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

As filed with the SEC on September 6, 2012.

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, 2012 – June 30, 2012

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, 2012

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, 2012, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at 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, 2012

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.

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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 understand market conditions over the last six months in order to provide a context for reading this report. As 2012 began, the crisis in Europe was occupying center stage. Fear of a large European bank failure causing a global banking crisis had previously driven global asset prices down. The European Central Bank responded by lending troubled European banks over one trillion Euros and the Federal Reserve made unlimited dollars available to the European Central Bank. The combined effect was to relieve pressure on the European banks. In turn, the banks used some of this money to buy sovereign bonds which further reduced market pressure. Relieved investors jumped back into risk assets and equity markets across the globe rallied strongly throughout the first quarter of the year. At the same time, the U.S. economy and corporate earnings picked up steam. Equity and bond markets followed suit.

However, the underlying economic imbalances were not addressed and as summer arrived, an economic contraction began appearing in many countries across the globe. As a result, the global equity and corporate bond markets gave up part of their gains as investors sought safety. For the six months ended June 30, 2012, the Dow Jones Industrial Average Index returned 6.83%, the Standard & Poor’s 500^® Index returned 9.49%, and the Barclays U.S. Aggregate Bond Index returned 2.37%. It is always 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,

Thomas A. Swank	Christopher A. Staples
President & Chief Executive Officer	Vice President & Chief Investment Officer
Transamerica Asset Allocation Variable Funds	Transamerica Asset Allocation Variable Funds

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	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, 2012 and held for the entire period until June 30, 2012.

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(A)
Fund Name	Beginning Account Value		Ending Account Value		Expenses Paid During Period(B)		Ending Account Value		Expenses Paid During Period(B)		Annualized Expense  Ratio(C)
Transamerica Asset Allocation Variable Funds -
Short Horizon Subaccount	$	1,000.00	$	1,035.00	$	1.01	$	1,023.87	$	1.01		0.20	%
Transamerica Asset Allocation Variable Funds -
Intermediate Horizon Subaccount		1,000.00		1,053.20		1.02		1,023.87		1.01		0.20
Transamerica Asset Allocation Variable Funds -
Intermediate/Long Horizon Subaccount		1,000.00		1,063.00		1.03		1,023.87		1.01		0.20

(A) 5% return per year before expenses.

(B) 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 (182 days), and divided by the number of days in the year (366 days).

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

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    2

Schedules of Investments Composition

At June 30, 2012

(the following charts summarize the Schedule of Investments of each Subaccount by asset type)

(unaudited)

Transamerica Asset Allocation Variable Funds - Short Horizon Subaccount	% of Net Assets
Fixed Income		89.7	%
Domestic Equity		8.2
International Equity		1.9
Money Market		0.2
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%
Transamerica Asset Allocation Variable Funds - Intermediate Horizon Subaccount	% of Net Assets
Fixed Income		49.8	%
Domestic Equity		39.3
International Equity		10.7
Money Market		0.2
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%
Transamerica Asset Allocation Variable Funds - Intermediate/Long Horizon Subaccount	% of Net Assets
Domestic Equity		53.8	%
Fixed Income		29.2
International Equity		16.8
Money Market		0.2
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%

^(A)  Amount rounds to less than (0.1)%.

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    3

Transamerica Asset Allocation Variable –

Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0% p
Domestic Equity - 8.2%
Transamerica Partners Variable Large Growth ‡		5,047	$	281
Transamerica Partners Variable Large Value ‡		5,525		275
Transamerica Partners Variable Small Core ‡		4,696		184
Fixed Income - 89.7%
Transamerica Partners Variable Core Bond ‡		100,559		4,225
Transamerica Partners Variable High Quality Bond ‡		81,628		1,446
Transamerica Partners Variable High Yield Bond ‡		36,912		965
Transamerica Partners Variable Inflation-Protected Securities ‡		52,573		1,497
International Equity - 1.9%
Transamerica Partners Variable International Equity ‡		9,465		175
Money Market - 0.2%
Transamerica Partners Variable Money Market ‡		798		17
Total Investment Companies (cost $7,378) Õ				9,065
Other Assets and Liabilities - Net				(1	)
Net Assets			$	9,064

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $7,378. Aggregate gross/net unrealized appreciation for all securities in which there is an excess of value over tax cost was $1,687.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Investment Companies	$	9,065	$	—	$	—	$	9,065

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    4

Transamerica Asset Allocation Variable –

Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0% p
Domestic Equity - 39.3%
Transamerica Partners Variable Large Growth ‡		59,628	$	3,325
Transamerica Partners Variable Large Value ‡		66,582		3,315
Transamerica Partners Variable Small Core ‡		57,328		2,242
Fixed Income - 49.8%
Transamerica Partners Variable Core Bond ‡		128,346		5,393
Transamerica Partners Variable High Quality Bond ‡		99,971		1,771
Transamerica Partners Variable High Yield Bond ‡		54,735		1,431
Transamerica Partners Variable Inflation-Protected Securities ‡		93,776		2,671
International Equity - 10.7%
Transamerica Partners Variable International Equity ‡		131,287		2,421
Money Market - 0.2%
Transamerica Partners Variable Money Market ‡		1,863		39
Total Investment Companies (cost $19,442) Õ				22,608
Other Assets and Liabilities - Net				(4	)
Net Assets			$	22,604

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $19,442. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,558 and $392, respectively. Net unrealized appreciation for tax purposes is $3,166.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Investment Companies	$	22,608	$	—	$	—	$	22,608

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    5

Transamerica Asset Allocation Variable –

Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
INVESTMENT COMPANIES - 100.0% p
Domestic Equity - 53.8%
Transamerica Partners Variable Large Growth ‡		108,346	$	6,041
Transamerica Partners Variable Large Value ‡		108,593		5,407
Transamerica Partners Variable Small Core ‡		103,737		4,057
Fixed Income - 29.2%
Transamerica Partners Variable Core Bond ‡		100,470		4,221
Transamerica Partners Variable High Quality Bond ‡		31,106		551
Transamerica Partners Variable High Yield Bond ‡		44,160		1,155
Transamerica Partners Variable Inflation- Protected Securities ‡		87,934		2,505
International Equity - 16.8%
Transamerica Partners Variable International Equity ‡		262,671		4,843
Money Market - 0.2%
Transamerica Partners Variable Money Market ‡		2,734		58
Total Investment Companies (cost $25,729) Õ				28,838
Other Assets and Liabilities - Net				(4	)
Net Assets			$	28,834

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Each Subaccount invests its assets in an affiliated fund of Transamerica Partners Variable Funds.

‡ Non-income producing security.

Õ Aggregate cost for federal income tax purposes is $25,729. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,719 and $610, respectively. Net unrealized appreciation for tax purposes is $3,109.

VALUATION SUMMARY (all amounts in thousands): '

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Investment Companies	$	28,838	$	—	$	—	$	28,838

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    6

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2012

(all amounts except unit value in thousands)

(unaudited)

	Short Horizon			Intermediate Horizon				Intermediate/Long Horizon
Assets:
Investments in affiliated investment companies, at value	$	9,065		$	22,608			$	28,838
Receivables:
Units sold		3			5				13
Investments in affiliated investment companies sold		—			8				181
		9,068			22,621				29,032
Liabilities:
Accounts payable and accrued liabilities:
Units redeemed		1			13				105
Investments in affiliated investment companies purchased		1			—		��		89
Investment advisory fees		2			4				4
		4			17				198
Net Assets	$	9,064		$	22,604			$	28,834
Net Assets Consist of:
Cost of accumulation units		4,618			13,210				20,148
Accumulated net investment loss		(231	)		(649	)			(899	)
Undistributed net realized gains		2,990			6,877				6,476
Net unrealized appreciation on investments in affiliated investment companies		1,687			3,166				3,109
Net Assets	$	9,064		$	22,604			$	28,834
Accumulation units		461			1,181				1,533
Unit value	$	19.65		$	19.13			$	18.81
Investments in affiliated investment companies, at cost	$	7,378		$	19,442			$	25,729

STATEMENTS OF OPERATIONS

For the period ended June 30, 2012

(all amounts in thousands)

(unaudited)

	Short Horizon			Intermediate Horizon			Intermediate/Long Horizon
Investment advisory fees	$	9		$	22		$	29
Net investment loss		(9	)		(22	)		(29	)
Net realized and unrealized gain (loss) on investments in affiliates:
Realized gain from investments in affiliated investment companies		167			208			217
Change in net unrealized appreciation on investments in affiliated investment companies		153			955			1,579
Net realized and change in unrealized gain on investments in affiliated investment companies		320			1,163			1,796
Net increase in net assets resulting from operations	$	311		$	1,141		$	1,767

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

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	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 June 30, 2012 (unaudited)			Year Ended December 31, 2011			Period Ended June 30, 2012 (unaudited)			Year Ended December 31, 2011			Period Ended June 30, 2012 (unaudited)			Year Ended December 31, 2011
From operations:
Net investment loss	$	(9	)	$	(19	)	$	(22	)	$	(47	)	$	(29	)	$	(60	)
Net realized gain on investments in affiliated investment companies		167			315			208			994			217			541
Change in net unrealized appreciation (depreciation) on investments in affiliated investment companies		153			80			955			(836	)		1,579			(909	)
Net increase (decrease) in net assets resulting from operations		311			376			1,141			111			1,767			(428	)
From unit transactions:
Units sold		865			1,591			1,256			3,096			1,250			3,376
Units redeemed		(996	)		(2,691	)		(1,392	)		(5,788	)		(2,186	)		(5,936	)
Net decrease in net assets resulting from unit transactions		(131	)		(1,100	)		(136	)		(2,692	)		(936	)		(2,560	)
Total increase (decrease) in net assets		180			(724	)		1,005			(2,581	)		831			(2,988	)
Net assets:
Beginning of period/year		8,884			9,608			21,599			24,180			28,003			30,991
End of period/year	$	9,064		$	8,884		$	22,604		$	21,599		$	28,834		$	28,003
Accumulated net investment loss	$	(231	)	$	(222	)	$	(649	)	$	(627	)	$	(899	)	$	(870	)
Units outstanding beginning of period/year		468			527			1,189			1,334			1,583			1,722
Units sold		45			85			66			169			66			187
Units redeemed		(52	)		(144	)		(74	)		(314	)		(116	)		(326	)
Units outstanding end of period/year		461			468			1,181			1,189			1,533			1,583

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

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    8

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Short Horizon
For a unit outstanding throughout each period	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Unit value
Beginning of period/year	$	18.99		$	18.24		$	16.95		$	14.66		$	16.28		$	15.59
Investment operations
From net investment loss(A)		(0.02	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)		(0.03	)
From net realized and unrealized gains (loss) on investments in affiliated investment companies		0.68			0.79			1.33			2.32			(1.59	)		0.72
Total from investment operations		0.66			0.75			1.29			2.29			(1.62	)		0.69
Unit value
End of period/year	$	19.65		$	18.99		$	18.24		$	16.95		$	14.66		$	16.28
Total return		3.50	%(B)		4.07	%		7.65	%		15.62	%		(9.95	)%		4.43	%
Net assets End of Period/Year (000’s)	$	9,064		$	8,884		$	9,608		$	10,112		$	9,450		$	11,097
Ratio and supplemental data
Expenses to average net assets(C)		0.20	%(D)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment loss, to average net assets		(0.20	)%(D)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(E)		24	%(B)		46	%		36	%		28	%		125	%		55	%

	Intermediate Horizon
For a unit outstanding throughout each period	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Unit value
Beginning of period/year	$	18.17		$	18.13		$	16.22		$	13.46		$	18.16		$	17.44
Investment operations
From net investment loss(A)		(0.02	)		(0.04	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)
From net realized and unrealized gains (loss) on investments in affiliated investment companies		0.98			0.08			1.94			2.79			(4.67	)		0.76
Total from investment operations		0.96			0.04			1.91			2.76			(4.70	)		0.72
Unit value
End of period/year	$	19.13		$	18.17		$	18.13		$	16.22		$	13.46		$	18.16
Total return		5.32	%(B)		0.19	%		11.81	%		20.51	%		(25.88	)%		4.13	%
Net assets End of Period/Year (000’s)	$	22,604		$	21,599		$	24,180		$	24,295		$	21,990		$	32,583
Ratio and supplemental data
Expenses to average net assets(C)		0.20	%(D)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment loss, to average net assets		(0.20	)%(D)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(E)		13	%(B)		42	%		25	%		34	%		111	%		18	%

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

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    9

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Intermediate/Long Horizon
For a unit outstanding throughout each period	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Unit value
Beginning of period/year	$	17.70		$	17.99		$	15.78		$	12.89		$	19.30		$	18.56
Investment operations
From net investment loss(A)		(0.02	)		(0.04	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)
From net realized and unrealized gains (loss) on investments in affiliated investment companies		1.13			(0.25	)		2.24			2.92			(6.38	)		0.78
Total from investment operations		1.11			(0.29	)		2.21			2.89			(6.41	)		0.74
Unit value
End of period/year	$	18.81		$	17.70		$	17.99		$	15.78		$	12.89		$	19.30
Total return		6.30	%(B)		(1.66	)%		14.05	%		22.42	%		(33.21	)%		3.99	%
Net assets End of Period/Year (000’s)	$	28,834		$	28,003		$	30,991		$	30,478		$	33,453		$	52,704
Ratio and supplemental data
Expenses to average net assets(C)		0.20	%(D)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment loss, to average net assets		(0.20	)%(D)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(E)		14	%(B)		34	%		23	%		54	%		105	%		21	%

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

(B) Not annualized.

(C) Ratios exclude expenses incurred by the underlying affiliated investment companies in which the Subaccounts invest.

(D) Annualized.

(E) Does not include the portfolio activity of the underlying affiliated investment companies.

Note: Prior to January 1, 2010, the financial highlights were audited by another 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 2012
	Page    10

NOTES TO FINANCIAL STATEMENTS

At June 30, 2012

(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. 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. The Subaccount utilizes various methods to measure the fair value of its 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 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, which may include Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-advisor, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

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. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material.

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.

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    11

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 2. (continued)

Fair value measurements: Descriptions of the valuation techniques applied to the Subaccount’s major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Investment company securities: 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, 2012, are disclosed in the Valuation Summary of each of the Subaccounts’ Schedule of Investments.

NOTE 3. RELATED PARTY TRANSACTIONS

The Separate Account has entered into an Investment Advisory Agreement with 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. No interested Managing Board Members receives compensation from 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, 2012 were as follows:

	Purchases of affiliated investments:				Proceeds from maturities and sales of affiliated investments:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Short Horizon	$	2,197	$	—	$	2,337	$	—
Intermediate Horizon		2,866		—		3,024		—
Intermediate/Long Horizon		4,142		—		5,107		—

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. Management has evaluated the Separate Account’s tax positions taken for all open tax years (2008-2010), or expected to be taken in the Separate Account’s 2011 tax returns. Each subaccount is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

NOTE 6. SUBSEQUENT EVENT

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

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    12

INVESTMENT ADVISORY AGREEMENTS – CONTRACT RENEWAL

(unaudited)

At a meeting of the Managing Board of Transamerica Asset Allocation Variable Funds (the “Board”) held on June 13-14, 2012, the Board reviewed and considered the renewal of the investment advisory agreements (each, an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of Transamerica Asset Allocation—Intermediate Horizon Subaccount, Transamerica Asset Allocation—Intermediate/Long Horizon Subaccount, and Transamerica Asset Allocation—Short Horizon Subaccount (each a “Fund” and collectively the “Funds”) and Transamerica Asset Management, Inc. (“TAM”).

Following their review and consideration, the Board Members determined that the terms of each Investment Advisory Agreement are reasonable and that the renewal of each agreement is in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the renewal of each Investment Advisory Agreement through June 30, 2013. In reaching their decision, the Board Members requested and received from TAM such information as they deemed reasonably necessary to evaluate the agreements. The Board Members also considered information they had previously received from TAM as part of their regular oversight of each Fund, as well as comparative fee, expense, and performance information prepared by TAM based on information provided by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and other fee and expense information and profitability data prepared by TAM.

In their deliberations, the Independent Board Members had the opportunity to meet privately without representatives of TAM present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement, the Board Members 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 decisions on the considerations discussed below, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; and the professional qualifications of TAM’s portfolio management team.

Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance

The Board considered the short- and longer-term performance of each Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of mutual funds, based on Lipper information, for various trailing periods ended December 31, 2011. On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the applicable Fund’s investment objectives, policies and strategies and competitive with other investment companies.

Management Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of peer investment companies, based on Lipper information. On the basis of these considerations, together with the other information it considered, the Board determined that the management fees to be received by TAM under the Investment Advisory Agreements are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing fund management services, as well as the costs of the provision of administration and other services, to each Fund by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund, as well as the allocation methodology used for calculating profitability.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale, and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica funds overall and the extent to which the Funds benefited from these economies of scale. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Funds through investments in capabilities and services. The Board Members concluded that each Fund’s fee structure reflected economies of scale to date but noted that they will have the opportunity to periodically reexamine whether each Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM, in the future.

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    13

INVESTMENT ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Benefits to TAM or its Affiliates from their Relationships with the Funds

The Board considered any other benefits derived by TAM and its affiliates from their relationship with the Funds. The Board noted that TAM does not realize soft dollar benefits from its relationship with the Funds.

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

Conclusion

After consideration of the factors described above, as well as other factors, the Board Members, including all of the Independent Board Members, concluded that the renewal of each Investment Advisory Agreement is in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of each Investment Advisory Agreement.

Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2012
	Page    14

Transamerica Partners Portfolios

(This page intentionally left blank)

Schedules of Investments Composition

At June 30, 2012

(the following charts summarize the Schedule of Investments of each portfolio by asset type)

(unaudited)

Transamerica Partners Money Market Portfolio	% of Net Assets
Short-Term U.S. Government Obligations		26.9	%
Certificate of Deposit		18.8
Commercial Paper		14.1
Repurchase Agreements		11.6
U.S. Government Agency Obligations		10.8
U.S. Government Obligations		9.7
Short-Term Foreign Government Obligation		2.4
Foreign Government Obligation		1.9
Other Assets and Liabilities - Net		3.8
Total		100.0	%
Transamerica Partners High Quality Bond Portfolio	% of Net Assets
Corporate Debt Securities		38.4	%
Asset-Backed Securities		25.6
Mortgage-Backed Securities		17.4
U.S. Government Obligations		8.3
Securities Lending Collateral		6.0
Repurchase Agreement		3.9
U.S. Government Agency Obligations		3.6
Foreign Government Obligations		2.2
Other Assets and Liabilities - Net		(5.4	)
Total		100.0	%
Transamerica Partners Inflation-Protected Securities Portfolio	% of Net Assets
U.S. Government Obligations		95.9	%
Securities Lending Collateral		4.1
Foreign Government Obligations		2.6
Structured Notes Debt		0.4
Short-Term Investment Company		0.2
Purchased Swaptions		0.1
Mortgage-Backed Security		0.0	(A)
Purchased Options		0.0	(A)
Other Assets and Liabilities - Net(B)		(3.3	)
Total		100.0	%
Transamerica Partners Core Bond Portfolio	% of Net Assets
U.S. Government Agency Obligations		44.1	%
Corporate Debt Securities		29.4
U.S. Government Obligations		15.3
Mortgage-Backed Securities		11.6
Securities Lending Collateral		10.4
Asset-Backed Securities		8.0
Foreign Government Obligations		3.2
Short-Term Investment Company		0.9
Preferred Corporate Debt Securities		0.6
Structured Notes Debt		0.5
Municipal Government Obligations		0.3
Preferred Stocks		0.2
Purchased Swaptions		0.0	(A)
Purchased Options		0.0	(A)
Warrant		0.0	(A)
Other Assets and Liabilities - Net(B)		(24.5	)
Total		100.0	%

Transamerica Partners High Yield Bond Portfolio	% of Net Assets
Corporate Debt Securities		87.1	%
Loan Assignments		6.3
Repurchase Agreement		5.4
Structured Notes Debt		0.8
Common Stocks		0.4
Preferred Stock		0.3
Convertible Preferred Stock		0.1
Warrants		0.0	(A)
Right		0.0	(A)
Preferred Corporate Debt Security		0.0	(A)
Convertible Bond		0.0	(A)
Investment Company		0.0	(A)
Other Assets and Liabilities - Net		(0.4	)
Total		100.0	%
Transamerica Partners Balanced Portfolio	% of Net Assets
Common Stocks		58.7	%
Securities Lending Collateral		18.7
U.S. Government Agency Obligations		17.5
Corporate Debt Securities		11.9
U.S. Government Obligations		5.1
Mortgage-Backed Securities		4.8
Asset-Backed Securities		2.8
Foreign Government Obligations		1.2
Short-Term Investment Company		0.9
Repurchase Agreement		0.7
Preferred Corporate Debt Securities		0.3
Structured Notes Debt		0.2
Short-Term U.S. Government Obligation		0.1
Preferred Stocks		0.1
Municipal Government Obligations		0.1
Warrants		0.0	(A)
Purchased Options		0.0	(A)
Other Assets and Liabilities - Net(B)		(23.1	)
Total		100.0	%
Transamerica Partners Large Value Portfolio	% of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		4.6
Repurchase Agreement		1.7
Other Assets and Liabilities - Net		(4.6	)
Total		100.0	%
Transamerica Partners Large Core Portfolio	% of Net Assets
Common Stocks		98.5	%
Securities Lending Collateral		8.9
Repurchase Agreement		1.5
Other Assets and Liabilities - Net		(8.9	)
Total		100.0	%
Transamerica Partners Large Growth Portfolio	% of Net Assets
Common Stocks		97.4	%
Securities Lending Collateral		6.1
Repurchase Agreement		2.1
Other Assets and Liabilities - Net		(5.6	)
Total		100.0	%

Transamerica Partners Portfolios Semi-Annual Report 2012

Page    1

Schedules of Investments Composition (continued)

At June 30, 2012

(the following charts summarize the Schedule of Investments of each portfolio by asset type)

(unaudited)

Transamerica Partners Mid Value Portfolio	% of Net Assets
Common Stocks		96.3	%
Securities Lending Collateral		11.2
Repurchase Agreement		3.3
Other Assets and Liabilities - Net		(10.8	)
Total		100.0	%
Transamerica Partners Mid Growth Portfolio	% of Net Assets
Common Stocks		99.6	%
Securities Lending Collateral		25.5
Repurchase Agreement		1.4
Other Assets and Liabilities - Net		(26.5	)
Total		100.0	%
Transamerica Partners Small Value Portfolio	% of Net Assets
Common Stocks		97.3	%
Securities Lending Collateral		25.6
Repurchase Agreement		2.2
Other Assets and Liabilities - Net		(25.1	)
Total		100.0	%
Transamerica Partners Small Core Portfolio	% of Net Assets
Common Stocks		97.3	%
Securities Lending Collateral		25.7
Repurchase Agreement		2.4
Short-Term U.S. Government Obligation		0.1
Other Assets and Liabilities - Net(B)		(25.5	)
Total		100.0	%
Transamerica Partners Small Growth Portfolio	% of Net Assets
Common Stocks		96.4	%
Securities Lending Collateral		25.7
Repurchase Agreement		4.4
Warrant		0.0	(A)
Other Assets and Liabilities - Net		(26.5	)
Total		100.0	%
Transamerica Partners International Equity Portfolio	% of Net Assets
Common Stocks		94.1	%
Securities Lending Collateral		9.8
Repurchase Agreement		3.4
Preferred Stock		1.7
Other Assets and Liabilities - Net(B)		(9.0	)
Total		100.0	%

(A) Amount rounds to less than 0.1%.

(B) The other Assets and Liabilities – Net category may include, but is not limited to Forward Foreign Currency contracts, Futures contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, and Cash Collateral.

Transamerica Partners Portfolios Semi-Annual Report 2012

Page    2

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
COMMERCIAL PAPER p - 14.1%
Commercial Banks - 3.9%
Commonwealth Bank of Australia
0.21%, 08/21/2012 - 144A	$	22,600	$	22,594
KFW
0.22%, 08/13/2012 - 144A		13,050		13,046
Consumer Finance - 1.4%
John Deere Capital Corp.
0.14%, 07/19/2012 - 144A		13,200		13,199
Diversified Financial Services - 1.6%
Nordea North America, Inc.
0.29%, 08/22/2012		14,650		14,644
Household Products - 2.3%
Procter & Gamble Co.
0.10%, 07/06/2012 - 144A		8,550		8,550
0.12%, 07/11/2012 - 144A		12,300		12,299
Oil, Gas & Consumable Fuels - 1.3%
Chevron Corp.
0.11%, 08/13/2012 - 144A		12,350		12,348
Pharmaceuticals - 3.6%
Novartis Securities Investment, Ltd.
0.16%, 08/14/2012 - 144A		8,650		8,648
0.18%, 07/09/2012 - 144A		12,350		12,350
Sanofi
0.19%, 09/13/2012 - 144A		12,250		12,245
Total Commercial Paper (cost $129,923)				129,923
CERTIFICATES OF DEPOSIT p - 18.8%
Commercial Banks - 18.8%
Bank of Montreal
0.40%, 09/26/2012 *		11,100		11,100
Bank of Nova Scotia
0.18%, 07/13/2012		18,500		18,500
Barclays
0.20%, 07/18/2012 *		15,050		15,050
HSBC Bank PLC
0.31%, 09/24/2012 - 144A		22,650		22,649
National Australia Bank, Ltd.
0.29%, 10/29/2012		18,450		18,450
Royal Bank of Canada
0.46%, 04/10/2013 *		12,350		12,350
Standard Chartered Bank
0.29%, 09/10/2012 *		18,150		18,150
Svenska Handelsbanken AB
0.03%, 08/03/2012		10,750		10,750
0.27%, 07/10/2012		11,000		11,000
Toronto Dominion Bank
0.21%, 09/18/2012		14,900		14,900
Westpac Banking Corp.
0.47%, 02/11/2013 *		20,850		20,850
Total Certificates of Deposit (cost $173,749)				173,749
SHORT-TERM FOREIGN GOVERNMENT OBLIGATION p - 2.4%
IADB Discount Notes
0.09%, 07/03/2012		21,950		21,950
Total Short-Term Foreign Government Obligation (cost $21,950)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS p - 26.9%
Fannie Mae
0.10%, 08/20/2012		12,350		12,348
0.12%, 09/12/2012		22,400		22,394

	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
Freddie Mac
0.08%, 08/07/2012	$	21,050	$	21,048
0.09%, 07/23/2012		11,700		11,699
0.11%, 07/05/2012 - 08/22/2012		88,550		88,544
0.12%, 07/06/2012 - 08/14/2012		38,750		38,748
0.13%, 08/01/2012 - 10/25/2012		16,650		16,646
0.14%, 09/19/2012		6,250		6,248
U.S. Treasury Bill
0.12%, 08/23/2012		19,050		19,047
0.15%, 09/13/2012		12,300		12,296
Total Short-Term U.S. Government Obligations (cost $249,018)				249,018
FOREIGN GOVERNMENT OBLIGATION - 1.9%
International Bank for Reconstruction & Development 0.80%, 07/13/2012		17,600		17,604
Total Foreign Government Obligation (cost $17,604)
U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.8%
Fannie Mae
0.24%, 07/26/2012 *		27,200		27,204
0.27%, 10/18/2012 *		7,550		7,553
0.63%, 09/24/2012		23,100		23,127
Freddie Mac
0.16%, 08/22/2012		12,350		12,350
0.63%, 10/30/2012		17,250		17,277
1.13%, 07/27/2012		12,600		12,609
Total U.S. Government Agency Obligations (cost $100,120)				100,120
U.S. GOVERNMENT OBLIGATIONS - 9.7%
U.S. Treasury Note
0.38%, 08/31/2012		25,300		25,311
0.50%, 11/30/2012		24,850		24,886
0.63%, 07/31/2012		29,250		29,263
1.38%, 09/15/2012		10,250		10,276
Total U.S. Government Obligations (cost $89,736)				89,736
REPURCHASE AGREEMENTS - 11.6%
Barclays Bank PLC 0.15% p, dated 06/29/2012, to be repurchased at $33,900 on 07/02/2012. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2019, and with a value of $34,578.		33,900		33,900
Deutsche Bank AG 0.15% p, dated 06/29/2012, to be repurchased at $7,700 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 0.50%, due 08/09/2013, and with a value of $7,855.		7,700		7,700
Goldman Sachs 0.14% p, dated 06/29/2012, to be repurchased at $19,300 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 06/14/2017, and with a value of $19,687.		19,300		19,300
HSBC Bank USA 0.13% p, dated 06/29/2012, to be repurchased at $26,860 on 07/02/2012. Collateralized by U.S. Government Agency Obligations, 0.63% - 5.38%, due 09/24/2012 - 04/11/2016, and with a total value of $27,402.		26,860		26,860

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    3

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENTS (continued)
JPMorgan Chase & Co. 0.13%, dated 06/29/2012, to be repurchased at $19,200 on 07/02/2012. Collateralized by a U.S. Government Obligation, 1.38%, due 02/28/2019, and with a value of $19,589.	$	19,200	$	19,200
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $5 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/15/2039, and with a value of $6.		5		5
Total Repurchase Agreements (cost $106,965)				106,965
Total Investment Securities (cost $889,065) Õ				889,065
Other Assets and Liabilities - Net				35,084
Net Assets			$	924,149

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

* Floating or variable rate note. Rate is listed as of 06/29/2012.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $889,065.

DEFINITION (all amounts in thousands):

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 06/30/2012, these securities aggregated $137,928, or 14.92% of the portfolio’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Certificates of Deposit	$	—	$	173,749	$	—	$	173,749
Commercial Paper		—		129,923		—		129,923
Foreign Government Obligation		—		17,604		—		17,604
Repurchase Agreements		—		106,965		—		106,965
Short-Term Foreign Government Obligation		—		21,950		—		21,950
Short-Term U.S. Government Obligations		—		249,018		—		249,018
U.S. Government Agency Obligations		—		100,120		—		100,120
U.S. Government Obligations		—		89,736		—		89,736
Total	$	—	$	889,065	$	—	$	889,065

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    4

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 8.3%
U.S. Treasury Inflation Indexed Note 1.25%, 04/15/2014	$	3,804	$	3,928
U.S. Treasury Note 0.25%, 03/31/2014 - 04/30/2014		19,000		18,978
0.25%, 05/31/2014 ^		11,000		10,986
Total U.S. Government Obligations (cost $33,911)				33,892
U.S. GOVERNMENT AGENCY OBLIGATIONS - 3.6%
Fannie Mae
2.50%, 05/15/2014		950		988
4.00%, 07/25/2033		8		9
5.50%, 12/01/2022		577		634
6.00%, 07/01/2014 - 09/01/2014		89		92
Freddie Mac
3.38%, 03/15/2018		1,427		1,469
4.00%, 09/15/2017		157		159
5.50%, 04/01/2017		205		223
6.00%, 10/15/2021		285		287
6.50%, 02/01/2013 - 04/01/2013		14		14
Ginnie Mae
5.59%, 11/20/2059		4,130		4,561
5.65%, 06/20/2059		4,882		5,428
5.75%, 12/15/2022		662		737
Total U.S. Government Agency Obligations (cost $14,296)				14,601
FOREIGN GOVERNMENT OBLIGATIONS - 2.2%
Province of Ontario Canada 2.30%, 05/10/2016 ^		4,795		5,003
Province of Quebec Canada 4.88%, 05/05/2014 ^		3,650		3,940
Total Foreign Government Obligations (cost $8,819)				8,943
MORTGAGE-BACKED SECURITIES - 17.4%
CFCRE Commercial Mortgage Trust Series 2011-C1, Class A2 3.76%, 04/15/2044 - 144A		3,000		3,199
Commercial Mortgage Pass-Through Certificates Series 2001-J2A, Class B 6.30%, 07/16/2034 - 144A		2,425		2,433
Series 2006-C8, Class A3 5.31%, 12/10/2046		5,690		5,827
Series 2012-9W57, Class A 2.37%, 02/10/2029 - 144A		4,050		4,143
Credit Suisse Mortgage Capital Certificates Series 2007-C5, Class A2 5.59%, 09/15/2040		2,469		2,468
CW Capital Cobalt, Ltd. Series 2006-C1, Class A2 5.17%, 08/15/2048		266		267
DBUBS Mortgage Trust Series 2011-LC1A, Class A1 3.74%, 11/10/2046 - 144A		4,374		4,686
Series 2011-LC3A, Class A2 3.64%, 08/10/2044		1,400		1,509
GS Mortgage Securities Corp. II Series 2006-GG6, Class A2 5.51%, 04/10/2038 *		411		413
Series 2006-GG6, Class AAB 5.59%, 04/10/2038 *		3,358		3,554

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II (continued) Series 2006-GG8, Class AAB 5.54%, 11/10/2039	$	4,076	$	4,282
Series 2007-GG10, Class AAB 5.98%, 08/10/2045 *		5,010		5,271
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2006-LDP7, Class A2 6.05%, 04/15/2045 *		115		115
Series 2007-C1, Class A3 5.79%, 02/15/2051		7,000		7,289
LB-UBS Commercial Mortgage Trust Series 2003-C7, Class A3 4.56%, 09/15/2027 *		4,459		4,474
Series 2005-C7, Class A2 5.10%, 11/15/2030		126		127
Series 2006-C4, Class AAB 6.04%, 06/15/2032 *		3,132		3,257
Series 2006-C7, Class A2 5.30%, 11/15/2038		1,384		1,407
Series 2007-C2, Class A2 5.30%, 02/15/2040		592		592
Merrill Lynch Mortgage Trust Series 2005-MKB2, Class A2 4.81%, 09/12/2042		806		805
Series 2006-C1, Class A2 5.80%, 05/12/2039 *		442		452
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-8, Class A2 6.13%, 08/12/2049 *		1,698		1,771
Sequoia Mortgage Trust Series 2012-2, Class A2 3.50%, 04/25/2042 *		1,217		1,249
Wachovia Bank Commercial Mortgage Trust Series 2003-C9, Class A3 4.61%, 12/15/2035		437		440
Series 2007-C30, Class A3 5.25%, 12/15/2043		1,751		1,814
Series 2007-C30, Class APB 5.29%, 12/15/2043		4,779		4,953
Series 2007-C33, Class A3 6.10%, 02/15/2051 *		4,300		4,523
Total Mortgage-Backed Securities (cost $70,621)				71,320
ASSET-BACKED SECURITIES - 25.6%
AmeriCredit Automobile Receivables Trust Series 2009-1, Class B 9.79%, 04/15/2014		1,000		1,043
Avis Budget Rental Car Funding AESOP LLC Series 2010-5A, Class A 3.15%, 03/20/2017 - 144A		2,000		2,099
BMW Vehicle Owner Trust Series 2010-A, Class A4 2.10%, 10/25/2016		4,000		4,057
CarMax Auto Owner Trust Series 2010-2, Class A3 1.41%, 02/16/2015		2,831		2,844
CenterPoint Energy Transition Bond Co., LLC Series 2009-1, Class A1 1.83%, 02/15/2016		3,105		3,159

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    5

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Chase Issuance Trust Series 2012-A3, Class A3 0.79%, 06/15/2017	$	3,000	$	3,001
Citibank Credit Card Issuance Trust Series 2009-A4, Class A4 4.90%, 06/23/2016		2,100		2,276
CNH Equipment Trust Series 2009-B, Class A4 5.17%, 10/15/2014		1,082		1,092
Series 2009-C, Class A4 3.00%, 08/17/2015		2,172		2,198
Series 2009-C, Class B 4.98%, 04/15/2016		500		513
Series 2010-A, Class B 4.04%, 09/15/2016		2,175		2,258
Series 2010-B, Class A4 1.74%, 01/17/2017		4,400		4,457
Series 2011-B, Class A4 1.29%, 09/15/2017		3,495		3,507
Entergy Texas Restoration Funding LLC Series 2009-A, Class A1 1.00%, 02/01/2016		1,391		1,417
Ford Credit Auto Owner Trust Series 2010-A, Class A3 1.32%, 06/15/2014		1,032		1,035
Series 2010-B, Class A4 1.58%, 09/15/2015		2,725		2,761
Series 2010-B, Class B 2.54%, 02/15/2016		5,500		5,700
Ford Credit Floorplan Master Owner Trust Series 2010-5, Class A1 1.50%, 09/15/2015		2,000		2,019
GE Capital Credit Card Master Note Trust Series 2012-1, Class A 1.03%, 01/15/2018		4,400		4,426
Series 2012-5, Class B 1.51%, 06/15/2018		1,850		1,850
GE Equipment Midticket LLC Series 2009-1, Class A4 3.13%, 11/16/2020		2,415		2,432
GE Equipment Transportation LLC Series 2011-1, Class A4 1.33%, 05/20/2019		1,000		1,005
Honda Auto Receivables Owner Trust Series 2009-2, Class A4 4.43%, 08/15/2012		1,634		1,645
Series 2010-1, Class A3 1.25%, 10/21/2013		541		542
Huntington Auto Trust Series 2011-1A, Class A4 1.31%, 11/15/2016 - 144A		2,000		2,025
Series 2011-1A, Class B 1.84%, 01/17/2017 - 144A		1,500		1,514
Hyundai Auto Receivables Trust Series 2010-B, Class A4 1.63%, 03/15/2017		2,000		2,040
Series 2011-A, Class A4 1.78%, 12/15/2015		3,000		3,061
Macquarie Equipment Funding Trust Series 2011-A, Class A3 1.91%, 04/20/2017 - 144A		1,800		1,818

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Massachusetts RRB Special Purpose Trust Series 2005-1, Class A4 4.40%, 03/15/2015	$	921	$	938
MBNA Credit Card Master Note Trust Series 2004-B1, Class B1 4.45%, 08/15/2016		1,100		1,163
Mercedes-Benz Auto Receivables Trust Series 2010-1, Class A3 1.42%, 08/15/2014		819		823
MMAF Equipment Finance LLC Series 2009-AA, Class A4 3.51%, 01/15/2030 - 144A		5,385		5,607
Series 2011-AA, Class A3 1.27%, 09/15/2015 - 144A		1,350		1,353
North Carolina State Education Assistance Authority Series 2011-2, Class A1 0.92%, 10/26/2020 *		1,174		1,164
Railcar Leasing LLC Series 1, Class A2 7.13%, 01/15/2013 - 144A ə		2,067		2,104
Toyota Auto Receivables Owner Trust Series 2010-A, Class A3 1.27%, 12/16/2013		1,249		1,252
USAA Auto Owner Trust Series 2009-2, Class A4 2.53%, 06/17/2013		1,005		1,017
Series 2010-1, Class A3 1.30%, 06/16/2014		569		570
Volkswagen Auto Loan Enhanced Trust Series 2010-1, Class A4 2.14%, 08/22/2016		1,870		1,894
Series 2011-1, Class A3 1.22%, 06/22/2015		3,250		3,272
World Financial Network Credit Card Master Trust Series 2009-B, Class A 3.79%, 05/15/2016		2,450		2,454
Series 2009-D, Class A 4.66%, 05/15/2017		1,250		1,299
Series 2010-A, Class A 3.96%, 04/15/2019		4,750		5,135
World Omni Auto Receivables Trust Series 2010-A, Class A4 2.21%, 09/15/2013		2,200		2,231
World Omni Automobile Lease Securitization Trust Series 2011-A, Class A3 1.49%, 10/15/2014		3,750		3,772
Series 2012-A, Class B 1.49%, 02/15/2018		865		866
Total Asset-Backed Securities (cost $103,915)				104,708
CORPORATE DEBT SECURITIES - 38.4%
Aerospace & Defense - 0.3%
Lockheed Martin Corp. 2.13%, 09/15/2016		1,320		1,351
Beverages - 3.1%
Anheuser-Busch InBev Worldwide, Inc. 2.50%, 03/26/2013		4,700		4,765
Bottling Group LLC 6.95%, 03/15/2014		4,210		4,653

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    6

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Beverages (continued)
Diageo Finance BV 5.50%, 04/01/2013	$	3,320	$	3,442
Capital Markets - 3.3%
Credit Suisse 5.50%, 05/01/2014		4,230		4,484
Goldman Sachs Group, Inc. 3.63%, 02/07/2016		3,005		3,005
Morgan Stanley 0.77%, 01/09/2014 * ^		6,100		5,802
Chemicals - 0.7%
Airgas, Inc. 4.50%, 09/15/2014 ^		2,591		2,769
Commercial Banks - 5.2%
Bank of Nova Scotia
1.51%, 01/12/2015 *		3,875		3,933
2.55%, 01/12/2017 ^		3,460		3,595
KFW 1.00%, 01/12/2015 ^		1,250		1,262
PNC Funding Corp. 2.70%, 09/19/2016		4,175		4,327
Wells Fargo Bank NA - Series AI 4.75%, 02/09/2015		5,000		5,358
Westpac Banking Corp. 2.25%, 11/19/2012		2,355		2,371
Consumer Finance - 3.9%
American Express Credit Corp. 1.32%, 06/24/2014 * ^		4,345		4,372
2.38%, 03/24/2017		3,305		3,387
Capital One Financial Corp. 2.13%, 07/15/2014		2,195		2,214
Caterpillar Financial Services Corp. 1.38%, 05/20/2014		1,410		1,427
HSBC Finance Corp. 6.38%, 11/27/2012 ^		1,750		1,787
John Deere Capital Corp. 5.25%, 10/01/2012		2,875		2,910
Diversified Consumer Services - 1.6%
Yale University 2.90%, 10/15/2014		6,250		6,587
Diversified Financial Services - 7.8%
Bank of America Corp. 4.90%, 05/01/2013 ^		3,025		3,093
Citigroup, Inc. 5.50%, 10/15/2014		4,625		4,897
CME Group, Inc. 5.40%, 08/01/2013		2,275		2,387
Ford Motor Credit Co., LLC 3.98%, 06/15/2016 - 144A		1,750		1,802
4.21%, 04/15/2016 - 144A		2,060		2,139
General Electric Capital Corp. 1.63%, 07/02/2015		7,700		7,716
JPMorgan Chase & Co. 3.45%, 03/01/2016		5,610		5,815
NYSE Euronext 4.80%, 06/28/2013		3,670		3,816
Electric Utilities - 1.6%
Hydro Quebec 2.00%, 06/30/2016		4,160		4,307
Public Service Electric & Gas Co. 5.13%, 09/01/2012 ^		2,365		2,382
Food & Staples Retailing - 0.3%
CVS Caremark Corp. 3.25%, 05/18/2015		1,100		1,158

	Principal (000’s)		Value (000’s)
Household Products - 0.9%
Procter & Gamble Co. 1.38%, 08/01/2012	$	3,870	$	3,872
Insurance - 3.5%
Berkshire Hathaway, Inc. 3.20%, 02/11/2015		2,465		2,617
Metropolitan Life Global Funding I 2.50%, 09/29/2015 - 144A		7,285		7,467
5.13%, 06/10/2014 - 144A		430		461
New York Life Global Funding 5.38%, 09/15/2013 - 144A		3,745		3,940
Machinery - 0.6%
Caterpillar, Inc. 1.38%, 05/27/2014		2,365		2,395
Media - 0.7%
Comcast Corp. 5.30%, 01/15/2014		2,600		2,766
Office Electronics - 0.8%
Xerox Corp. 8.25%, 05/15/2014		3,005		3,351
Oil, Gas & Consumable Fuels - 1.9%
Shell International Finance BV 4.00%, 03/21/2014 ^		4,025		4,261
Total Capital Canada, Ltd. 1.63%, 01/28/2014 ^		1,960		1,991
Total Capital SA 3.00%, 06/24/2015		1,500		1,592
Pharmaceuticals - 0.5%
Novartis Capital Corp. 4.13%, 02/10/2014		2,015		2,127
Real Estate Investment Trusts - 0.2%
Boston Properties, LP 6.25%, 01/15/2013		776		797
Wireless Telecommunication Services - 1.5%
ALLTEL Corp. 7.00%, 07/01/2012		6,150		6,150
Total Corporate Debt Securities (cost $154,074)				157,100
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 6.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		24,456,288		24,456
Total Securities Lending Collateral (cost $24,456)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.9%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $16,084 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 09/25/2039, and with a value of $16,408.	$	16,084		16,084
Total Repurchase Agreement (cost $16,084)
Total Investment Securities (cost $426,176) Õ				431,104
Other Assets and Liabilities - Net				(22,215	)
Net Assets			$	408,889

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    7

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $23,952.

* Floating or variable rate note. Rate is listed as of 06/29/2012.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $2,104, or 0.51% of the portfolio’s net assets.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $426,176. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,107 and $1,179, respectively. Net unrealized appreciation for tax purposes is $4,928.

DEFINITION (all amounts in thousands):

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 06/30/2012, these securities aggregated $46,790, or 11.44% of the portfolio’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Asset-Backed Securities	$	—	$	104,708	$	—	$	104,708
Corporate Debt Securities		—		157,100		—		157,100
Foreign Government Obligations		—		8,943		—		8,943
Mortgage-Backed Securities		—		71,320		—		71,320
Repurchase Agreement		—		16,084		—		16,084
Securities Lending Collateral		24,456		—		—		24,456
U.S. Government Agency Obligations		—		14,601		—		14,601
U.S. Government Obligations		—		33,892		—		33,892
Total	$	24,456	$	406,648	$	—	$	431,104

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    8

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 95.9%
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042 ^	$	10,324	$	10,830
1.75%, 01/15/2028		10,832		13,572
2.00%, 01/15/2026		3,703		4,726
2.13%, 02/15/2040 - 02/15/2041		18,866		26,851
2.38%, 01/15/2025 - 01/15/2027		26,097		34,548
2.50%, 01/15/2029		7,565		10,498
3.38%, 04/15/2032		922		1,485
3.63%, 04/15/2028		10,461		16,138
3.88%, 04/15/2029		11,866		19,173
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 - 01/15/2022		68,702		71,757
0.13%, 04/15/2017 ^		7,886		8,325
0.50%, 04/15/2015		23,304		24,197
0.63%, 07/15/2021		14,326		15,956
1.13%, 01/15/2021		3,402		3,915
1.25%, 04/15/2014 a		13,739		14,185
1.38%, 01/15/2020 g		4,976		5,785
1.63%, 01/15/2015		2,638		2,804
1.88%, 07/15/2013		7,001		7,170
1.88%, 07/15/2015		6,659		7,241
1.88%, 07/15/2019 g		3,555		4,252
2.00%, 01/15/2014 - 01/15/2016		14,458		15,324
2.13%, 01/15/2019		5,191		6,211
2.38%, 01/15/2017 g		3,416		3,943
2.50%, 07/15/2016		10,119		11,584
2.63%, 07/15/2017		616		732
Total U.S. Government Obligations (cost $320,893)				341,202
FOREIGN GOVERNMENT OBLIGATIONS - 2.6%
Deutsche Bundesrepublik Inflation Linked Bond
0.10%, 04/15/2023		EUR1,112		1,422
1.75%, 04/15/2020		3,859		5,603
Hellenic Republic Government Bond
0.00%, 10/15/2042 *		366		2
2.00%, 02/24/2023 - 02/24/2042 *		366		62
International Bank for Reconstruction & Development CPI	$	315		313
2.09%, 12/10/2013 *
Italy Buoni Poliennali del Tesoro
2.15%, 09/15/2014		EUR1,245		1,534
Total Foreign Government Obligations (cost $9,339)				8,936
MORTGAGE-BACKED SECURITY - 0.0% ¥
GMAC Commercial Mortgage Securities, Inc.
Series 2004-C3, Class A4
4.55%, 12/10/2041	$	154		154
Total Mortgage-Backed Security (cost $147)
STRUCTURED NOTES DEBT - 0.4%
Consumer Finance - 0.2%
SLM Corp. CPI
4.23%, 01/31/2014 * ^		900		883
Diversified Financial Services - 0.2%
Bear Stearns Cos., LLC CPI
5.37%, 03/10/2014 *		649		657
Total Structured Notes Debt (cost $1,492)				1,540

	Shares			Value (000’s)
SHORT-TERM INVESTMENT COMPANY - 0.2%
Capital Markets - 0.2%
BlackRock Provident TempFund 24		723,492		$	723
Total Short-Term Investment Company (cost $723)
	Notional Amount (000’s)			Value (000’s)
PURCHASED OPTIONS - 0.0% ¥
Call Options - 0.0% ¥
10-Year U.S. Treasury Note Future	$	90			10
Call Strike $131.00
Expires 07/27/2012
USD vs. JPY		3,565			2
Call Strike $100.00
Expires 03/28/2013 ə
Total Purchased Options (cost $82)					12
PURCHASED SWAPTIONS - 0.1%
Call Options - 0.1%
If exercised the Series receives floating
3 month LIBOR, and pays 2.50%,
European Style		3,200			428
Expires 06/08/2022
If exercised the Series receives floating
3 month LIBOR, and pays 2.60%,
European Style		4,400			4
Expires 09/19/2012
If exercised the Series receives floating
3 month LIBOR, and pays 3.90%,
European Style		3,600			17
Expires 09/19/2013
Total Purchased Swaptions (cost $601)					449
	Shares			Value (000’s)
SECURITIES LENDING COLLATERAL - 4.1%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.19% p		14,757,146			14,757
Total Securities Lending Collateral (cost $14,757)
Total Investment Securities (cost $348,034) Õ					367,773
Other Assets and Liabilities - Net					(11,728	)
Net Assets				$	356,045
	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS - (0.0%) ¥
Call Options - (0.0%) ¥
Eurostat Eurozone HICP Ex Tobacco
Unrevised Series NSA		EUR(1,070)		$	(56	)
Call Strike $2.50
Expires 04/26/2022
Put Options - (0.0%) ¥
10-Year U.S. Treasury Note Future	$	(90	)		(3	)
Put Strike $129.50
Expires 07/27/2012
Total Written Options (premiums: $(103))					(59	)

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    9

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

WRITTEN SWAPTIONS: p

Description	Counterparty		Floating Rate Index	Pay/Receive Floating Rate		Exercise Rate			Expiration Date		Notional Amount (000’s)			Premiums Received (000’s)			Value (000’s)
Call - Interest Rate Swap, European Style		DUB	3-month USD LIBOR		Receive		1.25	%		06/27/2014	$	(4,500	)	$	(47	)	$	(39	)
Call - Interest Rate Swap, European Style		CITI	3-month USD LIBOR		Receive		2.15			09/09/2013		(3,600	)		(81	)		(132	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR		Pay		2.25			06/27/2014		(4,500	)		(47	)		(55	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR		Pay		2.85			09/19/2012		(4,400	)		(74	)		(1	)
Put - Interest Rate Swap, European Style		DUB	3-month USD LIBOR		Pay		4.50			06/08/2022		(3,200	)		(150	)		(206	)
														$	(399	)	$	(433	)

SWAP AGREEMENTS: p

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)		Premiums Paid (000’s)		Net Unrealized Appreciation (000’s)
3-Month USD-LIBOR		0.47	%		05/10/2022		DUB		USD	$	5,000	$	1,209	$	291	$	918
U.S. CPI Urban Consumers NAS		1.00			10/25/2020		MYC		USD		2,495		4		¿		4
U.S. CPI Urban Consumers NAS		1.00			06/23/2021		DUB		USD		4,345		154		¿		154
												$	1,367	$	291	$	1,076

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)			Premiums Received (000’s)		Net Unrealized Appreciation (Depreciation) (000’s)
3-Month USD-LIBOR		1.14	%		04/23/2017		DUB		USD	$	11,800	$	(112	)	$	¿	$	(112	)
3-Month USD-LIBOR		2.05			02/16/2022		DUB		USD		3,500		(97	)		¿		(97	)
U.S. CPI Urban Consumers NAS		1.84			10/25/2015		MYC		USD		4,730		81			¿		81
												$	(128	)	$	¿	$	(128	)

FUTURES CONTRACTS: e

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year U.S. Treasury Note		Long		263			09/19/2012	$	(47	)
2-Year U.S. Treasury Note		Short		(26	)		09/28/2012		2
30-Year U.S. Treasury Bond		Short		(132	)		09/19/2012		(81	)
3-Month EURIBOR		Long		117			09/15/2014		159
5-Year U.S. Treasury Note		Long		234			09/28/2012		39
German Euro Bund		Long		36			08/24/2012		(16	)
German Euro Bund		Short		(55	)		09/06/2012		205
Ultra Long U.S. Treasury Bond		Short		(67	)		09/19/2012		(74	)
								$	187

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    10

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty	Contracts Bought (Sold) (000’s)			Settlement Date		Amount in U.S. Dollars Bought (Sold) (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Euro	RBS		(180	)		07/25/2012	$	(225	)	$	(3	)
Euro	CITI		(8,708	)		07/25/2012		(11,495	)		473
Euro	RBS		(1,200	)		07/25/2012		(1,511	)		(7	)
Euro	JPM		(2,427	)		07/25/2012		(3,158	)		87
Euro	UBS		132			07/25/2012		166			1
Euro	UBS		4,710			07/25/2012		5,869			93
Euro	CITI		130			07/25/2012		171			(7	)
Euro	UBS		1,285			07/25/2012		1,616			10
Euro	JPM		(1,630	)		08/20/2012		(2,146	)		82
Japanese Yen	JPM		(142,380	)		09/04/2012		(1,776	)		(7	)
Japanese Yen	RBS		(362,391	)		09/04/2012		(4,642	)		104
										$	826

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 06/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received) Pledged (000’s)			Net Exposures(1) (000’s)
CITI	$	334	$	(723	)	$	(389	)
DUB		853		131			984
JPM		162		—			162
MYC		85		—			85
RBS		94		—			94
UBS		104		—			104

(1) Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $14,459.

g A portion of these securities in the amount of $943 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

a A portion of this security in the amount of $131 has been segregated as collateral with the broker for open swap contracts and/or written swaptions.

p Securities with an aggregate market value of $723 have been pledged by the broker as collateral for open swap contracts and/or written swaptions.

e Cash in the amount of $149 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

* Floating or variable rate note. Rate is listed as of 06/29/2012.

¥ Percentage rounds to less than 0.1%.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $2, or less than 0.01% of the portfolio’s net assets.

p Rate shown reflects the yield at 06/29/2012.

P Aggregate cost for federal income tax purposes is $348,034. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $21,198 and $1,459, respectively. Net unrealized appreciation for tax purposes is $19,739.

t Amount is less than 1.

DEFINITIONS:

CITI	Citibank N.A.
CPI	Consumer Price Index
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
HICP	Harmonized Index of Consumer Prices
JPM	JPMorgan Chase
LIBOR	London Interbank Offered Rate
MYC	Morgan Stanley Capital Services
OTC	Over the Counter
RBS	Royal Bank of Scotland
UBS	UBS AG

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    11

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

CURRENCY ABBREVIATIONS:
EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Foreign Government Obligations	$	—		$	8,936		$	—	$	8,936
Mortgage-Backed Security		—			154			—		154
Purchased Options		10			2			—		12
Purchased Swaptions		—			449			—		449
Securities Lending Collateral		14,757			—			—		14,757
Short-Term Investment Company		723			—			—		723
Structured Notes Debt		—			1,540			—		1,540
U.S. Government Obligations		—			341,202			—		341,202
Total	$	15,490		$	352,283		$	—	$	367,773
Other Financial Instruments	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Written Options	$	—		$	(59	)	$	—	$	(59	)
Written Swaptions		—			(433	)		—		(433	)
Total	$	—		$	(492	)	$	—	$	(492	)
Other Financial Instruments ₣	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Futures Contracts - Appreciation	$	405		$	—		$	—	$	405
Futures Contracts - Depreciation		(218	)		—			—		(218	)
Forward Foreign Currency Contracts - Appreciation		—			850			—		850
Forward Foreign Currency Contracts - Depreciation		—			(24	)		—		(24	)
Interest Rate Swaps - Appreciation		—			1,157			—		1,157
Interest Rate Swaps - Depreciation		—			(209	)		—		(209	)
Total	$	187		$	1,774		$	—	$	1,961

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    12

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 15.3%
U.S. Treasury Bond
3.00%, 05/15/2042 a ^	$	50,905	$	53,315
3.13%, 02/15/2042 ^		21,225		22,797
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042 g ^		5,426		5,692
2.13%, 02/15/2041		6,796		9,700
U.S. Treasury Note
0.25%, 05/31/2014 a ^		5,300		5,293
0.38%, 06/15/2015 a		26,005		25,983
0.63%, 05/31/2017		4,835		4,813
0.75%, 06/30/2017		4,755		4,760
1.00%, 06/30/2019		9,735		9,657
1.13%, 05/31/2019 ^		9,785		9,800
1.75%, 05/15/2022 a ^		87,640		88,352
Total U.S. Government Obligations (cost $239,599)				240,162
U.S. GOVERNMENT AGENCY OBLIGATIONS - 44.1%
Fannie Mae
1.95%, 10/09/2019 p		5,460		4,426
2.24%, 01/01/2035 *		55		58
2.26%, 08/01/2034 *		25		27
2.64%, 08/01/2035 *		147		156
3.09%, 03/01/2041 *		1,476		1,545
3.15%, 03/01/2041 *		1,818		1,898
3.31%, 12/01/2040 *		3,148		3,318
3.33%, 06/01/2041 *		2,924		3,077
3.48%, 09/01/2041 *		2,096		2,208
3.50%, 11/01/2026 - 06/01/2042		85,869		90,727
4.00%, 02/01/2025 - 07/01/2042		114,620		123,093
4.50%, 02/01/2025 - 06/01/2041		121,466		130,913
4.63%, 05/01/2013		10,200		10,563
5.00%, 09/01/2033 - 12/01/2035		23,507		25,604
5.25%, 08/01/2012		5,040		5,060
5.50%, 07/01/2014 - 08/01/2037		9,798		10,758
5.69%, 08/01/2037 *		14		15
6.00%, 02/01/2034 - 10/01/2040		35,210		39,270
6.50%, 05/01/2040		14,296		16,141
7.00%, 01/01/2015 - 09/01/2016		86		92
Fannie Mae, TBA
3.50%		15,700		16,502
4.50%		5,800		6,216
5.00%		4,700		5,086
5.50%		6,100		6,651
6.00%		35,500		39,005
Farmer Mac Guaranteed Notes Trust
5.13%, 04/19/2017 - 144A		900		1,059
Freddie Mac
2.18%, 05/01/2037 *		164		172
2.31%, 04/01/2037 *		289		307
2.32%, 02/01/2037 *		64		67
2.63%, 12/01/2034		34		36
2.87%, 12/25/2021		7,850		8,195
2.87%, 05/01/2037 *		143		153
3.04%, 02/01/2041 *		2,226		2,331
3.97%, 01/25/2021 *		3,740		4,194

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
4.75%, 09/01/2035 *	$	3,579	$	3,789
5.00%, 03/01/2038		20,400		21,955
5.50%, 06/15/2015 - 01/01/2040		2,601		2,744
5.50%, 01/01/2038 *		577		620
5.63%, 06/13/2016		9,195		10,597
5.96%, 09/01/2037 *		116		127
6.00%, 09/01/2013 - 05/01/2031		1,552		1,735
Freddie Mac, IO
1.70%, 12/25/2018 *		10,278		848
Freddie Mac, TBA
4.50%		1,400		1,495
FREMF Mortgage Trust
4.16%, 11/25/2044 - 144A *		680		590
Ginnie Mae
6.50%, 12/20/2031		41		47
Ginnie Mae, TBA
4.00%		13,800		15,070
4.50%		25,500		27,878
5.00%		27,500		30,258
Resolution Funding Corp., Interest STRIPS
1.43%, 07/15/2018 p		1,200		1,106
1.47%, 10/15/2018 p		1,200		1,101
Tennessee Valley Authority
5.25%, 09/15/2039		7,500		9,779
5.98%, 04/01/2036		440		615
U.S. Small Business Administration
4.50%, 02/01/2014		349		360
Total U.S. Government Agency Obligations (cost $676,953)				689,637
FOREIGN GOVERNMENT OBLIGATIONS - 3.2%
Deutsche Bundesrepublik Inflation Linked Bond 0.10%, 04/15/2023	EUR	16,145		20,645
Poland Government International Bond 5.00%, 03/23/2022	$	1,200		1,310
5.13%, 04/21/2021		1,465		1,620
Province of Manitoba Canada 1.75%, 05/30/2019		4,050		4,070
Republic of Brazil 7.13%, 01/20/2037		670		966
Republic of Peru 6.55%, 03/14/2037		380		517
Republic of Poland 6.38%, 07/15/2019		490		577
Republic of South Africa 5.50%, 03/09/2020		1,185		1,366
Republic of Turkey 5.63%, 03/30/2021		1,275		1,391
7.00%, 03/11/2019		1,010		1,174
Russian Federation 7.50%, 03/31/2030		5,889		7,070
South Africa Government International Bond 4.67%, 01/17/2024		1,060		1,147
Turkey Government International Bond 6.25%, 09/26/2022		1,670		1,891
United Mexican States 5.13%, 01/15/2020		3,605		4,227

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    13

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Mexican States (continued) 5.63%, 01/15/2017	$	1,693	$	1,970
Total Foreign Government Obligations (cost $49,436)				49,941
MORTGAGE-BACKED SECURITIES - 11.6%
Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2 1.09%, 02/25/2035 *		27		27
American Home Mortgage Assets LLC Series 2006-2, Class 2A1 0.44%, 09/25/2046 *		1,137		586
Banc of America Funding Corp. Series 2005-E, Class 4A1 2.65%, 03/20/2035 *		404		374
Banc of America Large Loan, Inc. Series 2010-HLTN, Class HLTN 1.99%, 11/15/2015 - 144A *		6,494		6,153
Series 2010-UB4, Class A4A 5.04%, 12/20/2041 - 144A *		3,510		3,686
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2007-1, Class AMFX 5.48%, 01/15/2049 *		245		250
Series 2007-3, Class A2 5.81%, 06/10/2049 *		715		719
Series 2007-3, Class A4 5.81%, 06/10/2049 *		4,240		4,790
Banc of America Re-REMIC Trust Series 2011-07C1, Class A3A 5.38%, 11/15/2016 - 144A		1,000		1,068
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-8, Class 14A1 5.36%, 11/25/2034 *		2,055		1,725
Series 2005-1, Class 4A1 5.27%, 03/25/2035 *		2,284		2,153
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2 2.94%, 11/25/2034 *		134		92
Bear Stearns Commercial Mortgage Securities Series 2005-PW10, Class AM 5.45%, 12/11/2040 *		610		637
Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2 0.46%, 12/25/2046 *		1,078		196
Commercial Mortgage Pass-Through Certificates Series 2006-C8, Class AM 5.35%, 12/10/2046		2,050		2,095
Commercial Mortgage Pass-Through Certificates, IO Series 2012-CR1, Class XA 2.45%, 05/15/2045 *		21,134		2,918
Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A 0.56%, 08/25/2035 *		1,915		996
Series 2005-36, Class 3A1 2.66%, 08/25/2035 *		203		127

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Countrywide Alternative Loan Trust (continued) Series 2005-51, Class 3A3A 0.56%, 11/20/2035 *	$	1,645	$	914
Series 2005-59, Class 1A1 0.57%, 11/20/2035 *		249		143
Series 2005-50CB, Class 1A1 5.50%, 11/25/2035		4,187		3,222
Series 2006-OA21, Class A1 0.43%, 03/20/2047 *		4,607		2,354
Series 2007-5CB, Class 1A31 5.50%, 04/25/2037		3,050		1,942
Countrywide Home Loan Mortgage Pass- Through Trust Series 2003-60, Class 1A1 3.07%, 02/25/2034 *		216		188
Series 2004-23, Class A 2.55%, 11/25/2034 *		122		68
Series 2004-R2, Class 1AF1 0.67%, 11/25/2034 - 144A *		62		49
Series 2005-3, Class 1A2 0.54%, 04/25/2035 *		349		220
Series 2006-OA5, Class 2A1 0.45%, 04/25/2036 *		1,924		1,023
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-C3, Class A5 3.94%, 05/15/2038		13,117		13,311
Series 2004-AR5, Class 7A2 2.92%, 06/25/2034 *		473		459
Credit Suisse Mortgage Capital Certificates Series 2007-C2, Class A2 5.45%, 01/15/2049 *		754		763
Series 2011-4R, Class 5A1 5.15%, 05/27/2036 - 144A *		4,046		3,797
DBRR Trust Series 2011-C32, Class A3A 5.93%, 06/17/2049 - 144A *		1,500		1,689
Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2007-1, Class 1A3B 0.39%, 08/25/2037 *		13,058		8,080
Deutsche Mortgage Securities, Inc. Series 2005-WF1, Class 1A3 5.25%, 06/26/2035 - 144A *		1,270		1,228
Extended Stay America Trust Series 2010-ESHA, Class B 4.22%, 11/05/2027 - 144A		6,121		6,180
Series 2010-ESHA, Class C 4.86%, 11/05/2027 - 144A		835		844
Series 2010-ESHA, Class D 5.50%, 11/05/2027 - 144A		360		363
First Horizon Alternative Mortgage Securities Series 2006-FA8, Class 1A8 0.62%, 02/25/2037 *		452		228
GMAC Mortgage Corp., Loan Trust Series 2003-AR2, Class 1A1 3.63%, 12/19/2033 *		35		34

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    14

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
GMAC Mortgage Corp., Loan Trust (continued) Series 2005-AR1, Class 3A 3.22%, 03/18/2035 *	$	130	$	115
Greenpoint Mortgage Funding Trust Series 2006-AR4, Class A1A 0.35%, 09/25/2046 *		¿		u
Greenwich Capital Commercial Funding Corp. Series 2005-GG3, Class A3 4.57%, 08/10/2042		10,717		10,844
Series 2006-GG7, Class AJ 6.07%, 07/10/2038 *		1,270		1,127
GS Mortgage Securities Corp. II Series 2005-GG4, Class A4A 4.75%, 07/10/2039		3,175		3,428
Series 2007-GG10, Class A4 5.98%, 08/10/2045 *		3,430		3,807
GSR Mortgage Loan Trust Series 2005-AR1, Class 2A1 2.76%, 01/25/2035 *		2,637		2,313
Impac CMB Trust Series 2004-6, Class 1A1 1.05%, 10/25/2034 *		70		56
IndyMac INDA Mortgage Loan Trust Series 2006-AR2, Class 4A1 5.47%, 09/25/2036 *		2,174		1,644
Series 2007-AR7, Class 1A1 5.56%, 09/25/2037 *		680		537
IndyMac Index Mortgage Loan Trust Series 2005-AR14, Class 2A1A 0.55%, 07/25/2035 *		1,593		1,061
Series 2007-AR15, Class 2A1 4.83%, 08/25/2037 *		1,211		836
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-CB8, Class A1A 4.16%, 01/12/2039 - 144A		1,428		1,472
Series 2004-LN2, Class A2 5.12%, 07/15/2041		3,470		3,683
Series 2006-CB14, Class AM 5.64%, 12/12/2044 *		1,420		1,444
Series 2007-CB18, Class A3 5.45%, 06/12/2047		3,352		3,535
Series 2007-LD11, Class ASB 6.01%, 06/15/2049 *		1,864		2,009
JPMorgan Chase Commercial Mortgage Securities Corp., IO Series 2012-CBX, Class XA 2.07%, 06/15/2045 *		9,950		1,135
JPMorgan Mortgage Trust Series 2004-A1, Class 1A1 4.74%, 02/25/2034 *		307		306
Series 2006-A2, Class 5A1 2.66%, 11/25/2033 *		207		208
Series 2006-S2, Class 2A2 5.88%, 06/25/2021		516		489
Series 2006-S3, Class 1A12 6.50%, 08/25/2036		1,187		1,051

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust (continued) Series 2007-S1, Class 1A2 5.50%, 03/25/2022	$	418	$	393
LB-UBS Commercial Mortgage Trust Series 2003-C7, Class A3 4.56%, 09/15/2027 *		7,246		7,272
Series 2007-C1, Class AM 5.46%, 02/15/2040		1,300		1,356
Series 2007-C2, Class A3 5.43%, 02/15/2040		9,658		10,780
Series 2007-C6, Class A4 5.86%, 07/15/2040 *		2,355		2,690
Series 2007-C7, Class A3 5.87%, 09/15/2045 *		3,190		3,656
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1 2.84%, 11/25/2035 - 144A *		871		475
Merrill Lynch Mortgage Investors, Inc. Series 2004-A1, Class 2A1 2.69%, 02/25/2034 *		420		411
Series 2004-A3, Class 4A3 4.97%, 05/25/2034 *		271		271
Series 2005-A3, Class A1 0.52%, 04/25/2035 *		86		69
Series 2005-A4, Class 2A2 2.86%, 07/25/2035 *		416		347
MLCC Mortgage Investors, Inc. Series 2003-F, Class A1 0.89%, 10/25/2028 *		97		88
Morgan Stanley Capital I, Inc. Series 1998-WF2, Class G 6.34%, 01/15/2013 - 144A *		2,410		2,517
Series 2007-IQ15, Class A2 6.04%, 06/11/2049 *		2,194		2,194
Morgan Stanley Capital I, Inc., IO Series 2012-C4, Class XA 2.89%, 03/15/2045 - 144A *		18,225		2,743
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A2 2.75%, 10/25/2034 *		357		311
Series 2006-3AR, Class 2A3 2.88%, 03/25/2036 *		744		415
Morgan Stanley Re-REMIC Trust 2.00%, 07/27/2049		2,987		2,995
Series 2011-IO, Class A 2.50%, 03/23/2051 - 144A		3,600		3,628
Nomura Asset Acceptance Corp. Series 2004-R2, Class A1 6.50%, 10/25/2034 - 144A *		149		147
Prime Mortgage Trust Series 2006-DR1, Class 2A2 6.00%, 05/25/2035 - 144A		782		701
RALI Trust Series 2007-QO1, Class A1 0.40%, 02/25/2047 *		806		438
Series 2007-QO4, Class A1A 0.44%, 05/25/2047 *		1,562		920

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    15

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
RBSCF Trust Series 2010-RR3, Class WBTA 6.10%, 04/16/2017 - 144A *	$	8,050	$	8,980
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 1A4 0.70%, 01/25/2037 *		803		366
S2 Hospitality LLC Series 2012-LV1, Class A 4.50%, 04/15/2025 - 144A		2,750		2,763
Structured Adjustable Rate Mortgage Loan Trust Series 2004-20, Class 3A1 2.75%, 01/25/2035 *		643		527
Series 2005-15, Class 1A1 2.69%, 07/25/2035 *		922		608
Series 2007-3, Class 3A1 5.17%, 04/25/2047 *		3,034		2,028
Structured Asset Mortgage Investments, Inc. Series 2003-AR4, Class A1 0.94%, 01/19/2034 *		97		83
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4 3.53%, 05/10/2063		1,340		1,363
Voyager BRSTN Delaware Trust, IO Series 2009-1, Class UAU7 0.50%, 12/26/2036 - 144A *		692		542
WaMu Alternative Mortgage Pass-Through Certificates Series 2006-AR3, Class A1A 1.12%, 05/25/2046 *		2,117		1,062
WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A 0.54%, 07/25/2045 *		102		83
Series 2006-AR14, Class 1A3 2.25%, 11/25/2036 *		1,827		1,296
Series 2007-OA6, Class 1A1B 0.97%, 07/25/2047 *		2,129		626
Total Mortgage-Backed Securities (cost $187,007)				181,935
ASSET-BACKED SECURITIES - 8.0%
321 Henderson Receivables I LLC Series 2010-1A, Class A 5.56%, 07/15/2059 - 144A		5,389		5,999
Series 2010-2A, Class A 4.07%, 01/15/2048 - 144A		1,699		1,764
Series 2010-3A, Class A 3.82%, 12/15/2048 - 144A		3,463		3,528
Series 2012-1A, Class A 4.21%, 02/16/2065 - 144A		1,948		1,969
AH Mortgage Advance Trust Series SART-1, Class A1R 2.23%, 05/10/2043 - 144A		1,565		1,565
Series SART-3, Class 1A1 2.98%, 03/13/2043 - 144A		2,555		2,575
AmeriCredit Automobile Receivables Trust Series 2011-5, Class C 3.44%, 10/08/2017		1,650		1,689
Series 2012-2, Class C 2.64%, 10/10/2017		1,400		1,426

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust (continued)
Series 2012-2, Class D 3.38%, 04/09/2018	$	1,900	$	1,911
Series 2012-3, Class C 2.42%, 05/08/2018		1,350		1,350
Series 2012-3, Class D 3.03%, 07/09/2018		900		900
Amortizing Residential Collateral Trust Series 2002-BC5, Class M1 1.28%, 07/25/2032 *		315		240
CarMax Auto Owner Trust Series 2012-1, Class B 1.76%, 08/15/2017		855		858
Series 2012-1, Class C 2.20%, 10/16/2017		510		514
Series 2012-1, Class D 3.09%, 08/15/2018		640		642
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2003-4, Class 1A5 5.42%, 05/25/2033 *		1,029		990
Chesapeake Funding LLC Series 2012-1A, Class B 1.84%, 11/07/2023 - 144A *		1,235		1,235
Series 2012-1A, Class C 2.24%, 11/07/2023 - 144A *		795		795
Conseco Finance Securitizations Corp. Series 2002-1, Class A 6.68%, 12/01/2033 *		833		874
Series 2002-2, Class A2 6.03%, 03/01/2033 *		1,190		1,241
Countrywide Home Equity Loan Trust Series 2006-RES, Class 4Q1B 0.54%, 12/15/2033 - 144A *		303		205
DT Auto Owner Trust Series 2011-3A, Class C 4.03%, 02/15/2017 - 144A		1,010		1,025
Series 2012-1A, Class B 2.26%, 10/16/2017 - 144A		1,360		1,360
Series 2012-1A, Class C 3.38%, 10/16/2017 - 144A		810		810
Series 2012-1A, Class D 4.94%, 07/16/2018 - 144A		1,750		1,752
Ford Credit Floorplan Master Owner Trust Series 2010-5, Class C 2.07%, 09/15/2015 - 144A		1,260		1,268
Series 2010-5, Class D 2.41%, 09/15/2015 - 144A		670		674
Series 2011-2, Class C 2.37%, 09/15/2015		1,600		1,602
Series 2011-2, Class D 2.86%, 09/15/2015		1,110		1,112
Series 2012-1, Class B 1.14%, 01/15/2016 *		750		750
Series 2012-1, Class C 1.74%, 01/15/2016 *		1,955		1,955
Series 2012-1, Class D 2.34%, 01/15/2016 *		1,830		1,830

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    16

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust (continued)
Series 2012-2, Class C 2.86%, 01/15/2019	$	455	$	459
Series 2012-2, Class D 3.50%, 01/15/2019		815		821
Globaldrive BV
Series 2008-2, Class A 4.00%, 10/20/2016		432		548
Hyundai Auto Receivables Trust
Series 2012-A, Class D 2.61%, 05/15/2018		2,235		2,250
Lehman XS Trust
Series 2007-2N, Class 3A1 0.34%, 02/25/2037 *		¿		¿
Merrill Lynch Mortgage Investors, Inc.
Series 2007-SD1, Class A1 0.70%, 02/25/2047 *		1,276		568
Nelnet Student Loan Trust
Series 2006-1, Class A5 0.58%, 08/23/2027 *		2,230		2,109
Series 2008-3, Class A4 2.12%, 11/25/2024 *		2,500		2,597
PFS Financing Corp.
Series 2012-AA, Class A 1.44%, 02/15/2016 - 144A *		1,970		1,977
RAAC Series
Series 2007-RP4, Class A 0.60%, 06/25/2037 - 144A *		1,287		653
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6 5.88%, 06/25/2037 *		1,485		632
Santander Consumer Acquired Receivables Trust
Series 2011-S1A, Class B 1.66%, 08/15/2016 - 144A		2,173		2,157
Series 2011-S1A, Class C 2.01%, 08/15/2016 - 144A		1,659		1,647
Series 2011-WO, Class C 3.19%, 10/15/2015 - 144A		2,490		2,504
Santander Drive Auto Receivables Trust
Series 2010-2, Class C 3.89%, 07/17/2017		4,520		4,682
Series 2011-1, Class D 4.01%, 02/15/2017		2,500		2,547
Series 2011-S1A, Class B 1.48%, 07/15/2013 - 144A		1,447		1,444
Series 2011-S1A, Class D 3.10%, 03/15/2013 - 144A		1,339		1,342
Series 2012-1, Class B 2.72%, 05/16/2016		1,000		1,016
Series 2012-1, Class C 3.78%, 11/15/2017		1,345		1,384
Series 2012-2, Class C 3.20%, 02/15/2018		4,455		4,502
Series 2012-2, Class D 3.87%, 02/15/2018		2,740		2,767
Series 2012-3, Class B 1.94%, 12/15/2016		3,285		3,287

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2012-3, Class C 3.01%, 04/16/2018	$	4,475	$	4,482
Series 2012-3, Class D 3.64%, 05/15/2018		3,685		3,697
Series 2012-4, Class C 2.94%, 12/15/2017		1,400		1,400
Series 2012-4, Class D 3.50%, 06/15/2018		1,890		1,890
Scholar Funding Trust
Series 2011-A, Class A 1.37%, 10/28/2043 - 144A *		2,155		2,109
Securitized Asset Backed Receivables LLC
Series 2007-BR3, Class A2B 0.47%, 04/25/2037 *		2,610		1,047
SLC Student Loan Trust
Series 2008-1, Class A4A 2.07%, 12/15/2032 *		400		410
SLM Student Loan Trust
Series 2004-B, Class A2 0.67%, 06/15/2021 *		805		778
Series 2008-5, Class A4 2.17%, 07/25/2023 *		2,445		2,543
Series 2011-C, Class A2B 4.54%, 10/17/2044 - 144A		1,540		1,634
Series 2012-A, Class A1 1.64%, 08/15/2025 - 144A *		1,388		1,399
Series 2012-A, Class A2 3.83%, 01/17/2045 - 144A		1,385		1,433
Series 2012-B, Class A2 3.48%, 10/15/2030 - 144A		2,250		2,306
Series 2012-C, Class A1 1.34%, 08/15/2023 - 144A *		3,140		3,140
Series 2012-C, Class A2 3.31%, 10/15/2046 - 144A		4,850		4,865
Structured Asset Securities Corp.
Series 2003-AL2, Class A 3.36%, 01/25/2031 - 144A		2,600		2,389
Series 2007-TC1, Class A 0.55%, 04/25/2031 - 144A *		1,543		1,192
U.S. Small Business Administration
Series 2002-P10B, Class 1 5.20%, 08/10/2012		278		279
Total Asset-Backed Securities (cost $127,828)				125,294
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		1,670		1,917
5.50%, 06/15/2043		2,000		2,324
Total Municipal Government Obligations (cost $3,617)				4,241
PREFERRED CORPORATE DEBT SECURITIES - 0.6%
Capital Markets - 0.0% ¥
State Street Capital Trust IV 1.47%, 06/15/2037 *		290		210

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    17

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000's)		Value (000's)
Commercial Banks - 0.3%
Capital One Capital V 10.25%, 08/15/2039 ^	$	875	$	893
Capital One Capital VI 8.88%, 05/15/2040		2,810		2,855
Fifth Third Capital Trust IV 6.50%, 04/15/2037 *		2,125		2,111
Diversified Financial Services - 0.1%
JPMorgan Chase Capital XXV - Series Y 6.80%, 10/01/2037		875		875
Lehman Brothers Holdings Capital Trust VII 5.86%, 08/02/2012 ‡ ə Ž Џ §		1,945		u
Insurance - 0.2%
MetLife Capital Trust IV 7.88%, 12/15/2037 - 144A		2,480		2,753
Total Preferred Corporate Debt Securities (cost $11,601)				9,697
CORPORATE DEBT SECURITIES - 29.4%
Aerospace & Defense - 0.2%
Sequa Corp.
11.75%, 12/01/2015 - 144A		1,150		1,214
United Technologies Corp.
3.10%, 06/01/2022		720		754
4.50%, 06/01/2042		650		714
Auto Components - 0.1%
BorgWarner, Inc.
4.63%, 09/15/2020		1,185		1,291
Capital Markets - 0.4%
BP Capital Markets PLC 3.13%, 10/01/2015		1,370		1,456
Goldman Sachs Group, Inc. 5.75%, 01/24/2022		4,920		5,194
Chemicals - 0.4%
CF Industries, Inc. 7.13%, 05/01/2020		4,340		5,284
Dow Chemical Co. 4.13%, 11/15/2021 ^		1,460		1,566
Westlake Chemical Corp. 6.63%, 01/15/2016		44		45
Commercial Banks - 2.1%
ABN Amro Bank NV 6.38%, 04/27/2021		EUR380		477
Bank of Scotland PLC 5.25%, 02/21/2017 - 144A	$	2,150		2,365
Canadian Imperial Bank of Commerce 2.60%, 07/02/2015 - 144A ^		2,420		2,545
CIT Group, Inc. 6.63%, 04/01/2018 - 144A		761		820
Commerzbank AG 6.38%, 03/22/2019		EUR1,000		1,088
Credit Suisse 5.40%, 01/14/2020	$	925		962
Discover Bank
7.00%, 04/15/2020 ^		330		384
8.70%, 11/18/2019		1,490		1,851
Eksportfinans ASA 5.50%, 05/25/2016 ^		1,770		1,739
Glitnir Banki HF
6.33%, 07/28/2011 - 144A ‡ Џ		290		78
6.69%, 06/15/2016 - 144A ‡ Џ ə		800		u

	Principal (000's)		Value (000's)
Commercial Banks (continued)
HSBC Bank Brasil SA - Banco Multiplo 4.00%, 05/11/2016 - 144A	$	5,850	$	5,938
HSBC Bank PLC 3.10%, 05/24/2016 - 144A		2,900		2,995
HSBC Holdings PLC 6.10%, 01/14/2042 ^		1,275		1,561
KFW 1.38%, 07/15/2013		3,000		3,030
Landsbanki Islands HF 6.10%, 08/25/2011 - 144A ‡ Џ		320		16
Russian Agricultural Bank OJSC Via RSHB Capital SA 6.30%, 05/15/2017 - 144A		170		180
Sparebank 1 Boligkreditt AS 2.30%, 06/30/2017 - 144A		2,495		2,506
Wells Fargo & Co. 3.50%, 03/08/2022		4,360		4,486
Construction Materials - 0.0% ¥
Lafarge SA 7.13%, 07/15/2036 ^		579		573
Consumer Finance - 0.2%
SLM Corp. 6.25%, 01/25/2016		2,845		2,987
Diversified Financial Services - 3.2%
Bank of America Corp.
3.88%, 03/22/2017 ^		2,225		2,267
5.70%, 01/24/2022 ^		6,050		6,663
6.50%, 08/01/2016 ^		1,215		1,334
7.63%, 06/01/2019		1,350		1,587
Caisse Centrale Desjardins du Quebec 2.55%, 03/24/2016 - 144A		4,535		4,773
Citigroup, Inc.
4.45%, 01/10/2017		900		943
4.59%, 12/15/2015		9,890		10,346
Ford Motor Credit Co., LLC 6.63%, 08/15/2017		1,740		1,979
General Electric Capital Corp. - Series A 6.88%, 01/10/2039		2,130		2,748
JPMorgan Chase & Co. 3.15%, 07/05/2016		4,256		4,377
JPMorgan Chase Bank NA
6.00%, 07/05/2017 ^		7,750		8,643
6.00%, 10/01/2017		570		638
Kaupthing Bank Hf 7.13%, 05/19/2016 - 144A ‡ ə Џ		200		u
Northern Rock Asset Management PLC 5.63%, 06/22/2017 - 144A		1,335		1,446
Swiss Re Capital I LP 6.85%, 05/25/2016 - 144A * Ž		2,285		2,105
Diversified Telecommunication Services - 0.8%
Intelsat Jackson Holdings SA 7.25%, 04/01/2019 ^		1,412		1,483
Level 3 Financing, Inc.
8.13%, 07/01/2019		2,053		2,107
8.75%, 02/15/2017		377		392
Sprint Capital Corp. 6.88%, 11/15/2028		822		662

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    18

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.
3.50%, 11/01/2021	$	2,080	$	2,215
6.10%, 04/15/2018		2,223		2,707
6.40%, 02/15/2038		1,004		1,304
Virgin Media Secured Finance PLC
6.50%, 01/15/2018		2,160		2,349
Electric Utilities - 2.3%
Alabama Power Co. 3.95%, 06/01/2021		1,905		2,083
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		468		529
8.88%, 11/15/2018		459		613
Duke Energy Carolinas LLC 4.25%, 12/15/2041		1,560		1,682
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/01/2020 ^		6,135		6,672
Florida Power Corp. 6.40%, 06/15/2038		1,000		1,364
Georgia Power Co. 3.00%, 04/15/2016		3,370		3,604
Hydro Quebec
8.05%, 07/07/2024		8,200		12,128
8.40%, 01/15/2022		3,065		4,434
Jersey Central Power & Light Co. 7.35%, 02/01/2019 ^		1,025		1,299
Trans-Allegheny Interstate Line Co. 4.00%, 01/15/2015 - 144A		1,050		1,103
Energy Equipment & Services - 1.4%
El Paso Pipeline Partners Operating Co., LLC 6.50%, 04/01/2020		2,440		2,832
Ensco PLC
3.25%, 03/15/2016		700		735
4.70%, 03/15/2021 ^		1,459		1,589
Enterprise Products Operating LLC 6.13%, 10/15/2039		2,030		2,300
Pride International, Inc. 6.88%, 08/15/2020		995		1,221
Rockies Express Pipeline LLC 3.90%, 04/15/2015 - 144A ^		2,084		2,006
Transocean, Inc.
5.05%, 12/15/2016		3,600		3,905
6.00%, 03/15/2018		2,600		2,904
6.50%, 11/15/2020		4,500		5,104
Food Products - 0.5%
Kraft Foods Group, Inc.
3.50%, 06/06/2022 - 144A		2,097		2,152
5.00%, 06/04/2042 - 144A		536		567
Kraft Foods, Inc. 6.50%, 08/11/2017 - 02/09/2040		3,480		4,391
Health Care Equipment & Supplies - 0.4%
Boston Scientific Corp. 6.25%, 11/15/2015		5,230		5,858

	Principal (000’s)		Value (000’s)
Health Care Providers & Services - 0.7%
HCA, Inc.
6.50%, 02/15/2020	$	1,498	$	1,623
7.25%, 09/15/2020		4,395		4,835
Tenet Healthcare Corp.
6.25%, 11/01/2018		2,010		2,126
8.88%, 07/01/2019 ^		1,415		1,588
UnitedHealth Group, Inc. 3.38%, 11/15/2021 ^		665		699
Hotels, Restaurants & Leisure - 0.5%
Caesars Entertainment Operating Co., Inc. 10.00%, 12/15/2018 ^		1,685		1,152
MGM Resorts International
10.38%, 05/15/2014		1,710		1,928
11.13%, 11/15/2017		2,240		2,514
Wyndham Worldwide Corp. 4.25%, 03/01/2022		2,815		2,835
Household Products - 0.3%
Reynolds Group Issuer, Inc.
6.88%, 02/15/2021 - 144A		2,320		2,413
7.88%, 08/15/2019 - 144A ^		2,595		2,809
Independent Power Producers & Energy Traders - 0.1%
Exelon Generation Co. LLC 4.25%, 06/15/2022 - 144A		821		824
Insurance - 3.6%
Allianz Finance II BV 5.75%, 07/08/2041 *		EUR2,400		2,736
American International Group, Inc.
3.80%, 03/22/2017	$	3,465		3,532
4.88%, 06/01/2022		4,010		4,103
5.45%, 05/18/2017		1,555		1,688
8.18%, 05/15/2058 *		805		873
AXA SA 5.25%, 04/16/2040 *		EUR1,800		1,816
Fairfax Financial Holdings, Ltd. 5.80%, 05/15/2021 - 144A	$	1,428		1,398
Hartford Financial Services Group, Inc. 6.00%, 01/15/2019 ^		1,470		1,575
ING Verzekeringen NV 2.51%, 06/21/2021 *		EUR380		451
Lincoln National Corp. 7.00%, 06/15/2040	$	1,450		1,710
Manulife Financial Corp. 3.40%, 09/17/2015		3,480		3,576
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		17,330		17,493
2.88%, 09/17/2012 - 144A		1,525		1,531
Muenchener Rueckversicherungs AG 6.00%, 05/26/2041 *		EUR1,400		1,736
Prudential Financial, Inc.
4.50%, 11/15/2020 ^	$	1,000		1,060
4.75%, 09/17/2015		3,595		3,870
5.38%, 06/21/2020 ^		1,500		1,660
7.38%, 06/15/2019 ^		1,630		1,989
XL Group PLC 6.50%, 04/15/2017 * Ž		2,410		1,958

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    19

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Machinery - 0.1%
Joy Global, Inc.
5.13%, 10/15/2021	$	900	$	988
Media - 2.8%
CBS Corp.
4.63%, 05/15/2018 ^		670		731
5.75%, 04/15/2020		1,060		1,233
8.88%, 05/15/2019		1,460		1,931
CCH II LLC
13.50%, 11/30/2016		5,880		6,555
Clear Channel Worldwide Holdings, Inc. Series B
9.25%, 12/15/2017		950		1,036
Comcast Corp.
4.65%, 07/15/2042		2,665		2,666
5.88%, 02/15/2018		2,709		3,203
6.95%, 08/15/2037		2,935		3,770
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		3,525		4,961
CSC Holdings LLC
8.50%, 04/15/2014		1,166		1,283
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.15%, 03/15/2042 ^		840		845
6.38%, 03/01/2041		1,910		2,187
NBCUniversal Media LLC
4.38%, 04/01/2021		575		633
5.15%, 04/30/2020		5,746		6,596
News America, Inc.
6.65%, 11/15/2037		40		47
7.63%, 11/30/2028		1,070		1,263
Time Warner Cable, Inc.
5.50%, 09/01/2041		2,070		2,252
5.88%, 11/15/2040		2,045		2,289
Time Warner, Inc.
4.70%, 01/15/2021		950		1,059
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc.
2.15%, 03/01/2017 ^		735		725
Novelis, Inc.
8.75%, 12/15/2020		2,735		2,947
Old AII, Inc.
9.00%, 12/15/2014 ə Ώ Џ ‡		560		u
Multiline Retail - 0.7%
Dollar General Corp.
11.88%, 07/15/2017 * Ώ		3,630		3,852
Macy's Retail Holdings, Inc.
5.90%, 12/01/2016		3,455		3,982
7.45%, 07/15/2017		2,484		3,025
Multi-Utilities - 0.5%
Dominion Resources, Inc.
1.95%, 08/15/2016		2,650		2,700
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037 ^		4,565		5,663
Oil, Gas & Consumable Fuels - 4.3%
Anadarko Petroleum Corp.
5.95%, 09/15/2016		5,445		6,179
6.38%, 09/15/2017		3,763		4,371

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc.
8.25%, 04/01/2020 ^	$	365	$	383
Energy Transfer Partners, LP
6.50%, 02/01/2042		3,450		3,697
Enterprise Products Operating LLC
6.30%, 09/15/2017		4,150		4,954
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		2,100		2,682
Kinder Morgan Energy Partners, LP
5.95%, 02/15/2018		2,150		2,493
6.38%, 03/01/2041		660		752
6.55%, 09/15/2040		470		536
Laredo Petroleum, Inc.
7.38%, 05/01/2022 - 144A		1,370		1,425
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A ^		2,820		2,764
Marathon Petroleum Corp.
6.50%, 03/01/2041		3,154		3,584
MEG Energy Corp.
6.50%, 03/15/2021 - 144A		4,030		4,116
Nexen, Inc.
6.40%, 05/15/2037 ^		1,670		1,770
OGX Austria GmbH
8.50%, 06/01/2018 - 144A		635		565
Peabody Energy Corp.
6.25%, 11/15/2021 - 144A ^		1,715		1,698
Petrobras International Finance Co.
3.88%, 01/27/2016		5,825		6,014
5.75%, 01/20/2020		7,340		8,028
Plains Exploration & Production Co.
10.00%, 03/01/2016		455		496
Range Resources Corp.
5.75%, 06/01/2021		450		470
7.25%, 05/01/2018 ^		3,480		3,689
SemGroup, LP (Escrow Shares) §
8.75%, 11/15/2049 - 144A		125		6
Valero Energy Corp.
6.63%, 06/15/2037		1,320		1,480
Western Gas Partners, LP
4.00%, 07/01/2022		1,380		1,380
5.38%, 06/01/2021		2,641		2,923
Paper & Forest Products - 0.3%
International Paper Co.
4.75%, 02/15/2022 ^		2,600		2,838
6.00%, 11/15/2041		1,830		2,063
Pharmaceuticals - 0.4%
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 ^		850		894
Teva Pharmaceutical Finance II BV
3.00%, 06/15/2015		2,330		2,452
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021		2,050		2,156
Professional Services - 0.1%
Newcrest Finance Pty, Ltd.
4.45%, 11/15/2021 - 144A		1,555		1,596
Real Estate Investment Trusts - 0.7%
ERP Operating, LP
4.63%, 12/15/2021		2,100		2,281

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    20

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Real Estate Investment Trusts (continued)
Hospitality Properties Trust 5.63%, 03/15/2017	$	1,507	$	1,605
Ventas Realty, LP 4.75%, 06/01/2021		1,155		1,200
Vornado Realty, LP 5.00%, 01/15/2022 ^		5,145		5,440
Real Estate Management & Development - 0.1%
Realogy Corp. 7.88%, 02/15/2019 - 144A ^		2,020		1,975
Software - 0.2%
First Data Corp. 7.38%, 06/15/2019 - 144A		1,060		1,081
8.25%, 01/15/2021 - 144A ^		165		165
Oracle Corp. 5.38%, 07/15/2040		1,690		2,071
Specialty Retail - 0.1%
QVC, Inc. 7.50%, 10/01/2019 - 144A		1,730		1,920
Trading Companies & Distributors - 0.2%
UR Merger Sub Corp. 7.63%, 04/15/2022 - 144A		3,320		3,478
Transportation Infrastructure - 0.2%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.13%, 05/11/2015 - 144A		2,925		2,942
Wireless Telecommunication Services - 1.3%
America Movil SAB de CV 2.38%, 09/08/2016		3,420		3,509
Cricket Communications, Inc. 7.75%, 05/15/2016		2,093		2,221
Crown Castle Towers LLC 6.11%, 01/15/2020 - 144A		7,340		8,497
MetroPCS Wireless, Inc. 7.88%, 09/01/2018 ^		117		121
SBA Tower Trust 5.10%, 04/17/2017 - 144A		1,570		1,720
Sprint Nextel Corp. 7.00%, 03/01/2020 - 144A ^		1,620		1,685
9.00%, 11/15/2018 - 144A		2,800		3,129
Total Corporate Debt Securities (cost $441,309)				460,259
STRUCTURED NOTES DEBT - 0.5%
Diversified Financial Services - 0.5%
Tiers Trust 2.22%, 05/12/2014 - 144A *		8,394		8,394
Total Structured Notes Debt (cost $8,396)

	Shares		Value (000’s)
PREFERRED STOCKS - 0.2%
Consumer Finance - 0.0% ¥
Ally Financial, Inc., 7.00% - 144A		341		304
Diversified Financial Services - 0.2%
Citigroup Capital XIII, 7.88% *		63,052		1,720
U.S. Government Agency Obligation - 0.0% ¥
Fannie Mae, 0.00% *		1,300		3
Fannie Mae, 8.25% *		81,175		132
Freddie Mac, 8.38% *		93,300		203
Total Preferred Stocks (cost $3,819)				2,362

	Shares		Value (000’s)
SHORT-TERM INVESTMENT COMPANY - 0.9%
Capital Markets - 0.9%
BlackRock Provident TempFund 24		14,163,604	$	14,164
Total Short-Term Investment Company (cost $14,164)
WARRANT - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		340		3
Total Warrant (cost $u)

	Notional Amount (000’s)		Value (000’s)
PURCHASED OPTIONS - 0.0% ¥
Call Options - 0.0% ¥
Eurodollar, Mid-Curve 3-Year Future Call Strike $99.00 Expires 08/10/2012	$	2,340		105
Put Options - 0.0% ¥
10-Year U.S. Treasury Note Future Put Strike $131.00 Expires 07/27/2012		720		79
Total Purchased Options (cost $526)				184
PURCHASED SWAPTIONS - 0.0% ¥
Put Options - 0.0% ¥
If exercised the Series receives floating 3 month LIBOR, and pays 2.13%, European Style Expires 03/21/2013		25,000		31
If exercised the Series receives floating 3 month LIBOR, and pays 2.15%, European Style Expires 07/27/2012		26,700		18
If exercised the Series receives floating 3 month LIBOR, and pays 2.15%, European Style Expires 07/27/2012		7,000		5
If exercised the Series receives floating 3 month LIBOR, and pays 4.50%, European Style Expires 03/20/2017		8,700		282
Total Purchased Swaptions (cost $1,204)				336

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 10.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		163,654,641		163,655
Total Securities Lending Collateral (cost $163,655)
Total Investment Securities (cost $1,929,114) Õ				1,950,264
Other Assets and Liabilities - Net				(383,900	)
Net Assets			$	1,566,364

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    21

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)			Value (000’s)
SECURITIES SOLD SHORT - (10.3%)
U.S. Government Agency Obligations - (10.3%)
Fannie Mae, TBA
3.50%	$	(54,500	)	$	(57,363	)
4.00%		(73,200	)		(77,863	)
4.50%		(18,400	)		(19,737	)
6.00%		(6,000	)		(6,593	)
Total Securities Sold Short (proceeds $(161,018))					(161,556	)
	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS - (0.0%) ¥
Call Options - (0.0%) ¥
Eurodollar, Mid-Curve 3-Year Future		(2,340	)		(35	)
Call Strike $99.13
Expires 08/10/2012
Put Options - (0.0%) ¥
10-Year U.S. Treasury Note Future		(720	)		(23	)
Put Strike $129.50
Expires 07/27/2012
Total Written Options (premiums: $(245))					(58	)

WRITTEN SWAPTIONS:

Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount (000’s)			Premiums Received (000’s)			Value (000’s)
Call - Interest Rate Swap, European Style	BCLY	3 - month USD LIBOR	Receive		1.25	%		06/20/2014	$	(12,000	)	$	(112	)	$	(106	)
Call - Interest Rate Swap, European Style	DUB	3 - month USD LIBOR	Receive		3.65			03/27/2017		(4,000	)		(286	)		(435	)
Put - Interest Rate Swap, European Style	CITI	3 - month USD LIBOR	Pay		1.55			10/29/2012		(22,000	)		(85	)		(15	)
Put - Interest Rate Swap, European Style	BCLY	3 - month USD LIBOR	Pay		2.25			06/20/2014		(12,000	)		(142	)		(144	)
Put - Interest Rate Swap, European Style	DUB	3 - month USD LIBOR	Pay		2.40			07/27/2012		(26,700	)		(178	)		(2	)
Put - Interest Rate Swap, European Style	DUB	3 - month USD LIBOR	Pay		2.40			07/27/2012		(7,000	)		(43	)		(u	)
Put - Interest Rate Swap, European Style	DUB	3 - month USD LIBOR	Pay		3.65			03/27/2017		(4,000	)		(286	)		(188	)
Put - Interest Rate Swap, European Style	DUB	3 - month USD LIBOR	Pay		6.00			03/20/2017		(17,400	)		(415	)		(309	)
												$	(1,547	)	$	(1,199	)

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    22

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

SWAP AGREEMENTS: p

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

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Implied Credit Spread (BP) at 06/30/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
MetLife, Inc., 5.00%, 06/15/2015		1.00	%		03/20/2017		CITI		280.94	$	1,685	$	(131	)	$	(97	)	$	(34	)
MetLife, Inc., 5.00%, 06/15/2015		1.00			03/20/2017		UBS		280.94		1,190		(93	)		(68	)		(25	)
MetLife, Inc., 5.00%, 06/15/2015		1.00			03/20/2017		BOA		280.94		1,790		(139	)		(103	)		(36	)
Spain, 5.50%, 07/30/2017		1.00			03/20/2016		MSC		515.11		8,000		1,211			418			793
Spain, 5.50%, 07/30/2017		1.00			03/20/2016		DUB		515.11		8,000		1,212			418			794
												$	2,060		$	568		$	1,492

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES—SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty		Implied Credit Spread (BP) at 06/30/2012(2)		Notional Amount (000’s)(3)		Market Value (000’s)			Premiums Received (000’s)			Unrealized Appreciation (Depreciation) (000’s)
MetLife, Inc., 5.00%, 06/15/2015		1.00	%		09/20/2016		MSC		271.21	$	1,180	$	(79	)	$	(73	)	$	(6	)
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		DUB		271.21		1,560		(105	)		(111	)		6
MetLife, Inc., 5.00%, 06/15/2015		1.00			09/20/2016		MSC		271.21		1,960		(131	)		(137	)		6
MetLife, Inc., 5.00%, 06/15/2015		1.00			12/20/2016		CITI		276.38		1,175		(85	)		(83	)		(2	)
MetLife, Inc., 5.00%, 06/15/2015		1.00			12/20/2016		CITI		276.38		1,225		(89	)		(80	)		(9	)
												$	(489	)	$	(484	)	$	(5	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES—BUY PROTECTION:⁽¹⁾

Reference Obligation	Fixed Deal Pay Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Paid (Received) (000’s)			Unrealized Appreciation (Depreciation) (000’s)
CMBX.NA.2.AM		0.50	%		03/15/2049		DUB		USD	$	2,265	$	(288	)	$	(332	)	$	44
Dow Jones North America Investment Grade Index - Series 5, 1.00%		1.00			12/20/2016		MSC		USD		16,340		88			167			(79	)
Emerging Markets Index - Series 14, 5.00%		5.00			12/20/2015		MSC		USD		4,380		(302	)		(384	)		82
North America High Yield Index - Series 18, 5.00%		5.00			06/20/2017		DUB		USD		4,282		(227	)		(203	)		(24	)
North America High Yield Index - Series 18, 5.00%		5.00			06/20/2017		DUB		USD		8,554		(454	)		(352	)		(102	)
North America High Yield Index - Series 18, 5.00%		5.00			06/20/2017		DUB		USD		7,979		(422	)		(339	)		(83	)
North America High Yield Index - Series 18, 5.00%		5.00			06/20/2017		MSC		USD		4,282		(227	)		(214	)		(13	)
												$	(1,832	)	$	(1,657	)	$	(175	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES—SELL PROTECTION:⁽⁴⁾

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)(3)		Market Value (000’s)(5)			Premiums Received (000’s)			Unrealized Appreciation (000’s)
CMBX.NA.3.AAA		0.35	%		12/13/2049		MSC		USD	$	2,215	$	(169	)	$	(253	)	$	84
CMBX.NA.4.AAA		0.08			02/17/2051		MSC		USD		2,215		(193	)		(261	)		68
North America High Yield Index - Series 17, 1.00%		5.00			12/20/2016		CITI		USD		14,400		(634	)		(1,233	)		599
North America High Yield Index - Series 17, 2.00%		5.00			12/20/2016		DUB		USD		3,120		(138	)		(212	)		74
												$	(1,134	)	$	(1,959	)	$	825

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    23

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

SWAP AGREEMENTS (continued): p

INTEREST RATE SWAP AGREEMENTS—FIXED RATE PAYABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)			Premiums Paid (Received) (000’s)		Net Unrealized Depreciation (000’s)
3-Month USD-LIBOR		0.54	%		06/26/2014		BCLY		USD	$	57,900	$	(18	)	$	—	$	(18	)
3-Month USD-LIBOR		2.18			10/06/2021		BOA		USD		7,810		(153	)		—		(153	)
												$	(171	)	$	—	$	(171	)

INTEREST RATE SWAP AGREEMENTS—FIXED RATE RECEIVABLE:

Floating Rate Index	Fixed Rate			Maturity Date		Counterparty		Currency Code		Notional Amount (000’s)		Market Value (000’s)			Premiums Received (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
3-Month BBA CAD-LIBOR		2.82	%		05/18/2022		DUB		CAD	$	8,500	$	3		$	—		$	3
3-Month BBA CAD-LIBOR		2.86			05/23/2022		MSC		CAD		8,600		(8	)		—			(8	)
3-Month USD-LIBOR		0.55			07/03/2014		BOA		USD		55,000		2			—			2
3-Month USD-LIBOR		1.39			03/19/2017		DUB		USD		22,600		(499	)		—			(499	)
3-Month USD-LIBOR		1.39			03/19/2017		DUB		USD		52,200		(1,153	)		—			(1,153	)
3-Month USD-LIBOR		1.09			05/09/2017		MSC		USD		1,900		(13	)		—			(13	)
3-Month USD-LIBOR		3.27			05/16/2021		DUB		USD		3,650		(499	)		—			(499	)
3-Month USD-LIBOR		4.02			02/06/2022		UBS		USD		2,100		(432	)		(338	)		(94	)
3-Month USD-LIBOR		1.76			06/25/2022		CITI		USD		7,100		13			—			13
3-Month USD-LIBOR		1.72			07/02/2022		DUB		USD		7,100		46			—			46
												$	(2,540	)	$	(338	)	$	(2,202	)

FUTURES CONTRACTS:

Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
10-Year Australian Treasury Bond		Long		162			09/17/2012	$	(139	)
10-Year U.S. Treasury Note		Short		(230	)		09/19/2012		82
2-Year U.S. Treasury Note		Long		600			09/28/2012		(29	)
30-Year U.S. Treasury Bond		Long		344			09/19/2012		(302	)
3-Month Canadian Bankers’ Acceptance		Short		(591	)		06/17/2013		(631	)
3-Year Australian Treasury Bond		Short		(532	)		09/17/2012		241
5-Year U.S. Treasury Note		Long		686			09/28/2012		(111	)
90-Day Australian Bank Bill		Short		(323	)		12/13/2012		85
German Euro Bund		Short		(269	)		09/06/2012		636
Ultra Long U.S. Treasury Bond		Short		(381	)		09/19/2012		171
								$	3

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty		Contracts Sold (000’s)			Settlement Date		Amount in U.S. Dollars Sold (000’s)			Net Unrealized Appreciation (000’s)
Euro		RBS		(16,143	)		07/25/2012	$	(20,863	)	$	430
Euro		JPM		(2,063	)		07/25/2012		(2,723	)		112
											$	542

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    24

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 06/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)			Collateral (Received) Pledged (000’s)			Net  Exposures(a) (000’s)
BCLY	$	(268	)	$	—		$	(268	)
BOA		(290	)		533			243
CITI		(941	)		1,164			223
DUB		(3,458	)		3,499			41
MSC		(177	)		(1,800	)		(1,977	)
JPM		430			—			430
RBS		112			—			112
UBS		(525	)		784			259

(a) Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $160,362.

p Rate shown reflects the yield at 06/29/2012.

a A portion of this security in the amount of $5,980 has been segregated as collateral with the broker for open swap contracts and/or for swaptions.

g A portion of this security in the amount of $2,529 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

* Floating or variable rate note. Rate is listed as of 06/29/2012.

¥ Percentage rounds to less than 0.1%.

Џ In default.

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

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is less than $1, or less than 0.01% of the portfolio’s net assets.

‡ Non-income producing security.

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

P Aggregate cost for federal income tax purposes is $1,929,114. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,149 and $27,999, respectively. Net unrealized appreciation for tax purposes is $21,150.

p Cash in the amount of $1,800 has been pledged by the broker as collateral with the custodian for open swap contracts and/or swaptions.

u Amount is less than 1.

§ Illiquid. Total aggregate market value of illiquid securities is less than $1, or less than 0.01% of the portfolio’s net assets.

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

(2) 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.

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

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

(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 ended. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the references 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.

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    25

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

DEFINITIONS (all amounts in thousands):

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 06/30/2012, these securities aggregated $226,522, or 14.46% of the portfolio’s net assets.

BOA Bank of America

BP Basis Point

BCLY Barclays Bank PLC

CMBX Commercial Mortgage-Backed Index

CITI Citibank, Inc.

DUB Deutsche Bank AG

IO Interest Only

JPM JPMorgan Chase Bank

LIBOR London Interbank Offered Rate

MSC Morgan Stanley Capital Services

OJSC Open Joint Stock Company

OTC Over The Counter

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

RBS Royal Bank of Scotland

STRIPS Separate Trading of Registered Interest and Principal of Securities

TBA To Be Announced

UBS UBS Warburg LLC

CURRENCY ABBREVIATIONS:

CAD Canadian Dollar

EUR Euro

USD United States Dollar

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Asset-Backed Securities	$	—	$	125,294	$	—	$	125,294
Corporate Debt Securities		—		460,259		u		460,259
Foreign Government Obligations		—		49,941		—		49,941
Mortgage-Backed Securities		—		181,935		—		181,935
Municipal Government Obligations		—		4,241		—		4,241
Preferred Corporate Debt Securities		—		9,697		—		9,697
Preferred Stocks		2,362		—		—		2,362
Purchased Options		184		—		—		184
Purchased Swaptions		336		—		—		336
Securities Lending Collateral		163,655		—		—		163,655
Short-Term Investment Company		14,164		—		—		14,164
Structured Notes Debt		—		8,394		—		8,394
U.S. Government Agency Obligations		—		689,637		—		689,637
U.S. Government Obligations		—		240,162		—		240,162
Warrant		3		—		—		3
Total	$	180,704	$	1,769,560	$	u	$	1,950,264

Securities Sold Short	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
U.S. Government Agency Obligations	$	—	$	(161,556	)	$	—	$	(161,556	)

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    26

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands) (continued): '

Other Financial Instruments	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3  - Significant Unobservable Inputs		Value at 06/30/2012
Written Options	$	—	$	(58	)	$	—	$	(58	)
Written Swaptions		—		(1,199	)		—		(1,199	)
Total	$	—	$	(1,257	)	$	—	$	(1,257	)

Other Financial Instruments ₣	Level 1  - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Futures Contracts - Appreciation	$	1,215		$	—		$	—	$	1,215
Futures Contracts - Depreciation		(1,212	)		—			—		(1,212	)
Credit Default Swap - Appreciation		—			2,550			—		2,550
Credit Default Swap - Depreciation		—			(413	)		—		(413	)
Forward Foreign Currency Contracts - Appreciation		—			542			—		542
Interest Rate Swaps - Appreciation		—			64			—		64
Interest Rate Swaps - Depreciation		—			(2,437	)		—		(2,437	)
Total	$	3		$	306		$	—	$	309

Level 3 Rollforward—Investment Securities

Securities	Beginning Balance at 12/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)			Total Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3		Transfers out of Level 3 j			Ending Balance at 06/30/2012 ₪		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2012 ƒ
Corporate Debt Securities	$	u	$	—	$	(	u)	$	(8	)	$	—	$	14	$	—	$	(6	)	$	u	$	8

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 06/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

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

u Amount is less than 1.

₪ Total aggregate market value of Level 3 securities is less than 0.01% of the portfolio’s net assets. Quantitative information about significant unobservable inputs used in the fair value measurement has been excluded as it is less than 1% of net assets in the aggregate.

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    27

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
PREFERRED CORPORATE DEBT SECURITY - 0.0% ¥
Hotels, Restaurants & Leisure - 0.0% ¥
Fontainebleau Resorts
12.50%, 06/30/2012 - 144A ə Ώ Џ ‡	$	3,827	$	¿
Total Preferred Corporate Debt Security (cost $3,759)
CORPORATE DEBT SECURITIES - 87.1%
Aerospace & Defense - 0.9%
Huntington Ingalls Industries, Inc.
6.88%, 03/15/2018		650		678
7.13%, 03/15/2021		1,465		1,531
TransDigm, Inc.
7.75%, 12/15/2018		4,360		4,785
Air Freight & Logistics - 0.3%
AMGH Merger Sub, Inc.
9.25%, 11/01/2018 - 144A		2,025		2,106
Auto Components - 1.2%
Affinia Group, Inc.
10.75%, 08/15/2016 - 144A		944		1,023
Allison Transmission, Inc.
7.13%, 05/15/2019 - 144A		850		886
American Axle & Manufacturing Holdings, Inc.
9.25%, 01/15/2017 - 144A		1,917		2,142
Tomkins LLC / Tomkins, Inc.
9.00%, 10/01/2018		1,630		1,813
Tower Automotive Holdings USA LLC
10.63%, 09/01/2017 - 144A		2,212		2,345
UCI International, Inc.
8.63%, 02/15/2019		905		911
Visteon Corp.
6.75%, 04/15/2019		545		530
Automobiles - 1.3%
Chrysler Group LLC / CG Co. - Issuer, Inc.
8.25%, 06/15/2021		2,815		2,892
Ford Motor Co.
7.45%, 07/16/2031		5,995		7,509
Beverages - 0.2%
Constellation Brands, Inc.
6.00%, 05/01/2022		1,240		1,333
Biotechnology - 0.6%
STHI Holding Corp.
8.00%, 03/15/2018 - 144A		1,115		1,179
Warner Chilcott Co. LLC
7.75%, 09/15/2018		2,988		3,205
Building Products - 0.6%
Building Materials Corp., of America
6.75%, 05/01/2021 - 144A		2,185		2,338
Nortek, Inc.
8.50%, 04/15/2021		670		655
10.00%, 12/01/2018		1,560		1,638
Capital Markets - 0.5%
E*TRADE Financial Corp.
12.50%, 11/30/2017 Ώ		3,070		3,519
Chemicals - 3.7%
Celanese US Holdings LLC
5.88%, 06/15/2021		765		820
6.63%, 10/15/2018		655		712
CF Industries, Inc.
6.88%, 05/01/2018		2,180		2,586
7.13%, 05/01/2020		1,625		1,978
Chemtura Corp. 7.88%, 09/01/2018		1,520		1,598

	Principal (000’s)		Value (000’s)
Chemicals (continued)
Ineos Finance PLC
7.50%, 05/01/2020 - 144A	$	580	$	584
8.38%, 02/15/2019 - 144A		3,190		3,302
Kraton Polymers LLC / Kraton Polymers
Capital Corp.
6.75%, 03/01/2019		750		782
LyondellBasell Industries NV
5.00%, 04/15/2019 - 144A		4,655		4,883
5.75%, 04/15/2024 - 144A		3,590		3,841
NOVA Chemicals Corp.
8.38%, 11/01/2016		1,390		1,546
PolyOne Corp.
7.38%, 09/15/2020		440		468
Rain CII Carbon LLC / CII Carbon Corp.
8.00%, 12/01/2018 - 144A		2,040		2,060
Scotts Miracle-Gro Co.
7.25%, 01/15/2018		460		497
Solutia, Inc.
8.75%, 11/01/2017		1,225		1,377
Taminco Global Chemical Corp.
9.75%, 03/31/2020 - 144A		440		452
Vertellus Specialties, Inc.
9.38%, 10/01/2015 - 144A		890		732
Commercial Banks - 1.0%
CIT Group, Inc.
4.75%, 02/15/2015 - 144A		4,140		4,238
5.25%, 04/01/2014 - 144A		2,080		2,153
5.25%, 03/15/2018		995		1,027
Commercial Services & Supplies - 2.4%
ARAMARK Holdings Corp.
8.63%, 05/01/2016 - 144A Ώ		815		834
Ashtead Capital, Inc.
6.50%, 07/15/2022 - 144A		940		940
Casella Waste Systems, Inc.
7.75%, 02/15/2019		810		798
Ceridian Corp.
8.88%, 07/15/2019 - 144A		2,290		2,364
Covanta Holding Corp.
6.38%, 10/01/2022		1,700		1,797
Emergency Medical Services Corp.
8.13%, 06/01/2019		690		720
Interface, Inc.
7.63%, 12/01/2018		730		777
International Lease Finance Corp.
6.25%, 05/15/2019		1,630		1,661
8.63%, 09/15/2015		200		221
8.75%, 03/15/2017		2,455		2,756
Koppers, Inc.
7.88%, 12/01/2019		550		593
Mead Products LLC / ACCO Brands Corp.
6.75%, 04/30/2020 - 144A		2,355		2,485
Polymer Group, Inc.
7.75%, 02/01/2019		1,265		1,336
Rural/Metro Corp.
10.13%, 07/15/2019 - 144A		925		897
Communications Equipment - 1.3%
Avaya, Inc.
7.00%, 04/01/2019 - 144A		890		825
9.75%, 11/01/2015		3,195		2,644
10.13%, 11/01/2015 Ώ		4,687		3,891

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    28

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Communications Equipment (continued)
Brocade Communications Systems, Inc.
6.63%, 01/15/2018	$	565	$	592
6.88%, 01/15/2020		565		612
CommScope, Inc.
8.25%, 01/15/2019 - 144A		1,065		1,126
Computers & Peripherals - 0.4%
Seagate HDD Cayman
7.00%, 11/01/2021		2,720		2,931
Construction Materials - 0.0%
RathGibson, Inc.
11.25%, 02/15/2014 ə Џ ‡		2,145		¿
Consumer Finance - 1.3%
Ally Financial, Inc.
5.50%, 02/15/2017		1,700		1,727
6.25%, 12/01/2017		3,830		4,034
8.00%, 12/31/2018 - 11/01/2031		3,430		3,997
Containers & Packaging - 0.7%
Ball Corp.
5.00%, 03/15/2022		1,015		1,056
BWAY Holding Co.
10.00%, 06/15/2018		455		501
Sealed Air Corp.
8.38%, 09/15/2021 - 144A		3,360		3,796
Diversified Consumer Services - 3.0%
Education Management LLC
8.75%, 06/01/2014		2,845		2,532
Laureate Education, Inc.
11.00%, 08/15/2015 - 144A		5,805		5,950
11.25%, 08/15/2015 - 144A * Ώ		10,035		10,287
12.75%, 08/15/2017 - 144A		2,690		2,851
ServiceMaster Co.
8.00%, 02/15/2020		1,025		1,116
Stewart Enterprises, Inc.
6.50%, 04/15/2019		440		453
Diversified Financial Services - 4.9%
AWAS Aviation Capital, Ltd.
7.00%, 10/17/2016 - 144A		137		142
Bank of America NA
5.30%, 03/15/2017		1,450		1,510
CEVA Group PLC
8.38%, 12/01/2017 - 144A		1,845		1,790
11.63%, 10/01/2016 - 144A		1,715		1,788
CNH Capital LLC
6.25%, 11/01/2016 - 144A		1,640		1,755
DPL, Inc.
6.50%, 10/15/2016 - 144A		1,620		1,750
7.25%, 10/15/2021 - 144A		3,290		3,652
Ford Motor Credit Co., LLC
5.75%, 02/01/2021		1,945		2,137
5.88%, 08/02/2021		1,585		1,763
8.00%, 12/15/2016		3,595		4,251
8.13%, 01/15/2020		2,175		2,657
12.00%, 05/15/2015		1,150		1,429
General Motors Financial Co., Inc.
6.75%, 06/01/2018		1,075		1,175
International Lease Finance Corp.
5.65%, 06/01/2014		1,775		1,819
5.88%, 05/01/2013		550		562
8.25%, 12/15/2020		2,775		3,178
8.63%, 01/15/2022		2,105		2,438

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Neuberger Berman Group LLC / Neuberger
Berman Finance Corp.
5.63%, 03/15/2020 - 144A	$	3,535	$	3,684
Diversified Telecommunication Services - 4.4%
CenturyLink, Inc.
6.45%, 06/15/2021		4,320		4,495
GCI, Inc.
6.75%, 06/01/2021		550		532
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		2,725		2,895
Intelsat Jackson Holdings SA
7.25%, 10/15/2020 - 144A		1,895		1,990
11.25%, 06/15/2016		1,499		1,570
Intelsat Luxembourg SA
11.50%, 02/04/2017 Ώ		4,695		4,848
Telesat Canada
12.50%, 11/01/2017		3,065		3,417
UPCB Finance V, Ltd.
7.25%, 11/15/2021 - 144A		4,730		4,943
UPCB Finance VI, Ltd.
6.88%, 01/15/2022 - 144A		1,620		1,652
Wind Acquisition Holdings Finance SA
12.25%, 07/15/2017 - 144A Ώ		3,105		2,095
Windstream Corp.
7.50%, 06/01/2022		200		206
7.75%, 10/01/2021		4,775		5,063
8.13%, 09/01/2018		615		661
Electric Utilities - 0.5%
Calpine Construction Finance Co., LP /
CCFC Finance Corp.
8.00%, 06/01/2016 - 144A		1,520		1,642
Texas Competitive Electric Holdings Co. LLC
/ TCEH Finance, Inc.
11.50%, 10/01/2020 - 144A		2,900		1,979
Electrical Equipment - 0.1%
Polypore International, Inc.
7.50%, 11/15/2017		555		589
Energy Equipment & Services - 1.9%
Atwood Oceanics, Inc.
6.50%, 02/01/2020		1,035		1,082
Basic Energy Services, Inc.
7.75%, 02/15/2019		325		312
Calfrac Holdings, LP
7.50%, 12/01/2020 - 144A		690		659
FTS International Services LLC / FTS
International Bonds, Inc.
8.13%, 11/15/2018 - 144A *		3,300		3,324
Holly Energy Partners, LP / Holly Energy
Finance Corp.
6.50%, 03/01/2020 - 144A		505		509
Oil States International, Inc.
6.50%, 06/01/2019		2,110		2,194
Precision Drilling Corp.
6.50%, 12/15/2021		1,835		1,872
6.63%, 11/15/2020		835		860
SESI LLC
6.38%, 05/01/2019		2,745		2,875
6.88%, 06/01/2014		290		290

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    29

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Energy Equipment & Services (continued)
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 6.38%, 08/01/2022 - 144A	$	525	$	524
Food Products - 1.1%
American Seafoods Group LLC 10.75%, 05/15/2016 - 144A		4,515		4,245
ASG Consolidated LLC / ASG Finance, Inc. 15.00%, 05/15/2017 - 144A Ώ §		1,695		1,164
Michael Foods Group, Inc. 9.75%, 07/15/2018		2,210		2,425
Pinnacle Foods Finance LLC 9.25%, 04/01/2015		745		765
Gas Utilities - 0.8%
AmeriGas Finance LLC / AmeriGas Finance Corp. 6.75%, 05/20/2020		2,065		2,106
7.00%, 05/20/2022		2,585		2,663
AmeriGas Partners, LP / AmeriGas Finance Corp. 6.25%, 08/20/2019		1,220		1,226
Health Care Equipment & Supplies - 2.4%
Accellent, Inc. 8.38%, 02/01/2017		2,950		2,987
Alere, Inc. 7.88%, 02/01/2016		1,815		1,860
American Renal Holdings Co., Inc. 8.38%, 05/15/2018		435		460
Bausch & Lomb, Inc. 9.88%, 11/01/2015		1,485		1,552
Biomet, Inc. 10.00%, 10/15/2017		200		214
ConvaTec Healthcare E SA 10.50%, 12/15/2018 - 144A		4,905		4,929
DJO Finance LLC / DJO Finance Corp. 8.75%, 03/15/2018 - 144A		870		887
Kinetic Concepts, Inc. / KCI USA, Inc. 10.50%, 11/01/2018 - 144A		2,575		2,704
12.50%, 11/01/2019 - 144A		1,525		1,380
Physio-Control International, Inc. 9.88%, 01/15/2019 - 144A		1,300		1,385
Teleflex, Inc. 6.88%, 06/01/2019		435		462
Health Care Providers & Services - 2.3%
Fresenius Medical Care U.S. Finance II, Inc. 5.63%, 07/31/2019 - 144A		1,300		1,355
5.88%, 01/31/2022 - 144A		1,085		1,130
GCB U.S. Oncology, Inc. (Escrow Shares) 08/15/2017		1,110		17
HCA Holdings, Inc. 7.75%, 05/15/2021		630		676
HCA, Inc. 6.50%, 02/15/2020		2,380		2,579
7.50%, 02/15/2022		3,410		3,716
9.88%, 02/15/2017		372		404
MultiPlan, Inc. 9.88%, 09/01/2018 - 144A		2,885		3,159
PSS World Medical, Inc. 6.38%, 03/01/2022 - 144A		1,115		1,143
ResCare, Inc. 10.75%, 01/15/2019		1,975		2,187
United Surgical Partners International, Inc. 9.00%, 04/01/2020 - 144A		1,180		1,251

	Principal (000’s)		Value (000’s)
Hotels, Restaurants & Leisure - 8.6%
Buffalo Thunder Development Authority 9.38%, 12/15/2014 - 144A Џ ‡	$	3,095	$	1,099
Caesars Entertainment Operating Co., Inc. 5.38%, 12/15/2013		900		824
5.63%, 06/01/2015		6,260		5,148
8.50%, 02/15/2020 - 144A		3,195		3,219
10.00%, 12/15/2015		1,355		1,192
11.25%, 06/01/2017		2,045		2,232
12.75%, 04/15/2018		1,860		1,460
Carlson Wagonlit BV 6.88%, 06/15/2019 - 144A		1,340		1,374
Choice Hotels International, Inc. 5.75%, 07/01/2022		460		481
Cinemark USA, Inc. 7.38%, 06/15/2021		540		586
Fontainebleau Las Vegas Holdings LLC 10.25%, 06/15/2015 - 144A Џ ‡		5,645		4
Greektown Holdings LLC (Escrow Shares) 10.75%, 12/01/2013 - 144A ə		1,495		¿
Inn of the Mountain Gods Resort & Casino 8.75%, 11/30/2020 - 144A §		386		372
Mandalay Resort Group 7.63%, 07/15/2013		690		707
MCE Finance, Ltd. 10.25%, 05/15/2018		1,725		1,954
MGM Resorts International 5.88%, 02/27/2014		945		969
6.75%, 09/01/2012 - 04/01/2013		2,240		2,291
7.75%, 03/15/2022		3,780		3,902
9.00%, 03/15/2020		555		616
10.38%, 05/15/2014		1,175		1,325
11.13%, 11/15/2017		1,215		1,364
Mohegan Tribal Gaming Authority 10.50%, 12/15/2016 - 144A		2,050		1,784
11.00%, 09/15/2018 - 144A		4,565		3,024
11.50%, 11/01/2017 - 144A §		1,385		1,427
National CineMedia LLC 6.00%, 04/15/2022 - 144A		1,045		1,063
NCL Corp., Ltd. 9.50%, 11/15/2018		2,175		2,360
11.75%, 11/15/2016		2,135		2,450
NPC International, Inc. / NPC Operating Co. A, Inc. / NPC Operating Co. B, Inc. 10.50%, 01/15/2020		2,725		3,018
Peninsula Gaming LLC 8.38%, 08/15/2015		990		1,042
10.75%, 08/15/2017		2,400		2,736
Royal Caribbean Cruises, Ltd. 6.88%, 12/01/2013		365		385
7.25%, 06/15/2016 - 03/15/2018		970		1,048
Ruby Tuesday, Inc. 7.63%, 05/15/2020 - 144A		2,370		2,115
Seven Seas Cruises S de RL, LLC 9.13%, 05/15/2019		1,820		1,879
Sugarhouse HSP Gaming Prop Mezz, LP / Sugarhouse HSP Gaming Finance Corp. 8.63%, 04/15/2016 - 144A		595		628
Tunica-Biloxi Gaming Authority 9.00%, 11/15/2015 - 144A §		2,435		2,277
Vail Resorts, Inc. 6.50%, 05/01/2019		555		583

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    30

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000's)		Value (000's)
Hotels, Restaurants & Leisure (continued)
Waterford Gaming LLC / Waterford Gaming
Financial Corp.
8.63%, 09/15/2014 - 144A ə §	$	2,143	$	1,241
WMG Acquisition Corp.
11.50%, 10/01/2018		2,995		3,309
Wynn Las Vegas LLC
7.75%, 08/15/2020		2,730		3,023
Household Durables - 0.1%
Libbey Glass, Inc.
6.88%, 05/15/2020 - 144A		670		688
Household Products - 2.3%
Amscan Holdings, Inc.
8.75%, 05/01/2014		5,060		5,079
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu
6.88%, 02/15/2021 - 144A		3,150		3,276
7.13%, 04/15/2019 - 144A		1,885		1,975
7.88%, 08/15/2019 - 144A		985		1,066
9.00%, 04/15/2019 - 144A		670		668
9.88%, 08/15/2019 - 144A		2,410		2,501
Spectrum Brands, Inc.
6.75%, 03/15/2020 - 144A		2,190		2,261
9.50%, 06/15/2018 - 144A		870		983
Independent Power Producers & Energy Traders - 2.1%
AES Corp.
7.38%, 07/01/2021 - 144A		1,075		1,196
Calpine Corp.
7.50%, 02/15/2021 - 144A		5,090		5,496
Edison Mission Energy
7.50%, 06/15/2013		2,750		1,678
GenOn Energy, Inc.
7.88%, 06/15/2017		3,235		3,009
NRG Energy, Inc.
7.88%, 05/15/2021		1,665		1,682
8.25%, 09/01/2020		2,960		3,063
Industrial Conglomerates - 0.3%
Amsted Industries, Inc.
8.13%, 03/15/2018 - 144A		2,360		2,496
Insurance - 0.2%
Alliant Holdings I, Inc.
11.00%, 05/01/2015 - 144A		1,325		1,375
Internet Software & Services - 0.2%
Equinix, Inc.
7.00%, 07/15/2021		1,100		1,210
IT Services - 0.3%
Alliance Data Systems Corp.
6.38%, 04/01/2020 - 144A		1,000		1,025
Fidelity National Information Services, Inc.
7.63%, 07/15/2017 - 144A		1,095		1,202
Life Sciences Tools & Services - 0.7%
Patheon, Inc.
8.63%, 04/15/2017 - 144A		975		946
Pharmaceutical Product Development, Inc.
9.50%, 12/01/2019 - 144A		4,070		4,451
Machinery - 1.2%
American Railcar Industries, Inc.
7.50%, 03/01/2014		1,000		1,013
JMC Steel Group
8.25%, 03/15/2018 - 144A		1,535		1,523
Manitowoc Co., Inc.
9.50%, 02/15/2018		490		537

	Principal (000's)		Value (000's)
Machinery (continued)
Meritor, Inc.
8.13%, 09/15/2015	$	1,075	$	1,133
10.63%, 03/15/2018		1,690		1,796
Terex Corp.
10.88%, 06/01/2016		2,585		2,897
Media - 5.2%
Adelphia Communications Corp. (Escrow Certificates)
9.25%, 10/01/2049		1,305		10
10.25%, 06/15/2049 - 11/01/2049		1,460		11
AMC Entertainment, Inc.
8.75%, 06/01/2019		535		574
AMC Networks, Inc.
7.75%, 07/15/2021 - 144A		890		981
Cablevision Systems Corp.
7.75%, 04/15/2018		805		857
8.63%, 09/15/2017		1,000		1,115
Catalina Marketing Corp.
10.50%, 10/01/2015 - 144A Ώ		2,384		2,312
CCO Holdings LLC / CCO Holdings Capital Corp.
7.00%, 01/15/2019		1,140		1,231
7.25%, 10/30/2017		1,010		1,101
7.38%, 06/01/2020		1,755		1,928
7.88%, 04/30/2018		1,125		1,223
8.13%, 04/30/2020		100		112
Clear Channel Worldwide Holdings, Inc.
7.63%, 03/15/2020 - 144A		385		369
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		770		832
CSC Holdings LLC
6.75%, 11/15/2021 - 144A		185		197
Cumulus Media Holdings, Inc.
7.75%, 05/01/2019		1,090		1,027
DISH DBS Corp.
6.75%, 06/01/2021		2,630		2,840
LBI Media, Inc.
9.25%, 04/15/2019 - 144A		1,490		1,267
MDC Partners, Inc.
11.00%, 11/01/2016		2,240		2,386
MediaCom LLC
9.13%, 08/15/2019		935		1,026
NAI Entertainment Holdings LLC
8.25%, 12/15/2017 - 144A		690		762
National CineMedia LLC
7.88%, 07/15/2021		3,010		3,191
Nielsen Finance LLC
11.50%, 05/01/2016		798		908
11.63%, 02/01/2014		644		737
Regal Cinemas Corp.
8.63%, 07/15/2019		1,330		1,466
Regal Entertainment Group
9.13%, 08/15/2018		1,340		1,474
Sirius XM Radio, Inc.
8.75%, 04/01/2015 - 144A		1,390		1,564
Sitel LLC
11.50%, 04/01/2018		680		485

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    31

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Media (continued)
WMG Acquisition Corp.
9.50%, 06/15/2016 - 144A	$	490	$	534
9.50%, 06/15/2016		2,865		3,123
XM Satellite Radio, Inc.
13.00%, 08/01/2013 - 144A		2,715		3,027
Metals & Mining - 2.6%
FMG Resources August 2006 Pty, Ltd.
7.00%, 11/01/2015 - 144A		5,280		5,386
8.25%, 11/01/2019 - 144A		2,865		3,037
Molycorp, Inc.
10.00%, 06/01/2020 - 144A		3,370		3,336
New Gold, Inc.
7.00%, 04/15/2020 - 144A		770		793
Novelis, Inc.
8.38%, 12/15/2017		1,145		1,225
8.75%, 12/15/2020		2,205		2,376
Quadra FNX Mining, Ltd.
7.75%, 06/15/2019 - 144A		2,985		3,119
SunCoke Energy, Inc.
7.63%, 08/01/2019		1,085		1,061
Multiline Retail - 0.1%
Dollar General Corp.
4.13%, 07/15/2017		650		659
Oil, Gas & Consumable Fuels - 9.4%
Anadarko Petroleum Corp.
6.38%, 09/15/2017		1,855		2,155
Berry Petroleum Co.
6.38%, 09/15/2022		2,745		2,834
Bill Barrett Corp.
7.63%, 10/01/2019		1,405		1,405
9.88%, 07/15/2016		340		376
Chesapeake Oilfield Operating LLC /
Chesapeake Oilfield Finance, Inc.
6.63%, 11/15/2019 - 144A		875		788
Cloud Peak Energy Resources LLC
8.50%, 12/15/2019		2,735		2,838
Coffeyville Resources LLC
9.00%, 04/01/2015 - 144A		4,082		4,347
Concho Resources, Inc.
6.50%, 01/15/2022		1,070		1,113
7.00%, 01/15/2021		1,325		1,418
CONSOL Energy, Inc.
8.00%, 04/01/2017		1,335		1,385
Continental Resources, Inc.
5.00%, 09/15/2022 - 144A		2,005		2,035
7.13%, 04/01/2021		545		608
7.38%, 10/01/2020		230		256
Denbury Resources, Inc.
8.25%, 02/15/2020		1,360		1,489
9.75%, 03/01/2016		3,875		4,258
EP Energy LLC / EP Energy Finance, Inc.
6.88%, 05/01/2019 - 144A		3,385		3,537
9.38%, 05/01/2020 - 144A		2,490		2,580
Frontier Oil Corp.
6.88%, 11/15/2018		445		463
Halcon Resources Corp.
9.75%, 07/15/2020 - 144A		1,845		1,820
Harvest Operations Corp.
6.88%, 10/01/2017 - 144A		645		685
HollyFrontier Corp.
9.88%, 06/15/2017		1,510		1,661

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels (continued)
Kodiak Oil & Gas Corp.
8.13%, 12/01/2019 - 144A	$	3,020	$	3,111
Laredo Petroleum, Inc.
7.38%, 05/01/2022 - 144A		660		686
Newfield Exploration Co.
5.63%, 07/01/2024		2,265		2,316
Oasis Petroleum, Inc.
6.50%, 11/01/2021		755		747
6.88%, 01/15/2023		2,510		2,519
OGX Austria GmbH
8.50%, 06/01/2018 - 144A		2,145		1,909
PBF Holding Co. LLC / PBF Finance Corp.
8.25%, 02/15/2020 - 144A		100		100
PDC Energy, Inc.
12.00%, 02/15/2018		1,170		1,252
Peabody Energy Corp.
6.00%, 11/15/2018 - 144A		3,815		3,796
6.25%, 11/15/2021 - 144A		3,270		3,237
Penn Virginia Resource Partners, LP / Penn
Virginia Resource Finance Corp. II
8.38%, 06/01/2020 - 144A		950		964
PetroBakken Energy, Ltd.
8.63%, 02/01/2020 - 144A		2,455		2,443
Quicksilver Resources, Inc.
11.75%, 01/01/2016		1,890		1,840
Range Resources Corp.
6.75%, 08/01/2020		1,320		1,432
Rosetta Resources, Inc.
9.50%, 04/15/2018		825		899
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049		2,985		134
SM Energy Co.
6.50%, 01/01/2023 - 144A		1,445		1,456
Venoco, Inc.
8.88%, 02/15/2019		2,995		2,725
11.50%, 10/01/2017		430		452
WPX Energy, Inc.
5.25%, 01/15/2017		615		623
6.00%, 01/15/2022		2,725		2,711
Paper & Forest Products - 0.9%
Boise Paper Holdings LLC
8.00%, 04/01/2020		445		492
9.00%, 11/01/2017		1,835		2,028
Domtar Corp.
10.75%, 06/01/2017		1,540		1,979
Sappi Papier Holding GmbH
6.63%, 04/15/2021 - 144A		2,995		2,830
Personal Products - 0.3%
Revlon Consumer Products Corp.
9.75%, 11/15/2015		2,150		2,301
Pharmaceuticals - 0.3%
Endo Health Solutions, Inc.
7.00%, 07/15/2019 - 12/15/2020		2,030		2,204
7.25%, 01/15/2022		450		488
Professional Services - 0.9%
TransUnion Holding Co., Inc.
9.63%, 06/15/2018 - 144A		3,195		3,451
TransUnion LLC / TransUnion Financing Corp.
11.38%, 06/15/2018		3,035		3,570

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    32

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Real Estate Investment Trusts - 0.2%
American Tower Corp.
5.05%, 09/01/2020	$	1,790	$	1,880
Real Estate Management & Development - 1.0%
CBRE Services, Inc.
6.63%, 10/15/2020		2,470		2,618
11.63%, 06/15/2017		4,465		5,068
Road & Rail - 0.9%
Avis Budget Car Rental LLC / Avis Budget
Finance, Inc.
9.63%, 03/15/2018		2,480		2,716
9.75%, 03/15/2020		2,165		2,406
Hertz Corp.
7.50%, 10/15/2018		735		788
Kansas City Southern de Mexico SA de CV
6.13%, 06/15/2021		600		660
Semiconductors & Semiconductor Equipment - 0.0%¥
Advanced Micro Devices, Inc.
7.75%, 08/01/2020		205		226
Software - 1.2%
First Data Corp.
7.38%, 06/15/2019 - 144A		2,535		2,586
Lawson Software, Inc.
9.38%, 04/01/2019 - 144A		1,605		1,713
SSI Investments II, Ltd. / SSI Co.-Issuer LLC
11.13%, 06/01/2018		4,375		4,911
Specialty Retail - 4.3%
Academy, Ltd.
9.25%, 08/01/2019 - 144A		2,170		2,354
Express LLC
8.75%, 03/01/2018		5,145		5,556
J Crew Group, Inc.
8.13%, 03/01/2019		485		501
Ltd. Brands, Inc.
5.63%, 02/15/2022		3,365		3,466
6.63%, 04/01/2021		4,135		4,517
8.50%, 06/15/2019		2,650		3,114
Michaels Stores, Inc.
7.75%, 11/01/2018		495		522
11.38%, 11/01/2016		1,010		1,073
Petco Animal Supplies, Inc.
9.25%, 12/01/2018 - 144A		3,325		3,633
Sally Holdings LLC / Sally Capital, Inc.
5.75%, 06/01/2022		3,320		3,474
6.88%, 11/15/2019		260		283
Toys “R” Us - Delaware, Inc.
7.38%, 09/01/2016 - 144A		1,440		1,426
Toys “R” Us, Inc.
7.88%, 04/15/2013		3,510		3,580
Textiles, Apparel & Luxury Goods - 0.5%
Oxford Industries, Inc.
11.38%, 07/15/2015		645		683
PVH Corp.
7.75%, 11/15/2023		2,795		3,256
Trading Companies & Distributors - 1.2%
Aircastle, Ltd.
6.75%, 04/15/2017		970		980
7.63%, 04/15/2020		485		492
UR Merger Sub Corp.
7.38%, 05/15/2020 - 144A		4,950		5,173
8.25%, 02/01/2021		290		309
10.25%, 11/15/2019		1,075		1,209
10.88%, 06/15/2016		930		1,045

	Principal (000’s)		Value (000’s)
Transportation Infrastructure - 0.1%
CHC Helicopter SA
9.25%, 10/15/2020	$	1,135	$	1,109
Wireless Telecommunication Services - 4.2%
Digicel Group, Ltd.
8.88%, 01/15/2015		3,230		3,262
9.13%, 01/15/2015 - 144A Ώ		350		354
Digicel, Ltd.
8.25%, 09/01/2017 - 144A		2,705		2,752
12.00%, 04/01/2014 - 144A		1,445		1,604
iPCS, Inc.
3.72%, 05/01/2014		880		851
Nextel Communications, Inc. - Series D
7.38%, 08/01/2015		2,515		2,518
Nextel Communications, Inc. - Series E
6.88%, 10/31/2013		196		197
NII Capital Corp.
8.88%, 12/15/2019		250		227
SBA Telecommunications, Inc.
8.00%, 08/15/2016		622		662
8.25%, 08/15/2019		429		470
Sprint Nextel Corp.
6.00%, 12/01/2016		5,345		5,118
8.38%, 08/15/2017		5,265		5,397
9.00%, 11/15/2018 - 144A		7,165		8,006
9.13%, 03/01/2017 - 144A		995		1,045
Total Corporate Debt Securities (cost $653,553)				671,661
STRUCTURED NOTES DEBT - 0.8%
Diversified Telecommunication Services - 0.5%
Intelsat Luxembourg SA
11.50%, 02/04/2017 - 144A Ώ		3,335		3,443
Media - 0.3%
Catalina Marketing Corp.
11.63%, 10/01/2017 - 144A * §		2,828		2,517
LBI Media Holdings, Inc.
11.00%, 10/15/2013 *		360		162
Total Structured Notes Debt (cost $6,621)				6,122
CONVERTIBLE BOND - 0.0% ¥
Independent Power Producers & Energy Traders - 0.0% ¥
Mirant Corp. (Escrow Certificates)
2.50%, 06/15/2021 ə		1,220		¿
Total Convertible Bond (cost $¿)
LOAN ASSIGNMENTS - 6.3%
Automobiles - 0.2%
Chrysler Group LLC, Tranche B
6.00%, 05/24/2017 *		1,386		1,394
Building Products - 0.4%
Panolam Industries International, Inc., 1st Lien
8.25%, 12/31/2013 *		2,167		2,124
Panolam Industries International, Inc., 2nd Lien
10.00%, 06/30/2014 ə		886		844
Chemicals - 0.7%
Ineos US Finance LLC
0.00%, 05/04/2018 *		4,000		3,908
PetroLogistics LP, Trance B
7.00%, 03/23/2017 *		1,257		1,266
Diversified Financial Services - 0.6%
AlixPartners LLP, 2nd Lien
10.75%, 11/29/2019		2,300		2,254

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    33

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Diversified Financial Services (continued)
Nuveen Investments, Inc., 2nd Lien 8.25%, 02/28/2019 *	$	2,000	$	2,000
Electric Utilities - 0.4%
Texas Competitive Electric Holdings Co. LLC, Non-Extended 3.74%, 10/10/2014 *		4,791		2,999
Food Products - 0.3%
Del Monte Corp. 4.50%, 03/08/2018 *		2,685		2,638
Hotels, Restaurants & Leisure - 0.1%
Cannery Casino Resorts LLC, 2nd Lien 4.50%, 05/16/2014 *		860		800
Household Products - 0.4%
Amscan Holdings, Inc., Tranche B 6.75%, 12/04/2017 *		3,242		3,234
Insurance - 0.8%
Asurion LLC Second Lien 9.00%, 05/24/2019 *		1,800		1,838
Lone Star Intermediate Super Holdings LLC, Tranche B 11.00%, 09/02/2019 *		4,300		4,401
Oil, Gas & Consumable Fuels - 0.6%
Chesapeake Energy Corp. 8.50%, 12/01/2017 *		3,500		3,467
Ep Energy Corp., Tranche B 6.50%, 04/24/2018		1,500		1,511
Personal Products - 0.5%
Revlon Consumer Products Corp., Tranche B 4.75%, 11/17/2017 *		3,810		3,782
Pharmaceuticals - 0.7%
Axcan Intermediate Holdings, Inc., Tranche B 5.50%, 02/10/2017 *		2,364		2,287
Quintiles Transnational Holdings, Inc. 7.50%, 02/22/2017		3,400		3,409
Software - 0.2%
First Data Corp., Non-Extended 2.99%, 09/24/2014 *		1,314		1,258
Specialty Retail - 0.2%
Academy, Ltd. 6.00%, 08/03/2018 *		1,493		1,497
Transportation Infrastructure - 0.2%
CEVA Logistics US Holdings, Inc. 4.47%, 08/31/2016 - 08/31/2016 *		1,070		1,005
EGL, Inc. 5.65%, 08/31/2016 *		959		900
Total Loan Assignments (cost $49,461)				48,816
	Shares		Value (000’s)
CONVERTIBLE PREFERRED STOCK - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Chesapeake Energy Corp., 4.50%		12,015		964
Total Convertible Preferred Stock (cost $1,173)
PREFERRED STOCK - 0.3%
Diversified Financial Services - 0.3%
GMAC Capital Trust I, 8.13% *		87,120		2,095
Total Preferred Stock (cost $2,200)

	Shares		Value (000’s)
COMMON STOCKS - 0.4%
Airlines - 0.0% ¥
Delta Air Lines, Inc. ‡		13,451	$	147
Building Products - 0.4%
Panolam Holdings Co. ‡ ə § D		1,803		2,939
Hotels, Restaurants & Leisure - 0.0% ¥
Greektown Superholdings, Inc. ‡		1,131		58
Independent Power Producers & Energy Traders - 0.0% ¥
Mirant Corp. (Escrow Certificates) ‡ ə		550,000		u
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. - Class A ‡		7,723		247
Total Common Stocks (cost $3,797)				3,391
INVESTMENT COMPANY - 0.0% ¥
Diversified Financial Services - 0.0% ¥
Adelphia Recovery Trust ə		2,697,805		u
Total Investment Company (cost $2,641)
RIGHT - 0.0% ¥
Hotels, Restaurants & Leisure - 0.0% ¥
BLB Contingent Value Rights ‡ § D		2,010		9
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		25
Media - 0.0% ¥
Reader’s Digest Association, Inc. ‡ ə § D
Expiration: 02/19/2014
Exercise Price: $47.35		13,112	u
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		8,130		73
Total Warrants (cost $u )				98
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 5.4%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $42,027 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/15/2039, and with a value of $42,867.	$	42,027		42,027
Total Repurchase Agreement (cost $42,027)
Total Investment Securities (cost $767,242) Õ				775,183
Other Assets and Liabilities - Net				(2,810	)
Net Assets			$	772,373

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    34

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

Џ In default.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $5,024, or 0.65% of the portfolio’s net assets.

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

u Amount is less than 1.

* Floating or variable rate note. Rate is listed as of 06/29/2012.

¥ Percentage rounds to less than 0.1%.

‡ Non-income producing security.

p Rate shown reflects the yield at 06/29/2012.

P Aggregate cost for federal income tax purposes is $767,242. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $37,867 and $29,926, respectively. Net unrealized appreciation for tax purposes is $7,941.

§ Illiquid. Total aggregate market value of illiquid securities is $11,946, or 1.55% of the portfolio’s net assets.

D Restricted Security. At 06/30/2012, the portfolio owned the respective securities which were restricted to public resale as follows:

Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Panolam Holdings Co.		12/29/2009	$	3,080	$	2,939		0.38	%
BLB Contingent Value Rights		11/22/2010		2,010		9		0.00	*
Reader’sDigest Association, Inc.		05/18/2010		u		u		0.00	*
			$	5,090	$	2,948		0.38	%
*  Percentage rounds to less than 0.01%.

DEFINITION (all amounts in thousands):

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 06/30/2012, these securities aggregated $281,049, or 36.39% of the portfolio’s net assets.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3  - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	452	$	—	$	2,939	$	3,391
Convertible Bonds		—		—		u		u
Convertible Preferred Stock		964		—		—		964
Corporate Debt Securities		—		670,420		1,241		671,661
Investment Company		—		—		u		u
Loan Assignments		—		48,816		—		48,816
Preferred Corporate Debt Security		—		—		u		u
Preferred Stock		2,095		—		—		2,095
Repurchase Agreement		—		42,027		—		42,027
Right		—		9		—		9
Structured Notes Debt		—		6,122		—		6,122
Warrants		98		—		u		98
Total	$	3,609	$	767,394	$	4,180	$	775,183

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    35

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward - Investment Securities
Securities	Beginning Balance at 12/31/2011		Purchases		Sales			Accrued Discounts/ (Premiums)			Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ			Transfers into Level 3  Y		Transfers out of Level 3  j			Ending Balance at 06/30/2012 ₪		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2012 ƒ
Common Stocks	$	4,497	$	—	$	(4,116	)	$	—		$	3,608	$	(1,050	)	$	—	$	—		$	2,939	$	1,399
Convertible Bonds		¿		—		—			—			—		—			—		—			¿		—
Investment Company		—		—		—			—			—		—			¿		—			¿		—
Corporate Debt Securities		1,355		—		(210	)		(15	)		3		242			—		(134	)		1,241		108
Loan Assignments		7,411		—		(7,438	)		3			¿		24			—		—			—		—
Preferred Corporate Debt Securities		¿		—		—			—			—		—			—		—			¿		—
Warrants		¿		—		—			—			—		—			—		—			¿		—
Total	$	13,263	$	—	$	(11,764	)	$	(12	)	$	3,611	$	(784	)	$	—	$	(134	)	$	4,180	$	1,507

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 06/30/2012 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

¿ Amount is less than 1.

₪ Total aggregate market value of Level 3 securities is 0.54% of the portfolio’s net assets. Quantitative information about significant unobservable inputs used in the fair value measurement has been excluded as it is less than 1% of net assets in the aggregate.

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    36

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
U.S. GOVERNMENT OBLIGATIONS - 5.1%
U.S. Treasury Bond
3.00%, 05/15/2042	$	347	$	363
3.13%, 02/15/2042		71		76
U.S. Treasury Inflation Indexed Bond
0.75%, 02/15/2042		158		166
2.13%, 02/15/2041		113		161
U.S. Treasury Note
0.38%, 06/15/2015		865		864
0.50%, 08/15/2014		95		95
0.63%, 05/31/2017		160		159
0.75%, 06/30/2017		155		155
1.00%, 06/30/2019		335		332
1.13%, 05/31/2019		330		331
1.75%, 05/15/2022		2,786		2,810
Total U.S. Government Obligations (cost $5,525)				5,512
U.S. GOVERNMENT AGENCY OBLIGATIONS - 17.5%
Fannie Mae
1.95%, 10/09/2019 p		280		227
3.09%, 03/01/2041 *		78		81
3.15%, 03/01/2041 *		70		73
3.31%, 12/01/2040 *		84		89
3.48%, 09/01/2041 *		95		100
3.50%, 11/01/2026 - 06/01/2042		2,162		2,284
4.00%, 02/01/2025 - 06/01/2042		3,212		3,449
4.50%, 02/01/2025 - 06/01/2041		3,291		3,549
5.00%, 09/01/2033 - 12/01/2035		622		678
5.50%, 09/01/2034 - 08/01/2037		610		670
6.00%, 05/01/2038 - 04/01/2040		453		499
6.50%, 05/01/2040		443		500
Fannie Mae, TBA
2.50%		100		103
4.50%		100		107
6.00%		1,600		1,758
Farmer Mac Guaranteed Notes Trust
5.13%, 04/19/2017 - 144A		350		412
Freddie Mac
2.87%, 12/25/2021		220		230
3.04%, 02/01/2041 *		77		80
3.97%, 01/25/2021 *		120		135
5.00%, 03/01/2038		700		754
Freddie Mac, IO
1.70%, 12/25/2018 *		280		23
Freddie Mac, TBA
4.50%		100		107
FREMF Mortgage Trust
4.16%, 11/25/2044 - 144A *		20		17
Ginnie Mae
1.39%, 11/20/2059 *		463		475
Ginnie Mae, TBA
4.00%		400		437
4.50%		800		875
5.00%		800		880
Resolution Funding Corp., Interest STRIPS
1.43%, 07/15/2018 p		250		230
1.47%, 10/15/2018 p		250		229
Tennessee Valley Authority
5.25%, 09/15/2039		60		78
Total U.S. Government Agency Obligations (cost $18,704)				19,129

	Principal (000’s)		Value (000’s)
FOREIGN GOVERNMENT OBLIGATIONS - 1.2%
Deutsche Bundesrepublik Inflation Linked Bond 0.10%, 04/15/2023	EUR	459	$	587
Poland Government International Bond 5.00%, 03/23/2022	$	40		44
Republic of Brazil 7.13%, 01/20/2037		25		36
Republic of South Africa 5.50%, 03/09/2020		100		115
Russian Federation - Reg S 7.50%, 03/31/2030		221		266
United Mexican States 5.13%, 01/15/2020		180		211
Total Foreign Government Obligations (cost $1,256)				1,259
MORTGAGE-BACKED SECURITIES - 4.8%
Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2 1.09%, 02/25/2035 *		69		67
Banc of America Large Loan, Inc. Series 2010-HLTN, Class HLTN 1.99%, 11/15/2015 - 144A *		117		111
Series 2010-UB4, Class A4A 5.04%, 12/20/2041 - 144A *		100		105
Banc of America Merrill Lynch Commercial Mortgage, Inc. Series 2005-5, Class A4 5.12%, 10/10/2045 *		250		279
Series 2007-1, Class AMFX 5.48%, 01/15/2049 *		10		10
Series 2007-3, Class A4 5.81%, 06/10/2049 *		60		68
Bear Stearns Commercial Mortgage Securities Series 2007-PW17, Class A3 5.74%, 06/11/2050		115		120
Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2 0.46%, 12/25/2046 *		959		174
Commercial Mortgage Pass-Through Certificates Series 2006-C8, Class AM 5.35%, 12/10/2046		55		56
Commercial Mortgage Pass-Through Certificates, IO Series 2012-CR1, Class XA 2.45%, 05/15/2045 *		999		138
Credit Suisse Mortgage Capital Certificates Series 2006-C3, Class AM 6.01%, 06/15/2038 *		40		42
Series 2010-RR1, Class 2A 5.70%, 09/15/2040 - 144A *		90		100
Series 2010-RR2, Class 2A 5.97%, 09/15/2039 - 144A *		120		133
CW Capital Cobalt, Ltd. Series 2006-C1, Class A4 5.22%, 08/15/2048		200		221
Deutsche ALT-A Securities, Inc., Alternate Loan Trust Series 2007-1, Class 1A3B 0.39%, 08/25/2037 *		365		226

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    37

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Extended Stay America Trust Series 2010-ESHA, Class B 4.22%, 11/05/2027 - 144A	$	140	$	141
GE Capital Commercial Mortgage Corp. Series 2007-C1, Class AAB 5.48%, 12/10/2049		95		99
GMAC Mortgage Corp., Loan Trust Series 2005-AR1, Class 3A 3.22%, 03/18/2035 *		389		343
Greenwich Capital Commercial Funding Corp. Series 2006-GG7, Class AJ 6.07%, 07/10/2038 *		40		36
Impac CMB Trust Series 2004-6, Class 1A1 1.05%, 10/25/2034 *		162		131
IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 5.56%, 09/25/2037 *		296		234
IndyMac Index Mortgage Loan Trust Series 2007-AR15, Class 2A1 4.83%, 08/25/2037 *		358		247
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-CB8, Class A1A 4.16%, 01/12/2039 - 144A		194		200
Series 2004-LN2, Class A2
5.12%, 07/15/2041		90		96
Series 2006-CB14, Class AM
5.64%, 12/12/2044 *		50		51
Series 2007-CB18, Class A3
5.45%, 06/12/2047		88		92
Series 2008-C2, Class ASB
6.13%, 02/12/2051 *		190		203
LB-UBS Commercial Mortgage Trust Series 2007-C1, Class AM 5.46%, 02/15/2040		35		37
Merrill Lynch Mortgage Investors, Inc. Series 2004-A3, Class 4A3 4.97%, 05/25/2034 *		108		108
Merrill Lynch Mortgage Trust Series 2004-KEY2, Class A4 4.86%, 08/12/2039 *		60		64
Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2007-9, Class A4 5.70%, 09/12/2049		200		220
MLCC Mortgage Investors, Inc. Series 2003-F, Class A1 0.89%, 10/25/2028 *		132		120
Morgan Stanley Capital I, Inc. Series 2007-HQ12, Class A2FX 5.78%, 04/12/2049 *		79		81
Morgan Stanley Capital I, Inc., IO Series 2012-C4, Class XA 2.89%, 03/15/2045 - 144A *		508		77
Morgan Stanley Re-REMIC Trust 2.00%, 07/27/2049		93		94

	Principal (000’s)		Value (000’s)
MORTGAGE-BACKED SECURITIES (continued)
Series 2011-IO, Class A 2.50%, 03/23/2051 - 144A		92		93
S2 Hospitality LLC Series 2012-LV1, Class A 4.50%, 04/15/2025 - 144A		100		100
Structured Asset Mortgage Investments, Inc. Series 2003-AR4, Class A1 0.94%, 01/19/2034 *	$	229	$	196
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class A4 3.53%, 05/10/2063		40		41
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class A4 6.10%, 02/15/2051 *		240		269
Total Mortgage-Backed Securities (cost $6,091)				5,223
ASSET-BACKED SECURITIES - 2.8%
AH Mortgage Advance Trust Series SART-3, Class 1A1 2.98%, 03/13/2043 - 144A		100		101
AmeriCredit Automobile Receivables Trust Series 2011-5, Class C 3.44%, 10/08/2017		40		41
Series 2012-2, Class C 2.64%, 10/10/2017		40		41
Series 2012-2, Class D 3.38%, 04/09/2018		50		50
Series 2012-3, Class C 2.42%, 05/08/2018		40		40
Series 2012-3, Class D 3.03%, 07/09/2018		30		30
Avis Budget Rental Car Funding AESOP LLC Series 2010-3A, Class A 4.64%, 05/20/2016 - 144A		100		108
CarMax Auto Owner Trust Series 2012-1, Class B 1.76%, 08/15/2017		25		25
Series 2012-1, Class C 2.20%, 10/16/2017		15		15
Series 2012-1, Class D 3.09%, 08/15/2018		15		15
Education Funding Capital Trust I Series 2003-3, Class A7 2.43%, 12/15/2042 * ə		150		123
Ford Credit Floorplan Master Owner Trust Series 2010-5, Class C 2.07%, 09/15/2015 - 144A		35		35
Series 2010-5, Class D 2.41%, 09/15/2015 - 144A		15		15
Series 2011-2, Class C 2.37%, 09/15/2015		40		40
Series 2011-2, Class D 2.86%, 09/15/2015		30		30
Series 2012-1, Class C 1.74%, 01/15/2016 *		100		100
Series 2012-1, Class D 2.34%, 01/15/2016 *		100		100
Hertz Vehicle Financing LLC Series 2009-2A, Class A2 5.29%, 03/25/2016 - 144A		120		132
Hyundai Auto Receivables Trust Series 2012-A, Class D 2.61%, 05/15/2018		30		30
Nelnet Student Loan Trust Series 2008-3, Class A4 2.12%, 11/25/2024 *		100		104

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    38

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
ASSET-BACKED SECURITIES (continued)
PFS Financing Corp. Series 2012-AA, Class A 1.44%, 02/15/2016 - 144A *	$	100	$	100
Santander Consumer Acquired Receivables Trust Series 2011-S1A, Class B 1.66%, 08/15/2016 - 144A		195		195
Series 2011-S1A, Class C 2.01%, 08/15/2016 - 144A		201		200
Series 2011-WO, Class C 3.19%, 10/15/2015 - 144A		70		70
Santander Drive Auto Receivables Trust Series 2010-2, Class C 3.89%, 07/17/2017		130		135
Series 2011-1, Class D 4.01%, 02/15/2017		100		102
Series 2011-S1A, Class B 1.48%, 07/15/2013 - 144A		127		127
Series 2011-S1A, Class D 3.10%, 03/15/2013 - 144A		52		53
Series 2012-1, Class B 2.72%, 05/16/2016		25		25
Series 2012-1, Class C 3.78%, 11/15/2017		35		36
Series 2012-3, Class B 1.94%, 12/15/2016		85		85
Series 2012-3, Class C 3.01%, 04/16/2018		110		110
Series 2012-3, Class D 3.64%, 05/15/2018		95		95
Series 2012-4, Class C 2.94%, 12/15/2017		20		20
Series 2012-4, Class D 3.50%, 06/15/2018		25		25
Scholar Funding Trust Series 2011-A, Class A 1.37%, 10/28/2043 - 144A *		129		126
SLM Student Loan Trust Series 2004-B, Class A2 0.67%, 06/15/2021 *		177		171
Series 2012-C, Class A1 1.34%, 08/15/2023 - 144A *		100		100
Series 2012-C, Class A2 3.31%, 10/15/2046 - 144A		135		135
Total Asset-Backed Securities (cost $3,070)				3,085
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
New York City Municipal Water Finance Authority
5.38%, 06/15/2043		45		52
5.50%, 06/15/2043		55		64
Total Municipal Government Obligations (cost $99)				116
PREFERRED CORPORATE DEBT SECURITIES - 0.3%
Capital Markets - 0.0% ¥
State Street Capital Trust IV
1.47%, 06/15/2037 *		10		7
Commercial Banks - 0.2%
Capital One Capital V
10.25%, 08/15/2039		25		26
Capital One Capital VI
8.88%, 05/15/2040 ^		70		70
Fifth Third Capital Trust IV
6.50%, 04/15/2037 *		65		65

	Principal (000’s)		Value (000’s)
Diversified Financial Services - 0.0%¥
JPMorgan Chase Capital XXV - Series Y
6.80%, 10/01/2037	$	25	$	25
Lehman Brothers Holdings Capital Trust VII
5.86%, 08/02/2012 ‡ Џ ə Ž §		200		u
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065 ‡ Џ ə		120		u
Insurance - 0.1%
MetLife Capital Trust IV
7.88%, 12/15/2037 - 144A		100		111
Total Preferred Corporate Debt Securities (cost $573)				304
CORPORATE DEBT SECURITIES - 11.9%
Aerospace & Defense - 0.1%
Sequa Corp.
11.75%, 12/01/2015 - 144A		30		32
United Technologies Corp.
3.10%, 06/01/2022		20		21
4.50%, 06/01/2042		10		11
Auto Components - 0.0%¥
BorgWarner, Inc.
4.63%, 09/15/2020		30		33
Automobiles - 0.0%
General Motors Corp. (Escrow Shares)
8.25%, 07/15/2023 ə		453		u
Capital Markets - 0.3%
BP Capital Markets PLC
3.13%, 10/01/2015 ^		40		43
3.88%, 03/10/2015 ^		100		107
Goldman Sachs Group, Inc.
5.75%, 01/24/2022 ^		125		131
Chemicals - 0.1%
Dow Chemical Co.
4.13%, 11/15/2021 ^		40		43
Westlake Chemical Corp.
6.63%, 01/15/2016 ^		17		17
Commercial Banks - 1.1%
Bank of Scotland PLC
5.25%, 02/21/2017 - 144A		100		110
Credit Suisse
5.40%, 01/14/2020		25		26
Glitnir Banki HF
6.33%, 07/28/2011 - 144A ‡ Џ		160		43
6.69%, 06/15/2016 - 144A * ‡ Џ ə		380		u
HSBC Bank Brasil SA - Banco Multiplo
4.00%, 05/11/2016 - 144A		200		203
HSBC Bank PLC
3.10%, 05/24/2016 - 144A ^		150		155
HSBC Holdings PLC
6.10%, 01/14/2042 ^		35		43
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A ‡ Џ		140		7
Sparebank 1 Boligkreditt AS
2.30%, 06/30/2017 - 144A ^		200		201
Toronto-Dominion Bank
1.63%, 09/14/2016 - 144A		250		255
Wells Fargo & Co.
3.50%, 03/08/2022 ^		120		123
Construction Materials - 0.0%¥
Lafarge SA
7.13%, 07/15/2036 ^	$	17	$	17

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    39

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Consumer Finance - 0.1%
SLM Corp. 6.25%, 01/25/2016	$	78	$	82
Diversified Financial Services - 1.7%
Bank of America Corp. 3.88%, 03/22/2017 ^		60		61
5.70%, 01/24/2022 ^		170		187
6.50%, 08/01/2016 ^		40		44
7.63%, 06/01/2019		25		29
Caisse Centrale Desjardins du Quebec 1.60%, 03/06/2017 - 144A^		250		253
2.55%, 03/24/2016 - 144A		250		263
Citigroup, Inc.
4.45%, 01/10/2017 ^		30		31
4.59%, 12/15/2015		345		362
JPMorgan Chase & Co. 3.15%, 07/05/2016		51		52
JPMorgan Chase Bank NA 6.00%, 10/01/2017		250		280
Kaupthing Bank Hf 7.13%, 05/19/2016 - 144A ‡ Џ ə		130		u
Kaupthing Bank Hf - Series 1 7.63%, 02/28/2015 - 144A ‡ Џ		710		181
Lehman Brothers Holdings, Inc. 6.75%, 12/28/2017 ə		480		u
Lehman Brothers Holdings Prod (Escrow shares) 1.00%, 02/06/2049		100		23
Swiss Re Capital I LP 6.85%, 05/25/2016 - 144A * Ž		70		64
Diversified Telecommunication Services - 0.3%
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		44		46
8.50%, 11/01/2019		50		55
Level 3 Financing, Inc. 8.13%, 07/01/2019 ^		64		66
8.75%, 02/15/2017 ^		11		11
Sprint Capital Corp. 6.88%, 11/15/2028 ^		24		19
Verizon Communications, Inc. 3.50%, 11/01/2021 ^		50		53
6.10%, 04/15/2018		63		78
6.40%, 02/15/2038 ^		37		48
Electric Utilities - 1.1%
Alabama Power Co. 3.95%, 06/01/2021		55		60
Cleveland Electric Illuminating Co. 5.95%, 12/15/2036		37		42
8.88%, 11/15/2018 ^		7		9
Duke Energy Carolinas LLC 4.25%, 12/15/2041 ^		50		54
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/01/2020		336		366
Georgia Power Co. 3.00%, 04/15/2016 ^		100		107
Hydro Quebec 8.05%, 07/07/2024		240		355
8.40%, 01/15/2022		95		137

	Principal (000’s)		Value (000’s)
Jersey Central Power & Light Co. 7.35%, 02/01/2019		30		38
Trans-Allegheny Interstate Line Co. 4.00%, 01/15/2015 - 144A		30		32
Energy Equipment & Services - 0.5%
El Paso Pipeline Partners Operating Co., LLC 6.50%, 04/01/2020 ^	$	75	$	87
Ensco PLC 3.25%, 03/15/2016		20		21
4.70%, 03/15/2021 ^		45		49
Pride International, Inc. 6.88%, 08/15/2020		30		37
Rockies Express Pipeline LLC 3.90%, 04/15/2015 - 144A		5		5
Transocean, Inc. 5.05%, 12/15/2016		90		98
6.00%, 03/15/2018		70		78
6.50%, 11/15/2020		142		161
Food Products - 0.2%
Kraft Foods Group, Inc. 3.50%, 06/06/2022 - 144A ^		65		67
5.00%, 06/04/2042 - 144A		18		19
Kraft Foods, Inc. 6.50%, 08/11/2017		35		42
6.50%, 02/09/2040 ^		70		90
Health Care Equipment & Supplies - 0.1%
Boston Scientific Corp. 6.25%, 11/15/2015		138		155
Health Care Providers & Services - 0.1%
HCA, Inc. 6.30%, 10/01/2012		6		6
6.50%, 02/15/2020 ^		20		22
Tenet Healthcare Corp. 6.25%, 11/01/2018 ^		55		57
10.00%, 05/01/2018 ^		45		52
UnitedHealth Group, Inc. 3.38%, 11/15/2021		15		16
Hotels, Restaurants & Leisure - 0.3%
Caesars Entertainment Operating Co., Inc. 10.00%, 12/15/2018 ^		50		34
MGM Resorts International 10.38%, 05/15/2014 ^		50		56
11.13%, 11/15/2017 ^		120		135
Station Casinos, Inc. 6.88%, 03/01/2016 ‡ Џ ə		10		u
Wyndham Worldwide Corp. 4.25%, 03/01/2022		80		81
Household Products - 0.1%
Reynolds Group Issuer, Inc. 6.88%, 02/15/2021 - 144A^		110		114
Independent Power Producers & Energy Traders - 0.0% ¥
Exelon Generation Co. LLC 4.25%, 06/15/2022 - 144A		30		30
Insurance - 1.2%
Allianz Finance II BV 5.75%, 07/08/2041 *		EUR100		114
American International Group, Inc. 3.80%, 03/22/2017 ^	$	106		108
4.88%, 06/01/2022		80		82
5.45%, 05/18/2017 ^		45		49
8.18%, 05/15/2058 *		25		27
AXA SA 5.25%, 04/16/2040 *		EUR50		50
Hartford Financial Services Group, Inc. 6.00%, 01/15/2019	$	40		43
Lincoln National Corp. 7.00%, 06/15/2040		50		59

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    40

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Insurance (continued)
Manulife Financial Corp.
3.40%, 09/17/2015	$	110	$	113
Metropolitan Life Global Funding I
2.50%, 01/11/2013 - 144A		200		201
5.13%, 06/10/2014 - 144A		100		107
Prudential Financial, Inc.
4.75%, 09/17/2015 ^		140		151
5.38%, 06/21/2020 ^		120		133
XL Group PLC
6.50%, 04/15/2017 * Ž ^		60		49
Machinery - 0.0% ¥
Joy Global, Inc.
5.13%, 10/15/2021		25		27
Media - 1.0%
CBS Corp.
4.63%, 05/15/2018 ^		20		22
5.75%, 04/15/2020 ^		30		35
8.88%, 05/15/2019		30		40
CCH II LLC
13.50%, 11/30/2016 ^		100		112
Clear Channel Worldwide Holdings, Inc.- Series B
9.25%, 12/15/2017		80		87
Comcast Corp.
4.65%, 07/15/2042		76		76
5.88%, 02/15/2018		99		116
6.45%, 03/15/2037		50		61
COX Communications, Inc.
8.38%, 03/01/2039 - 144A		95		133
CSC Holdings LLC
8.50%, 04/15/2014 ^		31		34
8.63%, 02/15/2019 ^		5		6
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
5.15%, 03/15/2042 ^		25		25
6.38%, 03/01/2041		55		63
NBCUniversal Media LLC
4.38%, 04/01/2021		97		107
News America, Inc.
6.40%, 12/15/2035 ^		5		6
6.65%, 11/15/2037		10		12
Time Warner Cable, Inc.
5.50%, 09/01/2041 ^		60		65
5.88%, 11/15/2040		55		62
Time Warner, Inc.
4.70%, 01/15/2021 ^		30		33
Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc.
2.15%, 03/01/2017 ^		20		20
Novelis, Inc.
8.75%, 12/15/2020		110		118
Multiline Retail - 0.2%
Macy's Retail Holdings, Inc.
5.90%, 12/01/2016		95		110
7.45%, 07/15/2017		75		91
Multi-Utilities - 0.2%
Dominion Resources, Inc.
1.95%, 08/15/2016		70		71
MidAmerican Energy Holdings Co.
5.95%, 05/15/2037		140		174

	Principal (000’s)		Value (000’s)
Oil, Gas & Consumable Fuels - 2.0%
Anadarko Petroleum Corp.
5.95%, 09/15/2016	$	163	$	185
6.38%, 09/15/2017 ^		85		99
CONSOL Energy, Inc.
8.25%, 04/01/2020 ^		140		147
Energy Transfer Partners, LP
6.50%, 02/01/2042		100		107
Enterprise Products Operating LLC
6.30%, 09/15/2017		150		179
KeySpan Gas East Corp.
5.82%, 04/01/2041 - 144A		50		64
Kinder Morgan Energy Partners, LP
5.95%, 02/15/2018 ^		100		116
6.38%, 03/01/2041		20		23
6.55%, 09/15/2040		15		17
Laredo Petroleum, Inc.
7.38%, 05/01/2022 - 144A		60		62
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 - 144A ^		80		78
Marathon Petroleum Corp.
6.50%, 03/01/2041		132		150
MEG Energy Corp.
6.50%, 03/15/2021 - 144A ^		110		112
Nexen, Inc.
7.50%, 07/30/2039 ^		65		76
Peabody Energy Corp.
6.25%, 11/15/2021 - 144A^		45		45
Petrobras International Finance Co.
3.88%, 01/27/2016 ^		160		165
5.75%, 01/20/2020		150		164
Plains Exploration & Production Co.
10.00%, 03/01/2016 ^		10		11
Range Resources Corp.
5.75%, 06/01/2021		10		10
7.25%, 05/01/2018 ^		90		95
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 §		25		1
Valero Energy Corp.
6.63%, 06/15/2037		30		34
Western Gas Partners, LP
4.00%, 07/01/2022		40		40
5.38%, 06/01/2021 ^		85		94
Paper & Forest Products - 0.1%
International Paper Co.
4.75%, 02/15/2022 ^		75		82
6.00%, 11/15/2041 ^		60		68
Pharmaceuticals - 0.1%
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 ^		25		26
Teva Pharmaceutical Finance IV BV
3.65%, 11/10/2021		50		53
Professional Services - 0.0% ¥
Newcrest Finance Pty, Ltd.
4.45%, 11/15/2021 - 144A		45		46
Real Estate Investment Trusts - 0.2%
ERP Operating, LP
4.63%, 12/15/2021 ^		55		60
Ventas Realty, LP
4.75%, 06/01/2021		35		36
Vornado Realty, LP
5.00%, 01/15/2022		135		143

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    41

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
Real Estate Management & Development - 0.0% ¥
Realogy Corp. 7.88%, 02/15/2019 - 144A ^	$	55	$	54
Software - 0.1%
First Data Corp. 7.38%, 06/15/2019 - 144A ^		35		36
8.25%, 01/15/2021 - 144A ^		5		5
Oracle Corp. 5.38%, 07/15/2040 ^		35		43
Specialty Retail - 0.0% ¥
QVC, Inc. 7.50%, 10/01/2019 - 144A		45		50
Trading Companies & Distributors - 0.1%
UR Merger Sub Corp. 7.63%, 04/15/2022 - 144A ^		100		105
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp. 3.13%, 05/11/2015 - 144A		75		75
Wireless Telecommunication Services - 0.4%
Cricket Communications, Inc. 7.75%, 05/15/2016		50		53
Crown Castle Towers LLC 6.11%, 01/15/2020 - 144A ^		200		232
MetroPCS Wireless, Inc. 7.88%, 09/01/2018 ^		4		4
SBA Tower Trust 5.10%, 04/17/2017 - 144A		40		44
Sprint Nextel Corp. 9.00%, 11/15/2018 - 144A ^		70		78
Total Corporate Debt Securities (cost $13,868)				12,980
STRUCTURED NOTES DEBT - 0.2%
Diversified Financial Services - 0.2%
Tiers Trust 2.22%, 05/12/2014 - 144A *		234		234
Total Structured Notes Debt (cost $234)
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill 0.19%, 05/30/2013 p g		65		65
Total Short-Term U.S. Government Obligation (cost $65)
	Shares		Value (000’s)
PREFERRED STOCKS - 0.1%
Diversified Financial Services - 0.0% ¥
Citigroup Capital XIII, 7.88% *		1,692		46
U.S. Government Agency Obligation - 0.1%
Fannie Mae, 0.00% *		600		1
Fannie Mae, 8.25% *		10,800		18
Freddie Mac, 8.38% *		14,925		33
Total Preferred Stocks (cost $720)				98
COMMON STOCKS - 58.7%
Aerospace & Defense - 1.1%
Honeywell International, Inc.		4,023		225
United Technologies Corp. ^		13,131		991
Air Freight & Logistics - 0.8%
FedEx Corp.		2,970		272
United Parcel Service, Inc. - Class B ^		8,057		635

	Principal (000’s)		Value (000’s)
Airlines - 0.1%
Southwest Airlines Co.		6,801	$	63
Auto Components - 0.1%
Johnson Controls, Inc.		5,388		149
Automobiles - 0.2%
General Motors Co. ‡ ^		13,065		257
Motors Liquidation Co. GUC Trust ‡		464		6
Beverages - 1.8%
Coca-Cola Co.		18,188		1,422
Coca-Cola Enterprises, Inc.		3,844		108
Constellation Brands, Inc. - Class A ‡ ^		1,441		39
Dr. Pepper Snapple Group, Inc. ^		3,678		161
PepsiCo, Inc.		3,071		217
Biotechnology - 1.1%
Biogen Idec, Inc. ‡		4,045		584
Celgene Corp. ‡		8,371		537
Vertex Pharmaceuticals, Inc. ‡		1,464		82
Building Products - 0.1%
Masco Corp. ^		7,209		100
Capital Markets - 1.4%
Ameriprise Financial, Inc.		1,771		93
Bank of New York Mellon Corp. ^		10,671		234
Goldman Sachs Group, Inc.		3,117		299
Invesco, Ltd.		16,920		382
State Street Corp. ^		9,199		411
TD Ameritrade Holding Corp. ^		3,607		61
Chemicals - 1.4%
Air Products & Chemicals, Inc.		6,240		504
CF Industries Holdings, Inc.		733		142
Dow Chemical Co. ^		836		26
E.I. du Pont de Nemours & Co. ^		15,536		786
Georgia Gulf Corp. ^		1,917		49
Commercial Banks - 1.8%
Comerica, Inc.		2,082		64
First Niagara Financial Group, Inc.		3,723		28
Huntington Bancshares, Inc. ^		10,698		68
KeyCorp		9,880		76
Regions Financial Corp.		7,324		49
SunTrust Banks, Inc.		9,106		221
Wells Fargo & Co.		42,547		1,424
Communications Equipment - 1.0%
Cisco Systems, Inc.		39,166		672
QUALCOMM, Inc.		7,718		430
Computers & Peripherals - 3.5%
Apple, Inc. ‡		5,872		3,429
EMC Corp. ‡		5,490		141
Hewlett-Packard Co.		4,818		97
NetApp, Inc. ‡		4,309		137
Construction & Engineering - 0.3%
Fluor Corp.		7,730		381
Consumer Finance - 0.9%
American Express Co.		6,435		375
Capital One Financial Corp.		9,991		546
Discover Financial Services		2,721		94
Containers & Packaging - 0.1%
Crown Holdings, Inc. ‡		1,703		59
Sealed Air Corp.		921		14
Diversified Consumer Services - 0.0% ¥
H&R Block, Inc. ^		1,457		23
Diversified Financial Services - 1.3%
Bank of America Corp.		59,677		488
Citigroup, Inc.		23,308		640
CME Group, Inc. - Class A		561		150
IntercontinentalExchange, Inc. ‡		768		104
Diversified Telecommunication Services - 1.6%
AT&T, Inc. ^		23,438		836

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    42

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. ^		20,551	$	913
Electric Utilities - 1.2%
FirstEnergy Corp. ^		8,378		412
NextEra Energy, Inc.		7,535		518
NV Energy, Inc.		11,865		209
Southern Co.		4,425		205
Electrical Equipment - 0.5%
Emerson Electric Co.		11,230		523
Energy Equipment & Services - 1.0%
Baker Hughes, Inc. ^		3,565		147
Ensco PLC - Class A		4,960		233
Halliburton Co.		9,110		259
Schlumberger, Ltd.		6,905		448
Weatherford International, Ltd. ‡		4,057		51
Food & Staples Retailing - 1.1%
CVS Caremark Corp.		2,310		108
Kroger Co.		17,350		402
Walgreen Co. ^		5,973		177
Wal-Mart Stores, Inc. ^		7,195		502
Food Products - 1.6%
Archer-Daniels-Midland Co.		13,148		388
Campbell Soup Co. ^		2,891		97
General Mills, Inc. ^		11,166		430
Kellogg Co. ^		1,087		54
Kraft Foods, Inc. - Class A		18,232		704
Tyson Foods, Inc. - Class A		4,407		83
Gas Utilities - 0.3%
Atmos Energy Corp.		2,082		73
EQT Corp. ^		3,898		209
UGI Corp. ^		1,259		37
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc.		4,100		218
Becton Dickinson and Co. ^		213		16
CareFusion Corp. ‡		7,521		193
Covidien PLC		12,414		664
Hologic, Inc. ‡ ^		3,245		59
Health Care Providers & Services - 1.4%
CIGNA Corp.		2,818		124
Humana, Inc. ^		4,735		367
McKesson Corp.		1,938		182
UnitedHealth Group, Inc.		13,753		804
Hotels, Restaurants & Leisure - 0.3%
Carnival Corp. ^		9,224		316
Household Durables - 0.6%
D.R. Horton, Inc. ^		7,576		139
Lennar Corp. - Class A ^		2,144		66
NVR, Inc. ‡		79		67
PulteGroup, Inc. ‡ ^		32,361		347
Household Products - 1.0%
Clorox Co. ^		2,543		184
Energizer Holdings, Inc. ‡ ^		438		33
Procter & Gamble Co.		14,192		869
Independent Power Producers & Energy Traders - 0.0% ¥
Calpine Corp. ‡ ^		1,754		29
Industrial Conglomerates - 1.4%
3M Co.		3,576		320
General Electric Co.		32,865		686
Tyco International, Ltd.		10,525		556
Insurance - 1.5%
ACE, Ltd.		4,134		306
Axis Capital Holdings, Ltd. ^		913		30
Berkshire Hathaway, Inc. - Class B ‡		2,642		220
Everest RE Group, Ltd.		1,741		180
Loews Corp.		1,531		63
MetLife, Inc.		18,121		559
Prudential Financial, Inc.		6,643		322

	Shares		Value (000’s)
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. ‡		2,281	$	521
Internet Software & Services - 1.0%
eBay, Inc. ‡		7,472		314
Google, Inc. - Class A ‡		1,405		815
IT Services - 1.3%
Accenture PLC - Class A		3,330		200
Cognizant Technology Solutions Corp. - Class A ‡		1,521		91
Fidelity National Information Services, Inc.		1,266		43
Genpact, Ltd. ‡		1,751		29
International Business Machines Corp.		4,300		842
Mastercard, Inc. - Class A		559		240
Leisure Equipment & Products - 0.0% ¥
Brunswick Corp. ^		1,290		29
Machinery - 0.6%
Cummins, Inc.		1,304		126
Eaton Corp.		1,235		49
PACCAR, Inc. ^		9,870		387
SPX Corp. ^		2,004		131
Media - 2.2%
CBS Corp. - Class B		18,347		601
Comcast Corp. - Class A ^		20,689		661
DIRECTV - Class A ‡		4,812		235
DISH Network Corp. - Class A		2,112		60
Time Warner Cable, Inc.		796		65
Time Warner, Inc.		20,232		780
Metals & Mining - 0.1%
Alcoa, Inc. ^		18,546		162
Multiline Retail - 0.5%
Target Corp.		9,834		572
Multi-Utilities - 0.9%
CenterPoint Energy, Inc.		7,707		159
DTE Energy Co. ^		857		51
OGE Energy Corp.		225		12
PG&E Corp.		10,857		492
Sempra Energy ^		4,345		299
Oil, Gas & Consumable Fuels - 5.1%
Anadarko Petroleum Corp.		2,018		134
Apache Corp.		1,995		175
Chesapeake Energy Corp. ^		3,385		63
Chevron Corp.		14,442		1,523
EOG Resources, Inc.		2,619		236
Exxon Mobil Corp. ^		17,957		1,536
Kinder Morgan, Inc.		6,304		203
Marathon Oil Corp.		3,680		94
Murphy Oil Corp.		979		49
Occidental Petroleum Corp.		8,214		705
Peabody Energy Corp.		6,631		163
Pioneer Natural Resources Co.		1,561		138
Range Resources Corp. ^		3,375		209
Southwestern Energy Co. ‡ ^		2,298		73
Valero Energy Corp.		8,172		197
Pharmaceuticals - 3.7%
Abbott Laboratories ^		8,405		542
Allergan, Inc. ^		2,970		275
Johnson & Johnson ^		8,725		589
Merck & Co., Inc.		31,307		1,307
Mylan, Inc. ‡		7,595		162
Pfizer, Inc.		44,959		1,034
Real Estate Investment Trusts - 1.4%
Alexandria Real Estate Equities, Inc. ^		2,560		187
Apartment Investment & Management Co. - Class A		3,952		107
Duke Realty Corp. ^		3,672		54
Equity Lifestyle Properties, Inc.		1,798		124
Essex Property Trust, Inc. ^		365		56
HCP, Inc.		1,998		88

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    43

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Real Estate Investment Trusts (continued)
Highwoods Properties, Inc. ^		1,786	$	60
Home Properties, Inc.		2,103		130
Host Hotels & Resorts, Inc. ^		3,634		57
LaSalle Hotel Properties ^		3,511		102
Liberty Property Trust ^		3,296		121
National Retail Properties, Inc.		2,324		66
Pebblebrook Hotel Trust ^		1,530		36
Post Properties, Inc.		1,286		63
Public Storage ^		730		105
Weyerhaeuser Co. ^		5,735		128
Road & Rail - 1.7%
CSX Corp.		33,271		744
Norfolk Southern Corp. ^		1,678		120
Union Pacific Corp.		7,911		944
Semiconductors & Semiconductor Equipment - 1.4%
Altera Corp.		5,761		195
Applied Materials, Inc.		2,249		26
Avago Technologies, Ltd.		969		35
Broadcom Corp. - Class A ‡		2,538		86
Intel Corp.		16,381		437
KLA-Tencor Corp.		816		40
LAM Research Corp. ‡ ^		7,633		288
LSI Corp. ‡		12,581		80
MagnaChip Semiconductor Corp. ‡		149		1
Marvell Technology Group, Ltd.		6,904		78
ON Semiconductor Corp. ‡		7,900		56
Texas Instruments, Inc.		8,865		254
Software - 3.0%
Adobe Systems, Inc. ‡		5,557		180
Citrix Systems, Inc. ‡		979		82
Microsoft Corp.		57,925		1,771
Oracle Corp.		41,128		1,222
Specialty Retail - 2.0%
AutoZone, Inc. ‡ ^		882		324
Home Depot, Inc.		15,816		838
Lowe’s Cos., Inc.		24,032		683
TJX Cos., Inc.		8,361		359
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc.		1,466		86
V.F. Corp. ^		3,454		461
Thrifts & Mortgage Finance - 0.1%
People’s United Financial, Inc. ^		4,728		55
Tobacco - 1.1%
Altria Group, Inc.		10,522		364
Lorillard, Inc. ^		678		89
Philip Morris International, Inc.		8,820		770
Total Common Stocks (cost $58,792)				64,007
SHORT-TERM INVESTMENT COMPANY - 0.9%
Capital Markets - 0.9%
BlackRock Provident TempFund 24		984,724		985
Total Short-Term Investment Company (cost $985)
WARRANTS - 0.0% ¥
Automobiles - 0.0% ¥
General Motors Co. ‡
Expiration: 07/10/2016
Exercise Price: $10.00		1,742		19
General Motors Co. ‡
Expiration: 07/10/2019
Exercise Price: $18.33		1,742		12
Oil, Gas & Consumable Fuels - 0.0% ¥
SemGroup Corp. ‡
Expiration: 11/30/2014
Exercise Price: $25.00		68		1
Total Warrants (cost $174)				32

	Notional Amount (000’s)			Value (000’s)
PURCHASED OPTIONS - 0.0% ¥
Call Options - 0.0% ¥
Eurodollar, Mid-Curve 3-Year Future Call Strike $99.00 Expires 08/10/2012	$	65		$	3
Put Options - 0.0% ¥
10-Year U.S. Treasury Note Future Put Strike $131.00 Expires 07/27/2012		20			2
Total Purchased Options (cost $15)					5
	Shares			Value (000’s)
SECURITIES LENDING COLLATERAL - 18.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		20,393,301			20,393
Total Securities Lending Collateral (cost $20,393)
	Principal (000’s)			Value (000’s)
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $720 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/15/2039, and with a value of $735.	$	720			720
Total Repurchase Agreement (cost $720)
Total Investment Securities (cost $131,284) P					134,147
Other Assets and Liabilities - Net					(25,148	)
Net Assets				$	108,999
	Principal (000’s)			Value (000’s)
SECURITIES SOLD SHORT - (4.8%)
U.S. Government Agency Obligations - (4.8%)
Fannie Mae, TBA
3.50%	$	(1,600	)	$	(1,683	)
4.00%		(2,100	)		(2,234	)
4.50%		(700	)		(751	)
5.00%		(100	)		(108	)
5.50%		(200	)		(218	)
6.00%		(200	)		(220	)
Total Securities Sold Short (proceeds $(5,198))					(5,214	)
	Notional Amount (000’s)			Value (000’s)
WRITTEN OPTIONS - (0.0%) ¥
Call Options - (0.0%) ¥
Eurodollar, Mid-Curve 3-Year Future Call Strike $99.13 Expires 08/10/2012	$	(65	)	$	(1	)
Put Options - (0.0%) ¥
10-Year U.S. Treasury Note Future Put Strike $129.50 Expires 07/27/2012		(20	)		(1	)
Total Written Options (premiums: $(7))					(2	)

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    44

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued) At June 30, 2012 (unaudited)

FUTURES CONTRACTS: e
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation) (000’s)
90-Day Australian Bank Bill		Short		(9	)		12/13/2012	$	2
3-Year Australian Treasury Bond		Short		(14	)		09/17/2012		6
10-Year Australian Treasury Bond		Long		4			09/17/2012		(3	)
3-Month Canadian Bankers' Acceptance		Short		(17	)		06/17/2013		(18	)
30-Year U.S. Treasury Bond		Long		6			09/19/2012		(5	)
2-Year U.S. Treasury Note		Long		20			09/28/2012		(2	)
5-Year U.S. Treasury Note		Long		1			09/28/2012		(¿	)
10-Year U.S. Treasury Note		Short		(18	)		09/19/2012		3
German Euro Bund		Short		(7	)		09/06/2012		16
S&P 500 E-Mini Index		Long		13			09/21/2012		20
Ultra Long U.S. Treasury Bond		Long		6			09/19/2012		6
								$	25

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty		Contracts Sold (000’s)			Settlement Date		Amount in U.S. Dollars Sold (000’s)			Net Unrealized Appreciation (000’s)
Euro		HSBC		(85	)		07/12/2012	$	(111	)	$	4
Euro		RBS		(464	)		07/25/2012		(599	)		12
											$	16

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) pledged as of 06/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received) Pledged (000’s)		Net Exposures  (1) (000’s)
HSBC	$	4	$	—	$	4
RBS		12		—		12

(1) Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 06/29/2012.

* Floating or variable rate note. Rate is listed as of 06/29/2012.

‡ Non-income producing security.

ə Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate market value of fair valued securities is $123, or 0.11% of the portfolio's net assets.

¥ Percentage rounds to less than 0.1%.

Џ In default.

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

^ All or a portion of this security is on loan. The value of all securities on loan is $19,941.

§ Illiquid. Total aggregate market value of illiquid securities is less than $1, or less than 0.01% of the portfolio’s net assets.

e Cash in the amount of $78 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

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

Õ Aggregate cost for federal income tax purposes is $131,284. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,746 and $4,883, respectively. Net unrealized appreciation for tax purposes is $2,863.

¿ Amount is less than 1.

DEFINITIONS (all amounts in thousands):

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 06/30/2012, these securities aggregated $6,892, or 6.32% of the portfolio's net assets.

HSBC HSBC Bank USA IO Interest Only OTC Over The Counter

RBS Royal Bank of Scotland PLC

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

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    45

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

CURRENCY ABBREVIATION:

EUR                     Euro

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Asset-Backed Securities	$	—	$	2,962	$	123	$	3,085
Common Stocks		64,007		—		—		64,007
Corporate Debt Securities		—		12,980		¿		12,980
Foreign Government Obligations		—		1,259		—		1,259
Mortgage-Backed Securities		—		5,223		—		5,223
Municipal Government Obligations		—		116		—		116
Preferred Corporate Debt Securities		—		304		—		304
Preferred Stocks		98		—		—		98
Purchased Options		5		—		—		5
Repurchase Agreement		—		720		—		720
Securities Lending Collateral		20,393		—		—		20,393
Short-Term Investment Company		985		—		—		985
Short-Term U.S. Government Obligation		—		65		—		65
Structured Notes Debt		—		234		—		234
U.S. Government Agency Obligations		—		19,129		—		19,129
U.S. Government Obligations		—		5,512		—		5,512
Warrants		32		—		—		32
Total	$	85,520	$	48,504	$	123	$	134,147

Securities Sold Short	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
U.S. Government Agency Obligations	$	—	$	(5,214	)	$	—	$	(5,214	)

Other Financial Instruments	Level 1  - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Written Options	$	—	$	(2	)	$	—	$	(2	)

Other Financial Instruments ₣	Level 1  - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Futures Contracts - Appreciation	$	53		$	—	$	—	$	53
Futures Contracts - Depreciation		(28	)		—		—		(28	)
Forward Foreign Currency Contracts - Appreciation		—			16		—		16
Total	$	25		$	16	$	—	$	41

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    46

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

VALUATION SUMMARY (all amounts in thousands) (continued): '

Level 3 Rollforward - Investment Securities
Securities	Beginning Balance at 12/31/2011		Purchases		Sales		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Net Change in Unrealized Appreciation/ (Depreciation) ƒ		Transfers into Level 3 Y		Transfers out of Level 3 j		Ending Balance at 06/30/2012 ₪		Net Change in Unrealized Appreciation/ (Depreciation) on Investments Held at 06/30/2012 ƒ
Corporate Debt
Securities	$	u	$	u	$	—	$	—	$	—	$	1	$	—	$	1	$	u	$	1
Asset Backed Securities		—		—		—		—		—		—		123		—		123		—
Total	$	u	$	u	$	—	$	—	$	—	$	1	$	123	$	1	$	123	$	1

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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.

ƒ Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at 12/31/2011 may be due to an investment no longer held or categorized as Level 3 at period end.

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

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

u Amount rounds to less than 1.

₪ Total aggregate market value of Level 3 securities is 0.11% of the portfolio’s net assets. Quantitative information about significant unobservable inputs used in the fair value measurement has been excluded as it is less than 1% of net assets in the aggregate.

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    47

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

		Shares		Value (000’s)
COMMON STOCKS - 98.3%
Aerospace & Defense - 3.1%
Lockheed Martin Corp.			80,500	$	7,010
Northrop Grumman Corp.			154,200		9,836
Raytheon Co.			93,900		5,314
Textron, Inc. ^			141,500		3,519
Airlines - 1.0%
Delta Air Lines, Inc. ‡			778,000		8,519
Auto Components - 0.4%
Lear Corp.			84,200		3,177
Automobiles - 0.4%
General Motors Co. ‡			157,800		3,112
Biotechnology - 1.3%	��
Amgen, Inc.			52,700		3,849
Gilead Sciences, Inc. ‡			126,300		6,477
Capital Markets - 0.5%
Ameriprise Financial, Inc.			83,000		4,338
Chemicals - 3.2%
Agrium, Inc. ^			97,400		8,617
CF Industries Holdings, Inc.			59,400		11,509
Huntsman Corp.			478,400		6,190
Commercial Banks - 10.0%
Fifth Third Bancorp			773,000		10,358
Huntington Bancshares, Inc.			1,594,400		10,204
KeyCorp			1,328,900		10,286
PNC Financial Services Group, Inc.			88,600		5,414
Regions Financial Corp.			1,288,800		8,699
U.S. Bancorp			304,100		9,780
Wells Fargo & Co.			833,600		27,876
Communications Equipment - 1.5%
Brocade Communications Systems, Inc. ‡			388,300		1,914
Cisco Systems, Inc.			622,400		10,687
Computers & Peripherals - 0.8%
Apple, Inc. ‡			10,900		6,366
Construction & Engineering - 0.4%
KBR, Inc.			128,800		3,183
Consumer Finance - 1.9%
American Express Co.			60,600		3,528
Discover Financial Services			357,400		12,358
Diversified Consumer Services - 0.8%
Apollo Group, Inc. - Class A ‡ ^			183,500		6,641
Diversified Financial Services - 4.5%
Citigroup, Inc.			434,900		11,921
JPMorgan Chase & Co.			706,300		25,236
Diversified Telecommunication Services - 3.7%
AT&T, Inc.			597,400		21,303
Verizon Communications, Inc.			208,700		9,275
Electric Utilities - 3.2%
Edison International ^			255,400		11,800
Entergy Corp.			143,000		9,708
NV Energy, Inc.			271,000		4,764
Food & Staples Retailing - 3.0%
CVS Caremark Corp.			297,500		13,902
Kroger Co.			451,600		10,473
Food Products - 1.8%
Archer-Daniels-Midland Co.			110,500		3,262
Bunge, Ltd.			67,900		4,260
Dean Foods Co. ‡			431,200		7,343
Health Care Providers & Services - 6.8%
Aetna, Inc.			247,800		9,607
AmerisourceBergen Corp. - Class A			203,200		7,996
Cardinal Health, Inc.			220,100		9,244
Health Net, Inc. ‡			144,600		3,509
Humana, Inc.			67,900		5,258
McKesson Corp.			70,100		6,572

	Shares		Value (000’s)
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.		128,900	$	7,541
WellPoint, Inc.		99,700		6,360
Hotels, Restaurants & Leisure - 0.8%
Wyndham Worldwide Corp.		120,700		6,366
Household Durables - 0.8%
Whirlpool Corp. ^		106,300		6,501
Independent Power Producers & Energy Traders - 1.1%
AES Corp. ‡		709,000		9,096
Industrial Conglomerates - 2.2%
General Electric Co.		869,100		18,112
Insurance - 7.8%
ACE, Ltd.		155,500		11,527
Aflac, Inc.		73,800		3,143
Allstate Corp.		310,600		10,899
Assurant, Inc.		237,500		8,275
Chubb Corp.		67,700		4,930
Everest RE Group, Ltd.		70,300		7,275
Lincoln National Corp. ^		129,900		2,841
PartnerRe, Ltd.		44,500		3,367
Reinsurance Group of America, Inc. - Class A		62,500		3,326
Travelers Cos., Inc.		138,800		8,861
IT Services - 0.9%
Amdocs, Ltd. ‡		118,600		3,525
Visa, Inc. - Class A		33,200		4,104
Machinery - 1.3%
AGCO Corp. ‡		130,000		5,945
Timken Co.		98,900		4,529
Media - 3.1%
CBS Corp. - Class B		238,400		7,815
Comcast Corp. - Class A		159,300		5,093
DIRECTV - Class A ‡		192,200		9,383
Interpublic Group of Cos., Inc.		319,900		3,471
Multi-Utilities - 2.5%
Ameren Corp.		80,400		2,697
DTE Energy Co.		68,500		4,064
Public Service Enterprise Group, Inc.		309,900		10,071
Sempra Energy		50,400		3,472
Oil, Gas & Consumable Fuels - 16.5%
Chevron Corp.		260,400		27,472
ConocoPhillips		286,600		16,015
Exxon Mobil Corp.		569,800		48,759
Hess Corp.		59,300		2,577
Marathon Petroleum Corp.		135,000		6,064
Murphy Oil Corp.		196,500		9,882
Phillips 66 ‡		143,300		4,763
Tesoro Corp. ‡		426,800		10,653
Valero Energy Corp.		427,300		10,319
Paper & Forest Products - 0.5%
Domtar Corp.		51,900		3,981
Personal Products - 0.4%
Herbalife, Ltd. ^		75,600		3,654
Pharmaceuticals - 3.8%
Merck & Co., Inc.		266,500		11,126
Pfizer, Inc.		883,200		20,314
Real Estate Management & Development - 0.4%
Jones Lang LaSalle, Inc. ^		44,500		3,131
Semiconductors & Semiconductor Equipment - 1.6%
Intel Corp.		482,900		12,869
Software - 2.3%
CA, Inc.		185,100		5,014
Microsoft Corp.		121,500		3,717
Oracle Corp.		113,300		3,365

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    48

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Software (continued)
Symantec Corp. ‡		459,200	$	6,709
Specialty Retail - 1.8%
Best Buy Co., Inc. ^		239,500		5,020
Foot Locker, Inc.		123,000		3,761
Gap, Inc. ^		230,600		6,309
Textiles, Apparel & Luxury Goods - 0.9%
Coach, Inc.		131,300		7,678
Tobacco - 1.3%
Lorillard, Inc.		47,300		6,241
Philip Morris International, Inc.		54,900		4,791
Total Common Stocks (cost $719,013)				810,967
SECURITIES LENDING COLLATERAL - 4.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		38,112,349		38,112
Total Securities Lending Collateral (cost $38,112)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.7%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $13,900 on 07/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 08/15/2039 - 09/25/2039, and with a total value of $14,181.	$	13,900		13,900
Total Repurchase Agreement (cost $13,900)
Total Investment Securities (cost $771,025) Õ				862,979
Other Assets and Liabilities - Net				(37,991	)
Net Assets			$	824,988

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $37,261.

‡ Non-income producing security.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $771,025. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $117,414 and $25,460, respectively. Net unrealized appreciation for tax purposes is $91,954.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	810,967	$	—	$	—	$	810,967
Repurchase Agreement		—		13,900		—		13,900
Securities Lending Collateral		38,112		—		—		38,112
Total	$	849,079	$	13,900	$	—	$	862,979

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    49

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 98.5%
Aerospace & Defense - 3.4%
General Dynamics Corp.		14,200	$	937
Lockheed Martin Corp.		28,300		2,464
Northrop Grumman Corp.		51,100		3,259
Raytheon Co.		37,000		2,094
Airlines - 1.4%
Delta Air Lines, Inc. ‡		241,900		2,649
United Continental Holdings, Inc. ‡		43,000		1,046
Beverages - 0.7%
Monster Beverage Corp. ‡		25,400		1,808
Biotechnology - 2.4%
Biogen Idec, Inc. ‡		7,200		1,040
Celgene Corp. ‡		29,900		1,918
Gilead Sciences, Inc. ‡		64,200		3,292
Chemicals - 3.7%
Agrium, Inc. ^		30,900		2,734
CF Industries Holdings, Inc.		16,300		3,158
Eastman Chemical Co. ^		27,500		1,385
PPG Industries, Inc.		21,100		2,239
Commercial Banks - 6.7%
Fifth Third Bancorp		175,500		2,352
Huntington Bancshares, Inc. ^		446,500		2,858
KeyCorp		271,500		2,101
Regions Financial Corp.		217,700		1,469
U.S. Bancorp ^		91,000		2,927
Wells Fargo & Co.		158,900		5,314
Communications Equipment - 1.2%
Cisco Systems, Inc.		177,000		3,039
Computers & Peripherals - 5.5%
Apple, Inc. ‡		23,900		13,958
Construction & Engineering - 0.3%
Fluor Corp.		16,900		834
Consumer Finance - 1.7%
American Express Co.		24,700		1,438
Discover Financial Services		86,400		2,987
Diversified Consumer Services - 1.0%
Apollo Group, Inc. - Class A ‡		68,200		2,468
Diversified Financial Services - 2.3%
Citigroup, Inc.		85,000		2,330
JPMorgan Chase & Co.		100,000		3,573
Diversified Telecommunication Services - 3.3%
AT&T, Inc.		84,100		2,999
Verizon Communications, Inc.		122,400		5,439
Electric Utilities - 2.0%
Edison International ^		59,200		2,736
Entergy Corp.		33,900		2,301
Food & Staples Retailing - 3.1%
CVS Caremark Corp.		64,400		3,010
Kroger Co.		123,700		2,869
Safeway, Inc. ^		47,300		858
Wal-Mart Stores, Inc.		17,400		1,213
Food Products - 2.4%
Archer-Daniels-Midland Co.		64,000		1,889
Bunge, Ltd.		17,600		1,104
Dean Foods Co. ‡ ^		179,800		3,062
Health Care Providers & Services - 6.9%
Aetna, Inc.		68,600		2,660
AmerisourceBergen Corp. - Class A		65,100		2,562
Cardinal Health, Inc.		54,700		2,297
Humana, Inc.		22,300		1,727
McKesson Corp.		36,800		3,451
UnitedHealth Group, Inc.		40,100		2,346
WellPoint, Inc.		40,700		2,596
Hotels, Restaurants & Leisure - 1.2%
Wyndham Worldwide Corp.		59,800		3,154
Household Durables - 0.6%
Whirlpool Corp. ^		25,000		1,529

	Shares		Value (000’s)
Household Products - 0.4%
Procter & Gamble Co.		16,600	$	1,017
Independent Power Producers & Energy Traders - 0.8%
AES Corp. ‡		155,200		1,991
Industrial Conglomerates - 1.4%
General Electric Co.		170,200		3,547
Insurance - 2.8%
ACE, Ltd.		37,000		2,742
Aflac, Inc.		23,100		984
Assurant, Inc.		37,800		1,317
Travelers Cos., Inc.		31,200		1,992
IT Services - 3.8%
Amdocs, Ltd. ‡		31,600		939
International Business Machines Corp.		22,200		4,342
SAIC, Inc. ^		92,200		1,117
Visa, Inc. - Class A		27,500		3,400
Machinery - 1.8%
Caterpillar, Inc.		25,700		2,182
Cummins, Inc.		13,800		1,337
Deere & Co. ^		13,500		1,092
Media - 5.4%
CBS Corp. - Class B		48,200		1,580
Comcast Corp. - Class A		61,500		1,966
DIRECTV - Class A ‡		75,000		3,662
Interpublic Group of Cos., Inc.		178,900		1,941
News Corp. - Class A		72,700		1,620
Time Warner Cable, Inc.		25,400		2,085
Viacom, Inc. - Class B		22,500		1,058
Multi-Utilities - 0.5%
Public Service Enterprise Group, Inc.		40,500		1,316
Oil, Gas & Consumable Fuels - 11.4%
Chevron Corp.		58,000		6,119
ConocoPhillips		64,000		3,576
Exxon Mobil Corp.		114,700		9,815
Marathon Petroleum Corp.		34,250		1,539
Murphy Oil Corp.		50,600		2,545
Phillips 66 ‡		32,000		1,064
Tesoro Corp. ‡		76,000		1,897
Valero Energy Corp.		116,200		2,806
Personal Products - 0.5%
Herbalife, Ltd. ^		25,300		1,223
Pharmaceuticals - 2.4%
Merck & Co., Inc.		31,300		1,307
Pfizer, Inc.		207,400		4,770
Road & Rail - 0.5%
Union Pacific Corp.		10,200		1,217
Semiconductors & Semiconductor Equipment - 2.6%
Intel Corp.		209,300		5,578
LSI Corp. ‡		149,800		954
Software - 6.6%
CA, Inc.		103,800		2,812
Microsoft Corp.		249,100		7,620
Oracle Corp.		129,400		3,843
Symantec Corp. ‡		179,600		2,624
Specialty Retail - 3.6%
Best Buy Co., Inc. ^		95,300		1,997
Gap, Inc. ^		105,400		2,884
Home Depot, Inc.		32,800		1,738
TJX Cos., Inc.		60,400		2,593
Textiles, Apparel & Luxury Goods - 1.0%
Coach, Inc.		42,800		2,503
Tobacco - 3.2%
Lorillard, Inc.		17,000		2,243
Philip Morris International, Inc.		67,000		5,847
Total Common Stocks (cost $213,452)				251,814

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    50

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 8.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		22,746,954	$	22,747
Total Securities Lending Collateral (cost $22,747)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $3,795 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/15/2039, and with a value of $3,873.	$	3,795		3,795
Total Repurchase Agreement (cost $3,795)
Total Investment Securities (cost $239,994) Õ				278,356
Other Assets and Liabilities - Net				(22,832	)
Net Assets			$	255,524

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $22,174.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $239,994. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $44,163 and $5,801, respectively. Net unrealized appreciation for tax purposes is $38,362.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	251,814	$	—	$	—	$	251,814
Repurchase Agreement		—		3,795		—		3,795
Securities Lending Collateral		22,747		—		—		22,747
Total	$	274,561	$	3,795	$	—	$	278,356

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    51

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares			Value (000’s)
COMMON STOCKS - 97.4%
Aerospace & Defense - 3.8%
Boeing Co.		177,571		$	13,194
Honeywell International, Inc.		75,043			4,190
Precision Castparts Corp.		60,833			10,006
United Technologies Corp.		81,995			6,193
Auto Components - 0.4%
BorgWarner, Inc. ‡ ^		51,061			3,349
Automobiles - 0.6%
Harley-Davidson, Inc. ^		117,984			5,395
Beverages - 1.6%
Coca-Cola Co.		175,018			13,685
Biotechnology - 4.9%
Alexion Pharmaceuticals, Inc. ‡ ^		65,118			6,466
Amgen, Inc.		127,859			9,339
Biogen Idec, Inc. ‡		73,638			10,631
Celgene Corp. ‡		80,839			5,187
Gilead Sciences, Inc. ‡		92,077			4,722
Vertex Pharmaceuticals, Inc. ‡		119,172			6,664
Capital Markets - 1.0%
Goldman Sachs Group, Inc.		92,266			8,845
Chemicals - 1.6%
CF Industries Holdings, Inc.		14,474			2,804
Monsanto Co.		90,645			7,503
Sherwin-Williams Co.		29,872			3,954
Communications Equipment - 3.8%
Cisco Systems, Inc.		1,068,143			18,340
Emulex Corp. ‡		194,552	��		1,401
F5 Networks, Inc. ‡		23,076			2,297
QUALCOMM, Inc.		206,878			11,519
Computers & Peripherals - 11.1%
Apple, Inc. ‡		113,864			66,497
Dell, Inc. ‡		16,721			209
EMC Corp. ‡		854,494			21,901
NetApp, Inc. ‡		155,056			4,934
QLogic Corp. ‡ ^		339,952			4,654
Consumer Finance - 1.3%
American Express Co.		191,597			11,153
Diversified Consumer Services - 0.4%
ITT Educational Services, Inc. ‡ ^		59,419			3,610
Diversified Financial Services - 0.3%
JPMorgan Chase & Co.		80,290			2,869
Diversified Telecommunication Services - 0.9%
Verizon Communications, Inc.		178,265			7,922
Electrical Equipment - 0.3%
Roper Industries, Inc.		26,077			2,571
Energy Equipment & Services - 1.8%
Core Laboratories NV ^		23,040			2,670
Diamond Offshore Drilling, Inc. ^		56,165			3,321
National Oilwell Varco, Inc.		118,984			7,668
Oceaneering International, Inc.		51,966			2,487
Food & Staples Retailing - 4.1%
Costco Wholesale Corp.		147,495			14,012
CVS Caremark Corp.		108,263			5,059
Wal-Mart Stores, Inc.		125,971			8,783
Whole Foods Market, Inc.		86,183			8,215
Food Products - 0.6%
Green Mountain Coffee Roasters, Inc. ‡ ^		27,268			594
Mead Johnson Nutrition Co. - Class A		60,831			4,897
Health Care Equipment & Supplies - 1.3%
Edwards Lifesciences Corp. ‡		34,265			3,540
Hologic, Inc. ‡		168,440			3,039
Intuitive Surgical, Inc. ‡		6,901			3,821
Zimmer Holdings, Inc.		21,496			1,383
Health Care Providers & Services - 3.5%
Aetna, Inc.		67,701			2,625
AmerisourceBergen Corp. - Class A		51,648			2,032
Cardinal Health, Inc.		43,865			1,842
Express Scripts Holding Co. ‡		128,201			7,157

	Shares		Value (000’s)
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.		284,358	$	16,636
Hotels, Restaurants & Leisure - 3.7%
Chipotle Mexican Grill, Inc. - Class A ‡		18,567		7,055
Dunkin’ Brands Group, Inc.		128,862		4,425
Starbucks Corp.		250,636		13,363
Yum! Brands, Inc.		115,131		7,417
Industrial Conglomerates - 0.7%
General Electric Co.		119,035		2,481
Tyco International, Ltd.		61,046		3,226
Internet & Catalog Retail - 3.3%
Amazon.com, Inc. ‡		78,401		17,903
priceline.com, Inc. ‡		16,663		11,073
Internet Software & Services - 6.1%
Baidu, Inc. ADR ‡		61,809		7,107
eBay, Inc. ‡		158,904		6,676
Facebook, Inc. - Class A ‡		100,466		3,127
Google, Inc. - Class A ‡		31,241		18,121
IAC/InterActiveCorp		114,085		5,202
LinkedIn Corp. - Class A ‡		61,845		6,572
Rackspace Hosting, Inc. ‡		60,212		2,646
Tencent Holdings, Ltd.		123,843		3,657
Youku, Inc. ADR ‡ ^		23,659		513
IT Services - 5.3%
International Business Machines Corp.		121,415		23,746
Mastercard, Inc. - Class A		32,085		13,800
Teradata Corp. ‡		18,090		1,303
Visa, Inc. - Class A		60,011		7,419
Life Sciences Tools & Services - 1.6%
Agilent Technologies, Inc.		147,343		5,782
Bruker Corp. ‡		117,419		1,563
Illumina, Inc. ‡ ^		66,011		2,666
Life Technologies Corp. ‡		40,774		1,834
Waters Corp. ‡		25,868		2,056
Machinery - 1.3%
Caterpillar, Inc.		62,151		5,278
Cummins, Inc.		17,401		1,686
Dover Corp.		31,623		1,695
Parker Hannifin Corp.		36,240		2,786
Media - 2.7%
Comcast Corp. - Class A		197,850		6,325
News Corp. - Class A		146,663		3,269
Omnicom Group, Inc. ^		114,177		5,549
Sirius XM Radio, Inc. ‡		664,195		1,229
Walt Disney Co.		143,433		6,957
Multiline Retail - 0.7%
Dollar Tree, Inc. ‡		86,646		4,662
Family Dollar Stores, Inc.		18,960		1,260
Oil, Gas & Consumable Fuels - 2.5%
Concho Resources, Inc. ‡		53,381		4,544
Exxon Mobil Corp.		84,791		7,256
Occidental Petroleum Corp.		76,430		6,555
Valero Energy Corp.		130,990		3,163
Personal Products - 0.7%
Estee Lauder Cos., Inc. - Class A		117,543		6,361
Pharmaceuticals - 4.0%
Abbott Laboratories		102,501		6,608
Allergan, Inc.		74,041		6,854
Bristol-Myers Squibb Co.		142,238		5,113
Novo Nordisk A/S ADR		67,545		9,817
Perrigo Co.		1,228		145
Shire PLC ADR		79,138		6,837
Real Estate Investment Trusts - 0.9%
American Tower Corp. - Class A		107,119		7,489
Road & Rail - 0.8%
Union Pacific Corp.		56,231		6,709
Semiconductors & Semiconductor Equipment - 2.6%
Altera Corp.		242,182		8,196
ARM Holdings PLC ADR ^		91,966		2,188

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    52

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment (continued)
Avago Technologies, Ltd.		116,724	$	4,190
Broadcom Corp. - Class A ‡		73,805		2,495
KLA-Tencor Corp.		33,835		1,666
Xilinx, Inc.		123,234		4,137
Software - 7.0%
Autodesk, Inc. ‡		39,329		1,376
BMC Software, Inc. ‡		43,418		1,853
Check Point Software Technologies, Ltd. ‡		65,753		3,261
Citrix Systems, Inc. ‡		23,203		1,948
Intuit, Inc.		55,472		3,292
Microsoft Corp.		650,445		19,898
Oracle Corp.		134,323		3,989
Red Hat, Inc. ‡		168,751		9,531
Salesforce.com, Inc. ‡ ^		56,120		7,759
Symantec Corp. ‡		76,676		1,120
VMware, Inc. - Class A ‡		81,188		7,391
Specialty Retail - 4.6%
Bed Bath & Beyond, Inc. ‡		46,761		2,890
Buckle, Inc. ^		55,356		2,190
Inditex SA		86,082		8,898
Lowe’s Cos., Inc.		146,151		4,157
O’Reilly Automotive, Inc. ‡ ^		41,409		3,469
PetSmart, Inc.		74,749		5,096
Ross Stores, Inc.		62,154		3,883
TJX Cos., Inc.		221,494		9,508
Textiles, Apparel & Luxury Goods - 3.8%
Burberry Group PLC		227,713		4,741
Coach, Inc.		133,258		7,793
Lululemon Athletica, Inc. ‡ ^		109,056		6,503
NIKE, Inc. - Class B		92,561		8,125
Ralph Lauren Corp. - Class A		45,322		6,348

	Shares		Value (000’s)
Tobacco - 1.4%
Philip Morris International, Inc.		138,736	$	12,106
Wireless Telecommunication Services - 0.4%
Crown Castle International Corp. ‡		56,389		3,308
Total Common Stocks (cost $729,075)				853,970
SECURITIES LENDING COLLATERAL - 6.1%
State Street Navigator Securities Lending
Trust - Prime Portfolio, 0.19% p		53,672,663		53,673
Total Securities Lending Collateral (cost $53,673)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $18,607 on 07/02/2012. Collateralized by U.S. Government Agency Obligations, 4.00%, due 09/25/2039, and with a total value of $18,982.	$	18,607		18,607
Total Repurchase Agreement (cost $18,607)
Total Investment Securities (cost $801,355) Õ				926,250
Other Assets and Liabilities - Net				(48,945	)
Net Assets			$	877,305

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $52,497.

‡ Non-income producing security.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $801,355. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $148,174 and $23,279, respectively. Net unrealized appreciation for tax purposes is $124,895.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	810,212	$	43,758	$	—	$	853,970
Repurchase Agreement		—		18,607		—		18,607
Securities Lending Collateral		53,673		—		—		53,673
Total	$	863,885	$	62,365	$	—	$	926,250

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    53

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 96.3%
Aerospace & Defense - 0.3%
Alliant Techsystems, Inc.		43,300	$	2,190
Beverages - 1.4%
Beam, Inc.		81,400		5,087
Brown-Forman Corp. - Class B		26,600		2,576
Dr. Pepper Snapple Group, Inc.		71,500		3,128
Building Products - 0.3%
Fortune Brands Home & Security, Inc. ‡		116,700		2,599
Capital Markets - 4.6%
Ameriprise Financial, Inc.		112,300		5,869
Charles Schwab Corp. ^		312,400		4,039
Invesco, Ltd.		170,350		3,850
Northern Trust Corp.		182,600		8,403
State Street Corp. ^		195,500		8,727
T. Rowe Price Group, Inc.		69,200		4,357
Chemicals - 3.9%
Air Products & Chemicals, Inc.		18,250		1,473
Airgas, Inc.		86,450		7,263
Albemarle Corp.		78,720		4,695
Ashland, Inc.		56,450		3,913
PPG Industries, Inc.		35,000		3,714
Sherwin-Williams Co.		34,900		4,619
Sigma-Aldrich Corp. ^		57,800		4,273
Commercial Banks - 5.5%
CIT Group, Inc. ‡		105,000		3,742
City National Corp. ^		65,500		3,182
Cullen/Frost Bankers, Inc. ^		43,100		2,478
Fifth Third Bancorp		705,700		9,456
Huntington Bancshares, Inc.		268,500		1,718
KeyCorp		391,600		3,031
M&T Bank Corp.		58,600		4,839
SunTrust Banks, Inc.		466,900		11,313
Zions Bancorporation ^		102,400		1,989
Commercial Services & Supplies - 0.9%
Republic Services, Inc. - Class A		253,400		6,705
Communications Equipment - 1.4%
Motorola Solutions, Inc.		229,350		11,034
Containers & Packaging - 1.8%
Ball Corp.		152,300		6,252
Rock-Tenn Co. - Class A		64,800		3,535
Silgan Holdings, Inc.		93,700		4,000
Distributors - 0.5%
Genuine Parts Co. ^		66,300		3,995
Diversified Financial Services - 1.5%
CME Group, Inc. - Class A		21,310		5,713
NYSE Euronext		209,600		5,362
Electric Utilities - 4.3%
Edison International		126,900		5,863
Northeast Utilities		292,782		11,362
NV Energy, Inc.		286,600		5,038
PPL Corp.		202,500		5,632
Westar Energy, Inc. ^		163,300		4,891
Electrical Equipment - 2.4%
AMETEK, Inc.		86,300		4,307
Cooper Industries PLC - Class A		151,650		10,340
Regal Beloit Corp.		60,700		3,779
Electronic Equipment & Instruments - 1.2%
Amphenol Corp. - Class A		92,220		5,065
Arrow Electronics, Inc. ‡		113,300		3,717
Energy Equipment & Services - 0.6%
Cameron International Corp. ‡		103,200		4,408
Food Products - 3.8%
General Mills, Inc.		141,350		5,448
Hershey Co.		118,090		8,505
JM Smucker Co.		99,400		7,507
Mead Johnson Nutrition Co. - Class A		44,400		3,575
Ralcorp Holdings, Inc. ‡		58,800		3,924

	Shares		Value (000’s)
Gas Utilities - 1.0%
EQT Corp.		86,620	$	4,645
ONEOK, Inc.		62,600		2,649
Health Care Equipment & Supplies - 2.8%
Becton Dickinson and Co.		31,300		2,340
CareFusion Corp. ‡		236,700		6,078
St. Jude Medical, Inc.		184,400		7,360
Stryker Corp.		107,250		5,909
Health Care Providers & Services - 4.2%
AmerisourceBergen Corp. - Class A		257,600		10,137
CIGNA Corp.		276,800		12,179
Henry Schein, Inc. ‡		18,500		1,452
Humana, Inc.		38,780		3,003
Lincare Holdings, Inc. ^		143,030		4,866
Hotels, Restaurants & Leisure - 1.9%
Darden Restaurants, Inc. ^		58,899		2,982
Marriott International, Inc. - Class A ^		144,166		5,651
Starwood Hotels & Resorts Worldwide, Inc. ^		60,600		3,214
Yum! Brands, Inc.		43,400		2,796
Household Durables - 1.4%
Jarden Corp.		38,900		1,635
Mohawk Industries, Inc. ‡ ^		54,500		3,806
Newell Rubbermaid, Inc.		302,900		5,494
Household Products - 1.2%
Clorox Co. ^		75,700		5,485
Energizer Holdings, Inc. ‡		48,900		3,680
Industrial Conglomerates - 3.1%
Carlisle Cos., Inc.		82,500		4,374
Tyco International, Ltd.		362,600		19,164
Insurance - 7.6%
Alleghany Corp. ‡		15,174		5,155
Arch Capital Group, Ltd. ‡		176,900		7,021
Axis Capital Holdings, Ltd.		40,700		1,325
Chubb Corp.		135,990		9,903
Loews Corp.		180,600		7,388
Marsh & McLennan Cos., Inc.		417,500		13,455
Old Republic International Corp. ^		250,000		2,073
OneBeacon Insurance Group, Ltd. - Class A ^		111,655		1,454
Unum Group		118,800		2,273
WR Berkley Corp. ^		124,300		4,838
XL Group PLC - Class A		193,800		4,078
Internet & Catalog Retail - 0.7%
Expedia, Inc.		73,150		3,516
TripAdvisor, Inc. ‡		33,050		1,477
Internet Software & Services - 0.8%
Yahoo! Inc. ‡		401,900		6,362
IT Services - 2.1%
Global Payments, Inc.		150,400		6,502
Jack Henry & Associates, Inc. ^		141,800		4,895
Western Union Co.		263,800		4,442
Machinery - 2.3%
Rexnord Corp. ‡ ^		94,800		1,900
Snap-on, Inc.		69,206		4,308
Stanley Black & Decker, Inc.		171,900		11,063
Media - 2.7%
AMC Networks, Inc. ‡		26,890		956
Cablevision Systems Corp. - Class A ^		102,160		1,358
CBS Corp. - Class B		127,000		4,163
Clear Channel Outdoor Holdings, Inc. -
Class A ‡ ^		117,961		710
DISH Network Corp. - Class A		125,300		3,577
Gannett Co., Inc. ^		137,600		2,027
McGraw-Hill Cos., Inc.		147,400		6,633
Washington Post Co. - Class B		2,200		822
Metals & Mining - 0.3%
Allegheny Technologies, Inc.		67,800		2,162

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    54

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Multiline Retail - 2.7%
Dollar General Corp. ‡		88,460	$	4,811
Family Dollar Stores, Inc.		67,500		4,487
Kohl’s Corp.		116,360		5,293
Nordstrom, Inc.		120,250		5,976
Multi-Utilities - 6.6%
CenterPoint Energy, Inc.		105,980		2,191
CMS Energy Corp.		439,700		10,333
NiSource, Inc.		310,600		7,687
PG&E Corp.		91,200		4,129
SCANA Corp. ^		112,250		5,370
Sempra Energy		78,600		5,414
Wisconsin Energy Corp.		114,800		4,543
Xcel Energy, Inc.		377,000		10,710
Oil, Gas & Consumable Fuels - 3.2%
Cameco Corp. ^		213,800		4,693
Cimarex Energy Co.		6,700		369
Devon Energy Corp.		71,100		4,123
Energen Corp.		132,121		5,963
QEP Resources, Inc. ^		73,900		2,215
Whiting Petroleum Corp. ‡		87,800		3,610
Williams Cos., Inc.		113,300		3,265
Paper & Forest Products - 0.8%
MeadWestvaco Corp. ^		203,000		5,836
Pharmaceuticals - 0.9%
Hospira, Inc. ‡ ^		198,850		6,956
Professional Services - 0.9%
Dun & Bradstreet Corp. ^		66,500		4,733
Equifax, Inc.		49,000		2,283
Real Estate Investment Trusts - 1.4%
HCP, Inc.		73,900		3,263
Regency Centers Corp.		82,000		3,900
Vornado Realty Trust		42,737		3,589
Real Estate Management & Development - 0.4%
Brookfield Office Properties, Inc. ^		185,200		3,226
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc.		126,640		4,772
LSI Corp. ‡		720,000		4,586
Maxim Integrated Products, Inc.		170,100		4,361
Xilinx, Inc.		83,000		2,786
Software - 3.3%
Activision Blizzard, Inc. ^		307,700		3,689
BMC Software, Inc. ‡		189,330		8,081
Check Point Software Technologies, Ltd. ‡		76,250		3,781
Parametric Technology Corp. ‡ ^		263,250		5,518
Synopsys, Inc. ‡		135,100		3,976
Specialty Retail - 4.5%
AutoZone, Inc. ‡		12,500		4,590
Bed Bath & Beyond, Inc. ‡		109,300		6,755
Gap, Inc.		141,200		3,863
Limited Brands, Inc.		114,050		4,851
PetSmart, Inc.		43,800		2,986
Tiffany & Co. ^		57,900		3,066
TJX Cos., Inc.		100,500		4,314
Williams-Sonoma, Inc. ^		104,500		3,654
Textiles, Apparel & Luxury Goods - 0.6%
PVH Corp.		56,700		4,411
Thrifts & Mortgage Finance - 0.5%
Capitol Federal Financial, Inc.		108,300		1,287
People’s United Financial, Inc. ^		233,900		2,715
Trading Companies & Distributors - 0.7%
MSC Industrial Direct Co., Inc. - Class A		78,850		5,169
Water Utilities - 0.9%
American Water Works Co., Inc.		195,500		6,702
Wireless Telecommunication Services - 0.2%
Telephone & Data Systems, Inc.		89,263		1,900
Total Common Stocks (cost $649,691)				733,996

	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 11.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		85,063,813	$	85,064
Total Securities Lending Collateral (cost $85,064)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.3%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $25,428 on 07/02/2012. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 09/25/2039 - 11/15/2040, and with a total value of $25,940.	$	25,428		25,428
Total Repurchase Agreement (cost $25,428)
Total Investment Securities (cost $760,183) Õ				844,488
Other Assets and Liabilities - Net				(82,570	)
Net Assets			$	761,918

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    55

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amount in thousands):

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $83,057.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $760,183. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $98,624 and $14,319, respectively. Net unrealized appreciation for tax purposes is $84,305.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	733,996	$	—	$	—	$	733,996
Repurchase Agreement		—		25,428		—		25,428
Securities Lending Collateral		85,064		—		—		85,064
Total	$	819,060	$	25,428	$	—	$	844,488

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    56

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 99.6%
Aerospace & Defense - 3.8%
BE Aerospace, Inc. ‡ ^		98,395	$	4,296
Hexcel Corp. ‡ ^		108,500		2,798
Airlines - 1.0%
US Airways Group, Inc. ‡ ^		134,400		1,792
Beverages - 2.5%
Beam, Inc. ^		29,700		1,856
Monster Beverage Corp. ‡ ^		39,010		2,777
Biotechnology - 4.9%
Alexion Pharmaceuticals, Inc. ‡ ^		38,720		3,845
Medivation, Inc. ‡		21,400		1,956
Regeneron Pharmaceuticals, Inc. ‡ ^		14,030		1,603
Vertex Pharmaceuticals, Inc. ‡		29,800		1,666
Building Products - 2.0%
USG Corp. ‡ ^		193,670		3,689
Capital Markets - 1.6%
Raymond James Financial, Inc. ^		84,710		2,900
Commercial Banks - 1.5%
Fifth Third Bancorp ^		205,125		2,749
Construction & Engineering - 2.4%
Chicago Bridge & Iron Co. NV - Class Y		116,095		4,407
Consumer Finance - 2.0%
Discover Financial Services ^		107,465		3,716
Electronic Equipment & Instruments - 4.4%
FEI Co. ‡ ^		90,895		4,348
Trimble Navigation, Ltd. ‡ ^		84,495		3,888
Food & Staples Retailing - 2.0%
Whole Foods Market, Inc. ^		39,868		3,800
Food Products - 4.9%
Dean Foods Co. ‡ ^		174,000		2,964
Flowers Foods, Inc. ^		77,700		1,805
Hershey Co. ^		26,300		1,894
Mead Johnson Nutrition Co. - Class A ^		29,975		2,413
Health Care Equipment & Supplies - 6.1%
Align Technology, Inc. ‡ ^		97,620		3,266
Cooper Cos., Inc. ^		34,260		2,733
Edwards Lifesciences Corp. ‡ ^		15,000		1,550
Intuitive Surgical, Inc. ‡ ^		6,775		3,751
Health Care Providers & Services - 1.0%
HCA Holdings, Inc.		61,100		1,859
Health Care Technology - 2.2%
SXC Health Solutions Corp. ‡ ^		41,315		4,099
Hotels, Restaurants & Leisure - 6.2%
Buffalo Wild Wings, Inc. ‡ ^		38,665		3,350
Dunkin’ Brands Group, Inc. ^		51,700		1,775
Penn National Gaming, Inc. ‡ ^		41,210		1,838
Six Flags Entertainment Corp. ^		88,820		4,813
Household Durables - 5.2%
Lennar Corp. - Class A ^		121,520		3,756
Mohawk Industries, Inc. ‡ ^		48,185		3,365
Toll Brothers, Inc. ‡ ^		86,400		2,569
Internet & Catalog Retail - 3.7%
Expedia, Inc. ^		79,195		3,807
TripAdvisor, Inc. ‡ ^		68,233		3,049
Internet Software & Services - 4.5%
IAC/InterActiveCorp ^		86,764		3,956
LinkedIn Corp. - Class A ‡		42,110		4,475
IT Services - 6.0%
Alliance Data Systems Corp. ‡ ^		28,201		3,807
Gartner, Inc. ‡ ^		35,945		1,547
Teradata Corp. ‡ ^		53,625		3,862
Total System Services, Inc. ^		81,655		1,954
Leisure Equipment & Products - 1.7%
Polaris Industries, Inc. ^		42,970		3,071
Media - 2.2%
Charter Communications, Inc. - Series A ‡ ^		56,430		3,999

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels - 2.5%
Cobalt International Energy, Inc. ‡		97,404	$	2,289
Range Resources Corp. ^		37,945		2,348
Pharmaceuticals - 2.1%
Perrigo Co. ^		32,430		3,824
Professional Services - 1.9%
Equifax, Inc.		77,145		3,595
Road & Rail - 1.9%
Kansas City Southern ^		51,410		3,576
Semiconductors & Semiconductor Equipment - 2.2%
Avago Technologies, Ltd. ^		86,930		3,121
Cree, Inc. ‡ ^		34,780		893
Software - 4.1%
Citrix Systems, Inc. ‡ ^		68,029		5,710
Salesforce.com, Inc. ‡ ^		13,770		1,904
Specialty Retail - 7.1%
American Eagle Outfitters, Inc. ^		142,945		2,820
Foot Locker, Inc. ^		46,260		1,415
Genesco, Inc. ‡ ^		29,176		1,755
GNC Holdings, Inc. - Class A ^		83,319		3,266
Ulta Salon Cosmetics & Fragrance, Inc. ^		44,747		4,179
Textiles, Apparel & Luxury Goods - 3.6%
Michael Kors Holdings, Ltd. ‡		88,743		3,713
Under Armour, Inc. - Class A ‡ ^		31,102		2,939
Wireless Telecommunication Services - 2.4%
SBA Communications Corp. - Class A ‡ ^		76,645		4,373
Total Common Stocks (cost $160,908)				185,133
SECURITIES LENDING COLLATERAL - 25.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		47,435,329		47,435
Total Securities Lending Collateral (cost $47,435)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $2,520 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/15/2039, and with a value of $2,571.	$	2,520		2,520
Total Repurchase Agreement (cost $2,520)
Total Investment Securities (cost $210,863) Õ				235,088
Other Assets and Liabilities - Net				(49,315	)
Net Assets			$	185,773

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    57

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $46,366.

‡ Non-income producing security.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $210,863. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $25,619 and $1,394, respectively. Net unrealized appreciation for tax purposes is $24,225.

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	185,133	$	—	$	—	$	185,133
Repurchase Agreement		—		2,520		—		2,520
Securities Lending Collateral		47,435		—		—		47,435
Total	$	232,568	$	2,520	$	—	$	235,088

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    58

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 97.3%
Aerospace & Defense - 0.2%
Cubic Corp.		3,800	$	183
Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. ‡ ^		12,300		535
Capital Markets - 1.7%
Ares Capital Corp. ^		80,500		1,285
Chemicals - 3.1%
Innospec, Inc. ‡		27,000		799
Koppers Holdings, Inc. ^		19,100		649
Zep, Inc. ^		69,800		959
Commercial Banks - 8.9%
First Busey Corp. ^		131,130		633
First Midwest Bancorp, Inc. ^		94,000		1,032
First Niagara Financial Group, Inc. ^		73,710		564
Hancock Holding Co. ^		21,400		651
International Bancshares Corp. ^		68,300		1,333
MB Financial, Inc. ^		39,300		847
Webster Financial Corp. ^		60,500		1,310
Westamerica Bancorporation ^		10,900		514
Commercial Services & Supplies - 6.2%
ACCO Brands Corp. ‡ ^		140,900		1,456
G&K Services, Inc. - Class A ^		36,000		1,123
Standard Parking Corp. ‡ ^		33,500		721
United Stationers, Inc. ^		53,900		1,452
Computers & Peripherals - 1.6%
Diebold, Inc.		33,100		1,222
Construction & Engineering - 0.3%
Sterling Construction Co., Inc. ‡ ^		19,600		200
Containers & Packaging - 2.0%
Aptargroup, Inc. ^		21,200		1,082
Greif, Inc. - Class A ^		11,200		459
Diversified Consumer Services - 1.3%
Matthews International Corp. - Class A ^		30,500		991
Electric Utilities - 2.1%
UNS Energy Corp. ^		23,500		902
Westar Energy, Inc. ^		24,900		746
Electrical Equipment - 3.2%
Acuity Brands, Inc. ^		11,800		601
Belden, Inc. ^		57,100		1,904
Electronic Equipment & Instruments - 1.8%
Coherent, Inc. ‡ ^		12,700		550
MTS Systems Corp. ^		22,632		872
Energy Equipment & Services - 2.1%
Bristow Group, Inc. ^		17,100		695
SEACOR Holdings, Inc. ‡  ^		10,490		938
Food & Staples Retailing - 1.6%
Casey’s General Stores, Inc. ^		21,300		1,256
Food Products - 1.4%
Post Holdings, Inc. ‡ ^		14,200		437
Sensient Technologies Corp. ^		17,300		635
Gas Utilities - 2.5%
Atmos Energy Corp. ^		27,300		958
New Jersey Resources Corp. ^		8,700		379
WGL Holdings, Inc. ^		15,700		624
Health Care Equipment & Supplies - 3.4%
Haemonetics Corp. ‡ ^		7,800		578
ICU Medical, Inc. ‡ ^		23,200		1,238
STERIS Corp. ^		25,300		794
Health Care Providers & Services - 2.8%
Amsurg Corp. - Class A ‡ ^		47,000		1,409
Corvel Corp. ‡ ^		16,100		789
Hotels, Restaurants & Leisure - 2.4%
CEC Entertainment, Inc. ^		25,600		931
Choice Hotels International, Inc. ^		21,000		839
Sonic Corp. ‡ ^		9,100		91
Household Durables - 1.8%
Helen of Troy, Ltd. ‡ ^		41,535		1,408

	Shares		Value (000’s)
Industrial Conglomerates - 3.7%
Carlisle Cos., Inc.		53,600	$	2,842
Insurance - 4.7%
AMERISAFE, Inc. ‡ ^		32,600		846
Assured Guaranty, Ltd.		40,300		568
Platinum Underwriters Holdings, Ltd. ^		26,300		1,002
Primerica, Inc.		44,200		1,182
IT Services - 2.6%
MAXIMUS, Inc. ^		39,100		2,023
Life Sciences Tools & Services - 4.5%
Charles River Laboratories International, Inc. ‡		48,700		1,595
ICON PLC ADR ‡ ^		82,300		1,855
Machinery - 5.3%
Albany International Corp. - Class A ^		61,000		1,141
ESCO Technologies, Inc. ^		35,800		1,305
Mueller Industries, Inc.		38,600		1,644
Marine - 2.0%
Kirby Corp. ‡ ^		24,000		1,130
Matson, Inc.		7,600		405
Media - 2.0%
Arbitron, Inc. ^		43,100		1,509
Multiline Retail - 1.5%
Fred’s, Inc. - Class A ^		73,900		1,130
Office Electronics - 1.0%
Zebra Technologies Corp. - Class A ‡		23,500		807
Oil, Gas & Consumable Fuels - 2.2%
GeoResources, Inc. ‡ ^		23,400		856
Penn Virginia Corp. ^		42,342		311
Scorpio Tankers, Inc. ‡ ^		79,600		509
Paper & Forest Products - 1.3%
Deltic Timber Corp. ^		17,000		1,037
Real Estate Investment Trusts - 2.7%
Campus Crest Communities, Inc. ^		63,000		655
DiamondRock Hospitality Co. ^		76,900		784
Mack-Cali Realty Corp. ^		22,500		654
Road & Rail - 1.6%
Genesee & Wyoming, Inc. - Class A ‡ ^		23,200		1,226
Software - 1.0%
Websense, Inc. ‡ ^		42,900		804
Specialty Retail - 6.1%
Ascena Retail Group, Inc. ‡		55,700		1,037
Cato Corp. - Class A ^		60,700		1,849
Stage Stores, Inc. ^		97,700		1,790
Thrifts & Mortgage Finance - 2.4%
Flushing Financial Corp. ^		44,833		611
Northwest Bancshares, Inc. ^		104,400		1,223
Trading Companies & Distributors - 1.6%
GATX Corp. ^		32,100		1,236
Total Common Stocks (cost $62,627)				75,140
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		19,788,701		19,789
Total Securities Lending Collateral (cost $19,789)

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    59

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.2%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $1,671 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 08/15/2039, and with a value of $1,706.	$	1,671	$	1,671
Total Repurchase Agreement (cost $1,671)
Total Investment Securities (cost $84,087) Õ				96,600
Other Assets and Liabilities - Net				(19,376	)
Net Assets			$	77,224

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $19,032.

‡ Non-income producing security.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $84,087. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $14,061 and $1,548, respectively. Net unrealized appreciation for tax purposes is $12,513.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands) : '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	73,285	$	1,855	$	—	$	75,140
Repurchase Agreement		—		1,671		—		1,671
Securities Lending Collateral		19,789		—		—		19,789
Total	$	93,074	$	3,526	$	—	$	96,600

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    60

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 97.3%
Aerospace & Defense - 1.1%
Aerovironment, Inc. ‡ ^		18,935	$	498
Ceradyne, Inc. ^		29,730		763
Cubic Corp.		5,400		260
GenCorp, Inc. ‡ ^		136,100		885
TASER International, Inc. ‡ ^		39,000		204
Triumph Group, Inc. ^		11,705		659
Air Freight & Logistics - 0.6%
Atlas Air Worldwide Holdings, Inc. ‡ ^		14,800		644
Forward Air Corp. ^		36,527		1,179
Airlines - 0.4%
Alaska Air Group, Inc. ‡ ^		18,400		660
US Airways Group, Inc. ‡ ^		37,400		499
Auto Components - 0.0% ¥
China Automotive Systems, Inc. ‡		11,700		48
Automobiles - 0.0% ¥
Thor Industries, Inc. ^		1,900		52
Beverages - 0.2%
Boston Beer Co., Inc. - Class A ‡ ^		4,909		594
Biotechnology - 3.6%
Acorda Therapeutics, Inc. ‡		66,145		1,558
AVEO Pharmaceuticals, Inc. ‡ ^		43,650		531
BioMarin Pharmaceutical, Inc. ‡ ^		46,830		1,853
Cubist Pharmaceuticals, Inc. ‡ ^		11,100		421
Genomic Health, Inc. ‡ ^		44,990		1,503
Maxygen, Inc. ‡ ^		70,800		422
Momenta Pharmaceuticals, Inc. ‡ ^		1,600		22
Myrexis, Inc. ‡ ^		16,000		42
Onyx Pharmaceuticals, Inc. ‡ ^		45,865		3,047
Progenics Pharmaceuticals, Inc. ‡ ^		55,100		539
United Therapeutics Corp. ‡ ^		13,110		647
Building Products - 0.4%
USG Corp. ‡ ^		59,300		1,130
Capital Markets - 1.1%
Apollo Investment Corp. ^		56,300		432
Ares Capital Corp. ^		97,800		1,561
Arlington Asset Investment Corp. - Class A ^		17,600		382
Cowen Group, Inc. - Class A ‡ ^		43,600		116
Financial Engines, Inc. ‡ ^		23,275		499
Gladstone Investment Corp. ^		34,200		253
THL Credit, Inc. ^		4,500		61
Chemicals - 2.1%
Chemtura Corp. ‡ ^		6,700		97
Gulf Resources, Inc. ‡ ^		81,000		99
HB Fuller Co. ^		21,900		672
Innospec, Inc. ‡		33,400		989
Koppers Holdings, Inc.		22,900		779
LSB Industries, Inc. ‡ ^		49,078		1,517
Material Sciences Corp. ‡ ^		3,100		25
TPC Group, Inc. ‡ ^		20,220		747
Zep, Inc. ^		83,900		1,152
Commercial Banks - 6.9%
Access National Corp. ^		12,000		157
Bancfirst Corp. ^		2,600		109
Banco Latinoamericano de Comercio Exterior SA - Class E ^		58,000		1,243
Boston Private Financial Holdings, Inc. ^		63,200		564
C&F Financial Corp.		1,300		52
CapitalSource, Inc.		73,400		493
Center Bancorp, Inc.		26,800		302
Central Pacific Financial Corp. ‡ ^		27,600		390
Century Bancorp, Inc. - Class A ^		900		27
Citizens & Northern Corp. ^		18,900		360
Citizens Republic Bancorp, Inc. ‡ ^		50,300		862
Community Bank System, Inc. ^		3,900		106
East-West Bancorp, Inc.		4,900		115
Enterprise Bancorp, Inc. ^		2,700		44
First Busey Corp. ^		150,372		726

	Shares		Value (000’s)
Commercial Banks (continued)
First Defiance Financial Corp. ^		14,800	$	253
First Financial Bancorp ^		7,600		121
First Financial Bankshares, Inc. ^		16,600		574
First Merchants Corp.		51,300		639
First Midwest Bancorp, Inc. ^		113,100		1,242
First Niagara Financial Group, Inc. ^		89,039		681
Great Southern Bancorp, Inc. ^		3,700		102
Hancock Holding Co. ^		26,400		804
International Bancshares Corp. ^		84,100		1,643
Lakeland Bancorp, Inc. ^		8,100		85
Lakeland Financial Corp. ^		30,200		810
MainSource Financial Group, Inc. ^		15,700		186
MB Financial, Inc. ^		48,600		1,047
National Bankshares, Inc. ^		1,100		33
National Penn Bancshares, Inc. ^		25,400		243
Northrim BanCorp, Inc. ^		2,100		45
OceanFirst Financial Corp. ^		15,500		223
Old National Bancorp ^		18,800		226
Peoples Bancorp, Inc.		10,300		226
Preferred Bank/Los Angeles CA ‡ ^		3,700		49
Republic Bancorp, Inc. - Class A ^		44,000		979
Suffolk Bancorp ‡		3,200		42
UMB Financial Corp. ^		13,200		676
Virginia Commerce Bancorp, Inc. ‡		4,400		37
Washington Trust Bancorp, Inc. ^		8,400		205
Webster Financial Corp. ^		73,500		1,593
WesBanco, Inc. ^		2,700		57
West Bancorporation, Inc. ^		41,100		391
Westamerica Bancorporation ^		12,700		599
Wilshire Bancorp, Inc. ‡ ^		106,100		581
WSFS Financial Corp. ^		3,000		121
Commercial Services & Supplies - 3.9%
ACCO Brands Corp. ‡ ^		169,400		1,752
Asta Funding, Inc. ^		5,100		48
Encore Capital Group, Inc. ‡ ^		41,318		1,224
G&K Services, Inc. - Class A ^		43,453		1,355
Portfolio Recovery Associates, Inc. ‡ ^		20,984		1,915
Rollins, Inc. ^		35,415		792
Standard Parking Corp. ‡ ^		42,988		925
Sykes Enterprises, Inc. ‡ ^		69,110		1,103
Tetra Tech, Inc. ‡		19,965		521
TRC Cos., Inc. ‡ ^		36,400		221
United Stationers, Inc. ^		62,300		1,679
Communications Equipment - 1.0%
ADTRAN, Inc.		13,310		402
Aruba Networks, Inc. ‡ ^		54,469		820
Aviat Networks, Inc. - Class A ‡ ^		17,400		49
Brocade Communications Systems, Inc. ‡ ^		39,400		194
Comtech Telecommunications Corp. ^		37,100		1,059
Tellabs, Inc. ^		134,400		448
Computers & Peripherals - 1.4%
Diebold, Inc. ^		40,400		1,491
Electronics for Imaging, Inc. ‡ ^		59,500		967
Imation Corp. ‡ ^		50,900		301
Lexmark International, Inc. - Class A ^		18,100		481
Synaptics, Inc. ‡ ^		32,550		932
Construction & Engineering - 0.3%
Argan, Inc. ^		31,100		435
Sterling Construction Co., Inc. ‡ ^		31,100		318
Consumer Finance - 1.8%
Cash America International, Inc. ^		27,535		1,213
CompuCredit Holdings Corp. ‡ ^		12,100		44
Ezcorp, Inc. - Class A ‡ ^		75,050		1,761
First Cash Financial Services, Inc. ‡ ^		57,185		2,297
Imperial Holdings, Inc. ‡ ^		13,900		53
QC Holdings, Inc. ^		9,100		38

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    61

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Containers & Packaging - 0.6%
Aptargroup, Inc. ^		24,300	$	1,240
Greif, Inc. - Class A ^		13,500		554
Distributors - 0.1%
VOXX International Corp. - Class A ‡ ^		37,700		351
Diversified Consumer Services - 2.0%
American Public Education, Inc. ‡ ^		40,970		1,311
Coinstar, Inc. ‡ ^		21,800		1,497
Corinthian Colleges, Inc. ‡ ^		113,500		328
ITT Educational Services, Inc. ‡ ^		8,300		504
Matthews International Corp. - Class A ^		37,000		1,202
Steiner Leisure, Ltd. ‡ ^		23,975		1,113
Diversified Financial Services - 0.3%
Gain Capital Holdings, Inc. ^		14,600		73
Kayne Anderson Energy Development Co. ^		19,400		482
KKR Financial Holdings LLC		52,000		443
Diversified Telecommunication Services - 0.2%
IDT Corp. - Class B ^		47,200		463
Electric Utilities - 1.6%
Cleco Corp. ^		4,600		192
El Paso Electric Co. ^		38,100		1,263
NGP Capital Resources Co. ^		5,700		40
Portland General Electric Co. ^		10,700		285
UNS Energy Corp.		53,500		2,056
Westar Energy, Inc. ^		30,000		899
Electrical Equipment - 1.3%
Acuity Brands, Inc. ^		13,900		708
Belden, Inc. ^		70,400		2,348
EnerSys ‡		13,200		463
Fushi Copperweld, Inc. ‡		31,424		273
Lihua International, Inc.		30,900		169
Electronic Equipment & Instruments - 1.9%
Agilysys, Inc. ‡ ^		55,600		482
Coherent, Inc. ‡ ^		15,300		662
Electro Scientific Industries, Inc. ^		17,400		206
FEI Co. ‡ ^		30,975		1,481
LoJack Corp. ‡ ^		37,100		112
MTS Systems Corp. ^		27,200		1,049
Multi-Fineline Electronix, Inc. ‡ ^		22,674		559
SYNNEX Corp. ‡ ^		22,200		766
Tech Data Corp. ‡ ^		9,100		438
Energy Equipment & Services - 2.1%
Bristow Group, Inc. ^		19,800		805
Dril-Quip, Inc. ‡ ^		16,715		1,096
Exterran Holdings, Inc. ‡ ^		10,500		134
Helix Energy Solutions Group, Inc. ‡ ^		74,500		1,223
Hercules Offshore, Inc. ‡ ^		21,400		76
Lufkin Industries, Inc.		14,095		766
Newpark Resources, Inc. ‡ ^		147,010		867
SEACOR Holdings, Inc. ‡ ^		12,670		1,132
T.G.C. Industries, Inc. ‡ ^		22,000		214
Food & Staples Retailing - 0.7%
Casey’s General Stores, Inc. ^		25,900		1,528
PriceSmart, Inc. ^		9,485		640
Food Products - 1.3%
Cal-Maine Foods, Inc. ^		17,300		676
Darling International, Inc. ‡ ^		38,747		639
Dean Foods Co. ‡ ^		7,100		121
Feihe International, Inc. ‡ ^		19,600		134
Lancaster Colony Corp.		8,995		641
Omega Protein Corp. ‡ ^		47,100		347
Pilgrim’s Pride Corp. ‡ ^		3,500		25
Post Holdings, Inc. ‡		15,800		486
Sensient Technologies Corp.		20,800		763
Gas Utilities - 1.4%
Atmos Energy Corp.		31,800		1,115
Chesapeake Utilities Corp. ^		9,900		433
Laclede Group, Inc. ^		2,000		80
New Jersey Resources Corp. ^		10,872		474

	Shares		Value (000’s)
Gas Utilities (continued)
Southwest Gas Corp.		31,800	$	1,388
WGL Holdings, Inc. ^		18,800		747
Health Care Equipment & Supplies - 5.6%
Align Technology, Inc. ‡ ^		28,280		946
Cynosure, Inc. - Class A ‡		8,000		169
DexCom, Inc. ‡ ^		61,775		801
Endologix, Inc. ‡ ^		68,690		1,061
Haemonetics Corp. ‡ ^		9,400		697
ICU Medical, Inc. ‡ ^		28,300		1,511
Insulet Corp. ‡ ^		79,923		1,708
NuVasive, Inc. ‡ ^		30,600		776
NxStage Medical, Inc. ‡ ^		116,511		1,952
RTI Biologics, Inc. ‡ ^		418,268		1,573
Spectranetics Corp. ‡ ^		163,804		1,870
STERIS Corp. ^		30,300		951
Thoratec Corp. ‡ ^		54,250		1,822
Wright Medical Group, Inc. ‡		26,920		575
Health Care Providers & Services - 1.9%
Amsurg Corp. - Class A ‡ ^		74,300		2,227
CardioNet, Inc. ‡		57,100		116
Corvel Corp. ‡ ^		21,500		1,054
HMS Holdings Corp. ‡ ^		46,490		1,548
Select Medical Holdings Corp. ‡ ^		53,800		544
Health Care Technology - 0.3%
Vocera Communications, Inc. ‡		33,744		904
Hotels, Restaurants & Leisure - 3.6%
Ameristar Casinos, Inc. ^		24,000		426
BJ’s Restaurants, Inc. ‡ ^		33,850		1,286
Boyd Gaming Corp. ‡ ^		119,000		857
Brinker International, Inc. ^		16,900		539
Buffalo Wild Wings, Inc. ‡ ^		15,330		1,328
CEC Entertainment, Inc. ^		30,900		1,124
Choice Hotels International, Inc. ^		25,100		1,002
Life Time Fitness, Inc. ‡ ^		28,110		1,307
Red Robin Gourmet Burgers, Inc. ‡ ^		12,800		391
Sonic Corp. ‡ ^		10,900		109
Texas Roadhouse, Inc. - Class A ^		86,185		1,588
Town Sports International Holdings, Inc. ‡ ^		24,800		330
Wendy’s Co. ^		70,100		331
Household Durables - 1.2%
Blyth, Inc. ^		29,800		1,030
CSS Industries, Inc. ^		8,600		177
Helen of Troy, Ltd. ‡ ^		51,100		1,732
PulteGroup, Inc. ‡ ^		55,900		598
Independent Power Producers & Energy Traders - 0.1%
Genie Energy, Ltd. ^		10,900		85
GenOn Energy, Inc. ‡ ^		47,300		81
Industrial Conglomerates - 1.5%
Carlisle Cos., Inc. ^		64,600		3,425
Raven Industries, Inc. ^		16,660		1,159
Insurance - 3.1%
American Equity Investment Life Holding Co. ^		16,800		185
AMERISAFE, Inc. ‡ ^		41,700		1,082
Amtrust Financial Services, Inc. ^		12,600		374
Assured Guaranty, Ltd.		48,400		682
Crawford & Co. - Class B ^		48,400		198
Homeowners Choice, Inc. ^		8,900		157
Maiden Holdings, Ltd. ^		111,100		964
Meadowbrook Insurance Group, Inc. ^		10,900		96
National Financial Partners Corp. ‡ ^		72,400		970
Phoenix Cos., Inc. ‡ ^		125,400		232
Platinum Underwriters Holdings, Ltd.		31,900		1,215
Primerica, Inc.		52,400		1,401
Protective Life Corp. ^		17,300		509
RLI Corp. ^		16,900		1,153
Internet & Catalog Retail - 0.1%
PetMed Express, Inc. ^		20,100		244

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    62

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Internet Software & Services - 2.1%
Ancestry.com, Inc. ‡ ^		31,895	$	878
AOL, Inc. ‡ ^		17,700		497
Blucora, Inc. ‡ ^		54,200		668
comScore, Inc. ‡ ^		57,567		948
Constant Contact, Inc. ‡ ^		32,317		578
IAC/InterActiveCorp ^		15,400		702
j2 Global, Inc. ^		40,925		1,081
VistaPrint NV ‡ ^		28,431		918
IT Services - 2.2%
Global Cash Access Holdings, Inc. ‡ ^		23,300		168
Heartland Payment Systems, Inc.		15,700		472
InterXion Holding NV ‡		44,820		812
Lender Processing Services, Inc. ^		1,200		30
MAXIMUS, Inc.		79,368		4,107
Virtusa Corp. ‡ ^		65,298		872
Leisure Equipment & Products - 0.4%
Arctic Cat, Inc. ‡		12,100		442
Brunswick Corp. ^		23,500		523
Multimedia Games Holding Co., Inc. ‡		21,300		298
Life Sciences Tools & Services - 1.8%
Affymetrix, Inc. ‡		46,100		216
Charles River Laboratories International, Inc. ‡		60,400		1,979
Fluidigm Corp. ‡ ^		65,174		980
ICON PLC ADR ‡ ^		100,800		2,271
Machinery - 5.2%
Actuant Corp. - Class A ^		1,000		27
Albany International Corp. - Class A ^		75,300		1,409
CLARCOR, Inc. ^		22,590		1,088
ESCO Technologies, Inc. ^		76,323		2,782
Flow International Corp. ‡ ^		23,800		75
FreightCar America, Inc.		11,100		255
Hurco Cos., Inc. ‡ ^		10,200		209
Kadant, Inc. ‡ ^		18,200		427
LB Foster Co. - Class A ^		8,700		249
Lindsay Corp. ^		21,785		1,414
Middleby Corp. ‡ ^		14,850		1,479
Mueller Industries, Inc. ^		51,900		2,210
Terex Corp. ‡ ^		24,800		442
Toro Co. ^		7,847		575
Wabtec Corp.		14,108		1,101
Woodward, Inc. ^		37,381		1,474
Marine - 0.6%
Kirby Corp. ‡ ^		28,900		1,361
Matson, Inc.		7,800		415
Media - 1.2%
Arbitron, Inc. ^		52,200		1,827
Cinemark Holdings, Inc. ^		56,542		1,292
Fisher Communications, Inc. ‡ ^		900		27
Global Sources, Ltd. ‡ ^		7,100		47
Lakes Entertainment, Inc. ‡ ^		9,100		26
Nexstar Broadcasting Group, Inc. - Class A ‡ ^		5,200		35
Saga Communications, Inc. - Class A ‡ ^		800		30
Sinclair Broadcast Group, Inc. - Class A ^		18,300		166
Metals & Mining - 0.8%
Coeur d’Alene Mines Corp. ‡ ^		46,300		814
Commercial Metals Co. ^		38,800		490
Hecla Mining Co. ^		149,210		709
RTI International Metals, Inc. ‡ ^		18,400		416
Multiline Retail - 1.2%
Big Lots, Inc. ‡ ^		42,135		1,718
Dillard’s, Inc. - Class A ^		8,900		567
Fred’s, Inc. - Class A ^		89,200		1,364
Multi-Utilities - 0.0% ¥
PNM Resources, Inc. ^		4,900		96
Office Electronics - 0.3%
Zebra Technologies Corp. - Class A ‡		28,200		969

	Shares		Value (000’s)
Oil, Gas & Consumable Fuels - 3.6%
Adams Resources & Energy, Inc. ^		1,100	$	46
Delek US Holdings, Inc. ^		61,400		1,080
Energy XXI Bermuda, Ltd. ^		37,365		1,168
Frontline, Ltd. ^		148,800		679
GeoResources, Inc. ‡		28,100		1,029
Gulfport Energy Corp. ‡ ^		73,715		1,520
Oasis Petroleum, Inc. ‡ ^		42,000		1,016
Penn Virginia Corp. ^		50,800		373
PetroQuest Energy, Inc. ‡ ^		120,655		603
REX American Resources Corp. ‡ ^		22,400		437
Scorpio Tankers, Inc. ‡ ^		95,400		610
Stone Energy Corp. ‡		4,800		122
Vaalco Energy, Inc. ‡ ^		56,200		485
W&T Offshore, Inc. ^		47,200		722
Western Refining, Inc. ^		29,300		653
Paper & Forest Products - 1.1%
Buckeye Technologies, Inc. ^		22,885		652
Deltic Timber Corp. ^		21,000		1,280
Domtar Corp.		10,400		798
P.H. Glatfelter Co.		36,700		601
Personal Products - 0.2%
Nu Skin Enterprises, Inc. - Class A ^		12,490		586
Pharmaceuticals - 1.9%
Akorn, Inc. ‡ ^		10,700		169
Auxilium Pharmaceuticals, Inc. ‡ ^		80,180		2,157
Cumberland Pharmaceuticals, Inc. ‡ ^		38,900		251
Impax Laboratories, Inc. ‡ ^		62,135		1,259
Medicis Pharmaceutical Corp. - Class A ^		8,300		283
Salix Pharmaceuticals, Ltd. ‡ ^		27,705		1,508
Professional Services - 0.4%
Barrett Business Services, Inc. ^		24,000		507
CRA International, Inc. ‡ ^		5,300		78
Resources Connection, Inc.		27,900		343
RPX Corp. - Class A ‡ ^		24,300		349
Real Estate Investment Trusts - 4.4%
Alexander’s, Inc. ^		760		328
Campus Crest Communities, Inc. ^		75,800		788
CreXus Investment Corp. ^		40,600		413
DiamondRock Hospitality Co. ^		93,952		958
Education Realty Trust, Inc. ^		104,000		1,152
Extra Space Storage, Inc.		42,900		1,314
Kite Realty Group Trust ^		52,300		261
Mack-Cali Realty Corp. ^		27,200		791
Mission West Properties, Inc. ^		54,800		472
Monmouth Real Estate Investment Corp. - Class A ^		96,500		1,131
NorthStar Realty Finance Corp.		187,400		978
One Liberty Properties, Inc.		22,800		429
Post Properties, Inc.		12,600		617
Retail Opportunity Investments Corp. ^		2,100		25
RLJ Lodging Trust		67,700		1,227
Sovran Self Storage, Inc. ^		23,900		1,197
STAG Industrial, Inc. ^		7,500		109
Winthrop Realty Trust ^		36,000		438
Road & Rail - 0.7%
Arkansas Best Corp. ^		5,600		71
Con-way, Inc. ^		1,700		61
Genesee & Wyoming, Inc. - Class A ‡ ^		29,200		1,543
Landstar System, Inc.		7,450		385
Semiconductors & Semiconductor Equipment - 2.4%
Cabot Microelectronics Corp.		5,900		172
Cavium, Inc. ‡ ^		18,601		521
EXAR Corp. ‡ ^		8,600		70
FormFactor, Inc. ‡ ^		65,800		426
GT Advanced Technologies, Inc. ‡ ^		195,800		1,034
Mellanox Technologies, Ltd. ‡ ^		16,807		1,191
Microsemi Corp. ‡ ^		67,360		1,244
MKS Instruments, Inc.		2,600		75

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    63

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Semiconductors & Semiconductor Equipment (continued)
Power Integrations, Inc. ^		20,070	$	749
Rudolph Technologies, Inc. ‡ ^		43,000		375
Skyworks Solutions, Inc. ‡ ^		24,197		662
Teradyne, Inc. ‡ ^		11,300		159
Tessera Technologies, Inc. ^		28,400		437
Software - 3.1%
Aspen Technology, Inc. ‡ ^		71,810		1,662
Blackbaud, Inc. ^		38,610		991
Cadence Design Systems, Inc. ‡ ^		161,886		1,780
Fair Isaac Corp. ^		27,300		1,154
Manhattan Associates, Inc. ‡		3,700		169
MICROS Systems, Inc. ‡ ^		22,150		1,134
Parametric Technology Corp. ‡ ^		58,233		1,221
SolarWinds, Inc. ‡ ^		2,600		113
Websense, Inc. ‡ ^		54,100		1,013
Specialty Retail - 4.2%
Ascena Retail Group, Inc. ‡		67,400		1,255
Build-A-Bear Workshop, Inc. ‡ ^		41,800		200
Cato Corp. - Class A ^		112,404		3,424
Chico’s FAS, Inc. ^		87,766		1,302
Conn’s, Inc. ‡ ^		70,800		1,048
DSW, Inc. - Class A ^		18,560		1,010
Hot Topic, Inc. ^		101,500		984
Pier 1 Imports, Inc. ^		33,200		545
Stage Stores, Inc. ^		119,400		2,187
Zumiez, Inc. ‡ ^		14,900		590
Textiles, Apparel & Luxury Goods - 1.6%
Deckers Outdoor Corp. ‡ ^		15,927		701
Movado Group, Inc. ^		23,200		580
Oxford Industries, Inc. ^		1,200		54
Skechers U.S.A., Inc. - Class A ‡ ^		50,000		1,019
True Religion Apparel, Inc.		39,860		1,155
Vera Bradley, Inc. ‡ ^		53,947		1,137
Thrifts & Mortgage Finance - 1.0%
Dime Community Bancshares, Inc. ^		17,600		234
First Financial Northwest, Inc. ‡ ^		5,300		43
Flushing Financial Corp. ^		53,110		724
Northwest Bancshares, Inc. ^		126,100		1,477
Oritani Financial Corp. ^		7,800		112
Pulaski Financial Corp. ^		4,900		36
Rockville Financial, Inc. ^		12,300		142
Tree.com, Inc. ‡ ^		6,300		72
Washington Federal, Inc. ^		6,500		110

	Shares		Value (000’s)
Tobacco - 0.2%
Universal Corp. ^		9,200	$	426
Vector Group, Ltd. ^		14,200		242
Trading Companies & Distributors - 1.0%
Aceto Corp. ^		3,900		35
Applied Industrial Technologies, Inc. ^		41,150		1,516
GATX Corp. ^		39,400		1,517
Water Utilities - 0.0% ¥
Consolidated Water Co., Ltd. ^		6,700		56
Total Common Stocks (cost $248,165)				288,038
	Principal (000’s)		Value (000’s)
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.1%
U.S. Treasury Bill 0.07%, 09/13/2012 p g	$	330		330
Total Short-Term U.S. Government Obligation (cost $330)
	Shares		Value (000’s)
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		76,109,951		76,110
Total Securities Lending Collateral (cost $76,110)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 2.4%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $7,149 on 07/02/2012. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 08/15/2039 - 11/15/2040, and with a total value of $7,297.	$	7,149		7,149
Total Repurchase Agreement (cost $7,149)
Total Investment Securities (cost $331,754) Õ				371,627
Other Assets and Liabilities - Net				(75,625	)
Net Assets			$	296,002

FUTURES CONTRACTS:

Description	Type		Contracts		Expiration Date		Net Unrealized Appreciation (000’s)
Russell 2000 Mini Index		Long		19		09/21/2012	$	71

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $73,516.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

g This security in the amount of $330 has been segregated as collateral with the broker to cover margin requirements for open futures contracts.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $331,754. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $51,616 and $11,743, respectively. Net unrealized appreciation for tax purposes is $39,873.

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    64

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	285,767	$	2,271	$	—	$	288,038
Repurchase Agreement		—		7,149		—		7,149
Securities Lending Collateral		76,110		—		—		76,110
Short-Term U.S. Government Obligation		—		330		—		330
Total	$	361,877	$	9,750	$	—	$	371,627
Other Financial Instruments ₣	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Futures Contracts - Appreciation	$	71	$	—	$	—	$	71

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    65

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
COMMON STOCKS - 96.4%
Aerospace & Defense - 2.4%
DigitalGlobe, Inc. ‡		47,400	$	718
Hexcel Corp. ‡ ^		24,892		642
Triumph Group, Inc. ^		7,800		439
Air Freight & Logistics - 0.6%
Hub Group, Inc. - Class A ‡ ^		12,266		444
Airlines - 1.1%
Allegiant Travel Co. - Class A ‡ ^		4,500		314
Spirit Airlines, Inc. ‡ ^		27,400		533
Biotechnology - 4.0%
Astex Pharmaceuticals ‡ ^		119,877		251
Cubist Pharmaceuticals, Inc. ‡ ^		13,900		527
Myriad Genetics, Inc. ‡ ^		27,300		648
Onyx Pharmaceuticals, Inc. ‡ ^		6,500		432
Seattle Genetics, Inc. ‡ ^		22,728		577
United Therapeutics Corp. ‡ ^		13,115		648
Building Products - 1.6%
A.O. Smith Corp. ^		13,774		674
Armstrong World Industries, Inc. ^		11,500		565
Capital Markets - 1.1%
Walter Investment Management Corp. ^		21,207		498
WisdomTree Investments, Inc. ‡ ^		50,760		333
Chemicals - 2.1%
Balchem Corp. ^		18,464		602
Kraton Performance Polymers, Inc. ‡ ^		17,575		385
NewMarket Corp. ^		2,100		455
PolyOne Corp.		10,198		140
Commercial Banks - 2.5%
Boston Private Financial Holdings, Inc. ^		58,212		520
First Horizon National Corp. ^		23,600		204
Pinnacle Financial Partners, Inc. ‡ ^		22,700		443
Texas Capital Bancshares, Inc. ‡ ^		7,600		307
Umpqua Holdings Corp. ^		31,525		415
Commercial Services & Supplies - 3.4%
Consolidated Graphics, Inc. ‡ ^		11,831		344
Corrections Corp. of America		20,100		592
Covanta Holding Corp.		33,000		566
InnerWorkings, Inc. ‡ ^		33,700		456
Rollins, Inc.		27,100		606
Communications Equipment - 1.3%
Emulex Corp. ‡ ^		28,952		208
RADWARE, Ltd. ‡ ^		11,540		442
Sonus Networks, Inc. ‡ ^		149,223		321
Computers & Peripherals - 0.6%
Diebold, Inc.		12,200		450
Construction & Engineering - 0.5%
MYR Group, Inc. ‡		21,032		359
Consumer Finance - 2.4%
Cash America International, Inc. ^		9,700		427
DFC Global Corp. ‡ ^		30,618		564
First Cash Financial Services, Inc. ‡		15,256		613
Regional Management Corp. ‡ ^		13,968		230
Containers & Packaging - 0.5%
Silgan Holdings, Inc.		9,500		406
Diversified Consumer Services - 2.3%
American Public Education, Inc. ‡ ^		12,397		397
Grand Canyon Education, Inc. ‡		35,501		743
Sotheby’s ^		18,785		627
Diversified Telecommunication Services - 0.4%
inContact, Inc. ‡ ^		66,946		335
Electrical Equipment - 0.7%
Belden, Inc. ^		7,100		237
II-VI, Inc. ‡ ^		20,088		335
Electronic Equipment & Instruments - 1.0%
Maxwell Technologies, Inc. ‡ ^		16,724		110
OSI Systems, Inc. ‡ ^		9,833		623
Energy Equipment & Services - 2.1%
Basic Energy Services, Inc. ‡ ^		37,012		382

	Shares		Value (000’s)
Energy Equipment & Services (continued)
Gulfmark Offshore, Inc. - Class A ‡ ^		10,100	$	344
Helix Energy Solutions Group, Inc. ‡ ^		20,799		341
OYO Geospace Corp. ‡ ^		6,220		560
Food & Staples Retailing - 1.2%
Harris Teeter Supermarkets, Inc. ^		18,800		770
Susser Holdings Corp. ‡ ^		4,537		169
Food Products - 1.7%
Darling International, Inc. ‡		34,700		572
TreeHouse Foods, Inc. ‡ ^		11,800		735
Health Care Equipment & Supplies - 3.2%
Haemonetics Corp. ‡ ^		9,270		686
Masimo Corp. ‡ ^		28,500		638
Orthofix International NV ‡		14,100		582
Thoratec Corp. ‡		15,415		518
Health Care Providers & Services - 1.7%
HMS Holdings Corp. ‡ ^		25,100		836
Metropolitan Health Networks, Inc. ‡ ^		47,400		454
Health Care Technology - 2.7%
Computer Programs & Systems, Inc. ^		7,600		435
HealthStream, Inc. ‡ ^		17,421		453
MedAssets, Inc. ‡ ^		50,134		674
Omnicell, Inc. ‡ ^		34,300		502
Hotels, Restaurants & Leisure - 2.2%
Caribou Coffee Co., Inc. ‡ ^		16,516		213
Cheesecake Factory, Inc. ‡ ^		18,800		601
Cracker Barrel Old Country Store, Inc.		4,191		263
Shuffle Master, Inc. ‡		2,625		36
WMS Industries, Inc. ‡ ^		27,600		551
Household Durables - 0.2%
Ethan Allen Interiors, Inc. ^		8,787		175
Household Products - 0.6%
Spectrum Brands Holdings, Inc. ‡ ^		14,671		478
Insurance - 3.5%
Endurance Specialty Holdings, Ltd.		14,000		536
Horace Mann Educators Corp. ^		13,100		229
Infinity Property & Casualty Corp.		6,982		403
Maiden Holdings, Ltd. ^		40,500		352
Platinum Underwriters Holdings, Ltd.		12,500		476
ProAssurance Corp. ^		7,743		690
Internet & Catalog Retail - 1.0%
Shutterfly, Inc. ‡ ^		15,970		490
Stamps.com, Inc. ‡		11,500		284
Internet Software & Services - 5.6%
AOL, Inc. ‡ ^		11,000		309
CoStar Group, Inc. ‡ ^		4,500		365
DealerTrack Holdings, Inc. ‡ ^		16,400		494
Dice Holdings, Inc. ‡ ^		30,800		289
LivePerson, Inc. ‡ ^		24,196		461
NIC, Inc. ^		27,749		352
OpenTable, Inc. ‡ ^		11,000		496
SPS Commerce, Inc. ‡ ^		10,364		315
ValueClick, Inc. ‡ ^		25,953		425
VistaPrint NV ‡ ^		14,700		475
Zix Corp. ‡ ^		122,950		320
IT Services - 3.2%
Cardtronics, Inc. ‡ ^		12,900		390
CoreLogic, Inc. ‡		25,600		468
Euronet Worldwide, Inc. ‡ ^		24,800		425
MAXIMUS, Inc.		11,527		596
TNS, Inc. ‡ ^		21,377		384
Wright Express Corp. ‡ ^		3,463		214
Leisure Equipment & Products - 0.4%
Brunswick Corp. ^		13,500		300
Life Sciences Tools & Services - 2.3%
Bruker Corp. ‡		35,713		475
Charles River Laboratories International, Inc. ‡		17,300		567
ICON PLC ADR ‡ ^		30,906		696

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    66

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
Machinery - 2.1%
Actuant Corp. - Class A ^		11,093	$	301
Chart Industries, Inc. ‡ ^		2,719		187
Middleby Corp. ‡		759		76
Tennant Co. ^		6,242		249
Toro Co.		4,100		300
Trimas Corp. ‡ ^		23,367		470
Metals & Mining - 1.0%
Coeur d’Alene Mines Corp. ‡ ^		21,500		378
Stillwater Mining Co. ‡ ^		45,250		386
Multiline Retail - 0.4%
Fred’s, Inc. - Class A ^		20,921		320
Oil, Gas & Consumable Fuels - 1.9%
Energy XXI Bermuda, Ltd. ^		15,600		488
Kodiak Oil & Gas Corp. ‡ ^		34,300		282
Rex Energy Corp. ‡ ^		41,751		468
Swift Energy Co. ‡ ^		11,720		218
Paper & Forest Products - 1.3%
Buckeye Technologies, Inc. ^		16,444		468
KapStone Paper and Packaging Corp. ‡ ^		34,000		539
Personal Products - 1.3%
Inter Parfums, Inc. ^		25,038		432
Nu Skin Enterprises, Inc. - Class A ^		12,000		563
Pharmaceuticals - 4.3%
Akorn, Inc. ‡ ^		27,091		427
Depomed, Inc. ‡ ^		58,464		333
Impax Laboratories, Inc. ‡ ^		24,521		497
Jazz Pharmaceuticals PLC ‡ ^		16,800		755
Par Pharmaceutical Cos., Inc. ‡		12,251		443
Questcor Pharmaceuticals, Inc. ‡ ^		11,300		602
Salix Pharmaceuticals, Ltd. ‡ ^		4,900		267
Professional Services - 2.8%
Corporate Executive Board Co.		10,600		434
Exponent, Inc. ‡		5,800		306
Huron Consulting Group, Inc. ‡ ^		19,885		630
Mistras Group, Inc. ‡ ^		16,000		420
TrueBlue, Inc. ‡ ^		21,457		332
Road & Rail - 1.1%
Landstar System, Inc. ^		4,200		217
Marten Transport, Ltd. ^		11,123		236
Old Dominion Freight Line, Inc. ‡ ^		9,587		416
Semiconductors & Semiconductor Equipment - 3.5%
Cavium, Inc. ‡ ^		20,900		586
Diodes, Inc. ‡ ^		21,323		400
MIPS Technologies, Inc. - Class A ‡ ^		81,982		547
Nova Measuring Instruments, Ltd. ‡ ^		53,700		468
NVE Corp. ‡ ^		6,536		351
Volterra Semiconductor Corp. ‡ ^		14,049		329
Software - 8.2%
ACI Worldwide, Inc. ‡		15,167		670
Allot Communications, Ltd. ‡ ^		17,741		494
BroadSoft, Inc. ‡ ^		5,424		157
Clicksoftware Technologies, Ltd. ^		46,742		378
CommVault Systems, Inc. ‡ ^		9,391		466
Manhattan Associates, Inc. ‡ ^		10,500		480
Mentor Graphics Corp. ‡ ^		36,800		552
Netscout Systems, Inc. ‡ ^		28,500		614
NICE Systems, Ltd. ADR ‡ ^		13,363		489
OPNET Technologies, Inc. ^		19,548		520
SolarWinds, Inc. ‡ ^		10,900		475
Tangoe, Inc. ‡		17,500		373
Tyler Technologies, Inc. ‡		6,009		242
Ultimate Software Group, Inc. ‡ ^		3,473		310
Specialty Retail - 7.2%
Aeropostale, Inc. ‡		13,200		235
Ascena Retail Group, Inc. ‡		28,600		533
Buckle, Inc. ^		12,000		475
Casual Male Retail Group, Inc. ‡ ^		140,098		509
Chico’s FAS, Inc.		40,900		607

	Shares		Value (000’s)
Specialty Retail (continued)
Express, Inc. ‡ ^		28,026	$	509
Finish Line, Inc. - Class A ^		23,900		500
Genesco, Inc. ‡ ^		9,625		579
Monro Muffler Brake, Inc. ^		7,800		259
Pier 1 Imports, Inc. ^		23,500		386
Rent-A-Center, Inc. ^		16,849		568
Vitamin Shoppe, Inc. ‡ ^		6,082		334
Textiles, Apparel & Luxury Goods - 0.6%
Steven Madden, Ltd. ‡		13,999		444
Trading Companies & Distributors - 0.6%
Beacon Roofing Supply, Inc. ‡ ^		19,630		495
Total Common Stocks (cost $68,209)				73,723
WARRANT - 0.0% ¥
Oil, Gas & Consumable Fuels - 0.0% ¥
Magnum Hunter Resources ‡ ^ § Expiration: 10/14/2013 Exercise Price: $10.50		10,091		u
Total Warrant (cost $u)
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		19,618,505		19,619
Total Securities Lending Collateral (cost $19,619)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 4.4%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $3,365 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 09/25/2039, and with a value of $3,434.	$	3,365		3,365
Total Repurchase Agreement (cost $3,365)
Total Investment Securities (cost $91,193) Õ				96,707
Other Assets and Liabilities - Net				(20,255	)
Net Assets			$	76,452

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    67

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

^ All or a portion of this security is on loan. The value of all securities on loan is $19,086.

‡ Non-income producing security.

¥ Percentage rounds to less than 0.1%.

§ Illiquid. Total aggregate market value of illiquid securities is less than $1, or less than 0.01%, of the portfolio’s net assets.

u Amount is less than 1.

p Rate shown reflects the yield at 06/29/2012.

Õ Aggregate cost for federal income tax purposes is $91,193. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,711 and $2,197, respectively. Net unrealized appreciation for tax purposes is $5,514.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	72,538	$	1,185	$	—	$	73,723
Repurchase Agreement		—		3,365		—		3,365
Securities Lending Collateral		19,619		—		—		19,619
Warrant		u		—		—		u
Total	$	92,157	$	4,550	$	—	$	96,707

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    68

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2012

(unaudited)

	Shares		Value (000’s)
PREFERRED STOCK - 1.7%
Germany - 1.7%
Volkswagen AG , 2.45% p		64,777	$	10,262
Total Preferred Stock (cost $5,918)
COMMON STOCKS - 94.1%
Australia - 0.5%
BHP Billiton, Ltd.		94,954		3,093
Brazil - 4.0%
BM&FBOVESPA SA		950,300		4,850
Embraer SA ADR ‡		225,400		5,980
Itau Unibanco Holding SA ADR		356,700		4,965
Natura Cosmeticos SA		361,900		8,469
Canada - 3.6%
Canadian National Railway Co.		135,950		11,497
Canadian Natural Resources, Ltd.		183,600		4,925
Cenovus Energy, Inc. ^		180,688		5,745
China - 1.2%
Baidu, Inc. ADR ‡		64,528		7,419
Denmark - 2.8%
Novo Nordisk A/S - Class B		122,364		17,748
France - 6.7%
Air Liquide SA ^		107,193		12,255
Cie Generale des Etablissements Michelin -
Class B ^		97,246		6,362
LVMH Moet Hennessy Louis Vuitton SA		92,643		14,099
Publicis Groupe SA ^		188,554		8,623
Germany - 9.5%
Adidas AG		203,377		14,578
Allianz SE		86,700		8,721
Fresenius Medical Care AG & Co., KGaA		166,061		11,729
SAP AG		222,740		13,189
Siemens AG		121,600		10,218
Hong Kong - 11.6%
China Life Insurance Co., Ltd. - Class H		2,293,157		6,027
China Merchants Bank Co., Ltd. - Class H ^		4,696,845		8,930
CNOOC, Ltd.		6,726,494		13,561
Hong Kong Exchanges and Clearing, Ltd. ^		686,000		9,861
HSBC Holdings PLC ^		1,438,156		12,724
Industrial & Commercial Bank of China - Class H ^		13,207,300		7,404
Sinopharm Group Co., Ltd. - Class H ^		2,008,090		5,582
Tencent Holdings, Ltd. ^		259,975		7,678
Israel - 1.9%
Teva Pharmaceutical Industries, Ltd. ADR		295,694		11,662
Japan - 10.1%
Canon, Inc. ^		151,631		6,052
Dai-ichi Life Insurance Co., Ltd.		3,677		4,258
FANUC Corp.		48,524		7,976
KDDI Corp.		1,343		8,664
Komatsu, Ltd.		402,005		9,597
Mitsubishi UFJ Financial Group, Inc. ^		2,458,600		11,779
Toyota Motor Corp.		337,357		13,616
Korea, Republic of - 1.8%
Hyundai Motor Co.		54,618		11,213
Mexico - 1.4%
Wal-Mart de Mexico SAB de CV - Series V ^		3,304,400		8,841
Sweden - 2.6%
Hennes & Mauritz AB - Class B		312,671		11,223
Svenska Handelsbanken AB - Class A		133,100		4,376
Switzerland - 7.2%
Julius Baer Group, Ltd. ‡		173,596		6,294
Nestle SA		245,271		14,637
Novartis AG		215,671		12,058
Swatch Group AG - BR		11,940		4,719
Syngenta AG		18,590		6,364
United Kingdom - 20.5%
ARM Holdings PLC		661,819		5,243

	Shares		Value (000’s)
United Kingdom (continued)
BG Group PLC		617,386	$	12,639
British American Tobacco PLC		325,073		16,527
Carnival PLC		264,878		9,057
Kingfisher PLC		2,239,810		10,104
Pearson PLC		376,637		7,473
Reckitt Benckiser Group PLC		274,534		14,511
Rolls-Royce Holdings PLC ‡ §		403,240		5,435
SABMiller PLC		196,479		7,883
Standard Chartered PLC		607,068		13,188
TESCO PLC		2,282,557		11,093
Vodafone Group PLC		4,348,060		12,221
United States - 8.7%
Accenture PLC - Class A ^		49,810		2,993
Check Point Software Technologies, Ltd. ‡		148,696		7,374
Covidien PLC		165,746		8,867
Potash Corp. of Saskatchewan, Inc.		206,500		9,022
Schlumberger, Ltd.		195,208		12,671
Yandex NV - Class A ‡		184,000		3,505
Yum! Brands, Inc. ^		129,700		8,355
Total Common Stocks (cost $495,428)				577,722
SECURITIES LENDING COLLATERAL - 9.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.19% p		59,895,280		59,895
Total Securities Lending Collateral (cost $59,895)
	Principal (000’s)		Value (000’s)
REPURCHASE AGREEMENT - 3.4%
State Street Bank & Trust Co. 0.03% p, dated 06/29/2012, to be repurchased at $20,701 on 07/02/2012. Collateralized by a U.S. Government Agency Obligation, 4.00%, due 09/25/2039, and with a value of $21,117.	$	20,701		20,701
Total Repurchase Agreement (cost $20,701)
Total Investment Securities (cost $581,942) Џ				668,580
Other Assets and Liabilities - Net				(55,325	)
Net Assets			$	613,255

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    69

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments			Value (000’s)
Commercial Banks		9.5	%	$	63,365
Pharmaceuticals		6 .2			41,468
Oil, Gas & Consumable Fuels		5 .5			36,870
Automobiles		5 .2			35,092
Textiles, Apparel & Luxury Goods		5 .0			33,396
Chemicals		4 .1			27,641
Specialty Retail		3 .2			21,327
Wireless Telecommunication Services		3 .1			20,885
Software		3 .1			20,563
Food & Staples Retailing		3 .0			19,934
Insurance		2 .8			19,006
Internet Software & Services		2 .8			18,602
Machinery		2 .6			17,573
Hotels, Restaurants & Leisure		2 .6			17,412
Health Care Providers & Services		2 .6			17,311
Tobacco		2 .5			16,527
Media		2 .4			16,096
Diversified Financial Services		2 .2			14,711
Food Products		2 .2			14,637
Household Products		2 .2			14,511
Energy Equipment & Services		1 .9			12,671
Road & Rail		1 .7			11,497
Aerospace & Defense		1 .7			11,415
Industrial Conglomerates		1 .5			10,218
Health Care Equipment & Supplies		1 .3			8,867
Personal Products		1 .3			8,469
Beverages		1 .2			7,883
Auto Components		1 .0			6,362
Capital Markets		0 .9			6,294
Office Electronics		0 .9			6,052
Semiconductors & Semiconductor Equipment		0 .8			5,243
Metals & Mining		0 .5			3,093
IT Services		0 .4			2,993
Investment Securities, at Value		87.9			587,984
Short-Term Investments		12.1			80,596
Total Investments		100.0	%	$	668,580

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Counterparty		Contracts Sold (000’s)			Settlement Date		Amount in U.S. Dollars Sold (000’s)			Net Unrealized Appreciation (Depreciation) (000’s)
Euro		SSB		(10,979	)		07/18/2012	$	(13,814	)	$	(82	)
Euro		SSB		(31,364	)		11/08/2012		(41,090	)		1,344
											$	1,262

Collateral (Received) Pledged for OTC Financial Derivative Instruments

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of 06/30/2012:

Counterparty	Total Market Value of OTC Derivatives (000’s)		Collateral (Received) Pledged (000’s)		Net Exposures  (1) (000’s)
SSB	$	1,262	$	—	$	1,262

(1) Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

NOTES TO SCHEDULE OF INVESTMENTS (all amounts in thousands):

p Rate shown reflects the yield at 06/29/2012.

‡ Non-income producing security.

^ All or a portion of this security is on loan. The value of all securities on loan is $56,978.

§ Illiquid. Total aggregate market value of illiquid securities is $5,435, or 0.89%, of the portfolio’s net assets.

Õ Aggregate cost for federal income tax purposes is $581,942. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $120,561 and $33,923, respectively. Net unrealized appreciation for tax purposes is $86,638.

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    70

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2012

(unaudited)

DEFINITIONS:

ADR American Depositary Receipt

OTC Over the Counter

SSB State Street Bank

VALUATION SUMMARY (all amounts in thousands): '

Investment Securities	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Common Stocks	$	108,059	$	469,663		$	—	$	577,722
Preferred Stock		—		10,262			—		10,262
Repurchase Agreement		—		20,701			—		20,701
Securities Lending Collateral		59,895		—			—		59,895
Total	$	167,954	$	500,626		$	—	$	668,580
Other Financial Instruments ₣	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value at 06/30/2012
Forward Foreign Currency Contracts - Appreciation	$	—	$	1,344		$	—	$	1,344
Forward Foreign Currency Contracts - Depreciation		—		(82	)		—		(82	)
Total	$	—	$	1,262		$	—	$	1,262

' Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers into or out of Levels 1 and 2 during the period ended 06/30/2012. 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 2012
	Page    71

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2012

(all amounts in thousands)

(unaudited)

	Money Market		High Quality Bond		Inflation- Protected Securities			Core Bond		High Yield Bond		Balanced
Assets:
Investment securities, at value	$	782,100	$	415,020	$	367,773		$	1,950,264	$	733,156	$	133,427
Repurchase agreements, at value		106,965		16,084		—			—		42,027		720
Cash on deposit with broker		—		—		149			—		—		78
Cash		5		—		—			—		9		—
Foreign currency, at value		—		—		5			1,210		—		5
Unrealized appreciation on forward foreign currency contracts		—		—		850			542		—		16
Unrealized appreciation on swap agreements		—		—		1,157			2,614		—		—
Premium paid on swap agreements		—		—		291			1,003		—		—
Receivables:
Due from advisor		—		—		—			—		—		7
Investment securities sold		34,800		8,023		1,617			565,584		260		14,655
Interest		516		2,052		1,564			10,593		12,809		270
Dividends		—		—		—			—		—		92
Dividend reclaims		—		—		—			—		—		—	(A)
Securities lending income (net)		—		4		1			31		—		4
Variation margin		—		—		188			521		—		12
Other		3		1		1			5		119		—	(A)
Prepaid expenses		5		3		2			9		5		1
		924,394		441,187		373,598			2,532,376		788,385		149,287
Liabilities:
Cash on deposit with broker		—		—		—			1,800		—		—
Accounts payable and accrued liabilities:
Collateral for securities on loan		—		24,456		14,757			163,655		—		20,393
Due to advisor		—		—		—	(A)		—		—		—
Investment securities purchased		—		7,693		1,916			629,135		15,621		14,586
Advisory fees		180		113		99			434		332		38
Trustee and CCO fees		2		1		1			3		1		—	(A)
Custody fees		25		13		12			122		31		32
Interest and dividends from securities sold short		—		—		—			201		—		6
Audit and tax fees		10		10		11			12		11		11
Legal fees		21		11		13			39		15		2
Other		7		1		19			75		1		4
Unrealized depreciation on swap agreements		—		—		209			2,850		—		—
Premiums received on swap agreements		—		—		—			4,873		—		—
Securities sold short, at value		—		—		—			161,556		—		5,214
Written options and swaptions, at value		—		—		492			1,257		—		2
Unrealized depreciation on forward foreign currency contracts		—		—		24			—		—		—
		245		32,298		17,553			966,012		16,012		40,288
Net Assets	$	924,149	$	408,889	$	356,045		$	1,566,364	$	772,373	$	108,999
Investment securities, at cost	$	782,100	$	410,092	$	348,034		$	1,929,114	$	725,215	$	130,564
Repurchase agreements, at cost	$	106,965	$	16,084	$	—		$	—	$	42,027	$	720
Foreign currency, at cost	$	—	$	—	$	3		$	1,112	$	—	$	4
Securities loaned, at value	$	—	$	23,952	$	14,459		$	160,362	$	—	$	19,941
Proceeds from securities sold short	$	—	$	—	$	—		$	161,018	$	—	$	5,198
Premium on written options and swaptions	$	—	$	—	$	502		$	1,792	$	—	$	7

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    72

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Assets:
Investment securities, at value	$	849,079		$	274,561		$	907,643		$	819,060		$	232,568		$	94,929
Repurchase agreements, at value		13,900			3,795			18,607			25,428			2,520			1,671
Receivables:
Due from advisor		—			—			5			—			2			2
Investment securities sold		34			5			7,646			5,614			3,022			395
Interest		—	(A)		—	(A)		—	(A)		—	(A)		—	(A)		—
Dividends		1,054			292			554			1,134			84			79
Dividend reclaims		—			—			114			12			—			—
Securities lending income (net)		6			2			118			14			11			3
Other		3			1			3			2			1			—	(A)
Prepaid expenses		10			2			12			5			1			1
		864,086			278,658			934,702			851,269			238,209			97,080
Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		38,112			22,747			53,673			85,064			47,435			19,789
Due to advisor		—			—			—			—	(A)		—			—
Investment securities purchased		658			247			3,234			3,841			4,873			—
Advisory fees		284			118			425			395			103			48
Trustee and CCO fees		—	(A)		—	(A)		2			1			—	(A)		—	(A)
Custody fees		17			5			31			21			10			6
Audit and tax fees		10			11			11			10			10			10
Legal fees		17			4			21			17			4			2
Other		—	(A)		2			—	(A)		2			1			1
		39,098			23,134			57,397			89,351			52,436			19,856
Net Assets	$	824,988		$	255,524		$	877,305		$	761,918		$	185,773		$	77,224
Investment securities, at cost	$	757,125		$	236,199		$	782,748		$	734,755		$	208,343		$	82,416
Repurchase agreements, at cost	$	13,900		$	3,795		$	18,607		$	25,428		$	2,520		$	1,671
Securities loaned, at value	$	37,261		$	22,174		$	52,497		$	83,057		$	46,366		$	19,032

	Small Core			Small Growth			International Equity
Assets:
Investment securities, at value	$	364,478		$	93,342		$	647,879
Repurchase agreements, at value		7,149			3,365			20,701
Cash		—			—			42
Foreign currency, at value		—			—			231
Unrealized appreciation on forward foreign currency contracts		—			—			1,344
Receivables:
Due from advisor		—			5			—
Investment securities sold		3,499			2,393			1,495
Interest		—	(A)		—	(A)		—	(A)
Dividends		231			19			2,182
Dividend reclaims		—			—			3,694
Securities lending income (net)		37			12			25
Variation margin		45			—			—
Other		1			—	(A)		2
Prepaid expenses		2			1			4
		375,442			99,137			677,599
Liabilities:
Accounts payable and accrued liabilities:
Collateral for securities on loan		76,110			19,619			59,895
Investment securities purchased		3,119			2,993			3,870
Advisory fees		180			51			353
Trustee and CCO fees		—	(A)		—	(A)		1
Custody fees		14			11			107
Audit and tax fees		10			10			15
Legal fees		5			1			18
Other		2			—	(A)		3
Unrealized depreciation on forward foreign currency contracts		—			—			82
		79,440			22,685			64,344
Net Assets	$	296,002		$	76,452		$	613,255
Investment securities, at cost	$	324,605		$	87,828		$	561,241
Repurchase agreements, at cost	$	7,149		$	3,365		$	20,701
Foreign currency, at cost	$	—		$	—		$	232
Securities loaned, at value	$	73,516		$	19,086		$	56,978

(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 2012
	Page    73

STATEMENTS OF OPERATIONS

For the period ended June 30, 2012

(all amounts in thousands)

(unaudited)

	Money Market			High Quality Bond		Inflation- Protected Securities			Core Bond			High Yield Bond		Balanced
Investment income:
Interest income	$	782		$	5,549	$	4,867		$	27,370		$	30,289	$	646
Securities lending income (net)		—			29		8			131			—		23
Dividend income		—			—		—			74			131		664
Withholding taxes on foreign income		—			—		—			(22	)		3		—	(A)
		782			5,578		4,875			27,553			30,423		1,333
Expenses:
Advisory		1,138			736		615			2,695			2,063		243
Custody		75			34		49			241			84		73
Audit and tax		8			8		9			10			9		9
Legal		30			14		15			52			21		3
Printing and shareholder reports		3			1		1			3			1		—	(A)
Trustee and CCO		11			5		4			18			8		1
Other		8			3		2			11			5		1
Total expenses		1,273			801		695			3,030			2,191		330
Expenses reimbursed/waived		—			—		—			—			—		(61	)
Net expenses		1,273			801		695			3,030			2,191		269
Net investment income (loss)		(491	)		4,777		4,180			24,523			28,232		1,064
Net realized gain (loss) on transactions from:
Investment securities		(1	)		371		7,920			10,941			888		1,524
Swap agreements		—			—		(729	)		(1,361	)		—		—
Futures contracts		—			—		(833	)		(2,556	)		—		68
Written option and swaption contracts		—			—		139			1,916			—		(5	)
Foreign currency transactions		—			—		307			1,205			—		24
Securities sold short		—			—		—			(169	)		—		(2	)
		(1	)		371		6,804			9,976			888		1,609
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		—			1,684		(564	)		20,324			21,170		5,184
Swap agreements		—			—		751			(799	)		—		—
Futures contracts		—			—		544			(779	)		—		(37	)
Written option and swaption contracts		—			—		1,340			2,312			—		5
Securities sold short		—			—		—			1,285			—		33
Translation of assets and liabilities denominated in foreign currencies		—			—		763			(838	)		—		(12	)
		—			1,684		2,834			21,505			21,170		5,173
Net realized and change in unrealized gain (loss)		(1	)		2,055		9,638			31,481			22,058		6,782
Net increase (decrease) in net assets resulting from operations	$	(492	)	$	6,832	$	13,818		$	56,004		$	50,290	$	7,846

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    74

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2012

(all amounts in thousands)

(unaudited)

	Large Value			Large Core			Large Growth			Mid Value			Mid Growth			Small Value
Investment income:
Interest income	$	1		$	—	(A)	$	1		$	2		$	1		$	—	(A)
Securities lending income (net)		31			13			490			68			73			30
Dividend income		10,307			2,601			5,110			7,533			613			916
Withholding taxes on foreign income		(7	)		(2	)		(62	)		(11	)		(6	)		—
		10,332			2,612			5,539			7,592			681			946
Expenses:
Advisory		1,957			753			2,999			2,564			732			372
Custody		48			17			97			55			20			13
Audit and tax		9			9			9			8			8			8
Legal		26			7			31			34			6			3
Printing and shareholder reports		2			—	(A)		2			2			1			—	(A)
Trustee and CCO		9			3			11			8			2			1
Other		6			2			7			6			2			1
Total expenses		2,057			791			3,156			2,677			771			398
Expenses reimbursed/waived		—			—			(13	)		—			(9	)		(12	)
Net expenses		2,057			791			3,143			2,677			762			386
Net investment income (loss)		8,275			1,821			2,396			4,915			(81	)		560
Net realized gain (loss) on transactions from:
Investment securities		47,315			6,230			74,228			33,514			14,026			7,137
Foreign currency transactions		—			—			(12	)		—			—	(A)		—
		47,315			6,230			74,216			33,514			14,026			7,137
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		22,947			17,284			36,203			31,589			8,329			305
Translation of assets and liabilities denominated in foreign currencies		—			—			—	(A)		—	(A)		—			—
		22,947			17,284			36,203			31,589			8,329			305
Net realized and change in unrealized gain		70,262			23,514			110,419			65,103			22,355			7,442
Net increase in net assets resulting from operations	$	78,537		$	25,335		$	112,815		$	70,018		$	22,274		$	8,002

	Small Core			Small Growth			International Equity
Investment income:
Interest income	$	1		$	—	(A)	$	2
Securities lending income (net)		218			60			352
Dividend income		2,039			162			12,295
Withholding taxes on foreign income		—			(2	)		(1,092	)
		2,258			220			11,557
Expenses:
Advisory		1,203			408			2,499
Custody		36			27			198
Audit and tax		8			8			10
Legal		10			3			25
Printing and shareholder reports		1			—	(A)		1
Trustee and CCO		3			1			8
Other		2			1			5
Total expenses		1,263			448			2,746
Expenses reimbursed/waived		—			(26	)		—
Net expenses		1,263			422			2,746
Net investment income (loss)		995			(202	)		8,811
Net realized gain (loss) on transactions from:
Investment securities		17,553			6,129			22,191
Futures contracts		(3	)		—			—
Foreign currency transactions		—			—	(A)		1,882
		17,550			6,129			24,073
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		2,351			1,228			4,269
Futures contracts		49			—			—
Translation of assets and liabilities denominated in foreign currencies		—			—	(A)		(1,196	)
		2,400			1,228			3,073
Net realized and change in unrealized gain		19,950			7,357			27,146
Net increase in net assets resulting from operations	$	20,945		$	7,155		$	35,957

(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 2012
	Page    75

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, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011
From operations:
Net investment income (loss)	$	(491	)	$	(436	)	$	4,777		$	11,479		$	4,180		$	11,473
Net realized gain (loss)		(1	)		8			371			483			6,804			17,853
Change in net unrealized appreciation (depreciation)		—			—			1,684			(1,728	)		2,834			11,205
Net increase (decrease) in net assets resulting from Operations		(492	)		(428	)		6,832			10,234			13,818			40,531
From transactions in investors’ beneficial interests:
Contributions		206,467			494,457			74,201			242,064			22,362			76,278
Withdrawals		(277,455	)		(563,796	)		(130,372	)		(257,771	)		(38,679	)		(86,275	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(70,988	)		(69,339	)		(56,171	)		(15,707	)		(16,317	)		(9,997	)
Net increase (decrease) in net assets		(71,480	)		(69,767	)		(49,339	)		(5,473	)		(2,499	)		30,534
Net Assets:
Beginning of period/year		995,629			1,065,396			458,228			463,701			358,544			328,010
End of period/year	$	924,149		$	995,629		$	408,889		$	458,228		$	356,045		$	358,544
	Core Bond						High Yield Bond						Balanced
	June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011
From operations:
Net investment income	$	24,523		$	55,524		$	28,232		$	58,484		$	1,064		$	2,528
Net realized gain		9,976			41,206			888			9,982			1,609			6,365
Change in net unrealized appreciation (depreciation)		21,505			(2,706	)		21,170			(34,284	)		5,173			(5,078	)
Net increase in net assets resulting from operations		56,004			94,024			50,290			34,182			7,846			3,815
From transactions in investors’ beneficial interests:
Contributions		144,411			274,865			62,569			120,713			4,144			7,124
Withdrawals		(222,642	)		(402,304	)		(69,762	)		(134,702	)		(7,102	)		(23,165	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(78,231	)		(127,439	)		(7,193	)		(13,989	)		(2,958	)		(16,041	)
Net increase (decrease) in net assets		(22,227	)		(33,415	)		43,097			20,193			4,888			(12,226	)
Net Assets:
Beginning of period/year		1,588,591			1,622,006			729,276			709,083			104,111			116,337
End of period/year	$	1,566,364		$	1,588,591		$	772,373		$	729,276		$	108,999		$	104,111
	Large Value						Large Core						Large Growth
	June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011
From operations:
Net investment income	$	8,275		$	15,905		$	1,821		$	3,381		$	2,396		$	3,800
Net realized gain		47,315			68,630			6,230			19,125			74,216			102,817
Change in net unrealized appreciation (depreciation)		22,947			(57,168	)		17,284			(13,572	)		36,203			(120,670	)
Net increase (decrease) in net assets resulting from operations		78,537			27,367			25,335			8,934			112,815			(14,053	)
From transactions in investors’ beneficial interests:
Contributions		30,595			67,603			9,225			16,232			34,021			66,114
Withdrawals		(161,910	)		(231,319	)		(14,240	)		(45,957	)		(285,838	)		(212,337	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(131,315	)		(163,716	)		(5,015	)		(29,725	)		(251,817	)		(146,223	)
Net increase (decrease) in net assets		(52,778	)		(136,349	)		20,320			(20,791	)		(139,002	)		(160,276	)
Net Assets:
Beginning of period/year		877,766			1,014,115			235,204			255,995			1,016,307			1,176,583
End of period/year	$	824,988		$	877,766		$	255,524		$	235,204		$	877,305		$	1,016,307

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    76

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, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011
From operations:
Net investment income (loss)	$	4,915		$	9,178		$	(81	)	$	(795	)	$	560		$	724
Net realized gain		33,514			76,189			14,026			30,656			7,137			10,311
Change in net unrealized appreciation (depreciation)		31,589			(100,232	)		8,329			(44,996	)		305			(8,991	)
Net increase (decrease) in net assets resulting from operations		70,018			(14,865	)		22,274			(15,135	)		8,002			2,044
From transactions in investors’ beneficial interests:
Contributions		23,814			58,995			7,538			25,002			2,657			8,136
Withdrawals		(80,749	)		(204,429	)		(50,641	)		(72,998	)		(37,393	)		(40,649	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(56,935	)		(145,434	)		(43,103	)		(47,996	)		(34,736	)		(32,513	)
Net increase (decrease) in net assets		13,083			(160,299	)		(20,829	)		(63,131	)		(26,734	)		(30,469	)
Net Assets:
Beginning of period/year		748,835			909,134			206,602			269,733			103,958			134,427
End of period/year	$	761,918		$	748,835		$	185,773		$	206,602		$	77,224		$	103,958
	Small Core						Small Growth						International Equity
	June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011			June 30, 2012 (unaudited)			December 31, 2011
From operations:
Net investment income (loss)	$	995		$	1,029		$	(202	)	$	(465	)	$	8,811		$	13,705
Net realized gain		17,550			44,622			6,129			17,926			24,073			37,755
Change in net unrealized appreciation (depreciation)		2,400			(51,725	)		1,228			(24,244	)		3,073			(155,704	)
Net increase (decrease) in net assets resulting from operations		20,945			(6,074	)		7,155			(6,783	)		35,957			(104,244	)
From transactions in investors’ beneficial interests:
Contributions		7,274			20,061			3,151			11,856			32,012			70,059
Withdrawals		(28,277	)		(59,525	)		(41,978	)		(39,680	)		(134,884	)		(178,905	)
Net decrease in net assets resulting from transactions in investors’ beneficial interests		(21,003	)		(39,464	)		(38,827	)		(27,824	)		(102,872	)		(108,846	)
Net decrease in net assets		(58	)		(45,538	)		(31,672	)		(34,607	)		(66,915	)		(213,090	)
Net Assets:
Beginning of period/year		296,060			341,598			108,124			142,731			680,170			893,260
End of period/year	$	296,002		$	296,060		$	76,452		$	108,124		$	613,255		$	680,170

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    77

FINANCIAL HIGHLIGHTS

For the period and years ended:

	Money Market
	June 30, 2012 (unaudited)			December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008		December 31, 2007
Net assets end of period/year (000’s)		$924,149			$995,629		$1,065,396		$1,132,907		$1,325,802		$1,050,796
Total return		(0.05)%	(A)		(0.04)%		0.02%		0.36%		2.44%		5.17%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.28%	(B)		0.28%		0.28%		0.27%		0.27%		0.28%
Before reimbursement		0.28%	(B)		0.28%		0.28%		0.27%		0.27%		0.28%
Net investment income (loss), to average net assets		(0.11%)	(B)		(0.04%)		0.02%		0.37%		2.43%		5.01%
						High Quality Bond
	June 30, 2012 (unaudited)			December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008		December 31, 2007
Net assets end of period/year (000’s)		$408,889			$458,228		$463,701		$477,088		$421,232		$833,291
Total return		1.61%	(A)		2.16%		4.20%		9.83%		0.55%		5.34%
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		2.28%	(B)		2.43%		2.99%		3.75%		4.24%		4.38%
Portfolio turnover rate		36%	(A)		84%		87%		104%		64%		56%
						Inflation-Protected Securities
	June 30, 2012 (unaudited)			December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008		December 31, 2007
Net assets end of period/year (000’s)		$356,045			$358,544		$328,010		$370,010		$389,198		$149,013
Total return		4.08%	(A)		12.33%		6.23%		10.22%		(2.14)%		10.16%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.39%	(B)		0.40%		0.38%		0.40%		0.39%		0.40%
Before reimbursement		0.39%	(B)		0.40%		0.38%		0.40%		0.39%		0.42%
Net investment income, to average net assets		2.37%	(B)		3.30%		2.04%		1.02%		4.99%		5.26%
Portfolio turnover rate		69%	(A)		134%		117%		118%		154%		340%
						Core Bond
	June 30, 2012 (unaudited)			December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008		December 31, 2007
Net assets end of period/year (000’s)		$1,566,364			$1,588,591		$1,622,006		$1,749,531		$1,667,313		$2,248,880
Total return		3.72%	(A)		6.20%		8.26%		12.89%		(1.83)%		6.67%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.39%	(B)		0.39%		0.39%		0.38%		0.38%		0.38%
Before reimbursement		0.39%	(B)		0.39%		0.39%		0.38%		0.38%		0.38%
Net investment income, to average net assets		3.19%	(B)		3.54%		3.65%		4.45%		5.12%		4.81%
Portfolio turnover rate		122%	(A)		406%		633%		1,014%(C)		530%		503%
						High Yield Bond
	June 30, 2012 (unaudited)			December 31, 2011		December 31, 2010		December 31, 2009		December 31, 2008		December 31, 2007
Net assets end of period/year (000’s)		$772,373			$729,276		$709,083		$641,917		$439,863		$538,727
Total return		6.97%	(A)		4.93%		15.81%		57.21%		(28.90)%		2.02%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.58%	(B)		0.59%		0.59%		0.59%		0.58%		0.58%
Before reimbursement		0.58%	(B)		0.59%		0.59%		0.59%		0.58%		0.58%
Net investment income, to average net assets		7.53%	(B)		8.04%		8.84%		10.10%		9.57%		7.97%
Portfolio turnover rate		46%	(A)		81%		98%		98%		54%		96%

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    78

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Balanced
	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)	$	108,999		$	104,111		$	116,337		$	137,734		$	168,930		$	318,635
Total return		7.54	%(A)		3.60	%		13.91	%		23.45	%		(26.71	)%		1.79	%
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		0.61	%(B)		0.62	%		0.59	%		0.55	%		0.53	%		0.52	%
Net investment income, to average net assets		1.98	%(B)		2.26	%		2.42	%		3.01	%		3.45	%		2.87	%
Portfolio turnover rate		74	%(A)		245	%		211	%		167	%		154	%		226	%
	Large Value
	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)	$	824,988		$	877,766		$	1,014,115		$	1,263,463		$	1,450,970		$	3,165,025
Total return		8.59	%(A)		2.32	%		14.66	%		16.71	%		(42.94	)%		(1.75	)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.47	%(B)		0.47	%		0.47	%		0.48	%		0.48	%		0.48	%
Before reimbursement		0.47	%(B)		0.47	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income, to average net assets		1.90	%(B)		1.70	%		1.65	%		2.22	%		2.53	%		1.68	%
Portfolio turnover rate		27	%(A)		55	%		62	%		124	%(C)		26	%		30	%
	Large Core
	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)	$	255,524		$	235,204		$	255,995		$	280,896		$	281,774		$	903,262
Total return		10.73	%(A)		3.51	%		11.79	%		23.36	%		(36.65	)%		2.11	%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.63	%(B)		0.63	%		0.63	%		0.62	%		0.65	%		0.64	%
Before reimbursement		0.63	%(B)		0.63	%		0.63	%		0.62	%		0.65	%		0.64	%
Net investment income, to average net assets		1.45	%(B)		1.37	%		1.47	%		1.57	%		1.31	%		1.08	%
Portfolio turnover rate		29	%(A)		63	%		55	%		168	%		99	%		101	%
	Large Growth
	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)	$	877,305		$	1,016,307		$	1,176,583		$	1,341,520		$	1,130,783		$	2,444,761
Total return		10.73	%(A)		(1.78	)%		16.62	%		35.56	%		(39.87	)%		12.25	%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.65	%(B)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Before reimbursement		0.65	%(B)		0.65	%		0.66	%		0.65	%		0.65	%		0.65	%
Net investment income, to average net assets		0.50	%(B)		0.34	%		0.56	%		0.97	%		0.92	%		0.61	%
Portfolio turnover rate		27	%(A)		53	%		119	%		102	%(C)		102	%		129	%

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    79

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

		Mid Value
		June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)		$	761,918		$	748,835		$	909,134		$	808,661		$	630,249		$	998,177
Total return			9.18	%(A)		(2.19	)%		21.29	%		32.53	%		(37.73	)%		2.62	%
Ratios and supplemental data
Expenses to average net assets
After reimbursement			0.70	%(B)		0.70	%		0.69	%		0.70	%		0.70	%		0.70	%
Before reimbursement	��		0.70	%(B)		0.70	%		0.69	%		0.70	%		0.70	%		0.70	%
Net investment income, to average net assets			1.28	%(B)		1.08	%		1.14	%		1.44	%		1.69	%		1.37	%
Portfolio turnover rate			37	%(A)		69	%		76	%		122	%		68	%		69	%
		Mid Growth
		June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)		$	185,773		$	206,602		$	269,733		$	251,749		$	228,966		$	337,189
Total return			10.02	%(A)		(6.90	)%		29.27	%		25.24	%		(41.55	)%		30.42	%
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			0.76	%(B)		0.75	%		0.75	%		0.76	%		0.75	%		0.75	%
Net investment loss, to average net assets			(0.08	%)(B)		(0.33	%)		(0.36	%)		(0.23	%)		(0.02	%)		(0.23	%)
Portfolio turnover rate			94	%(A)		135	%		199	%		214	%		158	%		152	%
		Small Value
		June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)		$	77,224		$	103,958		$	134,427		$	145,727		$	156,628		$	185,137
Total return			7.13	%(A)		1.35	%		23.12	%		19.64	%		(26.63	)%		(7.74	)%
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			0.88	%(B)		0.87	%		0.87	%		0.88	%		0.87	%		0.87	%
Net investment income, to average net assets			1.23	%(B)		0.63	%		0.84	%		1.24	%		1.94	%		1.36	%
Portfolio turnover rate			8	%(A)		16	%		121	%		103	%		117	%		94	%
		Small Core
		June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)		$	296,002		$	296,060		$	341,598		$	340,044		$	389,662		$	950,197
Total return			6.88	%(A)		(2.19	)%		29.89	%		27.64	%		(36.06	)%		(4.49	)%
Ratios and supplemental data
Expenses to average net assets
After reimbursement			0.84	%(B)		0.84	%		0.85	%		0.85	%		0.85	%		0.84	%
Before reimbursement			0.84	%(B)		0.84	%		0.85	%		0.85	%		0.85	%		0.84	%
Net investment income, to average net assets			0.66	%(B)		0.32	%		0.43	%		0.67	%		0.94	%		0.58	%
Portfolio turnover rate			32	%(A)		59	%		55	%		88	%		106	%		97	%

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

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    80

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:

	Small Growth
	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)	$	76,452		$	108,124		$	142,731		$	152,724		$	152,513		$	166,817
Total return		3.83	%(A)		(6.45	)%		25.65	%		32.99	%		(37.87	)%		8.64	%
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		0.96	%(B)		0.94	%		0.93	%		0.93	%		0.93	%		0.92	%
Net investment loss, to average net assets		(0.43	%)(B)		(0.37	%)		(0.41	%)		(0.38	%)		(0.18	%)		(0.42	%)
Portfolio turnover rate		71	%(A)		120	%		99	%		104	%		146	%		144	%
	International Equity
	June 30, 2012 (unaudited)			December 31, 2011			December 31, 2010			December 31, 2009			December 31, 2008			December 31, 2007
Net assets end of period/year (000’s)	$	613,255		$	680,170		$	893,260		$	1,044,049		$	1,100,060		$	2,264,062
Total return		4.21	%(A)		(13.51	)%		14.94	%		26.10	%		(49.94	)%		11.69	%
Ratios and supplemental data
Expenses to average net assets
After reimbursement		0.82	%(B)		0.82	%		0.81	%		0.82	%		0.84	%		0.87	%
Before reimbursement		0.82	%(B)		0.82	%		0.81	%		0.82	%		0.84	%		0.87	%
Net investment income, to average net assets		2.64	%(B)		1.70	%		1.45	%		1.39	%		2.78	%		2.25	%
Portfolio turnover rate		10	%(A)		24	%		29	%		138	%		174	%		110	%

(A) Not annualized.

(B) Annualized.

(C) Excludes investment securities received in kind.

Note: Prior to January 1, 2010, 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 2012
	Page    81

NOTES TO FINANCIAL STATEMENTS

At June 30, 2012

(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” and 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 Portfolios. 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 assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Portfolios.

Repurchase agreements: Securities purchased subject to repurchase agreements are held at the Portfolios’ custodian and, pursuant to the terms of the repurchase agreements, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Portfolios will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Foreign currency denominated investments: The accounting records of the Portfolios are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. The cost of foreign securities 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, 2012 are listed in the Schedules of Investments.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    82

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(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/swaptions on futures, swaps, 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/swaptions on foreign or U.S. securities, indices, futures, swaps, 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 Portfolios pay premiums, which are 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/swaptions 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, 2012, are listed in the Schedules of Investments.

Transactions in written options were as follows:

Inflation-Protected Securities	Premium			Notional Amount			Core Bond	Premium			Notional Amount
Balance at December 31, 2011	$	27		$	47		Balance at December 31, 2011	$	—		$	—
Sales		350			749		Sales		527			12,367
Closing Buys		(95	)		(411	)	Closing Buys		(133	)		(6,790	)
Expirations		(252	)		(295	)	Expirations		(149	)		(2,517	)
Exercised		—			—		Exercised		—			—
Balance at June 30, 2012	$	30		$	90		Balance at June 30, 2012	$	245		$	3,060
Inflation-Protected Securities	Premium			Notional Amount			Balanced	Premium			Notional Amount
Balance at December 31, 2011	$	293		EUR	13,140		Balance at December 31, 2011	$	—		$	—
Sales		345			20,230		Sales		15			343
Closing Buys		(112	)		(8,585	)	Closing Buys		(4	)		(185	)
Expirations		(453	)		(23,715	)	Expirations		(4	)		(73	)
Exercised		—			—		Exercised		—			—
Balance at June 30, 2012	$	73		EUR	1,070		Balance at June 30, 2012	$	7		$	85

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    83

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

Transactions in written swaptions were as follows:

Inflation-Protected Securities	Premium			Notional Amount			Core Bond	Premium			Notional Amount
Balance at December 31, 2011	$	1,520		$	45,300		Balance at December 31, 2011	$	3,930		$	158,729
Sales		560			56,200		Sales		6,107			366,200
Closing Buys		(1,278	)		(70,900	)	Closing Buys		(6,476	)		(298,300	)
Expirations		(403	)		(10,400	)	Expirations		(2,014	)		(121,529	)
Exercised		—			—		Exercised		—			—
Balance at June 30, 2012	$	399		$	20,200		Balance at June 30, 2012	$	1,547		$	105,100

Futures contracts: The Portfolios are subject to equity price risk, interest rate risk, foreign currency exchange rate risk, and commodity 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, 2012 are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

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 to certain sectors of the market, to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

Under a credit default swap, one party acts as a guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying security at par if the defined credit event occurs (sell protection). The Portfolios’ maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the notional amount of the contract. This risk is mitigated by having a master netting arrangement between the Portfolios and the counterparty, and by the posting of collateral by the counterparty to the Portfolios to cover the Portfolios’ exposure to the counterparty.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    84

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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.

The open swap agreements at June 30, 2012 are listed in the Schedules of Investments.

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. 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 interest or dividends 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, 2012.

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.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    85

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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, 2012 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, 2012 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, 2012 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 on the security transactions to the Portfolios. 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, 2012, are included in net realized gains (losses) on the Statements of Operations and are summarized as follows:

Portfolio	Commissions
Large Growth	$	23
Mid Value		129
Mid Growth		40
Small Value		1
Small Core		31
Small Growth		40

Portfolios not listed in the above table did not have any commissions recaptured during the period ended June 30, 2012.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, 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 dates net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

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, 2012, which are included in Investment securities sold and Investment securities purchased on the Statements of Assets and Liabilities.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    86

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 1. (continued)

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 or realized gain (loss). 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 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, which may include TAM’s Valuation Committee’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances. 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. Due to the inherent uncertainty of valuation, TAM’s Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed and the differences could be material.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety.

Fair value measurements: Descriptions of the valuation techniques applied to the Portfolios’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stocks): 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, financial futures, Exchange Traded Funds, and the movement of certain indices of securities based on a statistical analysis of their historical relationship, such valuations are generally categorized in Level 2.

Preferred stock, repurchase agreements, and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    87

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 2. (continued)

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 invested in a money market fund which is valued at the net asset value 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 Portfolios’ 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 rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair market value. These securities categorized as Level 3 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Portfolios’ investments at June 30, 2012, is disclosed in the Valuation Summary of each Portfolio’s Schedule of Investments.

For assets and liabilities for which significant unobservable inputs (Level 3) were used, 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.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    88

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. RELATED PARTY TRANSACTIONS

TAM, the Portfolios’ investment adviser, 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:

TFLIC Sub-accounts	Investments in Portfolio
Money Market		4.08	%
High Quality Bond		16.03
Inflation-Protected Securities		15.90
Core Bond		10.36
High Yield Bond		6.02
Balanced		51.57
Large Value		36.73
Large Core		50.85
Large Growth		36.50
Mid Value		5.41
Mid Growth		2.34
Small Value		4.93
Small Core		47.42
Small Growth		4.75
International Equity		22.20

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:

CIT Sub-accounts	Investments in Portfolio
Money Market		16.97	%
High Quality Bond		34.21
Inflation-Protected Securities		17.05
Core Bond		26.82
High Yield Bond		23.33
Balanced		5.61
Large Value		17.69
Large Core		13.71
Large Growth		16.78
Mid Value		9.22
Mid Growth		30.56
Small Value		29.24
Small Core		11.82
Small Growth		26.36
International Equity		26.21

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:

CTF Sub-accounts	Investments in Portfolio
Money Market		0.04	%
High Quality Bond		11.15
Inflation-Protected Securities		4.42
Core Bond		5.36
High Yield Bond		18.81
Balanced		–
Large Value		4.75
Large Core		2.87
Large Growth		2.85
Mid Value		23.93
Mid Growth		11.39
Small Value		7.77
Small Core		1.67
Small Growth		7.19
International Equity		4.99

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    89

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 3. (continued)

Transamerica Fund Services, Inc. (“TFS”) is the Portfolios’ administrator. TAM and TFS are affiliates of AEGON NV.

Certain officers and trustees of the Portfolios are also officers and/or directors of TAM, TFS, and TCI. No interested trustee receives compensation from the Portfolios.

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 Portfolio’s 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.

Portfolio	Advisory 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 percentage of ANA):

Portfolio	Expense Cap
Money Market		0.30	%
High Quality Bond		0.40
Inflation-Protected Securities		0.40
Core Bond		0.40
High Yield Bond		0.60
Balanced		0.50
Large Value		0.50
Large Core		0.65
Large Growth		0.65
Mid Value		0.70
Mid Growth		0.75
Small Value		0.85
Small Core		0.85
Small Growth		0.90
International Equity		0.90

Such fee waivers are not subject to recoupment by TAM in future years.

TAM also may waive additional fees from time to time to help 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, 2012.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    90

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 4. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2012 were as follows:

	Purchases of securities:				Proceeds from maturities and sales of securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Money Market	$	—	$	—	$	—	$	—
High Quality Bond		50,751		98,816		112,144		87,524
Inflation-Protected Securities		17,408		224,003		10,211		249,549
Core Bond		826,205		1,380,937		839,306		1,268,276
High Yield Bond		335,598		—		340,326		—
Balanced		32,774		51,870		62,020		21,426
Large Value		229,605		—		354,027		—
Large Core		71,870		—		73,887		—
Large Growth		255,199		—		522,728		—
Mid Value		279,282		—		337,156		—
Mid Growth		188,744		—		231,993		—
Small Value		7,266		—		40,781		—
Small Core		95,731		—		118,746		—
Small Growth		65,315		—		107,251		—
International Equity		62,675		—		153,425		—

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 7 contracts at the beginning of the period to 14 contracts during the first quarter of the period, and then subsequently decreased to 5 contracts at period end. The volume of written option and swaption contracts increased during the first quarter of the period from 14 contracts at the beginning of the period to 15 contracts during the first quarter of the period, and then subsequently decreased to 7 contracts at period end. The volume of forward foreign currency contracts increased to 11 contracts held at period end from 5 contracts at the beginning of the period. The volume of swap contracts and 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, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Asset derivatives
Purchased options and swaptions, at value	$	459		$	2		$	461	**
Premium paid on swap agreements		291			—			291
Unrealized appreciation on swap agreements		1,157			—			1,157
Unrealized appreciation on futures contracts		405			—			405	*
Unrealized appreciation on forward foreign currency transactions		—			850			850
Liability derivatives
Written options and swaptions, at value		(492	)		—			(492	)
Unrealized depreciation on swap agreements		(209	)		—			(209	)
Unrealized depreciation on futures contracts		(218	)		—			(218	) *
Unrealized depreciation on forward foreign currency contracts		—			(24	)		(24	)
Total	$	1,393		$	828		$	2,221

* 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 2012
	Page    91

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased option and swaption contracts	$	(190	)	$	(260	)	$	(450	) ^
Net realized gain (loss) on swap agreements		(729	)		—			(729	)
Net realized gain (loss) on futures contracts		(833	)		—			(833	)
Net realized gain (loss) on written option and swaption contracts		(368	)		507			139
Net realized gain (loss) on forward foreign currency transactions		—			377			377	~
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts		(431	)		54			(377	) Y
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		751			—			751
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		544			—			544
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		1,512			(172	)		1,340
Net increase (decrease) in unrealized appreciation (depreciation) on forward foreign currency transactions		—			763			763	‡
Total	$	256		$	1,269		$	1,525

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

‡ Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

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 decreased to five contracts during the first quarter of the period from 15 contracts at beginning of the period, and then subsequently increased to six contracts held at period end. The volume of swap contracts, futures contracts, written option and swaption contracts, and forwards 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, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts		Credit contracts			Total
Asset derivatives
Purchased options and swaptions, at value	$	520		$	—	$	—		$	520	**
Unrealized appreciation on forward foreign currency contracts		—			542		—			542
Premium paid on swap agreements		—			—		1,003			1,003
Unrealized appreciation on swap agreements		64			—		2,550			2,614
Unrealized appreciation on futures contracts		1,215			—		—			1,215	*
Liability derivatives
Unrealized depreciation on swap agreements		(2,437	)		—		(413	)		(2,850	)
Premium received on swap agreements		(338	)		—		(4,535	)		(4,873	)
Written options and swaptions, at value		(1,257	)		—		—			(1,257	)
Unrealized depreciation on futures contracts		(1,212	)		—		—			(1,212	) *
Total	$	(3,445	)	$	542	$	(1,395	)	$	(4,298	)

* 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 2012
	Page    92

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(all amounts in thousands)

(unaudited)

NOTE 5. (continued)

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased option and swaption contracts	$	(2,936	)	$	(281	)	$	—		$	(3,217	) ^
Net realized gain (loss) on swap agreements		(927	)		—			(434	)		(1,361	)
Net realized gain (loss) on futures contracts		(2,551	)		(5	)		—			(2,556	)
Net realized gain (loss) on written option and swaption contracts		1,916			—			—			1,916
Net realized gain (loss) on forward foreign currency transactions		—			965			—			965	~
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts		(207	)		273			—			66	Y
Net increase (decrease) in unrealized appreciation (depreciation) on swap agreements		1,415			—			(2,214	)		(799	)
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(779	)		—			—			(779	)
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		2,312			—			—			2,312
Net increase (decrease) in unrealized appreciation (depreciation) on forward foreign currency transactions		—			(810	)		—			(810	) ‡
Total	$	(1,757	)	$	142		$	(2,648	)	$	(4,263	)

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

‡ Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

Balanced:

The Portfolio is subject to various risks in the normal course of pursuing its investment objectives. The volume of written option and swaption contracts increased from zero contracts at the beginning of the period to two contracts held at period end. The volume of purchased option contracts held throughout the period decreased from six contracts at the beginning of the period to two contracts at period end. The volume of futures contracts and 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, 2012:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Equity contracts		Foreign exchange contracts		Total
Asset derivatives
Purchased options and swaptions, at value	$	5		$	—	$	—	$	5	**
Unrealized appreciation on futures contracts		33			20		—		53	*
Unrealized appreciation on forward foreign currency contracts		—			—		16		16
Liability derivatives
Written options and swaptions, at value		(2	)		—		—		(2	)
Unrealized depreciation on futures contracts		(28	)		—		—		(28	) *
Total	$	8		$	20	$	16	$	44

* 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, 2012 Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Equity contracts			Foreign exchange contracts			Total
Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on purchased option and swaption contracts	$	—		$	(2	)	$	(7	)	$	(9	) ^
Net realized gain (loss) on futures contracts		(4	)		72			—			68
Net realized gain (loss) on written option and swaption contracts		—			(5	)		—			(5	)
Net realized gain (loss) on forward foreign currency contracts		—			—			20			20	~
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on purchased option and swaption contracts		—			3			7			10	Y
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		(53	)		16			—			(37	)
Net increase (decrease) in unrealized appreciation (depreciation) on written option and swaption contracts		—			5			—			5
Net increase (decrease) in unrealized appreciation (depreciation) on forward foreign currency transactions		—			—			(12	)		(12	) ‡
Total	$	(57	)	$	89		$	8		$	40

^ Included within net realized gain (loss) on transactions from Investment securities.

~ Included within net realized gain (loss) on transactions from foreign currency transactions.

Y Included within net increase (decrease) in unrealized appreciation (depreciation) on transactions from Investment securities.

‡ Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    93

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(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, 2012:

Derivatives not accounted for as hedging instruments

Location	Equity contracts
Asset derivatives
Unrealized appreciation on futures contracts	$	71	*

* 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, 2012:

Derivatives not accounted for as hedging instruments

Location	Equity contracts
Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	(3	)
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on futures contracts		49
Total	$	46

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, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Asset derivatives
Unrealized appreciation on forward foreign currency contracts	$	1,344
Liability derivatives
Unrealized depreciation on forward foreign currency contracts		(82	)
Total	$	1,262

Effect of Derivative Instruments on the Statement of Operations for the period ended June 30, 2012:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts
Realized Gain (Loss) on derivatives recognized in income
Net realized gain (loss) on forward foreign currency contracts	$	2,117
Net Increase (Decrease) in Unrealized Appreciation (Depreciation) on derivatives recognized in income
Net increase (decrease) in unrealized appreciation (depreciation) on forward foreign currency transactions		1,179	‡

‡ Included within net increase (decrease) in unrealized appreciation (depreciation) on translation of the assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives (swaps and forward foreign currency contracts), under standard derivatives agreements, the Portfolio may be required to post collateral on derivatives if the Portfolio is in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolio fails to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

NOTE 6. FEDERAL INCOME TAX MATTERS

The Series Portfolio has received rulings from the Internal Revenue Service that each Portfolio will be treated as a separate partnership for federal income tax purposes. Income taxes are not provided for by the Portfolios because taxable income/(loss) of each Portfolio is included in the income tax returns of the investors. It is intended that the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has evaluated the Portfolios’ tax provisions taken for all open tax years (2008 -2010), or expected to be taken in the Portfolios’ 2011 tax returns, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. 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 2012
	Page    94

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2012

(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 different 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. ACCOUNTING PRONOUNCEMENT

In December 2011, the Financial Accounting Standards Board issued the authoritative guidance that will enhance disclosures related to financial instruments and derivative instruments that are either offset in the statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. This information will enable users of the Portfolio’s financial statements to evaluate the effect or potential effect of netting arrangements on the Portfolio’s financial position. The adoption of this disclosure requirement is effective for financial statements interim and annual periods beginning on or after January 1, 2013. Management is currently evaluating the implication of the additional disclosure requirements and its impact on the Portfolio's financial statements.

NOTE 8. SUBSEQUENT EVENT

Effective on or about August 31, 2012, TAM will terminate its investment sub-advisory agreement with Perimeter Capital Partners LLC with respect to Small Growth and will enter into a new investment sub-advisory agreement with Ranger Investment Management, L.P. (“Ranger”). In connection with the change in sub-adviser, the fund’s investment objective and certain principal investment strategies will change. In addition, the Fund’s advisory fee will be reduced. The Fund’s name, its investment adviser, TAM, as well as its benchmark index and fundamental investment restrictions will remain the same. Upon the effective date of the change in sub-adviser to Ranger, TAM’s advisory fee schedule will decrease as set forth below:

Current Advisory Fee	New Advisory Fee
0.87% of the fund’s ANA	0.84% of the first $300 million of ANA 0.80% in excess of $300 million of ANA

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 Funds’ financial statements.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    95

TRANSAMERICA PARTNERS PORTFOLIOS

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 13-14, 2012, the Board reviewed and considered the renewal of the investment advisory agreements (each, an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Portfolio” and collectively the “Portfolios”) and Transamerica Asset Management, Inc. (“TAM”):

Transamerica Partners Balanced Portfolio	Transamerica Partners Large Value Portfolio
Transamerica Partners Core Bond Portfolio	Transamerica Partners Mid Growth Portfolio
Transamerica Partners High Quality Bond Portfolio	Transamerica Partners Mid Value Portfolio
Transamerica Partners High Yield Bond Portfolio	Transamerica Partners Money Market Portfolio
Transamerica Partners Inflation-Protected Securities Portfolio	Transamerica Partners Small Core Portfolio
Transamerica Partners International Equity Portfolio	Transamerica Partners Small Growth Portfolio
Transamerica Partners Large Core Portfolio	Transamerica Partners Small Value Portfolio
Transamerica Partners Large Growth Portfolio

For the Portfolios listed in the left-hand column below, the Board also reviewed and considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively the “Sub-Advisory Agreements”) between TAM and the corresponding sub-advisers listed in the right-hand column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Portfolio	Sub-Adviser(s)
Transamerica Partners Balanced Portfolio	BlackRock Financial Management, Inc. J.P. Morgan Investment Management Inc.
Transamerica Partners Core Bond Portfolio	BlackRock Financial Management, Inc.
Transamerica Partners High Quality Bond Portfolio	Merganser Capital Management, Inc.
Transamerica Partners High Yield Bond Portfolio	Eaton Vance Management
Transamerica Partners Inflation-Protected Securities Portfolio	BlackRock Financial Management, Inc.
Transamerica Partners International Equity Portfolio	Thornburg Investment Management, Inc.
Transamerica Partners Large Core Portfolio	Aronson Johnson Ortiz, LP
Transamerica Partners Large Growth Portfolio	Jennison Associates LLC Wellington Management Company, LLP
Transamerica Partners Large Value Portfolio	Aronson Johnson Ortiz, LP
Transamerica Partners Mid Growth Portfolio	Columbus Circle Investors
Transamerica Partners Mid Value Portfolio	Cramer, Rosenthal, McGlynn, LLC J.P. Morgan Investment Management Inc.
Transamerica Partners Money Market Portfolio	GE Asset Management Incorporated
Transamerica Partners Small Core Portfolio	Fort Washington Investment Advisors, Inc. Invesco Advisers, Inc. Wellington Management Company, LLP
Transamerica Partners Small Value Portfolio	Wellington Management Company, LLP

Following their review and consideration, the Trustees determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement are reasonable and that the renewal of each agreement is in the best interests of the applicable Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2013. In reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each 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 TAM. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses for each Portfolio 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.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    96

TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement and Sub-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 decisions on the considerations discussed below, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and each Sub-Adviser; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each 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 each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the services provided by TAM for the portion of the management fee it retains after payment of the sub-advisory fee(s) for each Portfolio. The Board noted that these services include not only the services TAM provides to all Transamerica funds in the form of oversight of the services provided by the funds’ administrator, custodian and transfer agent and supervision of the performance of recordkeeping, shareholder relations, regulatory reporting and compliance functions of the funds, but also the “manager of managers” services TAM provides to sub-advised funds in the form of selection and oversight of the sub-adviser(s).

Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Portfolio’s operations, the competitive landscape of the investment company business and investor needs.

Investment Performance

The Board considered the short- and longer-term performance of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2011.

Transamerica Partners Balanced Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1- and 3-year periods, in line with the median for the past 5-year period 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-, 3- and 5-year periods and in line with the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 5- and 10-year periods and above its primary benchmark for the past 3-year period and that the performance of the Transamerica Partners Institutional Fund was below its primary benchmark for the past 1-, 5- and 10-year periods and above its primary benchmark for the past 3-year period. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio.

Transamerica Partners Core Bond Portfolio. 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 in line with the median for the past 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-year period and in line with the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 5- and 10-year periods and above its benchmark for the past 3-year period and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 5- and 10-year periods and above its benchmark for the past 3-year period.

Transamerica Partners High Quality Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1- and 5-year periods and in line with the median for the past 3- 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-, 5- and 10-year periods and in line with the median for the past 3-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 5- and 10-year periods and above its benchmark for the past 3-year period and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the past 10-year period.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    97

TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Partners High Yield Bond Portfolio. 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. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods.

Transamerica Partners Inflation-Protected Securities Portfolio. 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 and below 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-, 3- and 5-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3- and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Partners International Equity Portfolio. 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 in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio.

Transamerica Partners Large Core Portfolio. 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 Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio.

Transamerica Partners Large Growth Portfolio. 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 3-year periods and below the median for the past 5- and 10-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-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio.

Transamerica Partners Large Value Portfolio. 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-year period and below the median for the past 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio.

Transamerica Partners Mid Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3- and 10-year periods and in line with the median for the past 5-year period and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3- and 10-year periods and in line with the median for the past 5-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3- and 10-year periods and above its benchmark for the past 5-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio.

Transamerica Partners Mid Value Portfolio. 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 5-year periods and above the median for the past 3- and 10-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 5-year periods and above the median for the past 3- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio.

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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Partners Money Market Portfolio. 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 also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5-and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-and 10-year periods and above its benchmark for the past 5-year period. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Board noted TAM’s observations that the yields of money market funds have been below average due to a low interest rate environment and that relative performance in the tightly constrained money market universe is largely a function of expenses.

Transamerica Partners Small Core Portfolio. 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 3-year periods and below the median for the past 5-and 10-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 and below the median for the past 5-and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-and 3-year periods and below its primary benchmark for the past 5-and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-and 3-year periods and below its primary benchmark for the past 5-and 10-year periods. The Board noted that the performance for longer periods included the management of previous sub-advisers of the Portfolio.

Transamerica Partners Small Growth Portfolio. 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 in line with the median for the past 5-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 Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 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, noting that they had recently approved a sub-adviser change for the Portfolio.

Transamerica Partners Small Value Portfolio. 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-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-year period, below the median for the past 3-year period and in line with the median for the past 5-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-, 3-and 5-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3-and 5-year periods. The Board noted that the performance for longer periods included the management of the previous sub-adviser of the Portfolio.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and each Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the applicable Portfolio’s investment objectives, policies and strategies and competitive with other investment companies.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the management fee and total expense ratio of each Transamerica Partners Fund and Transamerica Partners Institutional Fund to the management fees and total expense ratios of other investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services as well as the portion of a Portfolio’s management fee retained by TAM following payment of the sub-advisory fee(s).

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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Partners Balanced Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 Core Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 High Quality Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 High Yield Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 Inflation-Protected Securities Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 medians for its peer group and peer universe. The Board also noted that TAM has entered into an 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 International Equity Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 2012
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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Partners Large Core Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that 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 Board also noted that 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 Board also noted that TAM has entered into an 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 Large Growth Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 Large Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 Mid Growth Portfolio. The Board 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 Board also noted that 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 Board also noted that TAM has entered into an 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 Mid Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 Money Market Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above 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 above the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an 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 Small Core Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was below the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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.

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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Partners Small Growth Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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 Small Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual management fee was above the medians for its peer group and peer universe and that the Transamerica Partners Institutional Fund’s contractual management fee was in line with the medians for its peer group and peer universe. The Board also noted that 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 Board also noted that TAM has entered into an 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.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Investment Advisory Agreements and Sub-Advisory Agreements are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and/or procuring fund management services, as applicable, as well as the costs of the provision of administration and other services, to each Portfolio and to Transamerica Partners Portfolios as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Portfolio and Transamerica Partners Portfolios as a whole, as well as the allocation methodology used for calculating profitability.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser and are paid by TAM and not the applicable Portfolio. As a result, the Board principally considered the profitability of TAM and its affiliates with respect to each Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolios was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio had appropriately benefited from any economies of scale, and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica funds overall and the extent to which the Portfolios benefited from these economies of scale. The Board considered each Portfolio’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale with the Portfolios through investments in capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected economies of scale to date but noted that they will have the opportunity to periodically reexamine whether each Portfolio has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.

Benefits to TAM, its Affiliates, or the Sub-Advisers from their Relationships with the Portfolios

The Board considered any other benefits derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Portfolios. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Portfolios and that TAM believes that any use of soft dollars by the Sub-Advisers is generally appropriate and in the best interests of the Portfolios. The Board also noted that certain Sub-Advisers are participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable 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 a Portfolio’s brokerage transactions.

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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS – CONTRACT RENEWAL (continued)

(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 each Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolios.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement is in the best interests of the applicable Portfolio and its shareholders and voted to approve the renewal of each Investment Advisory Agreement and Sub-Advisory Agreement.

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	Page    103

TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT

(unaudited)

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Board”) held on May 24, 2012, the Board considered the termination of Perimeter Capital Partners LLC (“Perimeter”) as sub-adviser to Transamerica Partners Small Growth Portfolio (the “Portfolio”) and approval of a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) for the Portfolio between Transamerica Asset Management, Inc. (“TAM”) and Ranger Investment Management, L.P. (“Ranger”), the Portfolio’s proposed new sub-adviser.

Following their review and consideration, the Trustees determined that the terms of the New Sub-Advisory Agreement are reasonable and that the termination of Perimeter as sub-adviser to the Portfolio and approval of the New Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the New Sub-Advisory Agreement for an initial two-year period and authorized TAM to terminate the sub-advisory agreement with Perimeter.

To assist the Trustees in their consideration of the New Sub-Advisory Agreement, the Trustees received in advance of their meeting certain materials and information. In addition, the Independent Trustees consulted with their independent legal counsel, discussing, among other things, the legal standards and certain other considerations relevant to the Trustees’ deliberations. Among other matters, the Board considered:

(a) that TAM advised the Board that the appointment of Ranger is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services;

(b) that Ranger is an experienced and respected asset management firm and that Ranger has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio;

(c) the proposed responsibilities of Ranger for the Portfolio and the services expected to be provided by it;

(d) the fact that the sub-advisory fee payable to Ranger would be paid by TAM and not the Portfolio;

(e) that the management fee rate paid by the Portfolio would be reduced in connection with the sub-adviser change, and that the sub-advisory fee to be paid by TAM to Ranger is reasonable in light of the services to be provided; and

(f) that TAM recommended to the Board that Ranger be appointed as sub-adviser to the Portfolio based on its desire to engage an investment sub-adviser with a strategy that TAM believes represents a quality offering within the small cap growth investment category.

A discussion followed that included additional consideration of these and other matters.

In their deliberations, 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 decisions on the considerations discussed here, among others, although they did not identify any consideration or particular information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services to be Provided

In evaluating the nature, extent and quality of the services to be provided by Ranger under the New Sub-Advisory Agreement, the Board considered, among other things, information and assurances provided by TAM and Ranger as to the operations, facilities, organization and personnel of Ranger, the anticipated ability of Ranger to perform its duties under the New Sub-Advisory Agreement, and the anticipated changes to the current investment program and other practices of the Portfolio. The Board considered the proposed changes to the Portfolio’s investment objective and principal investment strategies. The Board considered that TAM has advised the Board that the appointment of Ranger is not expected to result in any diminution in the nature, extent and quality of services provided to the Portfolio and its shareholders, including compliance services. The Board considered that Ranger is an experienced and respected asset management firm and that TAM believes that Ranger has the capabilities, resources and personnel necessary to provide sub-advisory services to the Portfolio.

Based on their review of the materials provided and the assurances they had received from TAM, the Board determined that Ranger can provide sub-advisory services that are appropriate in scope and extent in light of the proposed investment program for the Portfolio and that Ranger’s appointment is not expected to adversely affect the nature, extent and quality of services provided to the Portfolio.

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TRANSAMERICA PARTNERS SMALL GROWTH PORTFOLIO

APPROVAL OF NEW INVESTMENT SUB-ADVISORY AGREEMENT (continued)

(unaudited)

Investment Performance

The Board reviewed the performance of the Portfolio as compared to the composite performance of the strategy to be followed by Ranger in providing services to the Portfolio. The Board noted that the performance of the Ranger strategy compared favorably to that of the Portfolio and its benchmark for the 1-, 3-and 5-year periods (annualized) ended March 31, 2012. The Board further noted that TAM believes that the appointment of Ranger could benefit shareholders by offering them the potential for improved performance based on the historical comparisons, but were unable to predict what effect execution of the New Sub-Advisory Agreement would actually have on the future performance of the Portfolio.

On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by Ranger, the Board concluded that Ranger is capable of generating a level of investment performance that is appropriate in light of the Portfolio’s investment objectives, policies and strategies.

Sub-Advisory Fee, Cost of Services Provided and Profitability

The Board considered the proposed sub-advisory fee rate under the New Sub-Advisory Agreement, including the increase in the portion of the Portfolio’s management fee retained by TAM following payment of the sub-advisory fee that would result from implementation of the New Sub-Advisory Agreement. The Board noted that the management fee rate payable by the Portfolio would be reduced in connection with the sub-adviser change, which would benefit the Portfolio and its shareholders. The Board also noted that the Portfolio does not pay the sub-advisory fee. On the basis of these considerations, together with the other information it considered, the Board determined that the sub-advisory fee to be received by Ranger under the New Sub-Advisory Agreement is reasonable in light of the services to be provided.

With respect to Ranger’s costs and profitability in providing services to the Portfolio, the Board noted that the sub-advisory fee is the product of arm’s-length negotiation between TAM and Ranger. As a result, the Board did not consider Ranger’s anticipated profitability as material to its decision to approve the New Sub-Advisory Agreement.

Economies of Scale

The Board considered the sub-advisory fee schedule and the existence of breakpoints, noting that a breakpoint would be added to the management fee schedule in connection with the sub-adviser change. The Trustees concluded that they would 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 payable by TAM to Ranger, in the future.

Fall-Out Benefits

The Board considered any other benefits to be derived by Ranger from its relationship with the Portfolio. The Board noted that TAM would not realize soft dollar benefits from its relationship with Ranger, and that Ranger may engage in soft dollar arrangements consistent with applicable law and “best execution” requirements.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including all of the Independent Trustees, concluded that the approval of the New Sub-Advisory Agreement is in the best interests of the Portfolio and its shareholders and voted to approve the New Sub-Advisory Agreement.

Transamerica Partners Portfolios		Semi-Annual Report 2012
	Page    105

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TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue

Harrison, NY 10528

2875 (8/12)

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, as amended (the “ 1940 Act”)) 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 1940 Act, 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/ Thomas A. Swank
Date:	Thomas A. Swank Chief Executive Officer August 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940 Act, 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/ Thomas A. Swank
Date:	Thomas A. Swank Chief Executive Officer August 28, 2012

By:	/s/ Elizabeth Strouse
Date:	Elizabeth Strouse Principal Financial Officer August 28, 2012

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