupon, due 05/04/2011, with a value of $47,883.		46,940		46,940

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

Page 21

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
REPURCHASE AGREEMENTS (continued)
State Street Bank & Trust Co.
0.01% ▲, dated 12/31/2010, to be repurchased at $6 on 01/03/2011. Collateralized by a U.S. Government Obligation, 1.00%, due 04/30/2012, with a value of $10.	$	6	$	6
Total Repurchase Agreements (cost $183,846)				183,846
Total Investment Securities (cost $1,065,199) #				1,065,199
Other Assets and Liabilities - Net				197
Net Assets			$	1,065,396

NOTES TO SCHEDULE OF INVESTMENTS:
*	Floating or variable rate note. Rate is listed as of 12/31/2010.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $1,065,199.

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 12/31/2010, these securities aggregated $130,714, or 12.27%, of the fund’s net assets.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	—	$	394,151	$	—	$	394,151
Commercial Paper		—		240,835		—		240,835
Corporate Debt Securities		—		33,813		—		33,813
Repurchase Agreements		—		183,846		—		183,846
Short-Term Foreign Government Obligations		—		22,188		—		22,188
Short-Term U.S. Government Obligations		—		117,695		—		117,695
U.S. Government Obligations		—		72,671		—		72,671
Total	$	—	$	1,065,199	$	—	$	1,065,199

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

Page 22

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 10.0%
U.S. Treasury Note
0.38%, 08/31/2012 - 09/30/2012	$	34,500	$	34,423
0.50%, 11/30/2012		12,000		11,985
Total U.S. Government Obligations (cost $46,442)				46,408
U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.4%
Fannie Mae
4.00%, 10/25/2016 - 07/25/2033		1,375		1,406
4.50%, 09/01/2013		987		1,016
5.00%, 04/01/2014		142		151
5.50%, 12/01/2022		883		956
6.00%, 05/01/2013 - 09/01/2014		377		410
Freddie Mac
2.87%, 12/15/2016		932		943
3.38%, 03/15/2018		2,402		2,481
4.00%, 09/15/2016 - 09/15/2017		2,639		2,697
5.50%, 03/01/2011 - 04/01/2017		582		615
6.00%, 10/15/2021		1,721		1,802
6.50%, 02/01/2013 - 04/01/2013		69		73
Ginnie Mae
4.66%, 12/16/2030 *		2,000		2,120
5.75%, 12/15/2022		870		954
Total U.S. Government Agency Obligations (cost $15,009)				15,624
FOREIGN GOVERNMENT OBLIGATION - 0.9%
Province of Quebec Canada
4.88%, 05/05/2014		3,650		4,040
Total Foreign Government Obligation (cost $4,099)
MORTGAGE-BACKED SECURITIES - 19.7%
Bear Stearns Asset Backed Securities Trust
Series 2003-AC3, Class A1
4.00%, 07/25/2033 *		500		465
Bear Stearns Commercial Mortgage Securities
Series 2002-PBW1, Class A1
3.97%, 11/11/2035 *		145		146
Series 2007-PW15, Class A2
5.21%, 02/11/2044		1,700		1,736
Commercial Mortgage Pass-Through Certificates
Series 2005-LP5, Class A2
4.63%, 05/10/2043		1,310		1,324
Series 2006-C8, Class A3
5.31%, 12/10/2046		5,690		5,906
Community Program Loan Trust
Series 1987-A, Class A4
4.50%, 10/01/2018		599		602
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C5, Class A2
4.18%, 11/15/2037		1,555		1,554
Crusade Global Trust
Series 2004-2, Class A1
0.41%, 11/19/2037 *		490		478
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A2
5.17%, 08/15/2048		3,734		3,806
GE Capital Commercial Mortgage Corp.
Series 2001-3, Class A1
5.56%, 06/10/2038		37		37
Series 2005-C1, Class A2
4.35%, 06/10/2048		3,237		3,262
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A2
4.31%, 08/10/2042		1,414		1,428
Series 2006-GG7, Class A2
5.88%, 07/10/2038 *		2,873		2,903
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A4
4.96%, 08/10/2038		4,400		4,562
Series 2006-GG6, Class A2
5.51%, 04/10/2038 *		883		888
Series 2006-GG6, Class AAB
5.59%, 04/10/2038 *		4,250		4,501
Series 2006-GG8, Class AAB
5.54%, 11/10/2039		4,700		4,979
Series 2007-GG10, Class A1
5.69%, 08/10/2045		373		380
GS Mortgage Securities Trust
Series 2007-GG10, Class AAB
5.81%, 08/10/2045 *		5,010		5,306
Interstar Millennium Trust
Series 2003-3G, Class A2
0.80%, 09/27/2035 *		199		186
JPMorgan Chase Commercial Mortgage
Securities Corp.
Series 2002-C2, Class A1
4.33%, 12/12/2034		149		151
Series 2006-LDP7, Class A2
5.86%, 04/15/2045 *		4,146		4,193
JPMorgan Mortgage Trust
Series 2006-S2, Class 1A17
6.00%, 07/25/2036		2,468		2,300
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3
4.56%, 09/15/2027 *		4,550		4,576
Series 2004-C8, Class A3
4.44%, 12/15/2029		5,000		5,058
Series 2005-C7, Class A2
5.10%, 11/15/2030		637		638
Series 2006-C4, Class AAB
5.86%, 06/15/2032 *		4,000		4,306
Series 2006-C7, Class A2
5.30%, 11/15/2038		2,607		2,660
Series 2007-C2, Class A2
5.30%, 02/15/2040		4,308		4,428
Merrill Lynch Mortgage Trust
Series 2005-MKB2, Class A2
4.81%, 09/12/2042		2,258		2,257
Series 2006-C1, Class A2
5.61%, 05/12/2039 *		657		677
Wachovia Bank Commercial Mortgage Trust
Series 2003-C5, Class A1
2.99%, 06/15/2035		1,618		1,620
Series 2003-C9, Class A3
4.61%, 12/15/2035		3,242		3,384
Series 2007-C30, Class A3
5.25%, 12/15/2043		4,700		4,777
Series 2007-C30, Class APB
5.29%, 12/15/2043		5,000		5,118
Series 2005-9, Class 1A1
4.75%, 10/25/2035		931		930
Total Mortgage-Backed Securities (cost $90,756)				91,522

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

Page 23

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
ASSET-BACKED SECURITIES - 31.0%
American Express Co.
Series 2006-2, Class C
5.65%, 01/15/2014 - 144A	$	2,300	$	2,349
AmeriCredit Automobile Receivables Trust
Series 2009-1, Class B
9.79%, 04/15/2014		1,000		1,138
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A
3.15%, 03/20/2017 - 144A		2,000		1,953
Bay View Auto Trust
Series 2005-LJ1, Class A4
4.09%, 05/25/2012		429		435
BMW Vehicle Lease Trust
Series 2009-1, Class A3
2.91%, 03/15/2012		1,728		1,743
BMW Vehicle Owner Trust
Series 2010-A, Class A4
2.10%, 10/25/2016		4,000		4,083
Cabela’s Master Credit Card Trust
Series 2006-3A, Class A1
5.26%, 10/15/2014 - 144A		3,000		3,092
Capital One Multi-Asset Execution Trust
Series 2006-10, Class A
5.15%, 06/16/2014		3,000		3,084
Series 2009-A2, Class A2
3.20%, 04/15/2014		1,500		1,518
Capital One Prime Auto Receivables Trust
Series 2007-1, Class B
5.76%, 12/15/2013		3,000		3,051
CarMax Auto Owner Trust
Series 2010-2, Class A3
1.41%, 02/16/2015		4,750		4,782
CenterPoint Energy Transition Bond Co., LLC
Series 2009-1, Class A1
1.83%, 02/15/2016		2,624		2,660
Chase Funding Mortgage Loan Asset-Backed
Certificates
Series 2003-4, Class 1A6
4.43%, 10/25/2014 *		1,824		1,840
CIT Equipment Collateral
Series 2009-VT1, Class A3
3.07%, 08/15/2016 - 144A		1,705		1,722
Citibank Credit Card Issuance Trust
Series 2009-A5, Class A5
2.25%, 12/23/2014		3,000		3,067
Citibank Omni Master Trust
Series 2009-A8, Class A8
2.36%, 05/16/2016 - 144A *		2,850		2,885
CNH Equipment Trust
Series 2007-A, Class B
5.09%, 06/16/2014		2,000		2,003
Series 2009-B, Class A4
5.17%, 10/15/2014		3,100		3,259
Series 2009-C, Class A4
3.00%, 08/17/2015		3,000		3,091
Series 2009-C, Class B
4.98%, 04/15/2016		500		515
Series 2010-A, Class B
4.04%, 09/15/2016		2,175		2,235
Series 2010-B, Class A4
1.74%, 01/17/2017		4,400		4,369
Discover Card Master Trust
Series 2008-A3, Class A3
5.10%, 10/15/2013		4,000		4,053
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A1
1.00%, 02/01/2016		2,140		2,184
Ford Credit Auto Owner Trust
Series 2006-C, Class D
6.89%, 05/15/2013 - 144A		2,000		2,054
Series 2007-A, Class B
5.60%, 10/15/2012		1,000		1,042
Series 2009-E, Class A4
1.00%, 11/15/2014		2,480		2,546
Series 2010-A, Class A3
1.32%, 06/15/2014		2,630		2,649
Series 2010-B, Class A4
1.58%, 09/15/2015		2,725		2,736
Series 2010-B, Class B
2.54%, 02/15/2016		5,500		5,528
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class A1
1.50%, 09/15/2015		2,000		1,984
GE Capital Credit Card Master Note Trust
Series 2009-2, Class A
3.69%, 07/15/2015		2,500		2,597
Series 2010-3, Class A
2.21%, 06/15/2016		3,000		3,050
GE Equipment Midticket LLC
Series 2009-1, Class A4
3.13%, 11/16/2020		4,750		4,891
Goal Capital Funding Trust
Series 2006-1, Class A1
0.29%, 08/25/2020 *		26		26
Honda Auto Receivables Owner Trust
Series 2009-2, Class A3
2.79%, 01/16/2012		1,070		1,082
Series 2009-2, Class A4
4.43%, 08/15/2012		2,650		2,793
Series 2010-1, Class A3
1.25%, 10/21/2013		2,400		2,413
Huntington Auto Trust
Series 2008-1A, Class A3A
4.81%, 04/16/2012 - 144A		1,087		1,093
Hyundai Auto Receivables Trust
Series 2008-A, Class A3
4.93%, 12/17/2012		1,986		2,025
Series 2010-B, Class A4
1.63%, 03/15/2017		2,000		1,980
Massachusetts RRB Special Purpose Trust
Series 2005-1, Class A4
4.40%, 03/15/2015		1,582		1,670
MBNA Credit Card Master Note Trust
Series 2004-B1, Class B1
4.45%, 08/15/2016		1,100		1,177
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3
1.42%, 08/15/2014		1,745		1,760
MMAF Equipment Finance LLC
Series 2009-AA, Class A4
3.51%, 01/15/2030 - 144A		5,385		5,591
Nissan Auto Lease Trust
Series 2009-B, Class A3
2.07%, 01/15/2015		1,250		1,258

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

Page 24

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Popular ABS Mortgage Pass-Through Trust
Series 2005-3, Class AF3
4.44%, 07/25/2035 *	$	460	$	461
Railcar Leasing LLC
Series 1, Class A2
7.13%, 01/15/2013 - 144A Ə		5,887		6,238
Toyota Auto Receivables Owner Trust
Series 2010-A, Class A3
1.27%, 12/16/2013		4,000		4,027
USAA Auto Owner Trust
Series 2009-2, Class A4
2.53%, 06/17/2013		1,005		1,035
Series 2010-1, Class A3
1.30%, 06/16/2014		3,200		3,220
Volkswagen Auto Lease Trust
Series 2009-A, Class A3
3.41%, 04/16/2012		3,192		3,226
Volkswagen Auto Loan Enhanced Trust
Series 2010-1, Class A4
2.14%, 08/22/2016		1,870		1,905
World Financial Network Credit Card
Master Trust
Series 2010-A, Class A
3.96%, 04/15/2019		4,750		4,872
World Omni Auto Receivables Trust
Series 2007-AA, Class B
5.31%, 12/15/2014 - 144A		3,500		3,538
Series 2010-A, Class A4
2.21%, 09/15/2013		2,200		2,246
Total Asset-Backed Securities (cost $143,093)				143,824
CORPORATE DEBT SECURITIES - 33.0%
Air Freight & Logistics - 0.2%
United Parcel Service, Inc.
3.88%, 04/01/2014		950		1,012
Beverages - 2.0%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 03/26/2013 ^		3,875		3,965
Bottling Group LLC
6.95%, 03/15/2014 ^		4,210		4,878
Capital Markets - 5.1%
Credit Suisse
5.50%, 05/01/2014		4,230		4,639
Deutsche Bank AG
2.38%, 01/11/2013 ^		4,840		4,911
Goldman Sachs Group, Inc.
0.47%, 02/06/2012 *		4,330		4,325
6.60%, 01/15/2012		2,800		2,961
Morgan Stanley
6.00%, 05/13/2014		6,100		6,591
Chemicals - 0.4%
Airgas, Inc.
4.50%, 09/15/2014		1,560		1,634
Commercial Banks - 3.2%
Bank of Nova Scotia
2.25%, 01/22/2013		6,640		6,761
Wells Fargo Bank NA - Series AI
4.75%, 02/09/2015		5,000		5,304
Westpac Banking Corp.
2.25%, 11/19/2012		2,705		2,768
Commercial Services & Supplies - 1.4%
Yale University
2.90%, 10/15/2014		6,250		6,446
Consumer Finance 1.8%
American Express Credit Corp.
7.30%, 08/20/2013		3,350		3,775
Capital One Financial Corp.
5.70%, 09/15/2011 ^		4,520		4,666
Diversified Financial Services - 6.3%
Citigroup, Inc.
5.30%, 10/17/2012		4,625		4,899
CME Group, Inc.
5.40%, 08/01/2013		2,275		2,505
Diageo Finance BV
5.50%, 04/01/2013 ^		3,320		3,624
General Electric Capital Corp.
1.88%, 09/16/2013 ^		2,000		2,001
John Deere Capital Corp.
5.25%, 10/01/2012		2,875		3,092
JPMorgan Chase & Co.
4.65%, 06/01/2014		5,610		5,989
Merrill Lynch & Co., Inc.
5.45%, 02/05/2013		3,025		3,191
NYSE Euronext
4.80%, 06/28/2013		3,670		3,939
Diversified Telecommunication Services - 1.5%
AT&T, Inc.
4.95%, 01/15/2013		6,375		6,833
Electric Utilities - 0.5%
Public Service Electric & Gas Co.
5.13%, 09/01/2012		2,365		2,522
Food & Staples Retailing - 1.0%
CVS Caremark Corp.
3.25%, 05/18/2015 ^		1,100		1,118
5.75%, 08/15/2011		3,470		3,578
Household Products - 0.8%
Procter & Gamble Co.
1.38%, 08/01/2012 ^		3,870		3,913
Insurance - 4.2%
Berkshire Hathaway Finance Corp.
5.00%, 08/15/2013		2,465		2,691
Berkshire Hathaway, Inc.
1.40%, 02/10/2012 ^		4,920		4,956
Metropolitan Life Global Funding I
2.50%, 09/29/2015 - 144A		7,285		7,178
5.13%, 06/10/2014 - 144A		430		468
New York Life Global Funding
5.38%, 09/15/2013 - 144A		3,745		4,132
Office Electronics - 0.8%
Xerox Corp.
8.25%, 05/15/2014		3,005		3,508
Oil, Gas & Consumable Fuels - 0.9%
Shell International Finance BV
4.00%, 03/21/2014		4,025		4,283
Pharmaceuticals - 0.7%
Novartis Capital Corp.
1.90%, 04/24/2013		3,215		3,266
Real Estate Investment Trusts - 0.2%
Boston Properties, LP
6.25%, 01/15/2013		776		846
Wireless Telecommunication Services - 2.0%
ALLTEL Corp.
7.00%, 07/01/2012		6,150		6,673
Cellco Partnership/Verizon Wireless
Capital LLC
3.75%, 05/20/2011		2,825		2,860
Total Corporate Debt Securities (cost $149,748)				152,701

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

Page 25

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
SECURITIES LENDING COLLATERAL - 2.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		12,193,958	$	12,194
Total Securities Lending Collateral (cost $12,194)
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co.
0.01% ▲, dated 12/31/2010, to be repurchased at $7,006 on 01/03/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 04/30/2017, with a value of $7,151.	$	7,006		7,006
Total Repurchase Agreement (cost $7,006)
Total Investment Securities (cost $468,347) #				473,319
Other Assets and Liabilities - Net				(9,618	)
Net Assets			$	463,701

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 12/31/2010.
Ə	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 $6,238, or 1.35% of the fund’s net assets.
^	All or a portion of this security is on loan. The value of all securities on loan is $11,949.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $468,347. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,759 and $1,787, respectively. Net unrealized appreciation for tax purposes is $4,972.

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 12/31/2010, these securities aggregated $42,293, or 9.12%, of the fund’s net assets.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	143,824	$	—	$	143,824
Corporate Debt Securities		—		152,701		—		152,701
Foreign Government Obligation		—		4,040		—		4,040
Mortgage-Backed Securities		—		91,522		—		91,522
Repurchase Agreement		—		7,006		—		7,006
Securities Lending Collateral		12,194		—		—		12,194
U.S. Government Agency Obligations		—		15,624		—		15,624
U.S. Government Obligations		—		46,408		—		46,408
Total	$	12,194	$	461,125	$	—	$	473,319

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			12/31/2010
Asset-Backed Securities	$	5,009	$	2,968	$	—	$	(38	)	$	225	$	(8,164	)	$	—

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

Page 26

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 93.2%
U.S. Treasury Bond
3.88%, 08/15/2040		$	530	$	488
4.38%, 05/15/2040			830		834
5.25%, 02/15/2029 ^ α			5,195		5,958
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028 ^			7,809		7,949
2.00%, 01/15/2026			15,250		16,193
2.13%, 02/15/2040			22,364		23,672
2.38%, 01/15/2025 - 01/15/2027			28,142		31,309
2.50%, 01/15/2029 ^			565		641
3.38%, 04/15/2032			944		1,220
3.63%, 04/15/2028			7,234		9,338
3.88%, 04/15/2029			12,745		17,093
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/2015			28,973		29,617
0.63%, 04/15/2013			869		895
1.25%, 04/15/2014 - 07/15/2020			12,159		12,562
1.38%, 07/15/2018			7,525		7,930
1.38%, 01/15/2020 ^ γ			5,722		5,946
1.63%, 01/15/2015 - 01/15/2018			10,269		10,968
1.88%, 07/15/2013 - 7/15/2015			26,754		28,714
1.88%, 07/15/2019 ^ γ			7,810		8,492
2.00%, 04/15/2012 - 01/15/2016			23,332		25,019
2.00%, 01/15/2014 ^			7,221		7,750
2.13%, 01/15/2019			2,201		2,435
2.38%, 01/15/2017 ^			15,546		17,324
2.50%, 07/15/2016			14,831		16,645
2.63%, 07/15/2017			876		997
3.00%, 07/15/2012			7,558		8,028
3.38%, 01/15/2012			7,230		7,558
Total U.S. Government Obligations (cost $297,601)					305,575
FOREIGN GOVERNMENT OBLIGATIONS - 0.3%
Hellenic Republic Government Bond
2.30%, 07/25/2030	EUR		1,124		659
International Bank for Reconstruction & Development CPI
1.64%, 12/10/2013 *		$	315		322
Total Foreign Government Obligations (cost $1,318)					981
MORTGAGE-BACKED SECURITY - 0.2%
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class A4
4.55%, 12/10/2041			695		705
Total Mortgage-Backed Security (cost $666)
CORPORATE DEBT SECURITY - 0.2%
Diversified Financial Services - 0.2%
Bear Stearns Cos., LLC CPI
2.97%, 03/10/2014 *			649		657
Total Corporate Debt Security (cost $608)
STRUCTURED NOTE DEBT - 0.3%
Consumer Finance - 0.3%
SLM Corp. CPI
3.29%, 01/31/2014 *			900		833
Total Structured Note Debt (cost $835)

	Notional
	Amount		Value
PURCHASED SWAPTIONS - 0.2%
Call Swaptions - 0.1%
If exercised the Portfolio receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 05/08/2012	$	5,000	$	306
If exercised the Portfolio receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 07/15/2015		2,200		100
Put Swaptions - 0.1%
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 05/08/2012		5,000		162
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 07/15/2015		2,200		183
Total Purchased Swaptions (cost $875)				751

	Shares		Value
SECURITIES LENDING COLLATERAL - 4.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		13,872,018		13,872
Total Securities Lending Collateral (cost $13,872)
	Principal		Value
REPURCHASE AGREEMENT - 5.5%
State Street Bank & Trust Co.
0.01% ▲, dated 12/31/2010, to be repurchased at $18,187 on 01/03/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 04/30/2017, with a value of $18,554.	$	18,187		18,187
Total Repurchase Agreement (cost $18,187)
Total Investment Securities (cost $333,962) #				341,561
Other Assets and Liabilities - Net				(13,551	)
Net Assets			$	328,010

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

Page 27

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

WRITTEN SWAPTIONS:

	Floating Rate	Pay/Receive	Exercise	Expiration		Notional			Premiums Paid
Description	Index	Floating Rate	Rate	Date		Amount			(Received)			Value
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.98		12/19/2011	$	(7,700	)	$	(311	)	$	(331	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.06		07/15/2013		(2,600	)		(148	)		(101	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.13		12/16/2011		(8,600	)		(354	)		(436	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	5.39		01/06/2015		(2,500	)		(172	)		(225	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.98		12/19/2011		(7,700	)		(310	)		(254	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.06		07/15/2013		(2,600	)		(148	)		(187	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.13		12/16/2011		(8,600	)		(355	)		(242	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	5.39		01/06/2015		(2,500	)		(173	)		(124	)
									$	(1,971	)	$	(1,900	)

SWAP AGREEMENTS:

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:

											Premiums		Net Unrealized
			Maturity		Currency	Notional		Market			Paid		Appreciation
Floating Rate Index	Fixed Rate		Date	Counterparty	Code	Amount		Value			(Received)		(Depreciation)
3-Month USD LIBOR	0.83	%	07/27/2012	DUB	USD	$	17,600	$	(51	)	$	—	$	(51	)
3-Month USD-LIBOR	0.94		12/20/2012	DUB	USD		3,800		(11	)		—		(11	)
3-Month USD-LIBOR	2.34		12/20/2015	DUB	USD		5,800		(50	)		—		(50	)
U.S. CPI Urban Consumers NAS	1.84		10/25/2015	MYC	USD		9,460		103			—		103
								$	(9	)	$	—	$	(9	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:

													Premiums			Net Unrealized
				Maturity			Currency	Notional		Market			Paid			Appreciation
Floating Rate Index	Fixed Rate			Date		Counterparty	Code	Amount		Value			(Received)			(Depreciation)
3-Month USD LIBOR		0.30	%		06/24/2015	DUB	USD	$	5,700	$	72		$	—		$	72
3-Month USD-LIBOR		0.30			12/16/2020	CBK	USD		700		(5	)		(4	)		(1	)
U.S. CPI Urban Consumers NAS		1.00			10/25/2020	MYC	USD		4,990		(51	)		—			(51	)
										$	16		$	(4	)	$	20

FUTURES CONTRACTS:

							Net Unrealized
							Appreciation
Description	Type	Contracts Г			Expiration Date		(Depreciation)
10-Year U.S. Treasury Note	Long		161			03/22/2011	$	(78	)
2-Year U.S. Treasury Note	Long		125			03/31/2011		(11	)
5-Year U.S. Treasury Note	Short		(240	)		03/31/2011		10
Ultra Long U.S. Treasury Bond	Short		(42	)		03/22/2011		48
							$	(31	)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Euro		(455	)		01/28/2011	$	(623	)	$	15

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

Page 28

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $13,597.
α	All or a portion of this security is segregated as collateral with the broker for open swap contracts and/or for swaptions. The value of these securities at 12/31/2010 is $1,749.
γ	A portion of these securities in the amount of $396 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.
*	Floating or variable rate note. Rate is listed as of 12/31/2010.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $335,206. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $8,668 and $2,313, respectively. Net unrealized appreciation for tax purposes is $6,355.
Г	Contract amounts are not in thousands.

DEFINITIONS:

CBK	Citibank N.A.
CPI	Consumer Price Index
DUB	Deutsche Bank AG
EUR	Euro
LIBOR	London Interbank Offered Rate
MYC	Morgan Stanley Capital Services
NAS	National Academy of Sciences
USD	United States Dollar

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2			Level 3		Total
Corporate Debt Security	$	—		$	657		$	—	$	657
Foreign Government Obligations		—			981			—		981
Mortgage-Backed Security		—			705			—		705
Purchased Swaptions		—			751			—		751
Repurchase Agreement		—			18,187			—		18,187
Securities Lending Collateral		13,872			—			—		13,872
Structured Note Debt		—			833			—		833
U.S. Government Obligations		—			305,575			—		305,575
Total	$	13,872		$	327,689		$	—	$	341,561
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Written Swaptions	$	—		$	(1,900	)	$	—	$	(1,900	)
Other Financial Instruments*	Level 1			Level 2			Level 3		Total
Interest Rate Swap - Appreciation	$	—		$	175		$	—	$	175
Interest Rate Swap - Depreciation		—			(164	)		—		(164	)
Futures Contracts - Appreciation		58			—			—		58
Futures Contracts - Depreciation		(89	)		—			—		(89	)
Forward Foreign Currency Contracts - Appreciation		—			15			—		15
Total	$	(31	)	$	26		$	—	$	(5	)

* 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	Annual Report 2010

Page 29

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts in thousands)

		Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 7.6%
U.S. Treasury Bond
1.38%, 11/30/2015		$	7,755	$	7,536
2.25%, 11/30/2017 ^			11,910		11,582
2.63%, 11/15/2020			8,454		7,974
3.88%, 08/15/2040			4,560		4,200
4.25%, 11/15/2040			18,195		17,899
U.S. Treasury Note
0.50%, 11/30/2012			61,200		61,122
0.50%, 10/15/2013 γ			5,515		5,453
1.25%, 10/31/2015			8,480		8,207
Total U.S. Government Obligations (cost $123,619)					123,973
U.S. GOVERNMENT AGENCY OBLIGATIONS - 47.6%
Fannie Mae
Zero Coupon, 10/09/2019			500		316
2.04%, 01/01/2035 *			61		63
2.19%, 08/01/2034 *			27		28
2.77%, 08/01/2035 *			179		187
2.84%, 11/01/2035 *			7,712		8,054
3.32%, 12/01/2040 * Ə			4,120		4,180
4.50%, 12/01/2040			85,886		88,240
4.63%, 05/01/2013 α			10,200		10,965
5.00%, 11/01/2033 - 08/01/2040			55,228		58,311
5.25%, 08/01/2012 γ			5,040		5,384
5.50%, 07/01/2014 - 10/01/2038			138,938		149,052
5.77%, 08/01/2037 *			21		23
6.00%, 02/01/2034 - 04/01/2040			56,717		61,894
6.00%, 04/01/2035 α			23,196		25,553
7.00%, 01/01/2015 - 09/01/2016			162		177
Fannie Mae, TBA
3.50%			4,000		4,028
4.00%			178,200		177,963
4.50%			32,100		33,033
5.00%			8,900		9,442
5.50%			10,300		11,073
6.50%			33,800		37,560
Farmer Mac Guaranteed Notes Trust 2007-1
5.13%, 04/19/2017 - 144A			900		979
Freddie Mac, TBA
5.00%			1,000		1,049
5.50%			100		107
Freddie Mac
2.85%, 04/01/2035 *			2,090		2,179
2.96%, 12/01/2034			50		52
4.50%, 12/01/2040			44,600		45,746
4.74%, 09/01/2035 *			5,429		5,706
5.50%, 06/15/2015 - 12/01/2016			3,632		3,952
5.57%, 01/01/2038 *			1,506		1,600
5.63%, 06/13/2016			9,195		9,957
5.73%, 02/01/2037 *			105		112
5.77%, 05/01/2037 *			229		243
5.86%, 05/01/2037 *			222		234
5.92%, 04/01/2037 *			572		608
6.00%, 02/01/2013 - 05/01/2031			1,975		2,165
6.02%, 09/01/2037 *			340		366
Ginnie Mae
6.50%, 12/20/2031			51		58
Resolution Funding Corp., Interest STRIPS
07/15/2018			1,200		940
10/15/2018			1,200		929
Small Business Administration
4.50%, 02/01/2014			552		577
Tennessee Valley Authority
5.25%, 09/15/2039			7,500		7,929
5.98%, 04/01/2036			440		509
Total U.S. Government Agency Obligations (cost $765,298)					771,523
FOREIGN GOVERNMENT OBLIGATIONS - 1.2%	��
Hellenic Republic Government Bond
4.60%, 09/20/2040	EUR		780		549
Israel Government AID Bond
5.50%, 09/18/2023		$	9,700		11,135
Japan Finance Corp.
2.00%, 06/24/2011			4,175		4,206
United Mexican States
5.13%, 01/15/2020 ^			1,335		1,392
5.63%, 01/15/2017			1,693		1,872
Total Foreign Government Obligations (cost $17,887)					19,154
MORTGAGE-BACKED SECURITIES - 21.0%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
0.68%, 02/25/2035 *			34		30
American Home Mortgage Assets
Series 2006-2, Class 2A1
0.45%, 09/25/2046 *			1,296		712
American Home Mortgage Investment Trust
Series 2005-4, Class 1A1
0.55%, 11/25/2045 *			205		138
Arkle Master Issuer PLC
Series 2010-1A, Class 2A
1.43%, 05/17/2060 - 144A *			7,140		7,093
Banc of America Alternative Loan Trust
Series 2004-7, Class 4A1
5.00%, 08/25/2019			2,176		2,219
Banc of America Commercial Mortgage, Inc.
Series 2001-1, Class A2
6.50%, 04/15/2036			3,469		3,481
Series 2002-2, Class A3
5.12%, 07/11/2043			16,715		17,219
Series 2002-PB2, Class A4
6.19%, 06/11/2035			10,630		11,006
Series 2005-3, Class A4
4.67%, 07/10/2043			1,214		1,275
Series 2006-4, Class A4
5.63%, 07/10/2046			4,373		4,692
Series 2006-5, Class AM
5.45%, 09/10/2047			525		520
Series 2007-1, Class A4
5.45%, 01/15/2049			7,045		7,349
Series 2007-3, Class A2
5.66%, 06/10/2049 *			3,500		3,637
Series 2007-3, Class A4
5.66%, 06/10/2049 *			1,790		1,837
Banc of America Funding Corp.
Series 2005-E, Class 4A1
2.85%, 03/20/2035 *			532		508
Bear Stearns Adjustable Rate Mortgage Trust
Series 2004-8, Class 14A1
5.41%, 11/25/2034 *			2,842		2,672

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

Page 30

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
MORTGAGE-BACKED SECURITIES — (continued)
Bear Stearns Adjustable Rate Mortgage Trust (continued)
Series 2005-1, Class 4A1
5.28%, 03/25/2035 *	$	3,109	$	2,754
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2
3.21%, 11/25/2034 *		154		115
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class AM
5.45%, 12/11/2040 *		610		615
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.47%, 12/25/2046 *		1,290		355
Citigroup Commercial Mortgage Trust
Series 2006-C5, Class A4
5.43%, 10/15/2049		1,585		1,693
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5
5.62%, 10/15/2048		2,940		3,154
Series 2007-CD4, Class A4
5.32%, 12/11/2049		1,038		1,075
Commercial Mortgage Pass-Through Certificates
Series 2007-C9, Class A4
5.81%, 12/10/2049 *		3,000		3,228
Countrywide Alternative Loan Trust
Series 2005-36, Class 2A1A
0.57%, 08/25/2035 *		2,162		1,148
Series 2005-36, Class 3A1
2.98%, 08/25/2035 *		235		161
Series 2005-38, Class A3
0.61%, 09/25/2035 *		563		353
Series 2005-44, Class 1A1
0.59%, 10/25/2035 *		129		79
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		4,971		3,985
Series 2005-51, Class 3A3A
0.58%, 11/20/2035 *		1,855		1,106
Series 2005-59, Class 1A1
0.59%, 11/20/2035 *		282		172
Series 2006-OA2, Class A5
0.49%, 05/20/2046 *		833		377
Series 2006-OA21, Class A1
0.45%, 03/20/2047 *		5,038		2,731
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		3,655		2,463
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-60, Class 1A1
3.61%, 02/25/2034 *		284		250
Series 2004-23, Class A
2.52%, 11/25/2034 *		138		92
Series 2004-R2, Class 1AF1
0.68%, 11/25/2034 - 144A *		77		67
Series 2005-3, Class 1A2
0.55%, 04/25/2035 *		397		258
Series 2005-R1, Class 1AF1
0.62%, 03/25/2035 - 144A *		132		109
Series 2005-R3, Class AF
0.66%, 09/25/2035 - 144A *		204		175
Series 2006-OA5, Class 2A1
0.46%, 04/25/2036 *		2,123		1,283
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-CKS4, Class A2
5.18%, 11/15/2036		10,280		10,719
Series 2003-C3, Class A5
3.94%, 05/15/2038		14,005		14,530
Series 2004-AR5, Class 7A2
2.71%, 06/25/2034 *		613		584
Credit Suisse Mortgage Capital Certificates
Series 2007-C2, Class A2
5.45%, 01/15/2049 *		2,100		2,141
Deutsche ALT-A Securities, Inc., Alternate
Loan Trust
Series 2006-OA1, Class A1
0.46%, 02/25/2047 *		3,307		2,141
Deutsche Mortgage Securities, Inc.
Series 2005-W, Class 1A3
5.20%, 06/26/2035 - 144A *		1,270		1,167
Extended Stay America Trust
Series 2010-ESHA, Class A
2.95%, 11/05/2027 - 144A		11,302		11,115
Series 2010-ESHA, Class C
4.86%, 11/05/2027 - 144A		3,330		3,264
First Horizon Alternative Mortgage Securities
Series 2006-FA8, Class 1A8
0.63%, 02/25/2037 *		569		293
First Union National Bank Commercial Mortgage
Series 2001-C2, Class A2
6.66%, 01/12/2043		2,166		2,165
GE Capital Commercial Mortgage Corp.
Series 2002-1A, Class A3
6.27%, 12/10/2035		10,065		10,486
Series 2002-2A, Class A3
5.35%, 08/11/2036		11,875		12,423
GMAC Commercial Mortgage Securities, Inc.
Series 2006-C1, Class A4
5.24%, 11/10/2045 *		800		849
Series 2006-C1, Class AM
5.29%, 11/10/2045 *		920		916
GMAC Mortgage Corp., Loan Trust
Series 2003-AR2, Class 1A1
3.77%, 12/19/2033 *		43		43
Series 2005-AR1, Class 3A
3.31%, 03/18/2035 *		158		140
Greenpoint Mortgage Funding Trust
Series 2006-AR4, Class A1A
0.36%, 09/25/2046 *		47		47
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A3
4.57%, 08/10/2042		11,200		11,457
Series 2006-GG7, Class AM
5.88%, 07/10/2038 *		1,430		1,473
Series 2007-GG9, Class A4
5.44%, 03/10/2039		3,840		4,046
GS Mortgage Securities Corp. II
Series 2005-GG4, Class A4A
4.75%, 07/10/2039		3,175		3,348
Series 2005-GG4, Class AABA
4.68%, 07/10/2039		166		173
GSMPS Mortgage Loan Trust
Series 2005-RP3, Class 1AF
0.61%, 09/25/2035 - 144A *		220		183
GSR Mortgage Loan Trust
Series 2004-9, Class 3A1
2.86%, 08/25/2034 *		1,890		1,717
Series 2005-AR1, Class 2A1
2.95%, 01/25/2035 *		3,171		2,893
Series 2005-AR4, Class 6A1
5.25%, 07/25/2035 *		4,997		4,811

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

Page 31

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
Harborview Mortgage Loan Trust
Series 2005-8, Class 1A2A
0.59%, 09/19/2035 *	$	550	$	359
Series 2006-10, Class 2A1A
0.44%, 11/19/2036 *		1,839		1,205
Series 2006-11, Class A1A
0.43%, 12/19/2036 *		7,020		4,552
Impac CMB Trust
Series 2004-6, Class 1A1
1.06%, 10/25/2034 *		79		62
IndyMac INDA Mortgage Loan Trust
Series 2006-AR2, Class 4A1
5.54%, 09/25/2036 *		3,056		2,442
Series 2007-AR7, Class 1A1
5.87%, 09/25/2037 *		898		722
IndyMac Index Mortgage Loan Trust
Series 2005-AR14, Class 2A1A
0.56%, 07/25/2035 *		1,857		1,256
Series 2005-AR15, Class A2
5.05%, 09/25/2035 *		82		68
Series 2007-AR15, Class 2A1
5.26%, 08/25/2037 *		1,639		1,094
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2001-C1, Class A3
5.86%, 10/12/2035		9,466		9,584
Series 2001-CIB2, Class A3
6.43%, 04/15/2035		5,159		5,228
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		1,576		1,606
Series 2007-CB18, Class A3
5.45%, 06/12/2047		4,020		4,165
Series 2007-LD11, Class A3
5.82%, 06/15/2049 *		1,100		1,157
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
4.75%, 02/25/2034 *		539		541
Series 2004-A3, Class 1A1
2.68%, 07/25/2034 *		127		123
Series 2006-A2, Class 5A1
2.97%, 11/25/2033 *		261		259
Series 2006-S2, Class 2A2
5.88%, 07/25/2036		914		866
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		2,631		2,432
Series 2007-S1, Class 1A2
5.50%, 03/25/2022		746		690
Series 2007-S1, Class 2A22
5.75%, 03/25/2037		2,487		2,108
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3
4.56%, 09/15/2027 *		7,395		7,438
Series 2004-C8, Class A4
4.51%, 12/15/2029		9,100		9,270
Series 2005-C3, Class A5
4.74%, 07/15/2030		900		951
Series 2005-C3, Class AAB
4.66%, 07/15/2030		87		91
Series 2006-C4, Class AM
5.90%, 06/15/2038 *		660		686
Series 2006-C7, Class AM
5.38%, 11/15/2038		660		663
Series 2007-C2, Class A3
5.43%, 02/15/2040		9,658		9,959
Series 2007-C6, Class A4
5.86%, 07/15/2040 *		3,675		3,861
MASTR Adjustable Rate Mortgages Trust
Series 2006-OA2, Class 1A1
1.14%, 12/25/2046 *		1,253		409
Series 2007-R5, Class A1
2.84%, 11/25/2035 - 144A *		943		586
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class 2A1
2.89%, 02/25/2034 *		511		486
Series 2004-A3, Class 4A3
5.02%, 05/25/2034 *		496		499
Series 2005-A3, Class A1
0.53%, 04/25/2035 *		103		76
Series 2005-A4, Class 2A2
2.86%, 07/25/2035 *		468		401
Series 2005-A5, Class A3
2.75%, 06/25/2035 *		400		319
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1
0.58%, 10/25/2028 *		105		100
Morgan Stanley Capital I
Series 1998-WF2, Class G
6.34%, 01/15/2013 - 144A *		2,410		2,534
Series 2004-HQ4, Class A7
4.97%, 04/14/2040		4,100		4,359
Series 2007-IQ15, Class A2
5.84%, 06/11/2049 *		2,200		2,287
Morgan Stanley Mortgage Loan Trust
Series 2004-8AR, Class 4A2
2.79%, 10/25/2034 *		406		382
Series 2005-4, Class 5A3
5.50%, 08/25/2035		6,703		6,563
Series 2006-3AR, Class 2A3
2.86%, 03/25/2036 *		881		535
Nomura Asset Acceptance Corp.
Series 2004-R2, Class A1
6.50%, 10/25/2034 - 144A *		178		182
Prime Mortgage Trust
Series 2006-DR1, Class 1A1
5.50%, 05/25/2035 - 144A		273		266
Series 2006-DR1, Class 1A2
6.00%, 05/25/2035 - 144A		120		119
Series 2006-DR1, Class 2A1
5.50%, 05/25/2035 - 144A		890		779
Series 2006-DR1, Class 2A2
6.00%, 05/25/2035 - 144A		877		738
RBSCF Trust
Series 2010-RR3, Class WBTA
5.90%, 04/16/2017 - 144A *		7,570		8,022
RBSGC Mortgage Pass-Through Certificates
Series 2007-B, Class 1A4
0.71%, 01/25/2037 *		978		577
Residential Accredit Loans, Inc.
Series 2006-QO10, Class A1
0.42%, 01/25/2037 *		791		468
Series 2007-QO1, Class A1
0.41%, 02/25/2047 *		959		577
Series 2007-QO4, Class A1A
0.45%, 05/25/2047 *		1,844		1,150

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

Page 32

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
MORTGAGE-BACKED SECURITIES - (continued)
Residential Asset Securitization Trust
Series 2005-A14, Class A4
5.50%, 12/25/2035	$	2,648	$	2,614
Salomon Brothers Mortgage Securities VII, Inc.
Series 2001-C2, Class A3
6.50%, 10/13/2011		6,555		6,709
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1
2.63%, 01/25/2035 *		696		558
Series 2005-15, Class 1A1
2.62%, 07/25/2035 *		1,027		712
Series 2005-16XS, Class A1
0.60%, 08/25/2035 *		387		328
Series 2005-19XS, Class 1A1
0.58%, 10/25/2035 *		539		364
Series 2007-3, Class 3A1
5.43%, 04/25/2047 *		3,637		2,623
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.61%, 01/19/2034 *		110		92
Series 2006-AR6, Class 1A3
0.45%, 07/25/2046 *		349		193
Structured Asset Securities Corp.
Series 2005-RF3, Class 1A
0.61%, 06/25/2035 - 144A *		373		310
Thornburg Mortgage Securities Trust
Series 2006-5, Class A1
0.38%, 10/25/2046 *		7,496		7,427
Voyager BRSTN Delaware Trust, IO
Series 2009-1, Class UAU7
0.50%, 12/26/2036 - 144A *		969		395
WaMu Alternative Mortgage Pass-Through Certificates
Series 2006-AR3, Class A1A
1.30%, 05/25/2046 *		2,445		1,370
WaMu Commercial Mortgage Securities Trust
Series 2005-C1A, Class A2
5.15%, 05/25/2036 - 144A *		48		48
WaMu Mortgage Pass-Through Certificates
Series 2005-AR13, Class A1A1
0.55%, 10/25/2045 *		187		158
Series 2005-AR15, Class A1A2
0.54%, 11/25/2045 *		207		159
Series 2005-AR8, Class 2A1A
0.55%, 07/25/2045 *		119		103
Series 2006-AR14, Class 1A3
5.49%, 11/25/2036 *		1,900		1,394
Series 2007-HY1, Class 1A1
5.49%, 02/25/2037 *		5,011		3,654
Series 2007-OA4, Class 1A
1.10%, 05/25/2047 *		2,427		1,599
Series 2007-OA6, Class 1A1B
1.14%, 07/25/2047 *		2,370		776
Wells Fargo Mortgage Backed Securities Trust
Series 2005-AR16, Class 7A1
5.20%, 10/25/2035 *		4,762		4,692
Series 2006-3, Class A9
5.50%, 03/25/2036		2,898		2,897
Series 2006-AR4, Class 2A4
5.65%, 04/25/2036 *		400		365
Total Mortgage-Backed Securities (cost $352,003)				340,702
ASSET-BACKED SECURITIES - 6.0%
321 Henderson Receivables I LLC
Series 2010-1A, Class A
5.56%, 07/15/2059 - 144A		6,189		6,399
Series 2010-2A, Class A
4.07%, 01/15/2048 - 144A		1,950		1,910
Series 2010-3A, Class A
3.82%, 12/15/2048 - 144A		3,923		3,760
Aames Mortgage Investment Trust
Series 2005-3, Class A1
0.41%, 08/25/2035 - 144A *		113		113
Accredited Mortgage Loan Trust
Series 2005-3, Class A1
0.50%, 09/25/2035 *		69		64
Amortizing Residential Collateral Trust
Series 2002-BC5, Class M1
1.30%, 07/25/2032 *		401		328
Capital One Multi-Asset Execution Trust
Series 2006-A5, Class A5
0.32%, 01/15/2016 *		1,550		1,537
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-4, Class 1A5
5.42%, 05/25/2033 *		1,142		1,099
Citibank Omni Master Trust
Series 2009-A12, Class A12
3.35%, 08/15/2016 - 144A		2,765		2,827
Series 2009-A8, Class A8
2.36%, 05/16/2016 - 144A *		11,940		12,089
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.68%, 12/01/2033 *		1,435		1,510
Series 2002-2, Class A2
6.03%, 03/01/2033 *		1,731		1,804
Continental Airlines Pass-Through Trust
Series 2007-1A, Class A
5.98%, 04/19/2022		289		305
Countrywide Asset-Backed Certificates
Series 2005-4, Class AF3
4.46%, 10/25/2035 *		29		28
Countrywide Home Equity Loan Trust
Series 2005-G, Class 2A
0.49%, 12/15/2035 *		111		60
Series 2006-RES, Class 4Q1B
0.56%, 12/15/2033 - 144A *		354		163
CVS Pass-Through Trust
6.94%, 01/10/2030		732		795
Delta Air Lines, Inc., Pass-Through Trust
Series 2001-1, Class A1
6.62%, 03/18/2011		29		29
Series 2007-1, Class A
6.82%, 08/10/2022		325		345
Ford Credit Floorplan Master Owner Trust
Series 2006-4, Class B
0.81%, 06/15/2013 *		1,565		1,549
Globaldrive BV
Series 2008-2, Class A
4.00%, 10/20/2016 ±		2,340		3,154
GMAC Mortgage Servicer Advance Funding Co., Ltd.
Series 2010-1A, Class A
4.25%, 01/15/2022 - 144A		1,000		1,005

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

Page 33

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
ASSET-BACKED SECURITIES - (continued)
Lehman XS Trust
Series 2005-5N, Class 1A1
0.56%, 11/25/2035 *	$	134	$	98
Series 2005-5N, Class 3A1A
0.56%, 11/25/2035 *		849		652
Series 2005-7N, Class 1A1B
0.56%, 12/25/2035 *		115		48
Series 2006-GP4, Class 3A1A
0.33%, 08/25/2046 *		19		19
Series 2007-2N, Class 3A1
0.35%, 02/25/2037 *		219		206
Merrill Lynch Mortgage Investors, Inc.
Series 2007-SD1, Class A1
0.71%, 02/25/2047 *		1,426		702
Mirant Mid Atlantic Pass-Through Trust
Series C
10.06%, 12/30/2028		312		346
Nelnet Student Loan Trust
Series 2008-4, Class A4
1.77%, 04/25/2017 *		780		798
RAAC Series
Series 2007-RP4, Class A
0.61%, 06/25/2037 - 144A *		1,502		826
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6
5.88%, 06/25/2037 *		1,494		855
Santander Drive Auto Receivables Trust
Series 2010-2, Class B
2.24%, 12/15/2014		3,840		3,852
Series 2010-2, Class C
3.89%, 07/17/2017		4,520		4,618
Series 2010-A, Class A2
1.37%, 08/15/2013 - 144A		4,010		4,025
Series 2010-A, Class A3
1.83%, 11/17/2014 - 144A		3,100		3,132
Series 2010-A, Class A4
2.39%, 06/15/2017 - 144A		1,560		1,586
Series 2010-B, Class B
2.10%, 09/15/2014 - 144A		3,100		3,099
Series 2010-B, Class C
3.02%, 10/17/2016 - 144A		3,285		3,279
Securitized Asset Backed Receivables LLC Trust
Series 2007-BR3, Class A2B
0.48%, 04/25/2037 *		2,700		1,169
SLC Student Loan Trust
Series 2006-A, Class A4
0.41%, 01/15/2019 *		2,070		1,976
Series 2008-1, Class A4A
1.90%, 12/15/2032 *		400		414
SLM Student Loan Trust
Series 2008-5, Class A3
1.59%, 01/25/2018 *		4,600		4,728
Series 2008-5, Class A4
1.99%, 07/25/2023 *		14,570		15,155
Small Business Administration
Series 2002-P10B, Class 1
5.20%, 08/10/2012		382		400
Structured Asset Securities Corp.
Series 2003-AL2, Class A
3.36%, 01/25/2031 - 144A		3,013		2,743
Series 2007-TC1, Class A
0.56%, 04/25/2031 - 144A *		1,895		1,456
Total Asset-Backed Securities (cost $100,437)				97,055
MUNICIPAL GOVERNMENT OBLIGATIONS - 2.2%
City of Chicago IL - Build America Bonds
6.40%, 01/01/2040		1,200		1,167
Metropolitan Transportation Authority
7.34%, 11/15/2039		3,135		3,474
New York City Municipal Water Finance Authority
5.72%, 06/15/2042		3,260		3,257
New York State Dormitory Authority,
Revenue Bond
5.63%, 03/15/2039		2,300		2,252
Port Authority of New York & New Jersey
6.04%, 12/01/2029		1,825		1,907
State of California - Build America Bonds
5.45%, 04/01/2015		11,550		12,061
7.30%, 10/01/2039		4,815		4,884
7.35%, 11/01/2039		2,640		2,694
7.50%, 04/01/2034		1,740		1,800
University of California
5.95%, 05/15/2045		1,970		1,830
Virginia Housing Development Authority
Series 2006-C, Class CTFS
6.00%, 06/25/2034		319		322
Total Municipal Government Obligations (cost $35,132)				35,648
PREFERRED CORPORATE DEBT SECURITIES - 0.7%
Capital Markets - 0.3%
Credit Suisse
5.86%, 05/15/2017 * Ž ^		3,045		2,878
Goldman Sachs Capital II
5.79%, 06/01/2012 * Ž		3,270		2,771
Lehman Brothers Holdings Capital Trust VII
5.86%, 05/31/2012 Ž Џ § ±		1,945		♦
Diversified Financial Services - 0.4%
JPMorgan Chase & Co. - Series 1
7.90%, 04/30/2018 * Ž		5,655		6,011
Total Preferred Corporate Debt Securities (cost $13,878)				11,660
CORPORATE DEBT SECURITIES - 29.4%
Aerospace & Defense - 0.0% ∞
L-3 Communications Corp.
5.88%, 01/15/2015		470		478
6.38%, 10/15/2015		155		160
Auto Components - 0.1%
BorgWarner, Inc.
4.63%, 09/15/2020		1,185		1,170
Automobiles - 0.0% ∞
Daimler Finance North America LLC
5.88%, 03/15/2011		600		606
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
5.38%, 01/15/2020		4,375		4,741
Biotechnology - 0.0% ∞
FMC Finance III SA
6.88%, 07/15/2017		280		297
Capital Markets - 2.0%
BP Capital Markets PLC
3.13%, 03/10/2012 ^		6,755		6,907
Goldman Sachs Group, Inc.
3.70%, 08/01/2015		3,650		3,719
5.38%, 03/15/2020		3,785		3,911
6.00%, 06/15/2020		3,090		3,339

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

Page 34

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

		Principal		Value
Capital Markets - (continued)
Morgan Stanley
2.79%, 05/14/2013 * ^		$	9,540	$	9,886
4.00%, 07/24/2015 ^			1,840		1,850
4.20%, 11/20/2014			1,740		1,778
6.25%, 08/28/2017 ^			565		609
Chemicals - 0.4%
CF Industries Holdings, Inc.
7.13%, 05/01/2020			4,340		4,753
Dow Chemical Co.
4.25%, 11/15/2020			815		781
5.70%, 05/15/2018			1,020		1,103
Westlake Chemical Corp.
6.63%, 01/15/2016			44		45
Commercial Banks - 4.6%
Achmea Hypotheekbank NV
1.00%, 11/03/2014 - 144A			5,575		5,800
Bank of Scotland PLC
5.25%, 02/21/2017 - 144A			100		104
Dexia Credit Local SA
2.75%, 04/29/2014 - 144A			3,260		3,307
Discover Bank
7.00%, 04/15/2020			330		355
8.70%, 11/18/2019			4,285		5,044
DnB NOR Boligkreditt
2.10%, 10/14/2015 - 144A			11,965		11,379
Eksportfinans ASA
1.88%, 04/02/2013			14,295		14,461
2.00%, 09/15/2015			10,795		10,543
3.00%, 11/17/2014			6,435		6,640
5.50%, 05/25/2016			5,075		5,712
Glitnir Banki HF
6.33%, 07/28/2011 - 144A Џ			290		86
6.69%, 06/15/2016 - 144A Ə Џ §			800		♦
Kreditanstalt fuer Wiederaufbau
1.38%, 07/15/2013			3,000		3,023
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A Џ			320		35
Sparebanken 1 Boligkreditt
1.25%, 10/25/2013 - 144A			6,990		6,943
Commercial Services & Supplies - 0.2%
Board of Trustees of The Leland Stanford
Junior University
4.25%, 05/01/2016			2,190		2,343
R.R. Donnelley & Sons Co.
7.63%, 06/15/2020			742		795
Waste Management, Inc.
6.38%, 11/15/2012			600		654
Consumer Finance - 0.4%
American Express Co.
8.13%, 05/20/2019			510		635
American Express Credit Corp. - Series C
5.88%, 05/02/2013			220		239
SLM Corp.
5.00%, 10/01/2013 - 04/15/2015			715		716
5.05%, 11/14/2014			120		115
5.38%, 05/15/2014			1,005		1,010
5.40%, 10/25/2011			3,365		3,424
5.63%, 08/01/2033			105		82
SLM Corp. CPI
2.76%, 04/01/2014 *			270		243
Containers & Packaging - 0.6%
Ball Corp.
7.13%, 09/01/2016			1,200		1,293
7.38%, 09/01/2019			1,200		1,290
Crown Americas LLC
7.63%, 05/15/2017 ^			3,034		3,262
Owens-Brockway Glass Container, Inc.
7.38%, 05/15/2016 ^			4,280		4,547
Diversified Consumer Services - 0.0% ∞
Service Corp., International
7.50%, 04/01/2027			55		52
7.63%, 10/01/2018 ^			50		53
Diversified Financial Services - 5.3%
AES Ironwood LLC
8.86%, 11/30/2025			297		295
Ally Financial, Inc.
8.00%, 03/15/2020			4,050		4,425
AngloGold Ashanti Holdings PLC
5.38%, 04/15/2020			1,320		1,373
Bank of America Corp.
5.63%, 07/01/2020 ^			2,560		2,610
Bear Stearns Cos., LLC
7.25%, 02/01/2018			800		948
Belvoir Land LLC - Series A
5.40%, 12/15/2047 - 144A			2,875		2,331
BNP Paribas Home Loan Covered Bonds SA
2.20%, 11/02/2015 - 144A			13,835		13,251
CDP Financial, Inc.
3.00%, 11/25/2014 - 144A			8,435		8,574
Citigroup, Inc.
4.75%, 05/19/2015			1,655		1,733
5.38%, 08/09/2020			4,045		4,203
6.50%, 08/19/2013			1,160		1,274
FCE Bank PLC
7.13%, 01/15/2013	EUR		1,000		1,396
7.88%, 02/15/2011	GBP		2,300		3,595
Ford Motor Credit Co., LLC
6.63%, 08/15/2017		$	1,740		1,829
General Electric Capital Corp. - Series A
6.88%, 01/10/2039			2,130		2,462
General Electric Capital Corp.
0.42%, 04/10/2012 *			4,255		4,249
6.38%, 11/15/2067 *			1,190		1,178
JPMorgan Chase & Co.
0.94%, 02/26/2013 *			1,550		1,556
2.60%, 01/15/2016			3,060		2,969
5.13%, 09/15/2014			920		979
5.15%, 10/01/2015 ^			1,100		1,163
6.13%, 06/27/2017			950		1,042
JPMorgan Chase Bank NA
6.00%, 10/01/2017			1,945		2,156
6.00%, 07/05/2017			7,750		8,406
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A Ə Џ			200		♦
Novus USA Trust - Series 2010-1
1.53%, 11/18/2011 - 144A *			3,820		3,820
Reynolds Group Issuer, Inc.
7.75%, 10/15/2016 - 144A			4,351		4,601
Rio Tinto Finance USA, Ltd.
6.50%, 07/15/2018			870		1,014
Russian Agricultural Bank OJSC Via RSHB
Capital SA
6.30%, 05/15/2017 - 144A			170		171

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

Page 35

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Diversified Financial Services - (continued)
TNK-BP Finance SA
7.50%, 07/18/2016	$	108	$	119
TNK-BP Finance SA — Series 2
7.50%, 07/18/2016 - 144A ^ ±		170		188
Tyco International Finance SA
6.00%, 11/15/2013		440		488
Diversified Telecommunication Services - 1.4%
AT&T, Inc.
6.50%, 09/01/2037		3,275		3,532
Deutsche Telekom International Finance BV
5.75%, 03/23/2016		375		420
Frontier Communications Corp.
7.13%, 03/15/2019		75		77
8.25%, 04/15/2017		1,083		1,189
Qwest Communications International, Inc.
Series B
7.50%, 02/15/2014		705		714
Qwest Communications International, Inc.
7.50%, 02/15/2014		1,375		1,392
Sprint Capital Corp.
8.75%, 03/15/2032		80		81
Telecom Italia Capital SA
5.25%, 10/01/2015		2,115		2,165
7.00%, 06/04/2018		650		688
Telefonica Emisiones SAU
4.95%, 01/15/2015 ^		4,850		5,023
6.42%, 06/20/2016		75		82
Verizon Communications, Inc.
8.75%, 11/01/2018		1,990		2,599
8.95%, 03/01/2039		210		299
Verizon New Jersey, Inc.
7.85%, 11/15/2029		970		1,044
Verizon New York, Inc. - Series A
6.88%, 04/01/2012		560		597
Windstream Corp.
8.13%, 08/01/2013 ^		1,375		1,513
8.63%, 08/01/2016		1,220		1,284
Electric Utilities - 0.7%
AES Red Oak LLC - Series B
9.20%, 11/30/2029		235		230
Calpine Construction Finance Co., LP
8.00%, 06/01/2016 - 144A		240		255
Duke Energy Corp.
5.63%, 11/30/2012		590		639
Elwood Energy LLC
8.16%, 07/05/2026		224		219
Energy Future Holdings Corp. - Series Q
6.50%, 11/15/2024		200		74
Energy Future Intermediate Holding Co., LLC
10.00%, 12/01/2020		3,900		4,021
FirstEnergy Corp. - Series B
6.45%, 11/15/2011		29		30
FirstEnergy Corp. - Series C
7.38%, 11/15/2031		515		543
Florida Power & Light Co.
5.63%, 04/01/2034		1,000		1,050
Florida Power Corp.
6.40%, 06/15/2038		1,000		1,163
Midamerican Energy Holdings Co.
5.95%, 05/15/2037		2,560		2,700
Pacific Gas & Electric Co.
5.63%, 11/30/2017 ^		620		698
5.80%, 03/01/2037		140		148
6.05%, 03/01/2034		210		230
Energy Equipment & Services - 0.5%
Baker Hughes, Inc.
7.50%, 11/15/2018		800		1,003
Cie Generale de Geophysique-Veritas
7.50%, 05/15/2015		100		102
7.75%, 05/15/2017		105		108
Complete Production Services, Inc.
8.00%, 12/15/2016		195		202
Enterprise Products Operating LLC
6.13%, 10/15/2039		2,030		2,112
Gulfmark Offshore, Inc.
7.75%, 07/15/2014		40		41
Pride International, Inc.
6.88%, 08/15/2020		1,670		1,732
Rockies Express Pipeline LLC
3.90%, 04/15/2015 - 144A		3,435		3,397
Transocean, Inc.
5.25%, 03/15/2013 ^		120		127
Food Products - 0.3%
Kraft Foods, Inc.
5.38%, 02/10/2020		3,740		4,025
6.50%, 02/09/2040		1,655		1,855
Health Care Providers & Services - 1.0%
HCA, Inc.
7.25%, 09/15/2020		4,395		4,593
8.50%, 04/15/2019		4,220		4,620
9.13%, 11/15/2014		50		52
9.63%, 11/15/2016 Ώ		500		536
Humana, Inc.
7.20%, 06/15/2018 ^		220		249
Tenet Healthcare Corp.
8.88%, 07/01/2019		2,855		3,226
9.00%, 05/01/2015 ^		1,325		1,471
WellPoint, Inc.
5.88%, 06/15/2017		50		56
Hotels, Restaurants & Leisure - 0.1%
Inn of the Mountain Gods Resort & Casino
12.00%, 11/15/2010 Џ		60		31
MGM Resorts International
10.38%, 05/15/2014		25		28
11.13%, 11/15/2017		60		69
13.00%, 11/15/2013		1,314		1,554
Independent Power Producers & Energy Traders - 0.1%
AES Corp.
7.75%, 03/01/2014		67		72
Edison Mission Energy
7.00%, 05/15/2017		50		40
7.20%, 05/15/2019		140		108
NRG Energy, Inc.
7.38%, 02/01/2016		730		748
Insurance - 1.9%
Lincoln National Corp.
7.00%, 06/15/2040		1,450		1,577
Manulife Financial Corp.
3.40%, 09/17/2015		3,480		3,409
MetLife, Inc.
5.88%, 02/06/2041		1,075		1,133
6.75%, 06/01/2016 ^		360		418

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

Page 36

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Insurance - (continued)
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A	$	13,155	$	13,442
2.88%, 09/17/2012 - 144A		1,525		1,563
5.13%, 04/10/2013 - 144A		6,550		7,053
Teachers Insurance & Annuity Association of America
6.85%, 12/16/2039 - 144A		2,525		2,954
Life Sciences Tools & Services - 0.0% ∞
Life Technologies Corp.
5.00%, 01/15/2021		635		629
Machinery - 0.0% ∞
Terex Corp.
7.38%, 01/15/2014		20		20
Media - 2.4%
CBS Corp.
8.88%, 05/15/2019		2,245		2,824
CCH II LLC
13.50%, 11/30/2016 ^		5,880		7,013
Cengage Learning Acquisitions, Inc.
10.50%, 01/15/2015 - 144A		80		83
Comcast Cable Communications LLC
6.75%, 01/30/2011 ^		1,800		1,807
Comcast Corp.
6.95%, 08/15/2037		2,935		3,320
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		3,525		4,568
DIRECTV Holdings LLC
6.00%, 08/15/2040		1,050		1,054
Discovery Communications LLC
3.70%, 06/01/2015		2,350		2,433
DISH DBS Corp.
7.00%, 10/01/2013		115		123
Lamar Media Corp. - Series B
6.63%, 08/15/2015		20		20
NBC Universal, Inc.
4.38%, 04/01/2021 - 144A		3,530		3,426
5.15%, 04/30/2020 - 144A		3,405		3,530
News America, Inc.
6.20%, 12/15/2034		1,365		1,433
6.65%, 11/15/2037		40		44
7.28%, 06/30/2028		260		293
7.63%, 11/30/2028		1,070		1,247
Reed Elsevier Capital, Inc.
8.63%, 01/15/2019		360		458
TCI Communications, Inc.
7.13%, 02/15/2028		1,116		1,252
Time Warner Cable, Inc.
5.88%, 11/15/2040		2,045		2,023
6.75%, 06/15/2039 ^		240		265
Time Warner Entertainment Co., LP
8.38%, 07/15/2033		180		227
Time Warner, Inc.
4.70%, 01/15/2021		950		967
6.10%, 07/15/2040		630		661
Metals & Mining - 0.6%
Cliffs Natural Resources, Inc.
4.80%, 10/01/2020		2,120		2,071
Corp. Nacional del Cobre de Chile
3.75%, 11/04/2020 - 144A		1,152		1,092
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/2017		320		354
Old AII, Inc.
9.00%, 12/15/2014 Џ Ώ		560		3
Steel Dynamics, Inc.
6.75%, 04/01/2015		105		106
7.38%, 11/01/2012		55		58
Teck Resources, Ltd.
9.75%, 05/15/2014		25		31
10.25%, 05/15/2016		20		25
10.75%, 05/15/2019		4,150		5,395
Multiline Retail - 0.3%
Dollar General Corp.
11.88%, 07/15/2017 Ώ		3,630		4,211
Multi-Utilities - 0.0% ∞
Dominion Resources, Inc. - Series D
8.88%, 01/15/2019		560		726
Oil, Gas & Consumable Fuels - 3.6%
Arch Coal, Inc.
7.25%, 10/01/2020		4,130		4,357
Arch Western Finance LLC
6.75%, 07/01/2013		1,404		1,418
Canadian Natural Resources, Ltd.
6.25%, 03/15/2038		2,000		2,210
6.50%, 02/15/2037		1,100		1,251
Cenovus Energy, Inc.
6.75%, 11/15/2039		3,500		4,077
Chesapeake Energy Corp.
6.63%, 08/15/2020		5,780		5,693
7.25%, 12/15/2018		100		104
Consol Energy, Inc.
8.00%, 04/01/2017 - 144A		2,610		2,780
8.25%, 04/01/2020 - 144A		1,665		1,798
El Paso Corp.
7.80%, 08/01/2031		19		19
El Paso Natural Gas Co.
8.38%, 06/15/2032		110		129
8.63%, 01/15/2022		365		445
Hess Corp.
7.30%, 08/15/2031		420		504
7.88%, 10/01/2029		80		100
8.13%, 02/15/2019		850		1,074
Kinder Morgan Energy Partners, LP
5.85%, 09/15/2012		130		139
6.00%, 02/01/2017		260		287
6.75%, 03/15/2011		470		475
6.95%, 01/15/2038		220		239
Nexen, Inc.
6.40%, 05/15/2037		3,275		3,173
Peabody Energy Corp.
6.50%, 09/15/2020 ^		5,533		5,906
Pemex Project Funding Master Trust
6.63%, 06/15/2035		1,060		1,079
Petrobras International Finance Co.
5.75%, 01/20/2020 ^		7,340		7,617
5.88%, 03/01/2018		1,010		1,075
6.13%, 10/06/2016 ^		371		408
Petrohawk Energy Corp.
7.25%, 08/15/2018		4,168		4,210
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 Ə		125		♦
Southern Natural Gas Co.
5.90%, 04/01/2017 - 144A		60		64
8.00%, 03/01/2032		5		6

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

Page 37

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Principal		Value
Oil, Gas & Consumable Fuels - (continued)
Tennessee Gas Pipeline Co.
7.00%, 10/15/2028	$	665	$	703
7.63%, 04/01/2037		20		22
Valero Energy Corp.
6.63%, 06/15/2037		4,200		4,266
Williams Cos., Inc.
7.75%, 06/15/2031		281		317
7.88%, 09/01/2021		274		323
Williams Cos., Inc. - Series A
7.50%, 01/15/2031		622		699
Paper & Forest Products - 0.4%
Georgia-Pacific LLC
8.25%, 05/01/2016 - 144A		4,080		4,605
International Paper Co.
7.30%, 11/15/2039		1,805		2,057
Pharmaceuticals - 0.3%
Abbott Laboratories
5.60%, 11/30/2017		200		229
Bristol-Myers Squibb Co.
6.88%, 08/01/2097		600		674
Teva Pharmaceutical Finance II BV
3.00%, 06/15/2015		2,330		2,370
Wyeth
5.95%, 04/01/2037		470		520
6.00%, 02/15/2036		1,580		1,756
Real Estate Investment Trusts - 0.4%
Hospitality Properties Trust
5.63%, 03/15/2017		1,507		1,497
6.70%, 01/15/2018		603		632
Kimco Realty Corp.
6.88%, 10/01/2019		1,850		2,093
Mack-Cali Realty, LP
7.75%, 08/15/2019 ^		2,110		2,456
Ventas Realty, LP
6.50%, 06/01/2016		30		31
9.00%, 05/01/2012		10		11
Real Estate Management & Development - 0.0% ∞
Forest City Enterprises, Inc.
6.50%, 02/01/2017 ^		30		26
7.63%, 06/01/2015		35		33
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
5.75%, 05/01/2040		4,680		4,843
Union Pacific Corp.
5.38%, 05/01/2014		180		197
Tobacco - 0.4%
Philip Morris International, Inc.
4.50%, 03/26/2020		5,600		5,783
Wireless Telecommunication Services - 0.8%
America Movil SAB de CV
5.63%, 11/15/2017		220		240
6.38%, 03/01/2035		625		685
Cricket Communications, Inc.
7.75%, 05/15/2016		3,985		4,134
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		7,340		7,658
Total Corporate Debt Securities (cost $464,457)				476,410

	Shares		Value
PREFERRED STOCKS - 0.0% ∞
Diversified Financial Services - 0.0% ∞
Ally Financial, Inc. 7.00% - 144A		341	$	307
U.S. Government Agency Obligation - 0.0% ∞
Fannie Mae 0.00% *		1,300		1
Fannie Mae 8.25% *		31,175		17
Freddie Mac 8.38% *		43,300		28
Total Preferred Stocks (cost $1,988)				353
COMMON STOCKS - 0.0% ∞
Media - 0.0% ∞
Charter Communications, Inc. ‡ ^		692		27
Oil, Gas & Consumable Fuels - 0.0% ∞
SemGroup Corp. - Class A ‡ ^		323		9
Total Common Stocks (cost $31)				36
WARRANT - 0.0% ∞
United States - 0.0% ∞
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		340		2
Total Warrant (cost $ ♦ )

	Notional
	Amount		Value
PURCHASED SWAPTIONS - 1.7%
Call Swaptions - 0.5%
If exercised the Portfolio receives 3.12%, and pays floating 3 month LIBOR, European Style
Expires 11/08/2011	$	13,100		148
If exercised the Portfolio receives 3.35%, and pays floating 3 month LIBOR, European Style
Expires 10/22/2012		17,700		314
If exercised the Portfolio receives 3.46%, and pays floating 3 month LIBOR, European Style
Expires 10/22/2012		33,100		682
If exercised the Portfolio receives 3.535%, and pays floating 3 month LIBOR, European Style
Expires 12/01/2011		27,500		658
If exercised the Portfolio receives 3.63%, and pays floating 3 month LIBOR, European Style
Expires 12/02/2011		14,000		385
If exercised the Portfolio receives 3.69%, and pays floating 3 month LIBOR, European Style
Expires 08/03/2012		20,000		567
If exercised the Portfolio receives 3.72%, and pays floating 3 month LIBOR, European Style
Expires 08/06/2012		19,700		581
If exercised the Portfolio receives 3.88%, and pays floating 3 month LIBOR, European Style
Expires 10/28/2013		8,000		253
If exercised the Portfolio receives 3.89%, and pays floating 3 month LIBOR, European Style
Expires 07/09/2012		19,100		693

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

Page 38

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Notional
	Amount		Value
Call Swaptions - (continued)
If exercised the Portfolio receives 3.93%, and pays floating 3 month LIBOR, European Style
Expires 07/16/2012	$	21,900	$	829
If exercised the Portfolio receives 4.01%, and pays floating 3 month LIBOR, European Style
Expires 05/16/2011		29,900		1,448
If exercised the Portfolio receives 4.39%, and pays floating 3 month LIBOR, European Style
Expires 05/08/2012		11,600		710
If exercised the Portfolio receives 4.85%, and pays floating 3 month LIBOR, European Style
Expires 11/23/2020		9,600		542
If exercised the Portfolio receives 5.20%, and pays floating 3 month LIBOR, European Style
Expires 04/28/2015		46,200		3,672
Put Swaptions - 1.2%
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.12%, European Style
Expires 11/08/2011		13,100		889
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.35%, European Style
Expires 10/22/2012		17,700		1,548
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.46%, European Style
Expires 10/22/2012		33,100		2,714
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.535%, European Style
Expires 12/01/2011		27,500		1,338
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.63%, European Style
Expires 12/02/2011		14,000		624
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.72%, European Style
Expires 08/06/2012		19,700		1,251
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.88%, European Style
Expires 10/28/2013		8,000		675
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.89%, European Style
Expires 07/09/2012		19,100		1,035
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.69%, European Style
Expires 08/03/2012		20,000		1,294
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.93%, European Style
Expires 07/16/2012		21,900		1,164
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.01%, European Style
Expires 05/16/2011		29,900		342
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.39%, European Style
Expires 05/08/2012		11,600		377
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.85%, European Style
Expires 11/23/2020		9,600		621
If exercised the Portfolio receives floating 3 month LIBOR, and pays 5.20%, European Style
Expires 04/28/2015		46,200		2,623
Total Purchased Swaptions (cost $28,779)				27,977
	Principal		Value
CONVERTIBLE BOND - 0.1%
Machinery - 0.1%
Navistar International Corp.
3.00%, 10/15/2014	$	1,020		1,362
Total Convertible Bond (cost $1,207)
	Shares		Value
SECURITIES LENDING COLLATERAL - 2.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		32,323,789		32,324
Total Securities Lending Collateral (cost $32,324)
	Principal		Value
REPURCHASE AGREEMENT - 4.4%
State Street Bank & Trust Co.
0.01% ▲ , dated 12/31/2010, to be repurchased at $71,991 on 01/03/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 04/30/2017, with a value of $73,435.	$	71,991		71,991
Total Repurchase Agreement (cost $71,991)
Total Investment Securities (cost $2,009,031) #				2,010,170
Other Assets and Liabilities - Net				(388,164	)
Net Assets			$	1,622,006

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

Page 39

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Principal			Value
SECURITIES SOLD SHORT - (14.3%)
Fannie Mae, TBA
4.50%	$	(66,900	)	$	(68,478	)
5.00%		(26,700	)		(28,018	)
5.50%		(59,400	)		(63,437	)
6.00%		(24,700	)		(26,800	)
Freddie Mac, TBA
4.50%		(44,600	)		(45,576	)
Total Securities Sold Short (proceeds $232,729)					(232,309	)

	Notional
	Amount			Value
WRITTEN-OPTIONS - (0.1%)
Call Options - 0.0%
10-Year U.S. Treasury Note Future	$	(206	)		(58	)
Call Strike $124.00
Expires 02/18/2011
5-Year U.S. Treasury Note Future		(52	)		(12	)
Call Strike $119.50
Expires 02/18/2011
Put Options - (0.1%)
10-Year U.S. Treasury Note Future		(206	)		(792	)
Put Strike $124.00
Expires 02/18/2011
5-Year U.S. Treasury Note Future		(52	)		(105	)
Put Strike $119.50
Expires 02/18/2011
Total Written Options (Premiums: $851)					(967	)

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	2.80%		02/08/2011	$	(26,200	)	$	(451	)	$	(17	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.14		09/13/2011		(24,800	)		(918	)		(285	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.23		09/03/2013		(24,500	)		(1,529	)		(495	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.44		10/21/2013		(6,000	)		(383	)		(165	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.77		11/23/2012		(14,600	)		(724	)		(445	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.81		12/09/2011		(10,600	)		(420	)		(371	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.83		07/30/2012		(15,900	)		(759	)		(539	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.84		12/12/2011		(25,000	)		(978	)		(912	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.85		12/12/2011		(16,800	)		(657	)		(623	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.86		11/23/2012		(20,300	)		(1,010	)		(680	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	3.95		12/13/2011		(2,000	)		(79	)		(83	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.03		12/06/2012		(8,700	)		(447	)		(349	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.05		06/18/2012		(16,500	)		(879	)		(721	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.07		07/08/2013		(35,000	)		(2,017	)		(1,377	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.14		12/07/2012		(6,800	)		(360	)		(303	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.14		06/15/2012		(36,000	)		(1,916	)		(1,720	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.49		12/05/2011		(19,900	)		(1,208	)		(1,431	)

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

Page 40

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

WRITTEN SWAPTIONS (continued):

	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	4.89%		12/03/2014	$	(14,600	)	$	(1,085	)	$	(979	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.90		03/04/2013		(24,700	)		(1,470	)		(1,975	)
Call - Interest Rate Swap, European Style	3-month USD LIBOR	Receive	4.92		03/05/2013		(17,000	)		(996	)		(1,382	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	2.15		04/26/2011		(16,400	)		(88	)		(327	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	2.80		02/08/2011		(26,200	)		(451	)		(1,409	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.14		09/13/2011		(24,800	)		(918	)		(1,488	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.23		09/03/2013		(24,500	)		(1,529	)		(2,685	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.44		10/21/2013		(6,000	)		(383	)		(587	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.77		11/23/2012		(14,600	)		(724	)		(1,011	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.81		12/09/2011		(10,600	)		(420	)		(404	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.83		07/30/2012		(15,900	)		(759	)		(923	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.84		12/12/2011		(25,000	)		(978	)		(930	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.85		12/12/2011		(16,800	)		(657	)		(617	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.86		11/23/2012		(20,300	)		(1,010	)		(1,333	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	3.95		12/13/2011		(2,000	)		(79	)		(67	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.00		08/13/2012		(36,500	)		(1,026	)		(1,913	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.03		12/06/2012		(8,700	)		(447	)		(518	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.05		06/18/2012		(16,500	)		(879	)		(763	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.07		07/08/2013		(35,000	)		(2,017	)		(2,486	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.14		12/07/2012		(6,800	)		(360	)		(378	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.14		06/15/2012		(36,000	)		(1,916	)		(1,547	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.49		12/05/2011		(19,900	)		(1,208	)		(367	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.89		12/03/2014		(14,600	)		(1,085	)		(907	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.90		03/04/2013		(24,700	)		(1,470	)		(934	)
Put - Interest Rate Swap, European Style	3-month USD LIBOR	Pay	4.92		03/05/2013		(17,000	)		(996	)		(633	)
									$	(37,686	)	$	(37,079	)

SWAP AGREEMENTS: π

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION: ⁽²⁾

	Fixed Deal					Implied Credit
	Receive			Maturity		Spread (BP) at		Notional		Market			Premiums			Net Unrealized
Reference Obligation	Rate			Date	Counterparty	12/31/2010 (3)		Amount (4)		Value			Paid(Received)			Appreciation(Depreciation)
Emerging Markets High Yield Index		5.00	%	12/20/2015	MYC		6.84	$	4,380	$	(595	)	$	(549	)	$	(46	)
North American High Yield Index		5.00		12/20/2015	DUB		11.83		6,750		(186	)		30			(216	)
										$	(781	)	$	(519	)	$	(262	)

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

Page 41

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:

				Maturity		Currency	Notional		Market			Premiums		Net Unrealized
Floating Rate Index	Fixed Rate			Date	Counterparty	Code	Amount		Value			Paid(Received)		Appreciation(Depreciation)
3-Month USD LIBOR		1.64	%	08/18/2015	MYC	USD	$	41,600	$	697		$	—	$	697
3-Month USD LIBOR		1.62		08/24/2015	DUB	USD		35,400		640			—		640
3-Month USD LIBOR		3.01		07/06/2020	DUB	USD		15,500		372			—		372
3-Month USD-LIBOR		0.57		11/10/2012	CBK	USD		66,500		216			—		216
3-Month USD-LIBOR		0.66		12/08/2012	CBK	USD		24,600		57			—		57
3-Month USD-LIBOR		0.82		12/14/2012	CBK	USD		11,100		(7	)		—		(7	)
3-Month USD-LIBOR		0.82		12/14/2012	DUB	USD		75,000		(50	)		—		(50	)
3-Month USD-LIBOR		2.86		11/12/2020	CBK	USD		5,800		248			—		248
3-Month USD-LIBOR		3.21		12/07/2020	CBK	USD		4,500		61			—		61
3-Month USD-LIBOR		3.39		12/10/2020	UAG	USD		4,500		(9	)		—		(9	)
3-Month USD-LIBOR		3.48		12/15/2020	GST	USD		5,900		(59	)		—		(59	)
3-Month USD-LIBOR		3.66		12/20/2020	DUB	USD		3,300		(84	)		—		(84	)
3-Month USD-LIBOR		3.56		12/31/2020	UAG	USD		39,900		(689	)		—		(689	)
									$	1,393		$	—	$	1,393

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:

				Maturity		Currency	Notional		Market			Premiums		Net Unrealized
Floating Rate Index	Fixed Rate			Date	Counterparty	Code	Amount		Value			Paid(Received)		Appreciation(Depreciation)
3-Month USD LIBOR		0.29	%	05/05/2020	MYC	USD	$	18,300	$	686		$	—	$	686
3-Month USD-LIBOR		0.29		10/22/2015	MYC	USD		9,300		(332	)		—		(332	)
3-Month USD-LIBOR		0.30		12/31/2015	UAG	USD		71,800		629			—		629
3-Month USD-LIBOR		0.28		11/18/2020	GLM	USD		17,400		822			752		70
3-Month USD-LIBOR		0.28		11/26/2020	DUB	USD		2,500		(102	)		—		(102	)
3-Month USD-LIBOR		0.30		12/17/2020	CBK	USD		2,300		47			—		47
3-Month USD-LIBOR		0.30		12/21/2020	CBK	USD		5,600		30			—		30
3-Month USD-LIBOR		0.30		12/22/2020	CBK	USD		4,200		5			—		5
3-Month USD-LIBOR		0.30		12/24/2020	MYC	USD		11,600		55			—		55
									$	1,840		$	752	$	1,088

FUTURES CONTRACTS:

							Net Unrealized
							Appreciation
Description	Type	Contracts Г			Expiration Date		(Depreciation)
10-Year U.S. Treasury Note	Short		(669	)		03/22/2011	$	(476	)
2-Year U.S. Treasury Note	Long		1,063			03/31/2011		398
30-Year U.S. Treasury Bond	Long		1,364			03/22/2011		(2,751	)
5-Year U.S. Treasury Note	Short		(58	)		03/31/2011		(6	)
90-Day Euro	Short		(286	)		12/19/2011		(258	)
90-Day Euro	Long		57			12/17/2012		(63	)
Ultra Long U.S. Treasury Bond	Short		(619	)		03/22/2011		1,548
							$	(1,608	)

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
						Dollars Bought			Appreciation
Currency	Bought (Sold)			Settlement Date		(Sold)			(Depreciation)
Euro		605			01/28/2011	$	799		$	10
Pound Sterling		(2,231	)		01/19/2011		(3,543	)		66
									$	76

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

Page 42

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $29,833.
*	Floating or variable rate note. Rate is listed as of 12/31/2010.
Ə	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 $4,180, or 0.26% of the fund’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Џ	In default.
♦	Value and/or cost is less than $1.
∞	Percentage rounds to less than 0.1%.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
▲	Rate shown reflects the yield at 12/31/2010.
‡	Non-income producing security.
§	Illiquid. At 12/31/10, illiquid investment securities aggregated to less than $1, or less than 0.01% of the portfolio’s net assets.
#	Aggregate cost for federal income tax purposes is $2,016,568. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $40,627 and $47,025, respectively. Net unrealized depreciation for tax purposes is $6,398.
Г	Contract amounts are not in thousands.
±	Restricted security. At 12/31/2010, the portfolio owned the following securities (representing 0.21% of net assets) which were restricted as to public resale.

Description	Date of Acquisition		Principal		Cost		Value		Price*
Globaldrive BV		11/02/2009		2,340		3,499		3,154		1.35
Lehman Brothers Holdings Capital Trust VII		05/22/2007		1,945		1,922		♦		¥
TNK-BP Finance SA		07/13/2006		170		175		188		1.11

*	Price not rounded to thousands.
¥	Price rounds to less than $0.01.
γ	A portion of these securities in the amount of $9,965 have been segregated as collateral with the broker to cover margin requirements for open futures contracts.
α	All or a portion of these securities are segregated as collateral with the broker for open swaps contracts and/or for swaptions. The value of these securities at 12/31/2010 is $19,570.
π	Securities with an aggregate market value of $9,837 and cash in the amount of $2,000 have been pledged by the broker as collateral with the custodian for open swap contracts and/or swaptions.
(2)	If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund 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 Fund 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 12/31/2010, these securities aggregated $207,314, or 12.78%, of the fund’s net assets.
BP	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
GLM	Goldman Sachs Global Liquidity Management
GST	Goldman Sachs Trust
IO	Interest Only
LIBOR	London Interbank Offered Rate
MYC	Morgan Stanley Capital Services
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced
UAG	UBS AG
USD	United States Dollar

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

Page 43

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2			Level 3		Total
Asset-Backed Securities	$	—		$	97,055		$	—	$	97,055
Common Stocks		36			—			—		36
Convertible Bonds		—			1,362			—		1,362
Corporate Debt Securities		—			476,410			♦		476,410
Foreign Government Obligations		—			19,154			—		19,154
Mortgage-Backed Securities		—			340,702			—		340,702
Municipal Government Obligations		—			35,648			—		35,648
Preferred Corporate Debt Securities		—			11,660			♦		11,660
Preferred Stocks		353			—			—		353
Purchased Swaptions		—			27,977			—		27,977
Repurchase Agreement		—			71,991			—		71,991
Securities Lending Collateral		32,324			—			—		32,324
U.S. Government Agency Obligations		—			771,523			—		771,523
U.S. Government Obligations		—			123,973			—		123,973
Warrants		—			2			—		2
Total	$	32,713		$	1,977,457		$	♦	$	2,010,170
Securities Sold Short	Level 1			Level 2			Level 3		Total
U.S. Government Agency Obligations	$	—		$	(232,309	)	$	—	$	(232,309	)
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Written Options	$	—		$	(967	)	$	—	$	(967	)
Written Swaptions		—			(37,079	)		—		(37,079	)
Total	$	—		$	(38,046	)	$	—	$	(38,046	)
Other Financial Instruments*	Level 1			Level 2			Level 3		Total
Interest Rate Swap - Appreciation	$	—		$	3,813		$	—	$	3,813
Interest Rate Swap - Depreciation		—			(1,332	)		—		(1,332	)
Credit Default Swap - Depreciation		—			(262	)		—		(262	)
Futures Contracts - Appreciation		1,946			—			—		1,946
Futures Contracts - Depreciation		(3,554	)		—			—		(3,554	)
Forward Foreign Currency Contracts - Appreciation		—			76			—		76
Total	$	(1,608	)	$	2,295		$	—	$	687

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			12/31/2010
Asset-Backed Securities	$	4,957	$	(355	)	$	—	$	(32	)	$	(206	)	$	(4,364	)	$	—
Corporate Debt Securities		—		—			—		—			(♦	)		♦			♦
Preferred Corporate Debt Securities		—		—			—		—			(♦	)		♦			♦
Total	$	4,957	$	(355	)	$	—	$	(32	)	$	(206	)	$	(4,364	)	$	♦

* 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	Annual Report 2010

Page 44

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts in thousands)

	Principal		Value
ASSET-BACKED SECURITIES - 0.1%
AES Eastern Energy, LP
Series 99-A, Class A
9.00%, 01/02/2017	$	372	$	389
Continental Airlines Pass-Through Trust
Series 2001-1, Class C
7.03%, 06/15/2011		262		264
Total Asset-Backed Securities (cost $637)				653
PREFERRED CORPORATE DEBT SECURITIES - 0.0% ∞
Diversified Telecommunication Services - 0.0% ∞
Muzak Holdings LLC (Escrow Certificates)
10.00%, 02/15/2009 Ə		550		32
Hotels, Restaurants & Leisure - 0.0% ∞
Fontainebleau Resorts
12.50%, 06/30/2012 - 144A Ώ Џ Ə § ±		3,827		♦
Total Preferred Corporate Debt Securities (cost $3,972)				32
CORPORATE DEBT SECURITIES - 87.3%
Aerospace & Defense - 0.8%
Alliant Techsystems, Inc.
6.88%, 09/15/2020		565		581
BE Aerospace, Inc.
6.88%, 10/01/2020		1,090		1,125
TransDigm, Inc
7.75%, 12/15/2018 - 144A		3,855		3,991
Air Freight & Logistics - 0.2%
AMGH Merger Sub, Inc.
9.25%, 11/01/2018 - 144A		1,265		1,328
Airlines - 0.0% ∞
Delta Air Lines, Inc. (Escrow Certificates)
7.90%, 12/15/2049		500		11
United Air Lines, Inc.
9.88%, 08/01/2013 - 144A		235		253
Auto Components - 1.8%
Affinia Group Holdings, Inc.
10.75%, 08/15/2016 - 144A		1,062		1,179
Allison Transmission, Inc.
11.00%, 11/01/2015 - 144A		735		801
11.25%, 11/01/2015 - 144A Ώ		3,913		4,264
American Axle & Manufacturing Holdings, Inc.
9.25%, 01/15/2017 - 144A		2,130		2,380
Goodyear Tire & Rubber Co.
10.50%, 05/15/2016		800		912
Lear Corp.
7.88%, 03/15/2018		450		482
8.13%, 03/15/2020		330		359
Tower Automotive Holdings USA LLC
10.63%, 09/01/2017 - 144A		2,034		2,187
Automobiles - 0.2%
Ford Motor Co.
7.45%, 07/16/2031		1,395		1,494
Biotechnology - 0.1%
Talecris Biotherapeutics Holdings Corp.
7.75%, 11/15/2016		450		488
Building Products - 0.3%
Associated Materials LLC
9.13%, 11/01/2017 - 144A		2,150		2,247
Chemicals - 3.2%
Celanese U.S. Holdings LLC
6.63%, 10/15/2018 - 144A		655		676
CF Industries Holdings, Inc.
6.88%, 05/01/2018		2,180		2,333
7.13%, 05/01/2020		1,625		1,779
Chemtura Corp.
7.88%, 09/01/2018 - 144A		1,520		1,615
Hexion US Finance Corp.
9.00%, 11/15/2020 - 144A		775		820
Ineos Group Holdings PLC
8.50%, 02/15/2016 - 144A		2,570		2,448
Lyondell Chemical Co.
8.00%, 11/01/2017 - 144A		3,001		3,321
11.00%, 05/01/2018		1,295		1,467
Momentive Performance Materials, Inc.
9.00%, 01/15/2021 - 144A		215		227
Nalco Co.
8.25%, 05/15/2017		540		585
Nova Chemicals Corp.
8.38%, 11/01/2016		1,390		1,480
PolyOne Corp.
7.38%, 09/15/2020		440		456
Rain CII Carbon LLC and CII Carbon Corp.
8.00%, 12/01/2018 - 144A		2,040		2,091
Reichhold Industries, Inc.
9.00%, 08/15/2014 - 144A §		800		706
Scotts Miracle-Gro Co.
7.25%, 01/15/2018		460		484
Solutia, Inc.
8.75%, 11/01/2017		1,225		1,341
Vertellus Specialties, Inc.
9.38%, 10/01/2015 - 144A		890		943
Commercial Services & Supplies - 1.0%
ACCO Brands Corp.
10.63%, 03/15/2015		1,610		1,811
Brickman Group Holdings, Inc.
9.13%, 11/01/2018 - 144A		450		456
Casella Waste Systems, Inc.
11.00%, 07/15/2014		475		525
Interface, Inc.
7.63%, 12/01/2018 - 144A		730		754
Koppers, Inc.
7.88%, 12/01/2019		550		590
RBS Global, Inc.
11.75%, 08/01/2016		870		933
Trans Union LLC
11.38%, 06/15/2018 - 144A		1,680		1,915
Communications Equipment - 0.2%
Brocade Communications Systems, Inc.
6.63%, 01/15/2018		565		595
6.88%, 01/15/2020		565		601
Computers & Peripherals - 0.1%
Seagate HDD Cayman
7.75%, 12/15/2018 - 144A		885		896
Construction & Engineering - 0.3%
Tutor Perini Corp.
7.63%, 11/01/2018 - 144A		1,930		1,940
Construction Materials - 0.1%
Ply Gem Industries, Inc.
11.75%, 06/15/2013		655		701
RathGibson, Inc.
11.25%, 02/15/2014 Џ		2,145		15
Containers & Packaging - 0.2%
BWAY Holding Co.
10.00%, 06/15/2018 - 144A		455		491
Intertape Polymer U.S., Inc.
8.50%, 08/01/2014		1,055		870
Distributors - 0.2%
McJunkin Red Man Corp.
9.50%, 12/15/2016 - 144A		1,760		1,663

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

Page 45

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Diversified Consumer Services - 3.5%
Education Management LLC
8.75%, 06/01/2014	$	2,475	$	2,537
10.25%, 06/01/2016		1,095		1,122
Express LLC
8.75%, 03/01/2018		4,645		4,935
Laureate Education, Inc.
10.00%, 08/15/2015 - 144A		5,805		6,023
10.25%, 08/15/2015 - 144A Ώ		7,789		8,030
11.75%, 08/15/2017 - 144A		2,070		2,236
Diversified Financial Services - 11.6%
Abengoa Finance SAU
8.88%, 11/01/2017 - 144A		1,255		1,161
Ally Financial, Inc.
7.00%, 02/01/2012		1,300		1,346
8.00%, 12/31/2018		2,655		2,808
8.00%, 11/01/2031		3,830		4,127
8.30%, 02/12/2015		4,655		5,120
Ardagh Packaging Finance PLC
7.38%, 10/15/2017 - 144A		645		665
9.13%, 10/15/2020 - 144A		900		936
AWAS Aviation Capital, Ltd.
7.00%, 10/15/2016 - 144A		2,085		2,067
Buffalo Thunder Development Authority
9.38%, 12/15/2014 - 144A Џ		3,095		890
Bumble Bee Acquisition Corp.
9.00%, 12/15/2017 - 144A		1,990		2,070
CCM Merger, Inc.
8.00%, 08/01/2013 - 144A		1,215		1,182
Ceva Group PLC
8.38%, 12/01/2017 - 144A		3,450		3,485
11.50%, 04/01/2018 - 144A		2,605		2,813
11.63%, 10/01/2016 - 144A		1,715		1,882
Chukchansi Economic Development Authority
3.94%, 11/15/2012 - 144A * §		935		604
CIT Group, Inc.
7.00%, 05/01/2014-05/01/2017		5,945		5,967
Compton Petroleum Finance Corp.
10.00%, 09/15/2017		814		671
Dunkin Finance Corp.
9.63%, 12/01/2018 - 144A		3,475		3,510
Ford Motor Credit Co., LLC
8.00%, 12/15/2016		3,595		4,017
8.13%, 01/15/2020		2,175		2,530
12.00%, 05/15/2015		1,150		1,447
Ineos Finance PLC
9.00%, 05/15/2015 - 144A		2,000		2,128
MCE Finance, Ltd.
10.25%, 05/15/2018		1,725		1,977
Nielsen Finance LLC
11.50%, 05/01/2016		1,750		2,021
11.63%, 02/01/2014		1,825		2,112
12.50%, 08/01/2016 *		1,365		1,433
Petroplus Finance, Ltd.
6.75%, 05/01/2014 - 144A		255		235
7.00%, 05/01/2017 - 144A		1,645		1,456
9.38%, 09/15/2019 - 144A		1,760		1,628
Pinafore LLC
9.00%, 10/01/2018 - 144A		4,605		4,972
Pinnacle Foods Finance LLC
9.25%, 04/01/2015		1,010		1,052
Reynolds Group Issuer, Inc.
7.13%, 04/15/2019 - 144A		1,105		1,124
8.50%, 05/15/2018 - 144A		2,125		2,136
9.00%, 04/15/2019 - 144A		3,755		3,891
Universal City Development Partners, Ltd.
8.88%, 11/15/2015		2,665		2,832
10.88%, 11/15/2016		2,810		3,070
Diversified Telecommunication Services - 8.2%
Avaya, Inc.
9.75%, 11/01/2015		3,200		3,256
10.13%, 11/01/2015 Ώ		3,906		4,004
Clearwire Communications LLC
12.00%, 12/01/2015 - 144A		4,185		4,519
Intelsat Jackson Holdings SA
9.50%, 06/15/2016		3,616		3,815
11.25%, 06/15/2016		5,550		5,979
11.50%, 06/15/2016		570		614
Intelsat Luxembourg SA
11.50%, 02/04/2017 Ώ		2,245		2,481
Intelsat SA
6.50%, 11/01/2013		1,210		1,258
Muzak LLC
15.00%, 07/31/2014 Ώ		347		276
Sprint Capital Corp.
6.88%, 11/15/2028		3,050		2,669
6.90%, 05/01/2019		4,165		4,113
Telesat Canada
11.00%, 11/01/2015		6,620		7,430
12.50%, 11/01/2017		3,375		3,974
Virgin Media Finance PLC
8.38%, 10/15/2019		250		273
9.13%, 08/15/2016		3,215		3,424
West Corp.
7.88%, 01/15/2019 - 144A		2,215		2,254
Wind Acquisition Finance SA
11.75%, 07/15/2017 - 144A		1,545		1,742
Wind Acquisition Holdings Finance SA
12.25%, 07/15/2017 - 144A Ώ		1,755		2,036
Windstream Corp.
7.88%, 11/01/2017		2,375		2,497
8.13%, 09/01/2018		1,190		1,250
Electric Utilities - 0.4%
Calpine Construction Finance Co., LP
8.00%, 06/01/2016 - 144A		1,520		1,615
Dynegy Holdings, Inc.
7.63%, 10/15/2026		1,550		915
7.75%, 06/01/2019		670		447
Electrical Equipment - 0.1%
Polypore International, Inc.
7.50%, 11/15/2017 - 144A		555		566
Energy Equipment & Services - 0.6%
El Paso Tennessee Pipeline Co.
7.25%, 12/15/2025		2,885		2,733
Precision Drilling Corp.
6.63%, 11/15/2020 - 144A		1,580		1,608
Food Products - 2.0%
American Seafoods Group LLC
10.75%, 05/15/2016 - 144A		3,180		3,387
ASG Consolidated LLC
15.00%, 05/15/2017 - 144A Ώ §		1,364		1,283

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

Page 46

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Food Products (continued)
Michael Foods, Inc.
9.75%, 07/15/2018 - 144A	$	2,210	$	2,414
Smithfield Foods, Inc.
7.75%, 05/15/2013		720		767
10.00%, 07/15/2014 - 144A		955		1,101
U.S. Foodservice
10.25%, 06/30/2015 - 144A		4,455		4,611
Health Care Equipment & Supplies - 2.6%
Accellent, Inc.
8.38%, 02/01/2017		2,370		2,429
Alere, Inc.
7.88%, 02/01/2016		1,395		1,398
Biomet, Inc.
10.00%, 10/15/2017		200		219
10.38%, 10/15/2017 Ώ		2,050		2,240
11.63%, 10/15/2017		7,065		7,807
DJO Finance LLC
10.88%, 11/15/2014		3,735		4,076
Health Care Providers & Services - 2.6%
American Renal Holdings
8.38%, 05/15/2018 - 144A		435		446
HCA Holdings, Inc.
7.75%, 05/15/2021 - 144A		2,755		2,755
HCA, Inc.
9.25%, 11/15/2016		3,565		3,803
9.88%, 02/15/2017		1,500		1,650
inVentiv Health, Inc.
10.00%, 08/15/2018 - 144A		765		767
Multiplan, Inc.
9.88%, 09/01/2018 - 144A		2,280		2,423
National Mentor Holdings, Inc.
11.25%, 07/01/2014		1,790		1,817
Res-Care, Inc.
10.75%, 01/15/2019 - 144A		1,975		2,034
U.S. Oncology, Inc.
9.13%, 08/15/2017		1,110		1,368
10.75%, 08/15/2014		1,775		1,839
Health Care Technology - 0.1%
MedAssets, Inc.
8.00%, 11/15/2018 - 144A		555		558
Hotels, Restaurants & Leisure - 6.1%
Eldorado Casino Shreveport
10.00%, 08/01/2012 Ə Ώ		126		111
Fontainebleau Las Vegas Holdings LLC
10.25%, 06/15/2015 - 144A Џ		5,645		20
Greektown Holdings LLC (Escrow Shares)
10.75%, 12/01/2013 - 144A Ə		1,495		♦
Harrah’s Operating Co., Inc.
5.38%, 12/15/2013		900		844
5.63%, 06/01/2015		6,365		5,330
10.00%, 12/15/2018		555		506
11.25%, 06/01/2017		3,240		3,644
12.75%, 04/15/2018 - 144A		2,250		2,261
Inn of the Mountain Gods Resort & Casino
12.00%, 11/15/2010 Џ		2,060		1,074
Majestic Holdco LLC
12.50%, 10/15/2011 - 144A Џ §		890		1
Mandalay Resort Group
6.38%, 12/15/2011		2,325		2,340
MGM Resorts International
6.75%, 09/01/2012		990		985
9.00%, 03/15/2020 - 144A		555		611
10.38%, 05/15/2014		1,175		1,319
11.13%, 11/15/2017		1,215		1,397
Mohegan Tribal Gaming Authority
6.88%, 02/15/2015		2,340		1,445
7.13%, 08/15/2014		2,225		1,402
8.00%, 04/01/2012		2,050		1,712
11.50%, 11/01/2017 - 144A		1,385		1,278
NCL Corp., Ltd.
9.50%, 11/15/2018 - 144A		1,105		1,138
11.75%, 11/15/2016		1,100		1,283
NPC International, Inc.
9.50%, 05/01/2014		2,065		2,111
Peninsula Gaming LLC
8.38%, 08/15/2015		335		352
10.75%, 08/15/2017		1,635		1,762
Royal Caribbean Cruises, Ltd.
6.88%, 12/01/2013		365		387
7.25%, 06/15/2016-03/15/2018		970		1,037
San Pasqual Casino
8.00%, 09/15/2013 - 144A §		475		476
Seminole Hard Rock Entertainment, Inc.
2.80%, 03/15/2014 - 144A *		405		371
Tunica-Biloxi Gaming Authority
9.00%, 11/15/2015 - 144A §		2,435		2,295
Waterford Gaming LLC
8.63%, 09/15/2014 - 144A Ə §		2,721		1,755
WMG Acquisition Corp.
9.50%, 06/15/2016		2,335		2,504
Wynn Las Vegas LLC
7.75%, 08/15/2020		2,170		2,349
Household Products - 1.8%
Amscan Holdings, Inc.
8.75%, 05/01/2014		3,590		3,590
Diversey Holdings, Inc.
10.50%, 05/15/2020		2,346		2,698
Libbey Glass, Inc.
10.00%, 02/15/2015 - 144A		1,740		1,871
Spectrum Brands Holdings, Inc.
12.00%, 08/28/2019 Ώ		2,510		2,802
Yankee Acquisition Corp.
9.75%, 02/15/2017		2,040		2,127
Independent Power Producers & Energy Traders - 1.8%
Calpine Corp.
7.50%, 02/15/2021 - 144A		5,635		5,550
Genon Energy, Inc.
7.63%, 06/15/2014		210		215
7.88%, 06/15/2017		3,235		3,138
NRG Energy, Inc.
7.38%, 02/01/2016		995		1,020
8.25%, 09/01/2020 - 144A		2,960		3,034
Industrial Conglomerates - 0.4%
Amsted Industries, Inc.
8.13%, 03/15/2018 - 144A		2,360		2,505
Insurance - 0.5%
Alliant Holdings I, Inc.
11.00%, 05/01/2015 - 144A		1,480		1,542
Hub International Holdings, Inc.
9.00%, 12/15/2014 - 144A		1,340		1,357

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

Page 47

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Insurance (continued)
USI Holdings Corp.
4.16%, 11/15/2014 - 144A *	$	980	$	858
Internet & Catalog Retail - 0.7%
Checkout Holding Corp.
Zero Coupon, 11/15/2015 - 144A		3,230		2,015
Ticketmaster Entertainment, Inc.
10.75%, 08/01/2016		2,585		2,798
IT Services - 1.1%
SunGard Data Systems, Inc.
10.63%, 05/15/2015		7,160		7,895
Life Sciences Tools & Services - 0.5%
Bio-Rad Laboratories, Inc.
8.00%, 09/15/2016		2,155		2,338
Patheon, Inc.
8.63%, 04/15/2017 - 144A		880		878
Machinery - 2.0%
Accuride Corp.
9.50%, 08/01/2018 - 144A		1,085		1,175
American Railcar Industries, Inc.
7.50%, 03/01/2014		1,000		1,018
Chart Industries, Inc.
9.13%, 10/15/2015		850		876
Commercial Vehicle Group, Inc.
8.00%, 07/01/2013		710		646
Greenbrier Cos., Inc.
8.38%, 05/15/2015		1,710		1,731
Manitowoc Co., Inc.
8.50%, 11/01/2020		1,885		2,003
9.50%, 02/15/2018		615		673
Navistar International Corp.
8.25%, 11/01/2021		3,025		3,252
Terex Corp.
10.88%, 06/01/2016		2,820		3,274
Media - 6.0%
Adelphia Communications Corp.
(Escrow Certificates)
9.25%, 10/01/2049		1,305		20
10.25%, 06/15/2049-11/01/2049		1,460		22
AMC Entertainment, Inc.
8.75%, 06/01/2019		535		571
11.00%, 02/01/2016		6,455		6,841
Bresnan Broadband Holdings LLC
8.00%, 12/15/2018 - 144A		345		355
Cablevision Systems Corp.
7.75%, 04/15/2018		805		843
8.63%, 09/15/2017		550		599
Catalina Marketing Corp.
10.50%, 10/01/2015 - 144A Ώ		2,384		2,551
11.63%, 10/01/2017 - 144A * §		2,828		3,111
CCO Holdings LLC
7.88%, 04/30/2018		460		476
8.13%, 04/30/2020		430		453
Citadel Broadcasting Corp.
7.75%, 12/15/2018 - 144A		1,295		1,340
Clear Channel Communications, Inc.
4.40%, 05/15/2011		1,495		1,488
5.00%, 03/15/2012		375		368
6.25%, 03/15/2011		6,425		6,408
Clear Channel Worldwide Holdings, Inc. - Series B
9.25%, 12/15/2017		1,270		1,391
LBI Media, Inc.
11.00%, 10/15/2013 *		405		371
Live Nation Entertainment, Inc.
8.13%, 05/15/2018 - 144A		1,065		1,078
MDC Partners, Inc.
11.00%, 11/01/2016		2,960		3,263
MediMedia USA, Inc.
11.38%, 11/15/2014 - 144A §		1,365		1,174
NAI Entertainment Holdings LLC
8.25%, 12/15/2017 - 144A		690		725
Rainbow National Services LLC
10.38%, 09/01/2014 - 144A		605		628
Regal Cinemas Corp.
8.63%, 07/15/2019		1,000		1,060
Regal Entertainment Group
9.13%, 08/15/2018		760		809
Sirius XM Radio, Inc.
8.75%, 04/01/2015 - 144A		1,390		1,505
9.75%, 09/01/2015 - 144A		1,135		1,274
Sitel LLC
11.50%, 04/01/2018 - 144A		680		561
XM Satellite Radio, Inc.
13.00%, 08/01/2013 - 144A		2,715		3,231
Metals & Mining - 1.9%
Atkore International, Inc.
9.88%, 01/01/2018 - 144A		1,105		1,149
FMG Resources Property, Ltd.
7.00%, 11/01/2015 - 144A		5,540		5,678
Novelis, Inc.
8.38%, 12/15/2017 - 144A		2,205		2,282
8.75%, 12/15/2020 - 144A		2,205		2,288
Rain CII Carbon LLC
11.13%, 11/15/2015 - 144A		1,705		1,848
U.S. Steel Corp.
7.38%, 04/01/2020		560		574
Multiline Retail - 0.5%
Neiman-Marcus Group, Inc.
9.00%, 10/15/2015 Ώ		3,317		3,474
Oil, Gas & Consumable Fuels - 7.9%
Anadarko Petroleum Corp.
6.38%, 09/15/2017		2,715		2,957
Arch Coal, Inc.
7.25%, 10/01/2020		755		797
8.75%, 08/01/2016		655		714
ATP Oil & Gas Corp.
11.88%, 05/01/2015 - 144A		620		586
Berry Petroleum Co.
10.25%, 06/01/2014		1,695		1,945
Bill Barrett Corp.
9.88%, 07/15/2016		340		373
Calfrac Holdings, LP
7.50%, 12/01/2020 - 144A		690		699
Carrizo Oil & Gas, Inc.
8.63%, 10/15/2018 - 144A		2,050		2,112
Cloud Peak Energy Resources LLC
8.50%, 12/15/2019		2,735		2,995
Coffeyville Resources LLC
9.00%, 04/01/2015 - 144A		1,872		2,003
Concho Resources, Inc.
7.00%, 01/15/2021		1,325		1,358
Consol Energy, Inc.
8.00%, 04/01/2017 - 144A		1,335		1,422
8.25%, 04/01/2020 - 144A		1,120		1,210

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

Page 48

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc.
7.13%, 04/01/2021 - 144A	$	545	$	572
7.38%, 10/01/2020		230		244
Denbury Resources, Inc.
8.25%, 02/15/2020		1,360		1,476
9.75%, 03/01/2016		3,875		4,320
El Paso Corp.
9.63%, 05/15/2012		726		774
EXCO Resources, Inc.
7.50%, 09/15/2018		550		539
Expro Finance Luxembourg SCA
8.50%, 12/15/2016 - 144A		2,425		2,316
Forbes Energy Services LLC
11.00%, 02/15/2015		2,900		2,842
Frac Tech Services LLC
7.13%, 11/15/2018 - 144A		1,105		1,122
Frontier Oil Corp.
6.88%, 11/15/2018		445		454
Harvest Operations Corp.
6.88%, 10/01/2017 - 144A		655		675
Holly Corp.
9.88%, 06/15/2017		1,510		1,646
Murray Energy Corp.
10.25%, 10/15/2015 - 144A		3,075		3,229
OPTI Canada, Inc.
8.25%, 12/15/2014		1,005		716
Petroleum Development Corp.
12.00%, 02/15/2018		1,170		1,310
Quicksilver Resources, Inc.
11.75%, 01/01/2016		3,590		4,181
Range Resources Corp.
6.75%, 08/01/2020		1,320		1,361
Rosetta Resources, Inc.
9.50%, 04/15/2018		825		891
SandRidge Energy, Inc.
8.63%, 04/01/2015 Ώ		3,730		3,818
8.75%, 01/15/2020		2,240		2,302
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 Ə		2,985		♦
SESI LLC
6.88%, 06/01/2014		290		294
Teekay Corp.
8.50%, 01/15/2020		1,225		1,334
Paper & Forest Products - 1.4%
Boise Paper Holdings LLC
8.00%, 04/01/2020		445		476
9.00%, 11/01/2017		1,535		1,677
Domtar Corp.
10.75%, 06/01/2017		1,540		1,940
Verso Paper Holdings LLC
9.13%, 08/01/2014		1,555		1,602
Verso Paper Holdings LLC - Series B
4.04%, 08/01/2014 *		425		383
11.38%, 08/01/2016		3,725		3,734
Personal Products - 0.3%
Revlon Consumer Products Corp.
9.75%, 11/15/2015		2,150		2,274
Pharmaceuticals - 1.8%
ConvaTec Healthcare E SA
10.50%, 12/15/2018 - 144A		2,820		2,859
Endo Pharmaceuticals Holdings, Inc.
7.00%, 12/15/2020 - 144A		440		449
Quintiles Transnational Corp.
9.50%, 12/30/2014 - 144A Ώ		5,125		5,253
Valeant Pharmaceuticals International, Inc.
6.75%, 10/01/2017 - 144A		1,115		1,109
6.88%, 12/01/2018 - 144A		1,725		1,712
7.00%, 10/01/2020 - 144A		1,675		1,654
Real Estate Investment Trusts - 0.1%
Sabra Health Care LP
8.13%, 11/01/2018 - 144A		770		795
Real Estate Management & Development - 1.0%
CB Richard Ellis Services, Inc.
6.63%, 10/15/2020 - 144A		2,150		2,150
11.63%, 06/15/2017		4,465		5,174
Road & Rail - 1.4%
Avis Budget Car Rental LLC
9.63%, 03/15/2018		1,470		1,584
Hertz Corp.
7.50%, 10/15/2018 - 144A		165		171
8.88%, 01/01/2014		595		608
10.50%, 01/01/2016		635		670
Kansas City Southern de Mexico SA de CV
7.38%, 06/01/2014		805		841
7.63%, 12/01/2013		2,245		2,324
RSC Equipment Rental, Inc.
10.00%, 07/15/2017 - 144A		2,645		2,975
10.25%, 11/15/2019		1,075		1,199
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc.
7.75%, 08/01/2020 - 144A		570		591
8.13%, 12/15/2017		840		891
Software - 0.4%
SSI Investments II
11.13%, 06/01/2018		2,475		2,685
Specialty Retail - 5.5%
General Nutrition Centers, Inc.
5.75%, 03/15/2014 Ώ		1,905		1,886
10.75%, 03/15/2015		4,520		4,588
Giraffe Acquisition Corp.
9.13%, 12/01/2018 - 144A		2,200		2,294
Ltd. Brands, Inc.
8.50%, 06/15/2019		2,265		2,588
Michaels Stores, Inc.
0.00%, 11/01/2016 *		3,275		3,242
Petco Animal Supplies, Inc.
9.25%, 12/01/2018 - 144A		2,705		2,850
Sally Holdings LLC
10.50%, 11/15/2016		8,700		9,592
Toys “R” Us, Inc.
7.38%, 09/01/2016 - 144A		1,440		1,512
7.88%, 04/15/2013		780		821
Toys “R” Us Property Co., I LLC
10.75%, 07/15/2017		8,415		9,592
Textiles, Apparel & Luxury Goods - 0.7%
Oxford Industries, Inc.
11.38%, 07/15/2015		2,110		2,368
Phillips-Van Heusen Corp.
7.75%, 11/15/2023		2,255		2,377
Trading Companies & Distributors - 0.3%
United Rentals North America, Inc.
10.88%, 06/15/2016		1,760		2,011

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

Page 49

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Principal		Value
Transportation Infrastructure - 0.8%
CHC Helicopter SA
9.25%, 10/15/2020 - 144A	$	5,485	$	5,677
Wireless Telecommunication Services - 1.8%
Buccaneer Merger Sub, Inc.
9.13%, 01/15/2019 - 144A		1,035		1,069
Digicel, Ltd.
8.25%, 09/01/2017 - 144A		2,705		2,773
12.00%, 04/01/2014 - 144A		1,445		1,680
Nextel Communications, Inc. - Series E
6.88%, 10/31/2013		100		100
NII Capital Corp.
8.88%, 12/15/2019		2,685		2,893
10.00%, 08/15/2016		2,380		2,636
SBA Telecommunications, Inc.
8.00%, 08/15/2016		985		1,066
8.25%, 08/15/2019		660		721
Total Corporate Debt Securities (cost $590,519)				619,289

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
Chesapeake Energy Corp. 4.50%		18,815		1,655
Chesapeake Energy Corp. 5.00%		2,304		213
Total Convertible Preferred Stocks (cost $2,091)				1,868
PREFERRED STOCK - 0.1%
Diversified Financial Services - 0.1%
Citigroup Capital XIII 7.88% *		21,818		587
Total Preferred Stocks (cost $545)
COMMON STOCKS - 0.6%
Airlines - 0.0% ∞
Delta Air Lines, Inc. ‡		13,451		169
Construction Materials - 0.6%
Panolam Holdings Co. ‡ Ə § ±		1,803		1,434
RathGibson, Inc. (Escrow Certificates) ‡ Ə § ±		95,700		2,243
Hotels, Restaurants & Leisure - 0.0% ∞
Greektown Superholdings, Inc. ‡		1,131		83
Shreveport Gaming Holdings, Inc. Ə		889		16
Independent Power Producers & Energy Traders - 0.0% ∞
Mirant Corp. (Escrow Certificates) ‡ Ə § ±		550,000		♦
Oil, Gas & Consumable Fuels - 0.0% ∞
SemGroup Corp. - Class A ‡		7,723		210
Total Common Stocks (cost $4,306)				4,155
Investment Company - 0.0% ∞
Diversified Financial Services - 0.0% ∞
Adelphia Recovery Trust		2,697,805		51
Total Investment Company (cost $2,641)
Right - 0.0% ∞
United States - 0.0% ∞
BLB Contingent Value Rights Preferred Stock § ±		2,010		28
Total Right (cost $2,010)
WARRANTS - 0.0% ∞
United States - 0.0% ∞
American Seafoods Group LLC ‡ § ±
Expiration: 05/15/2018
Exercise Price: $0.00		1,265		126
Reader’s Digest Association, Inc. ‡ Ə § ±
Expiration: 02/19/2014
Exercise Price: $0.00		13,112	$	♦
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		8,130		37
Total Warrants (cost $♦)				163

	Principal		Value
LOAN ASSIGNMENTS - 5.8%
Aerospace & Defense - 0.7%
Hawker Beechcraft Acquisition Co.,
LLC, 1st Lien
2.27%, 03/26/2014 *	$	5,478		4,783
2.29%, 03/26/2014 *		328		287
Air Freight & Logistics - 0.3%
Ceva Group PLC
3.26%, 11/04/2013 *		534		502
Ceva Group PLC, 1st Lien
3.26%, 11/04/2013 *		959		902
Ceva Group PLC, Letter of Credit
3.88%, 11/04/2013		535		503
Building Products - 0.4%
Goodman Global Holdings, Inc., 1st Lien
5.75%, 10/28/2016		1,187		1,192
Panolam Industries International, Inc., 1st Lien
8.25%, 12/31/2013 *		1,086		977
Panolam Industries International, Inc., 2nd Lien
12.00%, 06/30/2014 Ə		886		810
Diversified Financial Services - 0.7%
Pinafore LLC, Tranche B
6.25%, 09/29/2016 *		3,749		3,797
Veyance Technologies, Inc., 2nd Lien
6.01%, 07/13/2015 *		1,440		1,181
Electric Utilities - 0.5%
Texas Competitive Electric Holdings
Co., LLC, 1st Lien, Tranche B2
3.76%, 10/10/2014 *		4,983		3,844
Hotels, Restaurants & Leisure - 1.3%
Burger King Corp., New Tranche B
6.25%, 10/19/2016 *		2,900		2,940
Cannery Casino Resorts LLC, 2nd Lien
4.51%, 05/16/2014 *		860		753
Dineequity, Inc., Tranche B
6.00%, 10/19/2017 *		750		761
Dunkin Brands, Inc., Tranche B
5.75%, 11/23/2017 *		790		799
Great Lakes Entertainment LLC
9.00%, 08/15/2012		960		927
Hit Entertainment, Inc., 2nd Lien
5.79%, 02/26/2013 *		3,260		2,722
Household Products - 0.8%
Amscan Holdings, Inc., Tranche B
7.35%, 12/04/2017 *		3,292		3,295
Reynolds Group Holdings, Ltd., Tranche D
6.50%, 05/05/2016 *		2,190		2,208
Metals & Mining - 0.2%
Novelis, Inc., New Tranche B
5.25%, 12/28/2016 *		1,500		1,518
Specialty Retail - 0.9%
General Nutrition Centers, Inc., Tranche B
2.54%, 09/16/2013 *		1,900		1,881
Gymboree Corp.
5.50%, 11/23/2017 *		1,840		1,848

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

Page 50

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Specialty Retail (continued)
Petco Animal Supplies, Inc., Tranche B1
6.00%, 11/24/2017 *	$	2,660	$	2,673
Total Loan Assignments (cost $40,134)				41,103
CONVERTIBLE BONDS - 0.1%
Life Sciences Tools & Services - 0.1% Kendle International, Inc.
3.38%, 07/15/2012		1,050		977
Independent Power Producers & Energy Traders - 0.0% ∞
Mirant Corp. (Escrow Certificates) Ə ‡ § ±		1,220,000		♦
Total Convertible Bonds (cost $996)				977
REPURCHASE AGREEMENT - 3.8%
State Street Bank & Trust Co. 0.01% ▲, dated 12/31/2010, to be repurchased at $26,864 on 01/03/2011. Collateralized by U.S. Government Obligations, 1.00% - 3.63%, due 04/30/2012 - 08/15/2019, with a total value of $27,402.		26,864		26,864
Total Repurchase Agreement (cost $26,864)
Total Investment Securities (cost $674,715) #				695,770
Other Assets and Liabilities — Net				13,313
Net Assets			$	709,083

NOTES TO SCHEDULE OF INVESTMENTS:

∞	Percentage rounds to less than 0.1%.
Џ	In default.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
♦	Value and/or cost is less than $1.
*	Floating or variable rate note. Rate is listed as of 12/31/2010.
Ə	Securities 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 $6,401, or 0.90% of the portfolio’s net assets.
▲	Rate shown reflects the yield at 12/31/2010.
‡	Non-income producing security.
§	Illiquid. At 12/31/10, illiquid investment securities aggregated to $15,236, or 2.15% of the portfolio’s net assets.
#	Aggregate cost for federal income tax purposes is $674,877. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,627 and $28,734, respectively. Net unrealized appreciation for tax purposes is $20,893.
±	Restricted security. At 12/31/2010, the portfolio owned the following securities (representing 0.54% of net assets) which were restricted as to public resale.

Description	Date of Acquisition		Principal		Cost		Value		Price*
Fontainebleau Resorts		06/01/2007	$	3,827	$	3,759	$	♦	$	¥
Description	Date of Acquisition		Shares		Cost		Value		Price*
Panolam Holdings Co.		12/29/2009		1,803	$	3,080	$	1,434	$	0.80
RathGibson, Inc. (Escrow Certificates)		06/14/2010		95,700		508		2,243		0.02
Mirant Corp. (Escrow Certificates)		01/20/2006		550,000		♦		♦		¥
BLB Contingent Value Rights		11/22/2010		2,010		2,010		28		0.01
American Seafoods Group LLC		05/07/2010		1,265		♦		126		0.09
Reader’s Digest Association, Inc.		05/18/2010		13,112		♦		♦		¥
Mirant Corp. (Escrow Certificates)		01/20/2006		1,220,000		♦		♦		¥

* Price not rounded to thousands. ¥ Price rounds to less than $0.01.

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

Page 51

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

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 12/31/2010, these securities aggregated $246,123, or 34.71%, of the portfolio’s net assets.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Securities
Asset-Backed Securities	$	—	$	653	$	—	$	653
Common Stocks		462		—		3,693		4,155
Convertible Bonds		—		977		♦		977
Convertible Preferred Stocks		1,868		—		—		1,868
Corporate Debt Securities		—		617,423		1,866		619,289
Investment Companies		51		—		—		51
Loan Assignments		—		40,293		810		41,103
Preferred Corporate Debt Securities		—		—		32		32
Preferred Stocks		587		—		—		587
Repurchase Agreement		—		26,864		—		26,864
Rights		—		28		—		28
Warrants		—		163		♦		163
Total	$	2,968	$	686,401	$	6,401	$	695,770

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			12/31/2010
Common Stocks	$	1,007	$	508		$	—	$	(98	)	$	2,276		$	—		$	3,693
Corporate Debt Securities		2,823		(2,138	)		2		18			440			721			1,866
Convertible Bonds		♦		—			—		—			(♦	)		—			♦
Loan Assignments		—		76			10		—			15			709			810
Preferred Corporate Debt Securities		♦		213			—		—			(181	)		(181	)		32
Warrants		—		♦			—		—			—			—			♦
Total	$	3,830	$	(1,341	)	$	12	$	(80	)	$	2,550		$	1,430		$	6,401

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

Page 52

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts in thousands)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 2.3%
U.S. Treasury Bond
1.38%, 11/30/2015	$	977	$	950
2.25%, 11/30/2017		305		297
2.63%, 11/15/2020		405		382
3.88%, 08/15/2040		20		18
4.25%, 11/15/2040		205		202
4.38%, 05/15/2040		25		25
7.25%, 08/15/2022		190		257
U.S. Treasury Note
1.13%, 06/30/2011 γ		85		85
1.25%, 10/31/2015		225		218
1.75%, 04/15/2013		41		42
2.50%, 04/30/2015		100		103
3.13%, 04/30/2017		40		41
3.38%, 11/15/2019		20		20
Total U.S. Government Obligations (cost $2,671)				2,640
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.5%
Fannie Mae
Zero Coupon, 10/09/2019		130		82
3.32%, 12/01/2040 *Ə		110		112
4.50%, 12/01/2040- 12/01/2040		2,297		2,360
5.00%, 05/25/2018- 08/01/2040		2,640		2,799
5.50%, 01/25/2034- 10/01/2038		2,880		3,092
6.00%, 03/25/2029- 04/01/2040		1,472		1,605
Fannie Mae, TBA
4.00%		5,000		4,972
4.50%		700		718
5.00%		600		631
Farmer Mac Guaranteed Notes Trust 2007-1
5.13%, 04/19/2017 - 144A		350		381
Freddie Mac
4.50%, 12/01/2040		1,200		1,231
Freddie Mac, TBA
5.00%,		100		105
Ginnie Mae
1.40%, 11/20/2059 *		477		498
Ginnie Mae, TBA
4.50%		100		104
Resolution Funding Corp., Interest STRIPS
07/15/2018		250		196
10/15/2018		250		194
Tennessee Valley Authority
5.25%, 09/15/2039		60		63
Total U.S. Government Agency Obligations (cost $18,886)				19,143
FOREIGN GOVERNMENT OBLIGATION - 0.2%
Japan Finance Corp.
2.88%, 02/02/2015		250		256
Total Foreign Government Obligation (cost $249)
MORTGAGE-BACKED SECURITIES - 6.1%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
0.68%, 02/25/2035 *		85		76
Banc of America Commercial Mortgage, Inc.
Series 2005-5, Class A4
5.12%, 10/10/2045 *		250		268
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.47%, 12/25/2046 *		1,146		315
Countrywide Alternative Loan Trust
Series 2005-56, Class 4A1
0.57%, 11/25/2035 *		635		399
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2005-R3, Class AF
0.66%, 09/25/2035 - 144A *		477		407
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class AM
5.83%, 06/15/2038 *		40		41
Extended Stay America Trust
Series 2010-ESHA, Class C
4.86%, 11/05/2027 - 144A		100		98
GE Capital Commercial Mortgage Corp.
Series 2007-C1, Class A4
5.54%, 12/10/2049		300		309
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A
3.47%, 03/18/2035 *		474		421
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7, Class AM
5.88%, 07/10/2038 *		50		51
GS Mortgage Securities Corp. II
Series 2001-1285, Class C
6.71%, 08/15/2018 - 144A		160		164
Impac CMB Trust
Series 2004-6, Class 1A1
1.06%, 10/25/2034 *		185		145
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1
5.88%, 09/25/2037 *		392		315
IndyMac Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
5.26%, 08/25/2037 *		484		323
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2006-CB15, Class A3
5.82%, 06/12/2043		120		126
Series 2007-CB18, Class A3
5.45%, 06/12/2047		105		109
JPMorgan Mortgage Trust
Series 2004-A3, Class 1A1
2.68%, 07/25/2034 *		316		306
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 4A3
5.02%, 05/25/2034 *		198		200
Series 2005-A5, Class A3
2.75%, 06/25/2035 *		1,300		1,037
Merrill Lynch Mortgage Trust
Series 2006-C1, Class A4
5.66%, 05/12/2039 *		200		216
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1
0.58%, 10/25/2028 *		143		136
Morgan Stanley Capital I
Series 2005-HQ6, Class A4A
4.99%, 08/13/2042		190		201
Prime Mortgage Trust
Series 2006-DR1, Class 1A1
5.50%, 05/25/2035 - 144A		456		444
Series 2006-DR1, Class 1A2
6.00%, 05/25/2035 - 144A		200		198
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1
0.61%, 01/19/2034 *		260		217

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

Page 53

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
MORTGAGE BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4
5.90%, 02/15/2051 *	$	210	$	218
WaMu Mortgage Pass-Through Certificates
Series 2005-AR15, Class A1A2
0.54%, 11/25/2045 *		484		371
Total Mortgage-Backed Securities (cost $8,772)				7,111
ASSET-BACKED SECURITIES - 2.1%
Accredited Mortgage Loan Trust
Series 2005-3, Class A1
0.50%, 09/25/2035 *		173		161
Avis Budget Rental Car Funding Aesop LLC
Series 2010-3A, Class A
4.64%, 05/20/2016 - 144A		100		105
Continental Airlines Pass-Through Trust
Series 2007-1A, Class A
5.98%, 04/19/2022		386		407
Countrywide Asset-Backed Certificates
Series 2005-4, Class AF3
4.46%, 10/25/2035 *		86		85
Countrywide Home Equity Loan Trust
Series 2005-G, Class 2A
0.49%, 12/15/2035 *		260		140
CVS Pass-Through Trust
6.94%, 01/10/2030		244		265
Delta Air Lines, Inc., Pass-Through Trust
Series 2007-1, Class A
6.82%, 08/10/2022		81		86
Education Funding Capital Trust I
Series 2003-3, Class A7
2.43%, 12/15/2042 *		150		123
GSAMP Trust
Series 2006-SD2, Class A1
0.37%, 05/25/2046 - 144A *		125		123
Hertz Corp.
Series 2009-2A, Class A2
5.29%, 03/25/2016 - 144A		120		130
Lehman XS Trust
Series 2005-5N, Class 1A1
0.56%, 11/25/2035 *		313		230
Series 2005-7N, Class 1A1B
0.56%, 12/25/2035 *		251		105
Series 2006-GP4, Class 3A1A
0.33%, 08/25/2046 *		29		28
Nelnet Student Loan Trust
Series 2008-4, Class A4
1.77%, 04/25/2017 *		170		174
Santander Drive Auto Receivables Trust
Series 2010-2, Class B
2.24%, 12/15/2014		110		110
Series 2010-2, Class C
3.89%, 07/17/2017		130		133
UAL Pass-Through Trust
Series 2009-2A
9.75%, 01/15/2017		48		55
Total Asset-Backed Securities (cost $2,692)				2,460
MUNICIPAL GOVERNMENT OBLIGATIONS - 1.1%
New York City Municipal Water Finance Authority
5.72%, 06/15/2042		100		100
New York State Urban Development Corp.
5.84%, 03/15/2040		100		102
North Texas Higher Education Authority
Series 2010-1 - Class A2
1.20%, 07/01/2019 *		100		99
State of California
7.55%, 04/01/2039		250		260
State of California - Build America Bonds
7.30%, 10/01/2039		60		61
Virginia Housing Development Authority
Series 2006-C - Class CTFS
6.00%, 06/25/2034		685		690
Total Municipal Government Obligations (cost $1,289)				1,312
PREFERRED CORPORATE DEBT SECURITIES - 0.3%
Capital Markets - 0.1%
Credit Suisse
5.86%, 05/15/2017 * Ž		90		85
Goldman Sachs Capital II
5.79%, 06/01/2012 * Ž		20		17
Lehman Brothers Holdings Capital Trust VII
5.86%, 05/31/2012 Ž Џ § ±		200		♦
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065 Џ		120		♦
Diversified Financial Services - 0.2%
ILFC E-Capital Trust II
6.25%, 12/21/2065 - 144A *		250		195
Total Preferred Corporate Debt Securities (cost $627)				297
CORPORATE DEBT SECURITIES - 10.9%
Auto Components - 0.0% ∞
BorgWarner, Inc.
4.63%, 09/15/2020		30		30
Automobiles - 0.4%
Daimler Finance North America LLC
5.88%, 03/15/2011		300		303
Motors Liquidation Co.
8.25%, 07/15/2023 Џ		470		163
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc.
5.38%, 01/15/2020		120		130
Biotechnology - 0.1%
FMC Finance III SA
6.88%, 07/15/2017		120		127
Capital Markets - 0.7%
BP Capital Markets PLC
3.13%, 03/10/2012		30		31
5.25%, 11/07/2013		100		108
Goldman Sachs Group, Inc.
3.70%, 08/01/2015		160		163
4.75%, 07/15/2013		10		11
5.38%, 03/15/2020		50		52
6.00%, 06/15/2020		70		76
Lehman Brothers Holdings, Inc.
5.25%, 02/06/2012 Џ		100		23
Lehman Brothers Holdings, Inc. - Series I
6.75%, 12/28/2017 Џ		480		♦
Morgan Stanley
2.79%, 05/14/2013 *		200		206
4.20%, 11/20/2014		140		143
Chemicals - 0.0% ∞
Dow Chemical Co.
4.25%, 11/15/2020		20		19
Westlake Chemical Corp.
6.63%, 01/15/2016		17		18

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

Page 54

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Principal		Value
Commercial Banks - 1.8%
Bank of Nova Scotia
1.65%, 10/29/2015 - 144A	$	545	$	520
DnB NOR Boligkreditt
2.10%, 10/14/2015 - 144A		610		579
Eksportfinans ASA
2.00%, 09/15/2015		310		303
Glitnir Banki HF
6.33%, 07/28/2011 - 144A Џ		160		48
6.69%, 06/15/2016 - 144A Ə Џ §		380		♦
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A Џ		140		15
Royal Bank of Canada
3.13%, 04/14/2015 - 144A		445		456
Wachovia Corp.
5.25%, 08/01/2014		100		107
Consumer Finance - 0.4%
SLM Corp.
5.00%, 10/01/2013 - 04/15/2015		235		236
5.05%, 11/14/2014		60		57
5.63%, 08/01/2033		45		35
8.00%, 03/25/2020		120		122
Containers & Packaging - 0.0% ∞
Ball Corp.
6.75%, 09/15/2020		50		53
Diversified Consumer Services - 0.0% ∞
Service Corp., International
7.50%, 04/01/2027		35		34
Diversified Financial Services - 1.7%
Ally Financial, Inc.
1.75%, 10/30/2012		150		153
ASIF Global Financing XIX
4.90%, 01/17/2013 - 144A		40		41
Bank of America Corp.
5.63%, 07/01/2020		75		76
BNP Paribas Home Loan Covered Bonds SA
2.20%, 11/02/2015 - 144A		355		340
Citigroup, Inc.
4.75%, 05/19/2015		35		37
5.38%, 08/09/2020		155		161
General Electric Capital Corp.
5.50%, 01/08/2020		115		123
JPMorgan Chase & Co.
2.60%, 01/15/2016		80		78
5.13%, 09/15/2014		200		213
5.15%, 10/01/2015		40		42
6.13%, 06/27/2017		220		241
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A Ə Џ		130		♦
Kaupthing Bank Hf - Series 1
7.63%, 02/28/2015 - 144A Џ		710		190
Reynolds Group Issuer, Inc.
7.75%, 10/15/2016 - 144A		100		106
Rio Tinto Finance USA, Ltd.
6.50%, 07/15/2018		150		175
Diversified Telecommunication Services - 0.8%
AT&T, Inc.
6.55%, 02/15/2039		20		22
Deutsche Telekom International Finance BV
5.75%, 03/23/2016		80		90
Intelsat Jackson Holdings SA
8.50%, 11/01/2019 - 144A		50		54
Sprint Capital Corp.
8.75%, 03/15/2032		60		61
Telecom Italia Capital SA
5.25%, 10/01/2015		130		133
Telefonica Emisiones SAU
5.13%, 04/27/2020		90		87
Verizon Communications, Inc.
8.95%, 03/01/2039		10		14
Verizon New York, Inc. - Series A
6.88%, 04/01/2012		300		319
Windstream Corp.
8.63%, 08/01/2016		140		147
Electric Utilities - 0.5%
Energy Future Intermediate Holding Co., LLC
10.00%, 12/01/2020		211		218
FirstEnergy Corp. - Series B
6.45%, 11/15/2011		7		7
FirstEnergy Corp. - Series C
7.38%, 11/15/2031		175		184
Pacific Gas & Electric Co.
5.80%, 03/01/2037		60		64
6.05%, 03/01/2034		20		22
8.25%, 10/15/2018		40		52
Energy Equipment & Services - 0.3%
Cie Generale de Geophysique-Veritas
7.50%, 05/15/2015		80		81
7.75%, 05/15/2017		40		41
Complete Production Services, Inc.
8.00%, 12/15/2016		105		109
Enterprise Products Operating LLC
9.75%, 01/31/2014		110		133
Food Products - 0.1%
Kraft Foods, Inc.
5.38%, 02/10/2020		110		118
Health Care Providers & Services - 0.2%
HCA, Inc.
6.30%, 10/01/2012		6		6
9.13%, 11/15/2014		20		21
Humana, Inc.
7.20%, 06/15/2018		50		57
Tenet Healthcare Corp.
9.00%, 05/01/2015		45		50
10.00%, 05/01/2018		45		52
WellPoint, Inc.
5.88%, 06/15/2017		20		22
Hotels, Restaurants & Leisure - 0.1%
Boyd Gaming Corp.
6.75%, 04/15/2014		25		25
7.13%, 02/01/2016		80		71
Inn of the Mountain Gods Resort & Casino
12.00%, 11/15/2010 Џ		30		16
MGM Resorts International
6.63%, 07/15/2015		5		5
7.63%, 01/15/2017		10		9
13.00%, 11/15/2013		9		11
Mohegan Tribal Gaming Authority
6.13%, 02/15/2013		15		12
Station Casinos, Inc.
6.88%, 03/01/2016 Џ		10		♦
7.75%, 08/15/2016 Џ		90		♦
Independent Power Producers & Energy Traders - 0.1%
AES Corp.
7.75%, 10/15/2015		80		86

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

Page 55

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Principal		Value
Independent Power Producers & Energy Traders (continued)
Edison Mission Energy
7.00%, 05/15/2017	$	70	$	55
NRG Energy, Inc.
7.38%, 02/01/2016		10		10
Insurance - 0.7%
American International Group, Inc.
5.85%, 01/16/2018		40		41
Berkshire Hathaway, Inc.
3.20%, 02/11/2015		100		103
Lincoln National Corp.
7.00%, 06/15/2040		50		54
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		300		307
5.13%, 06/10/2014 - 144A		100		109
Prudential Financial, Inc.
4.75%, 09/17/2015		140		148
Teachers Insurance & Annuity Association of America
6.85%, 12/16/2039 - 144A		80		94
Life Sciences Tools & Services - 0.0% ∞
Life Technologies Corp.
5.00%, 01/15/2021		15		15
Media - 0.7%
CBS Corp.
8.88%, 05/15/2019		5		6
Cengage Learning Acquisitions, Inc.
10.50%, 01/15/2015 - 144A		10		10
Comcast Corp.
6.40%, 03/01/2040		109		116
CSC Holdings LLC
8.63%, 02/15/2019		5		6
DISH DBS Corp.
7.00%, 10/01/2013		30		32
NBC Universal, Inc.
4.38%, 04/01/2021 - 144A		72		70
5.15%, 04/30/2020 - 144A		70		73
News America, Inc.
6.65%, 11/15/2037		10		11
Reed Elsevier Capital, Inc.
8.63%, 01/15/2019		80		102
Sun Media Corp.
7.63%, 02/15/2013		30		30
Time Warner Cable, Inc.
5.88%, 11/15/2040		55		54
Time Warner Entertainment Co., LP
8.38%, 07/15/2033		80		101
Time Warner, Inc.
4.70%, 01/15/2021		30		31
6.10%, 07/15/2040		20		21
Metals & Mining - 0.3%
Alcoa, Inc.
6.00%, 07/15/2013		10		11
Cliffs Natural Resources, Inc.
4.80%, 10/01/2020		30		29
Freeport-McMoRan Copper & Gold, Inc.
8.38%, 04/01/2017		190		210
Steel Dynamics, Inc.
6.75%, 04/01/2015		65		66
Multiline Retail - 0.0% ∞
JC Penney Corp., Inc.
7.40%, 04/01/2037		20		19
Multi-Utilities - 0.1%
Dominion Resources, Inc. - Series D
8.88%, 01/15/2019		80		104
Oil, Gas & Consumable Fuels - 1.5%
Chesapeake Energy Corp.
6.50%, 08/15/2017		25		25
7.25%, 12/15/2018		5		5
ConocoPhillips
6.50%, 02/01/2039		80		95
ConocoPhillips Holding Co.
6.95%, 04/15/2029		40		49
Consol Energy, Inc.
8.25%, 04/01/2020 - 144A		40		43
El Paso Corp.
7.80%, 08/01/2031		86		86
El Paso Natural Gas Co.
8.38%, 06/15/2032		70		82
Hess Corp.
7.30%, 08/15/2031		20		24
7.88%, 10/01/2029		20		25
8.13%, 02/15/2019		90		114
Kinder Morgan Energy Partners, LP
5.85%, 09/15/2012		50		54
6.75%, 03/15/2011		190		192
Occidental Petroleum Corp.
7.00%, 11/01/2013		150		173
OPTI Canada, Inc.
7.88%, 12/15/2014		10		7
Pemex Project Funding Master Trust
6.63%, 06/15/2035		147		150
Petrobras International Finance Co.
5.75%, 01/20/2020		250		260
6.13%, 10/06/2016		50		55
SandRidge Energy, Inc.
8.75%, 01/15/2020		60		62
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 Ə		25		♦
Shell International Finance BV
4.38%, 03/25/2020		10		10
6.38%, 12/15/2038		80		95
Williams Cos., Inc.
8.75%, 03/15/2032		15		18
Williams Cos., Inc. - Series A
7.50%, 01/15/2031		71		80
Pharmaceuticals - 0.1%
Wyeth
5.95%, 04/01/2037		110		122
Real Estate Management & Development - 0.2%
Realogy Corp.
10.50%, 04/15/2014		230		226
Semiconductors & Semiconductor Equipment - 0.0% ∞
MagnaChip Semiconductor S.A.
1.00%, 12/15/2049 Ə		1		♦
National Semiconductor Corp.
6.60%, 06/15/2017		10		11
Wireless Telecommunication Services - 0.0% ∞
America Movil SAB de CV
5.63%, 11/15/2017		50		55
Total Corporate Debt Securities (cost $14,449)				12,699

	Shares		Value
COMMON STOCKS - 61.9%
Aerospace & Defense - 1.9%
Honeywell International, Inc.		16,395		872
Northrop Grumman Corp.		2,200		143
United Technologies Corp.		14,497		1,140

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

Page 56

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Air Freight & Logistics - 0.2%
FedEx Corp.		1,940	$	180
Airlines - 0.0% ∞
Southwest Airlines Co.		1,260		16
Auto Components - 0.4%
Johnson Controls, Inc.		12,236		467
Automobiles - 0.5%
Ford Motor Co. ‡		14,320		240
General Motors Co. ‡		7,900		292
Beverages - 1.6%
Coca-Cola Co.		14,981		986
PepsiCo, Inc.		13,331		871
Biotechnology - 1.1%
Alexion Pharmaceuticals, Inc. ‡		1,000		81
Biogen Idec, Inc. ‡		5,444		365
Celgene Corp. ‡		11,640		688
Gilead Sciences, Inc. ‡		5,170		187
Capital Markets - 1.5%
Goldman Sachs Group, Inc.		4,960		834
Legg Mason, Inc.		5,890		214
Morgan Stanley		5,980		163
State Street Corp.		8,810		408
TD Ameritrade Holding Corp.		7,600		144
Chemicals - 1.5%
CF Industries Holdings, Inc.		590		80
Dow Chemical Co.		18,518		632
E.I. du Pont de Nemours & Co.		13,435		670
Georgia Gulf Corp. ‡		3,520		85
PPG Industries, Inc.		3,090		260
Commercial Banks - 2.0%
BB&T Corp.		4,459		117
Comerica, Inc.		3,760		159
First Horizon National Corp.		3,635		43
Huntington Bancshares, Inc.		41,610		286
M&T Bank Corp.		590		51
Regions Financial Corp.		16,810		118
SunTrust Banks, Inc.		2,200		65
U.S. Bancorp		1,376		37
Wells Fargo & Co.		42,212		1,308
Zions Bancorporation		5,640		137
Commercial Services & Supplies - 0.1%
Avery Dennison Corp.		1,880		80
Communications Equipment - 1.0%
Cisco Systems, Inc. ‡		25,963		525
Juniper Networks, Inc. ‡		5,200		192
QUALCOMM, Inc.		9,185		455
Computers & Peripherals - 3.5%
Apple, Inc. ‡		7,866		2,537
EMC Corp. ‡		30,368		695
Hewlett-Packard Co.		13,183		555
SanDisk Corp. ‡		6,400		319
Construction Materials - 0.0% ∞
Martin Marietta Materials, Inc.		500		46
Consumer Finance - 0.7%
American Express Co.		9,800		421
Capital One Financial Corp.		10,499		446
Containers & Packaging - 0.0% ∞
Sealed Air Corp.		1,500		38
Diversified Consumer Services - 0.0% ∞
Apollo Group, Inc. — Class A ‡		800		32
Diversified Financial Services - 2.5%
Bank of America Corp.		84,458		1,127
Citigroup, Inc. ‡		279,694		1,323
CME Group, Inc. - Class A		100		32
Invesco, Ltd.		17,300		416
Diversified Telecommunication Services - 1.9%
AT&T, Inc.		29,897		878
CenturyLink, Inc.		3,240		150
Frontier Communications Corp.		12,987		126
Verizon Communications, Inc.		28,376		1,016
Electric Utilities - 0.9%
American Electric Power Co., Inc.		7,040		253
Edison International		5,450		210
Nextera Energy, Inc.		8,220		428
Southern Co.		5,550		212
Electronic Equipment & Instruments - 0.1%
Corning, Inc.		5,860		113
Energy Equipment & Services - 1.4%
Baker Hughes, Inc.		6,910		395
Cameron International Corp. ‡		3,600		183
FMC Technologies, Inc. ‡		490		44
Halliburton Co.		5,840		238
Helmerich & Payne, Inc.		1,710		83
Rowan Cos., Inc. ‡		5,760		201
Schlumberger, Ltd.		5,314		443
Food & Staples Retailing - 1.4%
CVS Caremark Corp.		13,197		459
Kroger Co.		11,130		249
Sysco Corp.		3,090		91
Walgreen Co.		5,397		210
Wal-Mart Stores, Inc.		12,300		663
Food Products - 1.1%
Archer-Daniels-Midland Co.		3,464		104
Campbell Soup Co.		5,200		181
ConAgra Foods, Inc.		5,220		118
General Mills, Inc.		22,110		786
Kellogg Co.		1,700		87
Gas Utilities - 0.3%
National Fuel Gas Co.		3,070		201
Oneok, Inc.		2,770		154
Health Care Equipment & Supplies - 0.8%
Baxter International, Inc.		3,810		193
Covidien PLC		9,030		412
CR Bard, Inc.		2,970		273
Medtronic, Inc.		77		3
Health Care Providers & Services - 1.1%
DaVita, Inc. ‡		3,100		215
Humana, Inc. ‡		3,760		206
McKesson Corp.		4,240		298
UnitedHealth Group, Inc.		11,253		407
WellPoint, Inc. ‡		3,449		196
Hotels, Restaurants & Leisure - 0.8%
Carnival Corp.		4,475		206
Darden Restaurants, Inc.		8,700		405
McDonald’s Corp.		4,420		339
Household Durables - 0.4%
Lennar Corp. - Class A		5,880		110
NVR, Inc. ‡		290		201
Pulte Group, Inc. ‡		7,830		59
Whirlpool Corp.		890		79

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

Page 57

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Household Products - 2.3%
Colgate-Palmolive Co.		9,090	$	731
Kimberly-Clark Corp.		5,610		354
Procter & Gamble Co.		25,170		1,619
Independent Power Producers & Energy Traders - 0.1%
AES Corp. ‡		7,850		96
Industrial Conglomerates - 2.3%
3M Co.		9,930		857
General Electric Co.		67,466		1,234
Textron, Inc.		3,300		78
Tyco International, Ltd.		14,950		620
Insurance - 2.1%
ACE, Ltd.		7,380		459
Aflac, Inc.		4,598		259
Berkshire Hathaway, Inc. - Class B ‡		7,066		566
Everest RE Group, Ltd.		400		34
MetLife, Inc.		12,803		570
PartnerRe, Ltd.		500		40
Prudential Financial, Inc.		6,193		364
RenaissanceRe Holdings, Ltd.		1,100		70
XL Group PLC - Class A		6,250		136
Internet & Catalog Retail - 0.8%
Amazon.com, Inc. ‡		4,513		813
Expedia, Inc.		5,870		147
Internet Software & Services - 0.8%
eBay, Inc. ‡		4,800		134
Google, Inc. - Class A ‡		1,081		642
Yahoo!, Inc. ‡		5,920		98
IT Services - 1.4%
Cognizant Technology Solutions Corp. - Class A ‡		8,490		622
International Business Machines Corp.		6,522		957
Western Union Co.		3,800		71
Leisure Equipment & Products - 0.0% ∞
Mattel, Inc.		2,200		56
Life Sciences Tools & Services - 0.2%
Thermo Fisher Scientific, Inc. ‡		3,770		209
Machinery - 0.7%
Cummins, Inc.		1,380		152
Deere & Co.		1,260		105
PACCAR, Inc.		6,541		375
Parker Hannifin Corp.		2,170		187
Media - 1.9%
CBS Corp. - Class B		17,270		329
Comcast Corp. - Class A		7,214		158
DIRECTV - Class A ‡		5,765		230
Gannett Co., Inc.		11,800		178
Time Warner, Inc.		18,937		610
Walt Disney Co.		15,923		597
Metals & Mining - 0.8%
Alcoa, Inc.		15,730		242
Cliffs Natural Resources, Inc.		1,130		88
Freeport-McMoRan Copper & Gold, Inc.		5,028		604
Multiline Retail - 0.8%
Kohl’s Corp. ‡		4,420		240
Macy’s, Inc.		10,840		274
Target Corp.		7,380		444
Multi-Utilities - 0.9%
Ameren Corp.		3,060		86
NiSource, Inc.		3,570		63
PG&E Corp.		5,650		271
Public Service Enterprise Group, Inc.		6,340		202
Sempra Energy		2,900		152
Xcel Energy, Inc.		10,290		242
Oil, Gas & Consumable Fuels - 5.9%
Anadarko Petroleum Corp.		3,060		233
Apache Corp.		5,998		715
Chevron Corp.		21,025		1,918
ConocoPhillips		3,313		226
Consol Energy, Inc.		1,380		67
Devon Energy Corp.		4,850		381
EOG Resources, Inc.		2,300		210
Exxon Mobil Corp.		22,060		1,613
Murphy Oil Corp.		1,000		75
Noble Energy, Inc.		2,890		249
Occidental Petroleum Corp.		9,625		944
Peabody Energy Corp.		3,780		242
SemGroup Corp. - Class A ‡		64		2
Pharmaceuticals - 3.4%
Abbott Laboratories		24,582		1,178
Bristol-Myers Squibb Co.		6,840		181
Johnson & Johnson		10,648		659
Merck & Co., Inc.		36,112		1,301
Mylan, Inc. ‡		9,180		194
Pfizer, Inc.		25,596		448
Real Estate Investment Trusts - 0.9%
BRE Properties, Inc.		90		4
Digital Realty Trust, Inc.		4,340		225
HCP, Inc.		800		29
Hospitality Properties Trust		2,900		67
Host Hotels & Resorts, Inc.		8,400		150
Lasalle Hotel Properties		2,800		74
Omega Healthcare Investors, Inc.		3,620		81
Pennsylvania Real Estate Investment Trust		11,910		173
Plum Creek Timber Co., Inc.		920		34
ProLogis		3,350		48
Simon Property Group, Inc.		600		60
Strategic Hotels & Resorts, Inc. ‡		7,200		38
Vornado Realty Trust		490		41
Road & Rail - 1.6%
CSX Corp.		11,900		769
Norfolk Southern Corp.		10,850		682
Union Pacific Corp.		4,430		410
Semiconductors & Semiconductor Equipment - 1.4%
Applied Materials, Inc.		7,150		100
Broadcom Corp. - Class A		9,200		401
Intel Corp.		7,193		151
Intersil Corp. - Class A		8,220		126
Marvell Technology Group, Ltd. ‡		4,280		79
Micron Technology, Inc. ‡		9,000		72
Novellus Systems, Inc. ‡		3,300		107
NVIDIA Corp. ‡		15,500		239
Xilinx, Inc.		13,120		380
Software - 2.8%
Adobe Systems, Inc. ‡		10,456		322
Citrix Systems, Inc. ‡		2,100		144
Microsoft Corp.		68,516		1,912
Oracle Corp.		26,763		838
Specialty Retail - 1.3%
AutoZone, Inc. ‡		1,200		326
GameStop Corp. - Class A ‡		11,530		264

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

Page 58

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Specialty Retail (continued)
Lowe’s Cos., Inc.		12,760	$	320
RadioShack Corp.		570		11
Staples, Inc.		11,930		272
TJX Cos., Inc.		7,350		326
Textiles, Apparel & Luxury Goods - 0.3%
Nike, Inc. - Class B		3,470		296
Tobacco - 0.2%
Altria Group, Inc.		8,300		204
Water Utilities - 0.0% ∞
American Water Works Co., Inc.		250		6
Wireless Telecommunication Services - 0.3%
American Tower Corp. - Class A ‡		400		21
Sprint Nextel Corp. ‡		72,966		308
Total Common Stocks (cost $64,839)				72,067
PREFERRED STOCKS - 0.0% ∞
U.S. Government Agency Obligation - 0.0% ∞
Fannie Mae 0.00% *		600		♦
Fannie Mae 8.25% *		10,800		6
Freddie Mac 8.38% *		14,925		10
Total Preferred Stocks (cost $675)				16

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 2.9%
U.S. Treasury Bill 0.14%, 04/14/2011	$	3,360		3,359
Total Short-Term U.S. Government Obligation (cost $3,359)

	Shares		Value
WARRANT - 0.0% ∞
United States - 0.0% ∞
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		68		♦
Total Warrant (cost $ ♦)

	Principal		Value
REPURCHASE AGREEMENT - 1.0%
State Street Bank & Trust Co. 0.01% ▲, dated 12/31/2010, to be repurchased at $1,166 on 01/03/2011. Collateralized by U.S. Government Obligations, 1.00% - 3.13%, due 04/30/2012 - 04/30/2017, with a total value of $1,196.	$	1,166	$	1,166
Total Repurchase Agreement (cost $1,166)
Total Investment Securities (cost $119,674) #				122,526
Other Assets and Liabilities - Net				(6,189	)
Net Assets			$	116,337

	Principal			Value
SECURITIES SOLD SHORT - (3.4%)
Fannie Mae, TBA
4.50%	$	(1,800	)	$	(1,843	)
5.50%		(400	)		(427	)
6.00%		(400	)		(434	)
Freddie Mac, TBA
4.50%		(1,200	)		(1,226	)
Total Securities Sold Short (proceeds $3,948)					(3,930	)

	Notional
	Amount			Value
WRITTEN OPTIONS - 0.0% ∞
Call Options - 0.0% ∞
10-Year U.S. Treasury Note Future	$	(5	)		(2	)
Call Strike $124.00
Expires 02/18/2011
5-Year U.S. Treasury Note Future		(1	)		♦
Call Strike $119.50
Expires 02/18/2011
Put Options - 0.0% ∞
10-Year U.S. Treasury Note Future		(5	)		(19	)
Put Strike $124.00
Expires 02/18/2011
5-Year U.S. Treasury Note Future		(1	)		(2	)
Put Strike $119.50
Expires 02/18/2011
Total Written Options (Premiums: $20)					(23	)

FUTURES CONTRACTS: γ

							Net Unrealized
							Appreciation
Description	Type	Contracts			Expiration Date		(Depreciation)
10-Year U.S. Treasury Note	Short		(15	)		03/22/2011	$	(10	)
2-Year U.S. Treasury Note	Short		(6	)		03/31/2011		(3	)
30-Year U.S. Treasury Bond	Long		23			03/22/2011		(69	)
90-Day Euro	Long		18			12/19/2011		13
S&P 500 E-Mini Index	Long		3			03/18/2011		4
Ultra Long U.S. Treasury Bond	Long		1			03/22/2011		(4	)
							$	(69	)

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

Page 59

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 12/31/2010.
Ə	Securities 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 $112, or 0.10% of the portfolio’s net assets.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Џ	In default.
♦	Value is less than $1.
∞	Percentage rounds to less than 0.1%.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 12/31/2010.
§	Illiquid. At 12/31/2010, illiquid investment securities aggregated to less than $1, or less than 0.01% of the portfolio’s net assets.
#	Aggregate cost for federal income tax purposes is $122,015. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,610 and $6,099, respectively. Net unrealized appreciation for tax purposes is $511.
γ	A portion of this security in the amount of $85 and cash in the amount of $181 have been segregated as collateral with the broker to cover margin requirements for open futures contracts.
Г	Contract amounts are not in thousands.
±	Restricted security. At 12/31/2010, the portfolio owned the following securities (representing less than 0.01% of net assets) which were restricted as to public resale.

Description	Date of Acquisition		Principal		Cost		Value		Price*
Lehman Brothers Holdings Capital Trust VII		07/13/2007	$	200	$	195	$	♦	$	¥

*	Price not rounded to thousands.
¥	Price rounds to less than $0.01

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 12/31/2010, these securities aggregated $5,300, or 4.56%, of the portfolio’s net assets.
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

VALUATION SUMMARY:

	Level 1			Level 2			Level 3		Total
Investment Securities
Asset-Backed Securities	$	—		$	2,460		$	—	$	2,460
Common Stocks		70,440			1,627			—		72,067
Corporate Debt Securities		—			12,699			♦		12,699
Foreign Government Obligations		—			256			—		256
Mortgage-Backed Securities		—			7,111			—		7,111
Municipal Government Obligations		—			1,312			—		1,312
Preferred Corporate Debt Securities		—			297			—		297
Preferred Stocks		16			—			—		16
Repurchase Agreement		—			1,166			—		1,166
Short-Term U.S. Government Obligations		—			3,359			—		3,359
U.S. Government Agency Obligations		—			19,143			—		19,143
U.S. Government Obligations		—			2,640			—		2,640
Warrants		—			♦			—		♦
Total	$	70,456		$	52,070		$	♦	$	122,526
	Level 1			Level 2			Level 3		Total
Securities Sold Short
U.S. Government Agency Obligations	$	—		$	(3,930	)	$	—	$	(3,930	)
	Level 1			Level 2			Level 3		Total
Other Financial Instruments
Written Options	$	—		$	(23	)	$	—	$	(23	)
	Level 1			Level 2			Level 3		Total
Other Financial Instruments*
Futures Contracts - Appreciation	$	17		$	—		$	—	$	17
Futures Contracts - Depreciation		(86	)		—			—		(86	)
Total	$	(69	)	$	—		$	—	$	(69	)

^* 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	Annual Report 2010

Page 60

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

VALUATION SUMMARY (continued)

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

12/31/2010

Corporate Debt Securities

$

1

$

♦

$

—

$

—

$

(1

)

$

♦

$

♦

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

Page 61

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 98.3%
Aerospace & Defense - 3.0%
General Dynamics Corp. ^		72,700	$	5,159
Lockheed Martin Corp.		80,500		5,628
Northrop Grumman Corp. ^		200,000		12,956
Raytheon Co.		138,100		6,400
Automobiles - 0.5%
Ford Motor Co. ‡^		294,900		4,951
Biotechnology - 2.9%
Amgen, Inc. ‡^		289,400		15,888
Biogen Idec, Inc. ‡^		198,200		13,289
Capital Markets - 3.0%
Ameriprise Financial, Inc.		191,400		11,015
Franklin Resources, Inc. ^		84,100		9,353
Goldman Sachs Group, Inc.		24,000		4,036
T. Rowe Price Group, Inc. ^		92,600		5,976
Chemicals - 1.9%
Cabot Corp.		219,300		8,257
Eastman Chemical Co. ^		90,700		7,626
Methanex Corp. ^		128,300		3,900
Commercial Banks - 6.2%
Credicorp, Ltd.		67,100		7,979
Fifth Third Bancorp ^		694,900		10,201
PNC Financial Services Group, Inc. ^		158,800		9,642
Wells Fargo & Co.		1,137,500		35,251
Communications Equipment - 1.0%
Research In Motion, Ltd. ‡^		168,400		9,789
Construction & Engineering - 0.9%
KBR, Inc.		297,600		9,068
Consumer Finance - 1.2%
Capital One Financial Corp.		296,000		12,598
Diversified Consumer Services - 1.3%
Apollo Group, Inc. - Class A ‡^		161,600		6,382
ITT Educational Services, Inc. ‡^		106,200		6,763
Diversified Financial Services - 6.3%
Bank of America Corp. ^		844,200		11,262
Citigroup, Inc. ‡^		916,000		4,333
JPMorgan Chase & Co. ^		875,300		37,130
NASDAQ OMX Group ‡^		279,100		6,617
NYSE Euronext		147,300		4,416
Diversified Telecommunication Services - 4.2%
AT&T, Inc. ^		893,300		26,246
Verizon Communications, Inc. ^		443,600		15,872
Electric Utilities - 3.9%
Edison International ^		309,000		11,928
Entergy Corp. ^		143,000		10,129
Exelon Corp. ^		198,900		8,282
NV Energy, Inc. ^		667,200		9,374
Electronic Equipment & Instruments - 0.6%
Ingram Micro, Inc. - Class A ‡		339,100		6,473
Food & Staples Retailing - 5.0%
CVS Caremark Corp.		230,200		8,004
Kroger Co.		533,400		11,927
Safeway, Inc. ^		481,900		10,838
Sysco Corp. ^		245,600		7,221
Walgreen Co.		133,800		5,213
Wal-Mart Stores, Inc. ^		147,400		7,949
Food Products - 0.4%
Tyson Foods, Inc. - Class A ^		254,500		4,382
Gas Utilities - 0.4%
Energen Corp.		80,200		3,870
Health Care Providers & Services - 5.9%
Aetna, Inc. ^		355,400		10,843
AmerisourceBergen Corp. - Class A ^		143,100		4,883
Cardinal Health, Inc.		273,100		10,462
Coventry Health Care, Inc. ‡^		195,900		5,172
Health Net, Inc. ‡^		305,800		8,345
Humana, Inc. ‡^		134,300		7,352
UnitedHealth Group, Inc.		252,000		9,100
WellPoint, Inc. ‡		70,400		4,003
Household Products - 2.5%
Procter & Gamble Co.		390,600		25,127
Independent Power Producers &
Energy Traders - 0.8%
Constellation Energy Group, Inc.		148,500		4,548
NRG Energy, Inc. ‡		166,000		3,244
Industrial Conglomerates - 0.8%
General Electric Co. ^		460,000		8,413
Insurance - 9.0%
Aflac, Inc. ^		73,800		4,165
Allied World Assurance Co. Holdings, Ltd. ^		86,200		5,124
Arch Capital Group, Ltd. ‡^		103,300		9,096
Assurant, Inc.		189,500		7,300
Axis Capital Holdings, Ltd.		278,100		9,977
Chubb Corp. ^		208,800		12,452
Endurance Specialty Holdings, Ltd. ^		131,500		6,058
RenaissanceRe Holdings, Ltd.		159,000		10,126
Torchmark Corp. ^		70,100		4,188
Transatlantic Holdings, Inc.		75,200		3,882
Travelers Cos., Inc. ^		248,800		13,860
Validus Holdings, Ltd.		22,600		692
WR Berkley Corp. ^		176,000		4,819
Internet Software & Services - 0.8%
IAC/InterActiveCorp ‡^		287,600		8,254
Machinery - 1.5%
Gardner Denver, Inc.		79,900		5,499
Oshkosh Corp. ‡^		271,100		9,553
Media - 3.9%
CBS Corp. - Class B ^		234,400		4,465
Comcast Corp. - Class A ^		355,800		7,817
DIRECTV - Class A ‡		221,400		8,841
McGraw-Hill Cos., Inc.		111,200		4,049
Time Warner, Inc.		461,400		14,844
Metals & Mining - 0.6%
Southern Copper Corp. ^		119,800		5,839
Multiline Retail - 0.4%
Family Dollar Stores, Inc.		82,700		4,111
Multi-Utilities - 1.1%
Public Service Enterprise Group, Inc. ^		366,200		11,649
Oil, Gas & Consumable Fuels - 12.4%
Chevron Corp. ^		421,000		38,417
ConocoPhillips		321,100		21,867
Exxon Mobil Corp. ^		118,700		8,679
Hess Corp.		193,100		14,780
Marathon Oil Corp.		360,500		13,349
Murphy Oil Corp.		160,700		11,980
Nexen, Inc.		188,900		4,326
Valero Energy Corp. ^		520,800		12,041

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

Page 62

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Paper & Forest Products - 0.4%
Domtar Corp. ‡		47,400	$	3,599
Personal Products - 0.9%
Herbalife, Ltd. ^		138,600		9,476
Pharmaceuticals - 4.0%
Bristol-Myers Squibb Co. ^		273,300		7,237
Eli Lilly & Co. ^		107,300		3,760
Forest Laboratories, Inc. ‡		113,800		3,639
Johnson & Johnson		346,800		21,450
Pfizer, Inc.		238,200		4,171
Real Estate Management & Development - 0.8%
Jones Lang Lasalle, Inc.		97,400		8,174
Road & Rail - 1.8%
CSX Corp.		71,300		4,607
Ryder System, Inc. ^		172,800		9,096
Union Pacific Corp.		49,400		4,577
Semiconductors & Semiconductor
Equipment - 0.9%
Texas Instruments, Inc.		272,300		8,850
Software - 2.0%
Microsoft Corp.		716,300		19,999
Specialty Retail - 0.9%
AutoZone, Inc. ‡ ^		32,800		8,941
Textiles, Apparel & Luxury Goods - 2.0%
Coach, Inc. ^		162,600		8,993
Deckers Outdoor Corp. ‡ ^		72,900		5,813
Fossil, Inc. ‡ ^		72,400		5,103
Tobacco - 0.8%
Philip Morris International, Inc.		130,800		7,656
Wireless Telecommunication Services - 1.4%
MetroPCS Communications, Inc. ‡ ^		583,900		7,374
Telephone & Data Systems, Inc. ^		192,800		7,047
Total Common Stocks (cost $870,551)				996,726
SECURITIES LENDING COLLATERAL - 1.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		18,506,196	$	18,506
Total Securities Lending Collateral (cost $18,506)

	Principal		Value
REPURCHASE AGREEMENT - 1.7%
State Street Bank & Trust Co. 0.01% ▲, dated 12/31/2010, to be repurchased at $17,447 on 01/03/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 04/30/2017, with a value of $17,799.	$	17,447		17,447
Total Repurchase Agreement (cost $17,447)
Total Investment Securities (cost $906,504) #				1,032,679
Other Assets and Liabilities - Net				(18,564	)
Net Assets			$	1,014,115

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $18,093.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $911,779. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $141,839 and $20,939, respectively. Net unrealized appreciation for tax purposes is $120,900.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	991,602	$	5,124	$	—	$	996,726
Repurchase Agreement		—		17,447		—		17,447
Securities Lending Collateral		18,506		—		—		18,506
Total	$	1,010,108	$	22,571	$	—	$	1,032,679

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

Page 63

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 98.4%
Aerospace & Defense - 4.1%
General Dynamics Corp.		14,200	$	1,008
L-3 Communications Holdings, Inc. ^		24,900		1,755
Lockheed Martin Corp. ^		38,300		2,678
Northrop Grumman Corp. ^		50,500		3,270
Raytheon Co.		39,200		1,817
Air Freight & Logistics - 0.4%
FedEx Corp. ^		11,600		1,079
Automobiles - 1.0%
Ford Motor Co. ‡^		155,300		2,607
Beverages - 0.8%
Coca-Cola Co. ^		30,200		1,986
Biotechnology - 3.1%
Amgen, Inc. ‡		63,500		3,487
Biogen Idec, Inc. ‡		40,300		2,702
Gilead Sciences, Inc. ‡		47,800		1,732
Capital Markets - 3.3%
Ameriprise Financial, Inc. ^		45,800		2,636
Franklin Resources, Inc.		26,200		2,913
T. Rowe Price Group, Inc. ^		44,400		2,866
Chemicals - 2.0%
Agrium, Inc. ^		25,700		2,359
E.I. du Pont de Nemours & Co. ^		22,400		1,117
PPG Industries, Inc.		17,700		1,488
Commercial Banks - 3.9%
Credicorp, Ltd.		14,800		1,760
Fifth Third Bancorp ^		171,900		2,523
Wells Fargo & Co.		180,400		5,591
Communications Equipment - 1.0%
Research In Motion, Ltd. ‡^		42,000		2,441
Computers & Peripherals - 2.7%
Apple, Inc. ‡		6,200		2,000
Dell, Inc. ‡^		160,600		2,176
Hewlett-Packard Co. ^		65,600		2,762
Consumer Finance - 1.5%
Capital One Financial Corp.		65,600		2,792
Discover Financial Services		54,500		1,010
Diversified Financial Services - 2.7%
JPMorgan Chase & Co. ^		137,100		5,816
NYSE Euronext		34,000		1,019
Diversified Telecommunication Services - 3.3%
AT&T, Inc.		134,900		3,963
BCE, Inc.		68,600		2,433
Verizon Communications, Inc. ^		57,200		2,047
Electric Utilities - 2.2%
Edison International ^		76,500		2,953
Entergy Corp.		15,600		1,105
Exelon Corp. ^		36,800		1,532
Electronic Equipment & Instruments - 1.1%
Tyco Electronics, Ltd.		78,700		2,786
Food & Staples Retailing - 5.7%
CVS Caremark Corp. ^		64,400		2,239
Kroger Co.		123,300		2,757
Safeway, Inc. ^		104,900		2,359
Sysco Corp. ^		40,100		1,179
Walgreen Co.		85,000		3,311
Wal-Mart Stores, Inc.		52,300		2,821
Health Care Equipment & Supplies - 0.4%
St. Jude Medical, Inc. ‡		25,800		1,103
Health Care Providers & Services - 6.0%
Aetna, Inc. ^		83,800		2,557
AmerisourceBergen Corp. - Class A		78,600		2,682
Cardinal Health, Inc. ^		70,900		2,715
Humana, Inc. ‡		45,300		2,480
UnitedHealth Group, Inc.		105,200		3,798
WellPoint, Inc. ‡		17,900		1,018
Hotels, Restaurants & Leisure - 1.4%
McDonald’s Corp.		33,100		2,540
Royal Caribbean Cruises, Ltd. ‡		23,800		1,119
Household Products - 2.8%
Colgate-Palmolive Co.		12,800		1,029
Procter & Gamble Co.		95,100		6,118
Industrial Conglomerates - 0.7%
General Electric Co. ^		96,900		1,772
Insurance - 4.2%
ACE, Ltd.		32,500		2,023
Aflac, Inc.		47,700		2,692
Chubb Corp. ^		50,000		2,982
Travelers Cos., Inc. ^		61,300		3,415
IT Services - 4.0%
Fiserv, Inc. ‡^		22,200		1,300
International Business Machines Corp.		48,200		7,074
Visa, Inc. - Class A ^		27,500		1,935
Machinery - 2.0%
Caterpillar, Inc. ^		18,600		1,742
Dover Corp.		15,900		929
Parker Hannifin Corp.		27,700		2,391
Media - 4.7%
Comcast Corp. - Class A ^		61,500		1,351
DIRECTV - Class A ‡		86,000		3,435
McGraw-Hill Cos., Inc.		69,400		2,527
Time Warner, Inc.		108,500		3,491
Time Warner Cable, Inc.		17,300		1,142
Metals & Mining - 1.5%
Southern Copper Corp. ^		58,400		2,846
Teck Resources, Ltd. - Class B		17,500		1,082
Multiline Retail - 0.9%
Target Corp.		39,400		2,369
Multi-Utilities - 1.0%
Public Service Enterprise Group, Inc. ^		80,700		2,567
Oil, Gas & Consumable Fuels - 12.4%
Chevron Corp.		78,000		7,118
ConocoPhillips ^		76,000		5,176
Exxon Mobil Corp.		122,800		8,978
Hess Corp.		40,400		3,092
Marathon Oil Corp.		94,700		3,507
Murphy Oil Corp. ^		16,400		1,223
Valero Energy Corp.		117,100		2,707
Pharmaceuticals - 1.8%
Forest Laboratories, Inc. ‡		49,500		1,583
Johnson & Johnson		49,000		3,031
Road & Rail - 1.6%
CSX Corp.		20,600		1,331
Norfolk Southern Corp.		17,700		1,112

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

Page 64

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Road & Rail (continued)
Union Pacific Corp.		16,500	$	1,529
Semiconductors & Semiconductor Equipment - 3.2%
Applied Materials, Inc. ^		110,200		1,548
Intel Corp.		150,500		3,165
Texas Instruments, Inc.		108,500		3,527
Software - 5.4%
Activision Blizzard, Inc. ^		197,100		2,452
CA, Inc. ^		49,900		1,220
Microsoft Corp.		269,700		7,529
Oracle Corp.		42,100		1,318
Symantec Corp. ‡		75,500		1,264
Specialty Retail - 2.5%
AutoZone, Inc. ‡ ^		10,300		2,808
Gap, Inc.		112,800		2,497
TJX Cos., Inc. ^		21,900		972
Textiles, Apparel & Luxury Goods - 1.1%
Coach, Inc.		51,500		2,848
Tobacco - 1.2%
Philip Morris International, Inc.		54,000		3,161
Trading Companies & Distributors - 0.8%
WW Grainger, Inc. ^		15,600		2,155
Total Common Stocks (cost $217,299)				251,950
SECURITIES LENDING COLLATERAL - 2.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		5,647,268		5,647
Total Securities Lending Collateral (cost $5,647)

	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% , dated 12/31/2010, to be repurchased at $3,877 on 01/03/2011. Collateralized by a U.S. Government Obligation, 0.63%, due 12/31/2012, with a value of $3,955.	$	3,877		3,877
Total Repurchase Agreement (cost $3,877)
Total Investment Securities (cost $226,823) #				261,474
Other Assets and Liabilities — Net				(5,479	)
Net Assets			$	255,995

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $5,526.
‡	Non-income producing security.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $238,541. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $25,710 and $2,777, respectively. Net unrealized appreciation for tax purposes is $22,933.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	247,141	$	4,809	$	—	$	251,950
Repurchase Agreement		—		3,877		—		3,877
Securities Lending Collateral		5,647		—		—		5,647
Total	$	252,788	$	8,686	$	—	$	261,474

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

Page 65

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 99.8%
Aerospace & Defense - 3.2%
Boeing Co.		157,100	$	10,252
Honeywell International, Inc.		150,762		8,015
Precision Castparts Corp.		75,580		10,521
United Technologies Corp. ^		105,150		8,277
Air Freight & Logistics - 1.2%
CH Robinson Worldwide, Inc. ^		102,919		8,253
Expeditors International of Washington, Inc.		57,896		3,161
United Parcel Service, Inc. - Class B		32,489		2,358
Airlines - 0.3%
Southwest Airlines Co. ^		284,123		3,688
Automobiles - 0.8%
Bayerische Motoren Werke AG ADR		18,384		480
Ford Motor Co. ‡^		505,349		8,484
Beverages - 0.8%
Anheuser-Busch InBev NV ADR		158,658		9,058
Biotechnology - 1.2%
Amgen, Inc. ‡		29,588		1,624
Celgene Corp. ‡		157,427		9,310
Vertex Pharmaceuticals, Inc. ‡^		86,484		3,030
Capital Markets - 2.2%
Charles Schwab Corp. ^		382,694		6,548
Goldman Sachs Group, Inc.		116,049		19,514
Chemicals - 0.4%
Monsanto Co. ^		72,862		5,074
Commercial Banks - 0.4%
Banco Santander Brasil SA ADR ^		120,213		1,635
Wells Fargo & Co.		106,902		3,313
Communications Equipment - 6.1%
Cisco Systems, Inc. ‡^		1,599,201		32,352
Emulex Corp. ‡^		325,534		3,796
Juniper Networks, Inc. ‡^		554,396		20,468
QUALCOMM, Inc.		211,093		10,447
Riverbed Technology, Inc. ‡^		150,149		5,281
Computers & Peripherals - 11.1%
Apple, Inc. ‡		175,770		56,697
Dell, Inc. ‡^		363,662		4,928
EMC Corp. ‡^		937,119		21,460
Hewlett-Packard Co.		108,505		4,568
NetApp, Inc. ‡^		534,853		29,396
QLogic Corp. ‡		636,393		10,831
SanDisk Corp. ‡		65,750		3,278
Consumer Finance - 0.5%
American Express Co.		128,871		5,531
Diversified Consumer Services - 0.3%
ITT Educational Services, Inc. ‡^		60,638		3,862
Electrical Equipment - 0.5%
Emerson Electric Co.		103,055		5,892
Electronic Equipment & Instruments - 0.9%
Agilent Technologies, Inc. ‡		245,846		10,185
Energy Equipment & Services - 2.4%
Baker Hughes, Inc.		29,870		1,708
Cameron International Corp. ‡		73,466		3,727
Nabors Industries, Ltd. ‡		90,481		2,123
Oceaneering International, Inc. ‡^		40,417		2,976
Schlumberger, Ltd.		218,437		18,239
Food & Staples Retailing - 1.5%
Costco Wholesale Corp. ^		121,292		8,758
Whole Foods Market, Inc. ‡^		178,673		9,040
Food Products - 1.6%
Kraft Foods, Inc. - Class A ^		203,302		6,406
Mead Johnson Nutrition Co. - Class A		95,092		5,919
Unilever PLC		192,654		5,896
Health Care Equipment & Supplies - 0.4%
Hologic, Inc. ‡		163,135		3,070
Intuitive Surgical, Inc. ‡^		674		174
Stryker Corp. ^		19,661		1,056
Health Care Providers & Services - 2.2%
Express Scripts, Inc. ‡		170,614		9,221
Laboratory Corp. of America Holdings ‡^		51,065		4,490
Medco Health Solutions, Inc. ‡		122,173		7,486
UnitedHealth Group, Inc.		153,388		5,539
Hotels, Restaurants & Leisure - 3.4%
Carnival Corp. ^		66,155		3,050
Ctrip.com International, Ltd. ADR ‡		36,207		1,465
Las Vegas Sands Corp. ‡		89,791		4,126
Marriott International, Inc. Class A ^		239,208		9,937
McDonald’s Corp.		80,463		6,176
Starbucks Corp.		480,791		15,448
Industrial Conglomerates - 1.0%
General Electric Co. ^		620,981		11,358
Insurance - 0.3%
Lincoln National Corp.		123,042		3,422
Internet & Catalog Retail - 3.7%
Amazon.com, Inc. ‡		191,860		34,535
Expedia, Inc. ^		197,445		4,954
priceline.com, Inc. ‡^		10,983		4,388
Internet Software & Services - 4.5%
Baidu, Inc. ADR ‡		87,233		8,421
eBay, Inc. ‡		92,218		2,566
Google, Inc. Class A ‡		55,586		33,016
IAC/InterActiveCorp ‡^		77,256		2,217
Mail.ru Group, Ltd. - 144A GDR ‡ Ə		75,303		2,711
Tencent Holdings, Ltd.		192,586		4,237
IT Services - 6.1%
Cognizant Technology Solutions Corp. - Class A ‡^		70,252		5,149
International Business Machines Corp.		320,261		47,001
Mastercard, Inc. - Class A ^		51,585		11,561
Visa, Inc. — Class A ^		111,995		7,882
Life Sciences Tools & Services - 1.0%
Illumina, Inc. ‡^		93,404		5,916
Waters Corp. ‡		72,292		5,618
Machinery - 6.1%
Caterpillar, Inc. ^		213,887		20,033
Cummins, Inc.		47,010		5,172
Deere & Co. ^		94,534		7,851
Dover Corp.		106,059		6,199
Illinois Tool Works, Inc. ^		91,334		4,877
Ingersoll-Rand PLC ^		235,580		11,093
Joy Global, Inc.		89,802		7,790
Parker Hannifin Corp.		113,987		9,837
Media - 2.4%
News Corp. - Class A ^		258,235		3,760
Omnicom Group, Inc.		199,890		9,155

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

Page 66

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Media (continued)
Walt Disney Co. ^		395,632	$	14,840
Metals & Mining - 2.1%
Cliffs Natural Resources, Inc.		75,590		5,897
Nucor Corp. ^		110,825		4,856
Rio Tinto PLC ADR ^		59,661		4,275
Teck Resources, Ltd. - Class B ^		156,208		9,659
Multiline Retail - 1.3%
Dollar General Corp. ‡^		187,666		5,756
Target Corp.		159,697		9,602
Oil, Gas & Consumable Fuels - 4.1%
Anadarko Petroleum Corp.		97,386		7,417
Apache Corp. ^		91,172		10,870
Exxon Mobil Corp.		66,397		4,855
Occidental Petroleum Corp. ^		172,656		16,937
Valero Energy Corp. ^		335,981		7,768
Personal Products - 0.2%
Estee Lauder Cos., Inc.- Class A		33,814		2,729
Pharmaceuticals - 2.1%
Abbott Laboratories ^		60,672		2,907
Allergan, Inc. ^		95,626		6,567
Shire PLC ADR ^		114,171		8,263
Teva Pharmaceutical Industries, Ltd. ADR		124,323		6,481
Road & Rail - 0.5%
Union Pacific Corp.		66,519		6,164
Semiconductors & Semiconductor Equipment - 6.1%
Altera Corp. ^		758,073		26,973
Analog Devices, Inc.		221,834		8,356
Broadcom Corp. - Class A		331,051		14,417
Intel Corp.		37,028		779
Intersil Corp. - Class A ^		587,147		8,966
Marvell Technology Group, Ltd. ‡		63,081		1,170
Xilinx, Inc. ^		397,182		11,510
Software - 9.9%
Adobe Systems, Inc. ‡		109,854		3,381
Autodesk, Inc. ‡^		149,834		5,724
BMC Software, Inc. ‡		109,153		5,145
Check Point Software Technologies, Ltd. ‡^		138,676		6,415
Citrix Systems, Inc. ‡		74,240		5,079
Longtop Financial Technologies, Ltd. ADR ‡ ^		68,161		2,466
Microsoft Corp.		679,615		18,975
Oracle Corp. ^		1,094,462		34,257
Red Hat, Inc. ‡		223,697		10,212
Salesforce.com, Inc. ‡^		78,612		10,377
VMware, Inc. - Class A ‡^		161,838		14,389
Specialty Retail - 2.6%
Advance Auto Parts, Inc. ^		73,601		4,869
Aeropostale, Inc. ‡^		56,221		1,385
Buckle, Inc. ^		25,025		945
Home Depot, Inc.		135,745		4,759
Ross Stores, Inc.		77,430		4,897
Staples, Inc. ^		128,893		2,935
Tiffany & Co. ^		103,197		6,427
TJX Cos., Inc. ^		69,588		3,089
Urban Outfitters, Inc. ‡		51,915		1,859
Textiles, Apparel & Luxury Goods - 3.9%
Coach, Inc.		263,527	$	14,576
Lululemon Athletica, Inc. ‡^		22,281		1,524
LVMH Moet Hennessy Louis Vuitton SA		5,514		907
Nike, Inc. - Class B ^		175,669		15,007
Phillips-Van Heusen Corp. ^		58,006		3,655
Polo Ralph Lauren Corp. - Class A ^		83,524		9,264
Wireless Telecommunication Services - 0.5%
American Tower Corp. - Class A ‡		106,432		5,496
Total Common Stocks (cost $964,982)				1,174,344
SECURITIES LENDING COLLATERAL - 1.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		18,937,844		18,938
Total Securities Lending Collateral (cost $18,938)

	Principal		Value
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% ▲ , dated 12/31/2010, to be repurchased at $2,436 on 01/03/2011. Collateralized by U.S. Government Obligations, 0.63% - 3.63%, due 12/31/2012 - 08/15/2019, with a total value of $2,489.	$	2,436		2,436
Total Repurchase Agreement (cost $2,436)
Total Investment Securities (cost $986,356) #				1,195,718
Other Assets and Liabilities - Net				(19,135	)
Net Assets			$	1,176,583

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

Page 67

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $18,511.
‡	Non-income producing security.
Ə	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 $2,711, or 0.23%, of the portfolio’s net assets.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $1,001,784. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $204,395 and $10,461, respectively. Net unrealized appreciation for tax purposes is $193,934.

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 12/31/2010, these securities aggregated $2,711, or 0.23%, of the fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,114,527	$	59,817	$	—	$	1,174,344
Repurchase Agreement		—		2,436		—		2,436
Securities Lending Collateral		18,938		—		—		18,938
Total	$	1,133,465	$	62,253	$	—	$	1,195,718

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

Page 68

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 96.4%
Aerospace & Defense - 0.8%
Alliant Techsystems, Inc. ‡		47,200	$	3,513
L-3 Communications Holdings, Inc.		53,600		3,778
Auto Components - 0.3%
WABCO Holdings, Inc. ‡		52,200		3,181
Beverages - 1.9%
Brown-Forman Corp.- Class B		54,000		3,759
Coca-Cola Enterprises, Inc.		282,600		7,074
Dr. Pepper Snapple Group, Inc.		36,000		1,266
Molson Coors Brewing Co.- Class B		110,400		5,541
Capital Markets - 2.1%
Ameriprise Financial, Inc.		183,100		10,538
LPL Investment Holdings, Inc. ‡		25,800		938
Northern Trust Corp.		59,000		3,269
T. Rowe Price Group, Inc.		73,100		4,718
Chemicals - 2.4%
Air Products & Chemicals, Inc.		60,500		5,502
Albemarle Corp.		101,400		5,656
PPG Industries, Inc.		71,200		5,986
Sigma-Aldrich Corp. ^		72,800		4,846
Commercial Banks - 6.1%
BancorpSouth, Inc. ^		146,500		2,337
BB&T Corp.		73,100		1,922
City National Corp.		44,600		2,737
Comerica, Inc. ^		233,100		9,846
Cullen/Frost Bankers, Inc. ^		43,300		2,646
Fifth Third Bancorp		1,017,700		14,940
M&T Bank Corp.		59,100		5,145
SunTrust Banks, Inc. ^		392,200		11,574
TCF Financial Corp. ^		76,800		1,137
Zions Bancorporation ^		104,500		2,532
Commercial Services & Supplies - 3.2%
Avery Dennison Corp.		276,700		11,715
Republic Services, Inc. - Class A		593,900		17,735
Containers & Packaging - 1.7%
Ball Corp.		100,600		6,846
Crown Holdings, Inc. ‡		199,900		6,673
Rock-Tenn Co. Class A		40,800		2,201
Distributors - 0.5%
Genuine Parts Co.		84,400		4,333
Diversified Financial Services - 1.2%
NYSE Euronext		375,200		11,248
Diversified Telecommunication Services - 0.7%
CenturyLink, Inc. ^		105,000		4,848
Windstream Corp.		137,800		1,921
Electric Utilities - 3.3%
American Electric Power Co., Inc.		189,700		6,825
Edison International		253,100		9,770
Northeast Utilities		47,900		1,527
Westar Energy, Inc. ^		237,300		5,970
Wisconsin Energy Corp.		94,900		5,586
Electrical Equipment - 2.3%
AMETEK, Inc.		84,300		3,309
Cooper Industries PLC - Class A		197,500		11,512
Regal Beloit Corp.		21,600		1,442
Roper Industries, Inc. ^		56,800		4,341
Electronic Equipment & Instruments - 2.8%
Amphenol Corp. - Class A ^		77,500		4,090
Arrow Electronics, Inc. ‡		109,200		3,740
Tyco Electronics, Ltd.		499,100		17,669
Energy Equipment & Services - 2.9%
Baker Hughes, Inc.		199,800		11,423
Cameron International Corp. ‡		163,300		8,284
Weatherford International, Ltd. ‡^		311,000		7,091
Food & Staples Retailing - 1.7%
Kroger Co.		428,000		9,570
Safeway, Inc. ^		256,600		5,771
Food Products - 2.0%
ConAgra Foods, Inc.		202,300		4,568
JM Smucker Co.		102,500		6,729
Mead Johnson Nutrition Co. - Class A		51,300		3,193
Ralcorp Holdings, Inc. ‡		59,300		3,855
Gas Utilities - 2.9%
Energen Corp.		154,321		7,448
EQT Corp.		295,000		13,227
Oneok, Inc.		110,400		6,124
Health Care Equipment & Supplies - 6.6%
Becton, Dickinson and Co.		89,400		7,556
CareFusion Corp. ‡		368,700		9,476
CR Bard, Inc. ^		62,550		5,740
St. Jude Medical, Inc. ‡		371,700		15,891
Stryker Corp.		170,300		9,145
Zimmer Holdings, Inc. ‡		216,700		11,632
Health Care Providers & Services - 2.2%
AmerisourceBergen Corp. - Class A		66,400		2,266
Community Health Systems, Inc. ‡		74,200		2,773
Coventry Health Care, Inc. ‡		127,000		3,353
Humana, Inc. ‡		61,500		3,366
Lincare Holdings, Inc. ^		251,350		6,743
VCA Antech, Inc. ‡^		81,100		1,889
Hotels, Restaurants & Leisure - 1.5%
Darden Restaurants, Inc.		68,499		3,181
Intercontinental Hotels Group PLC ADR		182,000		3,591
Marriott International, Inc. - Class A ^		90,566		3,762
Yum! Brands, Inc.		68,800		3,375
Household Durables - 4.9%
Fortune Brands, Inc. ^		98,700		5,947
Jarden Corp.		89,600		2,766
Mohawk Industries, Inc. ‡		55,000		3,122
Newell Rubbermaid, Inc.		412,100		7,491
Snap-On, Inc.		95,706		5,415
Stanley Black & Decker, Inc.		201,100		13,447
Whirlpool Corp. ^		72,200		6,414
Household Products - 0.3%
Energizer Holdings, Inc. ‡		38,600		2,814
Industrial Conglomerates - 2.4%
Carlisle Cos., Inc. ^		105,400		4,189
Tyco International, Ltd.		436,300		18,080
Insurance - 7.4%
AON Corp.		80,500		3,704
Arch Capital Group, Ltd. ‡		17,700		1,558
Cincinnati Financial Corp. ^		174,900		5,543
Loews Corp.		225,700		8,782
Old Republic International Corp. ^		445,500		6,072
OneBeacon Insurance Group, Ltd. - Class A		170,655		2,587
Principal Financial Group, Inc.		373,800		12,171

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

Page 69

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Insurance (continued)
Symetra Financial Corp.		45,400	$	622
Transatlantic Holdings, Inc.		120,700		6,231
WR Berkley Corp. ^		206,400		5,651
XL Group PLC - Class A		604,000		13,180
Internet & Catalog Retail - 0.4%
Expedia, Inc.		141,400		3,548
IT Services - 1.8%
Alliance Data Systems Corp. ‡^		115,000		8,168
Western Union Co.		433,600		8,052
Media - 3.9%
Cablevision Systems Corp. - Class A		63,100		2,135
CBS Corp. - Class B		188,600		3,593
DISH Network Corp. - Class A ‡^		210,600		4,140
Gannett Co., Inc. ^		272,600		4,114
Omnicom Group, Inc.		55,800		2,556
Viacom, Inc. - Class B		428,400		16,969
Washington Post Co. - Class B ^		3,700		1,626
Metals & Mining - 0.8%
Allegheny Technologies, Inc. ^		130,000		7,173
Multiline Retail - 0.5%
Macy’s, Inc.		177,100		4,481
Multi-Utilities - 3.8%
CMS Energy Corp.		783,700		14,577
NSTAR ^		105,100		4,434
Sempra Energy		166,600		8,743
Xcel Energy, Inc.		282,000		6,641
Oil, Gas & Consumable Fuels - 4.9%
CVR Energy, Inc. ‡		117,300		1,781
Denbury Resources, Inc. ‡		233,100		4,450
Devon Energy Corp.		91,900		7,215
El Paso Corp.		300,200		4,131
Kinder Morgan Management LLC		45,566		3,047
Newfield Exploration Co. ‡		74,900		5,401
Nexen, Inc.		294,400		6,742
Teekay Corp.		126,600		4,188
Williams Cos., Inc.		300,700		7,432
Professional Services - 1.4%
Dun & Bradstreet Corp.		89,700		7,363
Manpower, Inc.		82,550		5,181
Real Estate Investment Trusts - 1.7%
HCP, Inc.		65,700		2,417
Kimco Realty Corp.		115,000		2,075
Public Storage		17,400		1,765
Regency Centers Corp. ^		104,700		4,423
Vornado Realty Trust		53,237		4,435
Real Estate Management & Development - 1.2%
Brookfield Properties Corp.		223,900		3,925
CB Richard Ellis Group, Inc. - Class A ‡		345,800		7,082
Semiconductors & Semiconductor Equipment - 2.2%
Linear Technology Corp.		193,600		6,697
LSI Corp. ‡		1,522,700		9,120
Micron Technology, Inc. ‡		550,100		4,412
Software - 3.4%
Activision Blizzard, Inc.		547,100		6,806
BMC Software, Inc. ‡		188,100		8,868
Jack Henry & Associates, Inc. ^		158,300		4,614
Parametric Technology Corp. ‡^		266,950		6,014
Synopsys, Inc. ‡		169,600		4,564
Specialty Retail - 4.6%
AutoZone, Inc. ‡		13,700		3,734
Bed Bath & Beyond, Inc. ‡		110,400		5,426
Gap, Inc.		414,000		9,167
Guess?, Inc.		148,700		7,036
Sherwin-Williams Co. ^		63,700		5,335
Staples, Inc.		99,600		2,268
Tiffany & Co. ^		67,100		4,178
TJX Cos., Inc.		107,100		4,754
Textiles, Apparel & Luxury Goods - 0.4%
Phillips-Van Heusen Corp.		58,300		3,673
Thrifts & Mortgage Finance - 0.4%
Capitol Federal Financial, Inc.		15,600		186
People’s United Financial, Inc. ^		272,400		3,816
Tobacco - 0.2%
Lorillard, Inc.		17,000		1,395
Water Utilities - 0.2%
American Water Works Co., Inc.		81,200		2,054
Wireless Telecommunication Services - 0.5%
Telephone & Data Systems, Inc. (Special Shares) - Class L		135,763		4,279
Total Common Stocks (cost $723,941)				876,889
SECURITIES LENDING COLLATERAL - 5.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36%		46,842,151		46,842
Total Securities Lending Collateral (cost $46,842)

	Principal		Value
REPURCHASE AGREEMENT - 3.4%
State Street Bank & Trust Co. 0.01% ▲, dated 12/31/2010, to be repurchased at $31,241 on 01/03/2011. Collateralized by U.S. Government Obligations, 1.38% - 3.63%, due 05/15/2013 - 08/15/2019, with a total value of $31,872.	$	31,241		31,241
Total Repurchase Agreement (cost $31,241)
Total Investment Securities (cost $802,024) #				954,972
Other Assets and Liabilities - Net				(45,838	)
Net Assets			$	909,134

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

Page 70

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

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 $45,754.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $804,882. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $151,558 and $1,468, respectively. Net unrealized appreciation for tax purposes is $150,090.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	817,278	$	59,611	$	—	$	876,889
Repurchase Agreement		—		31,241		—		31,241
Securities Lending Collateral		46,842		—		—		46,842
Total	$	864,120	$	90,852	$	—	$	954,972

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

Page 71

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 95.9%
Aerospace & Defense - 2.2%
BE Aerospace, Inc. ‡		157,075	$	5,816
Air Freight & Logistics - 1.8%
CH Robinson Worldwide, Inc.		61,835		4,959
Auto Components - 4.5%
BorgWarner, Inc. ‡		108,565		7,856
Tenneco, Inc. ‡		105,365		4,337
Biotechnology - 3.3%
Alexion Pharmaceuticals, Inc. ‡		71,355		5,748
Myriad Genetics, Inc. ‡		137,000		3,129
Capital Markets - 2.0%
T. Rowe Price Group, Inc.		85,000		5,486
Chemicals - 6.8%
Albemarle Corp.		127,240		7,098
CF Industries Holdings, Inc.		42,265		5,712
Eastman Chemical Co.		65,790		5,532
Commercial Services & Supplies - 1.9%
Stericycle, Inc. ‡		63,800		5,163
Communications Equipment - 4.6%
Ciena Corp. ‡		139,000		2,926
F5 Networks, Inc. ‡		43,561		5,670
Juniper Networks, Inc. ‡		105,070		3,879
Computers & Peripherals - 1.3%
NetApp, Inc. ‡		64,220		3,530
Electrical Equipment - 4.4%
AMETEK, Inc.		95,000		3,729
Roper Industries, Inc.		70,245		5,369
Sensata Technologies Holding NV ‡		101,000		3,041
Electronic Equipment & Instruments - 2.1%
Agilent Technologies, Inc. ‡		138,190		5,725
Energy Equipment & Services - 1.8%
Complete Production Services, Inc. ‡		160,880		4,754
Food & Staples Retailing - 1.8%
Whole Foods Market, Inc. ‡		97,058		4,910
Health Care Equipment & Supplies - 1.9%
Edwards Lifesciences Corp. ‡		62,870		5,082
Hotels, Restaurants & Leisure - 4.8%
Chipotle Mexican Grill, Inc. - Class A ‡^		10,890		2,316
Panera Bread Co. - Class A ‡^		48,140		4,872
Starwood Hotels & Resorts Worldwide, Inc.		95,045		5,776
Industrial Conglomerates - 1.8%
McDermott International, Inc. ‡		231,000		4,779
Internet Software & Services - 1.7%
SINA Corp. ‡		67,370		4,636
IT Services - 3.0%
Cognizant Technology Solutions Corp. - Class A ‡		45,455		3,331
Gartner, Inc. ‡		141,120		4,686
Leisure Equipment & Products - 1.2%
Polaris Industries, Inc.		42,740		3,335
Life Sciences Tools & Services - 2.3%
Illumina, Inc. ‡		47,390		3,002
Mettler-Toledo International, Inc. ‡		22,000		3,326
Machinery - 3.2%
Actuant Corp. - Class A		122,000		3,248
Cummins, Inc.		49,225		5,415
Media - 2.0%
Virgin Media, Inc.		197,591		5,382
Metals & Mining - 1.7%
Hecla Mining Co. ‡		134,000		1,509
Stillwater Mining Co. ‡		150,000		3,202
Oil, Gas & Consumable Fuels - 2.5%
Brigham Exploration Co. ‡		132,292		3,604
Noble Energy, Inc.		37,000		3,185
Personal Products - 1.7%
Estee Lauder Cos., Inc. - Class A		57,523		4,642
Pharmaceuticals - 3.4%
Endo Pharmaceuticals Holdings, Inc. ‡		73,370		2,620
Salix Pharmaceuticals, Ltd. ‡		62,610		2,940
Shire PLC ADR		48,540		3,514
Professional Services - 2.0%
Monster Worldwide, Inc. ‡		223,000		5,269
Road & Rail - 2.0%
Kansas City Southern ‡		112,305		5,375
Software - 7.9%
Intuit, Inc. ‡		80,155		3,952
Red Hat, Inc. ‡		136,980		6,252
Salesforce.com, Inc. ‡		44,430		5,865
Successfactors, Inc. ‡		175,000		5,068
Specialty Retail - 4.4%
Abercrombie & Fitch Co. - Class A		54,000		3,112
Dick’s Sporting Goods, Inc. ‡		94,000		3,525
Foot Locker, Inc.		132,000		2,590
PetSmart, Inc.		67,450		2,686
Textiles, Apparel & Luxury Goods - 8.9%
Coach, Inc.		67,115		3,712
Deckers Outdoor Corp. ‡		45,110		3,597
Fossil, Inc. ‡		78,114		5,505
Lululemon Athletica, Inc. ‡		23,000		1,574
Phillips-Van Heusen Corp.		56,013		3,529
Under Armour, Inc. - Class A ‡		105,350		5,777
Wireless Telecommunication Services - 1.0%
MetroPCS Communications, Inc. ‡		209,000		2,640
Total Common Stocks (cost $197,907)				258,799
SECURITIES LENDING COLLATERAL - 0.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		1,768,730		1,769
Total Securities Lending Collateral (cost $1,769)

	Principal		Value
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.01% ▲, dated 12/31/2010, to be repurchased at $2,094 on 01/03/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 04/30/2017, with a value of $2,139.	$	2,094		2,094
Total Repurchase Agreement (cost $2,094)
Total Investment Securities (cost $201,770) #				262,662
Other Assets and Liabilities - Net				7,071
Net Assets			$	269,733

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

Page 72

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

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 $1,733.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $201,870. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $60,868 and $76, respectively. Net unrealized appreciation for tax purposes is $60,792.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	252,244	$	6,555	$	—	$	258,799
Repurchase Agreement		—		2,094		—		2,094
Securities Lending Collateral		1,769		—		—		1,769
Total	$	254,013	$	8,649	$	—	$	262,662

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

Page 73

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 95.3%
Chemicals - 2.3%
Kraton Performance Polymers, Inc. ‡		16,724	$	518
Zep, Inc.		126,000		2,504
Commercial Banks - 7.2%
First Busey Corp.		235,030		1,105
First Midwest Bancorp, Inc.		159,400		1,836
Hancock Holding Co.		19,300		673
International Bancshares Corp.		83,300		1,668
MB Financial, Inc.		70,400		1,219
Webster Financial Corp.		108,300		2,134
Westamerica Bancorporation		19,700		1,093
Commercial Services & Supplies - 4.5%
ACCO Brands Corp. ‡		180,200		1,535
G&K Services, Inc. - Class A		9,600		297
Standard Parking Corp. ‡		59,900		1,132
United Stationers, Inc. ‡		48,400		3,088
Computers & Peripherals - 2.0%
Diebold, Inc.		59,300		1,901
Electronics for Imaging, Inc. ‡		63,200		904
Construction & Engineering - 0.3%
Sterling Construction Co., Inc. ‡		35,000		456
Containers & Packaging - 1.3%
Aptargroup, Inc.		37,900		1,803
Diversified Consumer Services - 1.1%
Matthews International Corp. - Class A		43,800		1,532
Diversified Financial Services - 1.8%
Ares Capital Corp.		144,500		2,381
Electric Utilities - 2.5%
Unisource Energy Corp.		56,300		2,017
Westar Energy, Inc.		54,200		1,364
Electrical Equipment - 4.0%
Acuity Brands, Inc.		20,900		1,205
Belden, Inc.		112,800		4,154
Electronic Equipment & Instruments - 2.0%
Coherent, Inc. ‡		20,400		921
MTS Systems Corp.		34,532		1,294
Nam Tai Electronics, Inc.		67,400		431
Energy Equipment & Services - 2.4%
Bristow Group, Inc. ‡		30,700		1,454
SEACOR Holdings, Inc.		17,500		1,769
Food & Staples Retailing - 0.9%
Casey’s General Stores, Inc.		28,800		1,224
Food Products - 1.1%
Snyders-Lance, Inc.		63,000		1,477
Gas Utilities - 2.6%
Atmos Energy Corp.		40,900		1,277
New Jersey Resources Corp.		26,100		1,125
WGL Holdings, Inc.		30,000		1,073
Health Care Equipment & Supplies - 1.7%
Haemonetics Corp. ‡		8,500		537
ICU Medical, Inc. ‡		48,200		1,759
Health Care Providers & Services - 2.7%
Amsurg Corp. - Class A ‡		84,200		1,763
Corvel Corp. ‡		29,100		1,407
Universal American Corp.		25,600		524
Hotels, Restaurants & Leisure - 4.2%
Bally Technologies, Inc. ‡		28,700		1,211
CEC Entertainment, Inc. ‡		41,400		1,608
Choice Hotels International, Inc.		38,500		1,473
Sonic Corp. ‡		136,300		1,379
Household Durables - 2.3%
Helen of Troy, Ltd. ‡		76,335		2,270
Tempur-Pedic International, Inc. ‡		21,400		857
Industrial Conglomerates - 3.1%
Carlisle Cos., Inc.		106,400		4,228
Insurance - 8.2%
Alleghany Corp.		3,300		1,011
Amerisafe, Inc. ‡		58,500		1,024
Assured Guaranty, Ltd.		72,800		1,289
Delphi Financial Group, Inc. - Class A		95,500		2,754
Platinum Underwriters Holdings, Ltd.		47,700		2,145
Reinsurance Group of America, Inc. - Class A		39,800		2,138
Validus Holdings, Ltd.		25,776		789
Internet Software & Services - 1.2%
Websense, Inc. ‡		79,600		1,612
IT Services - 1.7%
MAXIMUS, Inc.		34,900		2,289
Life Sciences Tools & Services - 3.6%
Charles River Laboratories International, Inc. ‡^		59,600		2,118
ICON PLC ADR ‡		117,800		2,581
Machinery - 4.8%
Albany International Corp. - Class A		99,700		2,362
ESCO Technologies, Inc.		44,100		1,669
Mueller Industries, Inc.		69,400		2,269
Marine - 1.5%
Kirby Corp. ‡		46,700		2,057
Media - 2.4%
Arbitron, Inc.		77,400		3,214
Office Electronics - 1.2%
Zebra Technologies Corp. - Class A ‡		42,200		1,603
Oil, Gas & Consumable Fuels - 2.0%
Penn Virginia Corp.		78,842		1,326
SM Energy Co.		22,400		1,320
Paper & Forest Products - 1.3%
Deltic Timber Corp.		30,400		1,713
Personal Products - 1.3%
Herbalife, Ltd.		24,400		1,668
Real Estate Investment Trusts - 3.2%
American Campus Communities, Inc.		34,300		1,089
DiamondRock Hospitality Co. ‡		99,800		1,198
Education Realty Trust, Inc.		142,300		1,106
Mack-Cali Realty Corp.		26,600		879
Road & Rail - 1.9%
Genesee & Wyoming, Inc. - Class A ‡		49,100		2,600
Specialty Retail - 6.4%
Ascena Retail Group, Inc. ‡		64,300		1,699
Cato Corp. - Class A		108,600		2,977
Hibbett Sports, Inc. ‡		19,500		720
Stage Stores, Inc.		180,700		3,133
Textiles, Apparel & Luxury Goods - 0.6%
Unifirst Corp.		14,100		776
Thrifts & Mortgage Finance - 2.5%
NewAlliance Bancshares, Inc.		82,400		1,234
Northwest Bancshares, Inc.		178,300		2,097
Trading Companies & Distributors - 1.5%
GATX Corp.		57,500		2,029
Total Common Stocks (cost $106,869)				128,068

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

Page 74

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
SECURITIES LENDING COLLATERAL - 1.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		1,740,320	$	1,740
Total Securities Lending Collateral (cost $1,740)

	Principal		Value
REPURCHASE AGREEMENT - 4.7%
State Street Bank & Trust Co. 0.01% ▲, dated 12/31/2010, to be repurchased at $6,316 on 01/03/2011. Collateralized by a U.S. Government Obligation, 0.63%, due 12/31/2012, with a value of $6,447.	$	6,316		6,316
Total Repurchase Agreement (cost $6,316)
Total Investment Securities (cost $114,925) #				136,124
Other Assets and Liabilities - Net				(1,697	)
Net Assets			$	134,427

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 $1,695.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $115,376. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $21,398 and $650, respectively. Net unrealized appreciation for tax purposes is $20,748.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	125,487	$	2,581	$	—	$	128,068
Repurchase Agreement		—		6,316		—		6,316
Securities Lending Collateral		1,740		—		—		1,740
Total	$	127,227	$	8,897	$	—	$	136,124

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

Page 75

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 98.2%
Aerospace & Defense - 1.0%
American Science & Engineering, Inc. ^		23,055	$	1,965
Ceradyne, Inc. ‡		20,100		634
Cubic Corp.		11,200		528
Esterline Technologies Corp. ‡^		600		41
GenCorp, Inc. ‡^		56,900		294
Air Freight & Logistics - 0.8%
Atlas Air Worldwide Holdings, Inc. ‡^		23,200		1,295
Hub Group, Inc. - Class A ‡^		40,446		1,421
Park-Ohio Holdings Corp. ‡^		1,800		38
Airlines - 0.5%
Alaska Air Group, Inc. ‡		14,900		845
JetBlue Airways Corp. ‡^		63,900		422
Pinnacle Airlines Corp. ‡^		7,300		58
U.S. Airways Group, Inc. ‡^		36,300		363
Auto Components - 0.5%
American Axle & Manufacturing Holdings, Inc. ‡^		55,800		718
Fuel Systems Solutions, Inc. ‡		21,796		640
Motorcar Parts of America, Inc. ‡^		3,000		39
Spartan Motors, Inc. ^		5,900		36
Standard Motor Products, Inc.		10,000		137
Beverages - 0.0% ∞
Coca-Cola Bottling Co., Consolidated ^		1,200		67
MGP Ingredients, Inc. ^		5,100		56
Biotechnology - 4.0%
Acorda Therapeutics, Inc. ‡^		78,355		2,136
Alexion Pharmaceuticals, Inc. ‡^		32,154		2,591
BioMarin Pharmaceutical, Inc. ‡		88,350		2,379
Genomic Health, Inc. ‡^		108,695		2,325
Martek Biosciences Corp. ‡^		11,500		360
RTI Biologics, Inc. ‡^		316,448		845
Savient Pharmaceuticals, Inc. ‡^		59,380		661
United Therapeutics Corp. ‡^		32,230		2,038
Vanda Pharmaceuticals, Inc. ‡^		35,500		336
Building Products - 0.1%
Gibraltar Industries, Inc. ‡^		35,500		482
Capital Markets - 0.7%
American Capital, Ltd. ‡		32,400		245
Arlington Asset Investment Corp. - Class A		14,800		355
BGC Partners, Inc. - Class A ^		85,800		713
Calamos Asset Management, Inc. - Class A ^		10,400		146
TICC Capital Corp. ^		87,600		982
Chemicals - 2.1%
Balchem Corp. ^		31,588		1,068
Innospec, Inc. ‡		6,000		122
Kraton Performance Polymers, Inc. ‡		11,800		365
LSB Industries, Inc. ‡^		45,953		1,115
Minerals Technologies, Inc.		4,800		314
OM Group, Inc. ‡^		22,500		866
Omnova Solutions, Inc. ‡^		15,700		131
Rockwood Holdings, Inc. ‡		10,000		391
Solutia, Inc. ‡		30,330		700
Zep, Inc. ^		92,600		1,842
Commercial Banks - 5.5%
1st Source Corp. ^		7,700		156
Banco Latinoamericano de Comercio Exterior SA - Class E		57,500		1,061
Bancorp, Inc. ‡^		26,100		265
Bank of Hawaii Corp. ^		9,100		430
Boston Private Financial Holdings, Inc. ^		21,200		139
Camden National Corp.		2,400		87
Century Bancorp, Inc. - Class A ^		1,200		32
Citizens & Northern Corp.		4,200		62
City Holding Co. ^		4,800		174
Community Bank System, Inc. ^		49,300		1,370
CVB Financial Corp. ^		52,700		457
Dime Community Bancshares, Inc. ^		19,000		277
Enterprise Financial Services Corp.		6,500		68
Financial Institutions, Inc. ^		3,600		68
First Busey Corp.		160,772		756
First Citizens BancShares, Inc. - Class A		1,500		284
First Defiance Financial Corp. ‡^		5,500		65
First Financial Bancorp ^		9,400		174
First Financial Bankshares, Inc. ^		10,100		517
First Financial Corp.		3,500		123
First Midwest Bancorp, Inc. ^		117,100		1,349
Fulton Financial Corp. ^		46,000		476
Great Southern Bancorp, Inc.		4,200		99
Hancock Holding Co. ^		14,600		509
Independent Bank Corp. ^		3,000		81
International Bancshares Corp. ^		62,900		1,260
Lakeland Bancorp, Inc. ^		8,400		92
Lakeland Financial Corp. ^		9,500		204
MainSource Financial Group, Inc.		4,800		50
MB Financial, Inc. ^		53,900		934
NBT Bancorp, Inc. ^		1,200		29
Northrim BanCorp, Inc. ^		2,500		48
OceanFirst Financial Corp. ^		19,400		250
Old National Bancorp ^		62,100		738
Orrstown Financial Services, Inc. ^		1,200		33
Park National Corp. ^		9,400		683
S&T Bancorp, Inc.		4,300		97
SCBT Financial Corp. ^		5,400		177
Southwest Bancorp, Inc. ‡		4,200		52
State Bancorp, Inc. ^		3,100		29
Suffolk Bancorp ^		7,100		175
Sun Bancorp, Inc. ‡^		9,900		46
SY Bancorp, Inc. ^		8,900		218
Tompkins Financial Corp. ^		1,200		47
Trustco Bank Corp. ^		22,000		139
UMB Financial Corp. ^		3,600		149
United Bankshares, Inc. ^		26,100		762
Virginia Commerce Bancorp, Inc. ‡^		5,400		33
Washington Trust Bancorp, Inc. ^		6,000		131
Webster Financial Corp. ^		109,300		2,154
WesBanco, Inc. ^		3,100		59
West Bancorporation, Inc. ^		4,600		36
Westamerica Bancorporation ^		13,800		765
WSFS Financial Corp. ^		4,800		228
Commercial Services & Supplies - 2.5%
ACCO Brands Corp. ‡^		140,300		1,195
Compass Diversified Holdings		30,300		536
Consolidated Graphics, Inc. ‡^		3,000		145
G&K Services, Inc. - Class A ^		10,953		339
Kforce, Inc. ‡^		60,325		976
Rollins, Inc. ^		38,187		754
Standard Parking Corp. ‡		46,888		886

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

Page 76

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued) 
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Commercial Services & Supplies (continued)
Sykes Enterprises, Inc. ‡^		52,451	$	1,063
United Stationers, Inc. ‡^		34,000		2,169
U.S. Ecology, Inc.		3,600		63
Communications Equipment - 3.2%
Arris Group, Inc. ‡^		20,600		231
Black Box Corp. ^		5,900		226
Finisar Corp. ‡^		103,411		3,071
InterDigital, Inc. ‡^		18,400		766
Oclaro, Inc. ‡^		128,905		1,695
Oplink Communications, Inc. ‡^		74,309		1,372
Polycom, Inc. ‡^		24,870		969
Riverbed Technology, Inc. ‡		76,970		2,708
Symmetricom, Inc. ‡		8,500		60
Computers & Peripherals - 0.9%
Diebold, Inc. ^		44,300		1,421
Electronics for Imaging, Inc. ‡^		46,427		664
Imation Corp. ‡^		71,000		732
STEC Inc. ‡^		19,400		342
Construction & Engineering - 0.2%
Great Lakes Dredge & Dock Corp. ^		72,200		532
Sterling Construction Co., Inc. ‡^		24,600		321
Consumer Finance - 1.5%
Advance America Cash Advance Centers, Inc. ^		98,600		556
Ezcorp, Inc. - Class A ‡^		98,895		2,683
World Acceptance Corp. ‡^		36,225		1,913
Containers & Packaging - 0.6%
Aptargroup, Inc. ^		26,500		1,261
Rock-Tenn Co. - Class A ^		16,310		880
Distributors - 0.5%
Audiovox Corp. - Class A ‡^		8,300		72
Core-Mark Holding Co., Inc. ‡^		7,700		274
LKQ Corp. ‡^		61,380		1,394
Diversified Consumer Services - 2.2%
American Public Education, Inc. ‡^		27,405		1,021
Capella Education Co. ‡^		15,599		1,039
Career Education Corp. ‡^		18,200		377
Coinstar, Inc. ‡^		42,940		2,423
Matthews International Corp. - Class A ^		35,300		1,235
Steiner Leisure, Ltd. ‡^		27,074		1,264
Diversified Financial Services - 2.9%
Ares Capital Corp.		107,000		1,763
BlackRock Kelso Capital Corp. ^		10,700		118
Cash America International, Inc. ^		33,720		1,245
Encore Capital Group, Inc. ‡^		63,608		1,492
First Cash Financial Services, Inc. ‡^		67,570		2,095
Gladstone Capital Corp. ^		2,900		33
Hercules Technology Growth Capital, Inc. ^		5,600		58
Kayne Anderson Energy Development Co. ^		5,400		97
Marlin Business Services Corp. ‡^		3,600		46
MCG Capital Corp. ^		26,600		185
Medallion Financial Corp. ^		3,800		31
NewStar Financial, Inc. ‡^		8,900		94
Oppenheimer Holdings, Inc. - Class A ^		1,200		31
Portfolio Recovery Associates, Inc. ‡^		32,499		2,445
QC Holdings, Inc.		9,100		34
Diversified Telecommunication Services - 0.1%
Neutral Tandem, Inc. ‡		1,800		26
Surewest Communications ‡^		16,600		178
Vonage Holdings Corp. ‡		92,600		207
Electric Utilities - 1.7%
Cleco Corp. ^		7,300		225
El Paso Electric Co. ‡^		51,800		1,426
NGP Capital Resources Co. ^		7,100		65
Unisource Energy Corp. ^		76,700		2,748
Westar Energy, Inc. ^		41,000		1,032
Electrical Equipment - 2.9%
Acuity Brands, Inc. ^		15,200		877
AO Smith Corp. ^		3,600		137
Belden, Inc. ‡^		91,500		3,368
General Cable Corp. ‡		43,775		1,536
GrafTech International, Ltd. ‡		79,505		1,577
Thomas & Betts Corp. ‡		10,800		522
Ultralife Corp. ‡		6,000		40
Woodward Governor Co. ^		44,663		1,678
Electronic Equipment & Instruments - 2.1%
Anixter International, Inc. ^		2,400		143
Avnet, Inc. ‡^		51,715		1,709
AVX Corp. ^		36,900		569
Coherent, Inc. ‡		15,200		686
CTS Corp. ^		13,000		144
Insight Enterprises, Inc. ‡^		2,600		34
LoJack Corp. ‡		6,000		39
Measurement Specialties, Inc. ‡		2,400		70
MTS Systems Corp. ^		26,400		989
Multi-Fineline Electronix, Inc. ‡		41,052		1,087
Nam Tai Electronics, Inc. ^		46,300		296
RadiSys Corp. ‡^		21,300		190
Tech Data Corp. ‡		7,100		313
Vishay Intertechnology, Inc. ‡^		57,500		844
Energy Equipment & Services - 2.9%
Bristow Group, Inc. ‡^		21,600		1,023
Bronco Drilling Co., Inc. ‡^		13,600		109
Carbo Ceramics, Inc. ^		14,770		1,529
Complete Production Services, Inc. ‡^		60,400		1,785
Dril-Quip, Inc. ‡^		16,485		1,281
Hercules Offshore, Inc. ‡		91,600		317
Lufkin Industries, Inc. ^		27,745		1,731
Oil States International, Inc. ‡^		10,600		679
SEACOR Holdings, Inc. ^		12,900		1,304
Food & Staples Retailing - 0.7%
Andersons, Inc. ^		1,300		47
Casey’s General Stores, Inc. ^		36,100		1,536
Nash Finch Co. ^		6,100		259
Pantry, Inc. ‡		11,200		222
Susser Holdings Corp. ‡		15,400		213
Food Products - 0.4%
B&G Foods, Inc. - Class A ^		10,600		146
Hain Celestial Group, Inc. ‡^		1,800		49
John B. Sanfilippo & Son, Inc. ‡		3,000		37
Snyders-Lance, Inc. ^		48,400		1,134
Gas Utilities - 1.3%
Atmos Energy Corp. ^		31,400		979
Chesapeake Utilities Corp. ^		9,400		390
New Jersey Resources Corp. ^		18,372		792
Nicor, Inc. ^		17,800		889
Northwest Natural Gas Co.		1,800		84
Southwest Gas Corp. ^		16,200		594

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

Page 77

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Gas Utilities (continued)
WGL Holdings, Inc. ^		21,000	$	751
Health Care Equipment & Supplies - 3.2%
Cooper Cos., Inc.		1,800		101
Cyberonics, Inc. ‡^		3,200		99
Haemonetics Corp. ‡^		8,100		512
Hill-Rom Holdings, Inc. ^		14,800		583
ICU Medical, Inc. ‡^		36,000		1,314
Insulet Corp. ‡^		120,673		1,870
Invacare Corp. ^		34,700		1,047
Nutraceutical International Corp. ‡		2,400		34
NxStage Medical, Inc. ‡^		99,456		2,474
Sirona Dental Systems, Inc. ‡^		600		25
SonoSite, Inc. ‡^		51,565		1,629
Spectranetics Corp. ‡^		206,314		1,065
STERIS Corp.		6,000		219
Health Care Providers & Services - 1.7%
Amsurg Corp. - Class A ‡^		63,600		1,332
Corvel Corp. ‡^		24,200		1,170
Five Star Quality Care, Inc. ‡^		74,000		523
Health Management Associates, Inc. - Class A ‡^		8,300		79
HMS Holdings Corp. ‡^		17,455		1,131
Magellan Health Services, Inc. ‡		17,800		842
PDI, Inc. ‡		3,000		32
PharMerica Corp. ‡^		20,000		229
Providence Service Corp. ‡		4,200		67
U.S. Physical Therapy, Inc. ‡		5,500		109
Universal American Corp. ^		18,200		372
Hotels, Restaurants & Leisure - 2.8%
Bally Technologies, Inc. ‡^		21,100		890
BJ’s Restaurants, Inc. ‡^		28,373		1,005
CEC Entertainment, Inc. ‡^		31,300		1,216
Cheesecake Factory, Inc. ‡^		21,900		671
Chipotle Mexican Grill, Inc. ‡^		3,204		681
Choice Hotels International, Inc. ^		29,300		1,121
Isle of Capri Casinos, Inc. ‡^		9,100		93
O’Charley’s, Inc. ‡^		26,300		189
Panera Bread Co. - Class A ‡^		10,025		1,015
PF Chang’s China Bistro, Inc. ^		1,200		58
Red Lion Hotels Corp. ‡^		4,300		34
Ruby Tuesday, Inc. ‡^		49,700		649
Sonic Corp. ‡^		113,600		1,151
WMS Industries, Inc. ‡		14,955		677
Household Durables - 1.7%
Beazer Homes USA, Inc. ‡^		27,800		150
Blyth, Inc. ^		9,700		334
Furniture Brands International, Inc. ‡^		10,000		51
Helen of Troy, Ltd. ‡^		65,900		1,959
Hovnanian Enterprises, Inc. - Class A ‡^		10,900		45
Lifetime Brands, Inc. ‡		5,000		70
Ryland Group, Inc. ^		1,800		31
Standard Pacific Corp. ‡^		237,100		1,091
Tempur-Pedic International, Inc. ‡^		17,650		707
Tupperware Brands Corp. ^		27,410		1,307
Household Products - 0.1%
Central Garden & Pet Co. - Class A ‡^		40,300		398
Industrial Conglomerates - 0.9%
Carlisle Cos., Inc. ^		78,500		3,119
Standex International Corp.		1,800		54
Insurance - 4.3%
Alleghany Corp.		2,556		783
Allied World Assurance Co. Holdings, Ltd. ^		8,900		529
American Equity Investment Life Holding Co. ^		104,700		1,314
Amerisafe, Inc. ‡^		45,500		796
Amtrust Financial Services, Inc. ^		8,300		145
Aspen Insurance Holdings, Ltd. ^		7,800		223
Assured Guaranty, Ltd. ^		51,100		904
Crawford & Co. - Class B ‡		11,300		38
Delphi Financial Group, Inc. - Class A ^		70,028		2,020
Employers Holdings, Inc. ^		3,600		63
Enstar Group, Ltd. ‡^		7,700		651
FPIC Insurance Group, Inc. ‡^		5,900		218
Montpelier Re Holdings, Ltd. ^		71,400		1,424
National Financial Partners Corp. ‡^		14,600		196
Phoenix Cos., Inc. ‡^		34,800		88
Platinum Underwriters Holdings, Ltd. ^		62,300		2,803
Reinsurance Group of America, Inc. - Class A ^		29,500		1,584
Unitrin, Inc.		12,100		297
Validus Holdings, Ltd. ^		19,760		605
Internet & Catalog Retail - 0.4%
PetMed Express, Inc. ^		80,625		1,436
Internet Software & Services - 2.2%
comScore, Inc. ‡^		79,130		1,764
EarthLink, Inc. ^		140,300		1,207
J2 Global Communications, Inc. ‡^		47,065		1,363
Moduslink Global Solutions, Inc. ‡^		15,500		104
TheStreet.com, Inc. ^		13,300		36
Valueclick, Inc. ‡^		33,100		531
VistaPrint NV ‡^		29,450		1,355
Websense, Inc. ‡^		61,400		1,243
IT Services - 2.1%
Acxiom Corp. ‡^		20,100		345
Ciber, Inc. ‡^		22,800		107
MAXIMUS, Inc. ^		45,996		3,015
Ness Technologies, Inc. ‡^		6,000		36
VeriFone Holdings, Inc. ‡^		59,795		2,306
Virtusa Corp. ‡^		74,422		1,218
Leisure Equipment & Products - 0.4%
Arctic Cat, Inc. ‡^		19,800		290
Jakks Pacific, Inc. ‡^		61,600		1,122
Multimedia Games, Inc. ‡^		6,100		34
Sturm Ruger & Co., Inc.		3,000		46
Life Sciences Tools & Services - 1.0%
Charles River Laboratories International, Inc. ‡^		44,100		1,567
ICON PLC ADR ‡^		86,100		1,886
Machinery - 4.1%
Albany International Corp. - Class A ^		69,900		1,656
Altra Holdings, Inc. ‡^		9,100		181
Briggs & Stratton Corp. ^		7,900		156
Clarcor, Inc. ^		41,570		1,783
Crane Co.		9,700		398
EnPro Industries, Inc. ‡^		27,256		1,133
ESCO Technologies, Inc. ^		31,000		1,173
Hardinge, Inc. ^		3,000		29
Kadant, Inc. ‡		9,000		212

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

Page 78

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Machinery (continued)
Miller Industries, Inc. ^		5,900	$	84
Mueller Industries, Inc.		56,200		1,839
Nacco Industries, Inc. - Class A ^		6,500		704
Oshkosh Corp. ‡^		17,600		620
Toro Co. ^		24,760		1,526
Twin Disc, Inc. ^		4,200		125
Wabtec Corp. ^		25,820		1,366
Watts Water Technologies, Inc. - Class A ^		21,300		779
Xerium Technologies, Inc.		2,400		38
Marine - 0.4%
Kirby Corp. ‡^		34,800		1,533
Media - 1.2%
AH Belo Corp ‡^		33,600		292
Arbitron, Inc. ^		57,200		2,375
Harte-Hanks, Inc. ^		11,200		143
Morningstar, Inc. ^		16,905		897
Valassis Communications, Inc. ‡^		14,400		466
Metals & Mining - 0.9%
Haynes International, Inc. ^		2,400		100
Hecla Mining Co. ‡^		142,700		1,607
Worthington Industries, Inc. ^		67,620		1,244
Multiline Retail - 1.3%
99 Cents Only Stores ‡^		91,637		1,461
Big Lots, Inc. ‡^		47,260		1,440
Dillard’s, Inc. - Class A ^		30,800		1,169
Retail Ventures, Inc. ‡^		16,400		267
Stein Mart, Inc. ^		11,400		105
Multi-Utilities - 0.1%
NorthWestern Corp. ^		13,900		401
Office Electronics - 0.3%
Zebra Technologies Corp. - Class A ‡		30,800		1,170
Oil, Gas & Consumable Fuels - 3.1%
Brigham Exploration Co. ‡^		65,550		1,786
Cloud Peak Energy, Inc. ‡^		27,800		646
International Coal Group, Inc. ‡^		231,735		1,793
Penn Virginia Corp. ^		58,000		976
PetroQuest Energy, Inc. ‡		40,300		303
SM Energy Co. ^		17,400		1,025
Stone Energy Corp. ‡^		26,400		588
W&T Offshore, Inc. ^		71,900		1,285
Western Refining, Inc. ‡^		51,700		547
World Fuel Services Corp. ^		45,922		1,661
Paper & Forest Products - 1.0%
Buckeye Technologies, Inc. ^		23,800		500
Deltic Timber Corp. ^		23,000		1,296
Domtar Corp. ^		13,000		987
KapStone Paper and Packaging Corp. ‡^		49,700		760
Personal Products - 0.4%
Herbalife, Ltd. ^		19,300		1,320
Pharmaceuticals - 2.5%
Auxilium Pharmaceuticals, Inc. ‡^		78,790		1,662
Impax Laboratories, Inc. ‡^		3,000		60
Inspire Pharmaceuticals, Inc. ‡^		303,400		2,550
Medicis Pharmaceutical Corp. - Class A ^		41,000		1,098
Par Pharmaceutical Cos., Inc. ‡^		16,000		616
Salix Pharmaceuticals, Ltd. ‡^		49,225		2,312
ViroPharma, Inc. ‡^		4,300		74
Professional Services - 0.0% ∞
Navigant Consulting, Inc. ‡^		6,000		55
On Assignment, Inc. ‡^		5,500		45
Real Estate Investment Trusts - 4.5%
American Campus Communities, Inc. ^		24,000		762
Arbor Realty Trust, Inc. ‡		15,400		92
Ashford Hospitality Trust, Inc. ‡^		34,300		331
Associated Estates Realty Corp. ^		6,800		104
BRT Realty Trust ‡		4,300		31
CapLease, Inc. ^		42,100		245
CBL & Associates Properties, Inc. ^		8,900		156
Colonial Properties Trust ^		86,600		1,564
DiamondRock Hospitality Co. ‡^		78,352		940
Education Realty Trust, Inc. ^		99,800		775
Extra Space Storage, Inc. ^		74,900		1,303
Felcor Lodging Trust, Inc. ‡^		90,000		634
First Potomac Realty Trust ^		8,700		146
Getty Realty Corp. ^		38,500		1,204
Hersha Hospitality Trust - Class A ^		16,800		111
Lexington Realty Trust ^		59,300		471
Mack-Cali Realty Corp. ^		18,700		618
Mission West Properties, Inc. ^		19,100		128
Monmouth Real Estate Investment Corp. - Class A ^		10,500		89
National Health Investors, Inc. ^		25,000		1,126
Newcastle Investment Corp. ‡		25,200		169
One Liberty Properties, Inc. ^		25,800		431
Post Properties, Inc. ^		26,600		966
PS Business Parks, Inc. ^		1,800		100
Sovran Self Storage, Inc.		6,500		239
Sun Communities, Inc. ^		14,200		473
UMH Properties, Inc. ^		10,800		110
U-Store-It Trust ^		144,500		1,377
Winthrop Realty Trust ^		45,600		583
Road & Rail - 1.2%
Amerco, Inc. ‡^		13,600		1,306
Genesee & Wyoming, Inc.- Class A ‡^		36,100		1,911
Landstar System, Inc. ^		21,880		896
Semiconductors & Semiconductor Equipment - 3.7%
Atheros Communications, Inc. ‡^		36,621		1,315
Cavium Networks, Inc. ‡^		53,066		2,000
DSP Group, Inc. ‡^		6,700		55
Fairchild Semiconductor International, Inc. - Class A ‡		36,700		573
Mellanox Technologies, Ltd. ‡^		32,202		843
Micrel, Inc. ^		25,500		331
Microsemi Corp. ‡^		95,625		2,189
Photronics, Inc. ‡^		53,400		316
RF Micro Devices, Inc. ‡^		203,950		1,499
Skyworks Solutions, Inc. ‡^		86,805		2,484
Veeco Instruments, Inc. ‡^		22,727		976
Software - 2.6%
Ariba, Inc. ‡^		76,910		1,806
Epicor Software Corp. ‡		44,000		444
Micros Systems, Inc. ‡^		23,450		1,029
Netscout Systems, Inc. ‡^		75,462		1,736
Parametric Technology Corp. ‡^		46,095		1,039
Progress Software Corp. ‡^		33,900		1,435
Taleo Corp. - Class A ‡^		48,464		1,340
Specialty Retail - 4.7%
Casual Male Retail Group, Inc. ‡		16,200		77
Cato Corp. - Class A		128,664		3,526

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

Page 79

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Specialty Retail (continued)
Chico’s FAS, Inc. ^		109,585	$	1,318
Collective Brands, Inc. ‡^		1,200		25
Dress Barn, Inc. ‡^		48,400		1,279
DSW, Inc. - Class A ‡^		65,080		2,544
Finish Line, Inc. - Class A ^		24,600		423
hhgregg, Inc. ‡^		61,325		1,285
Hibbett Sports, Inc. ‡^		14,300		528
Jo-Ann Stores, Inc. ‡^		11,800		711
MarineMax, Inc. ‡^		28,200		264
Pier 1 Imports, Inc. ‡^		15,200		160
Sonic Automotive, Inc. - Class A ^		20,900		277
Stage Stores, Inc. ^		132,100		2,291
Tractor Supply Co. ^		20,524		995
Williams-Sonoma, Inc. ^		17,200		614
Textiles, Apparel & Luxury Goods - 1.0%
Deckers Outdoor Corp. ‡^		30,187		2,407
Liz Claiborne, Inc. ‡^		29,600		212
Oxford Industries, Inc. ^		11,800		302
Unifirst Corp.		9,900		545
Thrifts & Mortgage Finance - 1.0%
Astoria Financial Corp. ^		3,600		50
Brookline Bancorp, Inc. ^		29,000		315
NewAlliance Bancshares, Inc. ^		68,000		1,019
Northwest Bancshares, Inc.		130,700		1,536
Provident Financial Services, Inc. ^		27,800		421
Provident New York Bancorp ^		8,400		88
Trading Companies & Distributors - 1.3%
Applied Industrial Technologies, Inc.		50,820		1,650
GATX Corp. ^		43,100		1,521
United Rentals, Inc. ‡^		31,500		717
WESCO International, Inc. ‡^		12,400		655
Water Utilities - 0.0%∞
Consolidated Water Co., Ltd. ^		7,700		71
Wireless Telecommunication Services - 0.3%
Novatel Wireless, Inc. ‡^		11,600		111
USA Mobility, Inc. ^		56,300		1,000
Total Common Stocks (cost $246,500)				335,303
INVESTMENT COMPANY - 0.2%
Diversified Financial Services - 0.2%
KKR Financial Holdings LLC		70,500		656
Total Investment Company (cost $217)
	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill	$	305		305
0.12% ▲, 03/17/2011 γ
Total Short-Term U.S. Government Obligation (cost $305)
	Shares		Value
WARRANT - 0.0% ∞
Lantronix, Inc. ‡
Expiration: 02/09/2011
Exercise Price: $28.08		640		♦
Total Warrant (cost $-)
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		87,892,332		87,892
Total Securities Lending Collateral (cost $87,892)
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co.
0.01% ▲, dated 12/31/2010, to be
repurchased at $5,283 on 01/03/2011.
Collateralized by U.S. Government
Obligations, 0.63% - 1.00%, due 04/30/2012
- 12/31/2012, with a total value of $5,395.	$	5,283		5,283
Total Repurchase Agreement (cost $5,283)
Total Investment Securities (cost $340,197) #				429,439
Other Assets and Liabilities - Net				(87,841	)
Net Assets			$	341,598

FUTURES CONTRACTS:

						Net Unrealized
						Appreciation
Description	Type	Contracts Г		Expiration Date		(Depreciation)
Russell 2000 Mini Index	Long		18		03/18/2011	$	27

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

Page 80

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTES TO SCHEDULE OF INVESTMENTS:

^	All or a portion of this security is on loan. The value of all securities on loan is $85,729.
‡	Non-income producing security.
∞	Percentage rounds to less than 0.1%.
▲	Rate shown reflects the yield at 12/31/2010.
♦	Value is less than $1.
γ	All or a portion of this security in the amount of $305 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.
#	Aggregate cost for federal income tax purposes is $353,602. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $79,612 and $3,775, respectively. Net unrealized appreciation for tax purposes is $75,837.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	330,690	$	4,613	$	—	$	335,303
Investment Companies		656		—		—		656
Repurchase Agreement		—		5,283		—		5,283
Securities Lending Collateral		87,892		—		—		87,892
Short-Term U.S. Government Obligations		—		305		—		305
Warrants		—		♦		—		♦
Total	$	419,238	$	10,201	$	—	$	429,439

Other Financial Instruments*	Level 1		Level 2		Level 3		Total
Futures Contracts - Appreciation	$	27	$	—	$	—	$	27

* 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	Annual Report 2010

Page 81

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
COMMON STOCKS - 97.6%
Aerospace & Defense - 1.4%
DigitalGlobe, Inc. ‡^		25,800	$	818
Esterline Technologies Corp. ‡^		12,706		871
Hexcel Corp. ‡^		15,792		286
Air Freight & Logistics - 1.3%
Atlas Air Worldwide Holdings, Inc. ‡^		15,100		843
Hub Group, Inc. - Class A ‡^		30,366		1,067
Auto Components - 1.5%
Amerigon, Inc. ‡^		43,184		470
Drew Industries, Inc.^		23,458		533
Westport Innovations, Inc. ‡		35,919		665
Wonder Auto Technology, Inc. ‡^		66,309		500
Biotechnology - 0.8%
Onyx Pharmaceuticals, Inc. ‡^		30,200		1,113
Capital Markets - 1.3%
Knight Capital Group, Inc. - Class A ‡^		72,300		997
Stifel Financial Corp. ‡^		13,800		856
Chemicals - 2.3%
Cabot Corp.		14,288		538
Kronos Worldwide, Inc.^		25,500		1,083
Solutia, Inc. ‡^		39,593		914
STR Holdings, Inc. ‡^		44,000		880
Commercial Banks - 0.9%
Boston Private Financial Holdings, Inc.		2,312		15
First Citizens BancShares, Inc. - Class A^		2,930		554
Pinnacle Financial Partners, Inc. ‡^		37,832		514
Umpqua Holdings Corp.		17,769		216
Commercial Services & Supplies - 2.4%
Consolidated Graphics, Inc. ‡^		19,700		953
IESI-BFC, Ltd.^		29,792		724
Kforce, Inc. ‡^		41,477		671
Schawk, Inc. - Class A^		18,300		377
Sykes Enterprises, Inc. ‡^		25,452		516
Tal International Group, Inc.^		6,082		188
Communications Equipment - 2.8%
Aruba Networks, Inc. ‡^		29,500		616
Blue Coat Systems, Inc. ‡^		25,017		747
Emulex Corp. ‡^		79,900		932
Plantronics, Inc.		22,200		826
Riverbed Technology, Inc. ‡		25,296		890
Computers & Peripherals - 0.9%
Electronics for Imaging, Inc. ‡		36,700		525
STEC Inc. ‡^		40,692		718
Construction & Engineering - 0.2%
Orion Marine Group, Inc. ‡^		29,241		339
Containers & Packaging - 1.2%
Rock-Tenn Co. - Class A		16,700		901
Silgan Holdings, Inc.^		21,700		777
Diversified Consumer Services - 1.5%
Coinstar, Inc. ‡^		15,774		890
Hillenbrand, Inc.^		50,000		1,041
Princeton Review, Inc. ‡^		150,900		178
Diversified Financial Services - 1.5%
Cash America International, Inc.^		22,296		823
Encore Capital Group, Inc. ‡^		38,509		903
First Cash Financial Services, Inc. ‡^		16,931		525
Diversified Telecommunication Services - 1.0%
Atlantic Tele-Network, Inc.^		11,900		456
Neutral Tandem, Inc. ‡^		68,600		991
Electrical Equipment - 3.2%
AO Smith Corp.^		21,099		803
EnerSys ‡^		27,437		881
Fushi Copperweld, Inc. ‡^		41,525		369
GrafTech International, Ltd. ‡^		49,600		985
Harbin Electric, Inc. ‡^		40,097		696
II-VI, Inc. ‡^		16,980		787
Electronic Equipment & Instruments - 3.4%
Elster Group SE ADR ‡^		15,972		270
Insight Enterprises, Inc. ‡^		35,200		463
Kemet Corp. ‡		55,800		814
Maxwell Technologies, Inc. ‡^		22,400		423
Measurement Specialties, Inc. ‡^		8,055		236
Newport Corp. ‡^		9,718		169
OSI Systems, Inc. ‡^		14,800		538
Power-One, Inc. ‡^		100,900		1,029
Rofin-Sinar Technologies, Inc. ‡^		26,400		936
Energy Equipment & Services - 3.1%
Complete Production Services, Inc. ‡^		29,400		869
Dawson Geophysical Co. ‡^		19,899		635
Key Energy Services, Inc. ‡^		49,216		639
Newpark Resources, Inc. ‡^		73,455		452
OYO Geospace Corp. ‡^		9,500		942
Patterson-UTI Energy, Inc.^		38,800		836
Food & Staples Retailing - 0.1%
QKL Stores, Inc. ‡^		31,801		113
Food Products - 1.5%
Hain Celestial Group, Inc. ‡^		28,549		773
SunOpta, Inc. ‡^		67,400		527
TreeHouse Foods, Inc. ‡^		15,635		798
Health Care Equipment & Supplies - 4.8%
Abaxis, Inc. ‡^		7,900		212
Angiodynamics, Inc. ‡^		37,349		574
Arthrocare Corp. ‡^		26,500		823
Atrion Corp.^		2,412		433
ICU Medical, Inc. ‡^		20,379		744
Integra LifeSciences Holdings Corp. ‡^		14,143		669
Invacare Corp.^		30,600		923
Natus Medical, Inc. ‡^		43,555		618
Sirona Dental Systems, Inc. ‡^		25,500		1,064
Synovis Life Technologies, Inc. ‡^		48,591		783
Health Care Providers & Services - 2.2%
Bio-Reference Labs, Inc. ‡^		28,517		633
Emergency Medical Services Corp. - Class A ‡^		10,600		685
Ensign Group, Inc.^		23,000		572
RehabCare Group, Inc. ‡^		26,069		618
U.S. Physical Therapy, Inc. ‡		32,864		651
Health Care Technology - 0.0% ∞
HealthStream, Inc. ‡^		5,175		42
Hotels, Restaurants & Leisure - 2.7%
BJ’s Restaurants, Inc. ‡^		10,706		379
Caribou Coffee Co., Inc. ‡^		45,669		460
Cheesecake Factory, Inc. ‡^		26,400		809
Domino’s Pizza, Inc. ‡^		60,100		960
Ruby Tuesday, Inc. ‡^		36,216		473
Texas Roadhouse, Inc. - Class A ‡^		47,700		819
Internet & Catalog Retail - 1.5%
HSN, Inc. ‡^		26,900		824
Shutterfly, Inc. ‡^		21,470		752
U.S. Auto Parts Network, Inc. ‡^		65,000		546

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

Page 82

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Internet Software & Services - 3.5%
Infospace, Inc. ‡^		73,373	$	609
Liveperson, Inc. ‡^		49,314		557
NIC, Inc.^		60,149		584
Open Text Corp. ‡^		15,500		714
Radware, Ltd. ‡^		12,300		461
Savvis, Inc. ‡		15,800		403
Valueclick, Inc. ‡^		58,977		946
Zix Corp. ‡^		155,200		663
IT Services - 1.0%
CSG Systems International, Inc. ‡^		38,051		721
Wright Express Corp. ‡^		16,700		768
Life Sciences Tools & Services - 2.9%
Bruker Corp. ‡^		60,213		1,000
eResearchTechnology, Inc. ‡^		69,300		509
ICON PLC ADR ‡^		42,030		920
Nektar Therapeutics ‡^		68,444		880
Parexel International Corp. ‡^		36,900		783
Machinery - 4.3%
Actuant Corp. - Class A^		21,600		575
Briggs & Stratton Corp.^		36,400		717
Columbus McKinnon Corp. ‡^		36,400		740
EnPro Industries, Inc. ‡^		24,813		1,031
Kennametal, Inc.^		24,100		951
LB Foster Co. - Class A ‡		7,156		293
Middleby Corp. ‡^		8,700		734
Wabash National Corp. ‡^		85,855		1,017
Media - 1.4%
APAC Customer Services, Inc. ‡^		91,066		553
Dolan Co. ‡^		47,494		661
Valassis Communications, Inc. ‡^		25,600		828
Metals & Mining - 1.8%
RTI International Metals, Inc. ‡^		20,985		566
Stillwater Mining Co. ‡^		49,629		1,060
Thompson Creek Metals Co., Inc. ‡^		62,287		917
Multiline Retail - 0.6%
99 Cents Only Stores ‡^		52,452		836
Multi-Utilities - 0.5%
Avista Corp.^		29,200		658
Oil, Gas & Consumable Fuels - 4.2%
Brigham Exploration Co. ‡^		25,600		697
Comstock Resources, Inc. ‡^		25,100		616
GeoResources, Inc. ‡^		13,400		298
International Coal Group, Inc. ‡^		104,500		809
Magnum Hunter Resources Corp. ‡^		130,921		943
North American Energy Partners, Inc. ‡		85,591		1,049
Penn Virginia Corp.^		18,500		311
Rex Energy Corp. ‡^		47,101		643
Swift Energy Co. ‡^		17,500		685
Paper & Forest Products - 0.6%
Buckeye Technologies, Inc.^		38,444		808
Personal Products - 0.0%∞
Inter Parfums, Inc.^		1,379		26
Pharmaceuticals - 3.2%
Akorn, Inc. ‡^		93,591		568
Cardiome Pharma Corp. ‡^		81,000		520
Impax Laboratories, Inc. ‡^		47,400		953
Par Pharmaceutical Cos., Inc. ‡^		29,321		1,129
Salix Pharmaceuticals, Ltd. ‡^		24,300		1,142
SuperGen, Inc. ‡^		99,200		260
Professional Services - 2.2%
Advisory Board Co. ‡^		13,300		633
FTI Consulting, Inc. ‡^		25,700		959
Heidrick & Struggles International, Inc.^		22,595		648
TrueBlue, Inc. ‡^		32,592		586
VSE Corp.^		10,399		343
Real Estate Management & Development - 0.5%
Altisource Portfolio Solutions SA ‡^		22,800		655
Road & Rail - 2.2%
Celadon Group, Inc. ‡^		52,341		774
Marten Transport, Ltd.^		24,913		533
Old Dominion Freight Line, Inc. ‡^		35,500		1,136
Werner Enterprises, Inc.^		31,200		705
Semiconductors & Semiconductor Equipment - 5.2%
Atheros Communications, Inc. ‡^		17,952		645
Entegris, Inc. ‡^		89,800		671
Microsemi Corp. ‡^		38,227		875
Mips Technologies, Inc. - Class A ‡^		40,300		611
Monolithic Power Systems, Inc. ‡^		38,500		636
NVE Corp. ‡		11,976		693
O2Micro International, Ltd. ADR ‡		54,000		334
PMC-Sierra, Inc. ‡^		125,900		1,081
Rubicon Technology, Inc. ‡^		27,617		582
Silicon Image, Inc. ‡^		93,186		685
Volterra Semiconductor Corp. ‡^		23,344		541
Software - 7.0%
Clicksoftware Technologies, Ltd. ‡		106,263		818
Compuware Corp. ‡^		101,800		1,187
Fortinet, Inc. ‡^		12,931		418
Interactive Intelligence, Inc. ‡^		22,440		587
Manhattan Associates, Inc. ‡^		12,178		372
NICE Systems, Ltd. ADR ‡		30,163		1,053
Parametric Technology Corp. ‡^		31,000		698
Progress Software Corp. ‡^		15,500		656
Quality Systems, Inc.^		7,800		545
Radiant Systems, Inc. ‡^		28,354		555
Smith Micro Software, Inc. ‡^		54,683		861
Solera Holdings, Inc.^		15,800		811
TIBCO Software, Inc. ‡^		42,600		840
Ultimate Software Group, Inc. ‡^		13,800		671
Specialty Retail - 7.6%
Buckle, Inc.^		17,300		653
Casual Male Retail Group, Inc. ‡^		146,198		693
Dress Barn, Inc. ‡^		29,000		766
DSW, Inc. - Class A ‡^		14,900		583
Finish Line, Inc. - Class A^		52,400		901
Genesco, Inc. ‡^		23,744		890
Group 1 Automotive, Inc.^		15,300		639
hhgregg, Inc. ‡^		23,725		497
Hibbett Sports, Inc. ‡^		11,848		437
Jo-Ann Stores, Inc. ‡^		11,704		705
JOS A. Bank Clothiers, Inc. ‡^		21,071		850
Lithia Motors, Inc. - Class A		10,600		151
PEP Boys-Manny Moe & Jack^		74,700		1,003
Talbots, Inc. ‡		78,100		665
Ulta Salon Cosmetics & Fragrance, Inc. ‡^		18,203		619
Williams-Sonoma, Inc.^		23,100		824
Textiles, Apparel & Luxury Goods - 3.4%
Deckers Outdoor Corp. ‡^		17,080		1,362
Iconix Brand Group, Inc. ‡^		43,400		838

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

Page 83

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts except share amounts in thousands)

	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Maidenform Brands, Inc. ‡^		12,224	$	291
Perry Ellis International, Inc. ‡^		17,018		467
Steven Madden, Ltd. ‡^		22,044		920
Warnaco Group, Inc. ‡^		16,575		913
Thrifts & Mortgage Finance - 0.3%
Provident Financial Services, Inc. ^		27,300		413
Trading Companies & Distributors - 1.0%
Applied Industrial Technologies, Inc. ^		29,874		970
DXP Enterprises, Inc. ‡^		16,820		404
Wireless Telecommunication Services - 0.7%
Novatel Wireless, Inc. ‡^		102,600		980
Total Common Stocks (cost $110,703)				139,233
WARRANT - 0.0%∞
Krispy Kreme Doughnuts, Inc. ‡
Expiration: 03/02/2012
Exercise Price: $12.21		141		♦
Total Warrant (cost $-)
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% ▲		36,566,755		36,567
Total Securities Lending Collateral (cost $36,567)
	Principal		Value
REPURCHASE AGREEMENT - 2.7%
State Street Bank & Trust Co. 0.01% ▲ , dated 12/31/2010, to be repurchased at $3,891 on 01/03/2011. Collateralized by a U.S. Government Obligation, 0.63%, due 12/31/2012, with a value of $3,970.	$	3,891		3,891
Total Repurchase Agreement (cost $3,891)
Total Investment Securities (cost $151,161) #				179,691
Other Assets and Liabilities - Net				(36,960	)
Net Assets			$	142,731

NOTES TO SCHEDULE OF INVESTMENTS:
^	All or a portion of this security is on loan. The value of all securities on loan is $35,619.
‡	Non-income producing security.
∞	Percentage rounds to less than 0.1%.
♦	Value is less than $1.
▲	Rate shown reflects the yield at 12/31/2010.
#	Aggregate cost for federal income tax purposes is $152,638. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $29,416 and $2,363, respectively. Net unrealized appreciation for tax purposes is $27,053.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	135,056	$	4,177	$	—	$	139,233
Repurchase Agreement		—		3,891		—		3,891
Securities Lending Collateral		36,567		—		—		36,567
Warrants		—		♦		—		♦
Total	$	171,623	$	8,068	$	—	$	179,691

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

Page 84

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS
At December 31, 2010
(all amounts except share amounts in thousands)

		Shares			Value
PREFERRED STOCK - 2.6%
Germany - 2.6%
Volkswagen AG, 1.26 ▲			143,582		$	23,345
Total Preferred Stock (cost $13,351)
COMMON STOCKS - 96.4%
Australia - 1.9%
BHP Billiton, Ltd.			363,601			16,828
Bermuda - 1.0%
SeaDrill, Ltd. ^			266,595			9,094
Brazil - 3.6%
BM&FBOVESPA SA			1,400,300			11,076
Embraer SA ADR			277,400			8,156
Natura Cosmeticos SA			444,800			12,778
Canada - 5.4%
Canadian National Railway Co.			216,950			14,477
Canadian Natural Resources, Ltd.			362,900			16,187
Cenovus Energy, Inc. ^			103,588			3,467
Potash Corp., of Saskatchewan, Inc.			51,500			7,974
Thomson Reuters Corp. ^			174,000			6,517
China - 6.5%
China Merchants Bank Co., Ltd. - Class H	��		5,346,845			13,551
CNOOC, Ltd.			8,719,847			20,799
Industrial & Commercial Bank of China - Class H			19,892,000			14,766
Sinopharm Group Co. - Class H			2,591,590			9,036
Denmark - 3.3%
Novo Nordisk A/S - Class B			213,364			24,039
Vestas Wind Systems A/S ‡^			178,853			‡ 5,664
France - 8.4%
Air Liquide SA			105,049			13,285
BNP Paribas			249,513			15,874
Lafarge SA			221,125			13,864
LVMH Moet Hennessy Louis Vuitton SA			133,433			21,951
Publicis Groupe SA ^			191,198			9,964
Germany - 5.4%
Deutsche Bank AG			87,200			4,560
Fresenius Medical Care AG & Co., KGaA			239,289			13,757
SAP AG			412,761			21,052
Siemens AG			71,800			8,894
Guernsey, Channel Islands - 0.6%
Amdocs, Ltd. ‡			183,900			5,052
Hong Kong - 2.3%
Hong Kong Exchanges & Clearing, Ltd.			908,000			20,595
Ireland - 1.1%
Covidien PLC			216,500			9,885
Israel - 2.5%
Teva Pharmaceutical Industries, Ltd. ADR			436,694			22,765
Japan - 10.8%
Canon, Inc. ^			285,224			14,651
Dai-ichi Life Insurance Co., Ltd.			6,971			11,282
Fanuc Corp.			72,294			11,051
Komatsu, Ltd.			808,104			24,320
Mitsubishi UFJ Financial Group, Inc.			3,030,100			16,339
Toyota Motor Corp.			469,691			18,491
Korea, Republic of - 1.7%
Hyundai Motor Co.			‡ 97,930			14,952
Luxembourg - 2.2%
ArcelorMittal			513,200			19,463
Mexico - 3.0%
America Movil SAB de CV - Series L ADR			226,009			12,959
Wal-Mart de Mexico SAB de CV - Series V			4,766,400			13,620
Netherlands - 1.2%
ING Groep NV ‡			1,081,200			10,518
Spain - 1.9%
Telefonica SA			761,202			17,378
Sweden - 1.8%
Hennes & Mauritz AB - Class B			471,871			15,716
Switzerland - 6.4%
Julius Baer Group, Ltd.			230,196			10,778
Logitech International SA ‡^			316,587			6,020
Nestle SA			312,854			18,328
Novartis AG			375,071			22,079
Taiwan - 2.0%
High Tech Computer Corp.			591,224			18,250
Turkey - 1.2%
Turkiye Garanti Bankasi AS			2,109,300			10,683
United Kingdom - 18.9%
ARM Holdings PLC			1,316,243			8,687
BG Group PLC			719,586			14,540
British American Tobacco PLC			525,873			20,198
British Sky Broadcasting Group PLC			718,919			8,250
Carnival PLC			420,398	��		19,545
Kingfisher PLC			3,526,710			14,483
Pearson PLC			526,437			8,273
Reckitt Benckiser Group PLC			275,570			15,145
SABMiller PLC			325,456			11,450
Smith & Nephew PLC			851,541			8,981
Standard Chartered PLC			715,886			19,259
Tesco PLC			2,907,857			19,268
United States - 3.3%
Schlumberger, Ltd.			212,300			17,727
Southern Copper Corp.			237,400			11,571
Total Common Stocks (cost $627,272)					$	860,162
SECURITIES LENDING COLLATERAL - 4.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.36% 5			37,736,604			37,737
Total Securities Lending Collateral (cost $37,737)

	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.01% 5, dated 12/31/2010, to be repurchased at $6,426 on 01/03/2011. Collateralized by a U.S. Government Obligation, 3.13%, due 04/30/2017, with a value of $6,558.	$	6,426		6,426
Total Repurchase Agreement (cost $6,426)
Total Investment Securities (cost $684,786) #				927,670
Other Assets and Liabilities - Net				(34,410	)
Net Assets			$	893,260

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

Page 85

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

	Percentage of
INVESTMENTS BY INDUSTRY (unaudited):	Total Investments			Value
Commercial Banks		9.9	%	$	90,472
Pharmaceuticals		8.5			77,919
Automobiles		6.1			56,788
Oil, Gas & Consumable Fuels		5.8			54,993
Metals & Mining		5.1			47,862
Diversified Financial Services		4.5			42,189
Machinery		3.7			35,371
Media		3.6			33,004
Food & Staples Retailing		3.6			32,888
Specialty Retail		3.3			30,199
Energy Equipment & Services		3.0			26,821
Software		2.7			26,104
Computers & Peripherals		2.6			24,270
Textiles, Apparel & Luxury Goods		2.3			21,951
Chemicals		2.3			21,259
Tobacco		2.1			20,198
Hotels, Restaurants & Leisure		2.1			19,545
Health Care Equipment & Supplies		2.0			18,866
Food Products		2.0			18,328
Diversified Telecommunication Services		1.9			17,378
Capital Markets		1.7			15,338
Household Products		1.6			15,145
Office Electronics		1.6			14,651
Road & Rail		1.6			14,477
Construction Materials		1.5			13,864
Health Care Providers & Services		1.5			13,757
Wireless Telecommunication Services		1.4			12,959
Personal Products		1.4			12,778
Beverages		1.2			11,450
Insurance		1.2			11,282
Industrial Conglomerates		1.0			8,894
Semiconductors & Semiconductor Equipment		0.9			8,687
Aerospace & Defense		0.9			8,156
Electrical Equipment		0.6			5,664
Investment Securities, at Value		95.2			883,507
Short-Term Investments		4.8			44,163
Total Investments		100.0	%	$	927,670

FORWARD FOREIGN CURRENCY CONTRACTS:

						Amount in U.S.			Net Unrealized
				Settlement		Dollars Bought			Appreciation
Currency	Bought (Sold)			Date		(Sold)			(Depreciation)
Euro		32,992			01/25/2011	$	44,870		$	(785	)
Euro		(32,992	)		01/25/2011		(42,429	)		(1,655	)
Mexican Peso		(262,964	)		05/24/2011		(21,020	)		(26	)
									$	(2,466	)

NOTES TO SCHEDULE OF INVESTMENTS:
5	Rate shown reflects the yield at 12/31/2010.
^	All or a portion of this security is on loan. The value of all securities on loan is $35,930.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $687,319. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $255,193 and $14,842, respectively. Net unrealized appreciation for tax purposes is $240,351.

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

Page 86

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)
At December 31, 2010
(all amounts in thousands)

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Common Stocks	$	145,603	$	714,559	$	—	$	860,162
Preferred Stocks		—		23,345		—		23,345
Repurchase Agreement		—		6,426		—		6,426
Securities Lending Collateral		37,737		—		—		37,737
Total	$	183,340	$	744,330	$	—	$	927,670

Other Financial Instruments*	Level 1		Level 2			Level 3		Total
Forward Foreign Currency Contracts — Depreciation		—	$	(2,466	)		—	$	(2,466	)

^* Other financial instruments are derivative instruments including, but not limited to, Futures Contracts, Forward Foreign Currency Cofntracts, 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	Annual Report 2010

Page 87

STATEMENTS OF ASSETS AND LIABILITIES
At December 31, 2010
(all amounts in thousands)

					Inflation-
			High Quality		Protected
	Money Market		Bond		Securities			Core Bond		High Yield Bond		Balanced
Assets:
Investment securities, at value	$	881,353	$	466,313	$	323,374		$	1,938,179	$	668,906	$	121,360
Repurchase agreements, at value		183,846		7,006		18,187			71,991		26,864		1,166
Cash on deposit with broker		—		—		—			—		—		181
Foreign currency, at value		—		—		10			376		—		28
Unrealized appreciation on forward foreign currency contracts		—		—		15			76		—		—
Unrealized appreciation on swap agreements		—		—		175			3,813		—		—
Premium paid on swap agreements		—		—		—			782		—		—
Receivables:
Due from advisor		—		—		—			—		—		35
Investment securities sold		—		—		—			1,421,233		1,716		33,004
Interest		453		2,648		2,347			11,466		12,702		284
Dividends		—		—		—			—		—		80
Securities lending income (net)		—		2		2			7		—		—
Variation margin		—		—		—			467		—		23
Other		—		84		—			8		—		145
Prepaid expenses		8		3		3			12		5		1
		1,065,660		476,056		344,113			3,448,410		710,193		156,307
Liabilities:
Foreign cash		—		—		8			—		—		—
Cash on deposit with custodian		—		—		—			2,000		—		—
Due to custodian		—		—		3			—		—		—
Accounts payable and accrued liabilities:
Collateral for securities on loan		—		12,194		13,872			32,324		—		—
Investment securities purchased		—		—		—			1,518,729		748		35,940
Variation margin		—		—		31			—		—		—
Advisory fees		225		137		98			482		329		44
Custody fees		12		6		6			54		10		14
Interest from securities sold short		—		—		—			278		—		5
Audit and tax fees		10		10		11			12		11		11
Legal fees		14		6		5			22		10		2
Other		3		2		1			5		2		1
Unrealized depreciation on swap agreements		—		—		164			1,594		—		—
Premium received on swap agreements		—		—		4			549		—		—
Securities sold short, at value		—		—		—			232,309		—		3,930
Written options and swaptions, at value		—		—		1,900			38,046		—		23
		264		12,355		16,103			1,826,404		1,110		39,970
Net Assets	$	1,065,396	$	463,701	$	328,010		$	1,622,006	$	709,083	$	116,337
Investment securities, at cost	$	881,353	$	461,341	$	315,775		$	1,937,040	$	647,851	$	118,508
Repurchase agreements, at cost	$	183,846	$	7,006	$	18,187		$	71,991	$	26,864	$	1,166
Foreign currency, at cost	$	—	$	—	$	(5	)	$	368	$	—	$	28
Securities loaned, at value	$	—	$	11,949	$	13,597		$	29,833	$	—	$	—
Proceeds from securities sold short	$	—	$	—	$	—		$	232,729	$	—	$	3,948
Premium on written options and swaptions	$	—	$	—	$	1,971		$	38,537	$	—	$	20

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

Page 88

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At December 31, 2010
(all amounts in thousands)

	Large Value		Large Core		Large Growth		Mid Value		Mid Growth			Small Value
Assets:
Investment securities, at value	$	1,015,232	$	257,597	$	1,193,282	$	923,731	$	260,568		$	129,808
Repurchase agreements, at value		17,447		3,877		2,436		31,241		2,094			6,316
Receivables:
Due from advisor		—		—		14		—		—			6
Investment securities sold		—		—		1,739		617		9,657			135
Dividends		763		210		836		1,001		78			96
Dividend reclaims		—		—		55		24		—			—
Securities lending income (net)		3		3		5		12		—	(A)		—	(A)
Other		4		104		92		—		—			—
Prepaid expenses		6		1		7		5		1			1
		1,033,455		261,792		1,198,466		956,631		272,398			136,362
Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		18,506		5,647		18,938		46,842		1,769			1,740
Investment securities purchased		417		—		2,278		110		703			84
Advisory fees		384		130		621		510		175			95
Custody fees		8		3		19		9		3			3
Audit and tax fees		11		11		11		10		10			10
Legal fees		14		3		16		12		4			2
Other		—		3		—		4		1			1
		19,340		5,797		21,883		47,497		2,665			1,935
Net Assets	$	1,014,115	$	255,995	$	1,176,583	$	909,134	$	269,733		$	134,427
Investment securities, at cost	$	889,057	$	222,946	$	983,920	$	770,783	$	199,676		$	108,609
Repurchase agreements, at cost	$	17,447	$	3,877	$	2,436	$	31,241	$	2,094		$	6,316
Securities loaned, at value	$	18,093	$	5,526	$	18,511	$	45,754	$	1,733		$	1,695

					International
	Small Core		Small Growth		Equity
Assets:
Investment securities, at value	$	424,156	$	175,800	$	921,244
Repurchase agreements, at value		5,283		3,891		6,426
Foreign currency, at value		—		—		1,012
Receivables:
Investment securities sold		98		621		1,860
Dividends		257		15		478
Dividend reclaims		—	��	—		3,437
Securities lending income (net)		24		17		26
Other		—		—		190
Prepaid expenses		2		1		6
		429,820		180,345		934,679
Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		87,892		36,567		37,737
Investment securities purchased		58		920		578
Variation margin		9		—		—
Advisory fees		237		111		565
Custody fees		8		3		45
Audit and tax fees		11		10		11
Legal fees		5		2		13
Other		2		1		4
Unrealized depreciation on forward foreign currency contracts		—		—		2,466
		88,222		37,614		41,419
Net Assets	$	341,598	$	142,731	$	893,260
Investment securities, at cost	$	334,914	$	147,270	$	678,360
Repurchase agreements, at cost	$	5,283	$	3,891	$	6,426
Foreign currency, at cost	$	—	$	—	$	986
Securities loaned, at value	$	85,729	$	35,619	$	35,930

^(A) Rounds to less than $1.

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

Page 89

STATEMENTS OF OPERATIONS
For the yearn ended December 31, 2010
(all amounts in thousands)

					Inflation-
			High Quality		Protected
	Money Market		Bond		Securities			Core Bond			High Yield Bond			Balanced
Investment income:
Interest income	$	3,384	$	15,767	$	8,393		$	69,155		$	62,181		$	2,088
Securities lending income (net)		—		37		6			123			—	(A)		4
Dividend income		—		—		—			24			142			1,506
Withholding taxes on foreign income		—		—		—			—			(1	)		—	(A)
		3,384		15,804		8,399			69,302			62,322			3,598
Expenses:
Advisory		2,840		1,642		1,212			6,003			3,635			555
Custody		150		71		85			548			140			133
Audit and tax		16		15		17			33			17			15
Legal		77		30		—	(A)		92			48			8
Printing and shareholder reports		7		3		3			1			4			8
Trustee and CCO		26		11		8			39			15			3
Other		17		7		5			37			11			2
Total expenses		3,133		1,779		1,330			6,753			3,870			724
Expenses reimbursed/waived		—		—		—			—			—			(107	)
Net expenses		3,133		1,779		1,330			6,753			3,870			617
Net investment income		251		14,025		7,069			62,549			58,452			2,981
Net realized gain (loss) on transactions from:
Investment securities		7		3,943		12,025			30,773			22,236			2,173
Swap agreements		—		—		(969	)		(5,280	)		—			(132	)
Futures contracts		—		—		2,710			(2,758	)		—			390
Written option and swaption contracts		—		—		631			16,164			—			16
Foreign currency transactions		—		—		401			5,175			—			20
Securities sold short		—		—		—			(528	)		—			(109	)
		7		3,943		14,798			43,546			22,236			2,358
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—		1,444		470			35,661			16,058			10,742
Swap agreements		—		—		(862	)		3,763			—			—
Futures contracts		—		—		(149	)		3,255			—			(14	)
Written option and swaption contracts		—		—		(120	)		(7,695	)		—			(8	)
Securities sold short		—		—		—			(1,038	)		—			18
Translation of assets and liabilities denominated in foreign currencies		—		—		(134	)		(1,312	)		—			5
		—		1,444		(795	)		32,634			16,058			10,743
Net realized and unrealized gain		7		5,387		14,003			76,180			38,294			13,101
Net increase in net assets resulting from operations	$	258	$	19,412	$	21,072		$	138,729		$	96,746		$	16,082

	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Investment income:
Interest income	$	—	(A)	$	—	(A)	$	1		$	3		$	—	(A)	$	1
Securities lending income (net)		99			40			129			267			24			10
Dividend income		22,335			5,351			13,935			14,878			930			2,230
Withholding taxes on foreign income		(10	)		(20	)		(72	)		(20	)		(7	)		—
		22,424			5,371			13,993			15,128			947			2,241
Expenses:
Advisory		4,759			1,541			7,136			5,513			1,748			1,087
Custody		102			24			255			107			41			23
Audit and tax		28			16			33			9			6			16
Legal		44			16			56			53			15			8
Printing and shareholder reports		3			2			—			4			3			8
Trustee and CCO		24			6			26			18			5			3
Other		18			4			35			12			3			2
Total expenses		4,978			1,609			7,541			5,716			1,821			1,147
Expenses reimbursed/waived		—			—			(42	)		—			—	(A)		(20	)
Net expenses		4,978			1,609			7,499			5,716			1,821			1,127
Net investment income (loss)		17,446			3,762			6,494			9,412			(874	)		1,114
Net realized gain (loss) on transactions from:
Investment securities		109,678			8,624			130,857			64,309			41,474			15,484
Foreign currency transactions		1			—	(A)		(12	)		(4	)		1			—
		109,679			8,624			130,845			64,305			41,475			15,484
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		10,261			15,464			37,120			87,619			22,589			11,023
Translation of assets and liabilities denominated in foreign currencies		—	(A)		(1	)		—	(A)		—	(A)		—			—
		10,261			15,463			37,120			87,619			22,589			11,023
Net realized and unrealized gain		119,940			24,087			167,965			151,924			64,064			26,507
Net increase in net assets resulting from operations	$	137,386		$	27,849		$	174,459		$	161,336		$	63,190		$	27,621

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

Page 90

STATEMENTS OF OPERATIONS (continued)
For the year ended December 31, 2010
(all amounts in thousands)

							International
	Small Core			Small Growth			Equity
Investment income:
Interest income	$	1		$	—	(A)	$	—	(A)
Securities lending income (net)		337			146			487
Dividend income		3,685			541			20,591
Withholding taxes on foreign income		—	(A)		(1	)		(1,006	)
		4,023			686			20,072
Expenses:
Advisory		2,521			1,208			6,651
Custody		95			51			419
Audit and tax		16			15			24
Legal		20			9			70
Printing and shareholder reports		3			2			11
Trustee and CCO		7			3			19
Other		5			2			14
Total expenses		2,667			1,290			7,208
Expenses reimbursed/waived		—			(40	)		—
Net expenses		2,667			1,250			7,208
Net investment income (loss)		1,356			(564	)		12,864
Net realized gain (loss) on transactions from:
Investment securities		47,861			21,668			68,066
Futures contracts		138			—			—
Foreign currency transactions		—			—			(1,529	)
		47,999			21,668			66,537
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		34,216			10,963			34,770
Futures contracts		(52	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			(1	)		(2,115	)
		34,164			10,962			32,655
Net realized and unrealized gain		82,163			32,630			99,192
Net increase in net assets resulting from operations	$	83,519		$	32,066		$	112,056

^(A) Rounds to less than $1.

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

Page 91

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

	Money Market						High Quality Bond						Inflation-Protected Securities
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2010			2009			2010			2009
From operations:
Net investment income	$	251		$	4,556		$	14,025		$	14,943		$	7,069		$	3,718
Net realized gain (loss)		7			56			3,943			(415	)		14,798			(842	)
Change in net unrealized appreciation (depreciation)		—			—			1,444			22,148			(795	)		31,871
Net increase in net assets resulting from operations		258			4,612			19,412			36,676			21,072			34,747
From transactions in investors’ beneficial interests:
Contributions		662,569			1,027,545			195,218			235,138			57,416			78,906
Withdrawals		(730,338	)		(1,225,052	)		(228,017	)		(215,958	)		(120,488	)		(132,841	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(67,769	)		(197,507	)		(32,799	)		19,180			(63,072	)		(53,935	)
Net increase (decrease) in net assets		(67,511	)		(192,895	)		(13,387	)		55,856			(42,000	)		(19,188	)
Net Assets:
Beginning of year		1,132,907			1,325,802			477,088			421,232			370,010			389,198
End of year	$	1,065,396		$	1,132,907		$	463,701		$	477,088		$	328,010		$	370,010

	Core Bond						High Yield Bond						Balanced
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2010			2009			2010			2009
From operations:
Net investment income	$	62,549		$	67,637		$	58,452		$	53,541		$	2,981		$	4,399
Net realized gain (loss)		43,546			(29,343	)		22,236			(24,341	)		2,358			(17,018	)
Change in net unrealized appreciation		32,634			135,401			16,058			205,329			10,743			42,670
Net increase in net assets resulting from operations		138,729			173,695			96,746			234,529			16,082			30,051
From transactions in investors’ beneficial interests:
Contributions		314,602			545,781			189,188			120,397			7,343			19,026
Contribution in-kind		—			164,114			—			—			—			—
Series reorganizations		—			60,639			—			—			—			—
Withdrawals		(580,856	)		(862,011	)		(218,768	)		(152,872	)		(44,822	)		(80,273	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(266,254	)		(91,477	)		(29,580	)		(32,475	)		(37,479	)		(61,247	)
Net increase (decrease) in net assets		(127,525	)		82,218			67,166			202,054			(21,397	)		(31,196	)
Net Assets:
Beginning of year		1,749,531			1,667,313			641,917			439,863			137,734			168,930
End of year	$	1,622,006		$	1,749,531		$	709,083		$	641,917		$	116,337		$	137,734

	Large Value						Large Core						Large Growth
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2010			2009			2010			2009
From operations:
Net investment income	$	17,446		$	27,267		$	3,762		$	4,050		$	6,494		$	10,856
Net realized gain (loss)		109,679			(675,481	)		8,624			(52,167	)		130,845			(109,199	)
Change in net unrealized appreciation		10,261			814,282			15,463			102,075			37,120			436,386
Net increase in net assets resulting from operations		137,386			166,068			27,849			53,958			174,459			338,043
From transactions in investors’ beneficial interests:
Contributions		97,725			153,363			25,843			25,021			77,698			269,103
Contribution in-kind		—			41,832			—			—			—			83,167
Series reorganizations		—			879			—			—			—			94,418
Withdrawals		(484,459	)		(549,649	)		(78,593	)		(79,857	)		(417,094	)		(573,994	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(386,734	)		(353,575	)		(52,750	)		(54,836	)		(339,396	)		(127,306	)
Net increase (decrease) in net assets		(249,348	)		(187,507	)		(24,901	)	��	(878	)		(164,937	)		210,737
Net Assets:
Beginning of year		1,263,463			1,450,970			280,896			281,774			1,341,520			1,130,783
End of year	$	1,014,115		$	1,263,463		$	255,995		$	280,896		$	1,176,583		$	1,341,520

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

Page 92

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

	Mid Value						Mid Growth						Small Value
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2010			2009			2010			2009
From operations:
Net investment income (loss)	$	9,412		$	9,785		$	(874	)	$	(536	)	$	1,114		$	1,730
Net realized gain (loss)		64,305			(182,248	)		41,475			(44,907	)		15,484			(24,300	)
Change in net unrealized appreciation		87,619			371,554			22,589			98,216			11,023			47,791
Net increase in net assets resulting from operations		161,336			199,091			63,190			52,773			27,621			25,221
From transactions in investors’ beneficial interests:
Contributions		269,938			82,637			39,943			31,031			12,187			13,079
Withdrawals		(330,801	)		(103,316	)		(85,149	)		(61,021	)		(51,108	)		(49,201	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(60,863	)		(20,679	)		(45,206	)		(29,990	)		(38,921	)		(36,122	)
Net increase (decrease) in net assets		100,473			178,412			17,984			22,783			(11,300	)		(10,901	)
Net Assets:
Beginning of year		808,661			630,249			251,749			228,966			145,727			156,628
End of year	$	909,134		$	808,661		$	269,733		$	251,749		$	134,427		$	145,727

	Small Core						Small Growth						International Equity
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2010			2009			2010			2009
From operations:
Net investment income (loss)	$	1,356		$	2,206		$	(564	)	$	(564	)	$	12,864		$	13,884
Net realized gain (loss)		47,999			(117,450	)		21,668			(23,946	)		66,537			(416,301	)
Change in net unrealized appreciation		34,164			189,213			10,962			67,426			32,655			634,486
Net increase in net assets resulting from operations		83,519			73,969			32,066			42,916			112,056			232,069
From transactions in investors’ beneficial interests:
Contributions		24,934			33,336			15,020			14,916			84,159			111,677
Withdrawals		(106,899	)		(156,923	)		(57,079	)		(57,621	)		(347,004	)		(399,757	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(81,965	)		(123,587	)		(42,059	)		(42,705	)		(262,845	)		(288,080	)
Net increase (decrease) in net assets		1,554			(49,618	)		(9,993	)		211			(150,789	)		(56,011	)
Net Assets:
Beginning of year		340,044			389,662			152,724			152,513			1,044,049			1,100,060
End of year	$	341,598		$	340,044		$	142,731		$	152,724		$	893,260		$	1,044,049

Note: Prior to January 1, 2010, the Statements of Changes in Net Assets were audited by another independent registered public accounting firm.

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

Page 93

FINANCIAL HIGHLIGHTS
For the years ended:

							Money Market
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	1,065,396		$	1,132,907		$	1,325,802		$	1,050,796		$	925,941
Total return		0.02	%		0.36	%		2.44	%		5.17	%		4.86	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.28	%		0.27	%		0.27	%		0.28	%		0.28	%
After reimbursement		0.28	%		0.27	%		0.27	%		0.28	%		0.28	%
Net investment income, to average net assets		0.02	%		0.37	%		2.43	%		5.01	%		4.77	%

							High Quality Bond
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	463,701		$	477,088		$	421,232		$	833,291		$	817,623
Total return		4.20	%		9.83	%		0.55	%		5.34	%		4.38	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
After reimbursement		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income, to average net assets		2.99	%		3.75	%		4.24	%		4.38	%		4.03	%
Portfolio turnover rate		87	%		104	%		64	%		56	%		55	%

	Inflation-Protected Securities
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	328,010		$	370,010		$	389,198		$	149,013		$	150,681
Total return		6.23	%		10.22	%		(2.14	%)		10.16	%		3.48	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.38	%		0.40	%		0.39	%		0.42	%		0.41	%
After reimbursement		0.38	%		0.40	%		0.39	%		0.40	%		0.40	%
Net investment income, to average net assets		2.04	%		1.02	%		4.99	%		5.26	%		4.50	%
Portfolio turnover rate		117	%		118	%		154	%		340	%		525	%

							Core Bond
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	1,622,006		$	1,749,531		$	1,667,313		$	2,248,880		$	2,077,821
Total return		8.26	%		12.89	%		(1.83	%)		6.67	%		4.17	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
After reimbursement		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income, to average net assets		3.65	%		4.45	%		5.12	%		4.81	%		4.50	%
Portfolio turnover rate		633	%		1,014	% (A)		530	%		503	%		487	%

							High Yield Bond
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	709,083		$	641,917		$	439,863		$	538,727		$	502,330
Total return		15.81	%		57.21	%		(28.90	%)		2.02	%		11.99	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.59	%		0.59	%		0.58	%		0.58	%		0.59	%
After reimbursement		0.59	%		0.59	%		0.58	%		0.58	%		0.59	%
Net investment income, to average net assets		8.84	%		10.10	%		9.57	%		7.97	%		7.86	%
Portfolio turnover rate		98	%		98	%		54	%		96	%		93	%

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

Page 94

FINANCIAL HIGHLIGHTS (continued)
For the years ended:

							Balanced
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	116,337		$	137,734		$	168,930		$	318,635		$	381,649
Total return		13.91	%		23.45	%		(26.71	%)		1.79	%		11.74	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.59	%		0.55	%		0.53	%		0.52	%		0.53	%
After reimbursement		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income, to average net assets		2.42	%		3.01	%		3.45	%		2.87	%		2.72	%
Portfolio turnover rate		211	%		167	%		154	%		226	%		224	%

							Large Value
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	1,014,115		$	1,263,463		$	1,450,970		$	3,165,025		$	3,538,944
Total return		14.66	%		16.71	%		(42.94	%)		(1.75	%)		20.68	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
After reimbursement		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income, to average net assets		1.65	%		2.22	%		2.53	%		1.68	%		1.47	%
Portfolio turnover rate		62	%		124	% (A)		26	%		30	%		31	%

							Large Core
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	255,995		$	280,896		$	281,774		$	903,262		$	1,159,020
Total return		11.79	%		23.36	%		(36.65	%)		2.11	%		11.77	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.63	%		0.62	%		0.65	%		0.64	%		0.63	%
After reimbursement		0.63	%		0.62	%		0.65	%		0.64	%		0.63	%
Net investment income, to average net assets		1.47	%		1.57	%		1.31	%		1.08	%		1.11	%
Portfolio turnover rate		55	%		168	%		99	%		101	%		73	%

							Large Growth
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	1,176,583		$	1,341,520		$	1,130,783		$	2,444,761		$	2,526,917
Total return		16.62	%		35.56	%		(39.87	%)		12.25	%		4.12	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.66	%		0.65	%		0.65	%		0.65	%		0.64	%
After reimbursement		0.65	%		0.65	%		0.65	%		0.65	%		0.64	%
Net investment income, to average net assets		0.56	%		0.97	%		0.92	%		0.61	%		0.43	%
Portfolio turnover rate		119	%		102	% (A)		102	%		129	%		84	%

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

Page 95

FINANCIAL HIGHLIGHTS (continued)
For the years ended:

							Mid Value
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	909,134		$	808,661		$	630,249		$	998,177		$	936,974
Total return		21.29	%		32.53	%		(37.73	%)		2.62	%		18.33	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.69	%		0.70	%		0.70	%		0.70	%		0.71	%
After reimbursement		0.69	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income, to average net assets		1.14	%		1.44	%		1.69	%		1.37	%		1.17	%
Portfolio turnover rate		76	%		122	%		68	%		69	%		80	%

							Mid Growth
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	269,733		$	251,749		$	228,966		$	337,189		$	309,909
Total return		29.27	%		25.24	%		(41.55	%)		30.42	%		2.17	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.75	%		0.76	%		0.75	%		0.75	%		0.75	%
After reimbursement		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment loss, to average net assets		(0.36	%)		(0.23	%)		(0.02	%)		(0.23	%)		(0.31	%)
Portfolio turnover rate		199	%		214	%		158	%		152	%		151	%

							Small Value
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	134,427		$	145,727		$	156,628		$	185,137		$	236,317
Total return		23.12	%		19.64	%		(26.63	%)		(7.74	%)		9.64	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.87	%		0.88	%		0.87	%		0.87	%		0.87	%
After reimbursement		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income, to average net assets		0.84	%		1.24	%		1.94	%		1.36	%		0.27	%
Portfolio turnover rate		121	%		103	%		117	%		94	%		105	%

							Small Core
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	341,598		$	340,044		$	389,662		$	950,197		$	1,211,556
Total return		29.89	%		27.64	%		(36.06	%)		(4.49	%)		11.77	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.85	%		0.85	%		0.85	%		0.84	%		0.85	%
After reimbursement		0.85	%		0.85	%		0.85	%		0.84	%		0.85	%
Net investment income, to average net assets		0.43	%		0.67	%		0.94	%		0.58	%		0.29	%
Portfolio turnover rate		55	%		88	%		106	%		97	%		86	%

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

Page 96

FINANCIAL HIGHLIGHTS (continued)
For the years ended:

							Small Growth
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	142,731		$	152,724		$	152,513		$	166,817		$	155,003
Total return		25.65	%		32.99	%		(37.87	%)		8.64	%		8.71	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.93	%		0.93	%		0.93	%		0.92	%		1.04	%
After reimbursement		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment loss, to average net assets		(0.41	%)		(0.38	%)		(0.18	%)		(0.42	%)		(0.29	%)
Portfolio turnover rate		99	%		104	%		146	%		144	%		173	%

							International Equity
	December 31,			December 31,			December 31,			December 31,			December 31,
	2010			2009			2008			2007			2006
Net assets end of year (000’s)	$	893,260		$	1,044,049		$	1,100,060		$	2,264,062		$	2,101,152
Total return		14.94	%		26.10	%		(49.94	%)		11.69	%		27.31	%
Ratios and supplemental data
Expenses to average net assets
Before reimbursement		0.81	%		0.82	%		0.84	%		0.87	%		0.87	%
After reimbursement		0.81	%		0.82	%		0.84	%		0.87	%		0.87	%
Net investment income, to average net assets		1.45	%		1.39	%		2.78	%		2.25	%		1.78	%
Portfolio turnover rate		29	%		138	%		174	%		110	%		81	%

^(A) Excludes investment securities received in kind.

Note: Prior to January 1, 2010, all of the Financial Highlights were audited by another independent registered public accounting firm.

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

Page 97

NOTES TO FINANCIAL STATEMENTS
At December 31, 2010
(all amounts in thousands)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Partners Portfolios (the “Series Portfolio”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as a series trust under the laws of the State of New York. The Series Portfolio 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”). Each Portfolio issues shares of beneficial interest only in private placement transactions that do not involve a public offering within the meaning of Section 4(2) of the Securities Act of 1933, as amended (“Securities Act”). Only “accredited investors”, as defined in Regulation D under the Securities Act, may invest in the Funds. Accredited investors include investment companies, insurance company separate accounts, common or commingled trust funds, or other similar organizations or entities.

On July 9, 2010, Balanced changed its sub-adviser from Goldman Sachs Asset Management, L.P., Western Asset Management Company and Western Asset Management Company Limited, to BlackRock Financial Management, Inc., and J.P. Morgan Investment Management Inc. Also on the same date, Small Value changed its sub-adviser from Mesirow Financial Management, Inc. to Wellington Management Company, LLP.

On November 17, 2010, Large Growth terminated one of the sub-advisers, OFI Institutional Asset Management, Inc.

This report should be read in conjunction with the Portfolios’ current prospectus, which contains more complete information about the Portfolios, including investment objectives and strategies.

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 U.S. generally accepted accounting principles (“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 counterparties’ 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 is 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 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 December 31, 2010 are listed in the Schedules of Investments.

Transamerica Partners Portfolios Annual Report 2010

Page 98

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

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 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.

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 a 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 Statements 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 Statements of Operations.

The underlying face amounts of open option and swaption contracts at December 31, 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		136			266
Closing Buys		(223	)		(1,660	)
Expirations		(59	)		(91	)
Exercised		—			—
Balance at December 31, 2010	$	—		$	—

				Notional
Balanced	Premium			Amount
Balance at December 31, 2009	$	30		$	168
Sales		51			133
Closing Buys		(48	)		(208	)
Expirations		(13	)		(81	)
Exercised		—			—
Balance at December 31, 2010	$	20		$	12

				Notional
Core Bond	Premium			Amount
Balance at December 31, 2009	$	893		$	2,961
Sales		1,891			2,293
Closing Buys		(1,441	)		(3,595	)
Expirations		(492	)		(1,143	)
Exercised		—			—
Balance at December 31, 2010	$	851		$	516

Transamerica Partners Portfolios Annual Report 2010

Page 99

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

Transactions in written swaptions were as follows:

				Notional
Inflation-Protected Securities	Premium			Amount
Balance at December 31, 2009	$	946		$	19,200
Sales		2,025			53,200
Closing Buys		(25	)		(5,200	)
Expirations		(975	)		(24,400	)
Exercised		—			—
Balance at December 31, 2010	$	1,971		$	42,800

				Notional
Balanced	Premium			Amount
Balance at December 31, 2009	$	—		$	—
Sales		16			2,594
Closing Buys		(16	)		(2,594	)
Expirations		—			—
Exercised		—			—
Balance at December 31, 2010	$	—		$	—

				Notional
Core Bond	Premium			Amount
Balance at December 31, 2009	$	26,800		$	576,400
Sales		56,766			1,658,680
Closing Buys		(24,858	)		(692,640	)
Expirations		(21,022	)		(757,740	)
Exercised		—			—
Balance at December 31, 2010	$	37,686		$	784,700

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. The 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 December 31, 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:

Transamerica Partners Portfolios Annual Report 2010

Page 100

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

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.

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 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 Portfolios 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 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 December 31, 2010.

Transamerica Partners Portfolios Annual Report 2010

Page 101

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

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 December 31, 2010 are listed in the Schedules of Investments.

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 investments on the Statements of Assets and Liabilities.

The PIKs at December 31, 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 December 31, 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 year ended December 31, 2010, are included in net realized gains/(losses) on the Statements of Operations and are summarized as follows:

Portfolio	Commissions
Large Growth	$	134
Mid Value		251
Mid Growth		52
Small Value		48
Small Core		55
Small Growth		117

Portfolios not listed in the above table did not have any commissions recaptured during the year ended December 31, 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.

Transamerica Partners Portfolios Annual Report 2010

Page 102

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 1. (continued)

TBAs, 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.

Core Bond and Balanced had TBAs outstanding as of December 31, 2010, which are included in Investment securities sold and Investment securities purchased on the Statements of Assets and Liabilities.

Dividend income related to a Real Estate Investment Trust (“REIT”) is recorded at management’s estimate of the income included in 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.

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. Eastern Time, each day the NYSE is open for business. The Portfolios utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The 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 the 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:

Transamerica Partners Portfolios Annual Report 2010

Page 103

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 2. (continued)

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.

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: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. 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 taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Portfolios using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

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 December 31, 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.

There were no significant transfers between Level 1 and Level 2 during the year ended December 31, 2010.

Transamerica Partners Portfolios Annual Report 2010

Page 104

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 3. RELATED PARTY TRANSACTIONS

TAM is the Portfolios’ investment adviser and is directly owned by Western Reserve Life Assurance Co. of Ohio and AUSA Holding Company (“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
TFLIC Sub-accounts	in Portfolio
Money Market		4.82	%
High Quality Bond		13.80
Inflation-Protected Securities		15.01
Core Bond		9.38
High Yield Bond		5.99
Balanced		51.47
Large Value		30.44
Large Core		49.58
Large Growth		28.72
Mid Value		4.64
Mid Growth		1.92
Small Value		2.76
Small Core		46.74
Small Growth		2.77
International Equity		18.67

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
CIT Sub-accounts	in Portfolio
Money Market		14.14	%
High Quality Bond		39.85
Inflation-Protected Securities		15.58
Core Bond		30.16
High Yield Bond		27.34
Balanced		5.98
Large Value		21.92
Large Core		11.70
Large Growth		21.27
Mid Value		12.83
Mid Growth		36.79
Small Value		43.32
Small Core		11.96
Small Growth		41.71
International Equity		28.74

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
CTF Sub-accounts	in Portfolio
Money Market		0.25	%
High Quality Bond		7.71
Inflation-Protected Securities		4.12
Core Bond		5.69
High Yield Bond		16.63
Balanced		—
Large Value		4.46
Large Core		3.36
Large Growth		2.30
Mid Value		24.37
Mid Growth		9.32
Small Value		4.79
Small Core		1.34
Small Growth		4.59
International Equity		4.77

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.

Transamerica Partners Portfolios Annual Report 2010

Page 105

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 3. (continued)

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 waive additional fees 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 (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.

Brokerage commissions: Brokerage commissions incurred on security transactions placed with affiliates of TAM or sub-advisers for the year ended December 31, 2010 were as follows:

	Brokerage
Portfolio	Commissions
Balanced	$	1

Transamerica Partners Portfolios Annual Report 2010

Page 106

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2010 were as follows:

					Proceeds from maturities and sales of
	Purchases of securities:				securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Money Market	$	—	$	—	$	—	$	—
High Quality Bond		291,106		115,582		248,259		174,333
Inflation-Protected Securities		6,579		380,447		4,987		457,666
Core Bond		4,653,925		8,619,025		4,824,677		8,651,977
High Yield Bond		616,209		—		617,406		—
Balanced		167,115		92,825		189,374		95,518
Large Value		637,446		—		993,770		—
Large Core		138,739		—		187,295		—
Large Growth		1,360,053		—		1,686,216		—
Mid Value		602,390		—		653,837		—
Mid Growth		470,443		—		526,350		—
Small Value		155,155		—		194,076		—
Small Core		170,131		—		248,635		—
Small Growth		134,455		—		175,985		—
International Equity		248,334		—		503,289		—

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 futures contracts, written options and swaption contracts and forward currency contracts held at year end is indicative of the volume held throughout the year. The volume of swap contracts increased steadily from January to October from six contracts to 27 contracts, then fell during the last two months, holding seven contracts at year end. The volume of purchased option and swaption contracts held throughout the year increased, beginning at one contract and ending at four 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 December 31, 2010
Derivatives not accounted for as hedging instruments

	Interest rate			Foreign exchange
Location	contracts			contracts		Total
Asset derivatives
Purchased options and swaptions, at value	$	751		$	—	$	751
Unrealized appreciation on forward foreign currency contracts		—			15		15
Unrealized appreciation on swap agreements		175			—		175
Unrealized appreciation on futures contracts		58			—		58	*
Liability derivatives
Unrealized depreciation on swap agreements		(164	)		—		(164	)
Premium received on swap agreements		(4	)		—		(4	)
Written options and Swaptions, at value		(1,900	)		—		(1,900	)
Unrealized depreciation on futures contracts		(89	)		—		(89)	*
Total	$	(1,173	)	$	15	$	(1,158	)

* 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 year ended December 31, 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 gain on purchased option and swaption contracts	$	235		$	—		$	235
Net realized (loss) on swap agreements		(969	)		—			(969	)
Net realized gain on futures contracts		2,710			—			2,710
Net realized gain on written option and swaption contracts		631			—			631
Net realized (loss) on forward foreign currency transactions		—			377			377
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts		(301	)		—			(301	)
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		(862	)		—			(862	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(149	)		—			(149	)
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		(120	)		—			(120	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(135	)		(135	)
Total	$	1,175		$	242		$	1,417

Transamerica Partners Portfolios Annual Report 2010

Page 107

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

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.

Core Bond Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of futures contracts and forward currency contracts held at year end is indicative of the volume held throughout the year. The volume of purchased option and swaption contracts and written option and swaption contracts held throughout the year increased from 11 and 24 contracts respectively at the beginning of the year to 28 and 46 contracts respectively at the end of the year. In addition, the volume of swap contracts increased steadily from January to September from 29 contracts to 84 contracts, then fell during the last quarter, holding 24 contracts at year end. 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 December 31, 2010
Derivatives not accounted for as hedging instruments

	Interest rate			Foreign exchange
Location	contracts			contracts		Credit contracts			Total
Asset derivatives
Purchased options and swaptions, at value	$	27,977		$	—	$	—		$	27,977
Unrealized appreciation on forward foreign currency contracts		—			76		—			76
Premium paid on swap agreements		752			—		30			782
Unrealized appreciation on swap agreements		3,813			—		—			3,813
Unrealized appreciation on futures contracts		1,946			—		—			1,946	*
Liability derivatives
Unrealized depreciation on swap agreements		(1,332	)		—		(262	)		(1,594	)
Premium received on swap agreements		—			—		(549	)		(549	)
Written options and swaptions, at value		(38,046	)		—					(38,046	)
Unrealized depreciation on futures contracts		(3,554	)		—		—			(3,554	)*
Total	$	(8,444	)	$	76	$	(781	)	$	(9,149	)

* 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 year ended December 31, 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 option and swaption contracts	$	(6,351	)	$	—		$	—		$	(6,351	)
Net realized gain (loss) on swap agreements		666			—			(5,946	)		(5,280	)
Net realized (loss) on futures contracts		(2,758	)		—			—			(2,758	)
Net realized gain on written option and swaption contracts		16,164			—			—			16,164
Net realized gain on forward foreign currency transactions		—			6,483			—			6,483
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts		626			—			—			626
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		1,360			—			2,403			3,763
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		3,255			—			—			3,255
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		(7,695	)		—			—			(7,695	)
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(1,318	)		—			(1,318	)
Total	$	5,267		$	5,165		$	(3,543	)	$	6,889

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.

Balanced Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume or purchased option and swaption contracts, futures contracts, written option and swaption contracts and forward currency contracts held at year end is indicative of the volume held throughout the year. 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 December 31, 2010
Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Equity contracts		Total
Asset derivatives
Unrealized appreciation on futures contracts	$	13		$	4	$	17	*
Liability derivatives
Written options and swaptions, at value		(23	)		—		(23	)
Unrealized depreciation on futures contracts		(86	)		—		(86	)*
Total	$	(96	)	$	4	$	(92	)

* 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.

Transamerica Partners Portfolios Annual Report 2010

Page 108

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2010
Derivatives not accounted for as hedging instruments

	Interest rate			Foreign exchange
Location	contracts			contracts		Equity contracts		Total
Realized Gain/(Loss) on derivatives recognized in income
Net realized gain on purchased option and swaption contracts	$	(10	)	$	16	$	—	$	6
Net realized (loss) on swap agreements		(132	)		—		—		(132	)
Net realized gain on futures contracts		346			—		44		390
Net realized gain on written option and swaption contracts		16			—		—		16
Net realized gain on forward foreign currency transactions		—			28		—		28
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts		3			—		—		3
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(44	)		—		30		(14	)
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		(8	)		—		—		(8	)
Total	$	171		$	44	$	74	$	289

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.

Small Core Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of futures contracts held at year end is indicative of the volume held throughout the year. 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 December 31, 2010
Derivatives not accounted for as hedging instruments

Location	Equity contracts
Asset derivatives
Unrealized appreciation on futures contracts	$	27	*

* 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 year ended December 31, 2010
Derivatives not accounted for as hedging instruments

Location	Equity contracts
Realized Gain/(Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	138
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(52	)
Total	$	86

International Equity Portfolio:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of forward currency contracts held at year end is indicative of the volume held throughout the year. 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 December 31, 2010
Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Liability derivatives
Unrealized depreciation on forward foreign currency contracts	$	(2,466	)

Effect of Derivative Instruments on the Statement of Operations for the year ended December 31, 2010
Derivatives not accounted for as hedging instruments

	Foreign exchange
Location	contracts
Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on forward foreign currency transactions	$	(344	)
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		(2,405	)
Total	$	(2,749	)

Transamerica Partners Portfolios Annual Report 2010

Page 109

NOTES TO FINANCIAL STATEMENTS (continued)
At December 31, 2010
(all amounts in thousands)

NOTE 5. (continued)

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.

NOTE 6. FEDERAL INCOME TAX MATTERS

The Series Portfolio has received rulings from the Internal Revenue Service that each Portfolio will be treated as a separate partnership for federal income tax purposes. Income taxes are not provided for by the Portfolios because taxable income/(loss) of each Portfolio is included in the income tax returns of the investors. It is intended that the Portfolio’s assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Portfolios recognized the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the tax positions taken for all open tax years (2007 — 2010) and has concluded that no provision for income tax is required. For tax purposes, each component of the Portfolios’ net assets are reported at the investor level; therefore, the Statements of Assets and Liabilities do not present the components of net assets.

Each investor in the Portfolio will be subject to taxation on its share of the Portfolio’s ordinary income and capital gains; which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards and post-October loss deferrals.

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 and redeemed in-kind interests in Transamerica Partners Total Return Bond Portfolio (“Total Return Bond”) valued at $164,114. The investment portfolio of Total Return Bond was the principal asset received in the tax-free exchange by Core Bond. The contributions in-kind included the investment portfolio of 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. After the completion of the reorganization, Core Bond acquired the remaining net assets of Total Return Bond in a tax-free exchange, valued at $60,639.

On November 27, 2009, Large Value received contributions in-kind of $42,711 and redeemed in-kind interests in Transamerica Partners Value Portfolio (“Value”) valued at $41,832. The investment portfolio of Value was the principal asset received in the tax-free exchange by Large Value. The contributions in-kind included the investment portfolio of 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. After the completion of the reorganization, Large Value acquired the remaining net assets of Value in a tax-free exchange, valued at $879.

On November 20, 2009, Large Growth received contributions in-kind of $177,585 and redeemed in-kind interests in Transamerica Partners Growth Portfolio (“Growth”) valued at $83,167. The investment portfolio of Growth was the principal asset received in the tax-free exchange by Large Growth. The contributions in-kind included the investment portfolio of 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. After the completion of the reorganization, Large Growth acquired the remaining net assets of Growth in a tax-free exchange, valued at $94,418.

Transamerica Partners Portfolios Annual Report 2010

Page 110

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.

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).

TPP requested and PwC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as Exhibit 77 to Form N-SAR for the period.

Transamerica Partners Portfolios Annual Report 2010

Page 111

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Owners of Beneficial Interests of the Transamerica Partners Portfolios:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Partners Portfolios (comprising, respectively, the Money Market Portfolio, High Quality Bond Portfolio, Inflation-Protected Securities Portfolio, Core Bond Portfolio, High Yield Bond Portfolio, Balanced Portfolio, Large Value Portfolio, Large Core Portfolio, Large Growth Portfolio, Mid Value Portfolio, Mid Growth Portfolio, Small Value Portfolio, Small Core Portfolio, Small Growth Portfolio and International Equity Portfolio) (collectively, the “Portfolios”) as of December 31, 2010, and the related statements of operations and changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the year ended December 31, 2009 and the financial highlights for periods ended prior to January 1, 2010 were audited by another independent registered public accounting firm whose report, dated March 1, 2010, expressed an unqualified opinion on those statements of changes in net assets and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Portfolios’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios constituting Transamerica Partners Portfolios at December 31, 2010, and the results of their operations and changes in their net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts
February 24, 2011

Transamerica Partners Portfolios Annual Report 2010

Page 112

BOARD MEMBERS AND OFFICERS
(unaudited)

The Board Members and executive officers of the Trust are listed below. The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of the Trust by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser. The funds are among the funds advised and sponsored by Transamerica Asset Management, Inc. (“TAM”) (collectively, “Transamerica Asset Management Group”). Transamerica Asset Management Group (“TAMG”) consists of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”), and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 152 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716. The Board Members, their ages, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in TAMG the Board oversees, and other board memberships they hold are set forth in the table below.

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
INTERESTED BOARD MEMBER**
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 2007	Chairman, Board Member, President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present);		152	N/A
			Chairman (2007 — present), Board Member (2006 — present), President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Chief Compliance Officer, General Counsel and Secretary (1999 — 2006), Transamerica Funds and TST;
			Chairman (2007 — present), Board Member (2006 — present), President and Chief Executive Officer (2006 — present), Senior Vice President (2002 — 2006), General Counsel, Secretary and Chief Compliance Officer (2002 — 2006), TIS;
			Chairman, President and Chief Executive Officer (2006 — present), Director (2002 — present), Senior Vice President (1999 — 2006), General Counsel and Secretary (2000 — 2006), Chief Compliance Officer (2004 — 2006), TAM;
			Chairman, President and Chief Executive Officer (2006 — present), Senior Vice President (1999 — 2006), Director (2002 — present), General Counsel and Secretary (2001 — 2006), Transamerica Fund Services, Inc. (“TFS”);
			Vice President, AFSG Securities Corporation (2001 —present);
			Chairman and Board Member (2008 — present), President (2007 — 2010), Chief Executive Officer (2006 — 2010), Vice President, Secretary and Chief Compliance Officer (2003 — 2006), Transamerica Investors, Inc. (“TII”);

Transamerica Partners Portfolios Annual Report 2010

Page 113

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
			Senior Vice President, General Counsel and Secretary, Transamerica Index Funds, Inc. (“TIF”) (2002 — 2004); and
			Director, (2008 — present), Vice President, Transamerica Investment Services, Inc. (“TISI”) (2003 — 2005) and Transamerica Investment Management, LLC (“TIM”) (2001 — 2005).
INDEPENDENT BOARD MEMBERS***
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 — present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present);		152	Big 5 Sporting Goods (2002 — present); AGL Resources, Inc. (energy services holding company) (2008 — present)
			Board Member, TII (2003 — 2010); and
			Partner, KPMG (1975 — 1999).
Leo J. Hill (1956)	Lead Independent Board Member	Since 2007	Principal, Advisor Network Solutions, LLC (business consulting) (2006 — present);		152	N/A
			Board Member, TST (2001 — present);
			Board Member, Transamerica Funds and TIS (2002 — present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);
			Board Member, TII (2008 — 2010);
			President, L. J. Hill & Company (a holding company for privately-held assets) (1999 — present);
			Market President, Nations Bank of Sun Coast Florida (1998 — 1999);
			Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 — 1998);
			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 — 1994); and
			Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 — 1991).
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);		152	N/A
			Board Member, TII (2009 — 2010);
			Principal, Maxam Capital Management, LLC (2006 — 2008); and
			Principal, Cobble Creek Management LP (2004 — 2006).

Transamerica Partners Portfolios Annual Report 2010

Page 114

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
Russell A. Kimball, Jr. (1944)	Board Member	Since 2007	General Manager, Sheraton Sand Key Resort (1975 — present);		152	N/A
			Board Member, TST (1986 — present);
			Board Member, Transamerica Funds, (1986 — 1990), (2002 — present);
			Board Member, TIS (2002 — present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present); and
			Board Member, TII (2008 — 2010).
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 — present);		152	N/A
			Self-employed consultant (2006 — present);
			President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 — 2008);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);
			Board Member, Transamerica Funds, TST and TIS (2007 — present);
			Board Member, TII (2008 — 2010); and
			President, International Fund Services (alternative asset administration) (1993 — 2005).
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2007	Retired (2005 — present); Board Member, Transamerica Funds, TST and TIS (2006 — present);		152	Buena Vista University Board of Trustees (2004 — present)
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);
			Board Member, TII (2008 — 2010); Director, Iowa Student Loan Service Corporation (2006 — present); Director, League for Innovation in the Community Colleges (1985 — 2005);
			Director, Iowa Health Systems (1994 — 2003);
			Director, U.S. Bank (1985 — 2006); and
			President, Kirkwood Community College (1985 — 2005).
Joyce G. Norden (1939)	Board Member	Since 2002	Retired (2004 — present); Board Member, TPFG, TPFG II and TAAVF (1993 — present);		152	Board of Governors, Reconstruction -ist Rabbinical College (2007 — present)
			Board Member, TPP (2002 — present);

Transamerica Partners Portfolios Annual Report 2010

Page 115

				Number of
				Funds in
		Term of		Complex
		Office and		Overseen
	Position(s) Held	Length of	Principal Occupation(s) During	by Board		Other
Name and Age	with Trust	Time Served*	Past 5 Years	Member		Directorships
			Board Member, Transamerica Funds, TST and TIS (2007 — present);
			Board Member, TII (2008 — 2010); and
			Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 — 2004).
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 — present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 — 2007);		152	Honorary Trustee, Bryant University (1996 — present)
			Board Member, Transamerica Funds,
			TST and TIS (2007 — present);
			Board Member, TII (2008 — 2010);
			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 — present);
			Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 — 1996), Bryant University;
			Vice President, American Express (1987 — 1989);
			Vice President, The Equitable (1986 — 1987); and
			Strategy Consultant, Booz, Allen & Hamilton (1982 — 1986).
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander and Fischer, LLP (2008 — present); Retired (2004 — 2008); Board Member, TST and TIS (2004 — present);		152	Operation PAR, Inc. (2008 — present); West Central Florida Council — Boy Scouts of America (2008 — present)
			Board Member, Transamerica Funds (2005 — present);
			Board Member, TPP, TPFG, TPFG II and TAAVF (2007 — present);
			Board Member, TII (2008 — 2010);
			Employee, RBC Dain Rauscher (securities dealer) (2004);
			Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 — 2004); and
			Treasurer, The Hough Group of Funds (1993 — 2004).

*	Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.
**	May be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his employment with TAM or an affiliate of TAM.
***	Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust.

Transamerica Partners Portfolios Annual Report 2010

Page 116

OFFICERS

The mailing address of each officer is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716. The following table shows information about the officers, including their ages, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

		Term of Office
		and Length of	Principal Occupation(s) or Employment During
Name and Age	Position	Time Served*	Past 5 Years
John K. Carter (1961)	Chairman, Board Member, President, and Chief Executive Officer	Since 2007	See the table above.
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2007	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 — present);
			Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 — present);
			Vice President, General Counsel and Secretary, TII, (2006 — 2010);
			Director, Senior Vice President, General Counsel, Operations, and Secretary, TAM and TFS (2006 — present);
			Assistant Vice President, TCI (2007 — present);
			Director, Deutsche Asset Management (1998 — 2006); and
			Corporate Associate, Ropes & Gray LLP (1995 — 1998).
Robert A. DeVault, Jr. (1965)	Vice President, Treasurer and Principal Financial Officer	Since 2009	Vice President, Treasurer and Principal Financial Officer, (2010 — present), Assistant Treasurer, (2009 — 2010), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF;
			Vice President, Treasurer and Principal Financial Officer, (2010), Assistant Treasurer, (2009 — 2010), TII;
			Vice President (2010 — present), Assistant Vice President (2007 — 2010) and Manager, Fund Administration, (2002 — 2007), TFS; and
			Vice President (2010 — present), TAM.
Christopher A. Staples (1970)	Vice President and Chief Investment Officer	Since 2007	Vice President and Chief Investment Officer (2007 — present), Senior Vice President — Investment Management (2006 — 2007), Vice President — Investment Management (2005 — 2006), Transamerica Funds, TST and TIS;
			Vice President and Chief Investment Officer, TPP, TPFG, TPFG II and TAAVF (2007 — present);
			Vice President and Chief Investment Officer (2007 — 2010); Vice President — Investment Administration (2005 — 2007), TII;
			Director (2005 — present), Senior Vice President — Investment Management (2006 — present) and Chief Investment Officer (2007 — present), TAM;
			Director, TFS (2005 — present); and

Transamerica Partners Portfolios Annual Report 2010

Page 117

		Term of Office
		and Length of	Principal Occupation(s) or Employment During
Name and Age	Position	Time Served*	Past 5 Years
			Assistant Vice President, Raymond James & Associates (1999 — 2004).
Robert S. Lamont, Jr. (1973)	Vice President, Chief Compliance Officer and Conflicts of Interest Officer	Since 2010	Vice President, Chief Compliance Officer and Conflicts of Interest Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 — present);
			Vice President and Senior Counsel, TAM and TFS (2007 — present);
			Senior Counsel, United States Securities and Exchange Commission (2004 — 2007); and
			Associate, Dechert, LLP (1999 — 2004).
Bradley O. Ackerman (1966)	Anti-Money Laundering Officer	Since 2009	Anti-Money Laundering Officer, TPP, TPFG, TPFG II and TAAVF (2009 — present);
			Anti-Money Laundering Officer, Transamerica Funds (2007 — present);
			Senior Compliance Officer, TAM (2007 — present); and
			Director, Institutional Services, Rydex Investments (2002 — 2007).
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);
			Assistant Secretary, TII (2009 — 2010);
			Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 — present);
			Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund 2000-2007; and
			Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management Inc. (1994-2007).
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 — present);
			Assistant Secretary, TII (2009 — 2010);
			Counsel, TAM (2008 — present);
			Counsel (contract), Massachusetts Financial Services, Inc. (2007);
			Assistant Counsel, BISYS Fund Services Ohio, Inc. (2005 — 2007); and
			Associate, Greenberg Traurig, P.A. (2004 — 2005).

Transamerica Partners Portfolios Annual Report 2010

Page 118

		Term of Office
		and Length of	Principal Occupation(s) or Employment During
Name and Age	Position	Time Served*	Past 5 Years
Margaret A. Cullem-Fiore (1957)	Assistant Secretary	Since 2010	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 — present);
			Assistant Vice President, TCI (2009 — present);
			Vice President and Senior Counsel, TAM and TFS (2006 — present);
			Vice President and Senior Counsel, Transamerica Financial Advisors, Inc. (2004 — 2007); and
			Vice President and Senior Counsel, Western Reserve Life Assurance Co. of Ohio (2006).
Richard E. Shield, Jr. (1974)	Tax Officer	Since 2008	Tax Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 — present);
			Tax Officer, TII (2008 — 2010);
			Tax Manager, Jeffrey P. McClanathan, CPA (2006 — 2007) and Gregory, Sharer & Stuart (2005 — 2006);
			Tax Senior, Kirkland, Russ, Murphy & Tapp, P.A. (2003 — 2005); and
			Certified Public Accountant, Schultz, Chaipel & Co., LLP (1998 — 2003).
Elizabeth Strouse (1974)	Assistant Treasurer	Since 2010	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2010 — present);
			Director, Fund Financial Services (2009 — present), TFS;
			Director, Fund Administration, TIAA-CREF (2007 — 2009); and
			Manager (2006 — 2007) and Senior (2003 — 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.

* Elected and serves at the pleasure of the Board of the Trust.

If an officer has held offices for different funds for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

Additional information about the Funds’ Board Members can be found in the Statement of Additional Information, available, without charge, upon request, by calling toll free 1-888-233-4339 or on the Trust’s website at www.transamericapartners.com.

Transamerica Partners Portfolios Annual Report 2010

Page 119

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
440 Mamaroneck Avenue
Harrison, NY 10528

2873 (2/11)

Item 2: Code of Ethics.

(a)	Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.
(b)	Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.
(c)	During the period covered by the report, the code of ethics was revised to reflect the appointment of a new Principal Financial Officer. In addition, Transamerica Investors, Inc. was deregistered as an investment management company and removed as a party to the Code of Ethics.
(d)	During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.
(e)	Not Applicable
(f)	Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

Registrant’s Board of Trustees has determined that Sandra N. Bane, John W. Waechter and Eugene M. Mannella are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, Mr. Waechter and Mr. Mannella are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, Mr. Waechter and Mr. Mannella as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

		Fiscal Year Ended 12/31
	(in thousands)	2010*			2009
(a)	Audit Fees	$	13		$	17
(b)	Audit-related Fees (1)	$	1		$	0
(c)	Tax Fees (2)	$	0		$	0
(d)	All Other Fees	$	0			N/A
(e) (1)	Pre-approval policy (3)
(e) (2)	% of above that were pre-approved		0	%		0	%
(f)	If greater than 50%, disclose hours		N/A			N/A
(g)	Non-audit fees rendered to Adviser (or affiliate that provided services to Registrant)		N/A			N/A
(h)	Disclose whether the Audit Committee has considered whether the provisions of non-audit services rendered to the Adviser that were NOT pre-approved is compatible with maintaining the auditor’s independence.		Yes			Yes

2

(1)	Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.
(2)	Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.
(3)	The Audit Committee may delegate any portion of its authority, including the authority to grant pre-approvals of audit and permitted non-audit services, to one or more members or a subcommittee. Any decision of the subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next regularly scheduled meeting.
*	PricewaterhouseCoopers LLP (“PwC”) served as independent registered certified public accounting firm through April 7, 2010. On April 8, 2010, Ernst & Young LLP (“E&Y”) replaced PwC as the independent public accountant. Audit fees, audit-related fees, tax fees and all other fees include $13, $1, $0 and $0, respectively, billed to Transamerica Asset Allocation Variable Funds by E&Y for the fiscal year end December 31, 2010.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Russell A. Kimball, Jr., Eugene M. Mannella, Norman R. Nielsen, Joyce G. Norden, Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

The schedules of investments are included in the 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 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.

3

Item 12: Exhibits.

(a)

(1) Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached. (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 Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

4

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Transamerica Asset Allocation Variable Funds        (Registrant)
By:	/s/ John K. Carter
	John K. Carter
	Chief Executive Officer
	Date: February 25, 2011

     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: February 25, 2011
By:	/s/ Robert A. DeVault, Jr.
	Robert A. DeVault, Jr.
	Principal Financial Officer
	Date: February 25, 2011

5

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(1)	Code of Ethics for Principal Executive and Senior Financial Officers
12(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
12(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
12(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer

6