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

As filed with the SEC on September 7, 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, 2011 — June 30, 2011

Item 1: Report(s) to Stockholders.

The Semi-Annual Report is attached.

TRANSAMERICA PARTNERS VARIABLE FUNDS

TRANSAMERICA ASSET
ALLOCATION VARIABLE FUNDS

Semi-Annual Report

June 30, 2011

This report is not to be construed as an offering for sale of any contracts participating in the Subaccounts (Series) of the Transamerica Partners Variable Funds or the Transamerica Asset Allocation Variable Funds, or as a solicitation of an offer to buy contracts unless preceded by or accompanied by a current prospectus which contains complete information about charges and expenses.

This report consists of the semi-annual report of the Transamerica Asset Allocation Variable Funds and the 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, 2011, 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

June 30, 2011

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

We are pleased to present the most recent semi-annual reports for the Transamerica Partners Portfolios and for the Calvert VP SRI Balanced Portfolio. As required under applicable law, we are sending these semi-annual reports to contract holders of Group Variable Annuity Contracts issued by Transamerica Financial Life Insurance Company 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 Retirement Corporation, 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 semi-annual report is provided to you with the intent of presenting a comprehensive review of the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe this report to be an important part of the investment process. In addition to providing a comprehensive review, this report also provides a discussion of accounting policies as well as matters presented to shareholders that may have required their vote.

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. During the past six months, markets have oscillated as investors have sought to digest mixed economic data, an ongoing crisis in government debt levels within the developed world, particularly in peripheral Europe, and historically high unemployment rates. After an initial surge in January and part of February, the equity markets sold off into mid-March, rebounded until late April, contracted until late June, and ended the period on a positive note as investors cheered austerity measures passed in Greece meant to stabilize the country’s debt situation and as positive data on manufacturing boosted the equity markets.

Given the continued low interest rate policy and quantitative easing by the Federal Reserve, the U.S. Dollar has weakened versus major developed currencies such as the Euro, Pound Sterling, and Japanese Yen. Oil prices spiked in March and April following political tensions in the Middle East and as the U.S. Dollar weakened. The Federal Reserve continues to keep the federal funds rate in a range of 0%-0.25% in an effort to support the economy. Even with occasional sell-offs, equities and more risky, credit-sensitive fixed income assets have generally outperformed high quality fixed-income assets during the period. For the six months ending June 30, 2011, the Dow Jones Industrial Average returned 8.59%, the Standard & Poor’s 500® Index returned 6.02%, and the Barclays Capital U.S. Aggregate Bond Index returned 2.72%. 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, CFA
Chairman of the Board,		Vice President & Chief Investment Officer
President & Chief Executive Officer		Transamerica Asset Allocation Variable Funds
Transamerica Asset Allocation Variable Funds



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 1

Understanding Your Funds’ Expenses

(unaudited)

UNIT HOLDER EXPENSES

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

The examples are based on an investment of $1,000 invested at January 1, 2011 and held for the entire period until June 30, 2011.

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	$	1,028.10	$	1.01	$	1,023.80	$	1.00		0.20	%
Transamerica Asset Allocation Variable Funds - Intermediate Horizon Subaccount		1,000.00		1,045.70		1.01		1,023.80		1.00		0.20	%
Transamerica Asset Allocation Variable Funds - Intermediate/Long Horizon Subaccount		1,000.00		1,052.90		1.02		1,023.80		1.00		0.20	%


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

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

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



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 2

Schedules of Investments Composition

At June 30, 2011
(the following charts summarize the Schedule of Investments of each Subaccount by asset type)
(unaudited)


	% of
Transamerica Asset Allocation Variable Funds -	Net
Short Horizon Subaccount	Assets

Fixed Income		89.0	%
Domestic Equity		8.6
International Equity		2.2
Money Market		0.2
Other Assets and Liabilities — net		0.0	*

Total		100.0	%


	% of
Transamerica Asset Allocation Variable Funds -	Net
Intermediate Horizon Subaccount	Assets

Fixed Income		47.1	%
Domestic Equity		40.2
International Equity		12.5
Money Market		0.2
Other Assets and Liabilities — net		0.0	*

Total		100.0	%


	% of
Transamerica Asset Allocation Variable Funds -	Net
Intermediate/Long Horizon Subaccount	Assets

Domestic Equity		53.5	%
Fixed Income		28.3
International Equity		18.0
Money Market		0.2
Other Assets and Liabilities — net		0.0	*

Total		100.0	%


*		Amount rounds to less than (0.1)%.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 3

Transamerica Asset Allocation Variable — Short Horizon Subaccount

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

INVESTMENT COMPANIES - 100.0% Ж
Domestic Equity - 8.6%
Transamerica Partners Variable Large Growth ‡		5,657	$	312
Transamerica Partners Variable Large Value ‡		6,157		303
Transamerica Partners Variable Small Core ‡		5,029		203
Fixed Income - 89.0%
Transamerica Partners Variable Core Bond ‡		112,655		4,458
Transamerica Partners Variable High Quality Bond ‡		85,597		1,499
Transamerica Partners Variable High Yield Bond ‡		41,476		1,025
Transamerica Partners Variable Inflation- Protected Securities ‡		58,646		1,520
International Equity - 2.2%
Transamerica Partners Variable International Equity ‡		9,572		209
Money Market - 0.2%
Transamerica Partners Variable Money Market ‡		924		19

Total Investment Companies (cost $7,911) #				9,548
Other Assets and Liabilities — Net				(2	)

Net Assets			$	9,546

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 $7,911. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $1,637.

VALUATION SUMMARY: Э

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Value at

Prices

Inputs

06/30/2011

Investment Companies

9,548

—

9,548


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



*The notes to the financial statements are an integral part of this report.*
Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 4

Transamerica Asset Allocation Variable — Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

INVESTMENT COMPANIES - 100.0% Ж
Domestic Equity - 40.2%
Transamerica Partners Variable Large Growth ‡		69,177	$	3,823
Transamerica Partners Variable Large Value ‡		71,316		3,505
Transamerica Partners Variable Small Core ‡		61,559		2,479
Fixed Income - 47.1%
Transamerica Partners Variable Core Bond ‡		137,597		5,445
Transamerica Partners Variable High Quality Bond ‡		107,235		1,878
Transamerica Partners Variable High Yield Bond ‡		58,868		1,455
Transamerica Partners Variable Inflation- Protected Securities ‡		105,941		2,745
International Equity - 12.5%
Transamerica Partners Variable International Equity ‡		139,633		3,046
Money Market - 0.2%
Transamerica Partners Variable Money Market ‡		1,879		40

Total Investment Companies (cost $20,712) #				24,416
Other Assets and Liabilities — Net				(4	)

Net Assets			$	24,412

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 $20,712. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $3,704.

VALUATION SUMMARY: Э

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Value at

Prices

Inputs

06/30/2011

Investment Companies

24,416

—

24,416

��


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



*The notes to the financial statements are an integral part of this report.*
Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 5

Transamerica Asset Allocation Variable — Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

INVESTMENT COMPANIES - 100.0% Ж
Domestic Equity - 53.5%
Transamerica Partners Variable Large Growth ‡		117,942	$	6,518
Transamerica Partners Variable Large Value ‡		117,121		5,756
Transamerica Partners Variable Small Core ‡		112,934		4,548
Fixed Income - 28.3%
Transamerica Partners Variable Core Bond ‡		113,780		4,501
Transamerica Partners Variable High Quality Bond ‡		33,951		595
Transamerica Partners Variable High Yield Bond ‡		47,886		1,184
Transamerica Partners Variable Inflation- Protected Securities ‡		101,029		2,618
International Equity - 18.0%
Transamerica Partners Variable International Equity ‡		260,056		5,673
Money Market - 0.2%
Transamerica Partners Variable Money Market ‡		2,347		50

Total Investment Companies (cost $27,598) #				31,443
Other Assets and Liabilities — Net				(5	)

Net Assets			$	31,438


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 $27,598. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,927 and $82, respectively. Net unrealized appreciation for tax purposes is $3,845.

VALUATION SUMMARY: Э

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Value at

Prices

Inputs

06/30/2011

Investment Companies

31,443

—

31,443


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



*The notes to the financial statements are an integral part of this report.*
Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 6

STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2011
(all amounts except unit value in thousands)
(unaudited)


				Intermediate			Intermediate/Long
	Short Horizon			Horizon			Horizon
Assets:
Investments in affiliated investment companies, at value	$	9,548		$	24,416		$	31,443
Receivables:
Units sold		—	^(A)		7			5
Affiliated securities sold		—			10			3

		9,548			24,433			31,451


Liabilities:
Accounts payable and accrued liabilities:
Units redeemed		—			17			8
Affiliated securities purchased		—	^(A)		—			—
Investment advisory fees		2			4			5

		2			21			13

Net Assets	$	9,546		$	24,412		$	31,438

Net Assets Consist of:
Cost of accumulation units		5,522			15,187			22,465
(Accumulated) net investment (loss)		(212	)	��	(604	)		(841	)
Undistributed net realized gains		2,599			6,125			5,969
Net unrealized appreciation on investments in affiliated investment companies		1,637			3,704			3,845

Net Assets	$	9,546		$	24,412		$	31,438


Accumulation units		509			1,288			1,659


Unit value	$	18.76		$	18.96		$	18.95


Investments in affiliated investment companies, at cost	$	7,911		$	20,712		$	27,598


^(A)		Rounds to less than $1.

STATEMENTS OF OPERATIONS
For the period ended June 30, 2011
(all amounts in thousands)
(unaudited)


			Intermediate		Intermediate/Long
	Short Horizon		Horizon		Horizon

Investment advisory fees	$	9	$	24	$	31

Net realized and unrealized gain on investments in affiliates:
Realized gain from investments in affiliated investment companies		91		450		251
Change in net unrealized appreciation on investments in affiliated investment companies		183		657		1,406


Net realized and unrealized gain on investments in affiliated investment companies		274		1,107		1,657


Net increase in net assets resulting from operations	$	265	$	1,083	$	1,626



*The notes to the financial statements are an integral part of this report.*
Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 7

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


	Short Horizon						Intermediate Horizon						Intermediate/Long Horizon
	Period Ended			Year Ended			Period Ended			Year Ended			Period Ended			Year Ended
	June 30, 2011			December 31,			June 30, 2011			December 31,			June 30, 2011			December 31,
	(unaudited)			2010			(unaudited)			2010			(unaudited)			2010
From operations:
Investment advisory fees	$	(9	)	$	(19	)	$	(24	)	$	(47	)	$	(31	)	$	(58	)
Net realized gain on investments in affiliated investment companies		91			217			450			411			251			236
Change in net unrealized appreciation on investments in affiliated investment companies		183			508			657			2,219			1,406			3,697

Net increase in net assets resulting from operations		265			706			1,083			2,583			1,626			3,875


From unit transactions:
Units sold		800			2,071			1,341			3,088			1,676			3,680

Units redeemed		(1,127	)		(3,281	)		(2,192	)		(5,786	)		(2,855	)		(7,042	)

Net decrease in net assets resulting from unit transactions		(327	)		(1,210	)		(851	)		(2,698	)		(1,179	)		(3,362	)


Total increase (decrease) in net assets		(62	)		(504	)		232			(115	)		447			513

Net assets:
Beginning of period/year		9,608			10,112			24,180			24,295			30,991			30,478

End of period/year	$	9,546		$	9,608		$	24,412		$	24,180		$	31,438		$	30,991


Units outstanding beginning of period/year		527			597			1,334			1,498			1,722			1,932
Units sold		43			117			72			184			90			226
Units redeemed		(61	)		(187	)		(118	)		(348	)		(153	)		(436	)

Units outstanding end of period/year		509			527			1,288			1,334			1,659			1,722



*The notes to the financial statements are an integral part of this report.*
Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 8

FINANCIAL HIGHLIGHTS
For the period or years ended:


	Short Horizon
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
For a unit outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Unit value
Beginning of period/year	$	18.24		$	16.95		$	14.66		$	16.28		$	15.59		$	14.91


Investment operations
From net investment (loss)^(A)		(0.02	)		(0.04	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
From net realized and unrealized gains (loss) on affiliated investment companies		0.54			1.33			2.32			(1.59	)		0.72			0.71

Total from investment operations		0.52			1.29			2.29			(1.62	)		0.69			0.68


Unit value
End of period/year	$	18.76		$	18.24		$	16.95		$	14.66		$	16.28		$	15.59


Total return		2.81	% ^(D)		7.65	%		15.62	%		(9.95	)%		4.43	%		4.56	%


Net assets end of period/year (000’s)	$	9,546		$	9,608		$	10,112		$	9,450		$	11,097		$	10,205


Ratio and supplemental data
Expenses to average net assets^(B)		0.20	% ^(C)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment (loss), to average net assets		(0.20	)% ^(C)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate ^(E)		19	% ^(D)		36	%		28	%		125	%		55	%		86	%


	Intermediate Horizon
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
For a unit outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Unit value
Beginning of period/year	$	18.13		$	16.22		$	13.46		$	18.16		$	17.44		$	16.11


Investment operations
From net investment (loss)^(A)		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.03	)
From net realized and unrealized gains (loss) on affiliated investment companies		0.85			1.94			2.79			(4.67	)		0.76			1.36

Total from investment operations		0.83			1.91			2.76			(4.70	)		0.72			1.33


Unit value
End of period/year	$	18.96		$	18.13		$	16.22		$	13.46		$	18.16		$	17.44


Total return		4.57	% ^(D)		11.81	%		20.51	%		(25.88	)%		4.13	%		8.26	%


Net assets end of period/year (000’s)	$	24,412		$	24,180		$	24,295		$	21,990		$	32,583		$	29,956


Ratio and supplemental data
Expenses to average net assets^(B)		0.20	% ^(C)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment (loss), to average net assets		(0.20	)% ^(C)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate ^(E)		18	% ^(D)		25	%		34	%		111	%		18	%		55	%



*The notes to the financial statements are an integral part of this report.*
Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 9

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


	Intermediate/Long Horizon
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
For a unit outstanding throughout each period	(unaudited)			2010			2009			2008			2007			2006
Unit value
Beginning of period/year	$	17.99		$	15.78		$	12.89		$	19.30		$	18.56		$	16.87


Investment operations
From net investment (loss)^(A)		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.03	)
From net realized and unrealized gains (loss) on affiliated investment companies		0.98			2.24			2.92			(6.38	)		0.78			1.72

Total from investment operations		0.96			2.21			2.89			(6.41	)		0.74			1.69


Unit value
End of period/year	$	18.95		$	17.99		$	15.78		$	12.89		$	19.30		$	18.56


Total return		5.29	% ^(D)		14.05	%		22.42	%		(33.21	)%		3.99	%		10.02	%


Net assets end of period/year (000’s)	$	31,438		$	30,991		$	30,478		$	33,453		$	52,704		$	47,293


Ratio and supplemental data
Expenses to average net assets^(B)		0.20	% ^(C)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment (loss), to average net assets		(0.20	)% ^(C)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate ^(E)		16	% ^(D)		23	%		54	%		105	%		21	%		63	%


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

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

^(C)		Annualized.

^(D)		Not Annualized.

^(E)		Does not include the Portfolio activity of the underlying 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		Semi-Annual Report 2011

Page 10

NOTES TO FINANCIAL STATEMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate 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 of the fair value hierarchy are defined as follows:

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 June 30, 2011 are disclosed in the valuation summary of each of the Subaccounts’ Schedules of Investments. Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of any Levels as described above during the period ended June 30, 2011.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 11

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

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

NOTE 4. SECURITIES TRANSACTIONS

The cost of affiliated investments purchased and proceeds from affiliated investments sold for the period ended June 30, 2011 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	$	1,859	$	—	$	2,195	$	—
Intermediate Horizon		4,464		—		5,340		—
Intermediate/Long Horizon		4,990		—		6,201		—

NOTE 5. FEDERAL INCOME TAXES

The operations of the Separate Account form a part of, and are taxed with, the operations of TFLIC, a wholly-owned subsidiary of AEGON USA. TFLIC does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains attributable to the Separate Account. Based upon this expectation, no charges are currently being deducted from the Separate Account for federal income tax purposes.

NOTE 6. SUBSEQUENT EVENTS

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



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 12

TRANSAMERICA ASSET ALLOCATION — SHORT HORIZON SUBACCOUNT

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL
(unaudited)

At a meeting of the Managing Board of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Short Horizon Subaccount (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

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

The investment performance of the Fund. The Board considered the short and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of asset allocation funds as prepared by Lipper for various trailing periods ended December 31, 2010. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

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

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

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



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 13

TRANSAMERICA ASSET ALLOCATION — INTERMEDIATE HORIZON SUBACCOUNT

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL
(unaudited)

At a meeting of the Managing Board of Trustees of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation — Intermediate Horizon Subaccount (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 14

TRANSAMERICA ASSET ALLOCATION — INTERMEDIATE/LONG HORIZON SUBACCOUNT

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL
(unaudited)

At a meeting of the Managing Board of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Asset Allocation - Intermediate/Long Horizon Subaccount (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), to determine whether the agreement should be renewed.



Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2011

Page 15

Transamerica Partners Portfolios

(This page intentionally left blank)

Schedules of Investments Composition

At June 30, 2011
(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		38.1	%
Commercial Paper		30.1
Short-Term U.S. Government Obligation		9.2
Repurchase Agreement		8.3
U.S. Government Obligation		6.8
Corporate Debt Security		4.6
Foreign Government Obligation		1.5
Short-Term Foreign Government Obligation		1.4
Other Assets and Liabilities — Net^(A)		0.0	*

Total		100.0	%


	% of Net
Transamerica Partners High Quality Bond Portfolio	Assets

Corporate Debt Security		37.9	%
Asset-Backed Security		30.8
Mortgage-Backed Security		20.6
Securities Lending Collateral		4.7
U.S. Government Agency Obligation		4.5
U.S. Government Obligation		2.4
Foreign Government Obligation		1.9
Repurchase Agreement		1.4
Other Assets and Liabilities — Net^(A)		(4 .2	)

Total		100.0	%


Transamerica Partners Inflation-Protected	% of Net
Securities Portfolio	Assets

U.S. Government Obligation		93.7	%
Securities Lending Collateral		7.2
Repurchase Agreement		5.9
Purchased Swaption		0.3
Foreign Government Obligation		0.3
Structured Note Debt		0.2
Mortgage-Backed Security		0.2
Corporate Debt Security		0.2
Purchased Option		0.0	*
Other Assets and Liabilities — Net^(A)		(8.0	)

Total		100.0	%


	% of Net
Transamerica Partners Core Bond Portfolio	Assets

U.S. Government Agency Obligation		45.6	%
Corporate Debt Security		32.8
Mortgage-Backed Security		15.9
Asset-Backed Security		6.7
U.S. Government Obligation		6.5
Securities Lending Collateral		4.1
Foreign Government Obligation		1.6
Purchased Swaption		1.0
Municipal Government Obligation		0.6
Preferred Corporate Debt Security		0.4
Repurchase Agreement		0.3
Purchased Option		0.1
Convertible Bond		0.1
Common Stock		0.0	*
Warrant		0.0	*
Preferred Stock		0.0	*
Other Assets and Liabilities — Net^(A)		(15.7	)

Total		100.0	%


	% of Net
Transamerica Partners High Yield Bond Portfolio	Assets

Corporate Debt Security		86.4	%
Loan Assignment		6.5
Repurchase Agreement		4.6
Common Stock		0.7
Preferred Stock		0.6
Convertible Preferred Stock		0.3
Convertible Bond		0.1
Preferred Corporate Debt Security		0.0	^
Right		0.0	^
Investment Company		0.0	^
Warrant		0.0	^
Other Assets and Liabilities — Net^(A)		0.8

Total		100.0	%


	% of Net
Transamerica Partners Balanced Portfolio	Assets

Common Stock		60.0	%
Securities Lending Collateral		21.6
U.S. Government Agency Obligation		19.4
Corporate Debt Security		13.2
Mortgage-Backed Security		5.7
Asset-Backed Security		2.4
Foreign Government Obligation		0.8
U.S. Government Obligation		0.8
Repurchase Agreement		0.7
Preferred Corporate Debt Security		0.2
Warrant		0.1
Municipal Government Obligation		0.1
Preferred Stock		0.1
Purchased Option		0.0	*
Other Assets and Liabilities — Net^(A)		(25.1	)

Total		100.0	%


	% of Net
Transamerica Partners Large Value Portfolio	Assets

Common Stock		98.2	%
Securities Lending Collateral		2.6
Repurchase Agreement		1.5
Other Assets and Liabilities — Net^(A)		(2.3	)

Total		100.0	%


	% of Net
Transamerica Partners Large Core Portfolio	Assets

Common Stock		98.3	%
Securities Lending Collateral		17.5
Repurchase Agreement		1.8
Other Assets and Liabilities — Net^(A)		(17.6	)

Total		100.0	%


	% of Net
Transamerica Partners Large Growth Portfolio	Assets

Common Stock		98.3	%
Securities Lending Collateral		8.1
Repurchase Agreement		1.2
Other Assets and Liabilities — Net^(A)		(7.6	)

Total		100.0	%


	% of Net
Transamerica Partners Mid Value Portfolio	Assets

Common Stock		96.8	%
Securities Lending Collateral		7.8
Repurchase Agreement		2.6
Other Assets and Liabilities — Net^(A)		(7.2	)

Total		100.0	%



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 1

Schedules of Investments Composition (continued)

At June 30, 2011
(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		99.2	%
Securities Lending Collateral		25.5
Repurchase Agreement		0.8
Other Assets and Liabilities — Net^(A)		(25.5	)

Total		100.0	%


	% of Net
Transamerica Partners Small Value Portfolio	Assets

Common Stock		95.6	%
Securities Lending Collateral		25.6
Repurchase Agreement		4.2
Other Assets and Liabilities — Net^(A)		(25.4	)

Total		100.0	%


	% of Net
Transamerica Partners Small Core Portfolio	Assets

Common Stock		97.5	%
Securities Lending Collateral		25.7
Repurchase Agreement		2.1
Investment Company		0.2
Short-Term U.S. Government Obligation		0.1
Other Assets and Liabilities — Net^(A)		(25.6	)

Total		100.0	%


	% of Net
Transamerica Partners Small Growth Portfolio	Assets

Common Stock		98.3	%
Securities Lending Collateral		25.6
Warrant		0.0	*
Other Assets and Liabilities — Net^(A)		(23.9	)

Total		100.0	%


Transamerica Partners International	% of Net
Equity Portfolio	Assets

Common Stock		95.6	%
Securities Lending Collateral		9.3
Preferred Stock		2.6
Repurchase Agreement		1.1
Other Assets and Liabilities — Net^(A)		(8.6	)

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		Semi-Annual Report 2011

Page 2

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

COMMERCIAL PAPER - 30.1%
Commercial Banks - 14.0%
Australia & New Zealand Banking Group, Ltd.
0.25%, 11/09/2011 - 144A	$	13,700	$	13,688
Banco Bilbao Vizcaya Argentaria SA
0.50%, 08/12/2011 - 144A		24,600		24,586
Credit Suisse
0.19%, 07/14/2011		25,950		25,948
European Investment Bank
0.17%, 07/08/2011		20,500		20,499
HSBC USA, Inc.
0.12%, 07/13/2011		16,250		16,249
Kreditanstalt fuer Wiederaufbau
0.15%, 08/19/2011 - 144A		13,300		13,297
UBS Finance Delaware LLC
0.32%, 12/12/2011		13,500		13,480
Westpac Banking Corp.
0.33%, 11/07/2011 - 144A		10,050		10,038
Diversified Financial Services - 11.1%
JPMorgan Chase & Co.
0.00%, 07/01/2011		29,800		29,800
Nordea North America, Inc.
0.20%, 07/18/2011		10,650		10,649
0.23%, 12/09/2011		19,300		19,280
Rabobank USA Financial Corp.
0.21%, 09/09/2011		14,050		14,044
Societe Generale North America, Inc.
0.40%, 07/06/2011		19,100		19,099
0.53%, 08/08/2011		16,000		15,991
Food & Staples Retailing - 1.9%
Wal-Mart Stores, Inc.
0.05%, 07/11/2011 - 144A		18,950		18,950
Household Products - 2.3%
Procter & Gamble International Funding SCA
0.07%, 07/05/2011 - 144A		22,150		22,150
Pharmaceuticals - 0.8%
Novartis Securities Investment, Ltd.
0.18%, 10/11/2011 - 144A		8,100		8,096

Total Commercial Paper (cost $295,844)				295,844


CERTIFICATES OF DEPOSIT - 38.1%
Commercial Banks - 38.1%
Abbey National Treasury Services PLC
0.55%, 08/24/2011 *		31,200		31,200
Bank of Montreal
0.14%, 07/06/2011 *		17,400		17,400
Bank of Nova Scotia
0.24%, 07/01/2011 *		21,000		21,000
Barclays Bank PLC
0.23%, 08/03/2011 *		17,200		17,200
BNP Paribas
0.45%, 07/18/2011 *		29,850		29,850
Commonwealth Bank of Australia
0.28%, 05/21/2012 - 144A *		26,800		26,800
Credit Agricole SA
0.35%, 11/03/2011 *		27,550		27,550
Deutsche Bank AG
0.20%, 10/17/2011 *		27,350		27,350
Lloyds TSB Bank PLC
0.24%, 07/22/2011		15,500		15,500
Rabobank Nederland NV
0.31%, 10/12/2011 *		23,450		23,451
Royal Bank of Canada
0.21%, 08/26/2011 *		23,350		23,350
0.25%, 03/12/2012 *		12,450		12,450
Svenska Handelsbanken AB
0.18%, 09/15/2011		19,650		19,650
0.20%, 08/18/2011 *		14,350		14,350
Toronto-Dominion Bank
0.13%, 08/05/2011 *		24,350		24,350
Westpac Banking Corp.
0.28%, 05/11/2012 *		23,400		23,400
0.96%, 02/21/2012 *		18,700		18,780

Total Certificate of Deposits (cost $373,631)				373,631


CORPORATE DEBT SECURITIES - 4.6%
Commercial Banks - 1.7%
Eksportfinans ASA
5.13%, 10/26/2011		8,500		8,629
National Australia Bank, Ltd.
0.37%, 07/07/2011 - 144A *		7,900		7,900
Diversified Financial Services - 2.9%
Shell International Finance BV
0.28%, 09/22/2011 *		28,800		28,806

Total Corporate Debt Securities (cost $45,335)				45,335


FOREIGN GOVERNMENT OBLIGATION - 1.5%
International Bank for Reconstruction & Development
0.24%, 07/13/2011 *		14,550		14,550
Total Foreign Government Obligation (cost $14,550)

SHORT-TERM FOREIGN GOVERNMENT OBLIGATION - 1.4%
World Bank Discount Notes
0.04%, 07/27/2011		13,800		13,800
Total Short-Term Foreign Government Obligation (cost $13,800)

SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 9.2%
Fannie Mae
0.11%, 07/05/2011		19,500		19,500
0.13%, 12/01/2011		20,250		20,239
Freddie Mac
0.00%, 07/01/2011		15,500		15,500
0.03%, 08/10/2011		14,350		14,350
U.S. Treasury Bill
0.16%, 08/25/2011		20,500		20,494

Total Short-Term U.S. Government Obligations (cost $90,083)				90,083


U.S. GOVERNMENT OBLIGATIONS - 6.8%
U.S. Treasury Note
0.75%, 11/30/2011		14,250		14,281
0.88%, 01/31/2012		16,850		16,918
1.00%, 07/31/2011 - 12/31/2011		36,000		36,078

Total U.S. Government Obligations (cost $67,277)				67,277

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 3

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

REPURCHASE AGREEMENTS - 8.3%
Barclays Bank PLC 0.02% ▲, dated 06/30/2011, to be repurchased at $22,100 on 07/01/2011. Collateralized by a U.S. Government Obligation, 4.38%, due 11/15/2039, with a value of $22,542.	$	22,100	$	22,100
Deutsche Bank AG 0.01% ▲, dated 06/30/2011, to be repurchased at $7,700 on 07/01/2011. Collateralized by a U.S. Government Agency Obligation, 2.00%, due 12/09/2014, with a value of $7,856.		7,700		7,700
Goldman Sachs 0.02% ▲, dated 06/30/2011, to be repurchased at $24,500 on 07/01/2011. Collateralized by a U.S. Government Agency Obligation, 1.25%, due 05/07/2012, with a value of $24,990.		24,500		24,500
HSBC Bank USA 0.01% ▲, dated 06/30/2011, to be repurchased at $27,260 on 07/01/2011. Collateralized by U.S. Government Agency Obligations, 0.50% - 3.00%, due 10/30/2012 - 09/01/2016, with a total value of $27,808.		27,260		27,260
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $5 on 07/01/2011. Collateralized by a U.S. Government Obligation, 1.75%, due 05/31/2016, with a value of $10.		5		5

Total Repurchase Agreements (cost $81,565)				81,565


Total Investment Securities (cost $982,085) #				982,085
Other Assets and Liabilities — Net				128


Net Assets			$	982,213


NOTES TO SCHEDULE OF INVESTMENTS:

*		Floating or variable rate note. Rate is listed as of 06/30/2011.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $982,085.

DEFINITION:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2011, these securities aggregated $145,505, or 14.81%, of the fund’s net assets.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 4

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY: э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Certificates of Deposit	$	—	$	373,631	$	—	$	373,631
Commercial Papers		—		295,844		—		295,844
Corporate Debt Securities		—		45,335		—		45,335
Foreign Government Obligations		—		14,550		—		14,550
Repurchase Agreement		—		81,565		—		81,565
Short-Term Foreign Government Obligations		—		13,800		—		13,800
Short-Term U.S. Government Obligations		—		90,083		—		90,083
U.S. Government Obligations		—		67,277		—		67,277

Total	$	—	$	982,085	$	—	$	982,085


^э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 5

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 2.4%
U.S. Treasury Note
0.50%, 05/31/2013 ^	$	4,000	$	4,004
0.75%, 03/31/2013		7,200		7,242

Total U.S. Government Obligations (cost $11,222)				11,246


U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.5%
Fannie Mae
1.75%, 02/22/2013		4,000		4,083
2.50%, 05/15/2014 ^		950		992
4.00%, 12/25/2029 - 07/25/2033		699		716
4.50%, 09/01/2013		700		743
5.50%, 12/01/2022		739		808
6.00%, 07/01/2014 - 09/01/2014		215		234
Freddie Mac
1.00%, 03/27/2013 ^		5,000		5,047
2.87%, 12/15/2016		460		463
3.38%, 03/15/2018		2,038		2,113
4.00%, 09/15/2016 - 09/15/2017		1,543		1,568
5.50%, 06/01/2014 - 04/01/2017		377		406
6.00%, 10/15/2021		1,203		1,242
6.50%, 02/01/2013 - 04/01/2013		46		49
Ginnie Mae
4.66%, 12/16/2030 *		1,681		1,768
5.75%, 12/15/2022		785		876

Total U.S. Government Agency Obligations (cost $20,603)				21,108


FOREIGN GOVERNMENT OBLIGATIONS - 1.9%
Province of Ontario Canada
1.38%, 01/27/2014		4,795		4,823
Province of Quebec Canada
4.88%, 05/05/2014 ^		3,650		4,033

Total Foreign Government Obligations (cost $8,816)				8,856


MORTGAGE-BACKED SECURITIES - 20.6%
Bear Stearns Commercial Mortgage Securities
Series 2002-PBW1, Class A1 3.97%, 11/11/2035 *		41		41
Series 2007-PW15, Class A2 5.21%, 02/11/2044		1,168		1,186
CFCRE Commercial Mortgage Trust
Series 2011-C1, Class A2 3.76%, 04/15/2044 - 144A		3,000		3,045
Commercial Mortgage Pass-Through Certificates
Series 2001-J2A, Class B 6.30%, 07/16/2034 - 144A		2,425		2,433
Series 2005-LP5, Class A2 4.63%, 05/10/2043		1,272		1,282
Series 2006-C8, Class A3 5.31%, 12/10/2046		5,690		5,920
Community Program Loan Trust
Series 1987-A, Class A4 4.50%, 10/01/2018		324		327
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-C5, Class A2 4.18%, 11/15/2037		853		852
Credit Suisse Mortgage Capital Certificates
Series 2007-C5, Class A2 5.59%, 09/15/2040		3,000		3,082
Crusade Global Trust
Series 2004-2, Class A1 0.39%, 11/19/2037 *		431		420
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A2 5.17%, 08/15/2048		3,194		3,266
GE Capital Commercial Mortgage Corp.
Series 2005-C1, Class A2 4.35%, 06/10/2048		2,745		2,747
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A2 4.31%, 08/10/2042		1,360		1,365
Series 2006-GG7, Class A2 5.88%, 07/10/2038 *		1,729		1,729
GS Mortgage Securities Corp. II
Series 2004-GG2, Class A4 4.96%, 08/10/2038		4,400		4,432
Series 2006-GG6, Class A2 5.51%, 04/10/2038 *		616		616
Series 2006-GG6, Class AAB 5.59%, 04/10/2038 *		4,067		4,322
Series 2006-GG8, Class AAB 5.54%, 11/10/2039		4,700		5,018
Series 2007-GG10, Class AAB 5.80%, 08/10/2045 *		5,010		5,249
Interstar Millennium Trust
Series 2003-3G, Class A2 0.75%, 09/27/2035 *		179		165
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2002-C2, Class A1 4.33%, 12/12/2034		60		60
Series 2006-LDP7, Class A2 6.05%, 04/15/2045 *		978		977
Series 2007-C1, Class A3 5.79%, 02/15/2051		7,000		7,460
LB Commercial Conduit Mortgage Trust
Series 1999-C2, Class G 6.72%, 10/15/2032 - 144A		2,732		2,729
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3 4.56%, 09/15/2027 *		4,550		4,579
Series 2005-C7, Class A2 5.10%, 11/15/2030		623		623
Series 2006-C4, Class AAB 5.84%, 06/15/2032 *		3,966		4,245
Series 2006-C7, Class A2 5.30%, 11/15/2038		2,607		2,628
Series 2007-C2, Class A2 5.30%, 02/15/2040		4,220		4,305
Merrill Lynch Mortgage Trust
Series 2005-MKB2, Class A2 4.81%, 09/12/2042		2,070		2,069
Series 2006-C1, Class A2 5.63%, 05/12/2039 *		470		485
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-8, Class A2 6.13%, 08/12/2049 *		2,000		2,093

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 6

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust
Series 2003-C5, Class A1 2.99%, 06/15/2035	$	576	$	575
Series 2003-C9, Class A3 4.61%, 12/15/2035		1,094		1,117
Series 2007-C30, Class A3 5.25%, 12/15/2043		4,700		4,811
Series 2007-C30, Class APB 5.29%, 12/15/2043		5,000		5,301
Series 2007-C33, Class A3 6.10%, 02/15/2051 *		4,300		4,571
Wells Fargo Mortgage Backed Securities Trust
Series 2005-9, Class 1A1 4.75%, 10/25/2035		494		496

Total Mortgage-Backed Securities (cost $95,732)				96,621


ASSET-BACKED SECURITIES - 30.8%
AmeriCredit Automobile Receivables Trust
Series 2009-1, Class B 9.79%, 04/15/2014		1,000		1,105
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A 3.15%, 03/20/2017 - 144A		2,000		2,022
BMW Vehicle Lease Trust
Series 2009-1, Class A3 2.91%, 03/15/2012		300		301
BMW Vehicle Owner Trust
Series 2010-A, Class A4 2.10%, 10/25/2016		4,000		4,097
Cabela’s Master Credit Card Trust
Series 2006-3A, Class A1 5.26%, 10/15/2014 - 144A		3,000		3,028
Capital One Multi-Asset Execution Trust
Series 2006-10, Class A 5.15%, 06/16/2014		3,000		3,018
Series 2008-A3, Class A3 5.05%, 02/15/2016		4,750		5,107
CarMax Auto Owner Trust
Series 2010-2, Class A3 1.41%, 02/16/2015		4,750		4,791
CenterPoint Energy Transition Bond Co., LLC
Series 2009-1, Class A1 1.83%, 02/15/2016		4,119		4,186
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-4, Class 1A6 4.43%, 10/25/2014 *		1,346		1,356
CIT Equipment Collateral
Series 2009-VT1, Class A3 3.07%, 08/15/2016 - 144A		688		692
Citibank Credit Card Issuance Trust
Series 2009-A5, Class A5 2.25%, 12/23/2014		3,000		3,071
Citibank Omni Master Trust
Series 2009-A8, Class A8 2.29%, 05/16/2016 - 144A *		2,850		2,884
CNH Equipment Trust
Series 2009-B, Class A4 5.17%, 10/15/2014		2,794		2,873
Series 2009-C, Class A4 3.00%, 08/17/2015		3,000		3,080
Series 2009-C, Class B 4.98%, 04/15/2016		500		528
Series 2010-A, Class B 4.04%, 09/15/2016		2,175		2,244
Series 2010-B, Class A4 1.74%, 01/17/2017		4,400		4,437
Discover Card Master Trust
Series 2008-A4, Class A4 5.65%, 12/15/2015		4,500		4,919
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A1 1.00%, 02/01/2016		1,874		1,917
Ford Credit Auto Owner Trust
Series 2006-C, Class D 6.89%, 05/15/2013 - 144A		2,000		2,013
Series 2007-A, Class B 5.60%, 10/15/2012		1,000		1,020
Series 2010-A, Class A3 1.32%, 06/15/2014		2,630		2,645
Series 2010-B, Class A4 1.58%, 09/15/2015		2,725		2,750
Series 2010-B, Class B 2.54%, 02/15/2016		5,500		5,654
Ford Credit Floorplan Master Owner Trust
Series 2010-5, Class A1 1.50%, 09/15/2015		2,000		2,008
GE Capital Credit Card Master Note Trust
Series 2009-2, Class A 3.69%, 07/15/2015		4,377		4,502
Series 2010-3, Class A 2.21%, 06/15/2016		3,000		3,071
GE Equipment Midticket LLC
Series 2009-1, Class A4 3.13%, 11/16/2020		4,750		4,892
GE Equipment Transportation LLC
Series 2011-1, Class A4 1.33%, 05/20/2019		1,000		996
Honda Auto Receivables Owner Trust
Series 2009-2, Class A3 2.79%, 01/16/2012		547		551
Series 2009-2, Class A4 4.43%, 08/15/2012		2,650		2,751
Series 2010-1, Class A3 1.25%, 10/21/2013		2,262		2,272
Hyundai Auto Receivables Trust
Series 2008-A, Class A3 4.93%, 12/17/2012		875		884
Series 2010-B, Class A4 1.63%, 03/15/2017		2,000		1,999
Series 2011-A, Class A4 1.78%, 12/15/2015		3,000		3,032
Macquarie Equipment Funding Trust
Series 2011-A, Class A3 1.91%, 04/20/2017 - 144A		1,800		1,816
Massachusetts RRB Special Purpose Trust
Series 2005-1, Class A4 4.40%, 03/15/2015		1,582		1,647
MBNA Credit Card Master Note Trust
Series 2004-B1, Class B1 4.45%, 08/15/2016		1,100		1,180

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 7

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

ASSET-BACKED SECURITIES (continued)
Mercedes-Benz Auto Receivables Trust
Series 2010-1, Class A3 1.42%, 08/15/2014	$	1,745	$	1,759
MMAF Equipment Finance LLC
Series 2009-AA, Class A4 3.51%, 01/15/2030 - 144A		5,385		5,637
Nissan Auto Lease Trust
Series 2009-B, Class A3 2.07%, 01/15/2015		602		604
North Carolina State Education Assistance Authority
Series 2011-2, Class A1 0.79%, 10/26/2020 *		1,500		1,497
Popular ABS Mortgage Pass-Through Trust
Series 2005-3, Class AF3 4.44%, 07/25/2035 *		186		186
Railcar Leasing LLC
Series 1, Class A2 7.13%, 01/15/2013 - 144A ә		4,659		4,874
Toyota Auto Receivables Owner Trust
Series 2010-A, Class A3 1.27%, 12/16/2013		4,000		4,021
USAA Auto Owner Trust
Series 2009-2, Class A4 2.53%, 06/17/2013		1,005		1,034
Series 2010-1, Class A3 1.30%, 06/16/2014		2,578		2,590
Volkswagen Auto Lease Trust
Series 2009-A, Class A3 3.41%, 04/16/2012		827		830
Volkswagen Auto Loan Enhanced Trust
Series 2010-1, Class A4 2.14%, 08/22/2016		1,870		1,911
Series 2011-1, Class A3 1.22%, 06/22/2015		3,250		3,269
World Financial Network Credit Card Master Trust
Series 2009-B, Class A 3.79%, 05/15/2016		2,450		2,512
Series 2009-D, Class A 4.66%, 05/15/2017		1,250		1,334
Series 2010-A, Class A 3.96%, 04/15/2019		4,750		5,024
World Omni Auto Receivables Trust
Series 2010-A, Class A4 2.21%, 09/15/2013		2,200		2,245
World Omni Automobile Lease Securitization Trust
Series 2011-A, Class A3 1.49%, 10/15/2014		3,750		3,766

Total Asset-Backed Securities (cost $143,478)				144,432


CORPORATE DEBT SECURITIES - 37.9%
Beverages - 2.1%
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 03/26/2013		4,700		4,816
Bottling Group LLC
6.95%, 03/15/2014		4,210		4,826
Capital Markets - 4.0%
Credit Suisse
5.50%, 05/01/2014 ^		4,230		4,646
Goldman Sachs Group, Inc.
0.45%, 02/06/2012 * ^		4,330		4,329
3.63%, 08/01/2012		3,005		3,093
Morgan Stanley
6.00%, 05/13/2014		6,100		6,644
Chemicals - 0.6%
Airgas, Inc.
4.50%, 09/15/2014		2,591		2,774
Commercial Banks - 4.1%
Bank of Nova Scotia
2.25%, 01/22/2013		6,640		6,797
PNC Funding Corp.
3.00%, 05/19/2014		4,175		4,328
Wells Fargo Bank NA — Series AI
4.75%, 02/09/2015 ^		5,000		5,348
Westpac Banking Corp.
2.25%, 11/19/2012		2,705		2,757
Commercial Services & Supplies - 1.4%
Yale University
2.90%, 10/15/2014 ^		6,250		6,585
Consumer Finance - 3.0%
American Express Credit Corp.
1.10%, 06/24/2014 *		4,345		4,350
7.30%, 08/20/2013		3,350		3,729
Capital One Financial Corp.
5.70%, 09/15/2011		4,520		4,565
Caterpillar Financial Services Corp.
1.38%, 05/20/2014		1,410		1,416
Diversified Financial Services - 8.1%
Citigroup, Inc.
5.30%, 10/17/2012 ^		4,625		4,854
CME Group, Inc.
5.40%, 08/01/2013		2,275		2,475
Diageo Finance BV
5.50%, 04/01/2013		3,320		3,586
FUEL Trust
3.98%, 06/15/2016 - 144A		1,750		1,736
4.21%, 04/15/2016 - 144A		2,060		2,068
General Electric Capital Corp.
1.88%, 09/16/2013		2,000		2,023
2.10%, 01/07/2014		5,700		5,780
John Deere Capital Corp.
5.25%, 10/01/2012		2,875		3,039
JPMorgan Chase & Co.
3.45%, 03/01/2016		5,610		5,714
Merrill Lynch & Co., Inc.
5.45%, 02/05/2013 ^		3,025		3,209
NYSE Euronext
4.80%, 06/28/2013		3,670		3,924
Diversified Telecommunication Services - 1.4%
AT&T, Inc.
4.95%, 01/15/2013		6,375		6,758
Electric Utilities - 1.4%
Hydro Quebec
2.00%, 06/30/2016		4,160		4,098
Public Service Electric & Gas Co.
5.13%, 09/01/2012		2,365		2,484
Food & Staples Retailing - 1.0%
CVS Caremark Corp.
3.25%, 05/18/2015 ^		1,100		1,142
5.75%, 08/15/2011		3,470		3,490
Household Products - 0.8%
Procter & Gamble Co.
1.38%, 08/01/2012		3,870		3,900
Insurance - 4.1%
Berkshire Hathaway, Inc.
1.40%, 02/10/2012 ^		4,920		4,951
Berkshire Hathaway Finance Corp.
5.00%, 08/15/2013		2,465		2,662

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 8

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Principal		Value

Insurance (continued)
Metropolitan Life Global Funding I
2.50%, 09/29/2015 - 144A	$	7,285	$	7,277
5.13%, 06/10/2014 - 144A		430		470
New York Life Global Funding
5.38%, 09/15/2013 - 144A		3,745		4,085
Machinery - 0.5%
Caterpillar, Inc.
1.38%, 05/27/2014		2,365		2,375
Media - 0.6%
Comcast Corp.
5.30%, 01/15/2014		2,600		2,851
Office Electronics - 0.8%
Xerox Corp.
8.25%, 05/15/2014		3,005		3,526
Oil, Gas & Consumable Fuels - 1.7%
Shell International Finance BV
4.00%, 03/21/2014 ^		4,025		4,333
Total Capital Canada, Ltd.
1.63%, 01/28/2014		3,460		3,510
Pharmaceuticals - 0.7%
Novartis Capital Corp.
1.90%, 04/24/2013		3,215		3,290
Real Estate Investment Trusts - 0.2%
Boston Properties, LP
6.25%, 01/15/2013 ^		776		833
Wireless Telecommunication Services - 1.4%
ALLTEL Corp.
7.00%, 07/01/2012		6,150		6,524

Total Corporate Debt Securities (cost $174,463)				177,970


	Shares		Value

SECURITIES LENDING COLLATERAL - 4.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		22,226,994		22,227
Total Securities Lending Collateral (cost $22,227)

	Principal		Value

REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $6,731 on 07/01/2011. Collateralized by a U.S. Government Obligation, 1.75%, due 05/31/2016, with a value of $6,867.	$	6,731		6,731
Total Repurchase Agreement (cost $6,731)


Total Investment Securities (cost $483,272) #				489,191
Other Assets and Liabilities — Net				(19,569	)


Net Assets			$	469,622


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $21,779.

*		Floating or variable rate note. Rate is listed as of 06/30/2011.

ә		Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. This security had a market value of $4,874, or 1.04% of the fund’s net assets.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $483,272. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,297 and $1,378, respectively. Net unrealized appreciation for tax purposes is $5,919.

DEFINITION:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2011, these securities aggregated $46,809, or 9.97%, of the fund’s net assets.

VALUATION SUMMARY: э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Asset-Backed Securities	$	—	$	144,432	$	—	$	144,432
Corporate Debt Securities		—		177,970		—		177,970
Foreign Government Obligations		—		8,856		—		8,856
Mortgage-Backed Securities		—		96,621		—		96,621
Repurchase Agreement		—		6,731		—		6,731
Securities Lending Collateral		22,227		—		—		22,227
U.S. Government Agency Obligations		—		21,108		—		21,108
U.S. Government Obligations		—		11,246		—		11,246

Total	$	22,227	$	466,964	$	—	$	489,191


^э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 9

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 93.7%
U.S. Treasury Bond
3.13%, 05/15/2021 ^ g		$	17,665	$	17,615
3.63%, 02/15/2021 ^			3,175		3,311
4.38%, 05/15/2040 g			830		830
4.38%, 05/15/2041 α			2,325		2,320
4.75%, 02/15/2041 g			2,123		2,257
U.S. Treasury Inflation Indexed Bond
0.13%, 04/15/2016			1,396		1,427
1.13%, 01/15/2021			10,860		11,277
1.75%, 01/15/2028			4,336		4,537
2.00%, 01/15/2026			15,679		17,132
2.13%, 02/15/2040			22,578		24,570
2.38%, 01/15/2025 - 01/15/2027			30,950		35,524
2.50%, 01/15/2029			581		675
3.38%, 04/15/2032			971		1,284
3.63%, 04/15/2028			7,438		9,794
3.88%, 04/15/2029			13,104		17,955
U.S. Treasury Inflation Indexed Note
0.50%, 04/15/2015			10,609		11,065
1.25%, 04/15/2014			4,149		4,402
1.38%, 07/15/2018 ^			7,737		8,401
1.38%, 01/15/2020 g			8,883		6,308
1.63%, 01/15/2015 - 01/15/2018			7,875		8,576
1.88%, 07/15/2013 - 07/15/2015			27,507		29,677
1.88%, 07/15/2019 g			8,030		8,980
2.00%, 04/15/2012 - 01/15/2016			43,359		45,768
2.13%, 01/15/2019			2,263		2,571
2.38%, 01/15/2017 ^			21,470		24,493
2.50%, 07/15/2016			9,559		10,939
3.38%, 01/15/2012			7,433		7,594
U.S. Treasury Note
2.13%, 02/15/2041 ^			16,673		18,116

Total U.S. Government Obligations (cost $324,580)					337,398


FOREIGN GOVERNMENT OBLIGATIONS - 0.3%
Hellenic Republic Government Bond
2.30%, 07/25/2030	EUR		1,151		642
International Bank for Reconstruction & Development CPI
2.09%, 12/10/2013 *		$	315		323

Total Foreign Government Obligations (cost $1,365)					965


MORTGAGE-BACKED SECURITY - 0.2%
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class A4 4.55%, 12/10/2041			678		683
Total Mortgage-Backed Security (cost $650)

CORPORATE DEBT SECURITY - 0.2%
Diversified Financial Services - 0.2%
Bear Stearns Cos., LLC CPI
4.48%, 03/10/2014 *			649		650
Total Corporate Debt Security (cost $614)

STRUCTURED NOTE DEBT - 0.2%
Consumer Finance - 0.2%
SLM Corp. CPI
4.23%, 01/31/2014 *			900		892
Total Structured Note Debt (cost $845)


	Notional
	Amount		Value

PURCHASED OPTION - 0.0% ∞
Put Option - 0.0% ∞
Eurodollar, Mid-Curve 1-Year Future Put Strike $98.25 Expires 09/16/2011	$	813	$	6
Total Purchased Option (cost $147)

PURCHASED SWAPTIONS - 0.3%
Call Swaptions - 0.3%
If exercised the Portfolio receives 4.31%, and pays floating 3 month LIBOR, European Style Expires 01/14/2013		4,700		289
If exercised the Portfolio receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 05/08/2012		5,000		365
If exercised the Portfolio receives 4.39%, and pays floating 3 month LIBOR, European Style Expires 07/15/2015		2,200		106
Put Swaptions - 0.0% ∞
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.31%, European Style Expires 01/14/2013		4,700		170
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 05/08/2012		5,000		71
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.39%, European Style Expires 07/15/2015		2,200		171

Total Purchased Swaptions (cost $1,361)				1,172


	Shares		Value

SECURITIES LENDING COLLATERAL - 7.2%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		26,036,108		26,036
Total Securities Lending Collateral (cost $26,036)


	Principal		Value

REPURCHASE AGREEMENT - 5.9%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $21,326 on 07/01/2011. Collateralized by a U.S. Government Obligation, 1.75%, due 05/31/2016, with a value of $21,753.	$	21,326		21,326
Total Repurchase Agreement (cost $21,326)


Total Investment Securities (cost $376,924) #				389,128
Other Assets and Liabilities — Net				(28,709	)


Net Assets			$	360,419

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 10

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Notional
	Amount			Value

WRITTEN-OPTIONS - 0.0% p ∞
Call Option - 0.0% ∞
10-Year U.S. Treasury Note Future	$	(124	)	$	(87	)
Call Strike $124.00
Expires 08/26/2011
Put Option - 0.0% 8
Eurodollar, Mid-Curve 1-Year Future		(813	)		(2	)
Put Strike $97.75
Expires 09/16/2011

Total Written Options (Premiums: $(137))					(89	)

WRITTEN SWAPTIONS: p


		Pay/Receive	Exercise			Expiration				Premiums Paid
Description	Floating Rate Index	Floating Rate	Rate			Date	Notional Amount			(Received)			Value
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.90	%	03/19/2012	$	(6,000	)	$	(229	)	$	(278	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.01		02/02/2012		(5,200	)		(202	)		(281	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.06		07/15/2013		(2,600	)		(148	)		(116	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.13		12/16/2011		(8,600	)		(355	)		(547	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.78		02/25/2014		(5,000	)		(292	)		(372	)
Call — Interest Rate Swap, European Style	3-month USD LIBOR	Receive		5.39		01/06/2015		(2,500	)		(173	)		(242	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		0.90		09/06/2011		(25,900	)		(39	)		(31	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		1.00		09/19/2011		(70,700	)		(57	)		(68	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.45		09/19/2011		(17,700	)		(171	)		(241	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.90		03/19/2012		(6,000	)		(229	)		(131	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.01		02/02/2012		(5,200	)		(202	)		(76	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.06		07/15/2013		(2,600	)		(148	)		(148	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.13		12/16/2011		(8,600	)		(353	)		(70	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.78		02/25/2014		(5,000	)		(292	)		(238	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		5.39		01/06/2015		(2,500	)		(173	)		(109	)

										$	(3,063	)	$	(2,948	)

SWAP AGREEMENTS: p

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		0.64	%	06/21/2013	CBK	USD	$	20,700	$	17	$	—	$	17
U.S. CPI Urban Consumers NAS		1.84		10/25/2015	MYC	USD		4,730		151		—		151

									$	168	$	—	$	168

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		3.38	%	05/04/2021	CBK	USD	$	2,400	$	30		$	—	$	30
3-Month USD LIBOR		3.26		05/09/2021	DUB	USD		2,000		4			—		4
U.S. CPI Urban Consumers NAS		2.47		10/25/2020	MYC	USD		2,495		(87	)		—		(87	)
U.S. CPI Urban Consumers NAS		2.67		06/23/2021	DUB	USD		4,345		(41	)		—		(41	)

									$	(94	)	$	—	$	(94	)

FUTURES CONTRACTS:


						Net Unrealized
						Appreciation
Description	Type	Contracts Г			Expiration Date	(Depreciation)
10-Year U.S. Treasury Note	Long		98		09/21/2011	$	(100	)
2-Year U.S. Treasury Note	Short		(215	)	09/30/2011		(39	)
30-Year U.S. Treasury Bond	Short		(101	)	09/21/2011		219
5-Year U.S. Treasury Note	Short		(126	)	09/30/2011		(121	)
Ultra Long U.S. Treasury Bond	Short		(84	)	09/21/2011		192

						$	151

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 11

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:


					Amount in U.S.			Net Unrealized
				Settlement	Dollars Bought			Appreciation
Currency	Bought (Sold)			Date	(Sold)			(Depreciation)
Euro		(455	)	07/27/2011	$	(661	)	$	2
Euro		200		07/27/2011		290			w
Japanese Yen		(572,023	)	12/05/2011		(7,079	)		(37	)

								$	(35	)


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $25,525.

*		Floating or variable rate note. Rate is listed as of 06/30/2011.

∞		Percentage rounds to less than 0.1%.

w		Value is less than $1 or zero.

Г		Contract amounts are not in thousands.

p		Securities with an aggregate market value of $1,045 have been pledged by the broker as collateral with the broker for open swap contracts and/or swaptions.

α		A portion of this security in the amount of $2,118 has been segregated as collateral with the broker for open swaps contracts and/or for swaptions.

g		A portion of these securities in the amount of $1,321 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $376,924. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $13,329 and $1,125, respectively. Net unrealized appreciation for tax purposes is $12,204.

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: э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Corporate Debt Securities	$	—	$	650	$	—	$	650
Foreign Government Obligations		—		965		—		965
Mortgage-Backed Securities		—		683		—		683
Purchased Options		6		—		—		6
Purchased Swaptions		—		1,172		—		1,172
Repurchase Agreement		—		21,326		—		21,326
Securities Lending Collateral		26,036		—		—		26,036
Structured Note Debts		—		892		—		892
U.S. Government Obligations		—		337,398		—		337,398

Total	$	26,042	$	363,086	$	—	$	389,128


			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments	Prices		Inputs			Inputs		06/30/2011
Written Options	$	—	$	(89	)	$	—	$	(89	)
Written Swaptions		—		(2,948	)		—		(2,948	)

Total	$	—	$	(3,037	)	$	—	$	(3,037	)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 12

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY (continued):


				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial Instruments Ғ	Prices			Inputs			Inputs		06/30/2011
Interest Rate Swap — Appreciation	$	—		$	202		$	—	$	202
Interest Rate Swap — Depreciation		—			(128	)		—		(128	)
Futures Contracts — Appreciation		411			—			—		411
Futures Contracts — Depreciation		(260	)		—			—		(260	)
Forward Foreign Currency Contracts — Appreciation		—			2			—		2
Forward Foreign Currency Contracts — Depreciation		—			(37	)		—		(37	)

Total	$	151		$	39		$	—	$	190


э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

Ғ		Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 13

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)


		Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 6.5%
U.S. Treasury Bond
3.25%, 05/15/2021		$	36,880	$	36,776
4.38%, 05/15/2041 γ			43,570		43,503
4.75%, 02/15/2041 γ			12,865		13,675
U.S. Treasury Note
0.63%, 01/31/2013 γ			3,500		3,514
1.50%, 06/30/2016			3,335		3,294
1.75%, 05/31/2016			2,535		2,539

Total U.S. Government Obligations (cost $105,135)					103,301


U.S. GOVERNMENT AGENCY OBLIGATIONS - 45.6%
Fannie Mae
1.98%, 01/01/2035 *			58		61
2.04%, 08/01/2034 *			27		28
2.74%, 08/01/2035			165		174
3.04%, 03/01/2041 *			1,762		1,822
3.15%, 03/01/2041 *			2,518		2,602
3.32%, 12/01/2040 *			4,004		4,153
4.00%, 02/01/2026 - 02/01/2041			80,172		82,225
4.36%, 10/09/2019			5,460		3,822
4.50%, 10/01/2040 - 06/01/2041			160,274		166,345
4.63%, 05/01/2013 ▲			10,200		10,888
5.00%, 03/01/2040 - 06/01/2041			50,299		53,685
5.25%, 08/01/2012 γ			5,040		5,302
5.50%, 07/01/2014 - 08/01/2037			36,891		40,163
5.78%, 08/01/2037 *			18		19
6.00%, 02/01/2034 - 03/01/2038			6,011		6,666
6.00%, 04/01/2035 α			20,206		22,414
7.00%, 01/01/2015 - 09/01/2016			135		147
Fannie Mae, TBA
3.50%			14,700		14,249
4.00%			67,100		67,101
4.50%			21,800		22,652
5.00%			20,700		22,086
5.50%			33,600		36,356
6.00%			14,400		15,818
6.50%			19,300		21,851
Farmer Mac Guaranteed Notes Trust 2007-1
5.13%, 04/19/2017 - 144A			900		1,018
Freddie Mac
2.50%, 12/01/2034			39		41
3.06%, 02/01/2041 *			2,855		2,955
3.53%, 09/30/2019			3,425		3,438
3.97%, 01/25/2021 *			7,870		7,964
4.00%, 05/01/2026			22,160		23,169
4.50%, 02/01/2041 - 04/01/2041			27,207		28,160
4.74%, 09/01/2035 *			4,643		4,921
5.00%, 06/01/2041 - 06/01/2041			13,850		14,751
5.50%, 06/15/2015 - 12/01/2016			3,270		3,532
5.56%, 01/01/2038 *			1,139		1,219
5.63%, 06/13/2016			9,195		10,216
5.69%, 02/01/2037 *			82		87
5.77%, 05/01/2037 *			190		203
5.88%, 04/01/2037 *			440		469
5.88%, 05/01/2037 *			202		214
5.97%, 09/01/2037 *			242		261
6.00%, 02/01/2013 - 05/01/2031			1,759		1,945
Freddie Mac, TBA
5.00%			4,500		4,774
5.50%			100		108
Ginnie Mae
6.50%, 12/20/2031			47		54
Resolution Funding Corp., Interest STRIPS
2.88%, 07/15/2018 ▲			1,200		977
2.95%, 10/15/2018 ▲			1,200		964
Tennessee Valley Authority
5.25%, 09/15/2039			7,500		7,941
5.98%, 04/01/2036			440		507
U.S. Small Business Administration
4.50%, 02/01/2014			390		409

Total U.S. Government Agency Obligations (cost $714,480)					720,926


FOREIGN GOVERNMENT OBLIGATIONS - 1.6%
Hellenic Republic Government Bond
4.60%, 09/20/2040	EUR		780		468
Hydro Quebec
8.05%, 07/07/2024		$	8,200		11,300
8.40%, 01/15/2022			3,065		4,228
9.40%, 02/01/2021			1,695		2,429
Poland Government International Bond
5.13%, 04/21/2021			2,945		3,044
United Mexican States
5.13%, 01/15/2020 ^			1,335		1,442
5.63%, 01/15/2017			1,693		1,924

Total Foreign Government Obligations (cost $25,170)					24,835


MORTGAGE-BACKED SECURITIES - 15.9%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2 1.03%, 02/25/2035 *			31		28
American Home Mortgage Assets
Series 2006-2, Class 2A1 0.44%, 09/25/2046 *			1,243		658
American Home Mortgage Investment Trust
Series 2005-4, Class 1A1 0.54%, 11/25/2045 *			195		123
Arkle Master Issuer PLC
Series 2010-1A, Class 2A 1.41%, 05/17/2060 - 144A *			7,140		7,128
Banc of America Funding Corp.
Series 2005-E, Class 4A1 2.83%, 03/20/2035 *			473		447
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2002-2, Class A3 5.12%, 07/11/2043			14,901		15,135
Series 2006-4, Class AM 5.68%, 07/10/2046			1,100		1,093
Series 2006-5, Class AM 5.45%, 09/10/2047			525		525
Series 2007-1, Class A4 5.45%, 01/15/2049			6,445		6,970
Series 2007-3, Class A2 5.80%, 06/10/2049 *			2,402		2,473
Series 2007-3, Class A4 5.62%, 06/10/2049 *			4,240		4,562

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 14

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Adjustable Rate Mortgage Trust
Series 2004-8, Class 14A1 5.39%, 11/25/2034 *	$	2,588	$	2,362
Series 2005-1, Class 4A1 5.26%, 03/25/2035 *		2,793		2,415
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2 3.17%, 11/25/2034 *		153		112
Bear Stearns Commercial Mortgage Securities
Series 2005-PW10, Class AM 5.45%, 12/11/2040 *		610		612
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2 0.40%, 12/25/2046 *		1,247		332
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2006-CD3, Class A5 5.62%, 10/15/2048		1,170		1,270
Series 2007-CD4, Class A4 5.32%, 12/11/2049		4,868		5,165
Countrywide Alternative Loan Trust
Series 2005-36, Class 2A1A 0.56%, 08/25/2035 *		2,077		1,048
Series 2005-36, Class 3A1 2.98%, 08/25/2035 *		222		146
Series 2005-38, Class A3 0.60%, 09/25/2035 *		540		344
Series 2005-50CB, Class 1A1 5.50%, 11/25/2035		4,742		3,693
Series 2005-51, Class 3A3A 0.57%, 11/20/2035 *		1,788		1,106
Series 2005-59, Class 1A1 0.58%, 11/20/2035 *		273		171
Series 2006-OA21, Class A1 0.44%, 03/20/2047 *		4,907		2,488
Series 2007-5CB, Class 1A31 5.50%, 04/25/2037		3,507		2,389
Countrywide Home Loan Mortgage Pass- Through Trust
Series 2003-60, Class 1A1 3.17%, 02/25/2034 *		274		230
Series 2004-23, Class A 2.52%, 11/25/2034 *		131		83
Series 2004-R2, Class 1AF1 0.67%, 11/25/2034 - 144A *		70		61
Series 2005-3, Class 1A2 0.54%, 04/25/2035 *		382		242
Series 2005-R1, Class 1AF1 0.61%, 03/25/2035 - 144A *		123		105
Series 2006-OA5, Class 2A1 0.45%, 04/25/2036 *		2,070		1,108
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-C3, Class A5 3.94%, 05/15/2038		14,005		14,510
Series 2004-AR5, Class 7A2 2.70%, 06/25/2034 *		565		545
Credit Suisse Mortgage Capital Certificates
Series 2007-C2, Class A2 5.45%, 01/15/2049 *		2,086		2,108
Series 2011-4R, Class 1A1 6.23%, 09/27/2037 - 144A *		3,524		3,579
Series 2011-4R, Class 2A1 5.17%, 08/27/2037 - 144A *		4,266		4,183
Series 2011-4R, Class 5A1 5.66%, 05/27/2036 - 144A *		4,571		4,622
DBUBS Mortgage Trust
Series 2011-LC2A, Class A4 4.54%, 07/10/2044 - 144A		3,260		3,245
Deutsche ALT-A Securities, Inc., Alternate Loan Trust
Series 2006-OA1, Class A1 0.45%, 02/25/2047 *		3,148		2,043
Deutsche Mortgage Securities, Inc.
Series 2005-W, Class 1A3 5.24%, 06/26/2035 - 144A *		1,270		1,217
Extended Stay America Trust
Series 2010-ESHA, Class A 2.95%, 11/05/2027 - 144A		7,886		7,842
Series 2010-ESHA, Class B 4.22%, 11/05/2027 - 144A		5,000		5,060
Series 2010-ESHA, Class C 4.86%, 11/05/2027 - 144A		3,330		3,324
Series 2010-ESHA, Class D 5.50%, 11/05/2027 - 144A		1,500		1,497
First Horizon Alternative Mortgage Securities
Series 2006-FA8, Class 1A8 0.62%, 02/25/2037 *		523		295
GMAC Commercial Mortgage Securities, Inc.
Series 2006-C1, Class AM 5.29%, 11/10/2045 *		920		912
GMAC Mortgage Corp., Loan Trust
Series 2003-AR2, Class 1A1 3.77%, 12/19/2033 *		43		40
Series 2005-AR1, Class 3A 3.10%, 03/18/2035 *		150		135
Greenpoint Mortgage Funding Trust
Series 2006-AR4, Class A1A 0.35%, 09/25/2046 *		2		2
Greenwich Capital Commercial Funding Corp.
Series 2005-GG3, Class A3 4.57%, 08/10/2042		11,200		11,331
Series 2006-GG7, Class AJ 5.88%, 07/10/2038 *		1,270		1,158
Series 2006-GG7, Class AM 5.88%, 07/10/2038 *		1,430		1,469
GS Mortgage Securities Corp. II
Series 2005-GG4, Class A4A 4.75%, 07/10/2039		3,175		3,384
Series 2005-GG4, Class AABA 4.68%, 07/10/2039		147		153
Series 2006-GG6, Class AM 5.62%, 04/10/2038 *		860		856
GSR Mortgage Loan Trust
Series 2005-AR1, Class 2A1 2.94%, 01/25/2035 *		2,943		2,751
Harborview Mortgage Loan Trust
Series 2005-8, Class 1A2A 0.58%, 09/19/2035 *		528		351

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 15

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Harborview Mortgage Loan Trust (continued)
Series 2006-11, Class A1A 0.42%, 12/19/2036 *	$	6,403	$	3,913
Impac CMB Trust
Series 2004-6, Class 1A1 0.99%, 10/25/2034 *		76		59
IndyMac INDA Mortgage Loan Trust
Series 2006-AR2, Class 4A1 5.54%, 09/25/2036 *		2,733		2,102
Series 2007-AR7, Class 1A1 5.84%, 09/25/2037 *		820		660
IndyMac Index Mortgage Loan Trust
Series 2005-AR14, Class 2A1A 0.55%, 07/25/2035 *		1,766		1,143
Series 2007-AR15, Class 2A1 5.14%, 08/25/2037 *		1,491		908
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2001-C1, Class A3 5.86%, 10/12/2035		3,329		3,334
Series 2004-CB8, Class A1A 4.16%, 01/12/2039 - 144A		1,462		1,515
Series 2006-CB14, Class AM 5.44%, 12/12/2044 *		1,420		1,397
Series 2007-CB18, Class A3 5.45%, 06/12/2047		4,020		4,222
Series 2007-LD11, Class A3 5.82%, 06/15/2049 *		1,100		1,168
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1 4.71%, 02/25/2034 *		432		432
Series 2004-A3, Class 1A1 2.56%, 07/25/2034 *		115		109
Series 2006-A2, Class 5A1 2.97%, 11/25/2033 *		241		236
Series 2006-S2, Class 2A2 5.88%, 07/25/2036		772		750
Series 2006-S3, Class 1A12 6.50%, 08/25/2036		2,092		1,981
Series 2007-S1, Class 1A2 5.50%, 03/25/2022		630		615
Series 2007-S1, Class 2A22 5.75%, 03/25/2037		2,117		1,860
LB-UBS Commercial Mortgage Trust
Series 2003-C7, Class A3 4.56%, 09/15/2027 *		7,395		7,442
Series 2004-C8, Class A4 4.51%, 12/15/2029		7,386		7,418
Series 2005-C3, Class AAB 4.66%, 07/15/2030		72		75
Series 2006-C4, Class AM 5.90%, 06/15/2038 *		660		691
Series 2006-C7, Class AM 5.38%, 11/15/2038		660		644
Series 2007-C2, Class A3 5.43%, 02/15/2040		9,658		10,293
Series 2007-C6, Class A4 5.86%, 07/15/2040 *		2,355		2,555
Series 2007-C7, Class A3 5.87%, 09/15/2045 *		3,190		3,469
MASTR Adjustable Rate Mortgages Trust
Series 2007-R5, Class A1 2.71%, 11/25/2035 - 144A *		912		515
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A1, Class 2A1 2.59%, 02/25/2034 *		472		459
Series 2004-A3, Class 4A3 5.00%, 05/25/2034 *		403		405
Series 2005-A3, Class A1 0.52%, 04/25/2035 *		100		72
Series 2005-A4, Class 2A2 2.74%, 07/25/2035 *		442		368
Series 2005-A5, Class A3 2.62%, 06/25/2035 *		400		324
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1 0.83%, 10/25/2028 *		103		94
Morgan Stanley Capital I
Series 1998-WF2, Class G 6.34%, 01/15/2013 - 144A *		2,410		2,553
Series 2007-IQ15, Class A2 5.84%, 06/11/2049 *		2,200		2,266
Morgan Stanley Mortgage Loan Trust
Series 2004-8AR, Class 4A2 2.66%, 10/25/2034 *		394		374
Series 2006-3AR, Class 2A3 2.62%, 03/25/2036 *		854		475
Morgan Stanley Re-REMIC Trust
Series 2011-IO, Class A 2.50%, 03/23/2051 - 144A Ə		1,650		1,645
Nomura Asset Acceptance Corp.
Series 2004-R2, Class A1 6.50%, 10/25/2034 - 144A *		166		167
Prime Mortgage Trust
Series 2006-DR1, Class 2A1 5.50%, 05/25/2035 - 144A		4,717		4,058
Series 2006-DR1, Class 2A2 6.00%, 05/25/2035 - 144A		839		737
RBSCF Trust
Series 2010-RR3, Class WBTA 5.90%, 04/16/2017 - 144A *		7,570		8,457
RBSGC Mortgage Pass-Through Certificates
Series 2007-B, Class 1A4 0.70%, 01/25/2037 *		918		528
Residential Accredit Loans, Inc.
Series 2007-QO1, Class A1 0.40%, 02/25/2047 *		904		490
Series 2007-QO4, Class A1A 0.44%, 05/25/2047 *		1,732		1,049
Residential Asset Securitization Trust
Series 2005-A14, Class A4 5.50%, 12/25/2035		1,481		1,454
Salomon Brothers Mortgage Securities VII, Inc.
Series 2001-C2, Class A3 6.50%, 10/13/2011		3,213		3,223

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 16

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1 2.61%, 01/25/2035 *	$	683	$	552
Series 2005-15, Class 1A1 2.60%, 07/25/2035 *		1,017		748
Series 2005-16XS, Class A1 0.59%, 08/25/2035 *		447		356
Series 2007-3, Class 3A1 5.39%, 04/25/2047 *		3,401		2,276
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1 0.54%, 01/19/2034 *		105		82
Structured Asset Securities Corp.
Series 2005-RF3, Class 1A 0.60%, 06/25/2035 - 144A *		357		291
Thornburg Mortgage Securities Trust
Series 2006-5, Class A1 0.37%, 10/25/2046 *		6,397		6,359
Voyager BRSTN Delaware Trust, IO
Series 2009-1, Class UAU7 0.50%, 12/26/2036 - 144A *		868		364
WaMu Alternative Mortgage Pass-Through Certificates
Series 2006-AR3, Class A1A 1.28%, 05/25/2046 *		2,329		1,242
WaMu Mortgage Pass-Through Certificates
Series 2005-AR8, Class 2A1A 0.54%, 07/25/2045 *		112		91
Series 2006-AR14, Class 1A3 5.42%, 11/25/2036 *		1,900		1,402
Series 2007-HY1, Class 1A1 5.44%, 02/25/2037 *		4,628		3,035
Series 2007-OA4, Class 1A 1.08%, 05/25/2047 *		2,333		1,557
Series 2007-OA6, Class 1A1B 1.12%, 07/25/2047 *		2,293		750
Wells Fargo Mortgage Backed Securities Trust
Series 2006-3, Class A9 5.50%, 03/25/2036		2,384		2,389
Series 2006-AR4, Class 2A4 5.62%, 04/25/2036 *		400		373

Total Mortgage-Backed Securities (cost $259,480)				251,807


ASSET-BACKED SECURITIES - 6.7%
321 Henderson Receivables I LLC
Series 2010-1A, Class A 5.56%, 07/15/2059 - 144A		5,915		6,337
Series 2010-2A, Class A 4.07%, 01/15/2048 - 144A		1,890		1,916
Series 2010-3A, Class A 3.82%, 12/15/2048 - 144A		3,801		3,757
Aames Mortgage Investment Trust
Series 2005-3, Class A1 0.40%, 08/25/2035 - 144A *		7		7
Amortizing Residential Collateral Trust
Series 2002-BC5, Class M1 1.28%, 07/25/2032 *		378		300
Capital One Multi-Asset Execution Trust
Series 2006-A5, Class A5 0.32%, 01/15/2016 *		1,550		1,545
Chase Funding Mortgage Loan Asset-Backed Certificates
Series 2003-4, Class 1A5 5.42%, 05/25/2033 *		1,105		1,068
Citibank Omni Master Trust
Series 2009-A8, Class A8 2.29%, 05/16/2016 - 144A *		11,940		12,083
Series 2009-A12, Class A12 3.35%, 08/15/2016 - 144A		2,765		2,831
Series 2009-A13, Class A13 5.35%, 08/15/2018 - 144A		3,385		3,701
Conseco Finance Securitizations Corp.
Series 2002-1, Class A 6.68%, 12/01/2033 *		1,234		1,315
Series 2002-2, Class A2 6.03%, 03/01/2033 *		1,541		1,630
Countrywide Home Equity Loan Trust
Series 2006-RES, Class 4Q1B 0.56%, 12/15/2033 - 144A *		338		160
Globaldrive BV
Series 2008-2, Class A 4.00%, 10/20/2016 ±		1,732		2,529
Lehman XS Trust
Series 2007-2N, Class 3A1 0.34%, 02/25/2037 *		44		43
Merrill Lynch Mortgage Investors, Inc.
Series 2007-SD1, Class A1 0.70%, 02/25/2047 *		1,389		679
Mirant Mid Atlantic Pass-Through Trust
Series C 10.06%, 12/30/2028		312		349
Nelnet Student Loan Trust
Series 2006-1, Class A5 0.37%, 08/23/2027 *		4,475		4,236
Series 2008-4, Class A4 1.75%, 04/25/2017 *		780		801
RAAC Series
Series 2007-RP4, Class A 0.54%, 06/25/2037 - 144A *		1,426		892
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6 5.88%, 06/25/2037 *		1,494		773
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B 1.66%, 08/15/2016 - 144A		2,595		2,595
Series 2011-S1A, Class C 2.01%, 08/15/2016 - 144A		2,333		2,333
Series 2011-WO, Class C 3.19%, 10/15/2015 - 144A		2,490		2,516
Santander Drive Auto Receivables Trust
Series 2010-2, Class B 2.24%, 12/15/2014		3,840		3,853
Series 2010-2, Class C 3.89%, 07/17/2017		4,520		4,628
Series 2010-B, Class B 2.10%, 09/15/2014 - 144A		3,100		3,127
Series 2010-B, Class C 3.02%, 10/17/2016 - 144A		3,285		3,359
Series 2011-1, Class D 4.01%, 02/15/2017		3,640		3,614

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 17

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2011-S1A, Class B 1.48%, 07/15/2013 - 144A	$	2,133	$	2,135
Series 2011-S1A, Class D 3.10%, 03/15/2013 - 144A		2,225		2,228
Scholar Funding Trust
Series 2011-A, Class A 1.17%, 10/28/2043 - 144A *		2,418		2,408
Securitized Asset Backed Receivables LLC Trust
Series 2007-BR3, Class A2B 0.47%, 04/25/2037 *		2,700		979
SLC Student Loan Trust
Series 2008-1, Class A4A 1.91%, 12/15/2032 *		400		410
SLM Student Loan Trust
Series 2004-A, Class A3 0.65%, 06/15/2033 *		295		258
Series 2004-B, Class A2 0.45%, 06/15/2021 *		986		962
Series 2008-5, Class A3 1.57%, 01/25/2018 *		4,600		4,726
Series 2008-5, Class A4 1.97%, 07/25/2023 *		14,570		15,224
Structured Asset Securities Corp.
Series 2003-AL2, Class A 3.36%, 01/25/2031 - 144A		2,973		2,738
Series 2007-TC1, Class A 0.55%, 04/25/2031 - 144A *		1,798		1,488
U.S. Small Business Administration
Series 2002-P10B, Class 1 5.20%, 08/10/2012		345		358

Total Asset-Backed Securities (cost $109,070)				106,891


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		1,670		1,766
5.50%, 06/15/2043		2,000		2,135
State of California — Build America Bonds
5.45%, 04/01/2015		4,990		5,428

Total Municipal Government Obligations (cost $8,627)				9,329


PREFERRED CORPORATE DEBT SECURITIES - 0.4%
Capital Markets - 0.2%
Credit Suisse
5.86%, 05/15/2017 *Ž ^		3,045		2,909
Lehman Brothers Holdings Capital Trust VII
5.86%, 05/31/2012 Ž Џ § ‡		1,945		♦
State Street Capital Trust IV
1.25%, 06/15/2037 *		290		235
Commercial Banks - 0.2%
ABN Amro North American Holding Preferred Capital Repackage Trust I
6.52%, 11/08/2012 - 144A * Ž	��	2,720		2,516
SunTrust Capital VIII
6.10%, 12/15/2036 *		240		235
Wachovia Capital Trust III
5.57%, 08/08/2011 * Ž		240		220

Total Preferred Corporate Debt Securities (cost $8,295)				6,115


CORPORATE DEBT SECURITIES - 32.8%
Auto Components - 0.1%
BorgWarner, Inc.
4.63%, 09/15/2020		1,185		1,208
Beverages - 0.3%
Anheuser-Busch InBev Worldwide, Inc.
5.38%, 01/15/2020		4,375		4,819
Capital Markets - 2.8%
BP Capital Markets PLC
3.13%, 03/10/2012 ^		6,755		6,872
3.13%, 10/01/2015		1,370		1,407
Credit Suisse AG
5.40%, 01/14/2020		1,060		1,073
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		16,630		16,810
3.70%, 08/01/2015		3,650		3,717
Morgan Stanley
2.76%, 05/14/2013 * ^		9,540		9,795
4.00%, 07/24/2015		1,840		1,873
4.20%, 11/20/2014		1,740		1,807
Morgan Stanley — Series F
6.25%, 08/28/2017 ^		565		611
Chemicals - 0.4%
CF Industries Holdings, Inc.
7.13%, 05/01/2020		4,340		5,051
Dow Chemical Co.
4.25%, 11/15/2020		815		795
Westlake Chemical Corp.
6.63%, 01/15/2016		44		45
Commercial Banks - 4.6%
Bank of Scotland PLC
5.25%, 02/21/2017 - 144A		100		107
Barclays Bank PLC
5.93%, 09/29/2049 - 144A * Ž		630		586
Canadian Imperial Bank of Commerce
2.75%, 01/27/2016 - 144A		6,415		6,564
CIT Group, Inc.
6.63%, 04/01/2018 - 144A ^		1,241		1,294
7.00%, 05/01/2017		1,860		1,855
Discover Bank
7.00%, 04/15/2020 ^		330		367
DnB NOR Boligkreditt
2.10%, 10/14/2015 - 144A		11,965		11,824
2.90%, 03/29/2016 - 144A		10,975		11,170
Eksportfinans ASA
2.00%, 09/15/2015 ^		10,795		10,766
5.50%, 05/25/2016		5,075		5,799
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		1,245		1,223
Glitnir Banki Hf
6.33%, 07/28/2011 - 144A Џ ‡		290		80
6.69%, 06/15/2016 - 144A Џ ‡ Ә		800		♦
HSBC Bank Brasil SA — Banco Multiplo
4.00%, 05/11/2016 - 144A		5,850		5,909
HSBC Bank PLC
3.10%, 05/24/2016 - 144A		2,900		2,881
HSBC Holdings PLC
5.10%, 04/05/2021		2,530		2,593
Kreditanstalt fuer Wiederaufbau
1.38%, 07/15/2013		3,000		3,043

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 18

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Commercial Banks (continued)
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A Џ ‡	$	320	$	22
Sparebank 1 Boligkreditt AS
1.25%, 10/25/2013 - 144A ^		6,990		6,983
UBS Preferred Funding Trust V
6.24%, 05/29/2049 * Ž		245		240
Construction Materials - 0.0% ∞
Lafarge SA
7.13%, 07/15/2036		700		688
Consumer Finance - 0.7%
Ally Financial, Inc.
8.00%, 03/15/2020		4,050		4,302
SLM Corp.
5.40%, 10/25/2011		3,365		3,399
6.25%, 01/25/2016		2,845		2,952
Diversified Consumer Services - 0.0% ∞
Service Corp., International
7.50%, 04/01/2027		55		53
7.63%, 10/01/2018		50		54
Diversified Financial Services - 5.2%
AngloGold Ashanti Holdings PLC
5.38%, 04/15/2020		1,355		1,334
Bank of America Corp.
3.63%, 03/17/2016		1,265		1,269
5.00%, 05/13/2021 ^		1,760		1,739
5.63%, 07/01/2020		5,090		5,255
CDP Financial, Inc.
3.00%, 11/25/2014 - 144A		8,435		8,774
Citigroup, Inc.
3.95%, 06/15/2016 ^		6,385		6,536
4.59%, 12/15/2015 ^		15,830		16,648
4.75%, 05/19/2015		4,955		5,240
5.00%, 09/15/2014		585		613
5.38%, 08/09/2020 ^		835		871
6.00%, 08/15/2017		420		460
Ford Motor Credit Co., LLC
6.63%, 08/15/2017 ^		1,740		1,850
General Electric Capital Corp.
0.41%, 04/10/2012 *		4,255		4,259
General Electric Capital Corp. — Series A
6.88%, 01/10/2039		2,130		2,411
JPMorgan Chase & Co.
0.91%, 02/26/2013 * ^		1,550		1,561
3.15%, 07/05/2016 ^		4,750		4,779
JPMorgan Chase Bank NA
6.00%, 07/05/2017 - 10/01/2017		8,320		9,202
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A Џ ‡ Ә		200		♦
Northern Rock Asset Management PLC
5.63%, 06/22/2017 - 144A		1,335		1,405
Novus USA Trust — Series 2010-1
1.51%, 11/18/2011 - 144A *		3,820		3,796
Russian Agricultural Bank OJSC Via RSHB Capital SA
6.30%, 05/15/2017 - 144A		170		181
Swiss Re Capital I LP
6.85%, 05/29/2049 - 144A * Ž ^		2,285		2,197
WEA Finance LLC
4.63%, 05/10/2021 - 144A		1,280		1,242
Woodside Finance, Ltd.
4.60%, 05/10/2021 - 144A		855		839
Diversified Telecommunication Services - 1.8%
Frontier Communications Corp.
7.13%, 03/15/2019 ^		75		77
GTE Corp.
6.84%, 04/15/2018		763		888
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 - 144A		1,412		1,401
Level 3 Financing, Inc.
8.75%, 02/15/2017		377		385
9.38%, 04/01/2019 - 144A		754		777
10.00%, 02/01/2018		750		805
Qwest Communications International, Inc.
7.13%, 04/01/2018		1,145		1,229
8.00%, 10/01/2015		2,400		2,610
Qwest Corp.
6.50%, 06/01/2017		435		472
7.63%, 06/15/2015		807		912
8.38%, 05/01/2016		842		994
Sprint Capital Corp.
6.88%, 11/15/2028		822		779
8.75%, 03/15/2032		80		87
Telecom Italia Capital SA
5.25%, 10/01/2015		2,115		2,199
Telefonica Emisiones SAU
4.95%, 01/15/2015		4,850		5,161
6.42%, 06/20/2016		75		84
Verizon Communications, Inc.
6.10%, 04/15/2018		2,223		2,547
6.40%, 02/15/2038		1,004		1,088
8.75%, 11/01/2018		2,524		3,284
8.95%, 03/01/2039		210		296
Virgin Media Secured Finance PLC
6.50%, 01/15/2018 ^		2,160		2,368
Electric Utilities - 1.5%
Alabama Power Co.
3.95%, 06/01/2021		1,905		1,901
Cleveland Electric Illuminating Co.
8.88%, 11/15/2018		459		588
Duke Energy Carolinas LLC
3.90%, 06/15/2021		1,530		1,529
Energy Future Intermediate Holding Co., LLC
10.00%, 12/01/2020		5,135		5,477
FirstEnergy Corp. — Series B
6.45%, 11/15/2011		29		30
FirstEnergy Corp. — Series C
7.38%, 11/15/2031		515		586
Florida Power & Light Co.
5.63%, 04/01/2034		1,000		1,054
Florida Power Corp.
6.40%, 06/15/2038		1,000		1,155
Georgia Power Co.
3.00%, 04/15/2016		3,370		3,450
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		1,025		1,244
Midamerican Energy Holdings Co.
5.95%, 05/15/2037		2,560		2,693
Southern California Edison Co.
3.88%, 06/01/2021		2,530		2,525

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 19

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Electric Utilities (continued)
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A	$	1,050	$	1,095
Energy Equipment & Services - 0.8%
Cie Generale de Geophysique-Veritas
7.75%, 05/15/2017		105		108
Complete Production Services, Inc.
8.00%, 12/15/2016		195		204
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020		2,440		2,731
Ensco PLC
3.25%, 03/15/2016		700		711
4.70%, 03/15/2021		1,459		1,474
Enterprise Products Operating LLC
6.13%, 10/15/2039		2,030		2,064
Gulfmark Offshore, Inc.
7.75%, 07/15/2014		40		40
Pride International, Inc.
6.88%, 08/15/2020		995		1,157
Rockies Express Pipeline LLC
3.90%, 04/15/2015 - 144A		3,949		4,008
Food & Staples Retailing - 0.1%
Wal-Mart Stores, Inc.
5.63%, 04/15/2041		2,230		2,301
Food Products - 0.3%
Kraft Foods, Inc.
5.38%, 02/10/2020		3,300		3,607
6.50%, 08/11/2017		1,120		1,317
Health Care Providers & Services - 0.8%
Fresenius Medical Care U.S. Finance, Inc.
6.88%, 07/15/2017		280		296
HCA, Inc.
7.25%, 09/15/2020		4,395		4,719
9.63%, 11/15/2016 Ώ		500		532
Tenet Healthcare Corp.
8.88%, 07/01/2019		2,855		3,151
9.00%, 05/01/2015		1,325		1,421
WellPoint, Inc.
5.25%, 01/15/2016		1,420		1,584
Hotels, Restaurants & Leisure - 0.2%
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018 ^		1,685		1,520
Inn of the Mountain Gods Resort & Casino
1.25%, 11/30/2020 - 144A Ώ		40		24
Yum! Brands, Inc.
5.30%, 09/15/2019		731		786
6.25%, 04/15/2016		1,106		1,269
Independent Power Producers & Energy Traders - 0.0% ∞
AES Corp.
7.75%, 03/01/2014		67		72
Insurance - 2.4%
American International Group, Inc.
5.45%, 05/18/2017		1,555		1,624
8.18%, 05/15/2058 *		480		524
Fairfax Financial Holdings, Ltd.
5.80%, 05/15/2021 - 144A		2,510		2,431
Genworth Financial, Inc.
6.15%, 11/15/2066 * ^		380		276
Liberty Mutual Group, Inc.
10.75%, 06/15/2058 - 144A *		380		504
Lincoln National Corp.
7.00%, 06/15/2040 ^		1,450		1,635
Manulife Financial Corp.
3.40%, 09/17/2015		3,480		3,588
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		17,330		17,645
2.88%, 09/17/2012 - 144A		1,525		1,558
Prudential Financial, Inc.
4.50%, 11/15/2020		1,000		993
4.75%, 09/17/2015		3,595		3,869
5.38%, 06/21/2020		1,500		1,580
XL Group PLC
6.50%, 12/29/2049 * Ž ^		1,620		1,486
Life Sciences Tools & Services - 0.0% ∞
Life Technologies Corp.
5.00%, 01/15/2021		461		468
Media - 2.6%
CBS Corp.
4.63%, 05/15/2018		670		690
5.75%, 04/15/2020 ^		1,060		1,149
8.88%, 05/15/2019		1,460		1,861
CCH II LLC
13.50%, 11/30/2016		5,880		6,925
Comcast Corp.
5.88%, 02/15/2018		2,709		3,038
6.95%, 08/15/2037		2,935		3,313
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		3,525		4,610
DIRECTV Holdings LLC
3.13%, 02/15/2016		2,095		2,125
Discovery Communications LLC
3.70%, 06/01/2015		2,350		2,473
DISH DBS Corp.
7.00%, 10/01/2013		115		123
Lamar Media Corp. — Series B
6.63%, 08/15/2015 ^		20		20
NBCUniversal Media LLC
4.38%, 04/01/2021 - 144A		575		569
5.15%, 04/30/2020 - 144A		5,746		6,068
News America, Inc.
6.15%, 02/15/2041 - 144A		1,920		1,902
6.20%, 12/15/2034 ^		1,365		1,394
6.65%, 11/15/2037		40		43
7.63%, 11/30/2028		1,070		1,272
Time Warner Cable, Inc.
5.88%, 11/15/2040		2,045		2,018
Time Warner, Inc.
4.70%, 01/15/2021		950		963
6.10%, 07/15/2040		630		640
Metals & Mining - 1.0%
Barrick Gold Corp.
2.90%, 05/30/2016 - 144A		9,550		9,543
Barrick North America Finance LLC
4.40%, 05/30/2021 - 144A		65		65
Cliffs Natural Resources, Inc.
4.88%, 04/01/2021		2,495		2,502
Corp., Nacional del Cobre de Chile
3.75%, 11/04/2020 - 144A		1,152		1,094
Novelis, Inc.
8.75%, 12/15/2020		2,735		2,954
Old AII, Inc.
9.00%, 12/15/2014 Џ Ώ ‡ Ә		560		♦

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 20

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Principal		Value

Metals & Mining (continued)
Steel Dynamics, Inc.
6.75%, 04/01/2015	$	105	$	107
7.38%, 11/01/2012		55		58
Multiline Retail - 0.6%
Dollar General Corp.
11.88%, 07/15/2017 Ώ		3,630		4,138
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		4,130		4,636
Multi-Utilities - 0.0% ∞
Dominion Resources, Inc. — Series D
8.88%, 01/15/2019		560		725
Oil, Gas & Consumable Fuels - 4.0%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		5,445		6,128
6.38%, 09/15/2017		3,168		3,632
Arch Coal, Inc.
7.25%, 10/01/2020		4,130		4,202
Chesapeake Energy Corp.
6.63%, 08/15/2020		2,346		2,469
Consol Energy, Inc.
8.00%, 04/01/2017		2,610		2,845
8.25%, 04/01/2020		365		398
El Paso Corp.
7.80%, 08/01/2031		19		22
Enterprise Products Operating LLC
5.20%, 09/01/2020 ^		5,125		5,404
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		2,100		2,160
Kinder Morgan Energy Partners, LP
5.30%, 09/15/2020		1,981		2,084
6.38%, 03/01/2041 ^		660		676
6.55%, 09/15/2040		470		492
Marathon Petroleum Corp.
6.50%, 03/01/2041 - 144A		3,154		3,260
MEG Energy Corp.
6.50%, 03/15/2021 - 144A		2,380		2,392
Nexen, Inc.
7.50%, 07/30/2039		2,660		2,975
Pemex Project Funding Master Trust
6.63%, 06/15/2035		1,060		1,117
Petrobras International Finance Co.
3.88%, 01/27/2016		5,825		5,932
5.75%, 01/20/2020		7,340		7,829
5.88%, 03/01/2018		1,010		1,087
6.13%, 10/06/2016		371		413
Rockies Express Pipeline LLC
6.85%, 07/15/2018 - 144A		856		960
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 ‡ Ә		125		♦
Tennessee Gas Pipeline Co.
7.00%, 10/15/2028		665		766
Valero Energy Corp.
6.13%, 02/01/2020 ^		1,060		1,165
6.63%, 06/15/2037		468		488
Western Gas Partners, LP
5.38%, 06/01/2021		3,010		3,100
Williams Partners, LP
4.13%, 11/15/2020		1,450		1,391
Paper & Forest Products - 0.1%
International Paper Co.
5.30%, 04/01/2015 ^		176		192
Inversiones CMPC SA
4.75%, 01/19/2018 - 144A		985		985
Pharmaceuticals - 0.3%
Teva Pharmaceutical Finance II BV
3.00%, 06/15/2015		2,330		2,398
Wyeth
5.95%, 04/01/2037		470		504
6.00%, 02/15/2036		1,580		1,708
Real Estate Investment Trusts - 0.3%
Hospitality Properties Trust
5.63%, 03/15/2017		1,507		1,558
Mack-Cali Realty, LP
7.75%, 08/15/2019		1,300		1,565
Ventas Realty, LP
4.75%, 06/01/2021		1,155		1,127
Real Estate Management & Development - 0.2%
Forest City Enterprises, Inc.
6.50%, 02/01/2017 ^		30		29
7.63%, 06/01/2015		35		34
Realogy Corp.
7.88%, 02/15/2019 - 144A ^		3,100		3,069
Road & Rail - 0.4%
Burlington Northern Santa Fe LLC
5.75%, 05/01/2040		4,680		4,821
CSX Corp.
4.25%, 06/01/2021		1,655		1,647
Software - 0.3%
First Data Corp.
7.38%, 06/15/2019 - 144A ^		2,565		2,584
12.63%, 01/15/2021 - 144A		2,465		2,638
Tobacco - 0.4%
Philip Morris International, Inc.
4.50%, 03/26/2020		5,600		5,822
Wireless Telecommunication Services - 0.6%
Cricket Communications, Inc.
7.75%, 05/15/2016		2,093		2,219
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		7,340		8,008

Total Corporate Debt Securities (cost $509,934)				519,458


CONVERTIBLE BOND - 0.1%
Machinery - 0.1%
Navistar International Corp.
3.00%, 10/15/2014		1,020		1,335
Total Convertible Bond (cost $1,207)


	Shares		Value

PREFERRED STOCKS - 0.0% ∞
Consumer Finance - 0.0% ∞
Ally Financial, Inc. 7.00% - 144A Ә		341		320
U.S. Government Agency Obligation - 0.0% ∞
Fannie Mae 0.00% *		1,300		5
Fannie Mae 8.25% *		81,175		175
Freddie Mac 8.38% *		93,300		275

Total Preferred Stocks (cost $2,158)				775

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 21

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 0.0% ∞
Media - 0.0% ∞
Charter Communications, Inc. ‡		692	$	38
Oil, Gas & Consumable Fuels - 0.0% ∞
SemGroup Corp. — Class A ‡		323		8

Total Common Stocks (cost $31)				46


WARRANT - 0.0% ∞
Oil, Gas & Consumable Fuels - 0.0% ∞
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		340		2
Total Warrant (cost $t )


	Notional
	Amount		Value

PURCHASED OPTIONS - 0.1%
Call Options - 0.1%
10-Year U.S. Treasury Note Future	$	231		437
Call Strike $121.50
Expires 08/26/2011
Put Options - 0.0% ∞
10-Year U.S. Treasury Note Future		231		245
Put Strike $121.50
Expires 08/26/2011
5-Year U.S. Treasury Note Future		288		56
Put Strike $116.00
Expires 08/26/2011
5-Year U.S. Treasury Note Future		90		77
Put Strike $119.00
Expires 08/26/2011
5-Year U.S. Treasury Note Future		826		265
Put Strike $117.00
Expires 08/26/2011
Eurodollar, Mid-Curve 1-Year Future		2,343		41
Put Strike $98.50
Expires 09/16/2011
Eurodollar, Mid-Curve 1-Year Future		3,390		25
Put Strike $98.25
Expires 09/16/2011

Total Purchased Options (cost $2,693)				1,146


PURCHASED SWAPTIONS - 1.0% p
Call Swaptions - 0.6%
If exercised the Portfolio receives 1.76%, and pays floating 3 month LIBOR, European Style Expires 01/26/2012		40,800		568
If exercised the Portfolio receives 3.12%, and pays floating 3 month LIBOR, European Style Expires 11/08/2011		2,900		27
If exercised the Portfolio receives 3.15%, and pays floating 3 month LIBOR, European Style Expires 06/11/2012		5,800		84
If exercised the Portfolio receives 3.46%, and pays floating 3 month LIBOR, European Style Expires 10/22/2012		33,100		787
If exercised the Portfolio receives 3.52%, and pays floating 3 month LIBOR, European Style Expires 06/18/2012		20,700		559
If exercised the Portfolio receives 3.75%, and pays floating 3 month LIBOR, European Style Expires 09/26/2011		47,200		1,847
If exercised the Portfolio receives 3.76%, and pays floating 3 month LIBOR, European Style Expires 05/08/2012		13,400		514
If exercised the Portfolio receives 3.79%, and pays floating 3 month LIBOR, European Style Expires 05/10/2012		24,400		969
If exercised the Portfolio receives 3.84%, and pays floating 3 month LIBOR, European Style Expires 05/03/2012		20,400		858
If exercised the Portfolio receives 3.86%, and pays floating 3 month LIBOR, European Style Expires 05/02/2012		15,700		687
If exercised the Portfolio receives 3.99%, and pays floating 3 month LIBOR, European Style Expires 06/03/2013		7,200		312
If exercised the Portfolio receives 4.46%, and pays floating 3 month LIBOR, European Style Expires 05/27/2014		15,000		850
If exercised the Portfolio receives 4.49%, and pays floating 3 month LIBOR, European Style Expires 05/20/2014		2,100		122
If exercised the Portfolio receives 4.76%, and pays floating 3 month LIBOR, European Style Expires 05/17/2016		8,400		514
Put Swaptions - 0.4%
If exercised the Portfolio receives floating 3 month LIBOR, and pays 1.76%, European Style Expires 01/26/2012		40,800		47
If exercised the Portfolio receives floating 3 month LIBOR, and pays 2.5%, European Style Expires 01/26/2012		18,400		5
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.12%, European Style Expires 11/08/2011		2,900		105
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.46%, European Style Expires 10/22/2012		33,100		1,971
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.52%, European Style Expires 06/18/2012		20,700		939

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 22

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Notional
	Amount		Value

Put Swaptions (continued)
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.75%, European Style Expires 09/26/2011	$	47,200	$	313
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.76%, European Style Expires 05/08/2012		13,400		418
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.79%, European Style Expires 05/10/2012		24,400		743
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.84%, European Style Expires 05/03/2012		20,400		577
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.86%, European Style Expires 05/02/2012		15,700		426
If exercised the Portfolio receives floating 3 month LIBOR, and pays 3.99%, European Style Expires 06/03/2013		7,200		414
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.46%, European Style Expires 05/27/2014		15,000		920
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.49%, European Style Expires 05/20/2014		2,100		126
If exercised the Portfolio receives floating 3 month LIBOR, and pays 4.76%, European Style Expires 05/17/2016		8,400		603

Total Purchased Swaptions (cost $17,403)				16,305
	��


	Shares		Value

SECURITIES LENDING COLLATERAL - 4.1%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		65,600,103		65,600
Total Securities Lending Collateral (cost $65,600)


	Principal			Value

REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $4,163 on 07/01/2011. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 12/15/2017 - 11/25/2038, with a value of $4,250.	$	4,163		$	4,163

Total Repurchase Agreement (cost $4,163)

Total Investment Securities (cost $1,833,446) #					1,832,034
Other Assets and Liabilities — Net					(247,880	)


Net Assets				$	1,584,154


	Principal			Value

SECURITIES SOLD SHORT — (8.4%)
U.S. Government Agency Obligation — (8.4%)
Fannie Mae, TBA
4.00%		(34,600	)		(36,038	)
4.50%		(44,100	)		(45,623	)
Freddie Mac, TBA
4.00%		(22,100	)		(23,001	)
4.50%		(27,200	)		(28,097	)

Total Securities Sold Short (proceeds $(133,225))					(132,759	)


	Notional
	Amount			Value

WRITTEN-OPTIONS - 0.0% ∞
Call Options - 0.0% ∞
30-Year U.S. Treasury Note Future		(138	)		(229	)
Call Strike $124.00
Expires 08/26/2011
Put Options - 0.0% ∞
30-Year U.S. Treasury Note Future		(138	)		(362	)
Put Strike $124.00
Expires 08/26/2011
Eurodollar, Mid-Curve 1-Year Future		(3,390	)		(8	)
Put Strike $97.75
Expires 09/16/2011
Eurodollar, Mid-Curve 1-Year Future		(2,343	)		(6	)
Put Strike $98.00
Expires 09/16/2011

Total Written Options (Premiums: $(1,292))					(605	)

WRITTEN SWAPTIONS: p


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

Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		2.08	%		02/07/2012	$	(39,100	)	$	(339	)	$	(759	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		2.65			06/11/2012		(5,800	)		(49	)		(26	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		2.90			11/30/2011		(40,100	)		(267	)		(267	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		2.90			06/11/2012		(5,800	)		(78	)		(49	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.00			12/29/2011		(10,300	)		(102	)		(86	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.26			06/10/2013		(20,000	)		(555	)		(446	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.57			06/01/2012		(10,000	)		(350	)		(289	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.72			05/14/2012		(7,700	)		(278	)		(278	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.77			11/23/2012		(14,600	)		(724	)		(534	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.79			05/21/2012		(5,500	)		(200	)		(218	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.89			03/19/2012		(23,700	)		(899	)		(1,090	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.93			04/27/2012		(26,700	)		(970	)		(1,258	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.93			04/27/2012		(26,200	)		(957	)		(1,234	)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 23

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

WRITTEN SWAPTIONS (continued):


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

Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.94		03/21/2012		(3,000	)		(113	)		(146	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.95		04/19/2012		(7,900	)		(286	)		(382	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.96		04/23/2012		(600	)		(21	)		(29	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		3.98		04/20/2012		(18,000	)		(644	)		(902	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.02		03/26/2012		(10,400	)		(387	)		(553	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.02		02/02/2012		(15,100	)		(586	)		(827	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.03		04/06/2012		(9,900	)		(356	)		(530	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.52		03/01/2013		(9,600	)		(484	)		(691	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.90		03/04/2013		(24,700	)		(1,470	)		(2,278	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		4.92		03/05/2013		(14,000	)		(820	)		(1,313	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		5.07		02/10/2014		(15,300	)		(904	)		(1,387	)
Call – Interest Rate Swap, European Style	3-month USD LIBOR	Receive		5.09		02/10/2014		(4,100	)		(238	)		(376	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		2.08		02/07/2012		(39,100	)		(339	)		(29	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		2.15		08/26/2011		(10,300	)		(62	)		(62	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.26		06/10/2013		(20,000	)		(555	)		(655	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.57		06/01/2012		(10,000	)		(350	)		(416	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.72		05/14/2012		(7,700	)		(278	)		(258	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.77		11/23/2012		(14,600	)		(724	)		(733	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.79		05/21/2012		(5,500	)		(200	)		(173	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.89		03/19/2012		(23,700	)		(899	)		(521	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.93		04/27/2012		(26,200	)		(956	)		(651	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.93		04/27/2012		(26,700	)		(970	)		(663	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.94		03/21/2012		(3,000	)		(113	)		(62	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.95		04/19/2012		(7,900	)		(286	)		(185	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.95		11/30/2011		(40,100	)		(361	)		(361	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.96		04/23/2012		(600	)		(21	)		(14	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		3.98		04/20/2012		(18,000	)		(644	)		(409	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.00		12/29/2011		(10,300	)		(102	)		(120	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.02		03/26/2012		(10,400	)		(387	)		(200	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.02		02/02/2012		(15,100	)		(586	)		(218	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.03		04/16/2012		(9,900	)		(356	)		(206	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.03		04/16/2012		(20,200	)		(736	)		(417	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.03		04/16/2012		(20,200	)		(736	)		(1,087	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.52		03/01/2013		(9,600	)		(484	)		(323	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.90		03/04/2013		(24,700	)		(1,470	)		(608	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		4.92		03/05/2013		(14,000	)		(820	)		(339	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		5.07		02/10/2014		(15,300	)		(904	)		(603	)
Put — Interest Rate Swap, European Style	3-month USD LIBOR	Pay		5.09		02/10/2014		(4,100	)		(238	)		(160	)

										$	(25,654	)	$	(25,421	)

SWAP AGREEMENTS: p

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


							Implied Credit							Premiums			Net Unrealized
	Fixed Deal			Maturity			Spread (BP) at		Notional		Market			Paid			Appreciation
Reference Obligation	Pay Rate			Date		Counterparty	06/30/2011⁽³⁾		Amount⁽⁴⁾		Value⁽⁵⁾			(Received)			(Depreciation)

Emerging Markets Index — Series 14		5.00	%		12/20/2015	MYC		2.05	$	4,380	$	(510	)	$	(494	)	$	(16	)
Spain		1.00			03/20/2016	CBK		2.56		2,500		184			180			4
Spain		1.00			03/20/2016	MYC		2.56		8,000		588			569			19
Spain		1.00			03/20/2016	DUB		2.56		8,000		587			568			19

											$	849		$	823		$	26

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

Fixed Deal

Implied Credit

Net Unrealized

Receive

Maturity

Spread (BP) at

Notional

Market

Premiums

Appreciation

Reference Obligation

Rate

Date

Counterparty

06/30/2011⁽³⁾

Amount ⁽⁴⁾

Value ⁽⁵⁾

Paid(Received)

(Depreciation)

Aviva USA Corp.

1.00

05/25/2012

DUB

1.00

4,800

(23

)

(28

)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 24

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

SWAP AGREEMENTS (continued): p

INTEREST RATE SWAP AGREEMENTS — FIXED RATE RECEIVABLE:


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

3-Month USD-LIBOR		0.79	%		05/04/2013	CBK	USD	$	5,400	$	(15	)	$	—	$	(15	)
3-Month USD-LIBOR		0.65			06/22/2013	UAG	USD		100,000		67			—		67
3-Month USD-LIBOR		0.67			06/29/2013	BOA	USD		25,200		8			—		8
3-Month USD-LIBOR		0.71			07/01/2013	CBK	USD		85,900		(44	)		—		(44	)
3-Month USD-LIBOR		0.71			07/01/2013	DUB	USD		91,000		(33	)		—		(33	)
3-Month USD-LIBOR		2.48			02/22/2016	DUB	USD		2,900		(81	)		—		(81	)
3-Month USD-LIBOR		2.38			03/11/2016	CBK	USD		8,000		(178	)		—		(178	)
3-Month USD-LIBOR		3.39			05/04/2021	CBK	USD		2,100		(28	)		—		(28	)
3-Month USD-LIBOR		3.27			05/16/2021	DUB	USD		7,870		(20	)		—		(20	)
3-Month USD-LIBOR		3.18			07/01/2021	CBK	USD		2,600		18			—		18
3-Month USD-LIBOR		4.35			04/14/2041	DUB	USD		3,600		(185	)		—		(185	)
3-Month USD-LIBOR		4.34			04/14/2041	CBK	USD		3,600		(176	)		—		(176	)
3-Month USD-LIBOR		4.06			07/05/2041	DUB	USD		3,100		—			—		—

										$	(667	)	$	—	$	(667	)

INTEREST RATE SWAP AGREEMENTS — FIXED RATE PAYABLE:


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

3-Month USD-LIBOR		3.42	%		03/18/2021	DUB	USD	$	6,200	$	110		$	—	$	110
3-Month USD-LIBOR		4.01			05/18/2021	GLM	USD		29,900		1,998			1,159		838
3-Month USD-LIBOR		3.08			06/15/2021	CBK	USD		10,000		(146	)		—		(146	)

										$	1,962		$	1,159	$	802

FUTURES CONTRACTS: ε


							Net Unrealized
							Appreciation
Description	Type	Contracts			Expiration Date		(Depreciation)

10-Year U.S. Treasury Note	Long		165			09/21/2011	$	(79	)
2-Year U.S. Treasury Note	Long		433			09/30/2011		(5	)
30-Year U.S. Treasury Bond	Long		620			09/21/2011		(1,327	)
5-Year U.S. Treasury Note	Long		832			09/30/2011		(421	)
90-Day Eurodollar	Short		(286	)		12/19/2011		(305	)
German Euro Bund	Long		15			09/08/2011		19
U.K. Long Gilt Bond	Short		(1	)		09/28/2011		(1	)
Ultra Long U.S. Treasury Bond	Short		(170	)		09/21/2011		336

							$	(1,783	)

FORWARD FOREIGN CURRENCY CONTRACTS:

Amount in U.S.

Net Unrealized

Dollars Bought

Appreciation

Currency

Bought (Sold)

Settlement Date

(Sold)

(Depreciation)

Euro

(201

)

07/27/2011

(292

)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 25

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:


*		Floating or variable rate note. Rate is listed as of 06/30/2011.

^		All or a portion of this security is on loan. The value of all securities on loan is $62,982.

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 $1,965, or 0.12% of the fund’s net assets.

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

§		Illiquid. At 06/30/11, illiquid investment securities aggregated to less than $1, or less than 0.01% of the portfolio’s net assets.

Џ		In default.

♦		Value and/or principal is less than $1 or zero.

∞		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 06/30/2011.

p		Cash in the amount of $6,100 have been pledged by the broker as collateral with the custodian for open swap contracts and/or swaptions. Securities with an aggregate market value of $4,094 have been pledged by the broker as collateral for open swap contracts and/or swaptions.

a		A portion of this security in the amount of $18,172 has been segregated as collateral with the broker for open swaps contracts and/or for swaptions.

g		A portion of these securities in the amount of $1,833 have been segregated as collateral with the broker to cover margin requirements for open futures contracts.

ε		Cash in the amount of $33 is segregated as collateral with the broker to cover margin requirements for open futures contracts

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $1,833,446. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $36,265 and $37,677, respectively. Net unrealized depreciation for tax purposes is $1,412.

┌		Contract amounts are not in thousands.

±		Restricted security. At 06/30/2011, the portfolio owned the following securities (representing 0.16% of net assets) which were restricted as to public resale.

Description

Date of Acquisition

Principal

Cost

Value

Price*

Globaldrive BV

11/02/2009

1,732

2,590

2,529

1.46


*		Price not rounded to thousands.

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

(2)		If the 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.

(5)		The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of 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

DEFINITIONS:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2011, these securities aggregated $267,834, or 16.91%, of the fund’s net assets.
BOA		Bank of America
BP		Basis Points
CBK		Citibank N.A.
DUB		Deutsche Bank AG
EUR		Euro
GLM		Goldman Sachs Global Liquidity Management
IO		Interest Only
LIBOR		London Interbank Offered Rate
MYC		Morgan Stanley Capital Services
OJSC		Open Joint Stock Company

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 26

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITIONS (continued):


REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
STRIPS		Separate Trading of Registered Interest and Principal of Securities
TBA		To Be Announced
UAG		UBS AG
USD		United States Dollar

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Asset-Backed Securities	$	—	$	106,891	$	—	$	106,891
Common Stocks		46		—		—		46
Convertible Bonds		—		1,335		—		1,335
Corporate Debt Securities		—		519,458				519,458
Foreign Government Obligations		—		24,835		—		24,835
Mortgage-Backed Securities		—		251,807		—		251,807
Municipal Government Obligations		—		9,329		—		9,329
Preferred Corporate Debt Securities		—		6,115		—		6,115
Preferred Stocks		775		—		—		775
Purchased Options		1,146		—		—		1,146
Purchased Swaptions		—		16,305		—		16,305
Repurchase Agreement		—		4,163		—		4,163
Securities Lending Collateral		65,600		—		—		65,600
U.S. Government Agency Obligations		—		720,926		—		720,926
U.S. Government Obligations		—		103,301		—		103,301
Warrants		2		—		—		2

Total	$	67,569	$	1,764,465	$	♦	$	1,832,034

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Value at

Securities Sold Short

Prices

Inputs

06/30/2011

U.S. Government Agency Obligations

—

(132,759

)

—

(132,759

)


			Level 2 -
			Other			Level 3 -
	Level 1 -		Significant			Significant
	Quoted		Observable			Unobservable		Value at
Other Financial Instruments	Prices		Inputs			Inputs		06/30/2011
Written Options	$	—	$	(605	)	$	—	$	(605	)
Written Swaptions		—		(25,421	)		—		(25,421	)

Total	$	—	$	(26,026	)	$	—	$	(26,026	)


				Level 2 -
				Other			Level 3 -
	Level 1 -			Significant			Significant
	Quoted			Observable			Unobservable		Total at
Other Financial InstrumentsҒ	Prices			Inputs			Inputs		06/30/2011
Interest Rate Swap — Appreciation	$	—		$	1,041		$	—	$	1,041
Interest Rate Swap — Depreciation		—			(906	)		—		(906	)
Credit Default Swap — Appreciation		—			47			—		47
Credit Default Swap — Depreciation		—			(16	)		—		(16	)
Futures Contracts — Appreciation		355			—			—		355
Futures Contracts — Depreciation		(2,138	)		—			—		(2,138	)
Forward Foreign Currency Contracts - Appreciation		—			1			—		1

Total	$	(1,783	)	$	167		$	—	$	(1,616	)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 27

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY (continued): Э

Level 3 Rollforward — Investment Securities


																				Net Change in
																				Unrealized
																				Appreciation/
											Net Change in									(Depreciation)
	Beginning						Accrued		Total		Unrealized		Transfers		Transfers			Ending		on Investments
	Balance at						Discounts/		Realized		Appreciation		into Level		out of Level			Balance at		Held at
Securities	12/31/2010		Purchases		Sales		(Premiums)		Gain/(Loss)		/(Depreciation) ƒ		3 ¥		3 ö			06/30/2011		06/30/2011ƒ
Corporate Debt Securities	$	♦	$	—	$	—	$	—	$	—	$	—	$	—	$	♦		$	♦	$	(3	)
Preferred Corporate Debt Securities		♦		—		—		—		—		—		—		(♦	)		—		—

Total	$	♦	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	♦	$	(3	)


Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

Ғ		Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

ƒ		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 06/30/2011 may be due to an investment no longer held or categorized as Level 3 at period end.

¥		Transferred into Level 3 because of unavailability of observable inputs.

φ		Transferred out of Level 3 because of availability of observable inputs.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 28

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

PREFERRED CORPORATE DEBT SECURITIES - 0.0% ∞
Diversified Telecommunication Services - 0.0% ∞
Muzak Holdings LLC (Escrow Certificates)
10.00%, 02/15/2009 Ə	$	550	$	38
Hotels, Restaurants & Leisure - 0.0% ∞
Fontainebleau Resorts
12.50%, 06/30/2012 - 144A Ə Џ Ώ ‡		3,827		♦

Total Preferred Corporate Debt Securities (cost $3,778)				38


CORPORATE DEBT SECURITIES - 86.4%
Aerospace & Defense - 0.8%
Alliant Techsystems, Inc.
6.88%, 09/15/2020		565		588
BE Aerospace, Inc.
6.88%, 10/01/2020		1,590		1,666
TransDigm, Inc
7.75%, 12/15/2018 - 144A		3,655		3,837
Air Freight & Logistics - 0.3%
AMGH Merger Sub, Inc.
9.25%, 11/01/2018 - 144A		2,025		2,136
Airlines - 0.5%
American Airlines, Inc.
7.50%, 03/15/2016 - 144A		3,485		3,415
United Air Lines, Inc.
9.88%, 08/01/2013 - 144A		211		222
Auto Components - 1.6%
Accuride Corp.
9.50%, 08/01/2018		1,085		1,161
Affinia Group, Inc.
10.75%, 08/15/2016 - 144A		1,062		1,184
Allison Transmission, Inc.
7.13%, 05/15/2019 - 144A		1,695		1,648
American Axle & Manufacturing Holdings, Inc.
9.25%, 01/15/2017 - 144A		1,917		2,090
Goodyear Tire & Rubber Co.
10.50%, 05/15/2016		520		585
Lear Corp.
7.88%, 03/15/2018		450		484
Pittsburgh Glass Works LLC
8.50%, 04/15/2016 - 144A		770		791
Tower Automotive Holdings USA LLC
10.63%, 09/01/2017 - 144A		2,212		2,383
UCI International, Inc.
8.63%, 02/15/2019		905		932
Visteon Corp.
6.75%, 04/15/2019 - 144A		545		526
Automobiles - 0.2%
Ford Motor Co.
7.45%, 07/16/2031		1,395		1,581
Automotive Parts & Equipment - 0.0% ∞
Meritor, Inc.
8.13%, 09/15/2015		20		21
Biotechnology - 0.2%
STHI Holding Corp.
8.00%, 03/15/2018 - 144A		1,115		1,132
Talecris Biotherapeutics Holdings Corp.
7.75%, 11/15/2016		405		459
Building Products - 0.2%
Griffon Corp.
7.13%, 04/01/2018 - 144A		1,635		1,641
Capital Markets - 0.1%
E*Trade Financial Corp.
12.50%, 11/30/2017 Ώ		670		784
Chemicals - 3.1%
Celanese US Holdings LLC
5.88%, 06/15/2021		765		782
6.63%, 10/15/2018		655		691
CF Industries Holdings, Inc.
6.88%, 05/01/2018		2,180		2,472
7.13%, 05/01/2020		1,625		1,891
Chemtura Corp.
7.88%, 09/01/2018		1,520		1,592
Hexion U.S. Finance Corp.
9.00%, 11/15/2020		775		794
Ineos Group Holdings, PLC.
8.50%, 02/15/2016 - 144A		2,520		2,489
Kraton Polymers LLC
6.75%, 03/01/2019		550		550
Lyondell Chemical Co.
8.00%, 11/01/2017 - 144A		1,211		1,347
11.00%, 05/01/2018		2,140		2,397
Nova Chemicals Corp.
8.38%, 11/01/2016		1,390		1,529
PolyOne Corp.
7.38%, 09/15/2020		440		461
Rain CII Carbon LLC
8.00%, 12/01/2018 - 144A		2,040		2,173
11.13%, 11/15/2015 - 144A		1,705		1,741
Scotts Miracle-Gro Co.
7.25%, 01/15/2018		460		489
Solutia, Inc.
8.75%, 11/01/2017		1,225		1,329
Vertellus Specialties, Inc.
9.38%, 10/01/2015 - 144A		890		921
Commercial Banks - 0.6%
CIT Group, Inc.
5.25%, 04/01/2014 - 144A		2,080		2,070
7.00%, 05/01/2017		2,700		2,693
Commercial Services & Supplies - 2.1%
ACCO Brands Corp.
10.63%, 03/15/2015		1,490		1,664
Aramark Holdings Corp.
8.63%, 05/01/2016 - 144A Ώ		1,035		1,053
Casella Waste Systems, Inc.
7.75%, 02/15/2019 - 144A		1,255		1,258
11.00%, 07/15/2014		475		528
CDRT Merger Sub, Inc.
8.13%, 06/01/2019 - 144A		2,910		2,910
Clean Harbors, Inc.
7.63%, 08/15/2016 - 144A		815		864
Interface, Inc.
7.63%, 12/01/2018		730		759
International Lease Finance Corp.
8.75%, 03/15/2017		520		569
Koppers, Inc.
7.88%, 12/01/2019		550		587
RBS Global, Inc.
11.75%, 08/01/2016		870		920
TransUnion LLC
11.38%, 06/15/2018		3,035		3,430

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 29

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Commercial Services & Supplies (continued)
WP Rocket Merger Sub, Inc.
10.13%, 07/15/2019 - 144A	$	925	$	934
Communications Equipment - 0.4%
Brocade Communications Systems, Inc.
6.63%, 01/15/2018		565		596
6.88%, 01/15/2020		565		609
CommScope, Inc.
8.25%, 01/15/2019 - 144A		2,005		2,065
Computers & Peripherals - 0.4%
Seagate HDD Cayman
7.00%, 11/01/2021 - 144A		2,720		2,720
Construction & Engineering - 0.4%
Huntington Ingalls Industries, Inc.
6.88%, 03/15/2018 - 144A		110		113
7.13%, 03/15/2021 - 144A		1,530		1,584
Tutor Perini Corp.
7.63%, 11/01/2018		1,545		1,483
Construction Materials - 0.3%
Building Materials Corp., of America
6.75%, 05/01/2021 - 144A		2,185		2,196
RathGibson, Inc.
11.25%, 02/15/2014 Џ Ə ‡		2,145		♦
Consumer Finance - 1.7%
Ally Financial, Inc.
7.00%, 02/01/2012		1,300		1,325
8.00%, 12/31/2018 - 11/01/2031		5,990		6,451
8.30%, 02/12/2015		4,655		5,202
Containers & Packaging - 0.2%
BWAY Holding Co.
10.00%, 06/15/2018		455		497
Intertape Polymer U.S., Inc.
8.50%, 08/01/2014		1,055		994
Diversified Consumer Services - 3.3%
Education Management LLC
8.75%, 06/01/2014		2,830		2,897
Express LLC
8.75%, 03/01/2018		4,645		5,017
Laureate Education, Inc.
10.00%, 08/15/2015 - 144A		5,805		6,066
10.25%, 08/15/2015 - 144A Ώ		7,597		7,738
11.75%, 08/15/2017 - 144A		2,690		2,935
Stewart Enterprises, Inc.
6.50%, 04/15/2019 - 144A		440		439
Diversified Financial Services - 7.7%
Abengoa Finance SAU
8.88%, 11/01/2017 - 144A		1,255		1,282
Ardagh Packaging Finance PLC
7.38%, 10/15/2017 - 144A		385		397
Buffalo Thunder Development Authority
9.38%, 12/15/2014 - 144A Џ ‡		3,095		1,223
CCM Merger, Inc.
8.00%, 08/01/2013 - 144A		730		717
Ceva Group PLC
8.38%, 12/01/2017 - 144A		3,450		3,488
11.50%, 04/01/2018 - 144A		2,605		2,742
11.63%, 10/01/2016 - 144A		1,715		1,865
Chukchansi Economic Development Authority
3.92%, 11/15/2012 - 144A * §		510		416
CIT Group, Inc.
7.00%, 05/01/2014 - 05/01/2015		1,756		1,765
Ford Motor Credit Co., LLC
5.75%, 02/01/2021		1,945		1,943
8.00%, 12/15/2016		3,595		4,042
8.13%, 01/15/2020		2,175		2,520
12.00%, 05/15/2015		1,150		1,426
General Motors Financial Co., Inc.
6.75%, 06/01/2018 - 144A		1,075		1,078
Ineos Finance PLC
9.00%, 05/15/2015 - 144A		2,000		2,100
International Lease Finance Corp.
6.25%, 05/15/2019		1,630		1,593
8.25%, 12/15/2020		1,115		1,204
MCE Finance, Ltd.
10.25%, 05/15/2018		1,725		1,921
Nielsen Finance LLC
11.50%, 05/01/2016		1,138		1,331
11.63%, 02/01/2014		1,189		1,388
Petroplus Finance, Ltd.
6.75%, 05/01/2014 - 144A		255		250
7.00%, 05/01/2017 - 144A		1,645		1,546
9.38%, 09/15/2019 - 144A		1,760		1,769
Pinnacle Foods Finance LLC
10.63%, 04/01/2017		340		363
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		3,150		3,071
7.13%, 04/15/2019 - 144A		1,105		1,097
8.75%, 05/15/2018 - 144A		2,125		2,088
9.00%, 04/15/2019 - 144A		1,935		1,911
Tomkins LLC
9.00%, 10/01/2018 - 144A		4,605		4,961
Universal City Development Partners, Ltd.
8.88%, 11/15/2015		2,665		2,965
10.88%, 11/15/2016		2,810		3,343
Diversified Telecommunication Services - 8.2%
Avaya, Inc.
7.00%, 04/01/2019 - 144A		1,465		1,417
9.75%, 11/01/2015		2,685		2,739
10.13%, 11/01/2015 Ώ		4,687		4,816
CenturyLink, Inc.
6.45%, 06/15/2021		4,320		4,271
EH Holding Corp.
6.50%, 06/15/2019 - 144A		2,725		2,773
GCI, Inc.
6.75%, 06/01/2021 - 144A		550		550
Intelsat Jackson Holdings SA
9.50%, 06/15/2016		3,616		3,792
11.25%, 06/15/2016		5,550		5,883
Intelsat Luxembourg SA
11.50%, 02/04/2017 Ώ		2,315		2,489
11.50%, 02/04/2017 - 144A Ώ		2,215		2,381
Intelsat SA
6.50%, 11/01/2013		550		580
Sprint Capital Corp.
6.90%, 05/01/2019		4,165		4,290
Telesat Canada
11.00%, 11/01/2015		6,620		7,240
12.50%, 11/01/2017		3,065		3,678

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 30

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Diversified Telecommunication Services (continued)
Virgin Media Finance PLC
8.38%, 10/15/2019	$	250	$	279
9.13%, 08/15/2016		3,030		3,189
Wind Acquisition Finance SA
11.75%, 07/15/2017 - 144A		1,545		1,750
Wind Acquisition Holdings Finance SA
12.25%, 07/15/2017 - 144A Ώ		4,451		5,193
Windstream Corp.
7.75%, 10/01/2021		1,955		2,043
7.88%, 11/01/2017		1,090		1,157
8.13%, 09/01/2018		1,190		1,261
Electric Utilities - 1.0%
Calpine Construction Finance Co., LP
8.00%, 06/01/2016 - 144A		1,520		1,642
Dynegy Holdings, Inc.
7.63%, 10/15/2026		1,550		1,046
7.75%, 06/01/2019		670		487
Texas Competitive Electric Holdings Co. LLC
11.50%, 10/01/2020 - 144A		4,040		3,970
Electrical Equipment - 0.1%
Polypore International, Inc.
7.50%, 11/15/2017		555		587
Energy Equipment & Services - 0.5%
Oil States International, Inc.
6.50%, 06/01/2019 - 144A		1,610		1,618
Precision Drilling Corp.
6.63%, 11/15/2020		1,580		1,600
Unit Corp.
6.63%, 05/15/2021		330		330
Food Products - 1.6%
American Seafoods Group LLC
10.75%, 05/15/2016 - 144A		3,315		3,497
ASG Consolidated LLC
15.00%, 05/15/2017 - 144A Ώ §		1,466		1,519
Del Monte Foods Co.
7.63%, 02/15/2019 - 144A		3,815		3,853
Michael Foods, Inc.
9.75%, 07/15/2018 - 144A		2,210		2,365
Smithfield Foods, Inc.
10.00%, 07/15/2014		955		1,108
Health Care Equipment & Supplies - 2.5%
Accellent, Inc.
8.38%, 02/01/2017		2,370		2,450
Alere, Inc.
7.88%, 02/01/2016		1,395		1,444
American Renal Holdings Co., Inc.
8.38%, 05/15/2018		435		443
Biomet, Inc.
10.00%, 10/15/2017		200		218
10.38%, 10/15/2017 Ώ		2,050		2,260
11.63%, 10/15/2017		7,445		8,245
DJO Finance LLC
10.88%, 11/15/2014		3,075		3,275
Teleflex, Inc.
6.88%, 06/01/2019		435		440
Health Care Providers & Services - 1.2%
GCB US Oncology, Inc. (Escrow Shares)
08/15/2017		1,110		19
HCA, Inc.
9.25%, 11/15/2016		1,565		1,661
9.88%, 02/15/2017		372		414
inVentiv Health, Inc.
10.00%, 08/15/2018 - 144A		765		750
Multiplan, Inc.
9.88%, 09/01/2018 - 144A		2,280		2,423
Res-Care, Inc.
10.75%, 01/15/2019		1,975		2,064
Rotech Healthcare, Inc.
10.50%, 03/15/2018 - 144A		1,530		1,476
Hotels, Restaurants & Leisure - 7.7%
Caesars Entertainment Operating Co., Inc.
5.38%, 12/15/2013		900		851
5.63%, 06/01/2015		6,260		5,054
10.00%, 12/15/2015 - 12/15/2018		1,910		1,876
11.25%, 06/01/2017		3,240		3,575
12.75%, 04/15/2018		4,155		4,144
Cinemark USA, Inc.
7.38%, 06/15/2021 - 144A		540		537
Dunkin’ Brands, Inc.
9.63%, 12/01/2018 - 144A		3,381		3,410
Fontainebleau Las Vegas Holdings LLC
10.25%, 06/15/2015 - 144A Џ ‡		5,645		3
Greektown Holdings LLC (Escrow Shares)
10.75%, 12/01/2013 - 144A Ə §		1,495		w
Inn of the Mountain Gods Resort & Casino
1.25%, 11/30/2020 - 144A Ώ §		1,295		784
8.75%, 11/30/2020 - 144A §		566		555
Majestic Holdco LLC
12.50%, 10/15/2011 - 144A Џ ‡		890		w
Mandalay Resort Group
6.38%, 12/15/2011		1,425		1,437
7.63%, 07/15/2013		690		683
MGM Resorts International
6.75%, 09/01/2012 - 04/01/2013		3,000		3,009
9.00%, 03/15/2020		555		608
10.38%, 05/15/2014		1,175		1,334
11.13%, 11/15/2017		1,215		1,388
Mohegan Tribal Gaming Authority
6.88%, 02/15/2015		2,340		1,568
7.13%, 08/15/2014		2,225		1,535
8.00%, 04/01/2012		2,050		1,661
11.50%, 11/01/2017 - 144A		1,385		1,427
NCL Corp., Ltd.
9.50%, 11/15/2018 - 144A		660		703
11.75%, 11/15/2016		2,135		2,461
NPC International, Inc.
9.50%, 05/01/2014		2,740		2,781
Peninsula Gaming LLC
8.38%, 08/15/2015		335		352
8.38%, 08/15/2015 - 144A		655		688
10.75%, 08/15/2017		1,635		1,786
10.75%, 08/15/2017 - 144A		765		836
Royal Caribbean Cruises, Ltd.
6.88%, 12/01/2013		365		390
7.25%, 06/15/2016 - 03/15/2018		970		1,039
Seven Seas Cruises S de RL LLC
9.13%, 05/15/2019 - 144A		765		788

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 31

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Hotels, Restaurants & Leisure (continued)
Sugarhouse HSP Gaming Prop Mezz, LP
8.63%, 04/15/2016 - 144A	$	595	$	613
Tunica-Biloxi Gaming Authority
9.00%, 11/15/2015 - 144A §		2,435		2,490
Vail Resorts, Inc.
6.50%, 05/01/2019 - 144A		555		558
Waterford Gaming LLC
8.63%, 09/15/2014 - 144A Ə §		2,542		1,635
WMG Acquisition Corp.
9.50%, 06/15/2016		2,865		3,022
Wynn Las Vegas LLC
7.75%, 08/15/2020		2,170		2,357
Household Durables - 0.6%
Libbey Glass, Inc.
10.00%, 02/15/2015		1,566		1,699
Sealy Mattress Co.
10.88%, 04/15/2016 - 144A		2,480		2,753
Household Products - 1.1%
Amscan Holdings, Inc.
8.75%, 05/01/2014		5,060		5,136
Spectrum Brands Holdings, Inc.
12.00%, 08/28/2019 Ώ		2,510		2,774
Independent Power Producers & Energy Traders - 2.7%
AES Corp.
7.38%, 07/01/2021 - 144A		1,075		1,091
Calpine Corp.
7.50%, 02/15/2021 - 144A		5,090		5,192
Edison Mission Energy
7.50%, 06/15/2013		1,655		1,665
GenOn Energy, Inc.
7.88%, 06/15/2017		3,235		3,251
9.88%, 10/15/2020		4,560		4,765
NRG Energy, Inc.
7.88%, 05/15/2021 - 144A		1,665		1,661
8.25%, 09/01/2020		2,960		3,019
Industrial Conglomerates - 0.3%
Amsted Industries, Inc.
8.13%, 03/15/2018 - 144A		2,360		2,478
Insurance - 0.5%
Alliant Holdings I, Inc.
11.00%, 05/01/2015 - 144A		1,480		1,565
Hub International Holdings, Inc.
9.00%, 12/15/2014 - 144A		1,340		1,367
USI Holdings Corp.
4.14%, 11/15/2014 - 144A *		640		595
Internet & Catalog Retail - 0.7%
Checkout Holding Corp.
Zero Coupon, 11/15/2015 - 144A		3,230		2,071
Ticketmaster Entertainment, Inc.
10.75%, 08/01/2016		2,585		2,818
IT Services - 0.8%
SunGard Data Systems, Inc.
10.63%, 05/15/2015		5,750		6,224
Life Sciences Tools & Services - 0.4%
Bio-Rad Laboratories, Inc.
8.00%, 09/15/2016		2,155		2,392
Patheon, Inc.
8.63%, 04/15/2017 - 144A		880		891
Machinery - 1.7%
American Railcar Industries, Inc.
7.50%, 03/01/2014		1,000		1,023
Chart Industries, Inc.
9.13%, 10/15/2015		850		884
Commercial Vehicle Group, Inc.
7.88%, 04/15/2019 - 144A		870		870
Manitowoc Co., Inc.
8.50%, 11/01/2020		1,425		1,521
9.50%, 02/15/2018		615		668
Meritor, Inc.
10.63%, 03/15/2018		990		1,111
Navistar International Corp.
8.25%, 11/01/2021		3,025		3,237
Terex Corp.
10.88%, 06/01/2016		2,820		3,249
Marine - 0.3%
CMA CGM SA
8.50%, 04/15/2017 - 144A		2,475		2,079
Media - 5.6%
Adelphia Communications Corp. (Escrow Certificates)
9.25%, 10/01/2049		1,305		1
10.25%, 06/15/2049 - 11/01/2049		1,460		1
AMC Entertainment, Inc.
8.75%, 06/01/2019		535		564
AMC Networks, Inc.
7.75%, 07/15/2021 - 144A		890		930
Bresnan Broadband Holdings LLC
8.00%, 12/15/2018 - 144A		345		356
Cablevision Systems Corp.
7.75%, 04/15/2018		805		858
8.63%, 09/15/2017		550		596
Catalina Marketing Corp.
10.50%, 10/01/2015 - 144A Ώ		2,384		2,524
11.63%, 10/01/2017 - 144A §		2,828		3,079
CCO Holdings LLC
7.00%, 01/15/2019		1,140		1,174
7.25%, 10/30/2017		1,010		1,047
7.88%, 04/30/2018		555		585
8.13%, 04/30/2020		100		108
Citadel Broadcasting Corp.
7.75%, 12/15/2018 - 144A		1,295		1,376
Clear Channel Worldwide Holdings, Inc. — Series B
9.25%, 12/15/2017		1,270		1,384
Crown Media Holdings, Inc.
10.50%, 07/15/2019 - 144A		770		795
Cumulus Media, Inc.
7.75%, 05/01/2019 - 144A		1,090		1,052
DISH DBS Corp.
6.75%, 06/01/2021 - 144A		2,630		2,696
LBI Media Holdings, Inc.
11.00%, 10/15/2013		360		347
LBI Media, Inc.
9.25%, 04/15/2019 - 144A		1,490		1,475
Live Nation Entertainment, Inc.
8.13%, 05/15/2018 - 144A		1,065		1,076
MDC Partners, Inc.
11.00%, 11/01/2016		2,960		3,320
MediaCom Broadband LLC
8.50%, 10/15/2015		2,615		2,680

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 32

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Media (continued)
MediaCom LLC
9.13%, 08/15/2019	$	935	$	986
MediMedia USA, Inc.
11.38%, 11/15/2014 - 144A §		1,365		1,174
NAI Entertainment Holdings LLC
8.25%, 12/15/2017 - 144A		690		740
National CineMedia LLC
7.88%, 07/15/2021 - 144A		3,010		3,059
Regal Cinemas Corp.
8.63%, 07/15/2019		1,000		1,050
Regal Entertainment Group
9.13%, 08/15/2018		1,670		1,728
Sirius XM Radio, Inc.
8.75%, 04/01/2015 - 144A		1,390		1,532
Sitel LLC
11.50%, 04/01/2018		680		622
XM Satellite Radio, Inc.
13.00%, 08/01/2013 - 144A		2,715		3,183
Metals & Mining - 2.0%
FMG Resources Property, Ltd.
7.00%, 11/01/2015 - 144A		5,540		5,651
JMC Steel Group
8.25%, 03/15/2018 - 144A		1,110		1,127
Novelis, Inc.
8.38%, 12/15/2017		2,205		2,354
8.75%, 12/15/2020		2,205		2,381
Quadra FNX Mining, Ltd.
7.75%, 06/15/2019 - 144A		2,810		2,838
U.S. Steel Corp.
7.38%, 04/01/2020		560		575
Oil, Gas & Consumable Fuels - 9.3%
Alpha Natural Resources, Inc.
6.00%, 06/01/2019		2,175		2,170
6.25%, 06/01/2021		1,645		1,653
Anadarko Petroleum Corp.
6.38%, 09/15/2017		2,715		3,112
Arch Coal, Inc.
7.00%, 06/15/2019 - 144A		2,160		2,155
7.25%, 10/01/2020		755		768
7.25%, 06/15/2021 - 144A		2,160		2,163
8.75%, 08/01/2016		655		711
ATP Oil & Gas Corp.
11.88%, 05/01/2015		3,130		3,177
Basic Energy Services, Inc.
7.75%, 02/15/2019 - 144A		545		548
Berry Petroleum Co.
10.25%, 06/01/2014		1,695		1,937
Bill Barrett Corp.
9.88%, 07/15/2016		340		381
Calfrac Holdings, LP
7.50%, 12/01/2020 - 144A		690		697
Carrizo Oil & Gas, Inc.
8.63%, 10/15/2018		3,480		3,584
Cloud Peak Energy Resources LLC
8.50%, 12/15/2019		2,735		2,957
Coffeyville Resources LLC
9.00%, 04/01/2015 - 144A		1,872		2,031
Concho Resources, Inc.
6.50%, 01/15/2022		1,070		1,073
7.00%, 01/15/2021		1,325		1,371
Consol Energy, Inc.
8.00%, 04/01/2017		1,335		1,455
8.25%, 04/01/2020		1,120		1,221
Continental Resources, Inc.
7.13%, 04/01/2021		545		575
7.38%, 10/01/2020		230		244
Denbury Resources, Inc.
8.25%, 02/15/2020		1,360		1,482
9.75%, 03/01/2016		3,875		4,329
EXCO Resources, Inc.
7.50%, 09/15/2018		205		199
Frac Tech Services LLC
7.13%, 11/15/2018 - 144A		1,325		1,345
Frontier Oil Corp.
6.88%, 11/15/2018		445		469
GMX Resources, Inc.
11.38%, 02/15/2019 - 144A		1,315		1,223
Harvest Operations Corp.
6.88%, 10/01/2017 - 144A		645		666
Holly Corp.
9.88%, 06/15/2017		1,510		1,684
Murray Energy Corp.
10.25%, 10/15/2015 - 144A		3,075		3,229
OGX Petroleo e Gas Participacoes SA
8.50%, 06/01/2018 - 144A		3,345		3,440
Petroleum Development Corp.
12.00%, 02/15/2018		1,170		1,299
Quicksilver Resources, Inc.
11.75%, 01/01/2016		3,590		4,111
Range Resources Corp.
6.75%, 08/01/2020		1,320		1,366
Rosetta Resources, Inc.
9.50%, 04/15/2018		825		914
SandRidge Energy, Inc.
7.50%, 03/15/2021 - 144A		750		759
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 Ə		2,985		♦
SESI LLC
6.38%, 05/01/2019 - 144A		2,745		2,718
6.88%, 06/01/2014		290		294
SM Energy Co.
6.63%, 02/15/2019 - 144A		555		556
Venoco, Inc.
8.88%, 02/15/2019 - 144A		2,995		2,995
11.50%, 10/01/2017		430		467
W&T Offshore, Inc.
8.50%, 06/15/2019 - 144A		2,165		2,192
Paper & Forest Products - 2.4%
Boise Paper Holdings LLC
8.00%, 04/01/2020		445		467
9.00%, 11/01/2017		1,835		1,996
Domtar Corp.
10.75%, 06/01/2017		1,540		2,004
Longview Fibre Paper & Packaging, Inc.
8.00%, 06/01/2016 - 144A		1,095		1,100
NewPage Corp.
11.38%, 12/31/2014		2,290		2,135
Sappi Papier Holding GmbH
6.63%, 04/15/2021 - 144A		2,995		2,913
Verso Paper Holdings LLC
8.75%, 02/01/2019 - 144A		1,655		1,473

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 33

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Paper & Forest Products (continued)
Verso Paper Holdings LLC — Series B
4.02%, 08/01/2014 *	$	425	$	392
11.38%, 08/01/2016		5,650		5,241
Personal Products - 0.3%
Revlon Consumer Products Corp.
9.75%, 11/15/2015		2,150		2,311
Pharmaceuticals - 1.3%
ConvaTec Healthcare E SA
10.50%, 12/15/2018 - 144A		4,905		5,077
Endo Pharmaceuticals Holdings, Inc.
7.00%, 07/15/2019 - 12/15/2020 - 144A		2,030		2,083
7.25%, 01/15/2022 - 144A		450		457
Warner Chilcott Co. LLC
7.75%, 09/15/2018 - 144A		1,770		1,785
Real Estate Management & Development - 1.0%
CB Richard Ellis Services, Inc.
6.63%, 10/15/2020		2,150		2,209
11.63%, 06/15/2017		4,465		5,174
Road & Rail - 1.1%
Avis Budget Car Rental LLC
9.63%, 03/15/2018		1,470		1,569
Hertz Corp.
7.50%, 10/15/2018 - 144A		735		757
8.88%, 01/01/2014		55		56
Kansas City Southern de Mexico SA de CV
6.13%, 06/15/2021 - 144A		1,910		1,910
RSC Equipment Rental, Inc.
10.00%, 07/15/2017 - 144A		2,645		2,950
10.25%, 11/15/2019		1,075		1,177
Semiconductors & Semiconductor Equipment - 0.6%
Advanced Micro Devices, Inc.
7.75%, 08/01/2020		2,570		2,647
8.13%, 12/15/2017		840		878
Sensata Technologies BV
6.50%, 05/15/2019 - 144A		1,160		1,157
Software - 0.4%
SSI Investments II
11.13%, 06/01/2018		2,475		2,735
Specialty Retail - 3.2%
Ltd Brands, Inc.
6.63%, 04/01/2021		4,135		4,228
8.50%, 06/15/2019		2,650		3,021
Petco Animal Supplies, Inc.
9.25%, 12/01/2018 - 144A		2,705		2,874
Sally Holdings LLC
10.50%, 11/15/2016		2,546		2,718
Toys “R” Us — Delaware, Inc.
7.38%, 09/01/2016 - 144A		1,440		1,454
Toys “R” Us Property Co., I LLC
10.75%, 07/15/2017		8,415		9,362
Textiles, Apparel & Luxury Goods - 1.0%
Oxford Industries, Inc.
11.38%, 07/15/2015		2,110		2,384
Perry Ellis International, Inc.
7.88%, 04/01/2019		1,490		1,538
Phillips-Van Heusen Corp.
7.75%, 11/15/2023		2,255		2,421
Polymer Group, Inc.
7.75%, 02/01/2019 - 144A		1,265		1,268
Trading Companies & Distributors - 0.3%
United Rentals North America, Inc.
10.88%, 06/15/2016		1,760		1,969
Transportation Infrastructure - 0.3%
CHC Helicopter SA
9.25%, 10/15/2020 - 144A		2,825		2,550
Wireless Telecommunication Services - 1.6%
Digicel, Ltd.
8.25%, 09/01/2017 - 144A		2,705		2,806
12.00%, 04/01/2014 - 144A		1,445		1,673
Nextel Communications, Inc. — Series E
6.88%, 10/31/2013		100		101
NII Capital Corp.
8.88%, 12/15/2019		2,685		2,963
10.00%, 08/15/2016		2,380		2,761
SBA Telecommunications, Inc.
8.00%, 08/15/2016		985		1,048
8.25%, 08/15/2019		660		706

Total Corporate Debt Securities (cost $628,160)				648,089


CONVERTIBLE BONDS - 0.1%
Independent Power Producers & Energy Traders - 0.0% ∞
Mirant Corp. (Escrow Certificates)
2.50%, 06/15/2021 ‡ Ə § ±		1,220		♦
Life Sciences Tools & Services - 0.1%
Kendle International, Inc.
3.38%, 07/15/2012		1,050		1,050

Total Convertible Bonds (cost $1,013)				1,050


LOAN ASSIGNMENTS - 6.5%
Automobiles - 0.2%
DaimlerChrysler Group LLC
6.00%, 05/24/2017		1,400		1,364
Building Products - 0.6%
Goodman Global Holdings, Inc., 1st Lien
5.75%, 10/28/2016 *		1,181		1,183
Panolam Industries International, Inc., 1st Lien
8.25%, 12/31/2013 *		2,458		2,360
Panolam Industries International, Inc., 2nd Lien
10.00%, 06/30/2014 * Ə		886		824
Diversified Financial Services - 1.1%
CCM Merger, Inc. Tranche B
7.00%, 03/01/2017 *		965		976
Ceva Group PLC Extended Letter of Credit
5.25%, 08/31/2016 *		535		523
Ceva Group PLC Extended Tranche B
5.27%, 08/31/2016 *		1,493		1,466
First Data, Tranche B2
2.94%, 09/24/2014 *		1,314		1,216
Tomkins LLC, Tranche B
4.25%, 09/29/2016 *		3,730		3,727
Electric Utilities - 0.5%
Texas Competitive Electric Holding Co.
3.69%, 10/10/2014		4,791		4,001
Food Products - 0.4%
Del Monte Corp.
4.50%, 03/08/2018 *		2,800		2,791
Hotels, Restaurants & Leisure - 0.7%
Cannery Casino Resorts LLC, 2nd Lien
4.44%, 05/16/2014 *		860		798

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 34

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Principal		Value

Hotels, Restaurants & Leisure (continued)
Dunkin’ Brands, Inc., Tranche B
4.25%, 11/23/2017 *	$	786	$	784
Hit Entertainment, Inc., 2nd Lien
5.78%, 02/26/2013 *		3,810		3,543
Household Products - 0.7%
Amscan Holdings, Inc., Tranche B
6.75%, 12/04/2017 *		3,275		3,280
Spectrum Brands, Inc., Tranche B
5.00%, 06/17/2016 *		2,028		2,038
Insurance - 0.2%
Asurion Corp., 2nd Lien
9.00%, 05/24/2019		1,800		1,807
Multiline Retail - 0.3%
Burlington Coat Factory Warehouse Corp., Tranche B
6.25%, 02/18/2017 *		2,394		2,385
Personal Products - 0.6%
Revlon Consumer Products, Tranche B
4.75%, 11/17/2017		4,300		4,300
Pharmaceuticals - 0.3%
Aptalis Pharma, Inc., Tranche B
5.50%, 02/10/2017 *		2,388		2,362
Specialty Retail - 0.9%
General Nutrition Centers, Inc., Tranche B
4.25%, 03/02/2018 *		2,600		2,598
Neiman Marcus Group, Inc.
4.75%, 05/16/2018 *		4,110		4,054

Total Loan Assignments (cost $48,076)				48,380


	Shares		Value

CONVERTIBLE PREFERRED STOCKS - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
Chesapeake Energy Corp. 4.50%		18,815		1,726
Chesapeake Energy Corp. 5.00%		2,304		228

Total Convertible Preferred Stocks (cost $2,091)				1,954


PREFERRED STOCKS - 0.6%
Diversified Financial Services - 0.6%
Citigroup Capital XIII 7.88% *		21,818		606
GMAC Capital Trust I 8.13% *		151,570		3,880

Total Preferred Stocks (cost $4,356)				4,486


COMMON STOCKS - 0.7%
Airlines - 0.0% ∞
Delta Air Lines, Inc. ‡		13,451		123
Building Products - 0.2%
Panolam Holdings Co. ‡ Ə § ±		1,803		1,736
Construction Materials - 0.5%
RathGibson, Inc. (Escrow Certificates) ‡ Ə § ±		95,700		3,202
Hotels, Restaurants & Leisure - 0.0% ∞
Greektown Superholdings,Inc. ‡		1,131		80
Shreveport Gaming Holdings, Inc. Ə		889		12
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		198

Total Common Stocks (cost $4,306)				5,351


INVESTMENT COMPANY - 0.0% ∞
Diversified Financial Services - 0.0% ∞
Adelphia Recovery Trust		2,697,805	$	27
Total Investment Company (cost $2,641)

RIGHT - 0.0% ∞
Hotels, Restaurants & Leisure - 0.0% ∞
BLB Contingent Value Rights Preferred
Stock ‡ § ±		2,010		16
Total Right (cost $2,010)

WARRANTS - 0.0% ∞
Food Products - 0.0% ∞
American Seafoods Group LLC ‡ § ±
Expiration: 05/15/2018
Exercise Price: $0.01		1,265		126
Media - 0.0% ∞
Reader’s Digest Association, Inc. ‡ Ə § ±				.
Expiration: 02/19/2014
Exercise Price: $47.35		13,112		♦
Oil, Gas & Consumable Fuels - 0.0% ∞
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		8,130		51

Total Warrants (cost $ ♦)				177


	Principal		Value

REPURCHASE AGREEMENT - 4.6%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $34,245 on 07/01/2011. Collateralized by U.S. Government Agency Obligations, 4.00%, due 12/25/2038 - 05/15/2039, with a total value of $34,933.	$	34,245		34,245
Total Repurchase Agreement (cost $34,245)


Total Investment Securities (cost $730,676) #				743,813
Other Assets and Liabilities — Net				6,035


Net Assets			$	749,848

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 35

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:


∞		Percentage rounds to less than 0.1%.

Џ		In default.

w		Value is less than $1 or zero.

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

*		Floating or variable rate note. Rate is listed as of 06/30/2011.

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 $7,447, or 1.00% of the fund’s net assets.

▲		Rate shown reflects the yield at 06/30/2011.

§		Illiquid. At 06/30/2011, illiquid investment securities aggregated to $16,732, or 2.23% of the portfolio’s net assets.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $730,676. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $39,814 and $26,677, respectively. Net unrealized appreciation for tax purposes is $13,137.

±		Restricted security. At 06/30/2011, the portfolio owned the following securities (representing 0.68% of net assets) which were restricted as to public resale.

Description

Date of Acquisition

Principal

Cost

Value

Price*

Mirant Corp. (Escrow Certificates)

01/20/2006

1,220

Description

Date of Acquisition

Shares

Cost

Value

Price*

Panolam Holdings Co.

12/29/2009

1,803

3,080

1,736

962.65

RathGibson, Inc. (Escrow Certificates)

06/14/2010

95,700

508

3,202

33.45

Mirant Corp. (Escrow Certificates)

01/20/2006

550,000

BLB Contingent Value Rights Preferred Stocks

11/22/2010

2,010

8.00

American Seafoods Group LLC

05/07/2010

1,265

126

100.00

Reader’s Digest Association, Inc.

05/18/2010

13,112


*		Price not rounded to thousands.

¥		Price rounds to less than $0.01.

DEFINITION:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2011, these securities aggregated $267,106, or 35.62%, of the fund’s net assets.

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	401	$	—	$	4,950	$	5,351
Convertible Bonds		—		1,050		w		1,050
Convertible Preferred Stocks		1,954		—		—		1,954
Corporate Debt Securities		—		646,454		1,635		648,089
Investment Companies		27		—		—		27
Loan Assignments		—		47,556		824		48,380
Preferred Corporate Debt Securities		—		—		38		38
Preferred Stocks		4,486		—		—		4,486
Repurchase Agreement		—		34,245		—		34,245
Rights		—		16		—		16
Warrants		177		—		w		177

Total	$	7,045	$	729,321	$	7,447	$	743,813


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 36

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

Level 3 Rollforward — Investment Securities


																					Net Change in
																					Unrealized
																					Appreciation/
												Net Change in									(Depreciation)
	Beginning							Accrued		Total		Unrealized			Transfers		Transfers		Ending		on Investments
	Balance at							Discounts/		Realized		Appreciation			into Level 3		out of		Balance at		Held at
Securities	12/31/2010		Purchases		Sales			(Premiums)		Gain/(Loss)		/(Depreciation) ƒ			¥		Level 3 φ		06/30/2011		06/30/2011 ƒ
Common Stocks	$	3,693	$	—	$	—		$	—	$	—	$	1,257		$	—	$	—	$	4,950	$	1,257
Convertible Bonds		w		—		—			—		—		—			—		—		w		—
Corporate Debt Securities		1,866		—		(309	)		—		4		74			—		—		1,635		59
Loan Assignments		810		—		—			21		—		(7	)		—		—		824		(7	)
Preferred Corporate Debt Securities		32		—		(193	)		—		—		199			—		—		38		199
Warrants		w		—		—			—		—		—			—		—		w		—

Total	$	6,401	$	—	$	(502	)	$	21	$	4	$	1,523		$	—	$	—	$	7,447	$	1,508


ƒ		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 06/30/2011 may be due to an investment no longer held or categorized as Level 3 at period end.

^¥		Transferred into Level 3 because of unavailability of observable inputs.

φ		Transferred out of Level 3 because of availability of observable inputs.



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 37

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

U.S. GOVERNMENT OBLIGATIONS - 0.8%
U.S. Treasury Bond
4.38%, 05/15/2041	$	60	$	60
4.75%, 02/15/2041		140		149
U.S. Treasury Note
0.63%, 06/30/2012 γ		65		65
0.63%, 01/31/2013		100		100
0.75%, 06/15/2014		105		105
1.75%, 05/31/2016		450		451

Total U.S. Government Obligations (cost $938)				930


U.S. GOVERNMENT AGENCY OBLIGATIONS - 19.4%
Fannie Mae
3.04%, 03/01/2041 *		93		96
3.15%, 03/01/2041 *		97		101
3.32%, 12/01/2040 *		107		111
4.00%, 01/01/2026- 02/01/2041		3,233		3,300
4.36%, 10/09/2019 ▲		280		196
4.50%, 10/01/2040- 06/01/2041		4,871		5,053
5.00%, 03/01/2040- 06/01/2041		1,541		1,643
5.50%, 06/01/2033- 09/01/2036		1,020		1,111
Fannie Mae, TBA
3.50%		500		485
4.00%		1,200		1,200
4.50%		1,000		1,057
5.00%		700		744
5.50%		1,200		1,298
6.00%		1,400		1,538
6.50%		600		679
Farmer Mac Guaranteed Notes Trust 2007-1
5.13%, 04/19/2017 - 144A		350		396
Freddie Mac
3.06%, 02/01/2041 *		98		102
3.53%, 09/30/2019		100		100
3.97%, 01/25/2021 *		240		243
4.00%, 05/01/2026		689		721
4.50%, 02/01/2041- 04/01/2041		756		783
5.00%, 06/01/2041		350		374
Freddie Mac, TBA
5.00%		300		318
Ginnie Mae
1.34%, 11/20/2059 *		473		486
Ginnie Mae, TBA
4.50%		100		106
Resolution Funding Corp., Interest STRIPS
2.88%, 07/15/2018 ▲		250		204
2.95%, 10/15/2018 ▲		250		201
Tennessee Valley Authority
5.25%, 09/15/2039		60		64

Total U.S. Government Agency Obligations (cost $22,448)				22,710


FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Hydro Quebec
8.05%, 07/07/2024		240		330
8.40%, 01/15/2022		95		131
9.40%, 02/01/2021		50		72
Japan Finance Corp.
2.88%, 02/02/2015 ^		250		264
Poland Government International Bond
5.13%, 04/21/2021 ^		90		93

Total Foreign Government Obligations (cost $883)				890


MORTGAGE-BACKED SECURITIES - 5.7%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2 1.03%, 02/25/2035 *		78		70
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2005-5, Class A4 5.12%, 10/10/2045 *		250		271
Series 2006-4, Class AM 5.68%, 07/10/2046		30		30
Series 2007-3, Class A4 5.62%, 06/10/2049 *		60		65
Bear Stearns Commercial Mortgage Securities
Series 2007-PW17, Class A4 5.69%, 06/11/2050 *		100		109
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2 0.40%, 12/25/2046 *		1,108		295
Citigroup/Deutsche Bank Commercial Mortgage Trust
Series 2007-CD4, Class A4 5.32%, 12/11/2049		110		117
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class AM 6.01%, 06/15/2038 *		40		40
Series 2010-RR1, Class 2A 5.70%, 09/15/2040 - 144A *		90		98
Series 2010-RR2, Class 2A 5.99%, 09/15/2039 - 144A *		120		130
CW Capital Cobalt, Ltd.
Series 2006-C1, Class A4 5.22%, 08/15/2048		200		212
DBUBS Mortgage Trust
Series 2011-LC2A, Class A4 4.54%, 07/10/2044 - 144A		100		100
Extended Stay America Trust
Series 2010-ESHA, Class B 4.22%, 11/05/2027 - 144A		140		142
Series 2010-ESHA, Class C 4.86%, 11/05/2027 - 144A		200		200
Series 2010-ESHA, Class D 5.50%, 11/05/2027 - 144A		100		100
GE Capital Commercial Mortgage Corp.
Series 2007-C1, Class A4 5.54%, 12/10/2049		300		320
Series 2007-C1, Class AAB 5.48%, 12/10/2049		100		106
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A 3.10%, 03/18/2035 *		451		404
Greenwich Capital Commercial Funding Corp.
Series 2006-GG7, Class AJ 5.88%, 07/10/2038 *		40		36
Series 2006-GG7, Class AM 5.88%, 07/10/2038 *		50		51
Impac CMB Trust
Series 2004-6, Class 1A1 0.99%, 10/25/2034 *		178		138
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1 5.84%, 09/25/2037 *		358		288
IndyMac Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1 5.14%, 08/25/2037 *		441		268



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 38

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

MORTGAGE-BACKED SECURITIES (continued)
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A 4.16%, 01/12/2039 - 144A	$	198	$	206
Series 2006-CB14, Class AM 5.44%, 12/12/2044 *		50		49
Series 2007-CB18, Class A3 5.45%, 06/12/2047		105		110
JPMorgan Mortgage Trust
Series 2004-A3, Class 1A1 2.56%, 07/25/2034 *		287		273
LB-UBS Commercial Mortgage Trust
Series 2007-C7, Class A3 5.87%, 09/15/2045 *		90		98
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 4A3 5.00%, 05/25/2034 *		161		162
Series 2005-A5, Class A3 2.62%, 06/25/2035 *		1,300		1,054
Merrill Lynch/Countrywide Commercial Mortgage Trust
Series 2007-9, Class A4 5.70%, 09/12/2049		200		215
MLCC Mortgage Investors, Inc.
Series 2003-F, Class A1 0.83%, 10/25/2028 *		140		128
Morgan Stanley Capital I
Series 2005-HQ6, Class A4A 4.99%, 08/13/2042		190		206
Series 2007-HQ12, Class A2FL 0.44%, 04/12/2049 *		28		26
Series 2007-HQ12, Class A2FX 5.78%, 04/12/2049 *		56		57
Morgan Stanley Re-REMIC Trust
Series 2011-IO, Class A 2.50%, 03/23/2051 - 144A Ə		50		50
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1 0.54%, 01/19/2034 *		249		194
Wachovia Bank Commercial Mortgage Trust
Series 2007-C33, Class A4 5.90%, 02/15/2051 *		240		261

Total Mortgage-Backed Securities (cost $7,897)				6,679


ASSET-BACKED SECURITIES — 2.4%
AmeriCredit Automobile Receivables Trust
Series 2011-2, Class C 3.19%, 10/12/2016		115		118
Avis Budget Rental Car Funding AESOP LLC
Series 2010-3A, Class A 4.64%, 05/20/2016 - 144A		100		108
Citibank Omni Master Trust
Series 2009-A17, Class A17 4.90%, 11/15/2018 - 144A		250		271
Education Funding Capital Trust I
Series 2003-3, Class A7 2.43%, 12/15/2042 *		150		123
Hertz Corp.
Series 2009-2A, Class A2 5.29%, 03/25/2016 - 144A		120		132
Nelnet Student Loan Trust
Series 2006-1, Class A5 0.37%, 08/23/2027 *		135		128
Series 2008-4, Class A4 1.75%, 04/25/2017 *		170		174
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B 1.66%, 08/15/2016 - 144A		257		257
Series 2011-S1A, Class C 2.01%, 08/15/2016 - 144A		282		281
Series 2011-WO, Class C 3.19%, 10/15/2015 - 144A		70		71
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
Series 2011-S1A, Class B 1.48%, 07/15/2013 - 144A		213		213
Series 2011-S1A, Class D 3.10%, 03/15/2013 - 144A		88		88
Scholar Funding Trust
Series 2011-A, Class A 1.17%, 10/28/2043 - 144A *		145		144
SLM Student Loan Trust
Series 2004-B, Class A2 0.45%, 06/15/2021 *		217		212
Series 2008-5, Class A4 1.97%, 07/25/2023 *		170		178

Total Asset-Backed Securities (cost $2,715)				2,741


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		100		106
Total Municipal Government Obligations (cost $99)

PREFERRED CORPORATE DEBT SECURITIES - 0.2%
Capital Markets - 0.1%
Credit Suisse
5.86%, 05/15/2017 * Ž ^		90		86
Lehman Brothers Holdings Capital Trust VII
5.86%, 05/31/2012 Ž Џ ‡ §		200		w
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065 Џ ‡		120		w
State Street Capital Trust IV
1.25%, 06/15/2037 *		10		8
Commercial Banks - 0.1%
ABN Amro North American Holding Preferred Capital Repackage Trust I
6.52%, 11/08/2012 - 144A * Ž		80		73
SunTrust Capital VIII
6.10%, 12/15/2036 *		10		10
Wachovia Capital Trust III
5.57%, 08/08/2011 * Ž ^		5		5

Total Preferred Corporate Debt Securities (cost $459)				182


CORPORATE DEBT SECURITIES - 13.2%
Auto Components - 0.0% ∞
BorgWarner, Inc.
4.63%, 09/15/2020		30		31
Automobiles - 0.0% ∞
General Motors Corp. (Escrow Shares)
8.25%, 07/15/2023 ^		470		12
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc.
5.38%, 01/15/2020 ^		120		133



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 39

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Capital Markets - 1.2%
BP Capital Markets PLC
3.13%, 03/10/2012 ^	$	30	$	31
3.13%, 10/01/2015		40		41
3.88%, 03/10/2015 ^		100		105
Credit Suisse AG
5.40%, 01/14/2020 ^		30		30
Goldman Sachs Group, Inc.
3.63%, 02/07/2016 ^		480		486
3.70%, 08/01/2015		160		163
Lehman Brothers Holdings, Inc.
5.25%, 02/06/2012 Џ ‡		100		26
Lehman Brothers Holdings, Inc. — Series 1
6.75%, 12/28/2017 Џ ‡		480		♦
Morgan Stanley
2.76%, 05/14/2013 * ^		200		205
4.20%, 11/20/2014 ^		140		145
Morgan Stanley — Series F
6.25%, 08/28/2017 ^		120		130
Chemicals - 0.0% ∞
Dow Chemical Co.
4.25%, 11/15/2020 ^		25		24
Westlake Chemical Corp.
6.63%, 01/15/2016		17		18
Commercial Banks - 2.2%
Canadian Imperial Bank of Commerce
2.75%, 01/27/2016 - 144A ^		180		184
CIT Group, Inc.
6.63%, 04/01/2018 - 144A ^		33		34
7.00%, 05/01/2017		71		70
DnB NOR Boligkreditt
2.10%, 10/14/2015 - 144A ^		610		603
2.90%, 03/29/2016 - 144A		325		331
Eksportfinans ASA
2.00%, 09/15/2015 ^		310		309
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		40		39
Glitnir Banki HF
6.33%, 07/28/2011 - 144A Џ ‡		160		44
6.69%, 06/15/2016 - 144A Ə Џ ‡		380		w
HSBC Bank Brasil SA — Banco Multiplo
4.00%, 05/11/2016 - 144A		200		202
HSBC Bank PLC
3.10%, 05/24/2016 - 144A ^		150		149
HSBC Holdings PLC
5.10%, 04/05/2021		70		72
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A Џ ‡		140		10
Royal Bank of Canada
3.13%, 04/14/2015 - 144A		445		463
Construction Materials - 0.0% ∞
Lafarge SA
7.13%, 07/15/2036 ^		20		20
Consumer Finance - 0.2%
Ally Financial, Inc.
1.75%, 10/30/2012		150		152
SLM Corp.
6.25%, 01/25/2016 ^		78		81
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		33
Diversified Financial Services - 1.8%
AngloGold Ashanti Holdings PLC
5.38%, 04/15/2020		40		39
Bank of America Corp.
3.63%, 03/17/2016 ^		40		40
5.00%, 05/13/2021		55		54
5.63%, 07/01/2020		150		155
Citigroup, Inc.
3.95%, 06/15/2016 ^		195		200
4.59%, 12/15/2015 ^		600		631
4.75%, 05/19/2015 ^		35		37
5.00%, 09/15/2014		20		21
5.38%, 08/09/2020 ^		25		26
6.00%, 08/15/2017 ^		15		16
General Electric Capital Corp.
5.50%, 01/08/2020		115		123
JPMorgan Chase & Co.
3.15%, 07/05/2016 ^		140		141
JPMorgan Chase Bank NA
6.00%, 10/01/2017 ^		250		278
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A Ə Џ ‡		130		w
Kaupthing Bank Hf — Series 1
7.63%, 02/28/2015 - 144A Џ ‡		710		176
Swiss Re Capital I LP
6.85%, 05/29/2049 - 144A * Ž		70		67
WEA Finance LLC
4.63%, 05/10/2021 - 144A		35		34
Woodside Finance, Ltd.
4.60%, 05/10/2021 - 144A ^		25		25
Diversified Telecommunication Services - 0.8%
GTE Corp.
6.84%, 04/15/2018 ^		22		26
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 - 144A		44		44
8.50%, 11/01/2019		50		53
Level 3 Financing, Inc.
8.75%, 02/15/2017		11		11
9.38%, 04/01/2019 - 144A		22		23
10.00%, 02/01/2018 ^		20		21
Qwest Communications International, Inc.
7.13%, 04/01/2018		36		39
8.00%, 10/01/2015		74		80
Qwest Corp.
6.50%, 06/01/2017 ^		13		14
7.63%, 06/15/2015 ^		24		27
8.38%, 05/01/2016		25		30
Sprint Capital Corp.
6.88%, 11/15/2028 ^		24		23
8.75%, 03/15/2032		60		65
Telecom Italia Capital SA
5.25%, 10/01/2015 ^		130		135
Verizon Communications, Inc.
6.10%, 04/15/2018 ^		63		72
6.40%, 02/15/2038		37		40
8.75%, 11/01/2018 ^		165		215
8.95%, 03/01/2039 ^		10		14
Electric Utilities - 0.7%
Alabama Power Co.
3.95%, 06/01/2021		55		55
Cleveland Electric Illuminating Co.
8.88%, 11/15/2018		7		9



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 40

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Principal		Value

Electric Utilities (continued)
Duke Energy Carolinas LLC
3.90%, 06/15/2021	$	45	$	45
Energy Future Intermediate Holding Co., LLC
10.00%, 12/01/2020 ^		306		327
FirstEnergy Corp. — Series B
6.45%, 11/15/2011		7		7
FirstEnergy Corp. — Series C
7.38%, 11/15/2031 ^		175		199
Georgia Power Co.
3.00%, 04/15/2016 ^		100		102
Jersey Central Power & Light Co.
7.35%, 02/01/2019 ^		30		36
Southern California Edison Co.
3.88%, 06/01/2021		80		80
Trans-Allegheny Interstate Line Co.
4.00%, 01/15/2015 - 144A		30		31
Energy Equipment & Services - 0.3%
Cie Generale de Geophysique-Veritas
7.75%, 05/15/2017		40		41
Complete Production Services, Inc.
8.00%, 12/15/2016		105		111
El Paso Pipeline Partners Operating Co., LLC
6.50%, 04/01/2020 ^		75		84
Ensco PLC
3.25%, 03/15/2016		20		20
4.70%, 03/15/2021		45		45
Pride International, Inc.
6.88%, 08/15/2020 ^		30		35
Rockies Express Pipeline LLC
3.90%, 04/15/2015 - 144A		15		15
Food & Staples Retailing - 0.1%
Wal-Mart Stores, Inc.
5.63%, 04/15/2041		70		72
Food Products - 0.1%
Kraft Foods, Inc.
5.38%, 02/10/2020		75		82
6.50%, 08/11/2017 ^		35		41
Health Care Providers & Services - 0.3%
Fresenius Medical Care U.S. Finance, Inc.
6.88%, 07/15/2017		120		128
HCA, Inc.
6.30%, 10/01/2012 ^		6		6
Tenet Healthcare Corp.
9.00%, 05/01/2015		45		48
10.00%, 05/01/2018		45		51
WellPoint, Inc.
5.25%, 01/15/2016		45		50
Hotels, Restaurants & Leisure - 0.2%
Boyd Gaming Corp.
6.75%, 04/15/2014 ^		25		25
7.13%, 02/01/2016 ^		80		74
Caesars Entertainment Operating Co., Inc.
10.00%, 12/15/2018 ^		50		45
Inn of the Mountain Gods Resort & Casino
1.25%, 11/30/2020 - 144A Ώ		20		12
Mohegan Tribal Gaming Authority
6.13%, 02/15/2013 ^		15		12
Station Casinos, Inc.
6.88%, 03/01/2016 Џ ‡		10		w
7.75%, 08/15/2016 Џ ‡		90		w
Yum! Brands, Inc.
5.30%, 09/15/2019		22		24
6.25%, 04/15/2016		33		38
Independent Power Producers & Energy Traders - 0.1%
AES Corp.
7.75%, 10/15/2015 ^		80		85
Insurance - 0.8%
American International Group, Inc.
5.45%, 05/18/2017 ^		45		47
8.18%, 05/15/2058 * ^		15		16
Fairfax Financial Holdings, Ltd.
5.80%, 05/15/2021 - 144A		75		73
Genworth Financial, Inc.
6.15%, 11/15/2066 *		10		7
Liberty Mutual Group, Inc.
10.75%, 06/15/2058 - 144A *		10		13
Lincoln National Corp.
7.00%, 06/15/2040 ^		50		56
Manulife Financial Corp.
3.40%, 09/17/2015 ^		110		113
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		200		205
5.13%, 06/10/2014 - 144A		100		109
Prudential Financial, Inc.
4.75%, 09/17/2015 ^		140		151
5.38%, 06/21/2020		120		126
XL Group PLC
6.50%, 12/29/2049 * Ž ^		50		46
Life Sciences Tools & Services - 0.0% ∞
Life Technologies Corp.
5.00%, 01/15/2021		11		11
Media - 1.1%
CBS Corp.
4.63%, 05/15/2018		20		21
5.75%, 04/15/2020 ^		30		33
8.88%, 05/15/2019 ^		70		89
Comcast Corp.
5.88%, 02/15/2018 ^		99		111
6.45%, 03/15/2037		50		53
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		95		124
CSC Holdings LLC
8.63%, 02/15/2019 ^		5		6
DIRECTV Holdings LLC
3.13%, 02/15/2016 ^		190		194
DISH DBS Corp.
7.00%, 10/01/2013		30		32
NBCUniversal Media LLC
4.38%, 04/01/2021 - 144A		97		96
5.15%, 04/30/2020 - 144A		155		164
News America, Inc.
6.15%, 02/15/2041 - 144A ^		55		54
6.40%, 12/15/2035		75		78
6.65%, 11/15/2037		10		11
Time Warner, Inc.
4.70%, 01/15/2021 ^		30		30
6.10%, 07/15/2040		20		20
Time Warner Cable, Inc.
5.88%, 11/15/2040 ^		55		54



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 41

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Principal		Value

Metals & Mining - 0.5%
Barrick Gold Corp.
2.90%, 05/30/2016 - 144A ^	$	280	$	281
Cliffs Natural Resources, Inc.
4.88%, 04/01/2021		75		75
Novelis, Inc.
8.75%, 12/15/2020 ^		80		86
Steel Dynamics, Inc.
6.75%, 04/01/2015 ^		65		66
Multiline Retail - 0.1%
JC Penney Corp., Inc.
7.40%, 04/01/2037		20		20
Macy’s Retail Holdings, Inc.
5.90%, 12/01/2016		120		134
Multi-Utilities - 0.1%
Dominion Resources, Inc. — Series D
8.88%, 01/15/2019		80		104
Oil, Gas & Consumable Fuels - 1.7%
Anadarko Petroleum Corp.
5.95%, 09/15/2016 ^		163		183
6.38%, 09/15/2017 ^		84		96
Consol Energy, Inc.
8.25%, 04/01/2020		10		11
El Paso Corp.
7.80%, 08/01/2031		86		100
Enterprise Products Operating LLC
5.20%, 09/01/2020 ^		190		200
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		50		51
Kinder Morgan Energy Partners, LP
5.30%, 09/15/2020 ^		92		97
6.38%, 03/01/2041		20		20
6.55%, 09/15/2040		15		16
Marathon Petroleum Corp.
6.50%, 03/01/2041 - 144A ^		132		136
MEG Energy Corp.
6.50%, 03/15/2021 - 144A ^		70		70
Nexen, Inc.
7.50%, 07/30/2039 ^		135		151
Pemex Project Funding Master Trust
6.63%, 06/15/2035 ^		147		155
Petrobras International Finance Co.
3.88%, 01/27/2016		160		163
5.75%, 01/20/2020 ^		250		268
6.13%, 10/06/2016 ^		50		56
Rockies Express Pipeline LLC
6.85%, 07/15/2018 - 144A		25		28
SandRidge Energy, Inc.
8.75%, 01/15/2020		60		64
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 Ə		25		w
Valero Energy Corp.
6.13%, 02/01/2020 ^		30		33
Western Gas Partners, LP
5.38%, 06/01/2021		95		98
Williams Partners, LP
4.13%, 11/15/2020		25		24
Paper & Forest Products - 0.0% ∞
International Paper Co.
5.30%, 04/01/2015 ^		5		5
Pharmaceuticals - 0.1%
Wyeth
5.95%, 04/01/2037		110		118
Real Estate Investment Trusts - 0.0% ∞
Ventas Realty, LP
4.75%, 06/01/2021		35		34
Real Estate Management & Development - 0.3%
Realogy Corp.
7.88%, 02/15/2019 - 144A ^		90		89
11.50%, 04/15/2017		230		234
Road & Rail - 0.2%
Burlington Northern Santa Fe LLC
5.75%, 05/01/2040		135		139
CSX Corp.
4.25%, 06/01/2021 ^		50		50
Semiconductors & Semiconductor Equipment - 0.0% ∞
MagnaChip Semiconductor S.A.
1.00%, 12/15/2049 Ə		1		w
Software - 0.1%
First Data Corp.
7.38%, 06/15/2019 - 144A ^		80		81
12.63%, 01/15/2021 - 144A ^		75		80
Wireless Telecommunication Services - 0.1%
Crown Castle Towers LLC
6.11%, 01/15/2020 - 144A		100		109

Total Corporate Debt Securities (cost $17,052)				15,327


	Shares		Value

PREFERRED STOCKS - 0.1%
U.S. Government Agency Obligation - 0.1%
Fannie Mae 0.00% *		600		2
Fannie Mae 8.25% *		10,800		23
Freddie Mac 8.38% *		14,925		44

Total Preferred Stocks (cost $675)				69


COMMON STOCKS - 60.0%
Aerospace & Defense - 1.7%
Honeywell International, Inc.		10,324		615
Huntington Ingalls Industries, Inc. ‡ ^		164		6
L-3 Communications Holdings, Inc. ^		1,291		113
Raytheon Co. ^		1,968		98
United Technologies Corp.		12,973		1,148
Airlines - 0.1%
Southwest Airlines Co. ^		9,461		108
Auto Components - 0.5%
Johnson Controls, Inc.		13,766		573
Automobiles - 0.4%
General Motors Co. ‡ ^		13,985		425
Beverages - 1.9%
Coca-Cola Co.		22,367		1,504
PepsiCo, Inc.		11,861		835
Biotechnology - 1.2%
Biogen Idec, Inc. ‡		5,464		584
Celgene Corp. ‡		9,928		599
Dendreon Corp. ‡ ^		5,434		214
Capital Markets - 1.3%
Charles Schwab Corp. ^		5,787		95
E*Trade Financial Corp. ‡ ^		1,051		15
Goldman Sachs Group, Inc.		2,395		319
Invesco, Ltd.		4,425		104
Janus Capital Group, Inc. ^		1,072		10
Morgan Stanley ^		5,900		136
Northern Trust Corp.		2,956		136



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 42

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Capital Markets (continued)
State Street Corp. ^		14,610	$	658
TD Ameritrade Holding Corp. ^		3,594		70
Chemicals - 1.5%
Air Products & Chemicals, Inc. ^		1,092		104
CF Industries Holdings, Inc.		1,055		149
Dow Chemical Co. ^		14,450		520
E.I. du Pont de Nemours & Co.		15,729		851
Georgia Gulf Corp. ‡ ^		1,977		48
PPG Industries, Inc. ^		821		75
Commercial Banks - 2.0%
Huntington Bancshares, Inc. ^		14,400		94
Popular, Inc. ‡		14,300		39
SunTrust Banks, Inc.		3,114		80
U.S. Bancorp ^		23,855		609
Wells Fargo & Co. ^		49,627		1,393
Zions Bancorporation ^		3,817		92
Communications Equipment - 0.8%
Cisco Systems, Inc.		22,870		357
Harris Corp. ^		630		28
Juniper Networks, Inc. ‡		3,177		100
QUALCOMM, Inc.		6,898		392
Computers & Peripherals - 3.0%
Apple, Inc. ‡		7,420		2,491
EMC Corp. ‡		21,016		579
NetApp, Inc. ‡		4,056		214
SanDisk Corp. ‡ ^		6,784		282
Construction & Engineering - 0.5%
Fluor Corp.		9,347		604
Consumer Finance - 0.5%
American Express Co.		7,431		384
Capital One Financial Corp.		3,978		206
Containers & Packaging - 0.2%
Ball Corp. ^		5,465		210
Diversified Consumer Services - 0.1%
ITT Educational Services, Inc. ‡ ^		2,226		174
Diversified Financial Services - 2.1%
Bank of America Corp.		86,802		951
Citigroup, Inc. ^		27,202		1,134
IntercontinentalExchange, Inc. ‡ ^		2,416		301
Diversified Telecommunication Services - 1.5%
AT&T, Inc. ^		12,340		388
Frontier Communications Corp. ^		5,768		47
Verizon Communications, Inc. ^		35,402		1,317
Electric Utilities - 1.0%
FirstEnergy Corp.		5,784		255
Nextera Energy, Inc. ^		9,007		518
Northeast Utilities ^		10,200		359
Electrical Equipment - 0.2%
Emerson Electric Co.		4,361		245
Thomas & Betts Corp. ‡		700		38
Electronic Equipment & Instruments - 0.6%
Amphenol Corp. — Class A ^		1,026		55
Avnet, Inc. ‡		2,235		71
Corning, Inc.		16,722		304
TE Connectivity, Ltd.		8,374		308
Energy Equipment & Services - 0.9%
Helmerich & Payne, Inc.		604		40
National Oilwell Varco, Inc.		3,399		266
Schlumberger, Ltd.		8,714		753
Food & Staples Retailing - 1.5%
CVS Caremark Corp.		7,797		293
Kroger Co. ^		11,074		275
Safeway, Inc. ^		7,817		183
Wal-Mart Stores, Inc. ^		17,674		939
Food Products - 0.7%
ConAgra Foods, Inc.		5,800		150
General Mills, Inc.		12,827		477
Kellogg Co.		2,486		138
Gas Utilities - 0.4%
AGL Resources, Inc.		5,217		212
Oneok, Inc. ^		2,917		216
Health Care Equipment & Supplies - 1.2%
Baxter International, Inc. ^		5,078		303
Becton, Dickinson and Co. ^		3,039		262
Covidien PLC ^		10,968		584
St. Jude Medical, Inc. ^		5,713		272
Health Care Providers & Services - 1.6%
CIGNA Corp.		308		16
DaVita, Inc. ‡		6,083		527
Humana, Inc. ^		4,910		395
McKesson Corp. ^		2,965		248
UnitedHealth Group, Inc.		12,713		656
Hotels, Restaurants & Leisure - 0.8%
Carnival Corp. ^		9,739		366
McDonald’s Corp.		4,018		339
Royal Caribbean Cruises, Ltd. ‡ ^		2,154		81
Yum! Brands, Inc.		1,900		105
Household Durables - 0.2%
Lennar Corp. — Class A ^		7,141		130
Whirlpool Corp. ^		842		68
Household Products - 1.9%
Colgate-Palmolive Co.		4,675		409
Kimberly-Clark Corp. ^		5,320		354
Procter & Gamble Co.		22,163		1,409
Independent Power Producers & Energy Traders - 0.3%
AES Corp. ‡		5,185		66
Constellation Energy Group, Inc.		7,881		299
Industrial Conglomerates - 2.1%
3M Co.		7,612		722
General Electric Co.		55,838		1,053
Textron, Inc. ^		2,770		65
Tyco International, Ltd.		13,021		644
Insurance - 1.7%
ACE, Ltd. ^		4,263		281
Aflac, Inc.		6,583		307
Axis Capital Holdings, Ltd. ^		4,177		129
Berkshire Hathaway, Inc. — Class B ‡ ^		2,383		184
Everest RE Group, Ltd.		1,700		139
MetLife, Inc. ^		11,373		500
Prudential Financial, Inc.		7,677		488
Internet & Catalog Retail - 0.8%
Amazon.com, Inc. ‡ ^		4,269		873
Internet Software & Services - 0.0% ∞
Google, Inc. — Class A ‡ ^		69		35
IT Services - 2.2%
Accenture PLC — Class A		7,300		442
Cognizant Technology Solutions Corp. - Class A ‡		4,546		333



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 43

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

IT Services (continued)
Genpact, Ltd. ‡ ^		6,100	$	105
International Business Machines Corp.		8,477		1,455
Mastercard, Inc. — Class A		797		240
Machinery - 0.9%
Donaldson Co., Inc. ^		570		35
Eaton Corp.		3,496		180
ITT Corp. ^		1,059		62
Joy Global, Inc. ^		985		94
Kennametal, Inc.		851		36
PACCAR, Inc.		12,265		626
Media - 2.4%
Cablevision Systems Corp. — Class A ^		200		7
CBS Corp. — Class B ^		24,972		711
Comcast Corp. — Class A		4,262		108
DIRECTV — Class A ‡		5,979		304
DISH Network Corp. — Class A ‡		3,600		110
Gannett Co., Inc.		3,672		53
Time Warner, Inc. ^		20,881		760
Walt Disney Co.		19,599		766
Metals & Mining - 0.6%
Alcoa, Inc. ^		33,827		536
Freeport-McMoRan Copper & Gold, Inc.		2,776		147
Multiline Retail - 0.6%
Family Dollar Stores, Inc.		651		34
Kohl’s Corp.		1,600		80
Macy’s, Inc.		3,600		105
Nordstrom, Inc. ^		1,631		77
Target Corp. ^		9,708		455
Multi-Utilities - 0.4%
CenterPoint Energy, Inc.		10,635		206
Sempra Energy ^		5,287		279
Oil, Gas & Consumable Fuels - 6.6%
Anadarko Petroleum Corp.		7,874		604
Apache Corp. ^		3,520		434
Chesapeake Energy Corp. ^		6,423		191
Chevron Corp.		18,381		1,890
ConocoPhillips		10,317		776
Devon Energy Corp.		5,393		425
EOG Resources, Inc. ^		5,117		535
Exxon Mobil Corp.		20,128		1,638
Marathon Oil Corp.		4,113		217
Noble Energy, Inc.		900		81
Pioneer Natural Resources Co. ^		1,562		140
Range Resources Corp. ^		2,061		114
SemGroup Corp. — Class A ‡		64		2
Valero Energy Corp.		9,545		244
Williams Cos., Inc.		14,100		427
Pharmaceuticals - 3.1%
Abbott Laboratories		21,626		1,138
Johnson & Johnson		5,609		373
Merck & Co., Inc.		27,720		978
Mylan, Inc. ‡ ^		8,580		212
Pfizer, Inc.		46,395		956
Real Estate Investment Trusts - 0.7%
Alexandria Real Estate Equities, Inc.		443		34
AvalonBay Communities, Inc.		1,362		175
Dupont Fabros Technology, Inc. ^		2,954		74
Essex Property Trust, Inc. ^		1,079		146
Host Hotels & Resorts, Inc. ^		19,809		336
Road & Rail - 1.3%
CSX Corp. ^		19,932		523
Norfolk Southern Corp. ^		9,159		686
Union Pacific Corp.		2,430		254
Semiconductors & Semiconductor Equipment - 1.4%
Applied Materials, Inc.		12,842		167
Broadcom Corp. — Class A ‡ ^		11,041		371
Freescale Semiconductor Holdings I, Ltd. ‡ ^		4,800		88
KLA-Tencor Corp. ^		1,929		78
LAM Research Corp. ‡ ^		4,416		196
Novellus Systems, Inc. ‡ ^		2,061		74
Texas Instruments, Inc.		6,729		221
Xilinx, Inc. ^		11,340		414
Software - 1.9%
Citrix Systems, Inc. ‡		961		77
Microsoft Corp.		47,067		1,223
Oracle Corp.		28,795		948
Specialty Retail - 1.3%
Advance Auto Parts, Inc. ^		869		51
AutoZone, Inc. ‡		1,425		420
Bed Bath & Beyond, Inc. ‡ ^		2,689		157
CarMax, Inc. ‡ ^		1,100		36
Lowe’s Cos., Inc. ^		15,227		355
Ross Stores, Inc.		1,326		106
Staples, Inc. ^		4,101		65
TJX Cos., Inc.		5,936		312
Textiles, Apparel & Luxury Goods - 0.1%
Coach, Inc.		1,344		86
V.F. Corp.		498		54
Tobacco - 0.4%
Philip Morris International, Inc.		6,785		453
Wireless Telecommunication Services - 0.9%
American Tower Corp. — Class A ‡		2,913		152
Crown Castle International Corp. ‡		7,358		300
Sprint Nextel Corp. ‡		106,613		575

Total Common Stocks (cost $64,792)				69,910


WARRANTS - 0.1%
Automobiles - 0.1%
General Motors Co. ‡ ^
Expiration: 07/10/2016
Exercise Price: $10.00		1,665		36
General Motors Co. ‡ ^
Expiration: 07/10/2019
Exercise Price: $18.33		1,665		27
Oil, Gas & Consumable Fuels - 0.0% ∞
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		68		w

Total Warrants (cost $174)				63



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

Transamerica Partners Portfolios				Semi-Annual Report 2011

Page 44

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Notional
	Amount		Value

PURCHASED OPTIONS - 0.0% ∞
Call Options - 0.0% ∞
10-Year U.S. Treasury Note Future	$	6	$	12
Call Strike $121.50
Expires 08/26/2011
Put Options 0.0% ∞
Eurodollar, Mid-Curve 1-Year Future		58		t
Put Strike $98.25
Expires 09/16/2011
5-Year U.S. Treasury Note Future		13		4
Put Strike $117.00
Expires 08/26/2011
10-Year U.S. Treasury Note Future		6		6
Put Strike $121.50
Expires 08/26/2011

Total Purchased Options (cost $41)				22


	Shares		Value

SECURITIES LENDING COLLATERAL - 21.6%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22%		25,077,309		25,077
Total Securities Lending Collateral (cost $25,077)


	Principal		Value

REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $771 on 07/01/2011. Collateralized by U.S. Government Obligations, 1.75%, due 05/31/2016, with a total value of $790.	$	771		771
Total Repurchase Agreement (cost $771)


Total Investment Securities (cost $144,021) #				145,477
Other Assets and Liabilities — Net				(29,154	)

Net Assets			$	116,323


	Principal			Value

SECURITIES SOLD SHORT — (3.3%)
U.S. Government Agency Obligations — (3.3%)
Fannie Mae, TBA
4.00%	$	(1,400	)	$	(1,458	)
4.50%		(1,000	)		(1,035	)
Freddie Mac, TBA
4.00%		(600	)		(624	)
4.50%		(700	)		(723	)

Total Securities Sold Short (proceeds $(3,850))					(3,840	)


	Notional
	Amount			Value

WRITTEN-OPTIONS - 0.0% ∞
Call Options - 0.0% ∞
30-Year U.S. Treasury Note Future		(3	)		(5	)
Call Strike $124.00
Expires 08/26/2011
Put Options - 0.0% ∞
30-Year U.S. Treasury Note Future		(3	)		(8	)
Put Strike $124.00
Expires 08/26/2011
Eurodollar, Mid-Curve 1-Year Future		(58	)		t
Put Strike $97.75
Expires 09/16/2011

Total Written Options (Premiums: $(24))					(13	)

FUTURES CONTRACTS: Є


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

10-Year U.S. Treasury Note	Long	4		09/21/2011	$	(2	)
2-Year U.S. Treasury Note	Short	(26	)	09/30/2011		3
30-Year U.S. Treasury Bond	Long	15		09/21/2011		(32	)
5-Year U.S. Treasury Note	Short	(2	)	09/30/2011		t
90-Day Eurodollar	Long	18		12/19/2011		22
S&P 500 E-Mini Index	Long	5		09/16/2011		11
Ultra Long U.S. Treasury Bond	Long	8		09/21/2011		(2	)

					$	t


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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 45

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

*		Floating or variable rate note. Rate is listed as of 06/30/2011.

^		All or a portion of this security is on loan. The value of all securities on loan is $24,516.

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 $50, or 0.04% of the fund’s net assets.

Ž		These securities have a perpetual maturity. The date shown is the next call date.

Џ		In default.

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

‡		Non-income producing security.

∞		Percentage rounds to less than 0.1%.

g		All or a portion of this security in the amount of $65 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

Є		Cash in the amount of $30 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

▲		Rate shown reflects the yield at 06/30/2011.

♦		Value is less than $1 or zero.

┌		Contracts amounts are not in thousands.

#		Aggregate cost for federal income tax purposes is $144,021. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,019 and $5,563, respectively. Net unrealized appreciation for tax purposes is $1,456.

^§		Illiquid. At 06/30/2011, illiquid investment security aggregated to less than $1, or less than 0.01%, of the portfolio’s net assets.

DEFINITIONS:


144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2011, these securities aggregated $7,270, or 6.25%, of the fund’s net assets.

REMIC		Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

STRIPS		Separate Trading of Registered Interest and Principal of Securities

TBA		To Be Announced

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011

Asset-Backed Securities	$	—	$	2,741	$	—	$	2,741
Common Stocks		67,572		2,338		—		69,910
Corporate Debt Securities		—		15,327		t		15,327
Foreign Government Obligations		—		890		—		890
Mortgage-Backed Securities		—		6,679		—		6,679
Municipal Government Obligations		—		106		—		106
Preferred Corporate Debt Securities		—		182		—		182
Preferred Stocks		69		—		—		69
Purchased Options		22		—		—		22
Repurchase Agreement		—		771		—		771
Securities Lending Collateral		25,077		—		—		25,077
U.S. Government Agency Obligations		—		22,710		—		22,710
U.S. Government Obligations		—		930		—		930
Warrants		63		—		—		63

Total	$	92,803	$	52,674	$	t	$	145,477



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 46

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

VALUATION SUMMARY (continued): Э

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Value at

Securities Sold Short

Prices

Inputs

06/30/2011

U.S. Government Agency Obligations

—

(3,840

)

—

(3,840

)

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Value at

Other Financial Instruments

Prices

Inputs

06/30/2011

Written Options

—

(13

)

—

(13

)


				Level 2 -
				Other		Level 3 -
	Level 1 -			Significant		Significant
	Quoted			Observable		Unobservable		Total at
Other Financial Instruments Ғ	Prices			Inputs		Inputs		06/30/2011
Futures Contracts — Appreciation	$	36		$	—	$	—	$	36
Futures Contracts — Depreciation		(36	)		—		—		(36	)

Total	$	0		$	—	$	—	$	0

Level 3 Rollforward — Investment Securities

Net Change in

Unrealized

Appreciation/

(Depreciation)

Net Change in

Beginning

Accrued

Total

Unrealized

Transfers

Ending

Investments

Balance at

Discounts/

Realized

Appreciation

Transfers

out of Level

Balance at

Held at

Securities

12/31/2010

Purchases

Sales

(Premiums)

Gain/(Loss)

/(Depreciation)

into Level 3

3 ^φ

06/30/2011

Corporate Debt Securities

—


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

Ғ		Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

^φ		Transferred out of Level 3 because of availability of observable inputs.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 47

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 98.2%
Aerospace & Defense - 2.9%
General Dynamics Corp.		72,700	$	5,418
Lockheed Martin Corp. ^{^}		80,500		6,518
Northrop Grumman Corp. ^{^}		154,200		10,694
Raytheon Co. ^{^}		138,100		6,884
Auto Components - 0.8%
Goodyear Tire & Rubber Co. ‡		482,000		8,083
Biotechnology - 0.8%
Biogen Idec, Inc. ‡		41,400		4,427
Gilead Sciences, Inc. ‡		92,500		3,830
Capital Markets - 3.4%
Ameriprise Financial, Inc. ^{^}		149,000		8,594
Franklin Resources, Inc.		84,100		11,041
Goldman Sachs Group, Inc.		106,900		14,228
Chemicals - 1.3%
Cabot Corp.		166,300		6,631
Huntsman Corp.		243,100		4,582
Newmarket Corp. ^{^}		13,300		2,270
Commercial Banks - 8.2%
Fifth Third Bancorp		694,900		8,860
Huntington Bancshares, Inc.		978,400		6,418
KeyCorp		1,056,300		8,799
PNC Financial Services Group, Inc. ^{^}		235,600		14,044
U.S. Bancorp		467,800		11,934
Wells Fargo & Co.		1,069,900		30,021
Communications Equipment - 1.0%
Cisco Systems, Inc.		411,100		6,417
Research In Motion, Ltd. ‡		111,200		3,208
Construction & Engineering - 0.7%
KBR, Inc.		184,900		6,969
Consumer Finance - 2.3%
Capital One Financial Corp.		252,700		13,057
Discover Financial Services		357,400		9,560
Diversified Consumer Services - 0.7%
Apollo Group, Inc. — Class A ‡		161,600		7,059
Diversified Financial Services - 5.3%
Bank of America Corp. ^{^}		548,800		6,015
Citigroup, Inc.		229,100		9,540
JPMorgan Chase & Co.		823,700		33,721
NASDAQ OMX Group ‡		142,000		3,593
Diversified Telecommunication Services - 4.0%
AT&T, Inc.		597,400		18,764
Verizon Communications, Inc.		579,700		21,583
Electric Utilities - 3.9%
Edison International ^{^}		309,000		11,974
Entergy Corp. ^{^}		143,000		9,764
Exelon Corp.		198,900		8,521
NV Energy, Inc. ^{^}		538,000		8,258
Electronic Equipment & Instruments - 0.4%
Avnet, Inc. ‡		134,200		4,278
Food & Staples Retailing - 4.3%
CVS Caremark Corp.		230,200		8,651
Kroger Co.		448,100		11,112
Safeway, Inc. ^{^}		396,100		9,257
Walgreen Co.		235,000		9,978
Wal-Mart Stores, Inc.		81,700		4,342
Health Care Providers & Services - 7.2%
Aetna, Inc.		248,900		10,974
AmerisourceBergen Corp. — Class A		143,100		5,924
Cardinal Health, Inc.		220,100		9,997
Health Net, Inc. ‡		246,000		7,894
Humana, Inc.		54,900		4,422
UnitedHealth Group, Inc.		372,200		19,198
WellPoint, Inc.		167,500		13,194
Household Durables - 0.6%
Whirlpool Corp.		75,900		6,172
Household Products - 1.5%
Procter & Gamble Co.		229,400		14,583
Independent Power Producers & Energy Traders - 1.0%
Constellation Energy Group, Inc.		252,100		9,570
Industrial Conglomerates - 1.7%
General Electric Co.		869,100		16,391
Insurance - 6.0%
ACE, Ltd.		155,500		10,235
Aflac, Inc. ^		73,800		3,445
Assurant, Inc.		189,500		6,873
Chubb Corp.		208,800		13,073
Hartford Financial Services Group, Inc.		146,600		3,866
Lincoln National Corp.		135,800		3,869
Torchmark Corp. ^		70,100		4,496
Travelers Cos., Inc.		214,000		12,493
IT Services - 1.2%
Fidelity National Information Services, Inc. ^{^}		124,700		3,840
International Business Machines Corp.		25,000		4,288
SAIC, Inc. ‡		225,600		3,795
Machinery - 1.2%
Gardner Denver, Inc. ^{^}		79,900		6,716
Oshkosh Corp. ‡		189,500		5,484
Media - 4.9%
CBS Corp. — Class B		234,400		6,678
Comcast Corp. — Class A ^{^}		355,800		9,016
DIRECTV — Class A ‡ ^{^}		221,400		11,253
McGraw-Hill Cos., Inc.		111,200		4,660
Time Warner Cable, Inc.		50,300		3,925
Time Warner, Inc.		106,800		3,884
Viacom, Inc. — Class B		176,500		9,002
Metals & Mining - 1.1%
Freeport-McMoRan Copper & Gold, Inc.		208,400		11,024
Multiline Retail - 0.9%
Dillard’s, Inc. — Class A ^{^}		73,400		3,827
Macy’s, Inc.		181,400		5,304
Multi-Utilities - 1.6%
Public Service Enterprise Group, Inc.		366,200		11,953
Sempra Energy		78,500		4,151
Oil, Gas & Consumable Fuels - 13.0%
Chevron Corp.		379,600		39,038
ConocoPhillips		286,600		21,549
Exxon Mobil Corp.		118,700		9,660
Hess Corp.		166,400		12,440
Holly Corp. ^		81,000		5,621
Marathon Oil Corp.		270,000		14,224
Murphy Oil Corp.		160,700		10,552
Tesoro Corp. ‡ ^{^}		170,800		3,913
Valero Energy Corp.		427,300		10,926



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 48

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Paper & Forest Products - 0.5%
Domtar Corp.		47,400	$	4,490
Personal Products - 0.9%
Herbalife, Ltd.		158,200		9,119
Pharmaceuticals - 4.1%
Forest Laboratories, Inc. ‡ ^{^}		260,300		10,240
Merck & Co., Inc.		210,700		7,436
Pfizer, Inc.		1,098,000		22,619
Real Estate Management & Development - 0.7%
Jones Lang Lasalle, Inc.		77,100		7,271
Road & Rail - 1.6%
CSX Corp. ^{^}		213,900		5,608
Ryder System, Inc.		172,800		9,824
Semiconductors & Semiconductor Equipment - 2.2%
Intel Corp.		976,800		21,646
Software - 3.2%
Activision Blizzard, Inc.		592,700		6,923
CA, Inc.		185,100		4,228
Microsoft Corp.		424,400		11,035
Symantec Corp. ‡		459,200		9,055
Specialty Retail - 0.9%
AutoZone, Inc. ‡		14,100		4,157
TJX Cos., Inc.		90,000		4,728
Textiles, Apparel & Luxury Goods - 1.1%
Coach, Inc.		162,600		10,395
Tobacco - 0.4%
Philip Morris International, Inc.		54,700		3,652
Wireless Telecommunication Services - 0.7%
MetroPCS Communications, Inc. ‡		383,400		6,598

Total Common Stocks (cost $833,844)				971,313


SECURITIES LENDING COLLATERAL - 2.6%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		25,892,227		25,892
Total Securities Lending Collateral (cost $25,892)


	Principal		Value

REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $14,793 on 07/01/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, with a value of $15,092.	$	14,793		14,793

Total Repurchase Agreement (cost 14,793)

Total Investment Securities (cost $874,529) #				1,011,998
Other Assets and Liabilities — Net				(22,680	)


Net Assets			$	989,318


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $25,305.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $874,529. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $156,414 and $18,945, respectively. Net unrealized appreciation for tax purposes is $137,469.

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011

Common Stocks	$	961,078	$	10,235	$	—	$	971,313
Repurchase Agreement		—		14,793		—		14,793
Securities Lending Collateral		25,892		—		—		25,892

Total	$	986,970	$	25,028	$	—	$	1,011,998


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 49

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 98.3%
Aerospace & Defense - 3.5%
General Dynamics Corp.^{^}		14,200	$	1,058
Lockheed Martin Corp.^{^}		38,300		3,101
Northrop Grumman Corp.^{^}		41,900		2,906
Raytheon Co.		39,200		1,954
Auto Components - 0.7%
Goodyear Tire & Rubber Co. ‡ ^{^}		110,900		1,860
Beverages - 0.4%
Constellation Brands, Inc. — Class A ‡		46,900		976
Biotechnology - 1.7%
Biogen Idec, Inc. ‡		22,400		2,395
Gilead Sciences, Inc. ‡		47,800		1,979
Capital Markets - 2.4%
Ameriprise Financial, Inc.		45,800		2,642
Franklin Resources, Inc. ^{^}		11,000		1,444
Goldman Sachs Group, Inc.		16,500		2,196
Chemicals - 1.7%
Agrium, Inc.		11,700		1,027
Eastman Chemical Co. ^{^}		20,900		2,133
Lubrizol Corp. ^{^}		9,900		1,329
Commercial Banks - 4.9%
Fifth Third Bancorp		103,200		1,316
Huntington Bancshares, Inc. ^{^}		152,800		1,002
KeyCorp ^{^}		271,500		2,262
PNC Financial Services Group, Inc.		52,400		3,124
Wells Fargo & Co.		180,400		5,061
Communications Equipment - 0.5%
Research In Motion, Ltd. ‡		42,000		1,212
Computers & Peripherals - 2.8%
Apple, Inc. ‡		18,500		6,210
Dell, Inc. ‡ ^{^}		73,200		1,220
Consumer Finance - 2.1%
Capital One Financial Corp.		55,400		2,863
Discover Financial Services ^{^}		101,700		2,720
Diversified Financial Services - 2.7%
Citigroup, Inc.		21,300		887
JPMorgan Chase & Co.		148,700		6,088
Diversified Telecommunication Services - 2.8%
AT&T, Inc. ^{^}		71,200		2,236
Verizon Communications, Inc.		135,800		5,057
Electric Utilities - 2.1%
Edison International ^{^}		76,500		2,964
Entergy Corp.		15,600		1,065
Exelon Corp.		36,800		1,577
Food & Staples Retailing - 5.5%
CVS Caremark Corp.		64,400		2,420
Kroger Co.		123,300		3,058
Safeway, Inc. ^{^}		104,900		2,452
Walgreen Co. ^{^}		85,000		3,609
Wal-Mart Stores, Inc. ^{^}		52,300		2,779
Health Care Providers & Services - 7.5%
Aetna, Inc.		69,700		3,073
AmerisourceBergen Corp. — Class A		65,100		2,695
Cardinal Health, Inc.		54,700		2,484
CIGNA Corp.		41,100		2,114
Humana, Inc. ^{^}		13,600		1,095
McKesson Corp.		12,400		1,037
UnitedHealth Group, Inc.		76,500		3,947
WellPoint, Inc. ^{^}		40,700		3,206
Household Products - 2.3%
Procter & Gamble Co.		95,100		6,046
Independent Power Producers & Energy Traders - 0.5%
Constellation Energy Group, Inc.		33,600		1,275
Industrial Conglomerates - 1.5%
General Electric Co.		212,400		4,006
Insurance - 2.4%
ACE, Ltd. ^{^}		19,200		1,264
Aflac, Inc.		22,100		1,032
Chubb Corp. ^{^}		30,800		1,928
Hartford Financial Services Group, Inc. ^{^}		40,400		1,065
Travelers Cos., Inc.		17,400		1,016
IT Services - 4.9%
Fidelity National Information Services, Inc. ^{^}		63,800		1,964
International Business Machines Corp.		43,000		7,377
Mastercard, Inc. — Class A		3,700		1,115
Visa, Inc. — Class A		27,500		2,317
Machinery - 1.7%
Caterpillar, Inc. ^{^}		18,600		1,980
Cummins, Inc.		13,700		1,418
Dover Corp. ^{^}		15,900		1,078
Media - 6.4%
CBS Corp. — Class B ^{^}		43,300		1,234
Comcast Corp. — Class A		61,500		1,558
DIRECTV — Class A‡ ^{^}		73,600		3,740
McGraw-Hill Cos., Inc.		45,000		1,886
Time Warner, Inc. ^{^}		93,600		3,404
Time Warner Cable, Inc.		28,500		2,224
Viacom, Inc. — Class B		52,700		2,688
Metals & Mining - 1.9%
Freeport-McMoRan Copper & Gold, Inc.		65,200		3,450
Teck Resources, Ltd. — Class B		27,500		1,395
Multiline Retail - 0.4%
JC Penney Co., Inc. ^{^}		29,500		1,019
Multi-Utilities - 0.5%
Public Service Enterprise Group, Inc. ^{^}		40,500		1,322
Oil, Gas & Consumable Fuels - 13.1%
Chevron Corp.		70,300		7,230
ConocoPhillips		67,800		5,098
Exxon Mobil Corp.		122,800		9,992
Hess Corp. ^{^}		28,100		2,101
Marathon Oil Corp.		68,500		3,609
Murphy Oil Corp.		36,400		2,390
Tesoro Corp. ‡ ^{^}		62,700		1,436
Valero Energy Corp.		96,500		2,468
Personal Products - 0.4%
Estee Lauder Cos., Inc. — Class A		11,000		1,157
Pharmaceuticals - 2.6%
Forest Laboratories, Inc.‡ ^{^}		62,600		2,463
Merck & Co., Inc.		31,300		1,105
Pfizer, Inc.		160,800		3,312
Road & Rail - 2.1%
CSX Corp.		61,800		1,620
Ryder System, Inc.		27,600		1,569
Union Pacific Corp.		22,000		2,297
Semiconductors & Semiconductor Equipment - 3.0%
Intel Corp. ^{^}		223,300		4,948
LSI Corp. ‡ ^{^}		261,200		1,860
Texas Instruments, Inc.		30,000		985



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 50

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Software - 6.4%
Activision Blizzard, Inc.		111,200	$	1,299
Adobe Systems, Inc. ‡		32,300		1,016
CA, Inc. ^{^}		103,800		2,371
Microsoft Corp.		269,700		7,012
Oracle Corp.		61,800		2,034
Symantec Corp. ‡		148,000		2,919
Specialty Retail - 2.2%
AutoZone, Inc. ‡ ^{^}		6,600		1,946
Bed Bath & Beyond, Inc. ‡		17,700		1,033
TJX Cos., Inc.		53,700		2,821
Textiles, Apparel & Luxury Goods - 1.7%
Coach, Inc.		51,500		3,292
Fossil, Inc. ‡ ^{^}		10,200		1,201
Tobacco - 1.6%
Philip Morris International, Inc.		62,000		4,140
Trading Companies & Distributors - 1.0%
WW Grainger, Inc. ^{^}		16,700		2,566
Wireless Telecommunication Services - 0.4%
MetroPCS Communications, Inc. ‡ ^{^}		59,700		1,027

Total Common Stocks (cost $220,029)				256,951


	Shares		Value

SECURITIES LENDING COLLATERAL - 17.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		45,815,954	$	45,816
Total Securities Lending Collateral (cost $45,816)


	Principal		Value

REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $4,768 on 07/01/2011. Collateralized by a U.S. Government Obligation, 1.75%, due 05/31/2016, with a value of $4,868.	$	4,768		4,768
Total Repurchase Agreement (cost $4,768)


Total Investment Securities (cost $270,613) #				307,535
Other Assets and Liabilities — Net				(46,051	)


Net Assets			$	261,484


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $44,736.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $270,613. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $40,906 and $3,984, respectively. Net unrealized appreciation for tax purposes is $36,922.

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011

Common Stocks	$	255,687	$	1,264	$	—	$	256,951
Repurchase Agreement		—		4,768		—		4,768
Securities Lending Collateral		45,816		—		—		45,816

Total	$	301,503	$	6,032	$	—	$	307,535


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 51

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 98.3%
Aerospace & Defense - 3.9%
Boeing Co. ^{^}		202,643	$	14,982
Honeywell International, Inc.		131,654		7,845
Precision Castparts Corp.		75,392		12,413
United Technologies Corp.		105,951		9,378
Air Freight & Logistics - 0.2%
CH Robinson Worldwide, Inc.^{^}		32,093		2,530
Auto Components - 0.7%
BorgWarner, Inc. ‡ ^{^}		97,374		7,867
Automobiles - 0.8%
Bayerische Motoren Werke AG ADR		215,906		7,135
Ford Motor Co. ‡		184,248		2,541
Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc. ‡ ^{^}		12,094		569
Amgen, Inc. ‡ ^{^}		136,630		7,972
Celgene Corp. ‡		157,000		9,471
Vertex Pharmaceuticals, Inc. ‡		62,461		3,247
Capital Markets - 0.6%
Charles Schwab Corp. ^{^}		170,366		2,803
Goldman Sachs Group, Inc.		32,770		4,361
Chemicals - 2.2%
E.I. du Pont de Nemours & Co. ^{^}		152,504		8,243
Monsanto Co.		170,660		12,380
Sherwin-Williams Co. ^{^}		57,146		4,793
Communications Equipment - 3.9%
Alcatel-Lucent ADR ‡ ^{^}		278,365		1,606
Cisco Systems, Inc.		1,266,951		19,777
Emulex Corp. ‡ ^{^}		305,782		2,630
Juniper Networks, Inc. ‡		295,610		9,312
QUALCOMM, Inc.		160,070		9,090
Riverbed Technology, Inc. ‡ ^{^}		59,700		2,364
Computers & Peripherals - 9.7%
Apple, Inc. ‡		146,092		49,038
Dell, Inc. ‡		367,784		6,131
EMC Corp. ‡		1,243,596		34,261
NetApp, Inc. ‡		262,440		13,852
QLogic Corp. ‡ ^{^}		584,797		9,310
Consumer Finance - 1.4%
American Express Co.		299,870		15,503
Diversified Consumer Services - 1.0%
Apollo Group, Inc. — Class A‡		99,549		4,348
ITT Educational Services, Inc. ‡ ^{^}		86,015		6,730
Electrical Equipment - 0.4%
Emerson Electric Co.		77,150		4,340
Energy Equipment & Services - 3.4%
Baker Hughes, Inc.		51,289		3,722
Cameron International Corp. ‡		99,115		4,984
Core Laboratories NV		7,277		812
Diamond Offshore Drilling, Inc.^{^}		89,333		6,290
National Oilwell Varco, Inc.		48,255		3,774
Oceaneering International, Inc.		80,950		3,278
Schlumberger, Ltd.		196,783		17,002
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.		113,613		9,230
Whole Foods Market, Inc.^{^}		139,795		8,870
Food Products - 0.9%
Green Mountain Coffee Roasters, Inc. ‡		32,484		2,900
Kraft Foods, Inc. — Class A ^{^}		42,726		1,505
Mead Johnson Nutrition Co. — Class A		96,701		6,532
Health Care Equipment & Supplies - 0.8%
Hologic, Inc. ‡		243,235		4,906
Intuitive Surgical, Inc. ‡ ^{^}		10,274		3,823
Stryker Corp.		11,603		681
Health Care Providers & Services - 3.6%
AmerisourceBergen Corp. — Class A		104,771		4,338
Cardinal Health, Inc.		130,246		5,916
Express Scripts, Inc. ‡ ^{^}		269,577		14,551
Laboratory Corp. of America Holdings‡ ^{^}		48,560		4,700
UnitedHealth Group, Inc.		237,344		12,242
Hotels, Restaurants & Leisure - 3.1%
Chipotle Mexican Grill, Inc. — Class A ‡^{^}		29,693		9,151
Ctrip.com International, Ltd. ADR ‡		24,806		1,069
Marriott International, Inc. — Class A ^{^}		202,688		7,193
McDonald’s Corp.		33,924		2,860
Starbucks Corp.		383,596		15,149
Industrial Conglomerates - 1.1%
General Electric Co.		554,861		10,465
Tyco International, Ltd.		47,915		2,368
Internet & Catalog Retail - 3.2%
Amazon.com, Inc. ‡		137,053		28,026
priceline.com, Inc. ‡		17,438		8,927
Internet Software & Services - 3.5%
Baidu, Inc. ADR ‡		83,437		11,692
eBay, Inc. ‡		101,027		3,260
Google, Inc. — Class A‡		25,919		13,125
IAC/InterActiveCorp ‡^{^}		170,064		6,491
Mail.ru Group, Ltd. - 144A GDR ‡Ə		40,593		1,317
Tencent Holdings, Ltd.		140,367		3,835
Youku.com, Inc. ADR ‡^{^}		26,715		918
IT Services - 5.7%
Cognizant Technology Solutions Corp. - Class A ‡		119,693		8,778
International Business Machines Corp.		259,883		44,583
Mastercard, Inc. — Class A		41,626		12,544
Life Sciences Tools & Services - 2.5%
Agilent Technologies, Inc. ‡		180,691		9,235
Bruker Corp. ‡		101,651		2,070
Illumina, Inc. ‡ ^{^}		99,820		7,501
Waters Corp. ‡ ^{^}		101,940		9,760
Machinery - 4.7%
Caterpillar, Inc.		140,697		14,978
Cummins, Inc. ^{^}		43,582		4,510
Deere & Co.		77,484		6,389
Dover Corp.		84,865		5,754
Illinois Tool Works, Inc.		92,411		5,220
Ingersoll-Rand PLC ^{^}		104,944		4,766
Joy Global, Inc.		53,716		5,116
Parker Hannifin Corp.		93,246		8,368
Media - 2.8%
DIRECTV — Class A ‡		83,754		4,256
News Corp. — Class A		309,207		5,473
Omnicom Group, Inc. ^{^}		185,030		8,911
Sirius XM Radio, Inc. ‡ ^{^}		689,343		1,510
Walt Disney Co.		308,257		12,034



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 52

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except shares amount in thousands)
(unaudited)


	Shares		Value

Metals & Mining - 2.1%
Cliffs Natural Resources, Inc.		50,346	$	4,654
Freeport-McMoRan Copper & Gold, Inc.		49,465		2,617
Nucor Corp. ^{^}		78,568		3,239
Rio Tinto PLC ADR		68,243		4,935
Teck Resources, Ltd. — Class B		90,037		4,568
Walter Energy, Inc.		34,151		3,955
Oil, Gas & Consumable Fuels - 5.4%
Anadarko Petroleum Corp.		120,826		9,275
BP PLC ADR		90,853		4,024
Canadian Natural Resources, Ltd.		132,478		5,546
Exxon Mobil Corp.		143,089		11,645
Occidental Petroleum Corp.		202,523		21,069
Petrohawk Energy Corp. ‡		79,988		1,973
Valero Energy Corp.		315,052		8,056
Personal Products - 0.7%
Estee Lauder Cos., Inc. — Class A		79,759		8,390
Pharmaceuticals - 3.0%
Abbott Laboratories		45,024		2,369
Allergan, Inc.		104,769		8,722
Novo Nordisk A/S ADR		55,589		6,964
Pfizer, Inc.		314,439		6,477
Shire PLC ADR ^{^}		105,300		9,921
Road & Rail - 0.6%
Union Pacific Corp.		62,308		6,505
Semiconductors & Semiconductor Equipment - 5.0%
Altera Corp.		524,563		24,313
Analog Devices, Inc.		160,338		6,276
ARM Holdings PLC ADR ^{^}		79,911		2,272
Atmel Corp. ‡ ^{^}		228,294		3,212
Avago Technologies, Ltd.		135,839		5,162
Broadcom Corp. — Class A ‡		84,246		2,834
Intersil Corp. — Class A ^{^}		413,334		5,311
Memc Electronic Materials, Inc. ‡		185,670		1,584
Xilinx, Inc. ^{^}		199,702		7,283
Software - 9.7%
Adobe Systems, Inc. ‡		135,474		4,261
Autodesk, Inc. ‡		122,874		4,743
BMC Software, Inc. ‡		90,362		4,943
Check Point Software Technologies, Ltd. ‡ ^{^}		87,146		4,954
Citrix Systems, Inc. ‡		76,101		6,088
Longtop Financial Technologies, Ltd. ADR ‡^{^} Ə §		35,836		678
Microsoft Corp.		667,909		17,366
Oracle Corp.		1,111,213		36,571
Red Hat, Inc. ‡		185,077		8,495
Salesforce.com, Inc. ‡ ^{^}		77,690		11,574
Successfactors, Inc. ‡ ^{^}		48,204		1,417
VMware, Inc. — Class A ‡		105,632		10,587
Specialty Retail - 2.2%
Advance Auto Parts, Inc. ^{^}		36,054		2,109
Bed Bath & Beyond, Inc. ‡		82,962		4,842
Buckle, Inc.^{^}		35,849		1,531
Ross Stores, Inc.		61,909		4,960
Tiffany & Co. ^{^}		83,596		6,564
TJX Cos., Inc.		69,610		3,657
Urban Outfitters, Inc. ‡ ^{^}		81,607		2,297
Textiles, Apparel & Luxury Goods - 5.0%
Burberry Group PLC		232,400		5,404
Coach, Inc.		207,040		13,236
Deckers Outdoor Corp. ‡ ^{^}		19,122		1,685
Fossil, Inc. ‡		5,911		696
Lululemon Athletica, Inc. ‡ ^{^}		51,737		5,785
LVMH Moet Hennessy Louis Vuitton SA		35,120		6,311
Nike, Inc. — Class B		126,872		11,416
Polo Ralph Lauren Corp. — Class A^{^}		101,213		13,423
Wireless Telecommunication Services - 1.1%
American Tower Corp. — Class A‡		149,057		7,800
Vodafone Group PLC ADR		204,708		5,470

Total Common Stocks (cost $939,969)				1,136,494


SECURITIES LENDING COLLATERAL - 8.1%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		93,205,260		93,205
Total Securities Lending Collateral (cost $93,205)


	Principal		Value

REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $14,352 on 07/01/2011. Collateralized by a U.S. Government Agency Obligation and a U.S. Government Obligation, 1.75% - 4.00%, due 5/31/2016 - 12/25/2038, with a total value of $14,648.	$	14,352		14,352
Total Repurchase Agreement (cost $14,352)


Total Investment Securities (cost $1,047,526) #				1,244,051
Other Assets and Liabilities — Net				(87,518	)


Net Assets			$	1,156,533


NOTES TO SCHEDULE OF INVESTMENTS:

^		All or a portion of this security is on loan. The value of all securities on loan is $91,112.

‡		Non-income producing security.

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 $1,995, or 0.17% of the portfolio’s net assets.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $1,047,526. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $217,011 and $20,486, respectively. Net unrealized appreciation for tax purposes is $196,525.

§		Illiquid. At 06/30/2011, illiquid investment security aggregated to $678, or 0.06%, of the portfolio’s net assets.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 53

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITIONS:

144A		144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. This security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 06/30/2011, this security aggregated $1,317, or 0.11%, of the fund’s net assets.

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011

Common Stocks	$	1,062,394	$	73,422	$	678	$	1,136,494
Repurchase Agreement		—		14,352		—		14,352
Securities Lending Collateral		93,205		—		—		93,205

Total	$	1,155,599	$	87,774	$	678	$	1,244,051

Level 3 Rollforward — Investment Securities


																			Net Change in
																			Unrealized
											Net Change in								Appreciation/
	Beginning						Accrued		Total		Unrealized		Transfers		Transfers		Ending		(Depreciation) on
	Balance at						Discounts/		Realized		Appreciation		into Level		out of Level		Balance at		Investments Held
Securities	12/31/2010		Purchases		Sales		(Premiums)		Gain/(Loss)		/(Depreciation) ƒ		3 ¥		3		06/30/2011		at 06/30/2011 ƒ

Common Stocks	$	—	$	—	$	—	$	—	$	—	$	—	$	678	$	—	$	678	$	(511	)


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

^¥		Transferred into Level 3 because of unavailability of observable inputs.

^ƒ		Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 6/30/2011 may be due to an investment no longer held or categorized as Level 3 at period end.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 54

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 96.8%
Aerospace & Defense - 0.8%
Alliant Techsystems, Inc.		51,000	$	3,638
L-3 Communications Holdings, Inc.		36,400		3,183
Auto Components - 0.8%
Visteon Corp. ‡		106,100		7,258
Beverages - 1.4%
Brown-Forman Corp. — Class B		39,000		2,913
Coca-Cola Enterprises, Inc.		235,800		6,880
Dr. Pepper Snapple Group, Inc.		64,200		2,692
Capital Markets - 3.6%
Ameriprise Financial, Inc.		297,800		17,177
Invesco, Ltd.		173,400		4,058
Northern Trust Corp.		166,100		7,634
T. Rowe Price Group, Inc.		68,200		4,115
Chemicals - 4.3%
Air Products & Chemicals, Inc.		87,950		8,406
Airgas, Inc.		118,200		8,279
Albemarle Corp.		68,420		4,735
Ashland, Inc.		116,300		7,515
Sherwin-Williams Co.		62,000		5,200
Sigma-Aldrich Corp. ^{^}		69,700		5,115
Commercial Banks - 5.8%
BancorpSouth, Inc. ^{^}		42,600		529
BB&T Corp.		72,600		1,949
City National Corp. ^{^}		67,600		3,667
Comerica, Inc.		249,000		8,608
Cullen/Frost Bankers, Inc. ^{^}		51,700		2,939
Fifth Third Bancorp		1,124,400		14,336
Huntington Bancshares, Inc.		198,900		1,305
M&T Bank Corp.		68,100		5,989
SunTrust Banks, Inc.		398,100		10,271
Zions Bancorporation ^{^}		103,600		2,487
Commercial Services & Supplies - 3.2%
Avery Dennison Corp.		268,100		10,357
Republic Services, Inc. — Class A		631,000		19,466
Communications Equipment - 1.7%
Motorola Solutions, Inc. ‡		339,750		15,642
Containers & Packaging - 2.2%
Ball Corp.		188,700		7,257
Crown Holdings, Inc. ‡		122,400		4,752
Rock-Tenn Co. — Class A		56,000		3,715
Silgan Holdings, Inc.		90,900		3,724
Distributors - 0.5%
Genuine Parts Co.		84,100		4,575
Diversified Telecommunication Services - 0.6%
CenturyLink, Inc.		127,800		5,167
Electric Utilities - 3.7%
Edison International		214,400		8,308
Northeast Utilities		64,000		2,251
NV Energy, Inc.		160,500		2,464
PPL Corp.		318,400		8,860
Westar Energy, Inc. ^{^}		208,300		5,605
Wisconsin Energy Corp.		179,800		5,637
Electrical Equipment - 1.7%
AMETEK, Inc.		108,400		4,867
Cooper Industries PLC — Class A		72,200		4,308
Regal Beloit Corp.		65,000		4,340
Roper Industries, Inc. ^{^}		19,100		1,591
Electronic Equipment & Instruments - 2.8%
Amphenol Corp. — Class A		74,500		4,022
Arrow Electronics, Inc. ‡		86,900		3,606
TE Connectivity, Ltd.		470,200		17,285
Energy Equipment & Services - 2.3%
Baker Hughes, Inc.		34,800		2,525
Cameron International Corp. ‡		201,600		10,139
Weatherford International, Ltd. ‡		431,700		8,094
Food & Staples Retailing - 1.0%
Kroger Co.		193,400		4,797
Safeway, Inc. ^{^}		198,900		4,648
Food Products - 2.2%
Hershey Co.		37,200		2,115
JM Smucker Co.		79,400		6,069
Mead Johnson Nutrition Co. — Class A		94,900		6,410
Ralcorp Holdings, Inc. ‡		62,400		5,403
Gas Utilities - 2.2%
Energen Corp.		157,221		8,883
EQT Corp.		62,320		3,273
Oneok, Inc.		108,200		8,008
Health Care Equipment & Supplies - 5.6%
Becton, Dickinson and Co.		58,300		5,024
CareFusion Corp. ‡		161,800		4,396
Hospira, Inc. ‡ ^{^}		204,100		11,564
St. Jude Medical, Inc.		257,400		12,273
Stryker Corp. ^{^}		149,600		8,780
Zimmer Holdings, Inc. ‡		141,700		8,955
Health Care Providers & Services - 3.9%
AmerisourceBergen Corp. — Class A		98,400		4,074
CIGNA Corp.		226,800		11,664
Coventry Health Care, Inc. ‡		102,900		3,753
HCA Holdings, Inc. ‡		77,800		2,567
Humana, Inc.		60,080		4,839
Lincare Holdings, Inc. ^{^}		228,250		6,681
VCA Antech, Inc. ‡ ^{^}		80,900		1,715
Hotels, Restaurants & Leisure - 2.4%
Darden Restaurants, Inc.		96,799		4,817
Intercontinental Hotels Group PLC ADR ^{^}		338,500		6,997
Marriott International, Inc. — Class A		92,566		3,285
Royal Caribbean Cruises, Ltd. ‡		81,040		3,050
Yum! Brands, Inc.		56,100		3,099
Household Durables - 4.2%
Fortune Brands, Inc.		125,300		7,990
Jarden Corp. ^{^}		84,200		2,906
Mohawk Industries, Inc. ‡ ^{^}		25,600		1,536
Newell Rubbermaid, Inc.		430,500		6,793
Snap-On, Inc.		85,306		5,330
Stanley Black & Decker, Inc.		202,900		14,619
Household Products - 0.4%
Energizer Holdings, Inc. ‡		48,700		3,524
Industrial Conglomerates - 2.6%
Carlisle Cos., Inc. ^{^}		90,100		4,436
Tyco International, Ltd.		388,700		19,213



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 55

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Insurance - 7.1%
AON Corp.		78,400	$	4,022
Arch Capital Group, Ltd. ‡ ^{^}		68,300		2,180
Cincinnati Financial Corp. ^{^}		80,400		2,346
Loews Corp.		205,300		8,641
Old Republic International Corp. ^{^}		325,900		3,829
OneBeacon Insurance Group, Ltd. — Class A ^{^}		151,055		2,023
Principal Financial Group, Inc.		91,200		2,774
Torchmark Corp.		31,200		2,001
Transatlantic Holdings, Inc.		131,800		6,460
Willis Group Holdings PLC ^{^}		218,000		8,963
WR Berkley Corp. ^{^}		184,600		5,988
XL Group PLC — Class A		641,900		14,110
Internet & Catalog Retail - 0.4%
Expedia, Inc. ^{^}		123,300		3,574
IT Services - 1.6%
Fidelity National Information Services, Inc.		307,600		9,471
Western Union Co.		267,900		5,366
Leisure Equipment & Products - 0.8%
Hasbro, Inc.		158,600		6,967
Machinery - 2.5%
Dover Corp.		161,100		10,923
Navistar International Corp. ‡		202,000		11,405
Media - 4.1%
Cablevision Systems Corp. — Class A		142,760		5,169
CBS Corp. — Class B		525,700		14,978
DISH Network Corp. — Class A ‡ ^{^}		112,200		3,441
Gannett Co., Inc. ^{^}		272,600		3,904
Omnicom Group, Inc.		46,100		2,220
Viacom, Inc. — Class B		137,000		6,987
Washington Post Co. — Class B		2,600		1,089
Metals & Mining - 0.6%
Allegheny Technologies, Inc.		87,700		5,566
Multiline Retail - 0.4%
Kohl’s Corp.		67,060		3,354
Multi-Utilities - 3.2%
CMS Energy Corp.		714,500		14,068
NSTAR ^{^}		101,100		4,649
Sempra Energy		72,400		3,829
Xcel Energy, Inc.		259,300		6,301
Oil, Gas & Consumable Fuels - 4.1%
CVR Energy, Inc. ‡ ^{^}		75,400		1,856
Devon Energy Corp.		88,900		7,007
El Paso Corp.		323,600		6,537
Kinder Morgan Management LLC		27,182		1,783
Newfield Exploration Co. ‡		65,400		4,449
Plains Exploration & Production Co. ‡		164,100		6,255
Teekay Corp. ^{^}		80,190		2,476
Williams Cos., Inc.		212,800		6,437
Professional Services - 0.5%
Manpower, Inc.		86,150		4,622
Real Estate Investment Trusts - 1.3%
HCP, Inc.		82,400		3,023
Kimco Realty Corp.		48,200		898
Regency Centers Corp. ^{^}		90,200		3,966
Vornado Realty Trust		44,437		4,141
Real Estate Management & Development - 0.4%
Brookfield Office Properties, Inc.		169,400		3,266
Semiconductors & Semiconductor Equipment - 1.5%
Analog Devices, Inc.		84,840		3,321
LSI Corp. ‡		1,392,200		9,912
Software - 3.5%
BMC Software, Inc. ‡		177,430		9,705
Jack Henry & Associates, Inc.		151,100		4,535
Parametric Technology Corp. ‡ ^{^}		282,350		6,474
Rovi Corp. ‡ ^{^}		114,700		6,579
Synopsys, Inc. ‡		162,800		4,186
Specialty Retail - 2.9%
AutoZone, Inc. ‡		15,000		4,423
Bed Bath & Beyond, Inc. ‡		127,900		7,465
Gap, Inc. ^{^}		256,000		4,634
Tiffany & Co.		48,100		3,777
TJX Cos., Inc.		108,700		5,710
Textiles, Apparel & Luxury Goods - 0.4%
Phillips-Van Heusen Corp.		49,000		3,208
Thrifts & Mortgage Finance - 0.6%
Capitol Federal Financial, Inc.		121,000		1,423
People’s United Financial, Inc.		290,300		3,902
Water Utilities - 0.6%
American Water Works Co., Inc.		198,400		5,843
Wireless Telecommunication Services - 0.4%
Telephone & Data Systems, Inc. (Special Shares) — Class L		135,763		3,656

Total Common Stocks (cost $734,263)				874,988


SECURITIES LENDING COLLATERAL - 7.8%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		70,439,350		70,439
Total Securities Lending Collateral (cost $70,439)


	Principal		Value

REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co. 0.01%▲, dated 06/30/2011, to be repurchased at $23,378 on 07/01/2011. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 11/25/2038 - 12/25/2038, with a total value of $23,851.	$	23,378		23,378
Total Repurchase Agreement (cost $23,378)


Total Investment Securities (cost $828,080) #				968,805
Other Assets and Liabilities — Net				(64,901	)


Net Assets			$	903,904



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 56

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $68,813.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $828,080. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $148,323 and $7,598, respectively. Net unrealized appreciation for tax purposes is $140,725.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	790,493	$	84,495	$	—	$	874,988
Repurchase Agreement		—		23,378		—		23,378
Securities Lending Collateral		70,439		—		—		70,439

Total	$	860,932	$	107,873	$	—	$	968,805


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 57

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 99.2%
Aerospace & Defense - 2.0%
BE Aerospace, Inc. ‡ ^{^}		124,440	$	5,078
Biotechnology - 1.5%
Alexion Pharmaceuticals, Inc. ‡		79,160		3,723
Capital Markets - 1.3%
T. Rowe Price Group, Inc. ^{^}		54,605		3,295
Chemicals - 4.0%
Albemarle Corp. ^{^}		81,505		5,640
Eastman Chemical Co.		44,745		4,567
Commercial Services & Supplies - 1.3%
Stericycle, Inc. ‡ ^{^}		37,185		3,314
Communications Equipment - 4.6%
Acme Packet, Inc. ‡ ^{^}		39,070		2,740
Alcatel-Lucent ADR ‡ ^{^}		655,065		3,779
Ciena Corp. ‡ ^{^}		121,155		2,227
JDS Uniphase Corp. ‡ ^{^}		171,605		2,859
Computers & Peripherals - 1.3%
Teradata Corp. ‡ ^{^}		55,100		3,317
Construction & Engineering - 1.8%
Chicago Bridge & Iron Co. NV — Class Y		119,500		4,649
Diversified Consumer Services - 3.3%
Apollo Group, Inc. — Class A ‡		69,000		3,014
DeVry, Inc.		92,565		5,473
Electrical Equipment - 7.5%
AMETEK, Inc. ^{^}		94,680		4,251
Rockwell Automation, Inc. ^{^}		60,535		5,252
Roper Industries, Inc. ^{^}		63,485		5,288
Sensata Technologies Holding NV ‡		106,188		3,998
Energy Equipment & Services - 2.1%
McDermott International, Inc. ‡		273,105		5,410
Food & Staples Retailing - 2.3%
Whole Foods Market, Inc. ^{^}		95,948		6,088
Food Products - 1.5%
Mead Johnson Nutrition Co. — Class A ^{^}		55,245		3,732
Health Care Equipment & Supplies - 5.2%
Cooper Cos., Inc. ^{^}		61,365		4,863
Edwards Lifesciences Corp. ‡ ^{^}		53,235		4,641
St. Jude Medical, Inc. ^{^}		79,470		3,789
Health Care Providers & Services - 1.6%
Humana, Inc. ^{^}		49,985		4,026
Hotels, Restaurants & Leisure - 2.6%
Arcos Dorados Holdings, Inc. — Class A ^{^}		70,130		1,479
Panera Bread Co. — Class A ‡^{^}		39,915		5,016
Internet Software & Services - 2.0%
IAC/InterActiveCorp ‡ ^{^}		135,240		5,162
IT Services - 3.9%
Gartner, Inc. ‡ ^{^}		130,025		5,239
VeriFone Holdings, Inc. ‡ ^{^}		105,505		4,679
Leisure Equipment & Products - 2.0%
Polaris Industries, Inc.		44,645		4,963
Life Sciences Tools & Services - 5.3%
Agilent Technologies, Inc.‡ ^{^}		80,080		4,093
Illumina, Inc. ‡ ^{^}		69,430		5,217
Mettler-Toledo International, Inc. ‡ ^{^}		24,730		4,171
Machinery - 2.5%
Actuant Corp. — Class A ^{^}		141,615		3,800
Kennametal, Inc. ^{^}		63,215		2,668
Media - 1.3%
Virgin Media, Inc. ^{^}		114,296		3,421
Metals & Mining - 1.5%
Carpenter Technology Corp.		22,300		1,286
Stillwater Mining Co. ‡ ^{^}		114,900		2,529
Office Electronics - 1.7%
Zebra Technologies Corp. — Class A ‡		100,100		4,221
Oil, Gas & Consumable Fuels - 5.7%
Brigham Exploration Co. ‡^{^}		167,237		5,005
Cabot Oil & Gas Corp. ^{^}		101,340		6,721
Concho Resources, Inc. ‡ ^{^}		28,290		2,598
Personal Products - 2.2%
Estee Lauder Cos., Inc. — Class A ^{^}		52,153		5,486
Pharmaceuticals - 4.8%
Perrigo Co. ^{^}		51,600		4,534
Shire PLC ADR ^{^}		54,470		5,132
Valeant Pharmaceuticals International, Inc. ^{^}		48,060		2,497
Road & Rail - 2.4%
Kansas City Southern ‡		104,925		6,225
Semiconductors & Semiconductor Equipment - 2.6%
Cavium, Inc. ‡ ^{^}		58,425		2,547
FEI Co. ‡ ^{^}		104,850		4,004
Software - 8.0%
Electronic Arts, Inc. ‡ ^{^}		190,335		4,492
Red Hat, Inc. ‡ ^{^}		113,065		5,190
Rovi Corp. ‡ ^{^}		51,374		2,947
Salesforce.com, Inc. ‡ ^{^}		35,310		5,261
Successfactors, Inc. ‡ ^{^}		95,547		2,809
Specialty Retail - 3.5%
Dick’s Sporting Goods, Inc. ‡ ^{^}		101,915		3,919
Foot Locker, Inc.		154,900		3,680
Genesco, Inc. ‡ ^{^}		24,900		1,297
Textiles, Apparel & Luxury Goods - 5.9%
Deckers Outdoor Corp. ‡ ^{^}		29,430		2,594
Fossil, Inc. ‡ ^{^}		52,114		6,135
Under Armour, Inc. — Class A ‡ ^{^}		81,102		6,270

Total Common Stocks (cost $211,390)				252,300


SECURITIES LENDING COLLATERAL - 25.5%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22% ▲		64,872,900		64,873
Total Securities Lending Collateral (cost $64,873)


	Principal		Value

REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $1,909 on 07/01/2011. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 12/25/2038, with a value of $1,948.	$	1,909		1,909
Total Repurchase Agreement (cost $1,909)


Total Investment Securities (cost $278,172) #				319,082
Other Assets and Liabilities — Net				(64,898	)


Net Assets			$	254,184



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 58

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $63,437.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $278,172. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $43,630 and $2,720, respectively. Net unrealized appreciation for tax purposes is $40,910.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	234,742	$	17,558	$	—	$	252,300
Repurchase Agreement		—		1,909		—		1,909
Securities Lending Collateral		64,873		—		—		64,873

Total	$	299,615	$	19,467	$	—	$	319,082


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 59

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 95.6%
Chemicals - 2.5%
Koppers Holdings, Inc.		1,800	$	68
Kraton Performance Polymers, Inc. ‡ ^{^}		23,024		902
Zep, Inc. ^{^}		105,400		1,992
Commercial Banks - 7.5%
First Busey Corp. ^{^}		195,930		1,036
First Midwest Bancorp, Inc. ^{^}		132,900		1,633
Hancock Holding Co. ^{^}		28,200		874
International Bancshares Corp. ^{^}		84,500		1,414
MB Financial, Inc. ^{^}		58,700		1,129
Webster Financial Corp. ^{^}		90,300		1,899
Westamerica Bancorporation ^{^}		16,400		808
Commercial Services & Supplies - 5.0%
ACCO Brands Corp. ‡ ^{^}		150,300		1,180
G&K Services, Inc. — Class A ^{^}		30,600		1,036
Standard Parking Corp. ‡ ^{^}		50,000		799
United Stationers, Inc. ^{^}		80,700		2,859
Computers & Peripherals - 1.6%
Diebold, Inc. ^{^}		49,500		1,535
Electronics for Imaging, Inc. ‡ ^{^}		18,400		317
Construction & Engineering - 0.3%
Sterling Construction Co., Inc. ‡ ^{^}		29,200		402
Containers & Packaging - 1.4%
Aptargroup, Inc.		31,600		1,654
Diversified Consumer Services - 1.3%
Matthews International Corp. — Class A ^{^}		36,500		1,465
Diversified Financial Services - 1.7%
Ares Capital Corp. ^{^}		120,500		1,936
Electric Utilities - 2.5%
Unisource Energy Corp. ^{^}		47,000		1,755
Westar Energy, Inc. ^{^}		45,200		1,216
Electrical Equipment - 3.4%
Acuity Brands, Inc. ^{^}		17,500		976
Belden, Inc. ^{^}		85,300		2,974
Electronic Equipment & Instruments - 2.0%
Coherent, Inc. ‡ ^{^}		14,900		824
MTS Systems Corp. ^{^}		28,832		1,206
Nam Tai Electronics, Inc. ^{^}		56,200		310
Energy Equipment & Services - 2.4%
Bristow Group, Inc. ^{^}		25,600		1,306
SEACOR Holdings, Inc. ^{^}		14,600		1,460
Food & Staples Retailing - 1.3%
Casey’s General Stores, Inc. ^{^}		33,700		1,483
Gas Utilities - 2.7%
Atmos Energy Corp. ^{^}		34,100		1,134
New Jersey Resources Corp. ^{^}		21,800		972
WGL Holdings, Inc. ^{^}		25,000		962
Health Care Equipment & Supplies - 1.7%
Haemonetics Corp. ‡ ^{^}		7,900		509
ICU Medical, Inc. ‡ ^{^}		34,500		1,507
Health Care Providers & Services - 2.5%
Amsurg Corp. — Class A‡ ^{^}		70,200		1,834
Corvel Corp. ‡ ^{^}		24,300		1,140
Hotels, Restaurants & Leisure - 4.0%
Bally Technologies, Inc. ‡ ^{^}		24,000		976
CEC Entertainment, Inc. ^{^}		34,500		1,383
Choice Hotels International, Inc. ^{^}		32,000		1,068
Sonic Corp. ‡ ^{^}		113,700		1,209
Household Durables - 2.1%
Helen of Troy, Ltd. ‡ ^{^}		61,935		2,139
Tempur-Pedic International, Inc. ‡ ^{^}		5,300		359
Industrial Conglomerates - 3.3%
Carlisle Cos., Inc. ^{^}		78,000		3,840
Insurance - 6.8%
Alleghany Corp.		2,861		953
Amerisafe, Inc. ‡ ^{^}		48,800		1,104
Assured Guaranty, Ltd. ^{^}		61,000		995
Delphi Financial Group, Inc. — Class A ^{^}		79,600		2,325
Platinum Underwriters Holdings, Ltd. ^{^}		39,800		1,323
Primerica, Inc.		58,900		1,294
Internet Software & Services - 1.4%
Websense, Inc. ‡ ^{^}		64,100		1,665
IT Services - 2.0%
MAXIMUS, Inc. ^{^}		29,200		2,415
Life Sciences Tools & Services - 3.9%
Charles River Laboratories International, Inc. ‡		49,800		2,024
ICON PLC ADR ^{^} ‡		103,100		2,430
Machinery - 5.1%
Albany International Corp. — Class A ^{^}		83,000		2,191
ESCO Technologies, Inc. ^{^}		41,500		1,527
Mueller Industries, Inc. ^{^}		57,700		2,187
Marine - 1.9%
Kirby Corp. ‡ ^{^}		38,900		2,204
Media - 2.3%
Arbitron, Inc. ^{^}		64,500		2,666
Multiline Retail - 0.9%
Fred’s, Inc. — Class A ^{^}		75,700		1,092
Office Electronics - 1.3%
Zebra Technologies Corp. — Class A ‡		35,200		1,484
Oil, Gas & Consumable Fuels - 2.4%
GeoResources, Inc. ‡ ^{^}		49,500		1,113
Penn Virginia Corp. ^{^}		68,542		905
Scorpio Tankers, Inc. ‡ ^{^}		85,000		849
Paper & Forest Products - 1.2%
Deltic Timber Corp. ^{^}		25,300		1,358
Real Estate Investment Trusts - 3.8%
American Campus Communities, Inc. ^{^}		28,600		1,016
Campus Crest Communities, Inc. ^{^}		76,200		986
DiamondRock Hospitality Co.^{^}		67,900		729
Education Realty Trust, Inc. ^{^}		118,700		1,017
Mack-Cali Realty Corp. ^{^}		22,200		731
Road & Rail - 1.7%
Genesee & Wyoming, Inc. — Class A ‡ ^{^}		34,600		2,029
Specialty Retail - 5.8%
Ascena Retail Group, Inc. ‡ ^{^}		53,600		1,825
Cato Corp. — Class A ^{^}		90,500		2,607
Stage Stores, Inc. ^{^}		146,000		2,453
Textiles, Apparel & Luxury Goods - 1.2%
Skechers U.S.A., Inc. — Class A ‡ ^{^}		50,700		735
Unifirst Corp. ^{^}		11,700		657
Thrifts & Mortgage Finance - 3.2%
First Niagara Financial Group, Inc. ^{^}		75,510		997
Flushing Financial Corp. ^{^}		63,200		822
Northwest Bancshares, Inc. ^{^}		148,600		1,869
Trading Companies & Distributors - 1.5%
GATX Corp. ^{^}		47,900		1,778

Total Common Stocks (cost $90,973)				111,835



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 60

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending
Trust — Prime Portfolio, 0.22% ▲		29,960,998	$	29,961
Total Securities Lending Collateral (cost $29,961)

	Principal		Value

REPURCHASE AGREEMENT - 4.2%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $4,970 on 07/01/2011. Collateralized by a U.S. Government Obligation, 1.75%, due 05/31/2016, with a value of $5,070.	$	4,970		4,970
Total Repurchase Agreement (cost $4,970)


Total Investment Securities (cost $125,904) #				146,766
Other Assets and Liabilities — Net				(29,710	)


Net Assets			$	117,056

NOTES TO SCHEDULE OF INVESTMENTS:


^		All or a portion of this security is on loan. The value of all securities on loan is $29,250.

‡		Non-income producing security.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $125,904. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $22,133 and $1,271, respectively. Net unrealized appreciation for tax purposes is $20,862.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	108,557	$	3,278	$	—	$	111,835
Repurchase Agreement		—		4,970		—		4,970
Securities Lending Collateral		29,961		—		—		29,961

Total	$	138,518	$	8,248	$	—	$	146,766


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 61

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 97.5%
Aerospace & Defense - 1.6%
Aerovironment, Inc. ‡		14,180	$	501
American Science & Engineering, Inc. ^{^}		17,905		1,432
Ceradyne, Inc. ‡		64,340		2,510
Cubic Corp.		10,600		540
Esterline Technologies Corp. ‡		600		46
GenCorp, Inc. ‡ ^{^}		105,200		675
Air Freight & Logistics - 0.8%
Atlas Air Worldwide Holdings, Inc. ‡ ^{^}		10,900		649
Hub Group, Inc. — Class A ‡ ^{^}		52,216		1,966
Park-Ohio Holdings Corp. ‡ ^{^}		1,800		38
Airlines - 0.6%
Alaska Air Group, Inc. ‡ ^{^}		24,200		1,656
US Airways Group, Inc. ‡ ^{^}		29,800		266
Auto Components - 0.3%
Fuel Systems Solutions, Inc. ‡ ^{^}		44,461		1,109
Motorcar Parts of America, Inc. ‡ ^{^}		3,000		45
Beverages - 0.0%8 ∞
Coca-Cola Bottling Co., Consolidated ^{^}		1,200		81
Biotechnology - 3.5%
Acorda Therapeutics, Inc. ‡ ^{^}		83,680		2,704
Alexion Pharmaceuticals, Inc. ‡ ^{^}		42,898		2,017
BioMarin Pharmaceutical, Inc. ‡ ^{^}		84,810		2,308
Genomic Health, Inc. ‡ ^{^}		98,706		2,755
RTI Biologics, Inc. ‡ ^{^}		300,073		813
United Therapeutics Corp. ‡ ^{^}		26,800		1,477
Vanda Pharmaceuticals, Inc. ‡ ^{^}		33,800		241
Building Products - 0.1%
Gibraltar Industries, Inc. ‡		27,300		309
Quanex Building Products Corp. ^{^}		1,800		30
Capital Markets - 0.9%
American Capital, Ltd. ‡		32,400		322
Arlington Asset Investment Corp. — Class A ^{^}		18,600		584
BGC Partners, Inc. — Class A ^{^}		80,800		625
Financial Engines, Inc. ‡ ^{^}		28,890		748
Gladstone Investment Corp. ^{^}		40,500		289
TICC Capital Corp. ^{^}		43,700		420
Chemicals - 2.9%
Balchem Corp. ^{^}		35,128		1,538
Ferro Corp. ‡ ^{^}		30,800		414
Georgia Gulf Corp. ‡ ^{^}		22,100		533
Innospec, Inc. ‡		5,700		192
Koppers Holdings, Inc.		1,700		64
Kraton Performance Polymers, Inc. ‡ ^{^}		20,400		799
Kronos Worldwide, Inc. ^{^}		20,400		642
LSB Industries, Inc. ‡ ^{^}		24,918		1,069
Minerals Technologies, Inc.		4,600		305
OM Group, Inc. ‡ ^{^}		21,200		862
Solutia, Inc. ‡ ^{^}		63,600		1,453
Westlake Chemical Corp. ^{^}		3,500		182
Zep, Inc. ^{^}		92,100		1,740
Commercial Banks - 5.4%
1st Source Corp. ^{^}		7,700		160
Bancfirst Corp.		3,100		120
Banco Latinoamericano de Comercio Exterior SA — Class E		54,100		937
Bancorp, Inc. ‡ ^{^}		24,900		260
Bryn Mawr Bank Corp.		1,600		32
Camden National Corp. ^{^}		1,100		36
Cape Bancorp, Inc. ‡		2,900		29
CapitalSource, Inc. ^{^}		83,200		537
Cathay General Bancorp ^{^}		3,800		62
Center Bancorp, Inc.		2,900		30
Central Pacific Financial Corp. ‡ ^{^}		29,500		413
Century Bancorp, Inc. — Class A ^{^}		1,200		32
Citizens & Northern Corp.		20,500		309
Community Bank System, Inc. ^{^}		46,300		1,148
Enterprise Financial Services Corp.		25,900		350
First Busey Corp. ^{^}		156,872		830
First Citizens BancShares, Inc. — Class A		1,400		262
First Defiance Financial Corp. ‡		5,500		81
First Financial Corp.		3,500		115
First Financial Bancorp ^{^}		9,400		157
First Financial Bankshares, Inc. ^{^}		19,600		675
First Midwest Bancorp, Inc. ^{^}		116,000		1,426
Fulton Financial Corp. ^{^}		42,900		459
Great Southern Bancorp, Inc. ^{^}		4,200		80
Hancock Holding Co. ^{^}		24,900		771
Independent Bank Corp. ^{^}		3,000		79
International Bancshares Corp. ^{^}		75,200		1,258
Lakeland Bancorp, Inc. ^{^}		8,819		88
Lakeland Financial Corp. ^{^}		23,100		514
MainSource Financial Group, Inc. ^{^}		12,400		103
MB Financial, Inc. ^{^}		52,600		1,012
National Bankshares, Inc. ^{^}		1,100		28
Northrim BanCorp, Inc. ^{^}		2,500		47
OceanFirst Financial Corp. ^{^}		18,300		237
Old National Bancorp ^{^}		58,600		633
Orrstown Financial Services, Inc. ^{^}		1,200		32
Renasant Corp.		5,800		84
Southside Bancshares, Inc. ^{^}		7,350		146
Suffolk Bancorp ^{^}		7,100		99
SY Bancorp, Inc. ^{^}		8,400		195
Tompkins Financial Corp. ^{^}		1,200		47
Trustco Bank Corp.		22,000		108
UMB Financial Corp. ^{^}		32,400		1,357
United Bankshares, Inc.		11,600		284
Virginia Commerce Bancorp, Inc. ‡		5,400		32
Washington Trust Bancorp, Inc. ^{^}		8,200		188
Webster Financial Corp. ^{^}		93,400		1,962
WesBanco, Inc. ^{^}		3,100		61
West Bancorporation, Inc. ^{^}		8,200		72
Westamerica Bancorporation ^{^}		13,700		675
Western Alliance Bancorp ‡		12,500		89
WSFS Financial Corp. ^{^}		4,500		178
Commercial Services & Supplies - 1.9%
ACCO Brands Corp. ‡ ^{^}		138,900		1,090
Compass Diversified Holdings		17,100		282
G&K Services, Inc. — Class A ^{^}		29,553		1,001
Standard Parking Corp. ‡ ^{^}		46,488		742
Steelcase, Inc. — Class A ^{^}		73,300		835
United Stationers, Inc. ^{^}		67,400		2,388
Viad Corp.		9,200		205



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 62

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Communications Equipment - 2.0%
Comtech Telecommunications Corp. ^{^}		45,100	$	1,265
Finisar Corp. ‡		80,551		1,452
Oplink Communications, Inc. ‡ ^{^}		40,510		755
Polycom, Inc. ‡ ^{^}		24,225		1,558
Riverbed Technology, Inc. ‡ ^{^}		50,570		2,001
Symmetricom, Inc. ‡ ^{^}		8,500		50
Computers & Peripherals - 1.0%
Diebold, Inc. ^{^}		43,800		1,358
Electronics for Imaging, Inc. ‡ ^{^}		69,627		1,199
Imation Corp. ‡ ^{^}		109,700		1,036
Construction & Engineering - 0.4%
Great Lakes Dredge & Dock Corp. ^{^}		98,100		547
Primoris Services Corp. ^{^}		11,400		147
Sterling Construction Co., Inc. ‡ ^{^}		56,800		783
Consumer Finance - 1.2%
Advance America Cash Advance Centers, Inc. € ^{^}		79,500		548
Ezcorp, Inc. — Class A ‡		89,675		3,190
Imperial Holdings, Inc. ‡		42,700		434
Containers & Packaging - 0.6%
Aptargroup, Inc.		26,300		1,376
Rock-Tenn Co. — Class A ^{^}		11,105		737
Distributors - 0.5%
Audiovox Corp. — Class A ‡ ^{^}		15,800		119
LKQ Corp. ‡		59,265		1,547
Diversified Consumer Services - 2.7%
American Public Education, Inc. ‡ ^{^}		34,625		1,541
Cambium Learning Group, Inc. ‡		8,300		28
Capella Education Co. ‡ ^{^}		32,379		1,355
Career Education Corp. ‡ ^{^}		27,400		580
Coinstar, Inc. ‡ ^{^}		44,665		2,436
ITT Educational Services, Inc. ‡ ^{^}		7,100		556
Matthews International Corp. — Class A ^{^}		34,900		1,401
Steiner Leisure, Ltd. ‡ ^{^}		32,840		1,500
Diversified Financial Services - 3.0%
Ares Capital Corp.		106,000		1,703
Cash America International, Inc. ^{^}		25,010		1,447
Encore Capital Group, Inc. ‡ ^{^}		57,428		1,764
Euronet Worldwide, Inc. ‡		6,200		96
First Cash Financial Services, Inc. ‡ ^{^}		68,305		2,869
Gladstone Capital Corp. ^{^}		8,000		74
Marlin Business Services Corp. ‡ ^{^}		3,600		46
MCG Capital Corp. ^{^}		12,800		78
Medallion Financial Corp. ^{^}		3,800		37
Portfolio Recovery Associates, Inc. ‡ ^{^}		28,249		2,395
QC Holdings, Inc. ^{^}		9,100		36
Diversified Telecommunication Services - 0.6%
General Communication, Inc. — Class A ‡ ^{^}		6,200		75
IDT Corp. — Class B ^{^}		34,100		921
Neutral Tandem, Inc. ‡		28,700		500
Surewest Communications ^{^}		12,800		214
Vonage Holdings Corp. ‡ ^{^}		76,400		337
Electric Utilities - 1.7%
Cleco Corp. ^{^}		5,400		188
Dynegy, Inc. — Class A ‡ ^{^}		24,400		151
El Paso Electric Co. ^{^}		49,000		1,583
NGP Capital Resources Co. ^{^}		7,100		58
Unisource Energy Corp. ^{^}		75,700		2,826
Westar Energy, Inc. ^{^}		40,600		1,093
Electrical Equipment - 2.4%
Acuity Brands, Inc. ^{^}		15,000		837
Belden, Inc. ^{^}		76,300		2,659
Coleman Cable, Inc. ‡ ^{^}		7,600		112
Franklin Electric Co., Inc. ^{^}		8,900		418
General Cable Corp. ‡ ^{^}		29,400		1,252
GrafTech International, Ltd. ‡ ^{^}		64,160		1,301
Thomas & Betts Corp. ‡		10,100		544
Ultralife Corp. ‡ ^{^}		6,800		32
Woodward, Inc. ^{^}		38,018		1,324
Electronic Equipment & Instruments - 1.7%
AVX Corp. ^{^}		34,300		523
Coherent, Inc. ‡ ^{^}		17,800		984
Electro Scientific Industries, Inc. ‡		8,800		170
Insight Enterprises, Inc. ‡		2,600		46
LoJack Corp. ‡ ^{^}		23,600		103
MTS Systems Corp. ^{^}		26,200		1,095
Multi-Fineline Electronix, Inc. ‡ ^{^}		49,357		1,066
Nam Tai Electronics, Inc. ^{^}		45,200		250
Newport Corp. ‡ ^{^}		37,800		687
RadiSys Corp. ‡ ^{^}		21,300		155
Vishay Intertechnology, Inc. ‡ ^{^}		54,100		814
Energy Equipment & Services - 2.8%
Basic Energy Services, Inc. ‡ ^{^}		14,800		466
Bristow Group, Inc. ^{^}		21,400		1,092
Carbo Ceramics, Inc. ^{^}		9,485		1,546
Dril-Quip, Inc. ‡ ^{^}		22,400		1,519
Helix Energy Solutions Group, Inc. ‡		2,600		43
Hercules Offshore, Inc. ‡		15,000		83
Lufkin Industries, Inc. ^{^}		18,250		1,570
Newpark Resources, Inc. ‡ ^{^}		153,765		1,395
SEACOR Holdings, Inc. ^{^}		18,800		1,879
Food & Staples Retailing - 0.4%
Casey’s General Stores, Inc. ^{^}		30,100		1,324
Susser Holdings Corp. ‡ ^{^}		14,500		228
Food Products - 0.5%
B&G Foods, Inc. — Class A ^{^}		19,400		400
Dole Food Co., Inc. ‡ ^{^}		36,700		497
Hain Celestial Group, Inc. ‡		1,800		60
Omega Protein Corp. ‡ ^{^}		45,600		630
Gas Utilities - 1.3%
Atmos Energy Corp.		31,100		1,034
Chesapeake Utilities Corp. ^{^}		11,700		468
New Jersey Resources Corp. ^{^}		18,272		815
Southwest Gas Corp. ^{^}		32,900		1,270
WGL Holdings, Inc. ^{^}		20,800		801
Health Care Equipment & Supplies - 3.7%
Cooper Cos., Inc. ^{^}		5,800		460
Haemonetics Corp. ‡ ^{^}		8,600		554
ICU Medical, Inc. ‡ ^{^}		30,600		1,337
Insulet Corp. ‡ ^{^}		114,423		2,537
Invacare Corp. ^{^}		32,800		1,089
NxStage Medical, Inc. ‡ ^{^}		122,116		2,541
SonoSite, Inc. ‡ ^{^}		61,910		2,177
Spectranetics Corp. ‡ ^{^}		195,639		1,217
Thoratec Corp. ‡ ^{^}		26,615		874
Health Care Providers & Services - 2.1%
AMERIGROUP Corp. ‡ ^{^}		22,500		1,586
Amsurg Corp. — Class A ‡ ^{^}		63,000		1,645



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 63

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Health Care Providers & Services (continued)
Bio-Reference Labs, Inc. ‡ ^{^}		11,855	$	248
CardioNet, Inc. ‡		30,800		164
Corvel Corp. ‡ ^{^}		23,600		1,107
HMS Holdings Corp. ‡ ^{^}		16,345		1,256
Magellan Health Services, Inc. ‡		16,800		920
PDI, Inc. ‡ ^{^}		18,200		129
Providence Service Corp. ‡ ^{^}		2,400		30
U.S. Physical Therapy, Inc. ^{^}		3,000		74
WellCare Health Plans, Inc. ‡		1,900		98
Hotels, Restaurants & Leisure - 3.0%
Ameristar Casinos, Inc. ^{^}		25,300		600
Bally Technologies, Inc. ‡ ^{^}		20,900		850
Biglari Holdings, Inc. ‡ ^{^}		920		360
Boyd Gaming Corp. ‡		39,600		345
Brinker International, Inc. ^{^}		22,000		538
CEC Entertainment, Inc. ^{^}		31,000		1,243
Cheesecake Factory, Inc. ‡ ^{^}		3,000		94
Choice Hotels International, Inc. ^{^}		29,000		967
Isle of Capri Casinos, Inc. ‡		9,100		81
O’Charley’s, Inc. ‡ ^{^}		26,300		192
Penn National Gaming, Inc. ‡ ^{^}		14,600		589
Pinnacle Entertainment, Inc. ‡ ^{^}		5,600		83
Red Lion Hotels Corp. ‡ ^{^}		4,300		34
Sonic Corp. ‡ ^{^}		136,200		1,448
Texas Roadhouse, Inc. — Class A ^{^}		93,395		1,639
Town Sports International Holdings, Inc. ‡		7,100		54
WMS Industries, Inc. ‡ ^{^}		43,895		1,348
Household Durables - 1.2%
Blyth, Inc. ^{^}		7,800		393
Helen of Troy, Ltd. ‡ ^{^}		55,300		1,909
Tempur-Pedic International, Inc. ‡ ^{^}		4,750		322
Tupperware Brands Corp. ^{^}		23,660		1,596
Household Products - 0.0%∞
Central Garden & Pet Co. — Class A ‡ ^{^}		3,200		32
Industrial Conglomerates - 1.0%
Carlisle Cos., Inc. ^{^}		69,500		3,422
Standex International Corp.		1,800		55
Insurance - 3.3%
Alleghany Corp. ‡		2,505		834
American Equity Investment Life Holding Co. ^{^}		98,100		1,247
Amerisafe, Inc. ‡ ^{^}		45,100		1,020
Amtrust Financial Services, Inc. ^{^}		55,200		1,257
Assured Guaranty, Ltd. ^{^}		52,300		853
Crawford & Co. — Class B ^{^}		14,000		99
Delphi Financial Group, Inc. — Class A		69,328		2,025
Infinity Property & Casualty Corp.		10,200		558
Maiden Holdings, Ltd. ^{^}		75,000		683
Meadowbrook Insurance Group, Inc. ^{^}		34,700		344
Phoenix Cos., Inc. ‡ ^{^}		15,200		37
Platinum Underwriters Holdings, Ltd. ^{^}		34,600		1,150
Primerica, Inc.		47,600		1,046
RLI Corp. ^{^}		2,300		142
Safety Insurance Group, Inc.		4,200		177
Internet & Catalog Retail - 0.4%
NutriSystem, Inc.		35,200		495
PetMed Express, Inc. ^{^}		72,508		859
Stamps.Com, Inc. ^{^}		2,500		33
Internet Software & Services - 2.3%
comScore, Inc. ‡ ^{^}		73,772		1,910
IAC/InterActiveCorp ‡ ^{^}		18,100		691
Infospace, Inc. ‡ ^{^}		40,700		371
J2 Global Communications, Inc. ‡ ^{^}		47,275		1,335
Moduslink Global Solutions, Inc. ^{^}		15,500		69
Valueclick, Inc. ‡ ^{^}		31,300		520
VistaPrint NV ‡ ^{^}		30,200		1,445
Websense, Inc. ‡ ^{^}		58,600		1,522
IT Services - 2.0%
MAXIMUS, Inc. ^{^}		45,721		3,782
VeriFone Holdings, Inc. ‡ ^{^}		40,440		1,794
Virtusa Corp. ‡ ^{^}		64,397		1,220
Leisure Equipment & Products - 0.4%
Arctic Cat, Inc. ‡		5,400		73
Jakks Pacific, Inc. ‡ ^{^}		68,100		1,253
Multimedia Games Holding Co., Inc. ‡ ^{^}		6,100		28
Life Sciences Tools & Services - 1.3%
Affymetrix, Inc. ‡ ^{^}		5,300		42
Charles River Laboratories International, Inc. ‡ 43,600 1,772
Fluidigm Corp. ‡ ^{^}		23,314		391
ICON PLC ADR ‡ ^{^}		93,100		2,194
Machinery - 4.4%
Albany International Corp. — Class A ^{^}		79,300		2,093
Altra Holdings, Inc. ‡ ^{^}		8,500		204
Clarcor, Inc. ^{^}		50,740		2,398
EnPro Industries, Inc. ‡ ^{^}		34,456		1,656
ESCO Technologies, Inc. ^{^}		68,350		2,514
Hardinge, Inc. ^{^}		3,000		33
Hurco Cos., Inc. ‡ ^{^}		13,400		432
Kadant, Inc. ‡ ^{^}		17,600		555
Miller Industries, Inc. ^{^}		5,900		110
Mueller Industries, Inc.		57,300		2,172
Nacco Industries, Inc. — Class A ^{^}		3,300		320
Toro Co. ^{^}		20,455		1,238
Twin Disc, Inc. ^{^}		2,200		85
Wabtec Corp.		29,595		1,945
Marine - 0.6%
Kirby Corp. ‡ ^{^}		34,500		1,955
Media - 0.9%
AH Belo Corp — Class A		32,100		239
Arbitron, Inc. ^{^}		56,600		2,339
Ascent Media Corp. ‡		4,200		222
Global Sources, Ltd. ‡		23,200		213
Nexstar Broadcasting Group, Inc. — Class A ‡		9,600		79
Saga Communications, Inc. — Class A ‡		800		30
Sinclair Broadcast Group, Inc. — Class A		6,400		70
Metals & Mining - 0.5%
Globe Specialty Metals, Inc. ^{^}		13,800		309
Worthington Industries, Inc. ^{^}		67,931		1,570
Multiline Retail - 1.3%
99 Cents Only Stores ‡ ^{^}		54,087		1,095
Big Lots, Inc. ‡ ^{^}		47,090		1,561
Dillard’s, Inc. — Class A ^{^}		14,100		735
Fred’s, Inc. — Class A ^{^}		68,000		981
Multi-Utilities - 0.0%∞
NorthWestern Corp.		2,300		76
Office Electronics - 0.4%
Zebra Technologies Corp. — Class A ‡		30,500		1,286



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 64

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Oil, Gas & Consumable Fuels - 3.3%
Brigham Exploration Co. ‡		54,670	$	1,635
CVR Energy, Inc. ‡ ^{^}		52,900		1,302
Delek US Holdings, Inc.		50,100		787
GeoResources, Inc. ‡ ^{^}		41,300		929
Penn Virginia Corp. ^{^}		61,400		811
PetroQuest Energy, Inc. ‡ ^{^}		165,925		1,165
Scorpio Tankers, Inc. ‡ ^{^}		73,200		731
Stone Energy Corp. ‡ ^{^}		30,300		921
Vaalco Energy, Inc. ‡ ^{^}		49,100		296
W&T Offshore, Inc. ^{^}		61,300		1,601
World Fuel Services Corp. ^{^}		38,127		1,370
Paper & Forest Products - 1.0%
Buckeye Technologies, Inc. ^{^}		42,100		1,136
Deltic Timber Corp. ^{^}		22,700		1,219
Domtar Corp.		12,300		1,165
P.H. Glatfelter Co.		2,800		43
Pharmaceuticals - 1.9%
Affymax, Inc. ‡		34,600		238
Auxilium Pharmaceuticals, Inc. ‡ ^{^}		80,580		1,579
Cumberland Pharmaceuticals, Inc. ‡		27,700		159
Impax Laboratories, Inc. ‡ ^{^}		38,530		840
Medicines Co. ‡ ^{^}		29,300		484
Medicis Pharmaceutical Corp. — Class A ^{^}		11,100		424
Par Pharmaceutical Cos., Inc. ‡ ^{^}		15,000		495
Salix Pharmaceuticals, Ltd. ‡ ^{^}		55,240		2,199
ViroPharma, Inc. ‡ ^{^}		10,900		202
Professional Services - 0.4%
Barrett Business Services, Inc.		14,400		206
CRA International, Inc. ‡ ^{^}		30,900		838
Kelly Services, Inc. — Class A ‡		7,100		117
On Assignment, Inc. ‡ ^{^}		15,500		152
Real Estate Investment Trusts - 4.9%
Alexander’s, Inc. ^{^}		2,240		889
American Campus Communities, Inc. ^{^}		23,700		842
Arbor Realty Trust, Inc. ‡ ^{^}		18,000		84
Ashford Hospitality Trust, Inc. ^{^}		33,100		412
Campus Crest Communities, Inc. ^{^}		64,600		836
CapLease, Inc. ^{^}		58,100		285
CBL & Associates Properties, Inc. ^{^}		40,700		738
Colonial Properties Trust		81,400		1,661
DiamondRock Hospitality Co. ^{^}		61,452		659
Education Realty Trust, Inc. ^{^}		98,900		848
Extra Space Storage, Inc. ^{^}		70,400		1,502
iStar Financial, Inc. ‡		8,500		69
Kite Realty Group Trust		43,200		215
Mack-Cali Realty Corp. ^{^}		18,500		609
Mission West Properties, Inc. ^{^}		8,300		73
Monmouth Real Estate Investment Corp. - Class A ^{^}		10,500		89
National Health Investors, Inc. ^{^}		4,700		209
Newcastle Investment Corp. ^{^}		166,900		965
NorthStar Realty Finance Corp.		258,000		1,040
Post Properties, Inc. ^{^}		38,700		1,577
PS Business Parks, Inc. ^{^}		1,800		99
Retail Opportunity Investments Corp. ^{^}		47,300		509
Sovran Self Storage, Inc.		6,200		254
Sun Communities, Inc. ^{^}		13,700		511
UMH Properties, Inc. ^{^}		11,800		126
U-Store-It Trust		136,500		1,436
Winthrop Realty Trust ^{^}		42,900		512
Road & Rail - 1.5%
Amerco, Inc. ‡ ^{^}		14,000		1,346
Con-way, Inc.		2,000		78
Genesee & Wyoming, Inc. — Class A ‡ ^{^}		31,700		1,858
Landstar System, Inc. ^{^}		33,925		1,577
RailAmerica, Inc. ‡ ^{^}		23,500		353
Semiconductors & Semiconductor Equipment - 3.1%
Cavium, Inc. ‡ ^{^}		55,546		2,422
DSP Group, Inc. ‡ ^{^}		6,700		58
Fairchild Semiconductor International, Inc. — Class A ‡		11,100		185
International Rectifier Corp. ‡		7,000		196
Mellanox Technologies, Ltd. ‡		47,562		1,418
Microsemi Corp. ‡ ^{^}		85,045		1,743
Photronics, Inc. ‡ ^{^}		48,400		410
RF Micro Devices, Inc. ‡ ^{^}		198,740		1,216
Skyworks Solutions, Inc. ‡ ^{^}		39,020		897
Tessera Technologies, Inc. ‡		32,200		552
TriQuint Semiconductor, Inc. ‡ ^{^}		67,975		693
Veeco Instruments, Inc. ‡ ^{^}		17,702		857
Software - 3.2%
Ariba, Inc. ‡ ^{^}		44,315		1,528
Aspen Technology, Inc. ‡ ^{^}		74,090		1,273
Cadence Design Systems, Inc. ‡ ^{^}		53,100		561
Fair Isaac Corp. ^{^}		10,200		308
Micros Systems, Inc. ‡		28,630		1,423
Netscout Systems, Inc. ‡ ^{^}		62,152		1,298
Parametric Technology Corp. ‡ ^{^}		59,825		1,372
Pervasive Software, Inc. ‡		4,500		29
Progress Software Corp. ‡ ^{^}		51,455		1,242
Take-Two Interactive Software, Inc. ‡ ^{^}		40,400		617
Taleo Corp. — Class A ‡ ^{^}		45,924		1,700
TeleNav, Inc. ‡ ^{^}		13,200		234
Specialty Retail - 5.0%
Ann, Inc. ‡ ^{^}		18,400		480
Ascena Retail Group, Inc. ‡ ^{^}		47,900		1,631
Cato Corp. — Class A ^{^}		150,489		4,334
Chico’s FAS, Inc. ^{^}		183,030		2,788
DSW, Inc. — Class A ‡ ^{^}		32,535		1,647
Finish Line, Inc. — Class A ^{^}		23,100		494
Hot Topic, Inc. ^{^}		70,600		525
Pier 1 Imports, Inc. ‡ ^{^}		53,100		614
Rex American Resources Corp. ‡ ^{^}		21,000		349
Select Comfort Corp. ‡		25,900		466
Stage Stores, Inc. ^{^}		129,400		2,174
Tractor Supply Co.		23,089		1,544
Wet Seal, Inc. — Class A ‡ ^{^}		6,400		29
Williams-Sonoma, Inc. ^{^}		16,200		591
Textiles, Apparel & Luxury Goods - 1.4%
Deckers Outdoor Corp. ‡ ^{^}		18,207		1,605
Movado Group, Inc. ^{^}		27,300		467
Skechers U.S.A., Inc. — Class A ‡ ^{^}		45,300		656
Unifirst Corp.		9,800		551
Vera Bradley, Inc. ‡ ^{^}		38,337		1,464



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 65

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Thrifts & Mortgage Finance - 1.2%
Astoria Financial Corp.		8,600	$	110
Dime Community Bancshares, Inc. ^{^}		20,200		294
First Financial Northwest, Inc. ‡		6,300		32
First Niagara Financial Group, Inc. ^{^}		73,039		964
Flushing Financial Corp.		50,800		660
Fox Chase Ban corp, Inc.		3,200		43
Northwest Bancshares, Inc. ^{^}		129,400		1,629
Provident Financial Services, Inc. ^{^}		26,900		385
Trading Companies & Distributors - 1.0%
Applied Industrial Technologies, Inc. ^{^}		52,195		1,859
GATX Corp. ^{^}		42,700		1,585
Water Utilities - 0.0%8 ∞
Consolidated Water Co., Ltd. ^{^}		7,700		72

Total Common Stocks (cost $262,642)				339,495


INVESTMENT COMPANY - 0.2%
Diversified Financial Services - 0.2%
KKR Financial Holdings LLC		61,800		606
Total Investment Company (cost $190)

	Principal		Value

SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill 0.02% ▲ 09/15/2011 g	$	235	$	235
Total Short-Term U.S. Government Obligation (cost $235)

	Shares		Value

SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust — Prime Portfolio, 0.22%▲		89,281,803		89,282
Total Securities Lending Collateral (cost $89,282)

	Principal		Value

REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.01% ▲ , dated 06/30/2011, to be repurchased at $7,364 on 07/01/2011. Collateralized by U.S. Government Obligations and a US Government Agency Obligation, 1.75% - 3.50%, due 05/31/2016 - 11/25/2038, with a total value of $7,517.	$	7,364		7,364
Total Repurchase Agreement (cost $7,364)


Total Investment Securities (cost $359,713) #				436,982
Other Assets and Liabilities — Net				(89,027	)


Net Assets			$	347,955

FUTURES CONTRACTS:

Net Unrealized

Appreciation

Description

Type

Contracts Г

Expiration Date

(Depreciation)

Russell 2000 Mini Index

Long

09/16/2011

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 $86,254.

∞		Percentage rounds to less than 0.1%.

y		All or a portion of this security in the amount of $235 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $359,713. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $85,062 and $7,793, respectively. Net unrealized appreciation for tax purposes is $77,269.

Г		Contract amounts are not in thousands.

DEFINITION:


ADR		American Depositary Receipt



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 66

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	333,707	$	5,788	$	—	$	339,495
Investment Companies		606		—		—		606
Repurchase Agreement		—		7,364				7,364
Securities Lending Collateral		89,282		—		—		89,282
Short-Term U.S. Government Obligations		—		235		—		235

Total	$	423,595	$	13,387	$	—	$	436,982


			Level 2
			Other		Level 3
	Level 1		Significant		Significant
	Quoted		Observable		Unobservable		Total at
Other Financial Instruments Ғ	Prices		Inputs		Inputs		06/30/2011
Futures Contracts — Appreciation	$	53	$	—	$	—	$	53


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

Ғ		Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 67

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

COMMON STOCKS - 98.3%
Aerospace & Defense - 2.3%
Ceradyne, Inc. ‡ˆ		17,800	$	694
DigitalGlobe, Inc. ‡ˆ		26,100		663
Esterline Technologies Corp. ‡ˆ		9,706		742
Hexcel Corp. ‡ˆ		39,392		862
Air Freight & Logistics - 1.4%
Atlas Air Worldwide Holdings, Inc. ‡ˆ		14,900		887
Hub Group, Inc. - Class A ‡ˆ		25,166		947
Auto Components - 0.7%
Tenneco, Inc. ‡ˆ		20,700		912
Biotechnology - 1.4%
Myriad Genetics, Inc. ‡ˆ		39,400		895
Onyx Pharmaceuticals, Inc. ‡		26,300		928
Building Products - 0.6%
AO Smith Corp.		19,574		828
Capital Markets - 0.5%
Stifel Financial Corp. ‡ˆ		18,100		649
Chemicals - 1.6%
Kraton Performance Polymers, Inc. ‡ˆ		21,300		834
Kronos Worldwide, Inc. ˆ		29,500		928
Newmarket Corp.		1,900		324
Commercial Banks - 1.7%
Boston Private Financial Holdings, Inc. ˆ		61,212		403
Columbia Banking System, Inc. ˆ		11,200		193
First Citizens BancShares, Inc. - Class A		2,230		418
Iberiabank Corp. ˆ		9,700		559
Umpqua Holdings Corp. ˆ		52,515		607
Commercial Services & Supplies - 3.5%
Consolidated Graphics, Inc. ‡ˆ		14,200		780
Dollar Financial Corp. ‡		43,741		948
Kforce, Inc. ‡ˆ		24,877		325
Progressive Waste Solutions, Ltd. ˆ		16,225		404
Steelcase, Inc. - Class A ˆ		63,371		722
Sykes Enterprises, Inc. ‡ ˆ		42,152		908
Tal International Group, Inc. ˆ		16,713		577
Communications Equipment - 1.1%
Finisar Corp. ‡		13,048		235
Netgear, Inc. ‡		11,524		504
Plantronics, Inc. ˆ		20,300		742
Computers & Peripherals - 1.9%
Avid Technology, Inc. ‡ˆ		30,900		582
Electronics for Imaging, Inc. ‡ˆ		36,877		635
OCZ Technology Group, Inc. ‡ˆ		103,023		825
STEC Inc. ‡ˆ		22,000		374
Construction & Engineering - 0.9%
MasTec, Inc. ‡ˆ		27,900		550
MYR Group, Inc. ‡ˆ		24,200		566
Containers & Packaging - 0.5%
Silgan Holdings, Inc.		16,000		656
Diversified Consumer Services - 1.7%
Hillenbrand, Inc. ˆ		38,502		910
Steiner Leisure, Ltd. ‡ˆ		12,700		580
Strayer Education, Inc. ˆ		5,900		746
Diversified Financial Services - 1.8%
Cash America International, Inc. ˆ		13,496		781
Encore Capital Group, Inc. ‡ˆ		31,409		964
First Cash Financial Services, Inc. ‡ˆ		18,469		776
Diversified Telecommunication Services - 0.8%
AboveNet, Inc.		10,200		718
Atlantic Tele-Network, Inc. ˆ		8,700		334
Electrical Equipment - 2.3%
EnerSys ‡ˆ		22,037		759
Fushi Copperweld, Inc. ‡ˆ		58,114		333
General Cable Corp. ‡ˆ		20,932		891
GrafTech International, Ltd. ‡ˆ		26,400		535
II-VI, Inc. ‡		18,660		478
Electronic Equipment & Instruments - 3.5%
Insight Enterprises, Inc. ‡ˆ		45,607		808
Littelfuse, Inc. ˆ		7,700		452
Maxwell Technologies, Inc. ‡ˆ		25,900		419
Newport Corp. ‡ˆ		25,763		468
OSI Systems, Inc. ‡ˆ		19,333		831
Power-One, Inc. ‡ˆ		87,900		712
Rofin-Sinar Technologies, Inc. ‡ˆ		26,188		895
Energy Equipment & Services - 2.5%
Dawson Geophysical Co. ‡ˆ		13,699		468
Helix Energy Solutions Group, Inc. ‡		16,101		267
Key Energy Services, Inc. ‡ˆ		42,166		759
Newpark Resources, Inc. ‡ˆ		84,555		767
OYO Geospace Corp. ‡ˆ		9,967		996
Food Products - 2.0%
Hain Celestial Group, Inc. ‡ˆ		21,977		733
Sanderson Farms, Inc. ˆ		18,800		899
Sensient Technologies Corp.		13,500		500
TreeHouse Foods, Inc. ‡ˆ		9,335		510
Health Care Equipment & Supplies - 4.6%
Arthrocare Corp. ‡ˆ		27,100		907
Atrion Corp. ˆ		1,912		378
ICU Medical, Inc. ‡ˆ		18,079		790
Integra LifeSciences Holdings Corp. ‡		20,243		968
Invacare Corp. ˆ		22,400		743
Masimo Corp. ˆ		27,800		825
Merit Medical Systems, Inc. ‡ˆ		30,800		553
Synovis Life Technologies, Inc. ‡		40,191		700
Health Care Providers & Services - 2.4%
Bio-Reference Labs, Inc. ‡ˆ		34,717		726
Ensign Group, Inc. ˆ		18,483		562
Healthspring, Inc. ‡ˆ		19,200		885
LHC Group, Inc. ‡ˆ		8,400		194
WellCare Health Plans, Inc. ‡		15,800		812
Health Care Technology - 1.5%
Computer Programs & Systems, Inc.		10,200		647
HealthStream, Inc. ‡ˆ		5,053		67
Medidata Solutions, Inc. ‡ˆ		28,600		683
Merge Healthcare, Inc. ‡ˆ		115,130		599
Hotels, Restaurants & Leisure - 1.1%
Caribou Coffee Co., Inc. ‡ˆ		37,637		498
Domino’s Pizza, Inc. ‡ˆ		39,000		985
Insurance - 0.4%
Montpelier Re Holdings, Ltd. ˆ		26,700		481
Internet & Catalog Retail - 0.4%
Shutterfly, Inc. ‡ˆ		2,170		125
U.S. Auto Parts Network, Inc. ‡ˆ		53,900		412

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 68

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Internet Software & Services - 5.0%
Keynote Systems, Inc. ˆ		23,300	$	504
Liveperson, Inc. ‡ˆ		70,314		994
NIC, Inc. ˆ		40,649		547
Open Text Corp. ‡ˆ		12,787		819
Radware, Ltd. ‡ˆ		15,900		554
Travelzoo, Inc. ‡ˆ		12,620		816
Valueclick, Inc. ‡ˆ		58,777		976
VistaPrintNV ‡ˆ		11,400		545
ZixCorp. ‡ˆ		193,200		742
IT Services - 2.2%
CSG Systems International, Inc. ‡ˆ		34,251		633
NeuStar, Inc. - Class A ‡		25,600		671
Teletech Holdings, Inc. ‡ˆ		39,800		839
Wright Express Corp. ‡ˆ		14,293		744
Life Sciences Tools & Services - 2.0%
BrukerCorp. ‡ˆ		43,513		885
eResearchTechnology, Inc. ‡ˆ		80,000		510
ICON PLC ADR ‡		20,830		491
Parexel International Corp. ‡ˆ		32,243		760
Machinery - 5.0%
Actuant Corp. - Class A ˆ		26,600		714
Chart Industries, Inc. ‡ˆ		12,700		686
Columbus McKinnon Corp. ‡ˆ		30,200		542
EnPro Industries, Inc. ‡ˆ		21,713		1,045
Kennametal, Inc. ˆ		16,500		696
Nacco Industries, Inc. - Class A ˆ		2,615		253
Robbins & Myers, Inc.		16,890		893
Trimas Corp. ‡ˆ		41,500		1,027
Wabash National Corp. ‡ˆ		78,755		738
Media - 0.3%
Dolan Co. ‡ˆ		45,244		383
Metals & Mining - 1.4%
RTI International Metals, Inc. ‡ˆ		23,979		920
Stillwater Mining Co. ‡ˆ		43,529		958
Multiline Retail - 0.6%
PriceSmart, Inc. ˆ		14,811		759
Multi-Utilities - 0.3%
Avista Corp. ˆ		13,800		355
Oil, Gas & Consumable Fuels - 5.0%
Abraxas Petroleum Corp. ‡ˆ		150,100		575
Comstock Resources, Inc. ‡ˆ		24,900		717
GeoResources, Inc. ‡ˆ		33,100		744
Kodiak Oil & Gas Corp. ‡ˆ		111,800		645
Magnum Hunter Resources Corp. ‡ˆ		105,421		713
North American Energy Partners, Inc. ‡		61,791		473
Petroleum Development Corp. ‡ˆ		21,000		628
Rex Energy Corp. ‡ˆ		66,801		686
Rosetta Resources, Inc. ‡		7,000		361
Swift Energy Co. ‡		16,300		608
Triangle Petroleum Corp. ‡ˆ		65,400		422
Paper & Forest Products - 0.5%
Buckeye Technologies, Inc. ˆ		23,544		635
Personal Products - 0.5%
Inter Parfums, Inc.		26,938		620
Pharmaceuticals - 3.8%
Akorn, Inc. ‡ˆ		106,191		743
Cardiome Pharma Corp. ‡ˆ		83,700		372
Depomed, Inc. ‡ˆ		52,300		428
Impax Laboratories, Inc. ‡ˆ		46,621		1,017
Jazz Pharmaceuticals, Inc. ‡		20,000		667
Nektar Therapeutics ‡ˆ		58,044		422
Salix Pharmaceuticals, Ltd. ‡ˆ		18,100		721
SuperGen, Inc. ‡ˆ		206,800		616
Professional Services - 2.1%
FTI Consulting, Inc. ‡ˆ		15,300		580
Huron Consulting Group, Inc. ‡ˆ		24,685		746
Korn/Ferry International ‡ˆ		25,600		563
TrueBlue, Inc. ‡ˆ		44,492		644
VSE Corp. ˆ		7,553		188
Real Estate Management & Development - 0.5%
Altisource Portfolio Solutions SA ‡		16,500		607
Road & Rail - 1.1%
Marten Transport, Ltd. ˆ		22,161		479
Old Dominion Freight Line, Inc. ‡ˆ		24,400		910
Semiconductors & Semiconductor Equipment - 5.7%
Amtech Systems, Inc. ‡ˆ		22,533		465
Entegris, Inc. ‡ˆ		75,500		764
Ezchip Semiconductor, Ltd. ‡ˆ		28,000		1,035
Lattice Semiconductor Corp. ‡ˆ		97,091		633
Mellanox Technologies, Ltd. ‡		21,424		639
Monolithic Power Systems, Inc. ‡		48,858		753
Nova Measuring Instruments, Ltd. ‡		35,900		363
NVE Corp. ‡ˆ		8,983		525
O2Micro International, Ltd. ADR ‡		31,562		205
Omnivision Technologies, Inc. ‡ˆ		22,700		790
Silicon Image, Inc. ‡ˆ		92,030		595
Volterra Semiconductor Corp. ‡ˆ		28,862		712
Software - 5.7%
ACI Worldwide, Inc. ‡ˆ		22,198		750
BroadSoft, Inc. ‡ˆ		17,907		683
Clicksoftware Technologies, Ltd. ˆ		81,663		807
Interactive Intelligence, Inc. ‡ˆ		24,307		852
Netscout Systems, Inc. ‡ˆ		28,900		604
NICE Systems, Ltd. ADR ‡ ˆ		25,063		911
OPNET Technologies, Inc. ˆ		16,448		673
Progress Software Corp. ‡ˆ		24,099		582
Sourcefire, Inc. ‡ˆ		31,200		926
Ultimate Software Group, Inc. ‡ˆ		11,700		637
Specialty Retail - 8.1%
Ascena Retail Group, Inc. ‡ˆ		15,500		528
Buckle, Inc. ˆ		21,900		936
Casual Male Retail Group, Inc. ‡ˆ		143,598		596
Children’s Place Retail Stores, Inc. ‡ˆ		17,900		796
Express, Inc.		15,850		346
Finish Line, Inc. - Class A ˆ		35,600		762
Genesco, Inc. ‡ˆ		21,044		1,097
Hibbett Sports, Inc. ‡ˆ		18,448		751
JOS A. Bank Clothiers, Inc. ‡ˆ		14,371		719
Lithia Motors, Inc. - Class A		19,395		381
Monro Muffler Brake, Inc. ˆ		17,010		634

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 69

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

Specialty Retail (continued)
PEP Boys - Manny Moe & Jack ˆ		51,900	$	567
Pier 1 Imports, Inc. ‡ˆ		74,200		858
Rent-A-Center, Inc. ˆ		25,700		785
Rush Enterprises, Inc. - Class A ‡ˆ		25,919		493
Ulta Salon Cosmetics & Fragrance, Inc. ‡ˆ		4,503		291
Textiles, Apparel & Luxury Goods - 3.4%
CROCS, Inc. ‡ˆ		36,300		935
Iconix Brand Group, Inc. ‡ˆ		29,400		711
Perry Ellis International, Inc. ‡		19,403		490
Steven Madden, Ltd. ‡ˆ		22,899		859
Warnaco Group, Inc. ‡ˆ		12,468		651
Wolverine World Wide, Inc. ˆ		18,700		781
Trading Companies & Distributors - 1.5%
Applied Industrial Technologies, Inc. ˆ		22,074		786
Beacon Roofing Supply, Inc. ‡ˆ		33,400		762
DXP Enterprises, Inc. ‡ˆ		13,920		353
Wireless Telecommunication Services - 0.5%
Novatel Wireless, Inc. ‡ˆ		107,260		588

Total Common Stocks (cost $109,144)				128,324

WARRANT 0.0% ∞
Hotels, Restaurants & Leisure - 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, 0.22% ▲		33,481,490		33,481
Total Securities Lending Collateral (cost $33,481)


Total Investment Securities (cost $142,625) #				161,805
Other Assets and Liabilities - Net				(31,242	)


Net Assets			$	130,563

NOTES TO SCHEDULE OF INVESTMENTS:


ˆ		All or a portion of this security is on loan. The value of all securities on loan is $32,401.

‡		Non-income producing security.

∞		Percentage rounds to less than 0.1%.

♦		Value is less than $1 or zero.

▲		Rate shown reflects the yield at 06/30/2011.

#		Aggregate cost for federal income tax purposes is $142,625. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $22,490 and $3,310, respectively. Net unrealized appreciation for tax purposes is $19,180.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	122,371	$	5,953	$	—	$	128,324
Securities Lending Collateral		33,481		—		—		33,481
Warrants		—		♦		—		♦

Total	$	155,852	$	5,953	$	—	$	161,805

^Э See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 70

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS
At June 30, 2011
(all amounts except share amounts in thousands)
(unaudited)


	Shares		Value

PREFERRED STOCK - 2.6%
Germany - 2.6%
Volkswagen AG, 1.54% ▲		109,552	$	22,655
Total Preferred Stock (cost $10,155)

COMMON STOCKS - 95.6%
Australia - 1.7%
BHP Billiton, Ltd.		315,101		14,892
Bermuda - 1.0%
SeaDrill, Ltd.		241,095		8,477
Brazil - 2.9%
BM&FBOVESPA SA		1,262,300		8,355
Embraer SA ADR ‡ˆ		225,400		6,938
Natura Cosmeticos SA		406,800		10,166
Canada - 5.3%
Canadian National Railway Co. ˆ		165,950		13,273
Canadian Natural Resources, Ltd. ˆ		300,700		12,606
Cenovus Energy, Inc. ˆ		220,688		8,329
Potash Corp., of Saskatchewan, Inc.		211,000		12,025
Cayman Islands - 0.5%
Tencent Holdings, Ltd.		165,330		4,517
China - 4.7%
China Life Insurance Co., Ltd. - Class H		2,293,157		7,918
China Merchants Bank Co., Ltd. - Class H		4,696,845		11,426
Industrial & Commercial Bank of China - Class H		17,435,900		13,298
Sinopharm Group Co., Ltd. - Class H		2,458,090		8,269
Denmark - 2.3%
Novo Nordisk A/S - Class B		161,164		20,191
France - 9.1%
Air Liquide SA		116,149		16,640
BNP Paribas SA		223,413		17,227
Lafarge SA ˆ		170,525		10,866
LVMH Moet Hennessy Louis Vuitton SA ˆ		118,733		21,335
Publicis Groupe SA ˆ		237,798		13,275
Germany - 11.3%
Adidas AG		173,300		13,740
Allianz SE		95,600		13,331
Deutsche Bank AG		220,300		13,002
Fresenius Medical Care AG & Co., KGaA		221,589		16,574
SAP AG		343,960		20,853
Siemens AG		148,400		20,393
Hong Kong - 3.9%
CNOOC, Ltd.		7,502,847		17,711
Hong Kong Exchanges & Clearing, Ltd.		749,000		15,781
Ireland - 1.1%
Covidien PLC ˆ		172,700		9,193
Israel - 2.2%
Check Point Software Technologies, Ltd. ‡ˆ		34,400		1,956
Teva Pharmaceutical Industries, Ltd. ADR		352,994		17,021
Japan - 10.8%
Canon, Inc. ˆ		235,324		11,193
Dai-ichi Life Insurance Co., Ltd.		5,021		7,041
Fanuc Corp.		68,254		11,414
KDDI Corp.		1,592		11,454
Komatsu, Ltd. ˆ		670,504		20,936
Mitsubishi UFJ Financial Group, Inc. ˆ		3,050,100		14,864
Toyota Motor Corp.		403,391		16,611
Korea, Republic of - 2.1%
Hyundai Motor Co.		82,930		18,488
Luxembourg - 1.7%
ArcelorMittal		423,000		14,710
Mexico - 1.4%
Wal-Mart de Mexico SAB de CV - Series V ˆ		4,202,800		12,474
Netherlands - 2.0%
ING Groep NV ‡		1,011,000		12,459
Yandex NV - Class A ‡ˆ		129,900		4,613
Netherlands Antilles - 2.0%
Schlumberger, Ltd.		205,200	$	17,729
Spain - 1.9%
Telefonica SA		661,102		16,147
Sweden - 1.6%
Hennes & Mauritz AB - Class B		414,571		14,295
Switzerland - 6.9%
Credit Suisse Group AG ‡		314,000		12,238
Julius Baer Group, Ltd. ‡		207,896		8,588
Nestle SA		312,854		19,468
Novartis AG		316,871		19,420
Taiwan - 2.0%
High Tech Computer Corp.		513,205		17,352
Turkey - 1.0%
Turkiye Garanti Bankasi AS		1,913,300		8,682
United Kingdom - 16.2%
ARM Holdings PLC		944,943		8,886
BG Group PLC		773,386		17,560
British American Tobacco PLC		437,273		19,175
Carnival PLC ˆ		364,198		14,112
Kingfisher PLC		3,005,210		12,909
Pearson PLC		477,637		9,036
Reckitt Benckiser Group PLC		313,934		17,339
SABMiller PLC		251,757		9,189
Standard Chartered PLC		598,186		15,713
Tesco PLC		2,744,957		17,735

Total Common Stocks (cost $610,270)				831,408


SECURITIES LENDING COLLATERAL - 9.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.22%▲		80,713,670		80,714
Total Securities Lending Collateral (cost $80,714)


	Principal		Value

REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.01% ▲, dated 06/30/2011, to be repurchased at $9,762 on 07/01/2011. Collateralized by a U.S. Government Obligation, 1.75%, due 05/31/2016, with a value of $9,958.	$	9,762		9,762
Total Repurchase Agreement (cost $9,762)

Total Investment Securities (cost $710,901) #				944,539
Other Assets and Liabilities - Net				(74,751	)


Net Assets			$	869,788

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 71

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)

(unaudited)


	Percentage of
INVESTMENTS BY INDUSTRY:	Total Investments			Value

Commercial Banks		8.6	%	$	81,210
Automobiles		6.2			57,754
Pharmaceuticals		6.0			56,632
Oil, Gas & Consumable Fuels		5.9			56,206
Diversified Financial Services		3.9			36,595
Textiles, Apparel & Luxury Goods		3.7			35,075
Capital Markets		3.5			33,828
Machinery		3.4			32,350
Food & Staples Retailing		3.2			30,209
Metals & Mining		3.2			29,602
Chemicals		3.1			28,665
Insurance		2.9			28,290
Specialty Retail		2.9			27,204
Energy Equipment & Services		2.8			26,206
Health Care Providers & Services		2.7			24,843
Software		2.3			22,809
Media		2.4			22,311
Industrial Conglomerates		2.2			20,393
Food Products		2.1			19,468
Tobacco		2.0			19,175
Communications Equipment		1.8			17,352
Household Products		1.8			17,339
Diversified Telecommunication Services		1.7			16,147
Hotels, Restaurants & Leisure		1.5			14,112
Road & Rail		1.4			13,273
Wireless Telecommunication Services		1.2			11,454
Office Electronics		1.2			11,193
Construction Materials		1.2			10,866
Personal Products		1.1			10,166
Health Care Equipment & Supplies		1.0			9,193
Beverages		1.0			9,189
Internet Software & Services		1.0			9,130
Semiconductors & Semiconductor Equipment		0.9			8,886
Aerospace & Defense		0.7			6,938

Investment Securities, at Value		90.5			854,063
Short-Term Investments		9.5			90,476

Total Investments		100.0	%	$	944,539

FORWARD FOREIGN CURRENCY CONTRACTS:


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

Euro		(25,150	)		08/24/2011	$	(35,542	)	$	(871	)
Euro		(17,016	)		11/09/2011		(24,386	)		(193	)

									$	(1,064	)

NOTES TO SCHEDULE OF INVESTMENTS:


ˆ		All or a portion of this security is on loan. The value of all securities on loan is $77,224.

▲		Rate shown reflects the yield at 06/30/2011.

‡		Non-income producing security.

#		Aggregate cost for federal income tax purposes is $710,901. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $245,350 and $11,712, respectively. Net unrealized appreciation for tax purposes is $233,638.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 72

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY: Э


			Level 2 -
			Other		Level 3 -
	Level 1 -		Significant		Significant
	Quoted		Observable		Unobservable		Value at
Investment Securities	Prices		Inputs		Inputs		06/30/2011
Common Stocks	$	114,888	$	716,520	$	—	$	831,408
Preferred Stocks		—		22,655		—		22,655
Repurchase Agreement		—		9,762		—		9,762
Securities Lending Collateral		80,714		—		—		80,714

Total	$	195,602	$	748,937	$	—	$	944,539

Level 2 -

Other

Level 3 -

Level 1 -

Significant

Quoted

Observable

Unobservable

Total at

Other Financial Instruments ₣

Prices

Inputs

06/30/2011

Forward Foreign Currency Contracts - Depreciation

—

(1,064

)

—

(1,064

)


^Э		See the Notes to the Financial Statements for more information regarding pricing inputs and valuation techniques.

₣		Other financial instruments are derivative instruments that are valued at unrealized appreciation (depreciation) on the instrument.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 73

STATEMENTS OF ASSETS AND LIABILITIES
At June 30, 2011
(all amounts in thousands)

(unaudited)


					Inflation-
			High Quality		Protected
	Money Market		Bond		Securities			Core Bond		High Yield Bond		Balanced

Assets:
Investment securities, at value	$	900,520	$	482,460	$	367,802		$	1,827,871	$	709,568	$	144,706
Repurchase agreements, at value		81,565		6,731		21,326			4,163		34,245		771
Cash on deposit with broker		—		—		—			33		—		30
Cash		—		—		—			16		650		—
Foreign currency, at value		—		—		1			461		—		26
Unrealized appreciation on forward foreign currency contracts		—		—		2			1		—		—
Unrealized appreciation on swap agreements		—		—		202			1,088		—		—
Premium paid on swap agreements		—		—		—			2,476		—		—
Receivables:
Due from advisor		—		—		—			—		—		12
Investment securities sold		—		—		—			860,599		4,593		15,210
Interest		398		2,828		2,549			11,795		12,949		309
Dividends		—		—		—			—		12		78
Securities lending income (net)		—		5		6			13		—		5
Variation margin		—		—		61			183		—		2
Other		2		1		—			3		1		—	^(A)
Prepaid expenses		5		2		2			7		3		—	^(A)

		982,490		492,027		391,951			2,708,709		762,021		161,149

Liabilities:
Cash on deposit with custodian		—		—		—			6,100		—		—
Accounts payable and accrued liabilities:
Collateral for securities on loan		—		22,227		26,036			65,600		—		25,077
Investment securities purchased		—		—		2,152			891,739		11,777		15,789
Advisory fees		203		138		102			452		335		43
Custody fees		29		16		20			146		28		43
Interest from securities sold short		—		—		—			229		—		7
Audit and tax fees		9		9		10			11		10		10
Legal fees		28		12		8			42		18		3
Other		8		3		2			7		5		1
Unrealized depreciation on swap agreements		—		—		128			922		—		—
Premium received on swap agreements		—		—		—			522		—		—
Securities sold short, at value		—		—		—			132,759		—		3,840
Written options and swaptions, at value		—		—		3,037			26,026		—		13
Unrealized depreciation on forward foreign currency contracts		—		—		37			—		—		—

		277		22,405		31,532			1,124,555		12,173		44,826

Net Assets	$	982,213	$	469,622	$	360,419		$	1,584,154	$	749,848	$	116,323


Investment securities, at cost	$	900,520	$	476,541	$	355,598		$	1,829,283	$	696,431	$	143,250
Repurchase agreements, at cost	$	81,565	$	6,731	$	21,326		$	4,163	$	34,245	$	771
Foreign currency, at cost	$	—	$	—	$	(33	)	$	434	$	—	$	28
Securities loaned, at value	$	—	$	21,779	$	25,525		$	62,982	$	—	$	24,516
Proceeds from securities sold short	$	—	$	—	$	—		$	133,225	$	—	$	3,850
Premium on written options and swaptions	$	—	$	—	$	3,200		$	26,946	$	—	$	24

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 74

STATEMENTS OF ASSETS AND LIABILITIES (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)


	Large Value			Large Core			Large Growth		Mid Value		Mid Growth			Small Value

Assets:
Investment securities, at value	$	997,205		$	302,767		$	1,229,699	$	945,427	$	317,173		$	141,796
Repurchase agreements, at value		14,793			4,768			14,352		23,378		1,909			4,970
Cash		—			—			21		82		—			1
Receivables:
Due from advisor		—			—			4		—		—	^(A)		2
Investment securities sold		14,648			5,196			11,563		11,265		7,343			244
Dividends		1,109			241			939		1,156		113			98
Dividend reclaims		—			—			82		15		—			—
Securities lending income (net)		13			10			37		20		12			5
Other		2			—	^(A)		2		2		—	^(A)		—	^(A)
Prepaid expenses		4			1			4		3		1			—	^(A)

		1,027,774			312,983			1,256,703		981,348		326,551			147,116

Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		25,892			45,816			93,205		70,439		64,873			29,961
Investment securities purchased		12,149			5,529			6,299		6,460		7,323			—
Advisory fees		357			126			571		489		146			79
Custody fees		22			7			52		17		7			6
Audit and tax fees		10			10			10		9		9			9
Legal fees		26			7			31		23		7			4
Other		—	^(A)		4			2		7		2			1

		38,456			51,499			100,170		77,444		72,367			30,060

Net Assets	$	989,318		$	261,484		$	1,156,533	$	903,904	$	254,184		$	117,056


Investment securities, at cost	$	859,736		$	265,845		$	1,033,174	$	804,702	$	276,263		$	120,934
Repurchase agreements, at cost	$	14,793		$	4,768		$	14,352	$	23,378	$	1,909		$	4,970
Securities loaned, at value	$	25,305		$	44,736		$	91,112	$	68,813	$	63,437		$	29,250


						International
	Small Core		Small Growth			Equity

Assets:
Investment securities, at value	$	429,618	$	161,805		$	934,777
Repurchase agreements, at value		7,364		—			9,762
Cash		—		—			9
Foreign currency, at value		—		—			2,394
Receivables:
Due from advisor		—		3			—
Investment securities sold		14,446		5,346			—
Dividends		288		28			1,879
Dividend reclaims		—		—			4,092
Securities lending income (net)		20		17			28
Variation margin		12		—			—
Other		1		—	^(A)		1
Prepaid expenses		1		—	^(A)		3

		451,750		167,199			952,945

Liabilities:
Cash		—		1,800			—
Accounts payable and accrued liabilities:
Collateral for securities on loan		89,282		33,481			80,714
Investment securities purchased		14,250		1,245			668
Advisory fees		221		93			525
Custody fees		21		3			145
Audit and tax fees		9		9			12
Legal fees		9		4			22
Other		3		1			7
Unrealized depreciation on forward foreign currency contracts		—		—			1,064

		103,795		36,636			83,157

Net Assets	$	347,955	$	130,563		$	869,788

Investment securities, at cost	$	352,349	$	142,625		$	701,139
Repurchase agreements, at cost	$	7,364	$	—		$	9,762
Foreign currency, at cost	$	—	$	—		$	2,377
Securities loaned, at value	$	86,254	$	32,401		$	77,224


^(A)		Rounds to less than $1.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 75

STATEMENTS OF OPERATIONS
For the period ended June 30, 2011
(all amounts in thousands)
(unaudited)


							Inflation-
				High Quality			Protected
	Money Market			Bond			Securities			Core Bond			High Yield Bond			Balanced
Investment income:
Interest income	$	1,304		$	6,841		$	9,291		$	31,027		$	32,246		$	922
Securities lending income (net)		—			23			25			52			—			15
Dividend income		—			—			—			12			85			644
Withholding taxes on foreign income		—			—			—			(7	)		—			—	^(A)

		1,304			6,864			9,316			31,084			32,331			1,581


Expenses:
Advisory		1,266			837			575			2,686			1,989			262
Custody		67			34			45			284			73			91
Audit and tax		7			7			8			9			8			9
Legal		31			14			10			47			21			3
Printing and shareholder reports		1			—	^(A)		—	^(A)		2			1			—	^(A)
Trustee and CCO		11			5			3			17			7			1
Other		10			4			3			14			6			1

Total expenses		1,393			901			644			3,059			2,105			367

Expenses reimbursed/waived		—			—			—			—			—			(76	)

Net expenses		1,393			901			644			3,059			2,105			291


Net investment income (loss)		(89	)		5,963			8,672			28,025			30,226			1,290


Net realized gain (loss) on transactions from:
Investment securities		3			280			3,497			16,292			12,218			5,251
Swap agreements		—			—			(134	)		(2,001	)		—			—
Futures contracts		—			—			(909	)		(2,776	)		—			(265	)
Written option and swaption contracts		—			—			191			2,967			—			13
Foreign currency transactions		—			—			(110	)		(405	)		—			(1	)

		3			280			2,535			14,077			12,218			4,998


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			947			4,605			(2,551	)		(7,918	)		(1,396	)
Swap agreements		—			—			63			(2,053	)		—			—
Futures contracts		—			—			182			(175	)		—			70
Written option and swaption contracts		—			—			92			429			—			14
Securities sold short		—			—			—			46			—			(8	)
Translation of assets and liabilities denominated in foreign currencies		—			—			(44	)		(58	)		—			(2	)

		—			947			4,898			(4,362	)		(7,918	)		(1,322	)

Net realized and unrealized gain		3			1,227			7,433			9,715			4,300			3,676

Net increase (decrease) in net assets resulting from operations	$	(86	)	$	7,190		$	16,105		$	37,740		$	34,526		$	4,966



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

Transamerica Partners Portfolios		Semi-Annual Report

Page 76

STATEMENTS OF OPERATIONS (continued)
For the period ended June 30, 2011
(all amounts in thousands)
(unaudited)


	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Investment income:
Interest income	$	—	^(A)	$	—		$	—	^(A)	$	1		$	—	^(A)	$	—	^(A)
Securities lending income (net)		140			38			187			86			51			25
Dividend income		10,038			2,422			5,404			7,371			438			831
Withholding taxes on foreign income		(3	)		(1	)		(48	)		(7	)		—			—

		10,175			2,459			5,543			7,451			489			856


Expenses:
Advisory		2,246			777			3,598			3,042			923			509
Custody		49			16			129			51			18			15
Audit and tax		8			8			8			7			8			8
Legal		30			8			35			27			8			4
Printing and shareholder reports		1			—	^(A)		1			1			—	^(A)		—	^(A)
Trustee and CCO		11			3			13			10			3			1
Other		8			2			9			7			2			1

Total expenses		2,353			814			3,793			3,145			962			538

Expenses reimbursed/waived		—			—			(21	)		—			(1	)		(11	)

Net expenses		2,353			814			3,772			3,145			961			527


Net investment income (loss)		7,822			1,645			1,771			4,306			(472	)		329


Net realized gain (loss) on transactions from:
Investment securities		64,821			15,944			88,250			75,787			38,463			7,604
Foreign currency transactions		—	^(A)		1			(18	)		—	^(A)		—			—

		64,821			15,945			88,232			75,787			38,463			7,604


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		11,295			2,271			(12,837	)		(12,223	)		(19,982	)		(337	)
Translation of assets and liabilities denominated in foreign currencies		—	^(A)		—	^(A)		(1	)		—	^(A)		—			—

		11,295			2,271			(12,838	)		(12,223	)		(19,982	)		(337	)

Net realized and unrealized gain		76,116			18,216			75,394			63,564			18,481			7,267

Net increase in net assets resulting from operations	$	83,938		$	19,861		$	77,165		$	67,870		$	18,009		$	7,596


							International
	Small Core			Small Growth			Equity
Investment income:
Interest income	$	—	^(A)	$	—		$	—	^(A)
Securities lending income (net)		115			94			490
Dividend income		1,747			249			15,151
Withholding taxes on foreign income		—			(2	)		(1,398	)

		1,862			341			14,243


Expenses:
Advisory		1,381			597			3,286
Custody		45			21			269
Audit and tax		7			7			10
Legal		10			4			26
Printing and shareholder reports		—	^(A)		—	^(A)		1
Trustee and CCO		4			2			10
Other		3			1			7

Total expenses		1,450			632			3,609

Expenses reimbursed/waived		—			(15	)		—

Net expenses		1,450			617			3,609


Net investment income (loss)		412			(276	)		10,634


Net realized gain (loss) on transactions from:
Investment securities		33,846			19,091			50,428
Futures contracts		135			—			—
Foreign currency transactions		—			—	^(A)		(4,071	)

		33,981			19,091			46,357


Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		(11,973	)		(9,350	)		(9,246	)
Futures contracts		26			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—	^(A)		1,744

		(11,947	)		(9,350	)		(7,502	)

Net realized and unrealized gain		22,034			9,741			38,855

Net increase in net assets resulting from operations	$	22,446		$	9,465		$	49,489


^(A)		Rounds to less than $1.



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

Transamerica Partners Portfolios		Semi-Annual Report

Page 77

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


	Money Market						High Quality Bond						Inflation-Protected Securities
	June 30, 2011			December 31,			June 30, 2011			December 31,			June 30, 2011			December 31,
	(unaudited)			2010			(unaudited)			2010			(unaudited)			2010
From operations:
Net investment income (loss)	$	(89	)	$	251		$	5,963		$	14,025		$	8,672		$	7,069
Net realized gain		3			7			280			3,943			2,535			14,798
Change in net unrealized appreciation (depreciation)		—			—			947			1,444			4,898			(795	)

Net increase (decrease) in net assets resulting from operations		(86	)		258			7,190			19,412			16,105			21,072


From transactions in investors’ beneficial interests:
Contributions		227,962			662,569			122,918			195,218			49,322			57,416
Withdrawals		(311,059	)		(730,338	)		(124,187	)		(228,017	)		(33,018	)		(120,488	)

Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(83,097	)		(67,769	)		(1,269	)		(32,799	)		16,304			(63,072	)

Net increase (decrease) in net assets		(83,183	)		(67,511	)		5,921			(13,387	)		32,409			(42,000	)


Net Assets:
Beginning of year		1,065,396			1,132,907			463,701			477,088			328,010			370,010

End of period/year	$	982,213		$	1,065,396		$	469,622		$	463,701		$	360,419		$	328,010


	Core Bond						High Yield Bond						Balanced
	June 30, 2011			December 31,			June 30, 2011			December 31,			June 30, 2011			December 31,
	(unaudited)			2010			(unaudited)			2010			(unaudited)			2010
From operations:
Net investment income	$	28,025		$	62,549		$	30,226		$	58,452		$	1,290		$	2,981
Net realized gain		14,077			43,546			12,218			22,236			4,998			2,358
Change in net unrealized appreciation (depreciation)		(4,362	)		32,634			(7,918	)		16,058			(1,322	)		10,743

Net increase in net assets resulting from operations		37,740			138,729			34,526			96,746			4,966			16,082


From transactions in investors’ beneficial interests:
Contributions		177,557			314,602			71,805			189,188			3,082			7,343
Withdrawals		(253,149	)		(580,856	)		(65,566	)		(218,768	)		(8,062	)		(44,822	)

Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(75,592	)		(266,254	)		6,239			(29,580	)		(4,980	)		(37,479	)

Net increase (decrease) in net assets		(37,852	)		(127,525	)		40,765			67,166			(14	)		(21,397	)


Net Assets:
Beginning of year		1,622,006			1,749,531			709,083			641,917			116,337			137,734

End of period/year	$	1,584,154		$	1,622,006		$	749,848		$	709,083		$	116,323		$	116,337


	Large Value						Large Core						Large Growth
	June 30, 2011			December 31,			June 30, 2011			December 31,			June 30, 2011			December 31,
	(unaudited)			2010			(unaudited)			2010			(unaudited)			2010
From operations:
Net investment income	$	7,822		$	17,446		$	1,645		$	3,762		$	1,771		$	6,494
Net realized gain		64,821			109,679			15,945			8,624			88,232			130,845
Change in net unrealized appreciation (depreciation)		11,295			10,261			2,271			15,463			(12,838	)		37,120

Net increase in net assets resulting from operations		83,938			137,386			19,861			27,849			77,165			174,459


From transactions in investors’ beneficial interests:
Contributions		34,526			97,725			7,596			25,843			29,479			77,698
Withdrawals		(143,261	)		(484,459	)		(21,968	)		(78,593	)		(126,694	)		(417,094	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(108,735	)		(386,734	)		(14,372	)		(52,750	)		(97,215	)		(339,396	)

Net increase (decrease) in net assets		(24,797	)		(249,348	)		5,489			(24,901	)		(20,050	)		(164,937	)


Net Assets:
Beginning of year		1,014,115			1,263,463			255,995			280,896			1,176,583			1,341,520

End of period/year	$	989,318		$	1,014,115		$	261,484		$	255,995		$	1,156,533		$	1,176,583



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

Transamerica Partners Portfolios		Semi-Annual Report

Page 78

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


	Mid Value						Mid Growth						Small Value
	June 30, 2011			December 31,			June 30, 2011			December 31,			June 30, 2011			December 31,
	(unaudited)			2010			(unaudited)			2010			(unaudited)			2010
From operations:
Net investment income (loss)	$	4,306		$	9,412		$	(472	)	$	(874	)	$	329		$	1,114
Net realized gain		75,787			64,305			38,463			41,475			7,604			15,484
Change in net unrealized appreciation (depreciation)		(12,223	)		87,619			(19,982	)		22,589			(337	)		11,023

Net increase in net assets resulting from operations		67,870			161,336			18,009			63,190			7,596			27,621


From transactions in investors’ beneficial interests:
Contributions		35,978			269,938			12,165			39,943			2,848			12,187
Withdrawals		(109,078	)		(330,801	)		(45,723	)		(85,149	)		(27,815	)		(51,108	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(73,100	)		(60,863	)		(33,558	)		(45,206	)		(24,967	)		(38,921	)

Net increase (decrease) in net assets		(5,230	)		100,473			(15,549	)		17,984			(17,371	)		(11,300	)


Net Assets:
Beginning of year		909,134			808,661			269,733			251,749			134,427			145,727

End of period/year	$	903,904		$	909,134		$	254,184		$	269,733		$	117,056		$	134,427


	Small Core						Small Growth						International Equity
	June 30, 2011			December 31,			June 30, 2011			December 31,			June 30, 2011			December 31,
	(unaudited)			2010			(unaudited)			2010			(unaudited)			2010
From operations:
Net investment income (loss)	$	412		$	1,356		$	(276	)	$	(564	)	$	10,634		$	12,864
Net realized gain		33,981			47,999			19,091			21,668			46,357			66,537
Change in net unrealized appreciation (depreciation)		(11,947	)		34,164			(9,350	)		10,962			(7,502	)		32,655

Net increase in net assets resulting from operations		22,446			83,519			9,465			32,066			49,489			112,056


From transactions in investors’ beneficial interests:
Contributions		12,289			24,934			4,655			15,020			35,409			84,159
Withdrawals		(28,378	)		(106,899	)		(26,288	)		(57,079	)		(108,370	)		(347,004	)

Net decrease in net assets resulting from transactions in investors’ beneficial interests		(16,089	)		(81,965	)		(21,633	)		(42,059	)		(72,961	)		(262,845	)

Net increase (decrease) in net assets		6,357			1,554			(12,168	)		(9,993	)		(23,472	)		(150,789	)


Net Assets:
Beginning of year		341,598			340,044			142,731			152,724			893,260			1,044,049

End of period/year	$	347,955		$	341,598		$	130,563		$	142,731		$	869,788		$	893,260



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

Transamerica Partners Portfolios		Semi-Annual Report

Page 79

FINANCIAL HIGHLIGHTS
For the period and years ended:


	Money Market
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	982,213		$	1,065,396		$	1,132,907		$	1,325,802		$	1,050,796		$	925,941


Total return		—	^(A)		0.02	%		0.36	%		2.44	%		5.17	%		4.86	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.28	% ^(B)		0.28	%		0.27	%		0.27	%		0.28	%		0.28	%
Before reimbursement		0.28	% ^(B)		0.28	%		0.27	%		0.27	%		0.28	%		0.28	%
Net investment income (loss), to average net assets		(0.02	%) ^(B)		0.02	%		0.37	%		2.43	%		5.01	%		4.77	%


	High Quality Bond
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	469,622		$	463,701		$	477,088		$	421,232		$	833,291		$	817,623


Total return		1.51	% ^(A)		4.20	%		9.83	%		0.55	%		5.34	%		4.38	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.38	% ^(B)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Before reimbursement		0.38	% ^(B)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income, to average net assets		2.49	% ^(B)		2.99	%		3.75	%		4.24	%		4.38	%		4.03	%
Portfolio turnover rate		48	% ^(A)		87	%		104	%		64	%		56	%		55	%


	Inflation-Protected Securities
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	360,419		$	328,010		$	370,010		$	389,198		$	149,013		$	150,681


Total return		5.07	% ^(A)		6.23	%		10.22	%		(2.14	%)		10.16	%		3.48	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.39	% ^(B)		0.38	%		0.40	%		0.39	%		0.40	%		0.40	%
Before reimbursement		0.39	% ^(B)		0.38	%		0.40	%		0.39	%		0.42	%		0.41	%
Net investment income, to average net assets		5.28	% ^(B)		2.04	%		1.02	%		4.99	%		5.26	%		4.50	%
Portfolio turnover rate		53	% ^(A)		117	%		118	%		154	%		340	%		525	%


	Core Bond
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	1,584,154		$	1,622,006		$	1,749,531		$	1,667,313		$	2,248,880		$	2,077,821


Total return		2.52	% ^(A)		8.26	%		12.89	%		(1.83	%)		6.67	%		4.17	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.40	% ^(B)		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Before reimbursement		0.40	% ^(B)		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income, to average net assets		3.65	% ^(B)		3.65	%		4.45	%		5.12	%		4.81	%		4.50	%
Portfolio turnover rate		303	% ^(A)		633	%		1,014	% ^(C)		530	%		503	%		487	%


	High Yield Bond
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	749,848		$	709,083		$	641,917		$	439,863		$	538,727		$	502,330


Total return		4.92	% ^(A)		15.81	%		57.21	%		(28.90	%)		2.02	%		11.99	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.58	% ^(B)		0.59	%		0.59	%		0.58	%		0.58	%		0.59	%
Before reimbursement		0.58	% ^(B)		0.59	%		0.59	%		0.58	%		0.58	%		0.59	%
Net investment income, to average net assets		8.36	% ^(B)		8.84	%		10.10	%		9.57	%		7.97	%		7.86	%
Portfolio turnover rate		48	% ^(A)		98	%		98	%		54	%		96	%		93	%



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

Transamerica Partners Portfolios		Semi-Annual Report

Page 80

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


	Balanced
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	116,323		$	116,337		$	137,734		$	168,930		$	318,635		$	381,649


Total return		4.46	% ^(A)		13.91	%		23.45	%		(26.71	)%		1.79	%		11.74	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.50	% ^(B)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Before reimbursement		0.63	% ^(B)		0.59	%		0.55	%		0.53	%		0.52	%		0.53	%
Net investment income, to average net assets		2.21	% ^(B)		2.42	%		3.01	%		3.45	%		2.87	%		2.72	%
Portfolio turnover rate		162	% ^(A)		211	%		167	%		154	%		226	%		224	%


	Large Value
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	989,318		$	1,014,115		$	1,263,463		$	1,450,970		$	3,165,025		$	3,538,944


Total return		8.63	% ^(A)		14.66	%		16.71	%		(42.94	)%		(1.75	)%		20.68	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.47	% ^(B)		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
Before reimbursement		0.47	% ^(B)		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income, to average net assets		1.57	% ^(B)		1.65	%		2.22	%		2.53	%		1.68	%		1.47	%
Portfolio turnover rate		32	% ^(A)		62	%		124	% ^(C)		26	%		30	%		31	%


	Large Core
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	261,484		$	255,995		$	280,896		$	281,774		$	903,262		$	1,159,020


Total return		7.98	% ^(A)		11.79	%		23.36	%		(36.65	)%		2.11	%		11.77	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.63	% ^(B)		0.63	%		0.62	%		0.65	%		0.64	%		0.63	%
Before reimbursement		0.63	% ^(B)		0.63	%		0.62	%		0.65	%		0.64	%		0.63	%
Net investment income, to average net assets		1.27	% ^(B)		1.47	%		1.57	%		1.31	%		1.08	%		1.11	%
Portfolio turnover rate		35	% ^(A)		55	%		168	%		99	%		101	%		73	%


	Large Growth
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	1,156,533		$	1,176,583		$	1,341,520		$	1,130,783		$	2,444,761		$	2,526,917


Total return		6.80	% ^(A)		16.62	%		35.56	%		(39.87	)%		12.25	%		4.12	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.65	% ^(B)		0.65	%		0.65	%		0.65	%		0.65	%		0.64	%
Before reimbursement		0.65	% ^(B)		0.66	%		0.65	%		0.65	%		0.65	%		0.64	%
Net investment income, to average net assets		0.31	% ^(B)		0.56	%		0.97	%		0.92	%		0.61	%		0.43	%
Portfolio turnover rate		28	% ^(A)		119	%		102	% ^(C)		102	%		129	%		84	%



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 81

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


	Mid Value
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	903,904		$	909,134		$	808,661		$	630,249		$	998,177		$	936,974


Total return		7.72	% ^(A)		21.29	%		32.53	%		(37.73	)%		2.62	%		18.33	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.69	% ^(B)		0.69	%		0.70	%		0.70	%		0.70	%		0.70	%
Before reimbursement		0.69	% ^(B)		0.69	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income, to average net assets		0.95	% ^(B)		1.14	%		1.44	%		1.69	%		1.37	%		1.17	%
Portfolio turnover rate		36	% ^(A)		76	%		122	%		68	%		69	%		80	%


	Mid Growth
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	254,184		$	269,733		$	251,749		$	228,966		$	337,189		$	309,909


Total return		7.25	% ^(A)		29.27	%		25.24	%		(41.55	)%		30.42	%		2.17	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.75	% ^(B)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Before reimbursement		0.75	% ^(B)		0.75	%		0.76	%		0.75	%		0.75	%		0.75	%
Net investment loss, to average net assets		(0.37	)% ^(B)		(0.36	)%		(0.23	)%		(0.02	)%		(0.23	)%		(0.31	)%
Portfolio turnover rate		81	% ^(A)		199	%		214	%		158	%		152	%		151	%


	Small Value
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	117,056		$	134,427		$	145,727		$	156,628		$	185,137		$	236,317


Total return		6.32	% ^(A)		23.12	%		19.64	%		(26.63	)%		(7.74	)%		9.64	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.85	% ^(B)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Before reimbursement		0.87	% ^(B)		0.87	%		0.88	%		0.87	%		0.87	%		0.87	%
Net investment income, to average net assets		0.53	% ^(B)		0.84	%		1.24	%		1.94	%		1.36	%		0.27	%
Portfolio turnover rate		9	% ^(A)		121	%		103	%		117	%		94	%		105	%


	Small Core
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	347,955		$	341,598		$	340,044		$	389,662		$	950,197		$	1,211,556


Total return		6.68	% ^(A)		29.89	%		27.64	%		(36.06	)%		(4.49	)%		11.77	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.84	% ^(B)		0.85	%		0.85	%		0.85	%		0.84	%		0.85	%
Before reimbursement		0.84	% ^(B)		0.85	%		0.85	%		0.85	%		0.84	%		0.85	%
Net investment income, to average net assets		0.24	% ^(B)		0.43	%		0.67	%		0.94	%		0.58	%		0.29	%
Portfolio turnover rate		31	% ^(A)		55	%		88	%		106	%		97	%		86	%


	Small Growth
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	130,563		$	142,731		$	152,724		$	152,513		$	166,817		$	155,003


Total return		7.17	% ^(A)		25.65	%		32.99	%		(37.87	)%		8.64	%		8.71	%

Ratios and supplemental data
Expenses to average net assets					��
After reimbursement		0.90	% ^(B)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Before reimbursement		0.92	% ^(B)		0.93	%		0.93	%		0.93	%		0.92	%		1.04	%
Net investment loss, to average net assets		(0.40	)% ^(B)		(0.41	)%		(0.38	)%		(0.18	)%		(0.42	)%		(0.29	)%
Portfolio turnover rate		60	% ^(A)		99	%		104	%		146	%		144	%		173	%



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

Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 82

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


	International Equity
	June 30, 2011			December 31,			December 31,			December 31,			December 31,			December 31,
	(unaudited)			2010			2009			2008			2007			2006
Net assets end of period/year (000’s)	$	869,788		$	893,260		$	1,044,049		$	1,100,060		$	2,264,062		$	2,101,152


Total return		5.66	% ^(A)		14.94	%		26.10	%		(49.94	)%		11.69	%		27.31	%

Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.82	% ^(B)		0.81	%		0.82	%		0.84	%		0.87	%		0.87	%
Before reimbursement		0.82	% ^(B)		0.81	%		0.82	%		0.84	%		0.87	%		0.87	%
Net investment income, to average net assets		2.43	% ^(B)		1.45	%		1.39	%		2.78	%		2.25	%		1.78	%
Portfolio turnover rate		14	% ^(A)		29	%		138	%		174	%		110	%		81	%


^(A)		Not annualized.

^(B)		Annualized.

^(C)		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		Semi-Annual Report 2011

Page 83

NOTES TO FINANCIAL STATEMENTS
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Partners Portfolios (the “Series Portfolio”) is an open-end management investment company, 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.

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 assumption (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 June 30, 2011 are listed in the Schedules of Investments.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 84

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

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 June 30, 2011 are listed in the Schedules of Investments.

Transactions in written options were as follows:


				Notional
Inflation-Protected Securities	Premium			Amount
Balance at December 31, 2010	$	—		$	—
Sales		263			1,444
Closing Buys		(115	)		(473	)
Expirations		(11	)		(34	)
Exercised		—			—

Balance at June 30, 2011	$	137		$	937


				Notional
Balanced	Premium			Amount
Balance at December 31, 2010	$	20		$	12
Sales		104			243
Closing Buys		(71	)		(142	)
Expirations		(29	)		(49	)
Exercised		—			—

Balance at June 30, 2011	$	24		$	64


				Notional
Core Bond	Premium			Amount
Balance at December 31, 2010	$	851		$	516
Sales		4,359			13,860
Closing Buys		(2,837	)		(6,582	)
Expirations		(1,081	)		(1,785	)
Exercised		—			—

Balance at June 30, 2011	$	1,292		$	6,009



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 85

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Transactions in written swaptions were as follows:


				Notional
Inflation-Protected Securities	Premium			Amount
Balance at December 31, 2010	$	1,971		$	42,800
Sales		1,778			159,800
Closing Buys		(628	)		(18,700	)
Expirations		(58	)		(9,800	)
Exercised		—			—

Balance at June 30, 2011	$	3,063		$	174,100


				Notional
Core Bond	Premium			Amount
Balance at December 31, 2010	$	37,686		$	784,700
Sales		27,187			956,900
Closing Buys		(38,063	)		(861,100	)
Expirations		(1,156	)		(105,200	)
Exercised		—			—

Balance at June 30, 2011	$	25,654		$	775,300

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 June 30, 2011 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the daily market value of the contract.

Swap agreements: Swap agreements are privately negotiated agreements between the Portfolios and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Certain Portfolios, with the exception of Money Market, enter into credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage exposure to credit, currency and interest rate risk. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked to market daily based upon values from third party vendors or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Portfolio are included as part of realized gains or losses on the Statements of Operations. Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Portfolios are subject to credit risk in the normal course of pursuing their investment objectives. The Portfolios enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 86

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

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 June 30, 2011.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 87

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

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 June 30, 2011 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 June 30, 2011 are listed in the Schedules of Investments.

Securities lending: Securities are lent to qualified financial institutions and brokers. The lending of the Portfolios’ securities exposes the Portfolios to risks such as the following: (i) the borrowers may fail to return the loaned securities; (ii) the borrowers may not be able to provide additional collateral; (iii) the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Portfolios may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending such securities, the Portfolios seek to increase their net investment income through the receipt of interest (after rebates and fees).

Such income is reflected separately on the Statements of Operations. The value of loaned securities and related collateral outstanding at June 30, 2011 are shown in the Schedules of Investments and Statements of Assets and Liabilities.

Income from loaned securities on the Statements of Operations is net of fees earned by the lending agent for its services.

Commission recapture: The sub-advisers of certain Portfolios, to the extent consistent with the best execution and usual commission rate policies and practices, have elected to place security transactions of the Portfolios with broker/dealers with which other Funds or Portfolios advised by Transamerica Asset Management, Inc. (“TAM”) have established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer from security transactions to a Portfolio. In no event will commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other Funds or Portfolios advised by TAM or by any other party.

Commissions recaptured for the period ended June 30, 2011, are included in net realized gains/(losses) on the Statements of Operations and are summarized as follows:


Portfolio	Commissions
Large Growth	$	42
Mid Value		128
Mid Growth		26
Small Core		38
Small Growth		66

Portfolios not listed in the above table did not have any commissions recaptured during the period ended June 30, 2011.

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		Semi-Annual Report 2011

Page 88

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

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 June 30, 2011, 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.

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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

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.

Fair value measurements: Descriptions of the valuation techniques applied to the Portfolios’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stock): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

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.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 89

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

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 Portfolios’ 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.

Investment company securities: Securities are valued at the net asset value of the underlying portfolio. These securities are actively traded and no valuation adjustments are applied. They are categorized in Level 1 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is a money market fund which is valued at the net assets of the underlying portfolios and no valuation adjustments are applied. It is categorized in Level 1 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, option and swaption 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 can be 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 Portfolio’s Board of Trustees. For instances which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board of Trustees, with reference to other instruments or indices. 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. When a Portfolio uses fair valuation methods that use significant unobservable inputs to determine a security’s value, the Valuation Committee will use another method that is believed to accurately reflect fair market value and are categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Portfolios’ investments at June 30, 2011 are disclosed in the Valuation Summary of each Portfolio’s Schedule of Investments. Transfers between Levels are considered to have occurred at the end of the reporting period.

There were no significant transfers between Level 1 and Level 2 during the period ended June 30, 2011.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 90

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

For assets and liabilities for which significant unobservable inputs (Level 3) were used, there is a reconciliation of the beginning to the ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in/out of the Level 3 category during the period. The Level 3 reconciliation, if any, is disclosed in the Valuation Summary of each respective Portfolio’s Schedule of Investments.

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		4.54	%
High Quality Bond		14.08
Inflation-Protected Securities		14.65
Core Bond		9.71
High Yield Bond		5.78
Balanced		50.80
Large Value		32.77
Large Core		51.20
Large Growth		30.02
Mid Value		5.02
Mid Growth		2.13
Small Value		3.16
Small Core		47.50
Small Growth		3.04
International Equity		19.67

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		14.32	%
High Quality Bond		39.60
Inflation-Protected Securities		15.63
Core Bond		29.07
High Yield Bond		26.55
Balanced		5.63
Large Value		22.55
Large Core		12.35
Large Growth		20.59
Mid Value		11.42
Mid Growth		32.72
Small Value		43.16
Small Core		11.31
Small Growth		39.33
International Equity		28.33



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 91

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 3. (continued)

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		0.03	%
High Quality Bond		8.17
Inflation-Protected Securities		4.64
Core Bond		5.63
High Yield Bond		16.85
Balanced		—
Large Value		4.73
Large Core		2.98
Large Growth		2.40
Mid Value		25.21
Mid Growth		10.06
Small Value		5.63
Small Core		1.27
Small Growth		5.17
International Equity		4.82

Transamerica Fund Services, Inc. (“TFS”) is the Portfolios’ administrator. TAM and TFS are affiliates of AEGON NV.

Certain officers and trustees of the Series Portfolio and of the entities that invest in the Series Portfolio are also officers of TAM or its affiliates. None of the non-independent trustees receive compensation for services as trustees of the Series Portfolio or the entities that invest in the Series Portfolio.

Investment advisory fees: TAM manages the assets of each Portfolio of the Series Portfolio pursuant to the Investment Advisory Agreement with the Series Portfolio. For its services, TAM receives fees from each Portfolio, accrued daily and payable monthly, at an annual rate equal to the percentages specified in the table below of the corresponding Portfolios’ average daily net assets (“ANA”).

For each Portfolio, TAM has entered into Investment Sub-Advisory Agreements with the Portfolios’ sub-advisers. It is the responsibility of each sub-adviser to make the day-to-day investment decisions of the Portfolios and to place the purchase and sales orders for securities transactions of the Portfolios, subject in all cases to the general supervision of TAM.

Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.


	Advisory
Portfolio	Fee
Money Market		0.25	%
High Quality Bond		0.35
Inflation-Protected Securities		0.35
Core Bond		0.35
High Yield Bond		0.55
Balanced		0.45
Large Value		0.45
Large Core		0.60
Large Growth		0.62
Mid Value		0.67
Mid Growth		0.72
Small Value		0.82
Small Core		0.80
Small Growth		0.87
International Equity		0.75

TAM has voluntarily elected to waive fees to the extent the total operating expenses of a Portfolio exceed the following expense caps (as a proportion of ANA):


Portfolio	Expense Cap
Money Market		0.30	%
High Quality Bond		0.40
Inflation-Protected Securities		0.40
Core Bond		0.40
High Yield Bond		0.60
Balanced		0.50
Large Value		0.50
Large Core		0.65
Large Growth		0.65
Mid Value		0.70
Mid Growth		0.75
Small Value		0.85
Small Core		0.85
Small Growth		0.90
International Equity		0.90



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 92

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTES 3. (continued)

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: There were no brokerage commissions incurred on security transactions placed with affiliates of TAM or sub-advisers for the period ended June 30, 2011.

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2011 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		130,290		103,692		80,918		146,494
Inflation-Protected Securities		1,567		173,073		7,922		157,672
Core Bond		2,648,725		3,332,219		2,692,598		3,357,471
High Yield Bond		365,316		—		330,790		—
Balanced		145,191		56,209		146,239		58,335
Large Value		322,056		—		423,544		—
Large Core		90,802		—		103,781		—
Large Growth		329,040		—		441,842		—
Mid Value		322,461		—		387,828		—
Mid Growth		208,796		—		233,660		—
Small Value		10,537		—		33,924		—
Small Core		108,304		—		125,502		—
Small Growth		83,373		—		103,958		—
International Equity		119,737		—		190,356		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Inflation-Protected Securities:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of purchased option and swaption contracts increased during the period from four contracts at the beginning of the period to seven contracts at period end. The volume of swap contracts and future contracts held at period end is indicative of the volume throughout the period. The volume of written option and swaption contracts increased during the period from eight contracts at the beginning of the period to 17 contracts at period end. The volume of forward contracts increased to 10 contracts during the first quarter of the period, then subsequently decreased to three contracts held at period end. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 93

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2011
Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange
Location	contracts			contracts			Total
Asset derivatives
Purchased options and swaptions, at value	$	1,178		$	—		$	1,178	* *
Unrealized appreciation on swap agreements		202			—			202
Unrealized appreciation on futures contracts		411			—			411	*
Unrealized appreciation on forward foreign currency transactions		—			2			2
Liability derivatives
Written options and swaptions, at value		(3,307	)		—			(3,307	)
Unrealized depreciation on swap agreements		(128	)		—			(128	)
Unrealized depreciation on futures contracts		(260	)		—			(260)	*
Unrealized depreciation on forward currency contracts		—			(37	)		(37	)

Total	$	(1,904	)	$	(35	)	$	(1,939	)


*		Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current days variation margin is reported within the Statement of Assets and Liabilities.

* *		Included within Investment securities at value.

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2011
Derivatives not accounted for as hedging instruments


	Interest rate			Foreign exchange
Location	contracts			contracts			Total
Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on purchased option and swaption contracts ^	$	(23	)	$	—		$	(23	)
Net realized (loss) on swap agreements		(134	)		—			(134	)
Net realized (loss) on futures contracts		(909	)		—			(909	)
Net realized gain on written option and swaption contracts		191			—			191
Net realized (loss) on forward foreign currency transactions ~		—			(156	)		(156	)
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts ψ		(205	)		—			(205	)
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		63			—			63
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		182			—			182
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		92			—			92
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(50	)		(50	)

Total	$	(743	)	$	(206	)	$	(949	)


^		Included within net realized gain (loss) on transactions from Investment securities.

~		Included within net realized gain (loss) on transactions from foreign currency transactions.

ψ		Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

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:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of purchased option and swaption contracts, swap contracts, future contracts and forward foreign currency contracts held at period end is indicative of the volume held throughout the period. The volume of written option and swaption contracts increased during the period from 46 contracts at the beginning of the period to 55 contracts at period 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 June 30, 2011
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	$	17,451		$	—	$	—		$	17,451	* *
Unrealized appreciation on forward foreign currency contracts		—			1		—			1
Premium paid on swap agreements		1,159			—		1,317			2,476
Unrealized appreciation on swap agreements		1,041			—		47			1,088
Unrealized appreciation on futures contracts		355			—		—			355	*
Liability derivatives
Unrealized depreciation on swap agreements		(906	)		—		(16	)		(922	)
Premium received on swap agreements		—			—		(522	)		(522	)
Written options and swaptions, at value		(26,026	)		—		—			(26,026	)
Unrealized depreciation on futures contracts		(2,138	)		—		—			(2,138	)*

Total	$	(9,064	)	$	1	$	826		$	(8,237	)


*		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.

* *		Included within Investment securities at value.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 94

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2011
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 ^	$	(2,719	)	$	—		$	—		$	(2,719	)
Net realized (loss) on swap agreements		(1,565	)		—			(436	)		(2,001	)
Net realized (loss) on futures contracts		(2,776	)		—			—			(2,776	)
Net realized (loss) on written option and swaption contracts		2,967			—			—			2,967
Net realized gain on forward foreign currency transactions ~		—			(245	)		—			(245	)
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts ψ		(1,843	)		—			—			(1,843	)
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		(2,345	)		—			292			(2,053	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(175	)		—			—			(175	)
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		429			—			—			429
Net increase (decrease) in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies		—			(75	)		—			(75	)

Total	$	(8,027	)	$	(320	)	$	(144	)	$	(8,491	)


^		Included within net realized gain (loss) on transactions from Investment securities.

~		Included within net realized gain (loss) on transactions from foreign currency transactions.

ψ		Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

Balanced:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of purchased option and swaption contracts increased from zero contracts at the beginning to the period to four contracts at period end. The volume of written option and swaption contracts and futures contracts held at period 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 June 30, 2011
Derivatives not accounted for as hedging instruments


Location	Interest rate contracts			Equity contracts		Total
Asset derivatives
Purchased options and swaptions, at value	$	22		$	—	$	22	* *
Unrealized appreciation on futures contracts		25			11		36	*
Liability derivatives
Written options and swaptions, at value		(13	)		—		(13	)
Unrealized depreciation on futures contracts		(36	)		—		(36	)*
Total	$	(2	)	$	11	$	9


*		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.

**		Included within Investment securities at value.

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2011
Derivatives not accounted for as hedging instruments


	Interest rate			Equity
Location	contracts			contracts		Total
Realized Gain/(Loss) on derivatives recognized in income
Net realized (loss) on purchased option and swaption contracts ^	$	(19	)	$	—	$	(19	)
Net realized (loss) on futures contracts		(272	)		7		(265	)
Net realized gain on written option and swaption contracts		13			—		13
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts ψ		(19	)		—		(19	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		63			7		70
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		14			—		14
Total	$	(220	)	$	14	$	(206	)


^		Included within net realized gain (loss) on transactions from Investment securities.

^ψ		Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 95

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 5. (continued)

Small Core:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of futures contracts held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2011
Derivatives not accounted for as hedginq instruments


Location	Equity contracts
Asset derivatives
Unrealized appreciation on futures contracts	$	53	*


*		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 period ended June 30, 2011
Derivatives not accounted for as hedging instruments


Location	Equity contracts
Realized Gain/(Loss) on derivatives recognized in income
Net realized gain on futures contracts	$	135
Change in Unrealized Appreciation/(Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		26
Total	$	161

International Equity:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of forward foreign currency contracts held at period end is indicative of the volume held throughout the period. The tables below highlight the types of risks and the derivative instruments used to mitigate the risks:

Fair Values of Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2011
Derivatives not accounted for as hedging instruments


	Foreign exchange
Location	contracts
Liability derivatives
Unrealized depreciation on forward foreign currency contracts	$	(1,064	)

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2011
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	$	(3,757	)
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		1,402
Total	$	(2,355	)

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 (2008 — 2011) 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.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 96

NOTES TO FINANCIAL STATEMENTS (continued)
At June 30, 2011
(all amounts in thousands)
(unaudited)

NOTE 6. (continued)

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. SUBSEQUENT EVENT



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 97

TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Money Market Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and GE Asset Management Incorporated (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Adviser’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Adviser. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. It was noted that relative performance in the tightly constrained money market universe is largely a function of expenses. The Board also noted management’s observation that yields on money market funds have been below average due to a low interest rate environment. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Funds were in line with the medians for its peer group and peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 98

TRANSAMERICA PARTNERS MONEY MARKET PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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

Other considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 99

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners High Quality Bond Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Merganser Capital Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a composite of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1 - and 10-year periods and above the median for the past 3-and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1 -year period and above the median for the past 3-, 5- and 10-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 100

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 101

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Inflation-Protected Securities Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and BlackRock Financial Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010, noting that the Portfolio changed its name and investment objective on May 1, 2007 and that Lipper discarded the prior track record of the funds for performance comparison purposes. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1- and 3-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1- and 3-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 102

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 103

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Core Bond Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and BlackRock Financial Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable account managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-, 5- and 10-year periods. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that management intends to monitor and report to the Board on the portfolio manager transition and performance going forward. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 104

TRANSAMERICA PARTNERS CORE BOND PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 105

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners High Yield Bond Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Eaton Vance Management (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser, as well as information about fees and performance of a composite of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 106

TRANSAMERICA PARTNERS HIGH YIELD BOND PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 107

TRANSAMERICA PARTNERS BALANCED PORTFOLIO

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Upper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the fees to the Portfolio’s sub-advisers, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the sub-advisers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and TAM’s management oversight process. The Trustees determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1-year period, above the median for the past 3-year period and below the median for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board noted that it had approved the replacement of the Portfolio’s sub-advisers during 2010 and that the performance included management by the Portfolio’s previous sub-advisers. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management fee for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fees to the Portfolio’s sub-advisers. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the profitability of the relationship between the Portfolio and TAM and its affiliates and determined that the management fee to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 108

TRANSAMERICA PARTNERS BALANCED PORTFOLIO (continued)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Other considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio’s sub-advisers. The Trustees also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 109

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Large Value Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Aronson Johnson Ortiz, LP (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser, as well as information about standard fees and performance of a composite of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Adviser’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1 -year period and below the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1 -year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the Sub-Adviser assumed management of the Portfolio in January 2009, and, accordingly, the longer-term performance is not entirely attributable to the Sub-Adviser. The Trustees agreed that they would continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and in line with the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 110

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 111

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Large Core Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Aronson Johnson Ortiz, LP (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser, as well as information about standard fees and performance of a composite of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Adviser’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Sub-Adviser assumed sole responsibility for the Portfolio in September 2009. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Trustees also noted that the performance of the Portfolio had improved during 2011. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 112

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 113

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Large Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreements”) of the Portfolio between TAM and each of the following sub-advisers: Jennison Associates LLC and Wellington Management Company, LLP (each a “Sub-Adviser” and together the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreements through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Advisers, as well as information about standard fees (in the case of one Sub-Adviser) and performance of a composite of comparable accounts managed by the applicable Sub-Adviser (in the case of each Sub-Adviser). The Trustees also considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Advisers’ fees, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Advisers. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Advisers, TAM’s management oversight process and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees determined that TAM and the Sub-Advisers can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3-year period and below the median for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3- and 10-year periods and below the median for the past 5-year period. The Board noted that the performance included the management of previous sub-advisers and the Board agreed to continue to monitor the Portfolio’s performance going forward. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fees. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Advisers, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 114

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Benefits to TAM, its affiliates, or the Sub-Advisers from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Portfolio are expected to be consistent with industry practice. The Trustees also noted that TAM does not realize soft dollar benefits from its relationship with the Portfolio. The Board also noted that each Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements each Sub-Adviser may engage in with respect to the Portfolio’s brokerage transactions.

Other considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 115

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Mid Value Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreements”) of the Portfolio between TAM and each of the following sub-advisers: Cramer, Rosenthal, McGlynn, LLC and J.P. Morgan Investment Management Inc. (each a “Sub-Adviser” and together the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreements through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund and one or more comparable accounts managed by the applicable Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Upper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fees. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Advisers, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Trustees noted that TAM would over the long term seek to address Cramer, Rosenthal, McGlynn, LLC’s negative profitability with respect to management of the Portfolio. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 116

TRANSAMERICA PARTNERS MID VALUE PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 117

TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Mid Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Columbus Circle Investors (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about performance of a comparable fund managed by the Sub-Adviser, as well as information about fees and performance of a composite of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Adviser’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-year period, below the median for the past 3-year period and in line with the median for the past 5-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-year period, below the median for the past 3-year period and in line with the median for the past 5-year period . On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 118

TRANSAMERICA PARTNERS MID GROWTH PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Portfolio. The Board noted that management believes that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Portfolio are expected to be consistent with industry practice. The Trustees also noted that TAM does not realize soft dollar benefits from its relationship with the Portfolio. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Portfolio’s brokerage transactions.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 119

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the compensation to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreement. The Trustees also considered information they had previously received from TAM as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Upper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory Agreement, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decision on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decision:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the fee to the Portfolio’s sub-adviser, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the sub-adviser. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and TAM’s management oversight process. The Trustees determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1 — and 5-year periods and in line with the median for the past 3-year period and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1 — and 5-year periods and in line with the median for the past 3-year period. The Board noted that it had approved the replacement of the Portfolio’s sub-adviser during the past year and that the performance included management by the Portfolio’s previous sub-adviser. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management fee for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee to the Portfolio’s sub-adviser. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio and TAM and its affiliates and determined that the management fee to be received by TAM under the agreement is consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 120

TRANSAMERICA PARTNERS SMALL VALUE PORTFOLIO (continued)

INVESTMENT ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

Other considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Portfolio’s sub-adviser. The Trustees also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 121

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Small Core Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreements”) of the Portfolio between TAM and each of the following sub-advisers: Fort Washington Investment Advisors, Inc., Invesco Advisers, Inc. and Wellington Management Company, LLP (each a “Sub-Adviser” and collectively the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreements and the compensation to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreements through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by one of the Sub-Advisers, as well as information about standard fees and performance of a composite of comparable accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Upper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1 -year period and below the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1 -year period, in line with the median for the past 3-year period and below the median for the past 5- and 10-year periods. The Trustees noted that the longer-term performance was only partially attributable to the current Sub-Advisers of the Portfolio given sub-adviser changes in recent years. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fees. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Advisers, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 122

TRANSAMERICA PARTNERS SMALL CORE PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

Other considerations. The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolio, reflected by TAM’s expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 123

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners Small Growth Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Perimeter Capital Partners LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Upper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Adviser’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1 — and 5-year periods and in line with the median for the past 3-year period and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1 -year period and in line with the median for the past 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 124

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 125

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on June 8-9, 2011, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Partners International Equity Portfolio (the “Portfolio”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Portfolio between TAM and Thornburg Investment Management, Inc. (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement and the compensation to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2012. In reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of a comparable fund managed by the Sub-Adviser, as well as information about the performance of a composite of comparable accounts managed by the Sub-Adviser. The Trustees also considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Upper”), an independent provider of mutual fund performance information, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses was better made at the level of the Funds that invest in the Portfolio (the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and this is the manner in which Lipper provided its comparative information. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services provided. The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the Portfolio in the past, as well as the services anticipated to be provided in the future. The Trustees also considered the investment approach for the Portfolio. The Trustees considered the services provided by TAM for the portion of the management fee it retains after payment of the Sub-Adviser’s fee, including oversight of the performance of administrative, recordkeeping, shareholder relations, regulatory reporting and other functions of the Portfolio as well as “manager of managers” services TAM provides in the form of selection and oversight of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers. The Board also considered the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Portfolio. The Board considered the short and longer-term performance of the Portfolio in light of its investment objective, policies and strategies, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2010. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1 -year period and below the median for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1 -year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the Sub-Adviser assumed management of the Portfolio on January 1, 2009, and, accordingly, the longer-term performance is not entirely attributable to the Sub-Adviser. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information about TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Portfolio, including the amount of the management fee retained by TAM following payment of the sub-advisory fee. The Trustees noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees noted the profitability of the relationship between the Portfolio, TAM and its affiliates, and the Sub-Adviser, as applicable, and determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the agreements are consistent with TAM’s fiduciary duty under applicable law. In making these observations and determinations, the Board reviewed, among other information, comparative information provided by Lipper and management.



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 126

TRANSAMERICA PARTNERS INTERNATIONAL EQUITY PORTFOLIO (continued)

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

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



Transamerica Partners Portfolios		Semi-Annual Report 2011

Page 127

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

2875 (8/11)

Item 2: Code of Ethics.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrant.

Not applicable for semi-annual reports.

Item 6: Investments.

The schedules of investments are included in the Semi-Annual report to shareholders filed under Item 1 of this Form N-CSR.

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10: Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.

Item 11: Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are appropriately designed to ensure that information required to be disclosed by the Registrant in

			the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

	(b)		The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12: Exhibits.

(a)		(1) Not Applicable

		(2) Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

		(3) Not Applicable

(b)		A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

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


		Transamerica Asset Allocation Variable Funds
		(Registrant)

		By:		/s/ John K. Carter John K. Carter
				Chief Executive Officer
		Date:		September 6, 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:		September 6, 2011

		By:		/s/ Robert A. DeVault, Jr. Robert A. DeVault, Jr.
				Principal Financial Officer
		Date:		September 6, 2011

EXHIBIT INDEX


Exhibit No.		Description of Exhibit
12(a)(2)(i)		Section 302 N-CSR Certification of Chief Executive Officer
12(a)(2)(ii)		Section 302 N-CSR Certification of Principal Financial Officer
12(b)		Section 906 N-CSR Certification of Chief Executive Officer and
		Principal Financial Officer

Transamerica Asset Allocation Variable Funds N-CSRSCertified semi-annual shareholder report (management investment company)