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

As filed with the Securities and Exchange Commission on March 10, 2014

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

(Exact Name of Registrant as Specified in Charter)

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, 2013- December 31, 2013

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

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

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

Proxy Voting Policies and Procedures

A description of the proxy voting policies and procedures of the Transamerica Asset Allocation Variable Funds and the 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, 2013, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

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

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue

Harrison, New York 10528

December 31, 2013

To Contract Holders with Interests in

the Transamerica Partners Variable Funds:

We are pleased to present the most recent annual reports for the Transamerica Partners Portfolios and for the Calvert VP SRI Balanced Portfolio. As required under applicable law, we are sending these annual reports to contract holders of Group Variable Annuity Contracts issued by Transamerica Financial Life Insurance Company with unit interests in one or more of the subaccounts of 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, Transamerica Retirement Solutions Corporation (formerly, Diversified Retirement Corporation), at (800) 755-5801 if you have any questions regarding these reports.

Dear Fellow Shareholder,

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

This 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 year in order to provide a context for reading this report. As 2013 began, fear of the U.S. fiscal cliff had been holding markets down even as earnings were improving. However, in early January, Congress resolved the fiscal cliff and as a result U.S. markets moved up strongly throughout the first quarter of 2013.

Spring brought slower conditions in Europe, which pushed international equities down. However, Japan’s new quantitative easing program launched in April helped them bounce back. In the U.S., economic conditions continued to improve as summer approached, prompting the Federal Reserve to announce plans to taper purchases of mortgages and Treasury bonds. As a result, equities and bonds sold off in anticipation of higher rates, pushing yields on the 10-year Treasury from 1.70% in April to 2.98% in September.

During the third quarter, the Federal Reserve’s message that “tapering is not tightening” seemed to satisfy markets as U.S. equities climbed higher on improving earnings. The market was able to hold onto those gains despite the government shutdown in October and concerns about a possible default. In December, the Federal Reserve announced the first taper and while U.S. equity markets responded favorably to the growth implications, bond markets pushed the 10-year Treasury yield further upward to end the year at 3.04%.

For the year ending December 31, 2013, the S&P 500^® gained 32.39%, the MSCI Europe, Australasia, Far East Index gained 23.29% and the Barclays U.S. Aggregate Bond Index lost 2.02%. 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

President & Chief Executive Officer

Transamerica Asset Allocation Variable Funds

Christopher A. Staples

Vice President & Chief Investment Officer, Advisory Services

Transamerica Asset Allocation Variable Funds

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

Understanding Your Funds’ Expenses

(unaudited)

UNIT HOLDER EXPENSES

Transamerica Asset Allocation Variable Funds (each 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. Subaccount contract holders bear the cost of operating the Subaccount (such as the advisory fee). The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at July 1, 2013 and held for the entire period until December 31, 2013.

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 Subaccounts’ actual expense ratios and an assumed rates of return of 5% per year before expenses, which are not the Subaccounts’ actual returns. 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)
Subaccount 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 - Short Horizon Subaccount	$	1,000.00	$	1,023.70	$	1.03	$	1,024.46	$	1.03		0.20	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount		1,000.00		1,090.60		1.07		1,024.46		1.03		0.20
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount		1,000.00		1,121.90		1.08		1,024.46		1.03		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 (186), and divided by the number of days in the year (365 days).

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

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    1

Schedules of Investments Composition

At December 31, 2013

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

(unaudited)

Transamerica Asset Allocation Variable - Short Horizon Subaccount	% of Net Assets
Fixed Income		88.7	%
Domestic Equity		8.9
International Equity		2.2
Money Market		0.2
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount	% of Net Assets
Fixed Income		45.9	%
Domestic Equity		42.8
International Equity		11.0
Money Market		0.3
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%
Transamerica Asset Allocation Variable - Intermediate/ Long Horizon Subaccount	% of Net Assets
Domestic Equity		56.2	%
Fixed Income		27.6
International Equity		15.9
Money Market		0.3
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%

^(A)  Percentage rounds to less than 0.1%

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    2

Transamerica Asset Allocation Variable -

Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
INVESTMENT COMPANIES - 100.0%
Domestic Equity - 8.9%
Transamerica Partners Variable Large Growth (A) (B)		2,990		$  229,980
Transamerica Partners Variable Large Value (A) (B)		3,045		222,287
Transamerica Partners Variable Small Core (A) (B)		2,762		152,527
Fixed Income - 88.7%
Transamerica Partners Variable Core Bond (A) (B)		74,615		3,190,505
Transamerica Partners Variable High Quality Bond (A) (B)		61,604		1,091,967
Transamerica Partners Variable High Yield Bond (A) (B)		24,661		734,210
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		39,530		1,046,145
International Equity - 2.2%
Transamerica Partners Variable International Equity (A) (B)		6,452		149,842
Money Market - 0.2%
Transamerica Partners Variable Money Market (A) (B)		743		15,667
Total Investment Companies (cost $5,852,681)				6,833,130
Total Investment Securities (cost $5,852,681) (C)				6,833,130
Other Assets and Liabilities - Net - (0.0)% (D)				(1,180	)
Net Assets - 100.0%				$  6,831,950

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Investment Companies	$	6,833,130	$	—	$	—	$	6,833,130
Total Investment Securities	$	6,833,130	$	—	$	—	$	6,833,130

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  Each Subaccount invests substantially all of its assets in an affiliated fund of the Transamerica Partners Variable Funds.

^(C)  Aggregate cost for federal income tax purposes is $5,852,681. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $980,449.

^(D) Percentage rounds to less than 0.1%.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    3

Transamerica Asset Allocation Variable -

Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
INVESTMENT COMPANIES - 100.0%
Domestic Equity - 42.8%
Transamerica Partners Variable Large Growth (A) (B)		44,012		$  3,385,192
Transamerica Partners Variable Large Value (A) (B)		45,530		3,324,237
Transamerica Partners Variable Small Core (A) (B)		39,389		2,175,575
Fixed Income - 45.9%
Transamerica Partners Variable Core Bond (A) (B)		107,842		4,611,247
Transamerica Partners Variable High Quality Bond (A) (B)		84,493		1,497,689
Transamerica Partners Variable High Yield Bond (A) (B)		40,684		1,211,255
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		83,988		2,222,717
International Equity - 11.0%
Transamerica Partners Variable International Equity (A) (B)		98,780		2,294,115
Money Market - 0.3%
Transamerica Partners Variable Money Market (A) (B)		2,657		56,048
Total Investment Companies (cost $15,693,791)				20,778,075
Total Investment Securities (cost $15,693,791) (C)				20,778,075
Other Assets and Liabilities - Net - (0.0)% (D)				(3,617	)
Net Assets - 100.0%				$  20,774,458

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Investment Companies	$	20,778,075	$	—	$	—	$	20,778,075
Total Investment Securities	$	20,778,075	$	—	$	—	$	20,778,075

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  Each Subaccount invests substantially all of its assets in an affiliated fund of the Transamerica Partners Variable Funds.

^(C) Aggregate cost for federal income tax purposes is $15,693,791. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $5,084,284.

^(D)  Percentage rounds to less than 0.1%.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    4

Transamerica Asset Allocation Variable -

Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
INVESTMENT COMPANIES - 100.0%
Domestic Equity - 56.2%
Transamerica Partners Variable Large Growth (A) (B)		86,173		$  6,627,923
Transamerica Partners Variable Large Value (A) (B)		86,595		6,322,500
Transamerica Partners Variable Small Core (A) (B)		76,612		4,231,512
Fixed Income - 27.6%
Transamerica Partners Variable Core Bond (A) (B)		100,841		4,311,882
Transamerica Partners Variable High Quality Bond (A) (B)		31,467		557,765
Transamerica Partners Variable High Yield Bond (A) (B)		37,282		1,109,956
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		93,566		2,476,176
International Equity - 15.9%
Transamerica Partners Variable International Equity (A) (B)		209,962		4,876,271
Money Market - 0.3%
Transamerica Partners Variable Money Market (A) (B)		4,412		93,073
Total Investment Companies (cost $22,043,171)				30,607,058
Total Investment Securities (cost $22,043,171) (C)				30,607,058
Other Assets and Liabilities - Net - (0.0)% (D)				(5,298	)
Net Assets - 100.0%				$  30,601,760

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Investment Companies	$	30,607,058	$	—	$	—	$	30,607,058
Total Investment Securities	$	30,607,058	$	—	$	—	$	30,607,058

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  Each Subaccount invests substantially all of its assets in an affiliated fund of the Transamerica Partners Variable Funds.

^(C)  Aggregate cost for federal income tax purposes is $22,043,171. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $8,563,887.

^(D)  Percentage rounds to less than 0.1%.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    5

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2013

	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Assets:
Investments in affiliated investment companies, at value	$	6,833,130		$	20,778,075		$	30,607,058
Receivables:
Units sold		3,349			12,751			29,874
Total assets		6,836,479			20,790,826			30,636,932
Liabilities:
Accounts payable and accrued liabilities:
Units redeemed		1,347			2,698			2,801
Affiliated investment securities purchased		2,001			10,053			27,073
Investment advisory fees		1,181			3,617			5,298
Total liabilities		4,529			16,368			35,172
Net assets	$	6,831,950		$	20,774,458		$	30,601,760
Net assets consist of:
Costs of accumulation units	$	2,009,506		$	7,822,799		$	15,156,770
Undistributed (accumulated) net investment income (loss)		(254,363	)		(709,629	)		(985,840	)
Undistributed (accumulated) net realized gain (loss)		4,096,358			8,577,004			7,866,943
Net unrealized appreciation (depreciation) on: Affiliated investment companies		980,449			5,084,284			8,563,887
Net assets	$	6,831,950		$	20,774,458		$	30,601,760
Accumulation units		332,920			913,876			1,291,374
Unit value	$	20.52		$	22.73		$	23.70
Investments in affiliated investment companies, at cost	$	5,852,681		$	15,693,791		$	22,043,171

STATEMENTS OF OPERATIONS

For the year ended December 31, 2013

	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Expenses:
Investment advisory	$	14,851		$	39,711		$	58,474
Net investment income (loss)		(14,851	)		(39,711	)		(58,474	)
Net realized gain (loss) on transactions from:
Affiliated investment companies		740,897			921,391			1,000,128
Net realized gain (loss)		740,897			921,391			1,000,128
Net change in unrealized appreciation (depreciation) on:
Affiliated investment companies		(668,118	)		1,566,907			4,127,435
Net change in unrealized appreciation (depreciation)		(668,118	)		1,566,907			4,127,435
Net realized and change in unrealized gain (loss)		72,779			2,488,298			5,127,563
Net increase (decrease) in net assets resulting from operations	$	57,928		$	2,448,587		$	5,069,089

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

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    6

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Short Horizon						Intermediate Horizon						Intermediate/Long Horizon
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
From operations:
Net investment income (loss)	$	(14,851	)	$	(17,693	)	$	(39,711	)	$	(43,224	)	$	(58,474	)	$	(57,139	)
Net realized gain (loss)		740,897			532,247			921,391			986,992			1,000,128			608,260
Net change in unrealized appreciation (depreciation)		(668,118	)		114,594			1,566,907			1,306,365			4,127,435			2,906,322
Net increase (decrease) in net assets resulting from operations		57,928			629,148			2,448,587			2,250,133			5,069,089			3,457,443
From unit transactions:
Units sold		1,408,609			1,581,801			3,256,968			2,061,876			2,848,907			2,412,732
Units redeemed		(2,861,136	)		(2,868,608	)		(4,649,264	)		(6,192,904	)		(5,110,086	)		(6,079,030	)
Net increase (decrease) in net assets resulting from unit transactions		(1,452,527	)		(1,286,807	)		(1,392,296	)		(4,131,028	)		(2,261,179	)		(3,666,298	)
Net increase (decrease) in net assets		(1,394,599	)		(657,659	)		1,056,291			(1,880,895	)		2,807,910			(208,855	)
Net assets:
Beginning of year		8,226,549			8,884,208			19,718,167			21,599,062			27,793,850			28,002,705
End of year	$	6,831,950		$	8,226,549		$	20,774,458		$	19,718,167		$	30,601,760		$	27,793,850
Undistributed (accumulated) net investment income (loss)	$	(254,363	)	$	(239,512	)	$	(709,629	)	$	(669,918	)	$	(985,840	)	$	(927,366	)
Units outstanding beginning of year		403,808			467,918			980,782			1,189,012			1,394,888			1,582,502
Units sold		69,050			80,080			150,607			106,778			131,770			126,303
Units redeemed		(139,938	)		(144,190	)		(217,513	)		(315,008	)		(235,284	)		(313,917	)
Units outstanding end of year		332,920			403,808			913,876			980,782			1,291,374			1,394,888

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

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    7

FINANCIAL HIGHLIGHTS

For the years ended:

For a unit outstanding throughout each year	Short Horizon
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Unit value
Beginning of year	$	20.37		$	18.99		$	18.24		$	16.95		$	14.66
Investment operations
Net investment income (loss)(A)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		0.19			1.42			0.79			1.33			2.32
Total investment operations		0.15			1.38			0.75			1.29			2.29
Unit value
End of year	$	20.52		$	20.37		$	18.99		$	18.24		$	16.95
Total return		0.73	%		7.30	%		4.07	%		7.65	%		15.62	%
Net assets end of year (000’s)	$	6,832		$	8,227		$	8,884		$	9,608		$	10,112
Ratio and supplemental data
Expenses to average net assets(B)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(C)		63	%		51	%		46	%		36	%		28	%

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

^(B)  Does not include expenses of the investment companies in which the Subaccount invests.

^(C)  Does not include the portfolio activity of the investment companies in which the Subaccount invests.

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

For a unit outstanding throughout each year	Intermediate Horizon
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Unit value
Beginning of year	$	20.10		$	18.17		$	18.13		$	16.22		$	13.46
Investment operations
Net investment income (loss)(A)		(0.04	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		2.67			1.97			0.08			1.94			2.79
Total investment operations		2.63			1.93			0.04			1.91			2.76
Unit value
End of year	$	22.73		$	20.10		$	18.17		$	18.13		$	16.22
Total return		13.07	%		10.67	%		0.19	%		11.81	%		20.51	%
Net assets end of year (000’s)	$	20,774		$	19,718		$	21,599		$	24,180		$	24,295
Ratio and supplemental data
Expenses to average net assets(B)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(C)		54	%		37	%		42	%		25	%		34	%

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

^(B)  Does not include expenses of the investment companies in which the Subaccount invests.

^(C)  Does not include the portfolio activity of the investment companies in which the Subaccount invests.

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 Asset Allocation Variable Funds Annual Report 2013

Page    8

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

For a unit outstanding throughout each year	Intermediate/Long Horizon
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Unit value
Beginning of year	$	19.93		$	17.70		$	17.99		$	15.78		$	12.89
Investment operations
Net investment income (loss)(A)		(0.04	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		3.81			2.27			(0.25	)		2.24			2.92
Total investment operations		3.77			2.23			(0.29	)		2.21			2.89
Unit value
End of year	$	23.70		$	19.93		$	17.70		$	17.99		$	15.78
Total return		18.93	%		12.60	%		(1.66	)%		14.05	%		22.42	%
Net assets end of year (000’s)	$	30,602		$	27,794		$	28,003		$	30,991		$	30,478
Ratio and supplemental data
Expenses to average net assets(B)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(C)		32	%		30	%		34	%		23	%		54	%

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

^(B)  Does not include expenses of the investment companies in which the Subaccount invests.

^(C)  Does not include the portfolio activity of the investment companies in which the Subaccount invests.

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 Asset Allocation Variable Funds Annual Report 2013

Page    9

NOTES TO FINANCIAL STATEMENTS

At December 31, 2013

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 as a management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Separate Account is composed of three different subaccounts that are separate investment funds: Transamerica Asset Allocation Variable—Short Horizon Subaccount (“Short Horizon”), Transamerica Asset Allocation Variable—Intermediate Horizon Subaccount (“Intermediate Horizon”), and Transamerica Asset Allocation Variable—Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”), (each, a “Subaccount” and collectively, the “Subaccounts”). Each Subaccount invests substantially all of its investable assets among certain Transamerica Partners Variable Funds (“TPVF”). Certain TPVF subaccounts invest substantially all of their investable assets in the Transamerica Partners Portfolios (the ”Portfolios”).

Transamerica Asset Management, Inc. (“TAM”) provides continuous and regular investment advisory services to the Subaccounts. TAM acts as a manager of managers, providing advisory services that include, without limitation, the design and development of each Subaccount and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each Subaccount employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending and implementing fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Subaccounts’ investments; regular review of sub-adviser performance and holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation of Subaccount holdings; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Subaccounts’ Board of Trustees; oversight of preparation of prospectuses, shareholder reports and other disclosure materials and filings; and oversight of other service providers to the Subaccounts, such as the custodian, the transfer agent, the administrator, the distributor, the Subaccounts’ independent registered public accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations for the Subaccounts; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment advisory services. Where TAM employs sub-advisers, the sub-advisers carry out and effectuate the investment strategy designed for the Subaccounts by TAM and are responsible, subject to TAM’s and the Board of Trustees oversight, for the day-to-day management of the Subaccounts and for making decisions to buy, hold or sell a particular security.

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

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

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. 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) is from investments in units of 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 the TPVF is valued at the unit value per share of each Subaccount at the close of the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern Time, each day the NYSE is open for business. Certain TPVF subaccounts invest substantially all of their investable assets in the Portfolios. The valuation policies of the Portfolios are discussed in Note 2 of the Portfolios’ Notes to Financial Statements, which are attached to this report. The Subaccounts 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.

Transamerica Asset Allocation Variable Funds Annual Report 2013

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 2. (continued)

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 internal valuation committee’s (the “Valuation Committee”) 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 Subaccounts’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in 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.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Subaccounts use fair value 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 value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

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, the 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 Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

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 Subaccounts’ major categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Each Subaccount invests substantially all of its investable assets among certain TPVF subaccounts and the TPVF subaccounts invest all of their investable assets in the Portfolios. The summary of the inputs used for valuing each Portfolio’s assets carried at fair value is discussed in Note 2 of the Portfolios’ Notes to Financial Statements, which are attached to this report.

Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying funds. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy.

The hierarchy classification of inputs used to value the Subaccounts’ investments, at December 31, 2013, is disclosed in the Valuation Summary of each Subaccount’s Schedule of Investments.

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    11

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 3. RELATED PARTY TRANSACTIONS

TAM, the Subaccounts’ 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.

Pursuant to the Investment Advisory Agreement, and subject to further policies as the Board of Trustees may determine, TAM provides general investment advice to each Subaccount, for which it receives a monthly advisory fee that is accrued daily and payable monthly at an annual rate equal to 0.20% of each Subaccount’s average daily net assets.

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 Member receives compensation from the Separate Account. Similarly, none of the Separate Account’s officers receive compensation from the Subaccounts. The independent board members of TFLIC 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, 2008, as amended and restated (the “Deferred Compensation Plan”), available to the Trustees, compensation payable from the Subaccounts may be deferred that would otherwise be payable by the Separate Account 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), as elected by the Trustee.

NOTE 4. PURCHASES AND SALES OF SECURITIES

The cost of affiliated investments purchased and proceeds from affiliated investments sold (excluding short-term securities) for the year ended December 31, 2013 were as follows:

Subaccount Name	Purchases of affiliated investments		Proceeds from maturities and sales of affiliated investments
Short Horizon	$	4,716,050	$	6,183,684
Intermediate Horizon		10,757,879		12,189,601
Intermediate/Long Horizon		9,264,078		11,583,088

There were no transactions in U.S. Government securities during the year ended December 31, 2013.

NOTE 5. FEDERAL INCOME TAX MATTERS

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. The Subaccounts 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. The Subaccounts’ federal tax returns remain subject to examination by the Internal revenue Service and state tax authorities for the prior three years. Management has evaluated the Subaccounts’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Subaccounts’ financial statements. If applicable, the Subaccounts recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Subaccounts identify their major tax jurisdictions as U.S. Federal, the State of Florida, the State of New York, and foreign jurisdictions where the Subaccounts make significant investments; however, the Subaccounts are 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.

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    12

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 6. ACCOUNTING PRONOUNCEMENTS

In June 2013, the Financial Accounting Standards Board issued an update which sets forth a new approach for determining whether a public or private company qualifies as an Investment Company and requires certain additional disclosures. The adoption of this disclosure requirement is effective for financial statements interim and annual reporting periods beginning on or after December 15, 2013. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Subaccounts’ financial statements.

NOTE 7. SUBSEQUENT EVENTS

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

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    13

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Asset Allocation Variable Funds (comprising, respectively, Transamerica Asset Allocation – Short Horizon Subaccount, Transamerica Asset Allocation – Intermediate Horizon Subaccount and Transamerica Asset Allocation – Intermediate/Long Horizon Subaccount) (collectively, the “Subaccounts”) as of December 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended. These financial statements and financial highlights are the responsibility of the Subaccounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the period ended prior to January 1, 2010 were audited by another independent registered public accounting firm whose report, dated March 1, 2010, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Subaccounts’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Subaccounts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned Subaccounts constituting Transamerica Asset Allocation Variable Funds at December 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

February 28, 2014

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    14

Board Members and Officers

The Board Members and executive officers of each Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of each Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of each Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 172 funds as of the date of this Annual Report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members of each Trust and each Portfolio Trust, their year of birth, their positions with the Trusts, and their principal occupations for the past five years (their titles may have varied during that period) the number of funds in Transamerica Mutual Funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of either of the Trusts or Transamerica Partners Portfolios.

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS
Thomas A. Swank (1960)	Chairman, Board Member, President and Chief Executive Officer	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present); President and Chief Executive Officer, Transamerica Capital Management (2009 – present); Chairman (2013 – present), Board Member (2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS (2012 – present); Chairman (2013 – present), Board Member (2013 – present), President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (2012 – present);	172	N/A

Transamerica Asset Allocation Variable Funds Annual Report 2013

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS—continued
Thomas A. Swank (continued)			Director and Trust Officer, Massachusetts Fidelity Trust Company (2012 – present); Division President, Monumental Life Insurance Company (2011 – present); Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present); Vice President, Money Services, Inc. (2011 – present); Director and President, Aegon Financial Services Group, Inc. (2010 – present); Director, AFSG Securities Corporation (2010 – present); Director and President, Transamerica Advisors Life Insurance Company (2010 – present); Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present); Director and President, Transamerica Resources, Inc. (2010 – present); Executive Vice President, Transamerica Life Insurance Company (2010 – present); Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present); Director, Transamerica Capital, Inc. (2009 – present); and President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000), and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation.

Transamerica Asset Allocation Variable Funds Annual Report 2013

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS—continued
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	172	First Allied Holdings Inc. (2013 – 2014)
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	172	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (1956)	Lead Independent Board Member	Since 2007	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, Transamerica Funds and TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	172	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Asset Allocation Variable Funds Annual Report 2013

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	172	N/A
Russell A. Kimball, Jr (1944)	Board Member	2007	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, Transamerica Funds, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	172	N/A
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present); Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present); President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 – 2008); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).	172	N/A

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2007	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Interim President, Mt. Mercy University (2013 – present); Director, Aspire Inc. (formerly, Iowa Student Loan Service Corporation) (2006 – present); Director, League for Innovation in the Community Colleges (1985 – 2005); Director, Iowa Health Systems (1994 – 2003); Director, U.S. Bank (1985 – 2006); and President, Kirkwood Community College (1985 – 2005).	172	Buena Vista University Board of Trustees (2004 – present); Chairman (2012 – present)
Joyce G. Norden (1939)	Board Member	Since 1993	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).	172	Board of Governors, Reconstructionist Rabbinical College (2007 – 2012)
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University;	172	Honorary Trustee, Bryant University (1996 – present)

Transamerica Asset Allocation Variable Funds Annual Report 2013

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Patricia L. Sawyer (continued)			Vice President, American Express (1987 – 1989); Vice President, The Equitable (1986 – 1987); and Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander Fischer (2008 – present); Retired (2004 – 2008); Board Member, TST and TIS (2004 – present); Board Member, Transamerica Funds (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	172	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – 2013); Remember Honor Support, Inc. (non-profit organization) (2013 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    20

OFFICERS

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

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas A. Swank (1960)	Chairman, Board Member, President and Chief Executive Officer	Since 2012	See Table Above.
Timothy S. Galbraith (1964)	Vice President and Chief Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Senior Vice President and Chief Investment Officer, Alternative Investments (2012 – present), TAM; Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – 2012); and Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2007	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President, General Counsel and Secretary, TII, (2006 – 2010); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – present); Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – present); Assistant Vice President, TCI (2007 – present); Director, Deutsche Asset Management (1998 – 2006); and Corporate Associate, Ropes & Gray LLP (1995 – 1998).
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (2012 – present), TAM; Chief Investment Officer, Fund Architects, LLC (2007 – 2012); and Chief Investment Strategist, Morningstar Associates, LLC (1999 – 2006).
Christopher A. Staples (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2007	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS;

Transamerica Asset Allocation Variable Funds Annual Report 2013

Page    21

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five  Years
Christopher A. Staples (continued)			Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Erin E. King (1976)	Vice President, Chief Compliance Officer and Anti-Money Laundering Officer	Since 2013	Vice President, Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2013 – present); Vice President, Chief Compliance Officer and Chief Risk Officer, TAM (2013 – present); Vice President, TFS (2013 – present); Managing Director and Chief Compliance Officer, Guggenheim Partners Investment Management, LLC (2007 – 2013); Regulatory Affairs Compliance Officer, Western Asset Management Company (2004 – 2007); Compliance Officer, Citigroup Asset Management (2002 – 2004); and Compliance Examiner, National Association of Securities Dealers (now, FINRA) (1999 – 2002).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President and Chief Accounting Officer, TAM and TFS (2009 – present); Director, Fund Administration, TIAA-CREF (2007 – 2009); and Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present); Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).

Transamerica Asset Allocation Variable Funds Annual Report 2013

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Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five  Years
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); and Vice President and Senior Counsel, TAM (2008 – present).
Richard J. Wirth (1958)	Assistant Secretary	Since 2013	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2013 – present); Director, Senior Vice President, Division General Counsel and Secretary, Transamerica Advisors Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Transamerica Advisors Life Insurance Company of New York (2012 – present); Vice President and Division General Counsel, Transamerica Financial Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Transamerica Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Monumental Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Western Reserve Life Assurance Co. of Ohio (2012 – present); Secretary, Aegon Financial Services Group, Inc. (2012 – present); and Assistant General Counsel, The Hartford (2004 – 2012).
Matthew H. Huckman, Sr. (1968)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007 – 2012).
Maria P. Sell (1978)	Assistant Treasurer	Since 2013	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2013 – present); Director, Fund Administration, TAM (2012 – present); Vice President, Fund Administration, J.P. Morgan (2010 – 2012); and Assurance Manager, PricewaterhouseCoopers LLP (2006 – 2010).

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

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

Transamerica Asset Allocation Variable Funds Annual Report 2013

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Transamerica Partners Portfolios
	I

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Transamerica Partners High Quality Bond Portfolio

(unaudited)

MARKET ENVIRONMENT

While 2013 will certainly be categorized as a challenging year for fixed income investors, returns for most investment grade fixed income indices were positive for the first four months of 2013. The market lacked any real catalysts, so spread movements and interest rate changes were limited. Accommodative monetary policy and strong investor demand were dominant themes as they provided a temporary backstop for fixed income spreads.

As we moved into the spring, however, things became very challenging for fixed income markets. The U.S. economy began strengthening and the housing market showed signs of improvement. U.S. Federal Reserve (“Fed”) tapering expectations caused spreads to widen, volatility to spike, and U.S. Treasury yields to rise dramatically. In a departure from their usual relationship, the increase in U.S. Treasury yields during the second quarter coincided with a widening of credit spreads, as investors became fearful of bond outflows.

Obsession with Fed tapering was once again the dominant factor impacting fixed income returns during the third quarter, but this time with the opposite effect. Following the dramatic spread widening in May and June, markets normalized in July as market participants appeared less concerned about the effects of reduced Quantitative Easing. The Fed’s decision not to reduce their monthly bond purchases, based on their desire to see more evidence of improved economic conditions, led to a broad based rally. Fixed income returns ended the quarter in positive territory with the standout performers being high yield and residential home equity.

The euphoria was short-lived as U.S. Treasury yields again moved higher in November and December. With additional signs of economic recovery and a decline in the unemployment rate, markets considered a near-term taper more likely. Outgoing U.S. Federal Reserve Chairman Ben Bernanke and his likely successor, Vice-Chair Janet Yellen, guided the Federal Open Market Committee (“FOMC”) through their final meeting of the year on December 17-18. Unlike earlier in the year, this time, the Fed did act, announcing it would begin tapering in December with a plan to reduce their monthly bond purchases from $85 billion to $75 billion. This news, together with additional positive economic reports, caused the yield on the 10-year U.S. Treasury note to surpass 3% at year-end.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners High Quality Bond Portfolio returned 0.41%. By comparison, its benchmark, the Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 0.70%.

STRATEGY REVIEW

We made several shifts during the year to position for higher rates and wider spreads. Holdings of mortgage-backed securities increased from 18.5% to 29.8%, primarily in agency reverse mortgages (+6%) and commercial mortgage-backed securities (“CMBS”) (+5%). On the other hand, the allocation to the corporate sector fell by approximately 3% to 34%. Within corporates, we added to the real estate investment trust (“REIT”) holdings in expectation of tighter spreads.

In 2013, duration positioning was important given the volatility in interest rates. Anticipating higher rates, we kept the average portfolio duration shorter than the benchmark throughout the year. At December 31, 2013, Transamerica Partners High Quality Bond Portfolio’s (“the Portfolio”) duration was 1.62 years, versus 1.89 years for the Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index. Curve positioning was also critical. Performance was hurt during May and June when interest rates more than doubled in the three to five year part of the U.S. Treasury curve. In response, the strategy emphasized purchases of securities with maturities of three years or less.

The Portfolio’s yield advantage over the benchmark was more than enough to compensate for higher interest rates and the Portfolio’s curve exposure. Sector weightings contributed 0.63% of total return during the year, while security selection and duration positioning detracted by 0.35% and 0.21%, respectively. Corporates performed best, followed by residential mortgage-backed securities (“RMBS”), and CMBS. Several older vintage CMBS holdings were the best performers during 2013. An underweight to Treasuries and Agencies contributed 0.16% of total return.

Douglas A. Kelly, CFA

Peter S. Kaplan, CFA

Co-Portfolio Managers

Merganser Capital Management, Inc.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    1

Transamerica Partners Inflation-Protected Securities Portfolio

(unaudited)

MARKET ENVIRONMENT

As economic data continued its modest improvement from the onset of 2013, global markets were fixated on U.S. tapering. In the U.S., rates were pressured from early January, but resolution of fiscal negotiations in Washington and lower headline risk in Europe caused fixed income to rally from late-February to April. The U.S. 10-year yield reached its lows for the year in early May. European sovereign yields also rallied as early European bank repayment of the European Central Banks (“ECB’s”) three-year long-term refinancing operations loans signaled a significant improvement in Eurozone balance sheets since the height of the crisis. In March, Japanese Prime Minister Shinzo Abe exhibited his commitment to spurring higher inflation by nominating Haruhiko Kuroda as the new governor of the Bank of Japan, whose favor for aggressive stimulus helped to depreciate the Japanese yen (“JPY”) significantly.

The tone for global fixed income markets changed dramatically in May during the Joint Economic Committee hearings when U.S. Federal Reserve (“Fed”) Chairman Ben Bernanke first alluded to beginning a taper before year-end, which was later reasserted in the June Federal Open Market Committee meetings. In Europe, the ECB responded to price weakness and struggling growth in May by cutting the benchmark rate 0.25% to 0.50% on the back of ECB President Mario Draghi’s expressed readiness to move deposit rates negative if warranted. In April, Governor Kuroda announced changes in the monetary policy framework to demonstrate the Bank of Japan’s commitment to spur reflation by announcing a target inflation rate of 2% within two years.

At the start of the third quarter global inflation markets reversed their sharp underperformance from the second quarter, in part due to support from global central banks. As the quarter progressed, performance of inflation-linked bonds became more mixed. Through mid-September, markets were adjusting to a Fed that was expected to commence winding down its asset purchase program, but decision to not taper and the withdrawal of Larry Summers from consideration for Chairman of the Fed caught investors off-guard. In Europe, despite the ECB’s introduction of forward guidance as a new communication tool in a bid to distance itself from the U.S. Fed and rising Treasury yields, economic data continued to push risk-free yields higher.

Not surprisingly, global central bank policy action continued to dominate price action across inflation markets in the fourth quarter. Rates were volatile as investors digested the juxtaposing forces of strong economic data, dovish language from the Fed, and the possibility of tapering. In December, the Fed announced that they would reduce their asset purchase program by $10 billion split equally between Treasuries and mortgages. In Europe, the major news in the Eurozone over the quarter was the rate cut of 0.25% from 0.50% announced by the ECB in November. Markets were taken by surprise on the announcement and this action, combined with improving growth contribution from peripheral economies, contributed to continued peripheral spread compression.

The global inflation-linked market outperformed the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, as U.S. TIPS showed greater sensitivity to Fed policy. While the U.K. Gilt market also backed up as monetary policy reversed course, European inflation markets were supported by the ECB’s accommodative stance. Excluding the U.K., given duration fears, longer duration assets tended to underperform the rest of the curve across global markets.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Inflation-Protected Securities Portfolio returned (8.26)%. By comparison, its benchmark, the Barclays U.S. Treasury Inflation Protected Securities Index, returned (8.60)%.

STRATEGY REVIEW

Throughout most of the year, and particularly in the period leading up to May-June 2013, the fund was underweight real rates in the 5 to 10-year sectors of the TIPS curve. The fund benefited from this positioning in May and June, as Fed tapering fears and weak inflation data pressured the TIPS market tremendously. While being underweight breakeven inflation was the dominant expression through June, the significant re-pricing of real rates afforded the fund attractive entry points to express a more constructive view on TIPS. In the latter half of the year, the fund added longs in forward U.S. real rates (i.e. 20-year real rate, 10-years forward) as an expression of fundamental value. We believe this position offers attractive convexity in a modestly growing domestic economy.

For security selection, the fund was managed to be short off-the-run TIPS versus on-the-run TIPS, favoring the most recently issued TIPS across the curve. It has held this position since the beginning of 2013, as the changing regulatory environment and heightened pressure on dealer inventory caused significant underperformance of off-the-run issues versus their on-the-run counterparts.

In the non-United States dollar (“USD”) space, the fund’s allocation to Italian inflation-linked bonds, primarily in the two to five year portion of the curve, has contributed to performance. As the European crisis has mended and tail risk has been largely removed, there has been significant spread compression between peripheral and core issues. Despite headline political risk that had emerged

Transamerica Partners Portfolios Annual Report 2013

Page    2

Transamerica Partners Inflation-Protected Securities Portfolio

(unaudited)

STRATEGY REVIEW (continued)

throughout various points in the year, Italian linkers showed strong overall performance, especially in the latter half of the year. The fund was underweight nominal U.K. Gilts as an expression that safe-haven flows would reverse as the Eurozone mends, and result in reduced institutional sponsorship. Stronger data materialized for the U.K. in the second quarter, boosting investor sentiment and leading markets to price out further Bank of England asset purchases. The strategy implemented four currency trades: short JPY vs. USD, short EU euro (“EUR”) vs. USD, short Australian dollar (“AUD”) vs. Norwegian krone (“NOK”), and short Swiss franc (“CHF”) vs. EUR. Various derivatives, including futures, forwards, options, and swaps, were utilized to attain desired portfolio positioning and each contributed positively to performance.

Martin Hegarty

Brian Weinstein

Co-Portfolio Managers

BlackRock Financial Management, Inc.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    3

Transamerica Partners Core Bond Portfolio

(unaudited)

MARKET ENVIRONMENT

The year 2013 ended as it began, with the theme of uncertainty driven by global policy agendas. While 2012 ended with contention around a debt ceiling debate, potentially causing default in the world’s largest economy, much of 2013 was dominated by uncertainty around the U.S. Federal Reserve (“Fed”) policy and its impact around the globe and across asset classes. Despite this uncertainty, both 2012 and 2013 delivered outsized equity returns, bolstering a string of positive domestic equity yearly returns that now stretches into its fifth year in total return terms.

U.S. investors will remember 2013 as a year dominated by Fed policy. It was late 2012 when markets believed the Fed may start to reign in its monthly quantitative easing bond buying program (“QE”) only to have these expectations sidelined in light of the debt ceiling debate and weakening global data that hinted at an economic slowdown, rather than an acceleration that would justify tapering. With a last minute budget agreement, imminent U.S. default was avoided and despite a less than favorable economic environment, global developed equities, led by the U.S., rallied strongly in the first quarter of 2013 and throughout much of the year, with U.S. large caps returning over 32% for the year while small caps came in even stronger at nearly 39%.

Meanwhile, Europe, Japan, and the broader Europe, Australasia, Far East (“EAFE”) universe were also benefitting from easy central bank policy. Europe, recovering from the worst economic slowdown in decades driven by debt, banking and competitiveness crises in the peripheral countries, experienced its own bumps and bruises during the year. While not out of the woods, outside of a mid-year threat from Cyprus, Europe ultimately has ended the year on sounder footing and is forecast to contribute positively to global gross domestic product growth in 2014 and is attracting favorable investor attention given relatively attractive valuations and ongoing easy monetary policy.

Japan’s 2013 revival may be the most dramatic. Continuing reforms started in 2012 aimed at revitalizing the country’s faltering and deflationary domestic economy found traction in 2013. Bank of Japan President Haruhiko Kuroda and Japanese Prime Minister Shinzo Abe’s three pronged approach of monetary, fiscal and structural reform took hold, sending the domestic equity markets up over 50% in local terms and subsequently weakening the yen and forcing investors out of bonds and into risk assets, while the broader MSCI EAFE Index ended the year up a very respectable return of 23.29%.

Emerging market equities, on the other hand, viewed by economists as a potential bright spot in 2013 after closing out 2012 on a positive trajectory driven by improving economic data and investor sentiment, sold off on inflation concerns, fiscal imbalances, and fear of the effect of tighter global monetary policy. It would be until the third quarter before emerging equities posted another positive quarterly return, with the MSCI Emerging Markets Index returning (2.27)% for the year.

The impact of Fed policy and uncertainty were not confined to the equity markets, as fixed income markets around the globe kept investors on edge throughout the year. In the U.S., the push and pull around tapering expectations was the key driver of fixed income returns. Lackluster economic data along with slow job growth and benign inflation kept tapering expectations off the table for much of the year and drove 10-year interest rates as low as 1.66% in May. Rate volatility increased in early September when the Fed began to speculate that data had improved enough to begin tapering before the end of the year. Ultimately, data improved enough to compel the Fed to begin tapering in December, reducing their purchase program by $10 billion per month.

Extended forward guidance and a commitment to keep the Fed Funds rate at record lows into 2015 helped rates remain relatively orderly despite the taper announcement, with the 10-year U.S. Treasury ending the year at 3.04%. Credit markets, including high yield and loans, outperformed core assets as the search for yield led to tightening credit spreads during the year. Corporations took advantage of the strong demand, issuing record amounts of high yield and loans. Similar to their equity counterparts, emerging market bonds underperformed during the year.

Despite the persistent uncertainty throughout 2013, looking back, markets remained relatively orderly — with the exception of some pockets of stress — and volatility remained generally subdued. Realized volatilities on nearly all major asset classes were below long-term trends, while sharpe ratios (i.e., risk-adjusted returns) for many equity sectors were the highest they’ve been in decades. Loose monetary policy and the low but increasing rate environment outweighed the potential headwinds, forcing investors into risk assets and out of core fixed income.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Core Bond Portfolio (“the Portfolio”) returned (0.96)%. By comparison, its benchmark, the Barclays U.S. Aggregate Bond Index, returned (2.02)%.

Transamerica Partners Portfolios Annual Report 2013

Page    4

Transamerica Partners Core Bond Portfolio

(unaudited)

STRATEGY REVIEW

For the 12-month period ended December 31, 2013, the Portfolio outperformed its benchmark, the Barclays U.S. Aggregate Bond Index. Throughout the 12-month period, the Portfolio was overweight relative to its benchmark index in non-government spread sectors and underweight in U.S. government-related sectors. The Portfolio benefited from exposure to high quality securitized sectors such as commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”). The shrinking universe of high quality product combined with investor demand for yield was supportive of the continued strong performance in these sectors. The Portfolio’s positions in non-agency mortgage-backed securities (“MBS”) also contributed positively towards performance, particularly in light of the recovering U.S. housing market. The Portfolio also benefited from its exposure to corporate credit and non-U.S. dollar-denominated securities, particularly euro-denominated sovereign and credit securities. The Portfolio’s allocations to U.S. Treasury securities, U.S. agency debentures and U.S. agency MBS detracted from performance.

We actively managed duration (sensitivity to interest rate movements) throughout the 12-month period. Relative to the benchmark index, the Portfolio maintained a short-to-neutral duration bias for most of the year. The overall impact of duration and curve positioning on performance for the 12-month period was neutral. We tactically managed corporate credits, taking advantage of opportunities in the industrials and high yield sectors. We added to positions in CMBS and ABS, while maintaining liquidity in the Portfolio through core allocations to agency MBS and U.S. Treasuries.

At period end, the Portfolio was generally underweight relative to the Barclays U.S. Aggregate Bond Index in government-owned/government-related sectors in favor of non-government spread sectors. Within spread sectors, the Portfolio was most significantly overweight in CMBS and ABS. Within the government sectors, the Portfolio was underweight U.S. Treasuries and agency debentures and held a neutral weighting in agency MBS. The Portfolio also held an out-of-index allocation to non-agency residential MBS and high yield corporate credit. The Portfolio ended the period with a neutral duration relative to the benchmark index.

The Portfolio held derivatives during the period as a part of the investment strategy. Derivatives are used by the Portfolio management team as a means to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. Options and swaps contributed to performance, while futures and forwards detracted from returns.

Bob Miller

Rick Rieder

Co-Portfolio Managers

BlackRock Financial Management, Inc.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    5

Transamerica Partners High Yield Bond Portfolio

(unaudited)

MARKET ENVIRONMENT

Thanks to the combination of moderate economic growth, the improving health of many high-yield companies’ balance sheets, a low default rate and favorable market technical factors, high yield bonds posted solid gains for the year ended December 31, 2013.

The fundamental credit backdrop for high-yield issuers remained solid, with most company balance sheets benefiting from solid earnings growth, previous efforts to reduce debt and the ability to refinance in a lower rate environment. Default rates continue to remain benign.

Although increasingly strong economic reports made a near term taper — in which the U.S. Federal Reserve (“Fed”) could curtail its bond buying stimulus programs — more likely and renewed the specter of higher interest rates, it also fueled investors’ appetite for risk. As a result, high-yield bonds outpaced higher quality securities during the fourth quarter. Furthermore, high yield bonds — with their lower sensitivity to interest rate risk — held growing appeal to investors worried about higher interest rates. At the same time, the supply of high-yield bonds remained steady in the fourth quarter leading to a record yearly volume.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners High Yield Bond Portfolio (“the Portfolio”) returned 7.48%. By comparison, its benchmark, the Bank of America Merrill Lynch High Yield Master II Index, returned 7.42%.

STRATEGY REVIEW

The Portfolio finished off the year strong. Credit selection was the main driver of returns for the year and this was especially true in the technology, gaming, and healthcare sectors of the market. The Portfolio also saw strong returns from its mid to longer range duration bonds (2-5 year and 5-10 year) as holdings in these categories were the top relative performers versus the Bank of America Merrill Lynch High Yield Master II Index (“the Index”) on a duration basis. When looking at credit ratings, CCC rated securities led the way for the Portfolio on both an absolute and relative performance standpoint. The Portfolio’s B rated securities also performed well as they were the second best performing rating class for the Portfolio relative to the Index. In terms of sector positioning, the Portfolio’s top sectors remained the same quarter over quarter with energy, healthcare and technology being the top three. The Portfolio did experience some performance detractors as well and they were mostly in the building materials and banks & thrifts segments of the market, as holdings in these sectors lagged the Index. The Portfolio’s BB rated positions also took away from relative performance as they returned less than the Index.

Linda Carter, CFA

Michael W. Weilheimer, CFA

Co-Portfolio Managers

Eaton Vance Management

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    6

Transamerica Partners Balanced Portfolio

(unaudited)

MARKET ENVIRONMENT

BlackRock Financial Management, Inc.

The year 2013 ended as it began, with the theme of uncertainty driven by global policy agendas. While 2012 ended with contention around a debt ceiling debate, potentially causing default in the world’s largest economy, much of 2013 was dominated by uncertainty around the U.S. Federal Reserve (“Fed”) policy and its impact around the globe and across asset classes. Despite this uncertainty, both 2012 and 2013 delivered outsized equity returns, bolstering a string of positive domestic equity yearly returns that now stretches into its fifth year in total return terms.

U.S. investors will remember 2013 as a year dominated by Fed policy. It was late 2012 when markets believed the Fed may start to reign in its monthly quantitative easing bond buying program (“QE”) only to have these expectations sidelined in light of the debt ceiling debate and weakening global data that hinted at an economic slowdown, rather than an acceleration that would justify tapering. With a last minute budget agreement, imminent U.S. default was avoided and despite a less than favorable economic environment, global developed equities, led by the U.S., rallied strongly in the first quarter of 2013 and throughout much of the year, with U.S. large caps returning over 32% for the year while small caps came in even stronger at nearly 39%.

Meanwhile, Europe, Japan, and the broader Europe, Australasia, Far East (“EAFE”) universe were also benefitting from easy central bank policy. Europe, recovering from the worst economic slowdown in decades driven by debt, banking and competitiveness crises in the peripheral countries, experienced its own bumps and bruises during the year. While not out of the woods, outside of a mid-year threat from Cyprus, Europe ultimately has ended the year on sounder footing and is forecast to contribute positively to global gross domestic product growth in 2014 and is attracting favorable investor attention given relatively attractive valuations and ongoing easy monetary policy.

Japan’s 2013 revival may be the most dramatic. Continuing reforms started in 2012 aimed at revitalizing the country’s faltering and deflationary domestic economy found traction in 2013. Bank of Japan President Haruhiko Kuroda and Japanese Prime Minister Shinzo Abe’s three pronged approach of monetary, fiscal and structural reform took hold, sending the domestic equity markets up over 50% in local terms and subsequently weakening the yen and forcing investors out of bonds and into risk assets, while the broader MSCI EAFE Index ended the year up a very respectable return of 23.29%.

Emerging market equities, on the other hand, viewed by economists as a potential bright spot in 2013 after closing out 2012 on a positive trajectory driven by improving economic data and investor sentiment sold off on inflation concerns, fiscal imbalances, and fear of the effect of tighter global monetary policy. It would be until the third quarter before emerging equities posted another positive quarterly return, with the MSCI Emerging Markets Index returning (2.27)% for the year.

The impact of Fed policy and uncertainty were not confined to the equity markets, as fixed income markets around the globe kept investors on edge throughout the year. In the U.S., the push and pull around tapering expectations was the key driver of fixed income returns. Lackluster economic data along with slow job growth and benign inflation kept tapering expectations off the table for much of the year and drove 10-year interest rates as low as 1.66% in May. Rate volatility increased in early September when the Fed began to speculate that data had improved enough to begin tapering before the end of the year. Ultimately, in December data improved enough to compel the Fed to announce tapering beginning in January reducing their purchase program by $10 billion per month.

Extended forward guidance and a commitment to keep the Fed Funds rate at record lows into 2015 helped rates remain relatively orderly despite the taper announcement, with the 10-year U.S. Treasury ending the year at 3.04%. Credit markets, including high yield and loans, outperformed core assets as the search for yield led to tightening credit spreads during the year. Corporations took advantage of the strong demand, issuing record amounts of high yield and loan. Similar to their equity counterparts, emerging market bonds underperformed during the year.

Despite the persistent uncertainty throughout 2013, looking back, markets remained relatively orderly — with the exception of some pockets of stress — and volatility remained generally subdued. Realized volatilities on nearly all major asset classes were below long-term trends, while sharpe ratios (i.e., risk-adjusted returns) for many equity sectors were the highest they’ve been in decades. Loose monetary policy and the low but increasing rate environment outweighed the potential headwinds, forcing investors into risk assets and out of core fixed income.

J.P. Morgan Investment Management Inc.

The S&P 500^® finished 2013 with a return of 32.39%, posting its best performance in over a decade. In 2013, investors were bracing themselves for the “worst-case scenario” with every potential crisis. Headlines were dominated by uncertainty over the economic impact

Transamerica Partners Portfolios Annual Report 2013

Page    7

Transamerica Partners Balanced Portfolio

(unaudited)

MARKET ENVIRONMENT (continued)

of the U.S. fiscal cliff, a fragile Italian government, a potential U.S. military attack on Syria, and a U.S. government shutdown. These and other potential headwinds were favorably resolved. Given the reduced uncertainty, U.S. equity markets rallied throughout the year with only June and August posting negative returns.

During 2013’s first few months, investors were skeptical about the prospects for global growth. U.S. economic data pointed towards moderation as the March employment report and several of the regional manufacturing surveys for April were below expectations. Headlines from overseas also signaled weakening economic activity. Chinese first-quarter gross domestic product (“GDP”) grew 7.7% year-over-year, down from the 7.9% year-over-year advance for the fourth quarter of 2012. In Europe, manufacturing Purchasing Managers Indexes (“PMIs”) remained stuck in contraction.

Chatter about when the Fed would taper the pace of its bond-buying program intensified in May. U.S. Fed Chairman Ben Bernanke, in his address to the Joint Economic Committee of Congress stated that asset purchases could be reduced over the next few meetings if data indicated it would be prudent to do so. The S&P 500^® saw its largest correction of the year, from May 21st to June 24th, as the index declined 5.58%. The fixed income markets were even more volatile as the yield on the U.S. 10-year Treasury rose from 1.93% to 2.54%. The back up in bond yields brought about an intense intra-market rotation as “bond-proxy” equities, such as utilities, telecommunication services and real estate investment trusts sold off significantly while economically sensitive sectors rallied. The cyclical leadership continued throughout the year.

While markets got off to a volatile start for the year’s final quarter, they rallied into year-end. In December, the Fed announced that it would reduce the pace of asset purchases from $85 billion per month to $75 billion per month, starting in January. Data releases were also supportive of markets giving strong signals that the U.S. and global economy was accelerating going into 2014. The final estimate of third-quarter U.S. GDP increased at an annual rate of 4.1%, the largest quarterly growth rate since the fourth quarter of 2011. Overseas, manufacturing PMI surveys for the Eurozone, United Kingdom, and Japan were in expansion territory for several consecutive months.

Small-cap stocks, measured by the Russell 2000^® Index, gained 38.82%, outperforming the 32.39% advance for the S&P 500^®. Growth outperformed value across the large-, mid- and small-cap categories. Small-cap growth as measured by the Russell 2000^® Growth Index was the top-performing equity style in 2013, returning 43.30%.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Balanced Portfolio (“the Portfolio”) returned 18.33%. By comparison, its primary and secondary benchmarks, the Barclays U.S. Aggregate Bond Index and the S&P 500^®, returned (2.02)% and 32.39%, respectively.

STRATEGY REVIEW

BlackRock Financial Management, Inc.

For the 12-month period ended December 31, 2013, the Portfolio outperformed its benchmark, the Barclays U.S. Aggregate Bond Index. Throughout the 12-month period, the Portfolio was overweight relative to its benchmark index in non-government spread sectors and underweight in U.S. government-related sectors. The Portfolio benefited from exposure to high quality securitized sectors such as commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”). The shrinking universe of high quality product combined with investor demand for yield was supportive of the continued strong performance in these sectors. The Portfolio’s positions in non-agency mortgage-backed securities (“MBS”) also contributed positively towards performance, particularly in light of the recovering U.S. housing market. The Portfolio also benefited from its exposure to corporate credit and non-U.S. dollar-denominated securities, particularly euro-denominated sovereign and credit securities. The Portfolio’s allocations to U.S. Treasury securities, U.S. agency debentures and U.S. agency MBS detracted from performance.

We actively managed duration (sensitivity to interest rate movements) throughout the 12-month period, relative to the benchmark index, the Portfolio maintained a short-to-neutral duration bias for most of the year. The overall impact of duration and curve positioning on performance for the 12-month period was neutral. We tactically managed corporate credits, taking advantage of opportunities in the industrials and high yield sectors. We added to positions in CMBS and ABS, while maintaining liquidity in the Portfolio through core allocations to agency MBS and U.S. Treasuries.

At period end, the Portfolio was generally underweight relative to the Barclays U.S. Aggregate Bond Index in government-owned/government-related sectors in favor of non-government spread sectors. Within spread sectors, the Portfolio was most significantly

Transamerica Partners Portfolios Annual Report 2013

Page    8

Transamerica Partners Balanced Portfolio

(unaudited)

STRATEGY REVIEW (continued)

overweight in CMBS and ABS. Within the government sectors, the Portfolio was underweight U.S. Treasuries and agency debentures and held a neutral weighting in agency MBS. The Portfolio also held an out-of-index allocation to non-agency residential MBS and high yield corporate credit. The Portfolio ended the period with a neutral duration relative to the benchmark index.

The Portfolio held derivatives during the period as a part of the investment strategy. Derivatives are used by the Portfolio management team as a means to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Portfolio. Derivatives had a positive impact on performance.

J.P. Morgan Investment Management Inc.

Stock selection in the pharmaceutical/medical technology, basic materials and retail sectors contributed to performance, while stock selection in the hardware and semiconductors, health services and systems and media sectors detracted.

Among individual stocks, biotechnology company Celgene remains one of our top long-term positions and continues to contribute to performance as its pipeline of cancer treatment drugs enjoy success in nearly all of their clinical readouts. Additionally, Celgene’s existing cancer treatment drugs, Abraxane and Revlimid, continue to be first-line therapies for breast cancer and multiple-myeloma, respectively. Within pharmaceutical/medical technology, an overweight position in Biogen IDEC added value for the year. The company received market exclusivity for multiple sclerosis drug Tecfidera in November, paving the way for its launch in markets that could account for a large proportion of future sales. As we await more clarity on the firm’s hemophilia business, we believe there is a lot of upside potential largely due to strong pipeline/launches expected in 2014. Within the retail sector, shares of global apparel company VF Corp. helped results during the fourth quarter as it reported a third-quarter earnings beat. The company continued to rally into the latter part of the year on strong growth across most of its brands, including Timberland post-merger, as expectations of a colder-than-normal winter came to fruition.

Within the pharmaceutical/medical technology sector, an underweight position in Gilead Sciences hurt performance. Shares rose after strong drug results, including Gilead’s phase III trial for its hepatitis C pill. However, we remain negative on the name due to its weak long-term pipeline and looming patent cliff. In industrial cyclicals, an underweight in Boeing weighed on returns. Boeing had an eventful year, announcing several leadership changes and two new aircraft launches, and demonstrated strong operational performance. However, we continue to believe that Boeing is building too many planes in a shifting interest-rate and fuel environment, so our long-term thesis remains intact. Within semiconductors, an overweight in Broadcom detracted from performance in the fourth quarter. The company was hurt by its wireless business, which has underperformed due to design losses in connectivity and no clear progress in developing an LTE modem. We maintain a modestly positive view of Broadcom’s broadband and networking businesses (70% of operating income), and believe that the wireless weakness is fully discounted in the current valuation.

Futures are used to hedge cash positions which are less than 5% of the Portfolio’s market value. The positions had a negligible impact on performance over the period.

Bob Miller

Rick Rieder

Co-Portfolio Managers

BlackRock Financial Management, Inc.

Terance Chen, CFA

Tim Snyder, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    9

Transamerica Partners Large Value Portfolio

(unaudited)

MARKET ENVIRONMENT

Equity markets ended the year on a high note — it was the U.S. stock market’s best year since 1997. Size and style mattered: small caps beat large caps and growth edged out value. In the broad market, the best performing sectors this year were consumer discretionary, health care, and industrials, while the worst performers were utilities and telecommunications.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Large Value Portfolio (“the Portfolio”) returned 38.08%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Value Index and the S&P 500^®, returned 32.53% and 32.39%, respectively.

STRATEGY REVIEW

The Portfolio invests in a broadly diversified selection of large-cap stocks using our disciplined investment approach — we are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform the benchmark with incremental gains across many holdings. Using bottom-up stock selection, we evaluate companies relative to their industry peers using three broad categories of measures: value, management, and momentum. Value refers to the somewhat traditional ratios of price to fundamental value; management means we look for evidence that a company’s management team has, and will, continue to emphasize earning power; and momentum indicates when stocks might begin to rise toward full valuation. As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us maximize profits in our stock-selection effort.

Over the course of 2013, our stock selection model fired on all cylinders, with all three categories of attractiveness contributing to our positive return. Value was aided by our focus on companies that are attractive on the basis of price-to-sales. Management was supported by our efforts to quantify management efficiency and outlook. Momentum was helped by factors measuring sentiment and stability, especially among companies in the health care and consumer staples sectors. A significant portion of our results can be attributed to stock selection in the biotechnology industry, where non-benchmark holdings like United Therapeutics and Biogen Idec outperformed.

Over the course of the year, the combination of valuation, risk, and transaction costs guided the Portfolio toward the mid-cap segment of our large-cap universe, which contributed to our overall bottom-line results.

We remain firm in our conviction that superior results can be achieved through a consistent, systematic approach that focuses on low-priced companies with proven management and earnings power.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Martha E. Ortiz

Gregory J. Rogers

R. Brian Wenzinger

Christopher J. W. Whitehead

Co-Portfolio Managers

Aronson Johnson Ortiz, LP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    10

Transamerica Partners Large Core Portfolio

(unaudited)

MARKET ENVIRONMENT

Equity markets ended the year on a high note — it was the U.S. stock market’s best year since 1997. Size and style mattered: small caps beat large caps and growth edged out value. In the broad market, the best performing sectors this year were Consumer Discretionary, Health Care, and Industrials, while the worst performers were Utilities and Telecommunications.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Large Core Portfolio (“the Portfolio”) returned 37.28%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Index and the S&P 500^®, returned 33.11% and 32.39%, respectively.

STRATEGY REVIEW

The Portfolio invests in a broadly diversified selection of large-cap stocks using our disciplined investment approach — we are fully invested in U.S. equities, avoid broad sector bets, and take only modest industry-level and stock-specific bets. Our goal is to outperform the Russell 1000^® Index with incremental gains across many holdings. Using bottom-up stock selection, we evaluate companies relative to their industry peers using three broad categories of measures: value, management, and momentum. Value refers to the somewhat traditional ratios of price to fundamental value; management means we look for evidence that a company’s management team has, and will, continue to emphasize earning power; and momentum indicates when stocks might begin to rise toward full valuation. As we search for opportunities, we keep a sharp eye on minimizing transaction costs, helping us maximize profits in our stock-selection effort.

Over the course of 2013, our stock selection model fired on all cylinders, with all three categories of attractiveness contributing to alpha. Value led the way, supported by our focus on companies that are attractive on the basis of price-to-sales. Management was aided by our efforts to quantify management efficiency and outlook. Momentum was helped by our focus on earnings estimates revision and sentiment. A significant portion of our results can be attributed to stock selection in the health care sector, where overweight positions in Biogen Idec and Celgene outperformed.

Over the course of the year, the combination of valuation, risk, and transaction costs guided the Portfolio toward the mid-cap segment of our large-cap universe, which contributed to our overall bottom-line results.

We remain firm in our conviction that superior results can be achieved through a consistent, systematic approach that focuses on low-priced companies with proven management and earnings power.

Theodore R. Aronson

Stefani Cranston

Gina Marie N. Moore

Martha E. Ortiz

Gregory J. Rogers

R. Brian Wenzinger

Christopher J. W. Whitehead

Co-Portfolio Managers

Aronson Johnson Ortiz, LP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    11

Transamerica Partners Large Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

Jennison Associates LLC

The U.S. equity market advanced strongly in the 12 months ended December 31, 2013, reflecting a more optimistic economic outlook. Housing and employment indicators improved, consumer confidence rose, and strength in corporate profits continued. Conditions in Europe appeared to stabilize, relieving earlier worries of sustained deterioration. In China, economic growth slowed, but to levels sufficiently expansionary, to give investors conviction that global gross domestic product, although moderating, remained in an expansionary mode. Concerns that the U.S. Federal Reserve (“Fed”) would begin scaling back its quantitative easing program took a toll in early summer. However, the market soon refocused on individual company fundamentals and showed renewed appreciation for companies with strong growth.

Wellington Management Company, LLP

Global equities surged in the first quarter of 2013 as solid corporate earnings results and favorable global liquidity dynamics lifted enthusiasm for stocks. Further monetary easing by the Bank of Japan and a steadily improving U.S. economy also fueled the rally, which continued at a more modest pace in the second quarter. Solid gains in April and the first half of May paused following comments by U.S. Fed Chairman Ben Bernanke, which suggested the Fed might begin to slow quantitative easing sooner than investors anticipated. Nonetheless, equities resumed their ascent in the third quarter as the surprising “no taper” decision by the Federal Open Market Committee eased near-term concerns about rapidly rising interest rates derailing the economic recovery. Additionally, accommodative policy from the European Central Bank, along with encouraging economic data from China, further evidence of a European economic recovery, and solid corporate earnings contributed to a broad-based global equity rally that extended through the end of the year. In December, the year ended with an optimistic tone as investors cheered the elimination of two market overhangs: the timing of Fed tapering, and the threat of another government shutdown in January of the following year.

In this environment, all ten sectors in the Russell 1000^® Growth Index posted positive returns for the period. The health care (+48.2%) and consumer discretionary (+44.5%) sectors posted the largest gains, while the telecom Services (+17.4%) and consumer staples (+24.0%) sectors lagged.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Large Growth Portfolio (“the Portfolio”) returned 35.32%. By comparison, its primary and secondary benchmarks, the Russell 1000^® Growth Index and the S&P 500^®, returned 33.48% and 32.39%, respectively.

STRATEGY REVIEW

Jennison Associates LLC

The Portfolio is built from the bottom up, based on the fundamentals of individual companies. Consumer discretionary positions, which hold a major weight in the Portfolio, were strong contributors to return as both an overweight and stock selection were beneficial. Amazon.com accelerated its business investment to drive robust longer-term growth not only in its core retail business but through the proliferation of digital commerce via the mobile market. Substantial revenue growth reflected its efforts. Gross bookings growth increased at online travel company Priceline.com, which we believe is poised to benefit from the long-term shift to online travel spending.

Health care holdings, in particular biopharmaceutical companies, which held a meaningful weight in the Portfolio, were strong contributors to return. The Food and Drug Administration (“FDA”) approved Biogen Idec’s Tecfidera for multiple sclerosis. We believe the drug’s ease of use could support broad adoption and potential market leadership. The FDA also approved Gilead Sciences’ Sovaldi for the treatment of Hepatitis C. Many patients infected with the liver virus now will be treated with pills only, obviating injections of interferon, which often has debilitating side effects. In our opinion, Gilead’s oncology pipeline also looks promising.

Stock selection was beneficial in information technology as well. MasterCard’s strong revenue and earnings were driven by strong growth in global dollar volume and processed transactions. We expect MasterCard to continue to benefit from the long-term shift from cash to electronic credit/debit transactions. Google performed well, reflecting its competitive position, strong advertising revenue, and YouTube monetization opportunities. LinkedIn’s revenue and earnings exceeded consensus expectations significantly. The company is a leading global online professional network that provides what we consider unique access to a database of active and passive job

Transamerica Partners Portfolios Annual Report 2013

Page    12

Transamerica Partners Large Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

candidates. Facebook, whose ad revenue advanced strongly, driven by gains in mobile, was also one of the top contributors. We view Facebook to be the world’s preeminent Internet-based social network with a dominance no rival can easily match, and a network effect that creates formidable barriers to entry.

Other information technology holdings detracted from performance. Rackspace Hosting’s difficulties were largely related to changes in its sales force structure and concerns that its business is being commoditized. Rackspace provides Web and cloud-hosting services to more than 180,000 enterprise customers. VMware was hurt by uncertainty about the timing and pace of new product revenue acceleration.

In industrials, Boeing contributed to performance as it reported strong earnings, revenue, cash flow, and margins. Of particular note, the profitability of the company’s 787 Dreamliner improved, driven by an accelerated production rate.

Portfolio holdings in energy and materials posted double-digit returns but lagged the returns of the benchmark sectors.

Wellington Management Company, LLP

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

Sector allocation, a residual of the bottom up stock selection process, contributed to performance for the year. During the period, positive relative results, due largely to an underweight position in consumer staples and an overweight position in health care, were able to offset negative relative results from an overweight position in information technology and a fractional cash position in a rising market. Security selection negatively affected the Portfolio’s relative performance, due largely to weak stock selection within the consumer discretionary and materials sectors.

The largest contributors to relative returns during the period included positions in software manufacturer Yahoo and underweight positions in IBM and Apple. Positions in aerospace firm Boeing and biopharmaceutical company Celgene also contributed positively to relative returns.

The largest relative detractors during the year included Altera and Broadcom, both semiconductor manufacturers, as well as technology hardware provider Cisco Systems. The Portfolio’s position in Allied Nevada Gold, a mining company, also detracted from relative returns during the period.

As of the end of the year, the Portfolio was most overweight in the information technology and health care sectors, and most underweight in the consumer staples and materials sectors.

Michael A. Del Balso

Spiros “Sig” Segalas

Blair A. Boyer

Co-Portfolio Managers

Jennison Associates LLC

Paul E. Marrkand, CFA

Portfolio Manager

Wellington Management Company, LLP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    13

Transamerica Partners Mid Value Portfolio

(unaudited)

MARKET ENVIRONMENT

Cramer Rosenthal McGlynn, LLC

Equities were far and away the best asset class for investors in 2013. The multi-year run in fixed income, gold, and other commodities came to an end. The ten-year U.S. Treasury note sold off post-U.S. Federal Reserve (“Fed”) Chairman Ben Bernanke’s May Congressional testimony and then again later in the year as tapering became a reality. Commodities suffered along with weakness in most emerging markets and a relatively stronger U.S. dollar. The combination of increased supply and more tepid demand from emerging countries may likely keep most commodity prices contained. The lower level of inflation has boosted consumer disposable income and corporate profit margins. It also allowed the Fed to maintain quantitative easing longer than expected, and defer a plan for its gradual withdrawal well into 2014.

J.P. Morgan Investment Management Inc.

The S&P 500^® finished 2013 with a return of 32.39%, posting its best performance in over a decade. In 2013, investors were bracing themselves for the “worst-case scenario” with every potential crisis. Headlines were dominated by uncertainty over the economic impact of the U.S. fiscal cliff, a fragile Italian government, a potential U.S. military attack on Syria, and a U.S. government shutdown. These and other potential headwinds were favorably resolved. Given the reduced uncertainty, U.S. equity markets rallied throughout the year with only June and August posting negative returns.

During 2013’s first few months, investors were skeptical about the prospects for global growth. U.S. economic data pointed towards moderation as the March employment report and several of the regional manufacturing surveys for April were below expectations. Headlines from overseas also signaled weakening economic activity. Chinese first-quarter gross domestic product (“GDP”) grew 7.7% year-over-year, down from the 7.9% year-over-year advance for the fourth quarter of 2012. In Europe, manufacturing Purchasing Managers Indexes (“PMIs”) remained stuck in contraction.

Chatter about when the Fed would taper the pace of its bond-buying program intensified in May. Fed Chairman Ben Bernanke, in his address to the Joint Economic Committee of Congress stated that asset purchases could be reduced over the next few meetings if data indicated it would be prudent to do so. The S&P 500^® saw its largest correction of the year, from May 21 to June 24, as the index declined 5.58%. The fixed income markets were even more volatile as the yield on the U.S. 10-year Treasury rose from 1.93% to 2.54%. The back up in bond yields brought about an intense intra-market rotation as “bond-proxy” equities, such as utilities, telecommunication services and real estate investment trusts sold off significantly while economically sensitive sectors rallied. The cyclical leadership continued throughout the year.

While markets got off to a volatile start for the year’s final quarter, they rallied into year-end. In December, the Fed announced that it would reduce the pace of asset purchases from $85 billion per month to $75 billion per month, starting in January. Data releases were also supportive of markets giving strong signals that the U.S. and global economy was accelerating going into 2014. The final estimate of third-quarter U.S. GDP increased at an annual rate of 4.1%, the largest quarterly growth rate since the fourth quarter of 2011. Overseas, manufacturing PMI surveys for the Eurozone, United Kingdom, and Japan were in expansion territory for several consecutive months.

Small-cap stocks, measured by the Russell 2000^® Index, gained 38.82%, outperforming the 32.39% advance for the S&P 500^®. Growth outperformed value across the large-, mid- and small-cap categories. Small-cap growth as measured by the Russell 2000^® Growth Index was the top-performing equity style in 2013, returning 43.30%.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Mid Value Portfolio (“the Portfolio”) returned 32.99%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 33.46%.

STRATEGY REVIEW

Cramer Rosenthal McGlynn, LLC

The combination of better business confidence and activism is very powerful for our style of investing. We seek out companies with multiple business units and overcapitalized balance sheets which are being undervalued by the market. The two sectors that influenced the strategy’s performance the most were financial services and technology. The financial services sector had the greatest positive

Transamerica Partners Portfolios Annual Report 2013

Page    14

Transamerica Partners Mid Value Portfolio

(unaudited)

STRATEGY REVIEW (continued)

impact on performance for the year as a result of both strong stock selection and our lack of significant exposure to real estate investment trusts (“REITs”). Conversely, stock selection within the technology sector underperformed the benchmark for the year.

Two of the positions which had the greatest positive impact on performance in 2013 were: Pentair and Tyco International. Pentair benefitted from improved investor confidence regarding the company’s 2015 growth plan, which was discussed during the quarter at both its investor day and 2014 earnings guidance call. We continue to believe the stock will experience upside from end-market acceleration, further share repurchases, and additional restructuring efforts. Tyco International posted strong quarterly results and provided 2014 guidance which, in our opinion, positions the company to exceed its long-term targets. The company continues to execute well on restructuring initiatives and deploy its substantial excess capital smartly in accretive security product deals.

Two of the positions which had the greatest negative impact on performance in 2013 were: Teradata and McGraw-Hill. Teradata was a holding which had the greatest negative impact on performance for the year. Teradata Corporation’s third quarter results missed expectations and management reduced guidance for the fourth quarter. This miss compounded what had already been a challenging year for the company as demand was impacted by weak enterprise IT spending. We believe investors remain fearful that Teradata’s core product is losing share to newer technologies. Our research indicates that the company should be a primary beneficiary once IT spending improves. In the first half of 2013, uncertainty developed around McGraw-Hill as the Department of Justice announced a major lawsuit against its S&P business. While S&P successfully defended against similar claims, the magnitude and unique method of the lawsuit increased the risk profile of the investment and we sold our shares during first quarter 2013.

J.P. Morgan Investment Management Inc.

Stock selection in the financial sector and sector allocation in the consumer discretionary sector contributed to performance. Stock selection in the industrials and information technology sectors detracted from performance.

Ameriprise, a financial advisory and asset management firm, was a major contributor to performance as rising equity prices continued to drive the company’s top- and bottom-line growth. Shares of HCP, a healthcare REIT, underperformed as fears of near-term earnings slowdown damped investor demand. We believe that HCP is expected to run into a few near-term growth constraints, including a refinancing of debt in February and the potential exercise of a buy option by one of its tenants.

Avoiding higher beta, more volatile names, within the information technology sector negatively impacted relative performance. One of the largest detractors from our relative performance was Micron Technology, which the Portfolio no longer helds as of year end.

The Portfolio continues to have a large overweight position in consumer discretionary names, while the financial sector remains the largest underweight due to an underweight to REITs based on their valuation. In the fourth quarter, we eliminated our position in the Charles Schwab Corporation, an online trading and asset management firm, and initiated a position in American Campus Communities, a student housing provider, and Legg Mason, an investment firm. We are redistributing our allocation within the financials space based on the relative valuation of the subsectors.

Jay B. Abramson

Thaddeus D. Pollock

Robert L. Rewey, III, CFA

Co-Portfolio Managers

Cramer Rosenthal McGlynn, LLC

Gloria Fu, CFA

Lawrence Playford, CFA

Jonathan K. L. Simon

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    15

Transamerica Partners Mid Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The U.S. equity market finished 2013 in very strong fashion with the fourth quarter producing solid gains in stock prices. The gains were largely driven by a strengthening economy and improving corporate earnings. Many key economic data points trended higher throughout the year and point to a positive outlook going forward. The U.S. Institute for Supply Management’s (“ISM”) manufacturing Purchasing Managers Index (“PMI”), a leading indicator of corporate profit growth, gradually ticked higher in the second half of the year to 57 — a figure consistent with an extension of the approximate 4% gross domestic product (“GDP”) we saw in the third quarter. December was the seventh straight ISM reading above 50, which is the level associated with an expanding economy. The U.S. unemployment rate has also gradually improved throughout 2013 and reached a five-year low of 7% in December.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Mid Growth Portfolio (“the Portfolio”) returned 30.35%. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 35.74%.

STRATEGY REVIEW

Stock selection in the consumer discretionary, consumer staples, industrials and materials sectors negatively impacted relative performance for the Portfolio, while information technology, financials, energy and health care were top sector contributors during the fourth quarter.

Given tighter discretionary spending, the holiday retail season exhibited intense price competition as retailers battled for market share. While retail sales were challenged overall, Internet sales grew over 10% year-over-year. Under Armour was the best performer in the second half due to its higher-income customer base, continued growth, and product innovation. Carter’s was the worst performer due to anticipated continued margin compression, driven by low pricing power, lower-to-middle income customer base and rising Chinese labor costs. The Fresh Market underperformed due to negative market reaction to slow growth at some of its new stores and increasing competition among premium grocers.

Software firm PTC, Inc. posted the top performance in the information technology and telecommunications sectors after beating earnings expectations in the past two quarters, driven by a rebound in Europe and solid growth in Japan and the Pacific Rim in the company’s most recent quarter. Trimble Navigation was the second-best performer with the company announcing a contract with the U.S. Marine Corps and Army in late August to provide construction grade control and survey systems worth approximately $63M in revenue over the contract’s five-year term. Internet company ValueClick was the tech sector’s worst performing stock with the company reporting quarterly sales and EPS below consensus expectations due to weaker-than-expected sales in the company’s display business as well as lackluster sales execution in the second quarter.

Global commodity prices were roughly flat in aggregate, with metals stronger and agricultural commodities lower continuing their downtrend. Crude oil was down a bit after peaking in October. Rock Tenn was a strong performer as the company began taking some capacity offline in order to better balance supply and demand.

In the health care sector, Align’s penetration outside of the U.S. was under-estimated, and the penetration was done without a substantial hit to margins. United Therapeutics had a surprise FDA approval come at the end of the year. Both health care stocks were top performers in the Portfolio.

Howard Aschwald, CFA

Portfolio Manager

Quantum Capital Management

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    16

Transamerica Partners Small Value Portfolio

(unaudited)

MARKET ENVIRONMENT

Global equities surged in the first quarter as solid corporate earnings results and favorable global liquidity dynamics lifted enthusiasm for stocks. Further monetary easing by the Bank of Japan and a steadily improving U.S. economy also fueled the rally, which continued at a more modest pace in the second quarter. Solid gains in April and the first part of May paused following comments by U.S. Federal Reserve (“Fed”) Chairman Ben Bernanke that suggested the Fed might begin to slow quantitative easing sooner than investors anticipated. Nonetheless, equities resumed their ascent in the third quarter as the surprising “no taper” decision by the Federal Open Market Committee eased near-term concerns about rapidly rising interest rates derailing the recovery. Additionally, accommodative rhetoric from the European Central Bank, along with encouraging data in China, further evidence of a European economic recovery, and solid corporate earnings contributed to a broad-based global equity rally that extended through the end of the year. In December, the year ended with an optimistic tone as investors cheered the elimination of two market overhangs: the timing of Fed tapering and the threat of another government shutdown in January.

In this environment, all ten sectors in the Russell 2000^® Value Index posted positive returns for the period. The consumer discretionary (+49.4%) and health care (+47.2%) sectors posted the largest gains, while the telecom services (+6.5%) and utilities (+18.5%) sectors lagged.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Small Value Portfolio (“the Portfolio”) returned 34.10%. By comparison, its benchmark, the Russell 2000^® Value Index, returned 34.52%.

STRATEGY REVIEW

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

Overweights to the health care and industrials sectors contributed most to relative performance. This was modestly offset by a frictional cash position in a rising market. Weak stock selection in the consumer discretionary and industrials sectors negatively affected the Portfolio’s relative performance.

The Portfolio’s largest contributors to relative performance during the period included Belden, a manufacturer of technology hardware, G & K Services, a supplier of uniforms and facility products, and Diamondback Energy, an oil & gas company. The Portfolio’s position in CorVel, a provider of health care management services, and in Scorpio Tankers, an operator of modern product tankers, also contributed to relative returns during the period.

The Portfolio’s largest relative detractors during the year included engineered products supplier ESCO Technologies, real estate developer and owner Campus Crest Communities, and ACCO Brands, a leading supplier of branded office products. Our positions in retail company Stage Stores and Deltic Timber, a natural resources company that focuses on the development and management of timber, also detracted from relative results during the period.

The Portfolio’s investment approach emphasizes individual stock selection; sector weights are a residual of the process. Wellington Management Company, LLP does, however, carefully consider diversification across economic sectors to limit risk. As of the end of the period, the Portfolio was most overweight the health care and industrials sectors, and most underweight financials. Based on the firm’s 2- to 3-year time horizon we continue to find opportunities created by the inefficiencies frequently found among small cap companies.

Timothy J. McCormack, CFA

Shaun F. Pedersen

Co-Portfolio Managers

Wellington Management Company, LLP

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    17

Transamerica Partners Small Core Portfolio

(unaudited)

MARKET ENVIRONMENT

The second half of 2013 saw the bulls run rampant on Wall Street, whereas the small cap market, as measured by the Russell 2000^® Index, was up nearly 20% for the final six months of the year. The period was a roller coaster ride in terms of political events that were eventually resolved to the satisfaction of investors. Early in the time frame, the potential for U.S. military action in Syria weighed heavily on investor sentiment, but as the prospect of conflict faded, so too did investor concern on the issue. We also saw the federal government shut down amid yet another stalemate in Washington over the budget deficit. An eventual compromise in October, however, set the stage for a more material late-year agreement that afforded some budget certainty going forward, averting any further shutdowns in the near future. Investors clearly applauded the turn of events in Washington, as this should prove to remove one hurdle to U.S. economic growth in the quarters ahead. This late-year agreement likely played no small role in the U.S. Federal Reserve’s (“Fed”) December decision to taper its asset-purchase program. (The Fed will now buy $75 billion in Treasuries and mortgage-backed securities each month, instead of $85 billion.) Systematic Financial Management (“Systematic”) views the Fed’s move as largely symbolic, but by no means insignificant. The Fed’s policy shift signals its belief that the economy has picked up some steam, a stance Systematic shares based on its research. The housing market remains firm, and we are seeing improved strength among many of the industrial and services firms that address the housing industry. Online retailers, meanwhile, had a better holiday season than expected, a scenario that could pull through demand in parts of the domestic supply chain. We are also seeing this improvement in the financial sector, where banks posted moderately better loan growth in the fourth quarter relative to the July - September period.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Small Core Portfolio (“the Portfolio”) returned 33.62%. By comparison, its primary and secondary benchmarks, the Russell 2000^® Index and the S&P 500^®, returned 38.82% and 32.39%, respectively.

STRATEGY REVIEW

The Portfolio posted a strong absolute return in the second half of 2013, although it trailed the Russell 2000^® Index during this time frame. Given the strong run up in the market over the period, most of the metrics that Systematic employs showed limited effectiveness in separating winners from losers, as a rising tide lifted all boats. Breaking it down, the six-month period was really a tale of the two calendar quarters from a factor performance perspective. Both quarters saw mixed results at the factor level, but in terms of which factors were effective from a stock selection standpoint, the two quarters were largely a mirror image of one another. While the third quarter saw momentum based metrics generally lead in terms of effectiveness, in the fourth quarter, it was the valuation and capital deployment frameworks that were somewhat additive to results, while momentum based metrics struggled. From a broader perspective, investors generally favored growth-oriented stocks during the latter half of the year, leading the Russell 2000^® Growth Index to outperform the Russell 2000^® Index by about 2.20%, and the Russell 2000^® Value Index by approximately 4.42%. This type of environment serves as a headwind to Systematic’s disciplined approach, which generally favors more conservative and reasonably valued issues. From an attribution standpoint, stock selection accounted for underperformance for the period, with the Portfolio’s holdings in the health care and energy sectors detracting the most relative to the index. Conversely, its holdings in the industrials and materials sectors were additive to results. From a sector positioning standpoint, an underweight to the financial sector added value during the period. However, sector weightings in aggregate had little effect on relative results.

Eoin E. Middaugh, CFA

Portfolio Manager

Systematic Financial Management

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    18

Transamerica Partners Small Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The market has overcome a litany of issues over the past several years, and it has consistently and significantly traded higher. We are now entering year six of this bull market and there appear to be fewer anxieties. To elaborate on why Ranger Investment Management, L.P. (“Ranger”) believes there are fewer anxieties: bond yields have increased but are not likely to go significantly higher in 2014; the yield curve is steep and there’s good availability of credit; tapering has been announced; there is recent political cooperation which lessens fiscal/governmental displacement; industrial production is increasing; unemployment is down; government is less of a drag on the economy; Europe has stabilized; and central banks remain accommodative. Each of these considerations supported better economic and financial results through 2013, and continue to do so as we enter 2014. The market responded with equities broadly stronger from both improved financial results and higher valuations. Obviously, the success of equities combined with the list of considerations above supports the increased bullishness of investors. A significant amount of dry powder remains from potential asset allocation shifts from bonds to equities, which Ranger believes could help add to gains. While Ranger would welcome continued broad gains, they believe that selectivity and quality should be the key attributes for differentiation in 2014. This serves in contrast with the risk on environment of 2013, which rewarded speculative stocks the most (details below).

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners Small Growth Portfolio (“the Portfolio”) returned 37.97%. By comparison, its benchmark, the Russell 2000^® Growth Index, returned 43.30%, respectively.

STRATEGY REVIEW

The positive considerations outlined above helped appreciate the portfolio of quality stocks by 39% over the past year. Ranger remains steadfast in positioning the Portfolio prudently within each sector from both a fundamental and valuation perspective. While the Portfolio lagged the Russell 2000^® Growth Index (“the benchmark”), Ranger attributes part of that relative weakness to the speculative environment which rewarded lower quality stocks. This is evidenced by the outperformance of non-earning stocks in the benchmark, which increased on average by over 46% and represented over 19% of the index weighting. An additional drag on performance was the Portfolio’s average cash balance of 3% in 2013. Cash cost the Portfolio nearly 170 basis points and was the primary component of the detraction from performance related to allocation effect. It should also be noted that much of the underperformance for 2013 occurred in the month of December, where the Portfolio experienced a reversal in strength from consumer discretionary holdings which had outperformed previously. Additionally, many key holdings across all sectors declined modestly this last month and penalized performance.

Analyzing performance on a sector basis, the Portfolio benefited most significantly from the financial services sector, which is the largest relative overweighting versus the index. This sector averaged a 500 basis point overweight and is primarily comprised of regional banks. While overweight the index, the performance was driven by selection effect as evidenced by the 68.5% return of the Portfolio’s financial stocks compared to the 37.6% return by the index component. The sectors which underperformed the index most significantly were technology and energy. In each of these sectors the Portfolio had several holdings which penalized performance.

On a stock basis, the top ten contributors to performance were: Medidata Solutions, Private Bancorp, Enersys, Home Bancshares, Akorn, Gulfport Energy, Asbury Automotive, Deckers Outdoor, Prestige Brands and MarketAxess. These represent holdings in the healthcare, financial services, producer durables, energy and consumer discretionary sectors. The bottom ten detractors from performance were: Vocera Communications, Bioscrip, Liveperson, eHealth, IXIA, Impax Laboratories, HMS Holdings, Kraton Performance Polymers, PDC Energy and Ceva. These represent holdings in the technology, healthcare, financial services, materials and processing, and energy sectors.

W. Conrad Doenges

Portfolio Manager

Ranger Investment Management, L.P.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    19

Transamerica Partners International Equity Portfolio

(unaudited)

MARKET ENVIRONMENT

Equity markets outside the U.S. continued their climb in 2013, but uncertainty about U.S. monetary policy remained high until mid-December, when the U.S. Federal Reserve (“Fed”) announced it would scale back its stimulus. Although the market stumbled on head fakes from the Fed in May and October, investors viewed the December announcement as a positive indication the world’s largest economy was finally back on its feet, and markets rallied into year-end. All of the 22 MSCI Developed-ex U.S. countries posted positive returns in both U.S. dollar and local currency terms but ranged widely from Singapore up 1.7% to Finland up 46.0%. Resource-heavy markets like the United Kingdom and Australia posted relatively light results. In Japan, where a weak Yen helped export-sensitive business, markets posted a 54.5% return in local terms, but that was reduced to 27.1% when converted to U.S. dollars. The Materials sector, where companies were burdened by low end-market commodity prices, was the only sector in the MSCI All Country World Index ex-U.S. to decline over the last twelve months. Europe was the top performing region for U.S.-dollar-based investors. Renewed faith in cyclical stocks and Financials along with speculation on increased merger and acquisition activity in Telecommunication Services were the winners there. Emerging markets stocks have underperformed as investors anticipated a slowdown in China and worried over unrest in Brazil and Thailand, among other issues.

PERFORMANCE

For the year ended December 31, 2013, Transamerica Partners International Equity Portfolio returned 13.92%. By comparison, its benchmark, the MSCI All Country World Index ex-U.S., returned 15.78%.

STRATEGY REVIEW

2013 was a banner year for stocks in developed markets around the world, and many of the positive trends remain in place. Economic performance is gradually improving in most markets, and equity valuations, while higher, remain reasonable for the most part. Even though the Fed has scaled back on quantitative easing, stimulus remains strong, and interest rates are still very low. Globally, the story is much the same, though we have seen a few central banks raise rates to stem inflation, primarily in the emerging markets. Corporate earnings have been strong but, with better investment sentiment as economies show signs of improved growth, prices have risen faster, and valuation multiples have become more expensive. This presents a more challenging environment to find attractive valuations. On a relative basis, however, non-U.S. stocks are currently trading at a discount to their U.S. peers.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Please refer to page 21 for index descriptions.

Transamerica Partners Portfolios Annual Report 2013

Page    20

Index Descriptions

(unaudited)

Index	Description
Bank of America Merrill Lynch High Yield Master II Index	The Bank of America Merrill Lynch High Yield Master II Index is comprised of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market with remaining maturities of at least one year.
Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index	The Bank of America Merrill Lynch U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than 3 years and more than 1 year.
Barclays U.S. Aggregate Bond Index	The Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.
Barclays U.S. Treasury Inflation Protected Securities Index	The Barclays U.S. Treasury Inflation Protected Securities Index is a market value weighted index that tracks inflation-protected securities issued by the U.S. Treasury.
MSCI All Country World Index ex-U.S.	The MSCI All Country World Index ex-U.S. captures large and mid-cap representation across developed and emerging markets countries, excluding the U.S.
Russell 1000® Index	The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000® Index based on a combination of market cap and current index membership.
Russell 1000® Growth Index	The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000® Value Index	The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values.
Russell 2000® Index	The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000® Index based on a combination of market cap and current index membership.

Transamerica Partners Portfolios Annual Report 2013

Page    21

Index Descriptions (continued)

(unaudited)

Index	Description
Russell 2000® Growth Index	The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values.
Russell 2000® Value Index	The Russell 2000® Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000® Index companies with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap® Index	The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe, and is comprised of approximately 800 of the smallest securities of the Russell 1000® based on a combination of market cap and current index membership.
Russell Midcap® Growth Index	The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell Midcap® Value Index	The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap® Index companies with lower price-to-book ratios and lower forecasted growth values.
S&P 500®	The S&P 500® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

Transamerica Partners Portfolios Annual Report 2013

Page    22

Schedules of Investments Composition

At December 31, 2013

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

(unaudited)

Transamerica Partners Money Market Portfolio	% of Net Assets
Commercial Paper		47.4	%
Certificates of Deposit		34.5
Repurchase Agreements		11.7
Demand Note		2.0
Short-Term U.S. Government Agency Obligation		1.5
Short-Term U.S. Government Obligation		1.5
Corporate Debt Securities		1.3
Asset-Backed Security		0.1
Other Assets and Liabilities - Net		(0.0	)(A)
Total		100.0	%
Transamerica Partners High Quality Bond Portfolio	% of Net Assets
Corporate Debt Securities		32.0	%
Asset-Backed Securities		26.4
Mortgage-Backed Securities		15.9
U.S. Government Agency Obligations		13.5
U.S. Government Obligations		6.2
Repurchase Agreement		4.2
Securities Lending Collateral		2.0
Convertible Bond		0.9
Foreign Government Obligations		0.5
Other Assets and Liabilities - Net		(1.6	)
Total		100.0	%
Transamerica Partners Inflation-Protected Securities Portfolio	% of Net Assets
U.S. Government Obligations		89.1	%
Foreign Government Obligations		9.0
Short-Term Investment Company		2.0
Securities Lending Collateral		1.2
Purchased Swaptions		0.4
Structured Notes Debt		0.2
Purchased Option		0.1
Mortgage-Backed Security		0.0	(A)
Purchased Foreign Exchange Options		0.0	(A)
Other Assets and Liabilities - Net(B)		(2.0	)
Total		100.0	%
Transamerica Partners Core Bond Portfolio	% of Net Assets
U.S. Government Agency Obligations		38.8	%
Corporate Debt Securities		26.0
Asset-Backed Securities		17.2
Mortgage-Backed Securities		15.5
U.S. Government Obligations		10.0
Securities Lending Collateral		6.0
Short-Term Investment Company		2.7
Foreign Government Obligations		1.3
Preferred Stocks		0.4
Municipal Government Obligations		0.3
Preferred Corporate Debt Securities		0.1
Purchased Option		0.0	(A)
Purchased Swaptions		0.0	(A)
Other Assets and Liabilities - Net(B)		(18.3	)
Total		100.0	%

Transamerica Partners High Yield Bond Portfolio	% of Net Assets
Corporate Debt Securities		89.0	%
Loan Assignments		5.2
Repurchase Agreement		3.3
Convertible Preferred Stocks		1.0
Common Stocks		0.2
Right		0.2
Warrants		0.0	(A)
Convertible Bonds		0.0	(A)
Investment Company		0.0	(A)
Other Assets and Liabilities - Net		1.1
Total		100.0	%
Transamerica Partners Balanced Portfolio	% of Net Assets
Common Stocks		59.5	%
U.S. Government Agency Obligations		14.1
Corporate Debt Securities		9.7
Asset-Backed Securities		6.8
Mortgage-Backed Securities		5.9
Securities Lending Collateral		5.1
U.S. Government Obligations		4.4
Short-Term Investment Company		3.6
Repurchase Agreement		0.5
Foreign Government Obligations		0.4
Preferred Stocks		0.3
Municipal Government Obligations		0.1
Short-Term U.S. Government Obligation		0.0	(A)
Purchased Option		0.0	(A)
Preferred Corporate Debt Securities		0.0	(A)
Other Assets and Liabilities - Net(B)		(10.4	)
Total		100.0	%
Transamerica Partners Large Value Portfolio	% of Net Assets
Common Stocks		98.7	%
Securities Lending Collateral		8.2
Repurchase Agreement		1.2
Other Assets and Liabilities - Net		(8.1	)
Total		100.0	%
Transamerica Partners Large Core Portfolio	% of Net Assets
Common Stocks		98.6	%
Securities Lending Collateral		6.7
Repurchase Agreement		1.3
Other Assets and Liabilities - Net		(6.6	)
Total		100.0	%
Transamerica Partners Large Growth Portfolio	% of Net Assets
Common Stocks		99.5	%
Securities Lending Collateral		5.9
Repurchase Agreement		0.2
Other Assets and Liabilities - Net		(5.6	)
Total		100.0	%

Transamerica Partners Portfolios Annual Report 2013

Page    23

Schedules of Investments Composition (continued)

At December 31, 2013

(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		98.1	%
Securities Lending Collateral		6.3
Repurchase Agreement		2.3
Other Assets and Liabilities - Net		(6.7	)
Total		100.0	%
Transamerica Partners Mid Growth Portfolio	% of Net Assets
Common Stocks		98.6	%
Securities Lending Collateral		25.5
Repurchase Agreement		1.4
Other Assets and Liabilities - Net		(25.5	)
Total		100.0	%
Transamerica Partners Small Value Portfolio	% of Net Assets
Common Stocks		98.7	%
Securities Lending Collateral		25.6
Repurchase Agreement		1.3
Other Assets and Liabilities - Net		(25.6	)
Total		100.0	%
Transamerica Partners Small Core Portfolio	% of Net Assets
Common Stocks		97.7	%
Securities Lending Collateral		25.7
Repurchase Agreement		1.9
Master Limited Partnership		0.4
Other Assets and Liabilities - Net		(25.7	)
Total		100.0	%

Transamerica Partners Small Growth Portfolio	% of Net Assets
Common Stocks		98.0	%
Securities Lending Collateral		25.6
Repurchase Agreement		1.8
Other Assets and Liabilities - Net		(25.4	)
Total		100.0	%
Transamerica Partners International Equity Portfolio	% of Net Assets
Common Stocks		89.4	%
Repurchase Agreement		6.4
Preferred Stocks		4.0
Convertible Preferred Stock		1.5
Other Assets and Liabilities - Net		(1.3	)
Total		100.0	%

^(A)  Percentage rounds to less than 0.1%

^(B)  The Other Assets and Liabilities - Net category may include, but is not limited to, Reverse Repurchase Agreements, Forward Foreign Currency Contracts, Futures Contracts, Swap Agreements, Written Options and Swaptions, Securities Sold Short, TBA Short Commitments, and Cash Collateral.

Transamerica Partners Portfolios Annual Report 2013

Page    24

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Principal		Value
ASSET-BACKED SECURITY - 0.1%
CCG Receivables Trust Series 2013-1, Class A1 0.37%, 04/14/2014 - 144A		$  489,159		$  489,159
Total Asset-Backed Security (cost $489,159)				489,159
CORPORATE DEBT SECURITIES - 1.3%
Commercial Banks - 1.3%
Royal Bank of Canada, Series MTN 1.13%, 01/15/2014		6,100,000		6,101,922
Standard Chartered PLC 5.50%, 11/18/2014 - 144A		6,410,000		6,690,128
Total Corporate Debt Securities (cost $12,792,050)				12,792,050
CERTIFICATES OF DEPOSIT - 34.5%
Commercial Banks - 32.6%
Bank of America 0.26%, 05/28/2014 (A)		16,000,000		16,000,000
Bank of Nova Scotia
0.19%, 03/14/2014 (A)		18,000,000		18,000,000
0.24%, 04/09/2014 (A)		15,000,000		15,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.10%, 01/02/2014 (A)		20,000,000		20,000,000
0.35%, 06/20/2014 (A)		20,000,000		20,000,000
Barclays Bank PLC 0.55%, 04/02/2014 - 144A (A) (B)		21,000,000		21,000,000
Commonwealth Bank of Australia 0.24%, 05/15/2014 - 11/24/2014 - 144A (A)		35,000,000		35,000,969
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.26%, 04/22/2014 (A)		8,000,000		8,000,518
0.37%, 07/11/2014 (A)		25,000,000		25,000,000
Korea Development Bank 0.30%, 06/10/2014 (A)		5,000,000		5,000,000
Mizuho Bank, Ltd. 0.23%, 03/12/2014 (A)		20,000,000		20,000,000
National Australia Bank, Ltd. 0.23%, 10/23/2014 (A)		9,500,000		9,500,016
PNC Bank NA 0.27%, 04/16/2014 (A)		11,000,000		11,000,000
Sumitomo Mitsui Banking Corp. 0.22%, 02/28/2014 (A)		20,000,000		20,000,000
Swedbank (Sparbank) 0.31%, 03/05/2014 (A)		10,000,000		10,001,672
US Bank NA 0.10%, 01/02/2014 (A)		43,000,000		43,000,000
Westpac Banking Corp.
0.23%, 09/25/2014 - 144A (A)		15,000,000		15,000,048
0.28%, 04/25/2014 (A)		10,000,000		10,000,000
Consumer Finance - 1.9%
Toyota Motor Credit 0.21%, 04/28/2014 (A)		18,500,000		18,500,000
Total Certificates of Deposit (cost $340,003,223)				340,003,223
COMMERCIAL PAPER - 47.4%
Commercial Banks - 13.5%
Deutsche Bank Financial LLC 0.23%, 04/30/2014 (A)		4,000,000		3,996,959

	Principal		Value
Commercial Banks (continued)
Korea Development Bank 0.40%, 05/02/2014 (A)		$  10,000,000		$  9,986,555
Mizuho Funding LLC
0.22%, 01/02/2014 - 144A (A)		10,000,000		9,999,940
0.25%, 01/08/2014 - 144A (A)		5,000,000		4,999,762
PNC Bank NA 0.27%, 07/23/2014 (A)		10,700,000		10,683,709
Skandinaviska Enskilda Banken AB
0.25%, 05/27/2014 - 144A (A)		5,000,000		4,994,931
0.27%, 06/02/2014 - 144A (A)		15,000,000		14,982,900
0.29%, 02/26/2014 - 144A (A)		22,000,000		21,990,076
Standard Chartered Bank
0.25%, 01/06/2014 - 144A (A)		10,000,000		9,999,653
0.28%, 09/02/2014 - 144A (A)		10,000,000		9,981,022
Standard Chartered PLC 1.19%, 05/12/2014 - 144A (A)		9,300,000		9,329,360
Sumitomo Mitsui Banking Corp.
0.15%, 02/03/2014 - 144A (A)		12,500,000		12,498,281
0.25%, 01/07/2014 - 144A (A)		10,000,000		9,999,583
Diversified Financial Services - 30.1%
BNP Paribas Finance, Inc. 0.14%, 02/06/2014 (A)		25,000,000		24,996,500
Cancara Asset Securitisation LLC 0.19%, 01/06/2014 - 144A (A)		15,000,000		14,999,604
Chariot Funding LLC 0.30%, 07/17/2014 - 144A (A)		15,000,000		14,975,375
Collateralized Commercial Paper II Co. LLC 0.40%, 06/03/2014 - 144A (A)		29,000,000		28,950,700
Fairway Finance LLC 0.20%, 02/10/2014 - 144A (A)		15,000,000		15,000,560
FCAR Owner Trust 0.16%, 02/13/2014 (A)		2,690,000		2,689,486
Gemini Securitization Corp. LLC
0.20%, 02/11/2014 - 144A (A)		7,000,000		6,998,406
0.21%, 01/06/2014 - 03/17/2014 - 144A (A)		12,500,000		12,496,573
Gotham Funding Corp.
0.16%, 01/06/2014 - 144A (A)		15,000,000		14,999,667
0.17%, 01/02/2014 - 01/07/2014 - 144A (A)		14,000,000		13,999,651
ING US Funding LLC 0.33%, 03/17/2014 (A)		20,000,000		19,986,250
Jupiter Securitization Co. LLC
0.24%, 02/10/2014 - 144A (A)		8,500,000		8,497,733
0.30%, 07/28/2014 - 144A (A)		12,000,000		11,979,200
Kells Funding LLC 0.24%, 04/16/2014 (A)		16,500,000		16,488,450
Nieuw Amsterdam Receivables Corp. 0.14%, 01/22/2014 - 144A (A)		5,000,000		4,999,592
Old Line Funding LLC 0.20%, 03/11/2014 (A)		15,000,000		14,994,250
Rabobank USA Financial Corp. 0.25%, 08/21/2014 (A)		7,000,000		6,988,722
Regency Markets No. 1 LLC 0.14%, 01/27/2014 - 144A (A)		35,000,000		34,996,461
Thunder Bay Funding LLC 0.23%, 04/24/2014 - 144A (A)		10,000,000		9,992,780
Victory Receivables Corp.
0.17%, 01/03/2014 - 01/06/2014 - 144A (A)		17,500,000		17,499,728

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

Transamerica Partners Portfolios Annual Report 2013

Page    25

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Electric Utilities - 2.6%
Northeast Utilities 0.19%, 01/06/2014 - 144A (A)		$  4,300,000		$  4,299,887
OGE Energy Corp. 0.21%, 01/07/2014 - 144A (A)		4,100,000		4,099,856
Pacific Gas & Electric Co. 0.21%, 01/03/2014 - 144A (A)		4,300,000		4,299,950
Southern Co. Funding Corp. 0.22%, 01/16/2014 - 144A (A)		9,100,000		9,099,166
Westar Energy, Inc. 0.23%, 01/08/2014 - 144A (A)		3,500,000		3,499,843
Gas Utilities - 0.4%
South Carolina Fuel Co. 0.23%, 01/13/2014 - 144A (A)		4,300,000		4,299,670
Multi-Utilities - 0.4%
Dominion Resources, Inc. 0.25%, 01/03/2014 - 144A (A)		4,300,000		4,299,940
Oil, Gas & Consumable Fuels - 0.4%
Spectra Energy Partners, LP 0.28%, 01/13/2014 - 144A (A)		4,300,000		4,299,599
Total Commercial Paper (cost $468,170,330)				468,170,330
DEMAND NOTE - 2.0%
Goldman Sachs Co. Promissory Note 0.44%, 03/05/2014 (B)		20,000,000		20,000,000
Total Demand Note (cost $20,000,000)				20,000,000
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATION - 1.5%
Freddie Mac 0.15%, 02/03/2014 (A)		15,000,000		14,998,006
Total Short-Term U.S. Government Agency Obligation (cost $14,998,006)				14,998,006
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 1.5%
U.S. Treasury Bill 0.09%, 06/26/2014 (A)		15,000,000		14,993,657
Total Short-Term U.S. Government Obligation (cost $14,993,657)				14,993,657

	Principal		Value
REPURCHASE AGREEMENTS - 11.7%
Barclays Capital, Inc. 0.01% (A), dated 12/31/2013, to be repurchased at $90,300,050 on 01/02/2014. Collateralized by Foreign Government Obligations and U.S. Government Agency Obligations, 0.00% - 6.51%, due 01/03/2014 - 10/16/2053, and with a total value of $ $92,106,012.		$  90,300,000		$  90,300,000
Deutsche Bank AG 0.03% (A), dated 12/31/2013, to be repurchased at $25,000,042 on 01/02/2014. Collateralized by U.S. Government Agency Obligations, 0.47% - 6.25%, due 05/15/2028 - 11/15/2043, and with a total value of $ $25,500,000.		25,000,000		25,000,000
State Street Bank & Trust Co. 0.01% (A), dated 12/31/2013, to be repurchased at $156,362 on 01/02/2014. Collateralized by U.S. Government Agency Obligations, 2.50 - 3.50%, due 02/25/2042 -12/25/2042, and with a total value of $163,507.		156,362		156,362
Total Repurchase Agreements (cost $115,456,362)				115,456,362
Total Investment Securities (cost $986,902,787) (C)				986,902,787
Other Assets and Liabilities - Net  - (0.0)% (D)				(40,825	)
Net Assets  - 100.0%				$  986,861,962

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Asset-Backed Security	$	—	$	489,159	$	—	$	489,159
Corporate Debt Securities		—		12,792,050		—		12,792,050
Certificates of Deposit		—		340,003,223		—		340,003,223
Commercial Paper		—		468,170,330		—		468,170,330
Demand Note		—		20,000,000		—		20,000,000
Short-Term U.S. Government Agency Obligation		—		14,998,006		—		14,998,006
Short-Term U.S. Government Obligation		—		14,993,657		—		14,993,657
Repurchase Agreements		—		115,456,362		—		115,456,362
Total Investment Securities	$	—	$	986,902,787	$	—	$	986,902,787

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

Transamerica Partners Portfolios Annual Report 2013

Page    26

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate shown reflects the yield at December 31, 2013.

^(B)  Illiquid. Total aggregate fair value of illiquid securities $41,000,000, or 4.15% of the portfolio’s net assets.

^(C)  Aggregate cost for federal income tax purposes is $986,902,787.

^(D)  Percentage rounds to less than 0.01%.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

DEFINITIONS:

144A

144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities aggregated $435,539,753, or 44.13% of the portfolio’s net assets.

MTN

Medium Term Note

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

Transamerica Partners Portfolios Annual Report 2013

Page    27

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 6.2%
U.S. Treasury Note
0.13%, 12/31/2014 (A)		$  3,000,000		$  2,999,064
0.25%, 02/28/2015 - 05/15/2016		15,560,000		15,538,202
0.38%, 06/30/2015		3,000,000		3,006,210
0.75%, 12/31/2017		3,460,000		3,383,230
Total U.S. Government Obligations (cost $25,002,872)				24,926,706
U.S. GOVERNMENT AGENCY OBLIGATIONS - 13.5%
Fannie Mae
2.50%, 05/15/2014		950,000		958,312
5.50%, 12/01/2022		346,315		380,722
6.00%, 07/01/2014 - 09/01/2014		6,126		6,161
Fannie Mae REMIC
4.00%, 07/25/2033		610		611
Freddie Mac
4.50%, 05/01/2023 - 09/01/2026		4,750,916		5,068,005
5.50%, 04/01/2017		91,578		96,400
Freddie Mac REMIC
3.38%, 03/15/2018		667,825		684,132
FREMF Mortgage Trust
Series 2013-K502, Class B
2.73%, 03/25/2045 - 144A (B)		1,820,000		1,791,770
Ginnie Mae
1.49%, 03/16/2043		3,861,295		3,773,952
1.78%, 09/16/2041		3,953,276		3,889,613
4.52%, 12/20/2061		2,559,430		2,783,830
4.67%, 09/20/2063		3,006,386		3,281,618
4.80%, 02/20/2063		3,729,105		4,083,828
4.95%, 05/20/2062		4,324,273		4,705,601
5.32%, 04/20/2061		2,214,429		2,427,441
5.47%, 01/20/2060		7,063,557		7,778,622
5.59%, 11/20/2059		6,239,336		6,731,283
5.65%, 06/20/2059		4,397,790		4,746,165
5.75%, 12/15/2022		527,014		588,171
Total U.S. Government Agency Obligations (cost $54,860,097)				53,776,237
FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Province of Ontario Canada
2.30%, 05/10/2016 (A)		1,985,000		2,053,681
Total Foreign Government Obligations (cost $2,016,706)				2,053,681
MORTGAGE-BACKED SECURITIES - 15.9%
Bear Stearns Commercial Mortgage Securities Series 2005-PWR8, Class A4 4.67%, 06/11/2041		2,547,280		2,649,199
CFCRE Commercial Mortgage Trust Series 2011-C1, Class A2 3.76%, 04/15/2044 - 144A		3,000,000		3,145,494
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD2, Class A4 5.30%, 01/15/2046 (B)		2,000,000		2,137,042
Commercial Mortgage Pass-Through Certificates Series 2012-9W57, Class A 2.37%, 02/10/2029 - 144A		4,050,000		4,143,774

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust Series 2004-GG1, Class A7 5.32%, 06/10/2036 (B)		$  1,559,851		$  1,568,033
Credit Suisse Commercial Mortgage Trust Series 2007-C5, Class A2 5.59%, 09/15/2040		121,228		120,951
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1
3.74%, 11/10/2046 - 144A		4,143,809		4,354,990
Series 2011-LC3A, Class A2
3.64%, 08/10/2044		1,400,000		1,470,741
Del Coronado Trust Series 2013-HDC, Class A 0.97%, 03/15/2026 - 144A (B)		2,050,000		2,040,461
GS Mortgage Securities Trust
Series 2006-GG6, Class A2
5.51%, 04/10/2038 (B)		72,779		72,766
Series 2006-GG8, Class AAB
5.54%, 11/10/2039		2,591,216		2,633,383
Series 2007-GG10, Class AAB
5.80%, 08/10/2045 (B)		3,680,125		3,813,724
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, Class A1
1.09%, 07/15/2045		1,617,953		1,612,452
Series 2013-C17, Class A1
1.25%, 01/15/2047		3,450,000		3,436,083
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-C1, Class A3
5.79%, 02/15/2051		7,000,000		7,091,931
Series 2007-CB18, Class A3
5.45%, 06/12/2047		841,661		851,315
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2002-C2, Class E
5.55%, 12/12/2034 (B)		529,432		548,247
Series 2006-CB14, Class A4
5.48%, 12/12/2044 (B)		4,000,000		4,268,444
Series 2007-CB20, Class A3
5.82%, 02/12/2051		2,050,000		2,060,812
Merrill Lynch / Countrywide Commercial Mortgage Trust Series 2007-8, Class A2 5.86%, 08/12/2049 (B)		1,472,709		1,495,313
Merrill Lynch Mortgage Trust Series 2005-MKB2, Class A2 4.81%, 09/12/2042		15,836		15,954
ML-CFC Commercial Mortgage Trust Series 2007-7, Class ASB 5.74%, 06/12/2050 (B)		1,526,235		1,570,355
N-Star Real Estate CDO, Ltd. Series 2013-1A, Class A 2.02%, 08/25/2029 - 144A (B)		2,250,000		2,252,109
Sequoia Mortgage Trust Series 2012-2, Class A2 3.50%, 04/25/2042 (B)		493,925		496,213

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

Transamerica Partners Portfolios Annual Report 2013

Page    28

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust
Series 2007-C30, Class A3
5.25%, 12/15/2043		$  1,300,269		$  1,307,868
Series 2007-C30, Class APB
5.29%, 12/15/2043		3,250,381		3,298,617
Series 2007-C33, Class A3
5.92%, 02/15/2051 (B)		3,223,411		3,263,545
WF-RBS Commercial Mortgage Trust Series 2013-C18, Class A1 1.19%, 12/15/2046 (C)		2,000,000		1,999,990
Total Mortgage-Backed Securities (cost $64,359,339)				63,719,806
ASSET-BACKED SECURITIES - 26.4%
AmeriCredit Automobile Receivables Trust Series 2013-1, Class A3 0.61%, 10/10/2017		1,349,000		1,346,622
ARI Fleet Lease Trust Series 2012-B, Class A 0.47%, 01/15/2021 - 144A (B)		447,518		446,980
Avis Budget Rental Car Funding AESOP LLC Series 2010-5A, Class A 3.15%, 03/20/2017 - 144A		2,000,000		2,078,900
Capital One Multi-Asset Execution Trust
Series 2006-A3, Class A3
5.05%, 12/17/2018		4,000,000		4,357,492
Series 2007-A7, Class A7
5.75%, 07/15/2020 (A)		1,000,000		1,148,912
CenterPoint Energy Restoration Bond Co. LLC Series 2009-1, Class A1 1.83%, 02/15/2016		1,607,337		1,619,723
Chase Issuance Trust
Series 2012-A3, Class A3
0.79%, 06/15/2017		3,000,000		3,010,134
Series 2012-A5, Class A5
0.59%, 08/15/2017		3,875,000		3,875,430
Citibank Credit Card Issuance Trust
Series 2006-A3, Class A3
5.30%, 03/15/2018		1,905,000		2,090,596
Series 2009-A4, Class A4
4.90%, 06/23/2016		2,100,000		2,145,043
CLI Funding V LLC Series 2013-1A 2.83%, 03/18/2028 - 144A		1,017,500		990,611
CNH Equipment Trust
Series 2010-B, Class A4
1.74%, 01/17/2017		2,100,704		2,108,970
Series 2011-B, Class A4
1.29%, 09/15/2017		3,495,000		3,527,947
Series 2012-C, Class B
1.30%, 03/16/2020		640,000		638,266
Detroit Edison Securitization Funding LLC Series 2001-1, Class A6 6.62%, 03/01/2016		2,124,017		2,212,002
Diamond Resorts Owner Trust Series 2013-2, Class A 2.27%, 05/20/2026 - 144A		3,603,301		3,589,882

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Discover Card Execution Note Trust Series 2007-A1, Class A1 5.65%, 03/16/2020		$  4,000,000		$  4,580,008
Entergy Texas Restoration Funding LLC Series 2009-A, Class A1 2.12%, 02/01/2016		681,136		686,389
Fifth Third Auto Trust Series 2013-1, Class A3 0.88%, 10/16/2017		3,000,000		3,008,520
Ford Credit Auto Owner Trust
Series 2010-B, Class A4
1.58%, 09/15/2015		1,311,611		1,316,673
Series 2010-B, Class B
2.54%, 02/15/2016		5,500,000		5,600,441
Series 2013-A, Class A4
0.78%, 05/15/2018		2,600,000		2,592,483
Ford Credit Floorplan Master Owner Trust
Series 2012-4, Class B
0.94%, 09/15/2016		555,000		555,534
Series 2013-5, Class B
1.88%, 09/15/2018		1,665,000		1,679,401
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A
1.03%, 01/15/2018		4,400,000		4,412,342
Series 2012-5, Class B
1.51%, 06/15/2018		1,850,000		1,862,227
GE Equipment Transportation LLC
Series 2011-1, Class A4
1.33%, 05/20/2019		400,267		400,636
Series 2013-1, Class B
1.23%, 03/24/2021		2,150,000		2,122,325
Hertz Fleet Lease Funding, LP Series 2013-3, Class A 0.72%, 12/10/2027 - 144A (B)		750,000		750,135
Huntington Auto Trust
Series 2011-1A, Class A4
1.31%, 11/15/2016 - 144A		2,000,000		2,017,912
Series 2011-1A, Class B
1.84%, 01/17/2017 - 144A		1,500,000		1,517,355
Hyundai Auto Receivables Trust
Series 2010-B, Class A4
1.63%, 03/15/2017		1,941,735		1,959,275
Series 2011-A, Class A4
1.78%, 12/15/2015		2,959,519		2,977,142
Series 2012-C, Class C
1.42%, 02/15/2019		1,010,000		1,008,963
Invitation Homes Trust Series 2013-SFR1, Class B 1.51%, 12/17/2030 - 144A (B)		1,080,000		1,081,410
John Deere Owner Trust
Series 2012-B, Class A4
0.69%, 01/15/2019		1,440,000		1,435,931
Series 2013-B, Class A3
0.87%, 08/15/2017		1,500,000		1,504,597
Macquarie Equipment Funding Trust Series 2011-A, Class A3 1.91%, 04/20/2017 - 144A		898,988		900,656

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

Transamerica Partners Portfolios Annual Report 2013

Page    29

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
ASSET-BACKED SECURITIES (continued)
MBNA Credit Card Master Note Trust Series 2004-B1, Class B1 4.45%, 08/15/2016		$  1,100,000		$  1,108,416
MMAF Equipment Finance LLC
Series 2009-AA, Class A4
3.51%, 01/15/2030 - 144A		2,984,730		3,053,248
Series 2011-AA, Class A3
1.27%, 09/15/2015 - 144A		648,733		649,480
SMART Trust
Series 2012-4US, Class A4A
1.25%, 08/14/2018		1,100,000		1,090,904
Series 2013-2US, Class A3B
0.59%, 01/14/2017 (B)		2,805,000		2,797,296
Volkswagen Auto Loan Enhanced Trust
Series 2011-1, Class A3
1.22%, 06/22/2015 (A)		459,590		460,068
Series 2013-1, Class A4
0.78%, 07/22/2019		3,850,000		3,825,318
Volvo Financial Equipment LLC Series 2012-1A, Class C 2.38%, 09/16/2019 - 144A		2,250,000		2,278,249
World Financial Network Credit Card Master Trust
Class A
1.61%, 12/15/2021 - 144A		5,000,000		4,905,720
Series 2010-A, Class A
3.96%, 04/15/2019		4,750,000		4,963,014
Series 2013-B, Class A
0.91%, 03/16/2020		560,000		556,419
World Omni Automobile Lease Securitization Trust Series 2012-A, Class B 1.49%, 02/15/2018		865,000		871,254
Total Asset-Backed Securities (cost $106,247,246)				105,717,251
CORPORATE DEBT SECURITIES - 32.0%
Aerospace & Defense - 0.3%
Lockheed Martin Corp. 2.13%, 09/15/2016		1,320,000		1,354,304
Beverages - 1.1%
Bottling Group LLC 6.95%, 03/15/2014		4,210,000		4,264,743
Capital Markets - 2.4%
Goldman Sachs Group, Inc. 3.63%, 02/07/2016		3,005,000		3,153,687
Morgan Stanley, Series MTN 6.00%, 04/28/2015		6,050,000		6,443,456
Chemicals - 0.8%
Airgas, Inc. 4.50%, 09/15/2014 (A)		3,301,000		3,386,433
Commercial Banks - 7.6%
Bank of Montreal, Series MTN 0.50%, 09/24/2015 (B)		2,010,000		2,011,055
Bank of Nova Scotia 1.28%, 01/12/2015 (B)		3,875,000		3,916,567
Credit Suisse 5.50%, 05/01/2014		4,230,000		4,298,949
Deutsche Bank AG 6.00%, 09/01/2017		2,240,000		2,558,466

	Principal		Value
Commercial Banks (continued)
Export-Import Bank of Korea 1.25%, 11/20/2015		$  2,220,000		$  2,226,842
KFW 1.00%, 01/12/2015		1,250,000		1,259,175
PNC Funding Corp. 2.70%, 09/19/2016		4,175,000		4,354,788
Wells Fargo Bank NA 4.75%, 02/09/2015		5,000,000		5,224,650
Westpac Banking Corp. 1.13%, 09/25/2015		4,300,000		4,346,629
Consumer Finance - 1.7%
American Express Credit Corp. 1.30%, 07/29/2016 (A)		2,175,000		2,191,830
Capital One Financial Corp.
2.13%, 07/15/2014		2,195,000		2,212,398
7.38%, 05/23/2014		2,200,000		2,256,654
Diversified Consumer Services - 0.8%
Yale University, Series MTN 2.90%, 10/15/2014		3,125,000		3,186,672
Diversified Financial Services - 5.1%
American Honda Finance Corp. 0.74%, 10/07/2016 (B)		1,235,000		1,241,423
Berkshire Hathaway, Inc. 3.20%, 02/11/2015		2,465,000		2,540,671
Citigroup, Inc. 1.70%, 07/25/2016		1,875,000		1,892,666
Ford Motor Credit Co. LLC
3.98%, 06/15/2016		1,750,000		1,860,948
4.21%, 04/15/2016		2,060,000		2,195,008
General Electric Capital Corp. 1.63%, 07/02/2015		7,700,000		7,825,133
JPMorgan Chase & Co. 2.00%, 08/15/2017		2,860,000		2,901,053
Diversified Telecommunication Services - 0.8%
Nippon Telegraph & Telephone Corp. 1.40%, 07/18/2017 (A)		1,300,000		1,284,347
Verizon Communications, Inc. 1.77%, 09/15/2016 (B)		1,670,000		1,720,482
Electric Utilities - 0.5%
Hydro-Quebec 1.38%, 06/19/2017		2,160,000		2,167,324
Food & Staples Retailing - 0.3%
CVS Caremark Corp. 3.25%, 05/18/2015		1,100,000		1,137,022
Health Care Providers & Services - 0.4%
Ventas Realty, LP 1.55%, 09/26/2016		1,760,000		1,772,489
Insurance - 2.7%
Metropolitan Life Global Funding I
1.50%, 01/10/2018 - 144A		3,600,000		3,501,374
2.50%, 09/29/2015 - 144A		3,685,000		3,795,285
New York Life Global Funding 1.30%, 10/30/2017 - 144A		3,745,000		3,625,175
Machinery - 0.9%
Caterpillar, Inc. 1.38%, 05/27/2014 (A)		3,775,000		3,789,632
Media - 0.7%
Comcast Corp. 5.30%, 01/15/2014		2,600,000		2,603,817

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

Transamerica Partners Portfolios Annual Report 2013

Page    30

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Office Electronics - 0.8%
Xerox Corp. 8.25%, 05/15/2014		$  3,005,000		$  3,085,537
Oil, Gas & Consumable Fuels - 1.9%
Shell International Finance BV 4.00%, 03/21/2014		4,025,000		4,056,951
Total Capital Canada, Ltd. 1.63%, 01/28/2014 (A)		1,960,000		1,961,695
Total Capital SA 3.00%, 06/24/2015 (A)		1,500,000		1,553,718
Pharmaceuticals - 0.5%
Novartis Capital Corp. 4.13%, 02/10/2014		2,015,000		2,022,870
Real Estate Investment Trusts - 1.3%
Health Care REIT, Inc. 6.20%, 06/01/2016		1,750,000		1,945,594
Simon Property Group, LP 5.10%, 06/15/2015 (A)		2,975,000		3,168,256
Road & Rail - 0.5%
Canadian National Railway Co. 0.44%, 11/06/2015 (B)		1,850,000		1,851,347
Wireless Telecommunication Services - 0.9%
America Movil SAB de CV 2.38%, 09/08/2016		3,618,000		3,723,537
Total Corporate Debt Securities (cost $126,539,671)				127,870,652
CONVERTIBLE BOND - 0.9%
Consumer Finance - 0.9%
American Express Credit Corp., Series MTN 2.38%, 03/24/2017		3,305,000		3,397,137
Total Convertible Bond (cost $3,299,092)				3,397,137

	Shares		Value
SECURITIES LENDING COLLATERAL - 2.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (D)		7,826,473		$  7,826,473
Total Securities Lending Collateral (cost $7,826,473)				7,826,473
	Principal		Value
REPURCHASE AGREEMENT - 4.2%
State Street Bank & Trust Co. 0.01% (D), dated 12/31/2013, to be repurchased at $16,903,714 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $17,243,796.		$  16,903,705		16,903,705
Total Repurchase Agreement (cost $16,903,705)				16,903,705
Total Investment Securities (cost $407,055,201) (E)				406,191,648
Other Assets and Liabilities - Net  - (1.6)%				(6,333,766	)
Net Assets  - 100.0%				$  399,857,882

VALUATION SUMMARY: ^(F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	24,926,706	$	—	$	24,926,706
U.S. Government Agency Obligations		—		53,776,237		—		53,776,237
Foreign Government Obligations		—		2,053,681		—		2,053,681
Mortgage-Backed Securities		—		63,719,806		—		63,719,806
Asset-Backed Securities		—		105,717,251		—		105,717,251
Corporate Debt Securities		—		127,870,652		—		127,870,652
Convertible Bond		—		3,397,137		—		3,397,137
Securities Lending Collateral		7,826,473		—		—		7,826,473
Repurchase Agreement		—		16,903,705		—		16,903,705
Total Investment Securities	$	7,826,473	$	398,365,175	$	—	$	406,191,648

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $7,665,613. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Floating or variable rate note. Rate is listed as of December 31, 2013.

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

Transamerica Partners Portfolios Annual Report 2013

Page    31

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS (continued):

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate fair value of securities is $1,999,990, or 0.50% of the portfolio’s net assets.

^(D)  Rate shown reflects the yield at December 31, 2013.

^(E)  Aggregate cost for federal income tax purposes is $407,064,995. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $2,881,205 and $3,754,552, respectively. Net unrealized depreciation for tax purposes is $873,347.

^(F)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities aggregated $52,910,970, or 13.23% of the portfolio’s net assets.
MTN	Medium Term Note
REMIC	Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)

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

Transamerica Partners Portfolios Annual Report 2013

Page    32

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 89.1%
U.S. Treasury Inflation Indexed Bond
0.63%, 02/15/2043 (A)		$  6,166,546		$  4,741,494
0.75%, 02/15/2042		9,226,559		7,417,286
1.75%, 01/15/2028		8,712,865		9,328,212
2.00%, 01/15/2026		6,207,567		6,871,969
2.13%, 02/15/2040 - 02/15/2041		9,242,704		10,385,047
2.38%, 01/15/2025 - 01/15/2027		21,185,789		24,367,413
2.50%, 01/15/2029		6,826,384		8,022,066
3.38%, 04/15/2032		936,103		1,245,383
3.63%, 04/15/2028		6,902,702		9,130,978
3.88%, 04/15/2029		7,551,393		10,348,949
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 - 01/15/2023		93,982,625		93,817,904
0.38%, 07/15/2023		17,287,929		16,673,395
0.63%, 07/15/2021		193,063		195,974
1.13%, 01/15/2021		9,492,031		9,976,276
1.25%, 07/15/2020		5,719,033		6,118,473
1.38%, 07/15/2018 (A)		2,274,573		2,465,246
1.38%, 01/15/2020		4,819,902		5,175,745
1.88%, 07/15/2015		756,498		797,336
1.88%, 07/15/2019 (B)		4,457,602		4,953,162
2.00%, 01/15/2016		1,470,988		1,567,636
2.13%, 01/15/2019		1,490,708		1,664,702
2.50%, 07/15/2016		8,597,256		9,432,806
Total U.S. Government Obligations (cost $254,005,515)				244,697,452
FOREIGN GOVERNMENT OBLIGATIONS - 9.0%
Canadian Government Bond 1.50%, 12/01/2044		CAD  446,922		443,565
Deutsche Bundesrepublik Inflation Linked Bond 1.50%, 04/15/2016		EUR  10,336,140		14,819,424
Hellenic Republic Government Bond 4.40%, 10/15/2042 (C)		366,000		5,891
Italy Buoni Poliennali del Tesoro 2.10%, 09/15/2016		5,937,802		8,421,074
New Zealand Government Bond 3.00%, 09/20/2030		NZD  1,194,000		982,967
Total Foreign Government Obligations (cost $23,995,110)				24,672,921
MORTGAGE-BACKED SECURITY - 0.0% (D)
GMAC Commercial Mortgage Securities, Inc. Series 2004-C3, Class A4 4.55%, 12/10/2041		$  90,167		90,368
Total Mortgage-Backed Security (cost $86,465)				90,368
STRUCTURED NOTES DEBT - 0.2%
Diversified Financial Services - 0.2%
Bear Stearns Cos., LLC, Series MTN 5.37%, 03/10/2014 (C)		649,000		646,339
Total Structured Notes Debt (cost $646,449)				646,339

	Contracts		Value
PURCHASED OPTION - 0.1%
Put Option - 0.1%
Eurodollar, Mid-Curve 2-Year Future Exercise Price $98.75 Expires 01/10/2014		207		$  100,912
Total Purchased Option (cost $46,927)				100,912
	Notional Amount		Value
PURCHASED FOREIGN EXCHANGE OPTIONS - 0.0% (D)(E)
Put Options - 0.0% (D)
OTC - USD vs. EUR Exercise Price EUR 1.32 Expires 01/24/2014 Counterparty: DUB		EUR  2,180,000		759
OTC - USD vs. EUR Exercise Price EUR 1.35 Expires 01/24/2014 Counterparty: DUB		2,155,000		4,533
Total Purchased Foreign Exchange Options (cost $33,683)				5,292
PURCHASED SWAPTIONS - 0.4% (E)
Call Options - 0.0% (D)
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 2.00%, European Style Expires 05/10/2014 Counterparty: DUB		$  14,800,000		80
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 2.00%, European Style Expires 05/13/2014 Counterparty: DUB		1,855,000		10
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 3.85%, European Style Expires 10/02/2014 Counterparty: DUB		3,200,000		91,406
Put Options - 0.4%
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 2.50%, European Style Expires 06/08/2022 Counterparty: DUB		EUR  3,200,000		634,453
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 3.85%, European Style Expires 10/02/2014 Counterparty: DUB		$  3,200,000		218,360
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 4.25%, European Style Expires 02/01/2016 Counterparty: DUB		5,600,000		219,134
Total Purchased Swaptions (cost $1,080,888)				1,163,443

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

Transamerica Partners Portfolios Annual Report 2013

Page    33

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 2.0%
BlackRock Provident TempFund 24 (F)		5,546,763		$  5,546,763
Total Short-Term Investment Company (cost $5,546,763)				5,546,763
SECURITIES LENDING COLLATERAL - 1.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (G)		3,295,294		3,295,294
Total Securities Lending Collateral (cost $3,295,294)				3,295,294
Total Investment Securities (cost $288,737,094) (H)				280,218,784
Other Assets and Liabilities - Net  - (2.0)%				(5,431,060	)
Net Assets  - 100.0%				$  274,787,724
	Contracts		Value
WRITTEN OPTIONS - (0.0)% (D)
Put Option - (0.0)% (D)
Eurodollar, Mid-Curve 2-Year Future Exercise Price $ 98.50 Expires 01/10/2014		207		(23,288	)
Total Written Options (premiums $(15,173))				(23,288	)

	Notional Amount		Value
WRITTEN FOREIGN EXCHANGE OPTIONS - (0.0)% (D) (E)
Call Options - (0.0)% (D)
OTC - USD vs. EUR Exercise Price EUR 1.41 Expires 01/24/2014 Counterparty: DUB		EUR  2,155,000		$  (6,125	)
OTC - USD vs. JPY Exercise Price $105.25 Expires 03/18/2014 Counterparty: DUB		$  1,415,000		(25,268	)
Put Options - (0.0)% (D)
OTC - USD vs. EUR Exercise Price EUR 1.35 Expires 01/24/2014 Counterparty: DUB		EUR  2,165,000		(6,153	)
Total Written Foreign Exchange Options (cost $(78,615))				(37,546	)

WRITTEN INFLATION-CAPPED OPTION: (E)

Description

Counterparty

Initial Index

Floating Rate

Expiration Date

Notional Amount

Premiums Paid (Received)

Value

Cap - OTC Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA

DUB

2.50

HICP Index

04/26/2022

EUR

1,070,000

$

(74,168

)

$

(20,582

)

WRITTEN SWAPTIONS: (E)
Description	Counterparty		Floating Rate Index		Pay/Receive Floating Rate		Exercise Rate			Expiration Date		Notional Amount		Premiums Paid (Received)			Value
Call - OTC 5-Year Interest Rate Swap		DUB		3-Month USD LIBOR BBA		Receive		1.25	%		06/27/2014		$  4,500,000	$	(47,362	)	$	(894	)
Call - OTC 5-Year Interest Rate Swap		BCLY		3-Month USD LIBOR BBA		Receive		1.25			08/18/2014		8,000,000		(55,200	)		(2,127	)
Put - OTC 20-Year Interest Rate Swap		DUB		6-Month EUR EURIBOR		Pay		4.50			06/08/2022		EUR  3,200,000		(150,269	)		(260,017	)
Put - OTC 5-Year Interest Rate Swap		DUB		3-Month USD LIBOR BBA		Pay		2.25			06/27/2014		$  4,500,000		(47,363	)		(42,481	)
Put - OTC 5-Year Interest Rate Swap		BCLY		3-Month USD LIBOR BBA		Pay		2.25			08/18/2014		8,000,000		(120,000	)		(108,242	)
														$	(420,194	)	$	(413,761	)

CENTRALLY CLEARED SWAP AGREEMENTS: (I)
INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		0.48	%		08/08/2015	$	28,000,000	$	(85,211	)	$	476	$	(85,687	)
3-Month USD-LIBOR		1.54			08/01/2018		6,200,000		(18,132	)		115		(18,247	)
3-Month USD-LIBOR		2.22			08/09/2020		7,600,000		8,530			150		8,380
3-Month USD-LIBOR		3.69			11/22/2043		1,800,000		74,200			49		74,151
3-Month USD-LIBOR		3.74			11/26/2043		900,000		28,692			25		28,667
								$	8,079		$	815	$	7,264

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

Transamerica Partners Portfolios Annual Report 2013

Page    34

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

OVER THE COUNTER SWAP AGREEMENTS: (E)
INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate			Expiration Date		Counterparty		Notional Amount		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		2.50	%		03/17/2024		DUB		$  2,600,000	$	(154,300	)	$	0	$	(154,300	)
Eurostat Eurozone HICP Ex Tobacco NSA		0.00			11/19/2015		DUB		EUR  3,135,000		4,853			6,156		(1,303	)
										$	(149,447	)	$	6,156	$	(155,603	)

FUTURES CONTRACTS:
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation)
10-Year Government of Canada Bond		Short		(11	)		03/20/2014	$	17,397
10-Year U.S. Treasury Note		Long		68			03/20/2014		(54,419	)
2-Year U.S. Treasury Note		Long		113			03/31/2014		(46,548	)
3-Month EURIBOR		Long		97			12/15/2014		73,346
5-Year U.S. Treasury Note		Long		157			03/31/2014		(119,467	)
90-Day Eurodollar		Short		(127	)		12/15/2014		(30,225	)
90-Day Eurodollar		Short		(182	)		09/14/2015		35,144
90-Day Eurodollar		Long		182			09/18/2017		(177,956	)
Long U.S. Treasury Bond		Short		(101	)		03/20/2014		151,978
Ultra Long U.S. Treasury Bond		Short		(33	)		03/20/2014		65,336
								$	(85,414	)

FORWARD FOREIGN CURRENCY CONTRACTS: (E)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD	BNP		(643,000	)		01/23/2014	$	(581,176	)	$	7,934
CAD	BCLY		(464,000	)		01/23/2014		(448,021	)		11,468
EUR	DUB		(2,219,000	)		01/15/2014		(2,998,623	)		(54,031	)
EUR	DUB		(1,870,000	)		01/15/2014		(2,518,914	)		(53,625	)
EUR	BCLY		(17,429,000	)		01/22/2014		(23,535,668	)		(441,140	)
EUR	DUB		545,000			01/23/2014		736,627			13,120
GBP	CITI		345,000			01/23/2014		564,671			6,541
JPY	DUB		(144,682,000	)		01/15/2014		(1,467,458	)		93,490
NOK	UBS		(1,015,000	)		01/15/2014		(164,618	)		(2,631	)
NZD	BNP		(449,000	)		01/23/2014		(375,799	)		7,178
NZD	DUB		1,245,000			01/23/2014		1,022,699			(577	)
NZD	DUB		(760,000	)		01/23/2014		(616,335	)		(7,611	)
										$	(419,884	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS : (E)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
NOK	CSFB		8,350,134			01/15/2014	$	1,398,858		$	(22,951	)
AUD	CSFB		(1,487,000	)		01/15/2014		(1,398,858	)		72,463
EUR	CSFB		2,435,654			01/15/2014		3,292,154			58,549
CHF	CSFB		(2,997,956	)		01/15/2014		(3,292,154	)		(69,029	)
AUD	DUB		739,062			01/23/2014		675,392			(16,510	)
GBP	DUB		(410,000	)		01/23/2014		(675,392	)		(3,441	)
CHF	DUB		478,407			01/15/2014		528,714			7,656
EUR	DUB		(390,000	)		01/15/2014		(528,714	)		(7,805	)
NOK	UBS		5,440,470			01/15/2014		885,904			10,559
AUD	UBS		(980,000	)		01/15/2014		(885,904	)		11,750
										$	41,241

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

Transamerica Partners Portfolios Annual Report 2013

Page    35

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY: ^(J)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—		$	244,697,452		$	—	$	244,697,452
Foreign Government Obligations		—			24,672,921			—		24,672,921
Mortgage-Backed Security		—			90,368			—		90,368
Structured Notes Debt		—			646,339			—		646,339
Purchased Option		100,912			—			—		100,912
Purchased Foreign Exchange Options		—			5,292			—		5,292
Purchased Swaptions		—			1,163,443			—		1,163,443
Short-Term Investment Company		5,546,763			—			—		5,546,763
Securities Lending Collateral		3,295,294			—			—		3,295,294
Total Investment Securities	$	8,942,969		$	271,275,815		$	—	$	280,218,784
Derivative Financial Instruments
Interest Rate Swap Agreements (K)	$	—		$	111,198		$	—	$	111,198
Futures Contracts (K)		343,201			—			—		343,201
Forward Foreign Currency Contracts (K)		—			139,731			—		139,731
Forward Foreign Cross Currency Contracts (K)		—			160,977			—		160,977
Total Derivative Financial Instruments	$	343,201		$	411,906		$	—	$	755,107
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at December 31, 2013
LIABILITIES
Derivative Financial Instruments
Written Options	$	(23,288	)	$	—		$	—	$	(23,288	)
Written Foreign Exchange Options		—			(37,546	)		—		(37,546	)
Written Inflation — Capped Option		—			(20,582	)		—		(20,582	)
Written Swaptions		—			(413,761	)		—		(413,761	)
Interest Rate Swap Agreements (K)		—			(259,537	)		—		(259,537	)
Futures Contracts (K)		(428,615	)		—			—		(428,615	)
Forward Foreign Currency Contracts (K)		—			(559,615	)		—		(559,615	)
Forward Foreign Cross Currency Contracts (K)		—			(119,736	)		—		(119,736	)
Total Derivative Financial Instruments	$	(451,903	)	$	(1,410,777	)	$	—	$	(1,862,680	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $3,229,515. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $392,496.

^(C)  Floating or variable rate note. Rate is listed as of December 31, 2013.

^(D)  Percentage rounds to less than 0.1%.

^(E)  Cash in the amount of $500,000 has been segregated by the broker as collateral for open options, swap, swaptions and/or forward foreign currency contracts.

^(F)  The investment issuer is affiliated with the sub-adviser of the portfolio.

^(G)  Rate shown reflects the yield at December 31, 2013.

^(H)  Aggregate cost for federal income tax purposes is $291,983,916. Net unrealized depreciation for tax purposes is $11,765,132.

^(I)  Cash in the amount of $475,000 has been segregated by the custodian with the broker as collateral for centrally cleared swaps.

^(J)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

^(K) Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument.

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

Transamerica Partners Portfolios Annual Report 2013

Page    36

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

DEFINITIONS:

BBA	British Bankers’ Association
BCLY	Barclays Bank PLC
BNP	BNP Paribas
CITI	Citigroup, Inc.
CSFB	Credit Suisse First Boston
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
HICP	Harmonized Index of Consumer Prices
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
NSA	Not Seasonally Adjusted
OTC	Over the Counter
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
NOK	Norwegian Krone
NZD USD	New Zealand Dollar United States Dollar

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

Transamerica Partners Portfolios Annual Report 2013

Page    37

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 10.0%
U.S. Treasury Bond
2.75%, 11/15/2042		$  175,000		$  138,359
3.75%, 11/15/2043		29,265,000		28,286,437
U.S. Treasury Inflation Indexed Bond 0.75%, 02/15/2042		6,232,970		5,010,722
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		1,705,035		1,610,325
0.38%, 07/15/2023		18,075,556		17,433,025
U.S. Treasury Note
0.25%, 11/30/2015 (A)		3,425,000		3,418,177
0.63%, 12/15/2016 (A)		21,540,000		21,452,505
1.25%, 11/30/2018 (A)		1,938,800		1,897,298
1.50%, 12/31/2018		11,760,000		11,627,700
1.63%, 11/15/2022		240,000		216,637
2.00%, 11/30/2020		16,760,000		16,314,821
2.75%, 11/15/2023 (A)		26,475,000		25,899,990
Total U.S. Government Obligations (cost $137,372,502)				133,305,996
U.S. GOVERNMENT AGENCY OBLIGATIONS - 38.8%
Fannie Mae
1.33%, 08/01/2037 (B)		10,725		11,463
1.90%, 08/01/2034 - 01/01/2035 (B)		72,246		76,556
2.50%, 09/01/2027		19,538,984		19,360,006
2.74%, 08/01/2035 (B)		108,856		115,109
3.00%, 03/01/2041 (B)		699,765		738,465
3.00%, 02/01/2043 - 06/01/2043		35,369,168		33,624,315
3.13%, 03/01/2041 (B)		802,828		842,766
3.22%, 12/01/2040 (B)		1,628,633		1,705,656
3.36%, 06/01/2041 (B)		1,764,113		1,848,366
3.50%, 09/01/2041 (B)		1,295,778		1,361,417
3.50%, 07/01/2028 - 12/01/2043		22,177,322		22,157,701
4.00%, 01/01/2025 - 01/01/2044		35,345,470		36,731,743
4.50%, 02/01/2025 - 12/01/2043		29,104,720		30,908,890
5.00%, 11/01/2032 - 01/01/2042		21,023,857		22,884,353
5.50%, 07/01/2014 - 04/01/2041		3,149,043		3,462,430
6.00%, 02/01/2034 - 12/01/2038		4,739,136		5,291,008
6.00%, 04/01/2035 (B)		8,598,392		9,648,287
6.50%, 05/01/2040		6,080,619		6,755,354
7.00%, 01/01/2015 - 09/01/2016		9,927		10,186
7.00%, 01/01/2016 (B)		20,435		21,086
Fannie Mae, IO 2.40%, 01/25/2022 (B)		5,458,022		699,424
Fannie Mae, TBA
3.00%		10,100,000		10,307,129
3.50%		4,800,000		5,019,563
4.00%		16,600,000		17,087,625
4.50%		17,000,000		18,088,398
Farmer Mac Guaranteed Notes Trust Series 2007-1 5.13%, 04/19/2017 - 144A		900,000		1,017,652
Freddie Mac
1.95%, 02/01/2037 - 04/01/2037 (B)		286,302		303,562
2.17%, 05/01/2037 (B)		119,770		127,158
2.37%, 09/01/2035 (B)		1,813,361		1,916,560
2.50%, 05/01/2037 (B)		124,145		130,780
2.51%, 01/01/2038 (B)		318,677		339,797
2.64%, 12/01/2034 (B)		27,928		29,831
2.64%, 01/25/2023		3,015,000		2,831,480

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac (continued)
3.00%, 03/01/2043 - 08/01/2043		$  15,232,718		$  14,449,152
3.03%, 02/01/2041 (B)		1,242,096		1,312,391
3.30%, 04/25/2023 (B)		3,235,000		3,185,514
3.46%, 08/25/2023 (B)		1,390,000		1,381,285
3.50%, 04/01/2042 - 04/01/2043		7,268,751		7,225,739
4.50%, 09/01/2043 - 11/01/2043		4,040,426		4,286,224
5.50%, 07/01/2016 - 06/01/2041		3,690,209		4,020,743
6.00%, 04/01/2014 - 05/01/2031		1,113,396		1,242,793
6.03%, 09/01/2037 (B)		32,710		33,564
Freddie Mac, IO
0.90%, 10/25/2022 (B)		18,374,372		1,119,991
1.39%, 11/25/2019 (B)		58,229,534		3,838,840
1.51%, 06/25/2022 (B)		19,634,637		1,927,277
1.56%, 12/25/2018 (B)		10,200,367		672,184
1.78%, 05/25/2019 (B)		7,958,680		640,515
Freddie Mac, TBA
2.50%		7,100,000		7,034,270
3.00%		4,100,000		4,175,914
3.50%		28,700,000		28,475,781
4.00%		12,800,000		13,105,000
4.50%		9,900,000		10,441,019
5.00%		10,200,000		11,000,063
5.50%		900,000		982,406
FREMF Mortgage Trust
Series 2012-K23, Class B
3.66%, 10/25/2045 - 144A (B)		1,240,000		1,138,019
Series 2012-K706, Class C
4.02%, 11/25/2044 - 144A (B)		319,700		309,139
Series 2012-K711, Class B
3.56%, 08/25/2045 - 144A (B)		1,645,000		1,599,983
Series 2013-K713, Class B
3.17%, 04/25/2046 - 144A (B)		255,000		238,439
Ginnie Mae
3.50%, 02/15/2042 - 07/15/2043		7,734,840		7,821,465
4.00%, 09/15/2042 - 11/20/2043		32,628,767		34,007,699
4.50%, 05/20/2041 - 02/15/2042		29,884,134		32,082,378
5.00%, 12/15/2038 - 12/15/2040		3,244,690		3,527,944
6.50%, 12/20/2031		30,760		35,139
Ginnie Mae, IO 1.02%, 02/16/2053 (B)		10,271,372		754,371
Ginnie Mae, TBA
3.00%		14,100,000		13,623,024
3.50%		22,100,000		22,294,239
4.00%		100,000		103,910
4.50%		5,100,000		5,441,898
5.00%		11,100,000		12,030,926
5.50%		4,500,000		4,942,265
Resolution Funding Corp. Zero Coupon, 07/15/2018 -10/15/2018		2,400,000		2,200,411
Tennessee Valley Authority 5.98%, 04/01/2036		440,000		514,383
U.S. Small Business Administration Series P10A, Class 1 4.50%, 02/10/2014		91,444		91,684
Total U.S. Government Agency Obligations (cost $523,591,547)				518,762,097

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

Transamerica Partners Portfolios Annual Report 2013

Page    38

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.3%
Brazilian Government International Bond 7.13%, 01/20/2037		$  670,000		$  767,150
Hellenic Republic Government Bond 2.00%, 02/24/2023 - Reg S (C)		EUR  1,780,000		1,647,731
Italy Buoni Poliennali Del Tesoro 2.55%, 10/22/2016 - Reg S		2,426,672		3,417,658
Mexico Government International Bond 4.00%, 10/02/2023		$  5,298,000		5,245,020
Poland Government International Bond Series 2013-NPL1, Class A 5.00%, 03/23/2022		1,200,000		1,282,500
South Africa Government International Bond 4.67%, 01/17/2024 (A)		1,060,000		1,013,625
Spain Government Bond 4.40%, 10/31/2023 - Reg S		EUR  2,605,000		3,648,562
Total Foreign Government Obligations (cost $17,065,624)				17,022,246
MORTGAGE-BACKED SECURITIES - 15.5%
Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2 1.01%, 02/25/2035 (B)		$  16,322		16,124
Banc of America Commercial Mortgage Trust Series 2007-3, Class A1A 5.65%, 06/10/2049 (B)		3,490,802		3,801,246
Banc of America Funding Corp. Series 2005-E, Class 4A1 2.67%, 03/20/2035 (B)		301,979		303,389
Banc of America Merrill Lynch Commercial Mortgage, Inc.
Series 2007-1, Class AMFX
5.48%, 01/15/2049 (B)		245,000		255,808
Series 2007-3, Class A2
5.65%, 06/10/2049 (B)		194,540		194,349
Series 2007-3, Class A4
5.65%, 06/10/2049 (B)		4,240,000		4,685,331
Series 2007-3, Class AM
5.65%, 06/10/2049 (B)		1,755,000		1,931,911
Banc of America Re-REMIC Trust Series 2010-UB4, Class A4A 5.01%, 12/20/2041 - 144A (B)		2,774,043		2,827,776
Bear Stearns Adjustable Rate Mortgage Trust Series 2005-1, Class 4A1 5.18%, 03/25/2035 (B)		1,414,768		1,367,364
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2 2.76%, 11/25/2034 (B)		122,907		105,333
Bear Stearns Commercial Mortgage Securities Trust
Series 2005-PW10, Class AM
5.45%, 12/11/2040 (B)		610,000		651,332
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		3,087,899		3,375,272
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		2,100,622		2,300,341

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Commercial Mortgage Securities Trust (continued)
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (B)		$  2,118,441		$  2,343,641
Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2 0.38%, 12/25/2046 (B)		331,541		91,536
CD Mortgage Trust Series 2007-CD5, Class AMA 6.12%, 11/15/2044 (B)		255,000		284,064
Citigroup Commercial Mortgage Trust, IO Series 2013-GC15, Class XA 1.31%, 09/10/2046 (B)		6,557,291		487,030
COMM Mortgage Trust Series 2010-RR1, Class GEB 5.54%, 12/11/2049 - 144A (B)		960,000		1,035,361
Commercial Mortgage Pass-Through Certificates
Series 2006-C8, Class AM
5.35%, 12/10/2046		2,050,000		2,239,365
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 - 144A		1,560,000		1,443,950
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (B)		565,000		585,889
Series 2013-FL3, Class A
1.68%, 10/13/2028 - 144A (B)		2,565,000		2,573,734
Series 2013-GAM, Class A2
3.37%, 02/10/2028 - 144A		2,110,000		2,005,852
Commercial Mortgage Pass-Through Certificates, IO
Series 2012-CR1, Class XA
2.23%, 05/15/2045 (B)		9,933,507		1,188,524
Series 2013-LC6, Class XA
1.80%, 01/10/2046 (B)		41,000,683		3,932,744
Commercial Mortgage Trust
Series 2005-GG3, Class A3
4.57%, 08/10/2042		1,481,404		1,480,144
Series 2007-GG11, Class A4
5.74%, 12/10/2049		870,000		971,584
Countrywide Alternative Loan Trust
Series 2005-36, Class 2A1A
0.48%, 08/25/2035 (B)		1,654,563		1,183,979
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		3,287,664		2,964,013
Series 2005-51, Class 3A3A
0.49%, 11/20/2035 (B)		1,470,780		1,152,202
Series 2006-OA21, Class A1
0.36%, 03/20/2047 (B)		4,099,660		2,992,190
Series 2007-22, Class 2A16
6.50%, 09/25/2037		9,618,927		7,424,889
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		2,379,915		1,766,337
Countrywide Home Loan Mortgage Pass-Through Trust
Series 2003-60, Class 1A1
3.01%, 02/25/2034 (B)		168,774		165,538
Series 2004-23, Class A
2.44%, 11/25/2034 (B)		94,296		75,092
Series 2005-3, Class 1A2
0.46%, 04/25/2035 (B)		300,831		258,797

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

Transamerica Partners Portfolios Annual Report 2013

Page    39

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A2 5.45%, 01/15/2049 (B)		$  75,347		$  75,197
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-AR5, Class 7A2
2.64%, 06/25/2034 (B)		302,259		298,952
Series 2005-C3, Class AJ
4.77%, 07/15/2037		380,000		391,549
Credit Suisse Mortgage Capital Certificates
Series 2007-TF2A, Class A3
0.44%, 04/15/2022 - 144A (B)		2,695,000		2,589,008
Series 2011-4R, Class 5A1
2.56%, 05/27/2036 - 144A (B)		2,874,283		2,639,503
DBRR Trust
Series 2011-C32, Class A3A
5.73%, 06/17/2049 - 144A (B)		1,320,000		1,438,738
Series 2012-EZ1, Class A
0.95%, 09/25/2045 - 144A		3,376,390		3,376,549
Series 2013-EZ3, Class A
1.64%, 12/18/2049 - 144A (B)		1,605,697		1,608,207
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates Series 2005-WF1, Class 1A3 5.23%, 06/26/2035 - 144A (B)		846,833		851,550
Extended Stay America Trust
Series 2013-ESH5, Class C5
2.68%, 12/05/2031 - 144A		1,210,000		1,182,090
Series 2013-ESH7, Class A27
2.96%, 12/05/2031 - 144A		1,630,000		1,581,744
First Horizon Alternative Mortgage Securities Series 2006-FA8, Class 1A8 0.54%, 02/25/2037 (B)		356,190		238,309
GMAC Mortgage Corp., Loan Trust
Series 2003-AR2, Class 1A1
3.17%, 12/19/2033 (B)		34,712		33,294
Series 2005-AR1, Class 3A
3.08%, 03/18/2035 (B)		96,888		93,147
Greenpoint Mortgage Funding Trust Series 2006-AR4, Class A1A 0.27%, 09/25/2046 (B)		3		3
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class AM 5.87%, 12/10/2049 (B)		1,175,000		1,287,480
GS Mortgage Securities Corp. II
Series 2005-GG4, Class A4A
4.75%, 07/10/2039		3,133,960		3,246,604
Series 2012-ALOH, Class A
3.55%, 04/10/2034 - 144A		1,360,000		1,337,171
Series 2012-SHOP, Class C
3.63%, 06/05/2031 - 144A		410,000		411,208
Series 2013-KING, Class E
3.44%, 12/10/2027 - 144A (B)		3,320,000		2,888,911
GS Mortgage Securities Corp. II, IO
Series 2013-GC10, Class XA
1.77%, 02/10/2046 (B)		40,483,494		4,324,285
Series 2013-KYO, Class XB1
3.25%, 11/08/2029 - 144A (B)		20,730,000		955,906

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ
5.62%, 11/10/2039		$  1,740,000		$  1,704,132
Series 2006-GG8, Class AM
5.59%, 11/10/2039		710,000		778,218
Series 2007-GG10, Class A1A
5.80%, 08/10/2045 (B)		2,393,080		2,627,128
GSR Mortgage Loan Trust Series 2005-AR1, Class 2A1 2.62%, 01/25/2035 (B)		2,224,926		2,221,638
Hilton USA Trust
4.61%, 11/05/2030		970,000		970,792
Series 2013-HLT, Class EFX
5.22%, 11/05/2030 - 144A (B)		2,745,000		2,760,553
Hilton USA Trust, IO Series 2013-HLT, Class X1FX 1.67%, 11/05/2030 - 144A (B)		22,320,000		371,940
Impac CMB Trust Series 2004-6, Class 1A1 0.97%, 10/25/2034 (B)		58,897		55,765
IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 2.80%, 11/25/2037 (B)		593,185		541,585
IndyMac Index Mortgage Loan Trust
Series 2005-AR14, Class 2A1A
0.47%, 07/25/2035 (B)		1,449,566		1,270,497
Series 2007-AR15, Class 2A1
4.52%, 08/25/2037 (B)		922,738		768,631
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		494,147		495,584
Series 2006-CB14, Class AM
5.45%, 12/12/2044 (B)		2,000,000		2,147,508
Series 2006-LDP9, Class AM
5.37%, 05/15/2047		465,000		491,268
Series 2007-CB18, Class A3
5.45%, 06/12/2047		652,551		660,036
Series 2007-LD11, Class ASB
5.81%, 06/15/2049 (B)		1,269,662		1,356,885
Series 2013-C10, Class C
4.16%, 12/15/2047 (B)		785,000		740,763
JPMorgan Chase Commercial Mortgage Securities Corp., IO
Series 2012-CBX, Class XA
2.01%, 06/15/2045 (B)		9,712,985		954,777
Series 2013-LC11, Class XA
1.59%, 04/15/2046 (B)		10,690,922		1,020,406
Series 2013-LC11, Class XB
0.59%, 04/15/2046 (B)		1,908,000		84,999
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (B)		4,312,468		4,728,216
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (B)		3,969,879		4,455,851
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		3,129,440		3,448,627

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

Transamerica Partners Portfolios Annual Report 2013

Page    40

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
2.30%, 02/25/2034 (B)		$  145,136		$  142,610
Series 2006-A2, Class 5A1
2.55%, 11/25/2033 (B)		137,330		136,633
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		668,143		582,431
LB-UBS Commercial Mortgage Trust
Series 2005-C2, Class AJ
5.21%, 04/15/2030 (B)		1,280,000		1,325,187
Series 2007-C2, Class A3
5.43%, 02/15/2040		8,005,819		8,819,259
Series 2007-C7, Class A3
5.87%, 09/15/2045 (B)		3,768,657		4,179,659
Series 2007-C7, Class AM
6.16%, 09/15/2045 (B)		900,000		1,028,695
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1 2.53%, 11/25/2035 - 144A (B)		763,223		511,375
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
0.81%, 10/25/2028 (B)		66,388		65,632
Series 2004-A1, Class 2A1
2.45%, 02/25/2034 (B)		302,789		301,794
Series 2004-A3, Class 4A3
5.05%, 05/25/2034 (B)		166,271		163,009
Series 2005-A3, Class A1
0.44%, 04/25/2035 (B)		69,230		66,780
Series 2005-A4, Class 2A2
2.68%, 07/25/2035 (B)		327,073		287,035
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.28%, 11/12/2037 (B)		1,760,000		1,850,997
Series 2007-C1, Class A1A
5.86%, 06/12/2050 (B)		1,184,263		1,267,610
Morgan Stanley Bank of America Merrill Lynch Trust, IO Series 2013-C7, Class XA 1.75%, 02/15/2046 (B)		9,130,295		896,221
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.60%, 04/12/2049 (B)		2,855,000		3,115,362
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		4,264,417		4,671,482
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		1,090,000		1,184,825
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (B)		1,587,482		1,733,003
Series 2007-IQ15, Class AM
5.91%, 06/11/2049 (B)		2,575,000		2,770,110
Morgan Stanley Capital I Trust, IO Series 2012-C4, Class XA 2.67%, 03/15/2045 - 144A (B)		17,828,267		2,201,951
Morgan Stanley Capital I, Inc. Series 1998-WF2, Class G 6.34%, 07/15/2030 - 144A (B)		457,625		463,416

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Mortgage Loan Trust
Series 2004-8AR, Class 4A2
2.46%, 10/25/2034 (B)		$  306,573		$  307,726
Series 2006-3AR, Class 2A3
2.84%, 03/25/2036 (B)		633,180		493,090
Morgan Stanley Re-REMIC Trust
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		950,599		962,767
Series 2012-IO, Class AXB2
1.00%, 03/27/2051 - 144A		1,120,000		1,097,600
Series 2012-IO, Class XAB1
1.00%, 03/27/2051 - 144A		1,034,122		1,034,101
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		2,028,176		2,044,402
Motel 6 Trust Series 2012-MTL6, Class B 2.74%, 10/05/2025 - 144A		3,735,000		3,704,492
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1 6.50%, 10/25/2034 - 144A (B)		123,729		126,456
Prime Mortgage Trust Series 2006-DR1, Class 2A2 6.00%, 05/25/2035 - 144A		681,486		685,945
Queens Center Mortgage Trust Series 2013-QCA, Class D 3.47%, 01/11/2037 - 144A (B)		4,200,000		3,564,691
RALI Trust
Series 2007-QO1, Class A1
0.32%, 02/25/2047 (B)		687,542		537,473
Series 2007-QO4, Class A1A
0.36%, 05/25/2047 (B)		1,330,490		1,030,714
RBSCF Trust Series 2010-RR3, Class WBTA 5.92%, 02/16/2051 - 144A (B)		7,423,133		8,109,758
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 1A4 0.62%, 01/25/2037 (B)		588,254		393,794
S2 Hospitality LLC Series 2012-LV1, Class A 4.50%, 04/15/2025 - 144A		13,873		13,873
SCG Trust Series 2013-SRP1, Class AJ 2.12%, 11/15/2026 - 144A (B)		1,140,000		1,140,016
STRIPS, Ltd. Series 2012-1A, Class A 1.50%, 12/25/2044 - 144A		2,914,244		2,885,102
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1
2.49%, 01/25/2035 (B)		575,389		525,779
Series 2005-15, Class 1A1
1.65%, 07/25/2035 (B)		827,470		678,231
Series 2007-3, Class 3A1
8.26%, 04/25/2047 (B)		2,316,725		1,758,774
Structured Asset Mortgage Investments, Inc. Series 2003-AR4, Class A1 0.87%, 01/19/2034 (B)		81,734		79,496

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

Transamerica Partners Portfolios Annual Report 2013

Page    41

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Voyager BRSTN Delaware Trust, IO Series 2009-1, Class UAU7 0.42%, 12/26/2036 - 144A (B)		$  462,958		$  417,193
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ 5.92%, 02/15/2051 (B)		1,835,000		1,837,965
WaMu Mortgage Pass-Through Certificates
Series 2005-AR8, Class 2A1A
0.46%, 07/25/2045 (B)		85,231		79,669
Series 2006-AR14, Class 1A3
2.07%, 11/25/2036 (B)		1,452,269		1,220,947
Series 2006-AR3, Class A1A
1.11%, 05/25/2046 (B)		1,921,684		1,357,295
Series 2007-OA6, Class 1A1B
0.95%, 07/25/2047 (B)		1,860,710		626,211
Wells Fargo Re-REMIC Trust Series 2012-IO, Class A 1.75%, 08/20/2021 - 144A		1,730,017		1,719,637
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class A4 3.04%, 03/15/2045		2,430,000		2,303,001
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C10, Class XA
1.83%, 12/15/2045 - 144A (B)		15,217,988		1,633,803
Series 2013-C15, Class XA
0.72%, 08/15/2046 (B)		16,651,957		703,046
Total Mortgage-Backed Securities (cost $208,248,708)				206,805,358
ASSET-BACKED SECURITIES - 17.2%
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		1,650,000		1,708,115
Series 2012-2, Class C
2.64%, 10/10/2017		1,400,000		1,439,676
Series 2012-3, Class C
2.42%, 05/08/2018		1,350,000		1,374,042
Series 2012-4, Class B
1.31%, 11/08/2017		785,000		787,460
Series 2012-4, Class C
1.93%, 08/08/2018		1,235,000		1,243,620
Series 2012-5, Class C
1.69%, 11/08/2018		975,000		973,453
Series 2013-4, Class B
1.66%, 09/10/2018		520,000		521,800
Series 2013-4, Class C
2.72%, 09/09/2019		320,000		323,758
Series 2013-4, Class D
3.31%, 10/08/2019		745,000		755,449
Series 2013-5, Class B
1.52%, 01/08/2019		555,000		553,059
Series 2013-5, Class C
2.29%, 11/08/2019		295,000		295,008
Amortizing Residential Collateral Trust Series 2002-BC5, Class M1 1.20%, 07/25/2032 (B)		241,166		215,309

	Principal		Value
ASSET-BACKED SECURITIES (continued)
AUTO Asset-Backed Securities Srl Series 2012-2, Class A 2.80%, 04/27/2025 - Reg S		EUR 1,475,265		$  2,045,335
Capital Auto Receivables Asset Trust / Ally Series 2013-1, Class C 1.74%, 10/22/2018		$  2,130,000		2,103,475
Chase Funding Trust Series 2003-4, Class 1A5 5.42%, 05/25/2033 (B)		976,099		1,023,063
Chesapeake Funding LLC
Series 2012-1A, Class B
1.77%, 11/07/2023 - 144A (B)		1,235,000		1,239,798
Series 2012-1A, Class C
2.17%, 11/07/2023 - 144A (B)		795,000		798,079
CHLUPA Trust Series 2013-VM, Class A 3.33%, 08/15/2020 - 144A		2,691,466		2,694,830
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A2
0.56%, 12/15/2016 - 144A		1,830,000		1,829,998
Series 2013-BA, Class A3
0.85%, 05/15/2018 - 144A		1,600,000		1,599,850
Series 2013-BA, Class A4
1.27%, 03/15/2019 - 144A		1,105,000		1,105,017
Series 2013-BA, Class B
1.78%, 06/17/2019 - 144A		510,000		509,937
Series 2013-BA, Class C
2.24%, 09/16/2019 - 144A		520,000		519,847
Series 2013-BA, Class D
2.89%, 10/15/2020 - 144A		515,000		514,833
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.68%, 12/01/2033 (B)		319,276		323,468
Series 2002-2, Class A2
6.03%, 03/01/2033 (B)		731,001		749,329
Countrywide Home Equity Loan Trust Series 2006-RES, Class 4Q1B 0.47%, 12/15/2033 - 144A (B)		257,548		199,837
Credit Acceptance Auto Loan Trust
Series 2012-2A, Class A
1.52%, 03/16/2020 - 144A		1,780,000		1,785,000
Series 2013-1A, Class A
1.21%, 10/15/2020 - 144A		1,060,000		1,060,735
DT Auto Owner Trust
Series 2011-3A, Class C
4.03%, 02/15/2017 - 144A		372,411		372,862
Series 2012-1A, Class B
2.26%, 10/16/2017 - 144A		331,583		331,814
Series 2012-1A, Class C
3.38%, 10/16/2017 - 144A		810,000		814,350
Series 2012-1A, Class D
4.94%, 07/16/2018 - 144A		1,750,000		1,805,149
Series 2012-2A, Class B
1.85%, 04/17/2017 - 144A		260,000		260,543
Ford Credit Auto Owner Trust Series 2013-B, Class D 1.82%, 11/15/2019		1,210,000		1,221,954

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

Transamerica Partners Portfolios Annual Report 2013

Page    42

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Floorplan Master Owner Trust
Series 2012-1, Class C
1.67%, 01/15/2016 (B)		$  1,120,000		$  1,120,469
Series 2012-1, Class D
2.27%, 01/15/2016 (B)		1,830,000		1,830,913
Series 2012-2, Class C
2.86%, 01/15/2019		455,000		466,696
Series 2012-2, Class D
3.50%, 01/15/2019		815,000		845,247
Series 2012-4, Class D
2.09%, 09/15/2016		1,595,000		1,604,395
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		1,345,000		1,353,877
Series 2013-T1, Class A2
1.50%, 01/16/2046 - 144A		3,550,000		3,536,865
Series 2013-T2, Class B2
1.50%, 05/16/2044 - 144A		440,000		438,372
Series 2013-T3, Class A3
1.79%, 05/15/2046 - 144A		6,720,000		6,574,848
Series 2013-T5, Class AT5
1.98%, 08/15/2046 - 144A		1,170,000		1,170,585
Series 2013-T6, Class AT6
1.29%, 09/15/2044 - 144A		2,270,000		2,268,638
Hyundai Auto Receivables Trust Series 2012-A, Class D 2.61%, 05/15/2018		2,235,000		2,294,196
JG Wentworth XX LLC Series 2010-1A, Class A 5.56%, 07/15/2059 - 144A		7,211,555		8,045,456
JG Wentworth XXI LLC Series 2010-2A, Class A 4.07%, 01/15/2048 - 144A		790,749		831,357
JG Wentworth XXII LLC Series 2010-3A, Class A 3.82%, 12/15/2048 - 144A		1,348,065		1,402,043
Nationstar Agency Advance Funding Trust Series T2A, Class AT2 1.89%, 02/18/2048 - 144A		3,680,000		3,586,565
Nationstar Mortgage Advance Receivables Trust
Series 2013-T1A, Class A1
1.08%, 06/20/2044 - 144A		3,770,000		3,767,608
Series 2013-T2A, Class A2
1.68%, 06/20/2046 - 144A		5,365,000		5,356,846
Nelnet Student Loan Trust
Series 2006-1, Class A5
0.35%, 08/23/2027 (B)		2,230,000		2,176,908
Series 2008-3, Class A4
1.89%, 11/25/2024 (B)		2,500,000		2,597,462
PFS Financing Corp. Series 2012-AA, Class A 1.37%, 02/15/2016 - 144A (B)		2,544,000		2,545,669
RAAC Series 2007-RP4, Class A 0.52%, 11/25/2046 - 144A (B)		1,097,405		856,419

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Renaissance Home Equity Loan Trust Series 2007-2, Class AF6 5.88%, 06/25/2037 (B)		$  1,470,307		$  805,080
Santander Drive Auto Receivables Trust
Series 2011-S1A, Class B
1.48%, 05/15/2017 - 144A		511,617		511,872
Series 2012-1, Class B
2.72%, 05/16/2016		1,000,000		1,011,100
Series 2012-1, Class C
3.78%, 11/15/2017		1,345,000		1,390,618
Series 2012-2, Class C
3.20%, 02/15/2018		4,455,000		4,578,635
Series 2012-3, Class B
1.94%, 12/15/2016		3,285,000		3,315,219
Series 2012-3, Class C
3.01%, 04/16/2018		4,475,000		4,605,272
Series 2012-4, Class C
2.94%, 12/15/2017		1,400,000		1,440,817
Series 2012-5, Class B
1.56%, 08/15/2018		750,000		755,084
Series 2012-5, Class C
2.70%, 08/15/2018		355,000		364,661
Series 2012-6, Class B
1.33%, 05/15/2017		1,555,000		1,559,422
Series 2012-6, Class C
1.94%, 03/15/2018		1,635,000		1,648,108
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		3,780,000		3,783,591
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		7,060,000		7,041,002
Series 2013-2, Class B
1.33%, 03/15/2018		3,740,000		3,749,343
Series 2013-3, Class B
1.19%, 05/15/2018		3,320,000		3,305,289
Series 2013-4, Class C
3.25%, 01/15/2020		1,560,000		1,602,629
Series 2013-4, Class E
4.67%, 01/15/2020 - 144A		3,325,000		3,413,937
Series 2013-5, Class B
1.55%, 10/15/2018		4,255,000		4,248,098
Series 2013-5, Class C
2.25%, 06/17/2019		2,015,000		2,008,111
Series 2013-A, Class B
1.89%, 10/15/2019 - 144A		2,355,000		2,370,260
Series 2013-A, Class C
3.12%, 10/15/2019 - 144A		910,000		933,304
Series 2013-A, Class D
3.78%, 10/15/2019 - 144A		595,000		613,380
Scholar Funding Trust
Series 2011-A, Class A
1.14%, 10/28/2043 - 144A (B)		1,451,728		1,453,300
Series 2013-A, Class A
0.82%, 01/30/2045 - 144A (B)		6,670,291		6,611,898
Securitized Asset Backed Receivables LLC Series 2007-BR3, Class A2B 0.39%, 04/25/2037 (B)		2,337,392		1,342,476
SLC Private Student Loan Trust Series 2006-A, Class A5 0.41%, 07/15/2036 (B)		3,935,000		3,880,787

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

Transamerica Partners Portfolios Annual Report 2013

Page    43

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLC Student Loan Trust Series 2008-1, Class A4A 1.84%, 12/15/2032 (B)		$  400,000		$  415,479
SLM Private Credit Student Loan Trust
Series 2002-A, Class A2
0.79%, 12/16/2030 (B)		1,806,939		1,761,426
Series 2004-B, Class A2
0.44%, 06/15/2021 (B)		2,697,437		2,665,581
Series 2005-B, Class A2
0.42%, 03/15/2023 (B)		1,278,991		1,250,993
SLM Private Education Loan Trust
Series 2012-A, Class A1
1.57%, 08/15/2025 - 144A (B)		963,360		972,614
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		3,340,000		3,465,621
Series 2012-C, Class A1
1.27%, 08/15/2023 - 144A (B)		1,919,140		1,929,996
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		4,850,000		5,015,458
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		6,220,000		6,344,736
Series 2012-E, Class A1
0.92%, 10/16/2023 - 144A (B)		1,785,168		1,786,293
Series 2013-A, Class A1
0.77%, 08/15/2022 - 144A (B)		906,522		905,138
Series 2013-A, Class A2A
1.77%, 05/17/2027 - 144A		1,535,000		1,488,870
Series 2013-B, Class A2A
1.85%, 06/17/2030 - 144A		2,130,000		2,054,119
Series 2013-C, Class A1
1.02%, 02/15/2022 - 144A (B)		3,241,377		3,250,300
Series 2013-C, Class A2A
2.94%, 10/15/2031 - 144A		2,560,000		2,586,980
Series 2013-C, Class A2B
1.57%, 10/15/2031 - 144A (B)		1,360,000		1,362,944
SLM Student Loan Trust
Series 2003-11, Class A6
0.99%, 12/15/2025 - 144A (B)		3,430,000		3,401,281
Series 2008-5, Class A4
1.94%, 07/25/2023 (B)		3,860,000		4,035,109
Series 2011-B, Class A2
3.74%, 02/15/2029 - 144A		595,000		620,580
Series 2011-C, Class A2B
4.54%, 10/17/2044 - 144A		1,930,000		2,073,204
Series 2012-B, Class A2
3.48%, 10/15/2030 - 144A		2,555,000		2,668,664
Series 2013-6, Class A3
0.82%, 06/26/2028 (B)		3,355,000		3,355,081
SpringCastle America Funding LLC Series 2013-1A, Class A 3.75%, 04/03/2021 - 144A		5,972,855		5,987,787
Structured Asset Securities Corp.
Series 2003-AL2, Class A
3.36%, 01/25/2031 - 144A		2,057,605		2,004,295
Series 2007-TC1, Class A
0.47%, 04/25/2031 - 144A (B)		1,246,783		1,153,216

	Principal		Value
ASSET-BACKED SECURITIES (continued)
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		$  4,000,000		$  3,964,144
Series 2012-D, Class A
2.15%, 04/17/2023		4,780,000		4,651,681
Total Asset-Backed Securities (cost $229,503,491)				229,286,169
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
New York City Water & Sewer System (Revenue Bonds)
5.38%, 06/15/2043		1,670,000		1,755,387
5.50%, 06/15/2043		2,000,000		2,118,260
Total Municipal Government Obligations (cost $3,618,406)				3,873,647
PREFERRED CORPORATE DEBT SECURITIES - 0.1%
Capital Markets - 0.0% (D)
State Street Capital Trust IV 1.24%, 06/15/2037 (B)		290,000		219,095
Diversified Financial Services - 0.0% (D)
Lehman Brothers Holdings Capital Trust VII, Series MTN 5.86%, 01/31/2014 (E) (F) (G) (H)		1,945,000		194
Insurance - 0.1%
MetLife Capital Trust IV 7.88%, 12/15/2037 - 144A		740,000		849,150
Total Preferred Corporate Debt Securities (cost $2,979,172)				1,068,439
CORPORATE DEBT SECURITIES - 26.0%
Airlines - 0.2%
United Continental Holdings, Inc.
6.00%, 07/15/2028		735,000		619,238
8.00%, 07/15/2024 (A)		2,240,000		2,246,720
Auto Components - 0.0% (D)
Servus Luxembourg Holding SCA, Series MTN 7.75%, 06/15/2018 - Reg S		EUR  100,000		144,724
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023 - 144A (A)		$  850,000		860,625
6.25%, 10/02/2043 - 144A (A)		500,000		519,375
Jaguar Land Rover Automotive PLC 8.25%, 03/15/2020 - Reg S		GBP  110,000		206,290
Biotechnology - 0.2%
Amgen, Inc.
5.15%, 11/15/2041		$  800,000		797,029
5.65%, 06/15/2042		1,410,000		1,493,241
Building Products - 0.0% (D)
Eco-Bat Finance PLC 7.75%, 02/15/2017 - Reg S (A)		EUR  110,000		158,137
Capital Markets - 1.3%
Bank of New York Mellon Corp., Series MTN 2.10%, 01/15/2019		$  2,615,000		2,591,988

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

Transamerica Partners Portfolios Annual Report 2013

Page    44

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Capital Markets (continued)
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		$  1,055,000		$  1,107,201
3.63%, 01/22/2023 (A)		1,735,000		1,680,092
5.75%, 01/24/2022 (A)		1,181,000		1,329,438
Goldman Sachs Group, Inc., Series MTN 1.84%, 11/29/2023 (A) (B)		2,740,000		2,782,399
Morgan Stanley
3.45%, 11/02/2015 (A)		3,468,000		3,609,862
3.80%, 04/29/2016		1,045,000		1,105,432
Morgan Stanley, Series MTN 5.00%, 11/24/2025 (A)		2,910,000		2,918,701
Chemicals - 0.6%
LYB International Finance BV 5.25%, 07/15/2043		17,000		17,089
LyondellBasell Industries NV 5.00%, 04/15/2019		7,097,000		7,882,077
Rain CII Carbon LLC / CII Carbon Corp. 8.50%, 01/15/2021 - Reg S		EUR  130,000		181,524
Commercial Banks - 1.2%
ABN AMRO Bank NV, Series MTN 6.38%, 04/27/2021 - Reg S		380,000		604,049
Caixa Economica Federal 2.38%, 11/06/2017 - 144A		$  1,650,000		1,532,438
Commerzbank AG, Series MTN 6.38%, 03/22/2019 (A)		EUR  1,000,000		1,521,723
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 5.75%, 12/01/2043 (A)		$  484,000		513,082
Glitnir HF 6.33%, 07/28/2011 - 144A (F)		290,000		84,825
HSBC Bank Brasil SA - Banco Multiplo, Series MTN 4.00%, 05/11/2016 - 144A		5,850,000		5,945,062
Landsbanki Islands HF 6.10%, 08/25/2011 - 144A (F) (H)		320,000		28,800
Russian Agricultural Bank OJSC Via RSHB Capital SA 6.30%, 05/15/2017 - 144A		170,000		181,263
U.S. Bancorp, Series MTN 1.95%, 11/15/2018		2,529,000		2,515,437
Wells Fargo & Co.
1.50%, 07/01/2015		1,055,000		1,069,835
2.15%, 01/15/2019		952,000		949,018
5.38%, 11/02/2043 (A)		880,000		901,125
Commercial Services & Supplies - 0.3%
EC Finance PLC 9.75%, 08/01/2017 - Reg S		EUR  124,000		185,892
GCL Holdings SCA 9.38%, 04/15/2018 - Reg S		110,000		163,433
United Rentals North America, Inc. 7.63%, 04/15/2022		$  3,320,000		3,689,350
Verisure Holding AB, Series MTN 8.75%, 12/01/2018 - Reg S (A)		EUR  110,000		163,811

	Principal		Value
Communications Equipment - 0.1%
CC Holdings GS V LLC / Crown Castle GS III Corp. 3.85%, 04/15/2023		$  1,550,000		$  1,450,960
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd. 6.75%, 10/01/2022 - 144A		1,203,181		1,231,456
Construction Materials - 0.0% (D)
Buzzi Unicem SpA 6.25%, 09/28/2018 - Reg S		EUR  100,000		154,601
Consumer Finance - 0.1%
Discover Financial Services 3.85%, 11/21/2022		$  1,136,000		1,077,121
Unique Pub Finance Co. PLC 5.66%, 06/30/2027		GBP  93,577		151,859
Containers & Packaging - 0.1%
Ardagh Glass Finance PLC 8.75%, 02/01/2020 - Reg S		EUR  62,000		90,411
Ardagh Packaging Finance PLC 9.25%, 10/15/2020 - Reg S		100,000		149,607
Rock Tenn Co. 4.00%, 03/01/2023		$  482,000		460,354
Diversified Financial Services - 2.4%
Bank of America Corp.
2.60%, 01/15/2019		1,676,000		1,683,398
3.70%, 09/01/2015		4,230,000		4,421,666
4.10%, 07/24/2023 (A)		5,055,000		5,076,448
Bank of America Corp., Series MTN 3.30%, 01/11/2023 (A)		6,065,000		5,739,109
Citigroup, Inc.
3.38%, 03/01/2023		1,450,000		1,378,247
4.45%, 01/10/2017		900,000		975,419
Ford Motor Credit Co. LLC
4.38%, 08/06/2023 (A)		706,000		709,783
5.00%, 05/15/2018		4,159,000		4,632,748
JPMorgan Chase & Co.
3.20%, 01/25/2023 (A)		560,000		530,895
3.25%, 09/23/2022		1,240,000		1,188,318
4.75%, 03/01/2015		2,115,000		2,212,757
Kaupthing Bank Hf 7.13%, 05/19/2016 - 144A (F) (G)		200,000		0
Novus USA Trust 1.54%, 02/28/2014 - 144A (B) (G)		2,930,000		2,933,652
Diversified Telecommunication Services - 2.4%
AT&T, Inc. 2.38%, 11/27/2018 (A)		1,340,000		1,341,150
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		1,902,000		2,054,160
Level 3 Financing, Inc. 8.13%, 07/01/2019		2,053,000		2,248,035
Sprint Capital Corp. 6.88%, 11/15/2028 (A)		822,000		774,735
Telenet Finance III Luxembourg SCA 6.63%, 02/15/2021 - Reg S		EUR  100,000		148,575
Telenet Finance V Luxembourg SCA 6.75%, 08/15/2024 - Reg S		100,000		146,271
Verizon Communications, Inc.
3.65%, 09/14/2018		$  5,735,000		6,070,865
3.85%, 11/01/2042		6,304,000		5,149,132

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

Transamerica Partners Portfolios Annual Report 2013

Page    45

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. (continued)
4.50%, 09/15/2020		$  1,160,000		$  1,241,857
5.15%, 09/15/2023		2,645,000		2,839,915
6.55%, 09/15/2043		8,011,000		9,372,542
Virgin Media Secured Finance PLC 6.00%, 04/15/2021 - Reg S		GBP  110,000		187,164
Electric Utilities - 1.1%
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		$  468,000		476,535
8.88%, 11/15/2018		459,000		580,563
Dominion Gas Holdings LLC 4.80%, 11/01/2043 - 144A (A)		173,000		167,264
Duke Energy Carolinas LLC 4.25%, 12/15/2041		1,560,000		1,452,547
Duke Energy Florida, Inc. 6.40%, 06/15/2038		1,000,000		1,232,950
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/01/2020		6,135,000		6,518,438
Georgia Power Co. 3.00%, 04/15/2016		3,370,000		3,512,831
Jersey Central Power & Light Co. 7.35%, 02/01/2019		1,025,000		1,210,429
Electronic Equipment & Instruments - 0.0% (D)
Trionista Holdco GmbH 5.00%, 04/30/2020 - Reg S (A)		EUR  100,000		140,734
Trionista TopCo GmbH 6.88%, 04/30/2021 - Reg S		100,000		145,343
Energy Equipment & Services - 1.5%
Enterprise Products Operating LLC 4.45%, 02/15/2043		$  1,035,000		914,232
Noble Holding International, Ltd. 5.25%, 03/15/2042 (A)		505,000		484,538
Schlumberger Investment SA 3.65%, 12/01/2023 (A)		855,000		847,556
TransCanada PipeLines, Ltd. 3.75%, 10/16/2023 (A)		1,035,000		1,008,771
Transocean, Inc.
2.50%, 10/15/2017		3,595,000		3,633,085
5.05%, 12/15/2016		2,575,000		2,844,528
6.00%, 03/15/2018 (A)		6,084,000		6,822,878
6.50%, 11/15/2020 (A)		1,610,000		1,838,523
6.80%, 03/15/2038 (A)		870,000		968,321
Food & Staples Retailing - 0.1%
Bakkavor Finance 2 PLC 8.75%, 06/15/2020 - Reg S		GBP  100,000		180,502
CVS Caremark Corp. 5.30%, 12/05/2043		$  324,000		335,069
House of Fraser Funding PLC 8.88%, 08/15/2018 - Reg S		GBP  100,000		180,912
Wal-Mart Stores, Inc. 4.00%, 04/11/2043		$  1,288,000		1,146,298
Food Products - 0.2%
WM Wrigley Jr. Co. 2.90%, 10/21/2019 - 144A		2,260,000		2,241,317
Health Care Equipment & Supplies - 0.4%
Boston Scientific Corp. 2.65%, 10/01/2018		3,132,000		3,153,307

	Principal		Value
Health Care Equipment & Supplies (continued)
Edwards Lifesciences Corp. 2.88%, 10/15/2018		$  2,414,000		$  2,399,912
IDH Finance PLC, Series MTN 6.00%, 12/01/2018 - Reg S		GBP  110,000		183,976
Health Care Providers & Services - 1.0%
Coventry Health Care, Inc. 5.45%, 06/15/2021		$  1,667,000		1,854,746
HCA, Inc. 7.25%, 09/15/2020		4,395,000		4,790,550
Priory Group No. 3 PLC 7.00%, 02/15/2018 - Reg S		GBP  130,000		226,575
Tenet Healthcare Corp. 6.25%, 11/01/2018 (A)		$  2,010,000		2,226,075
UnitedHealth Group, Inc. 3.38%, 11/15/2021		665,000		656,795
WellPoint, Inc.
1.88%, 01/15/2018		1,975,000		1,952,902
2.30%, 07/15/2018		1,489,000		1,477,183
Hotels, Restaurants & Leisure - 0.3%
Caesars Entertainment Resort Properties LLC
8.00%, 10/01/2020 - 144A (A)		1,442,000		1,499,680
11.00%, 10/01/2021 - 144A (A)		1,595,000		1,634,875
Carnival Corp. 3.95%, 10/15/2020		384,000		384,296
Cirsa Funding Luxembourg SA 8.75%, 05/15/2018 - Reg S		EUR  140,000		204,154
Enterprise Inns PLC 6.50%, 12/06/2018		GBP  136,000		233,655
Gala Group Finance PLC 8.88%, 09/01/2018 - Reg S		110,000		196,184
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018 - 144A (A)		$  94,000		96,115
4.88%, 11/01/2020 - 144A (A)		150,000		150,000
Household Durables - 0.0% (D)
DFS Furniture Holdings PLC 7.63%, 08/15/2018 - Reg S (A)		GBP  103,000		182,171
Household Products - 0.4%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		$  2,320,000		2,499,800
7.88%, 08/15/2019		2,595,000		2,867,475
Insurance - 1.8%
Allianz Finance II BV, Series MTN 5.75%, 07/08/2041 (B)		EUR  900,000		1,388,451
American International Group, Inc.
3.38%, 08/15/2020 (A)		$  2,515,000		2,529,627
3.80%, 03/22/2017		3,465,000		3,700,270
4.13%, 02/15/2024		1,439,000		1,430,658
8.18%, 05/15/2058 (B)		1,095,000		1,324,950
American International Group, Inc., Series MTN 5.45%, 05/18/2017		1,555,000		1,738,055
Manulife Financial Corp. 3.40%, 09/17/2015		680,000		707,832
Muenchener Rueckversicherungs AG, Series MTN 6.00%, 05/26/2041 - Reg S (B)		EUR  300,000		477,351

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

Transamerica Partners Portfolios Annual Report 2013

Page    46

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Insurance (continued)
Prudential Financial, Inc. 5.88%, 09/15/2042 (B)		$  297,000		$  301,826
Prudential Financial, Inc., Series MTN
4.50%, 11/15/2020 (A)		1,000,000		1,072,792
4.75%, 09/17/2015		1,686,000		1,796,672
5.38%, 06/21/2020		1,500,000		1,695,170
7.38%, 06/15/2019		1,630,000		2,001,130
XL Group PLC 6.50%, 04/15/2017 (A) (B) (E)		3,100,000		3,049,625
XLIT, Ltd.
2.30%, 12/15/2018		666,000		654,138
5.25%, 12/15/2043 (A)		303,000		305,029
Internet Software & Services - 0.0% (D)
Cerved Group SpA, Series MTN 8.00%, 01/15/2021 - Reg S		EUR  110,000		160,028
IT Services - 0.2%
International Business Machines Corp. 3.38%, 08/01/2023 (A)		$  2,175,000		2,119,111
Life Sciences Tools & Services - 0.3%
Life Technologies Corp. 6.00%, 03/01/2020		1,685,000		1,936,100
Thermo Fisher Scientific, Inc.
2.40%, 02/01/2019		2,328,000		2,306,329
5.30%, 02/01/2044		177,000		178,978
Media - 2.6%
21st Century Fox America, Inc. 7.63%, 11/30/2028		1,070,000		1,327,166
CBS Corp.
4.63%, 05/15/2018		670,000		726,333
5.75%, 04/15/2020		530,000		594,938
8.88%, 05/15/2019		1,460,000		1,866,654
Comcast Corp.
4.65%, 07/15/2042		3,112,000		2,896,040
5.88%, 02/15/2018		2,709,000		3,107,207
COX Communications, Inc.
4.70%, 12/15/2042 - 144A (A)		906,000		760,882
8.38%, 03/01/2039 - 144A		3,525,000		4,275,028
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.80%, 03/15/2022 (A)		965,000		927,014
5.00%, 03/01/2021		1,855,000		1,948,694
5.15%, 03/15/2042		1,605,000		1,441,454
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 - 144A (E)		1,500,000		1,485,000
NBCUniversal Media LLC
4.38%, 04/01/2021 (A)		575,000		608,593
4.45%, 01/15/2043 (A)		1,389,000		1,244,299
5.15%, 04/30/2020		2,296,000		2,566,345
Time Warner Cable, Inc.
8.25%, 04/01/2019		5,090,000		5,962,960
8.75%, 02/14/2019 (A)		2,108,000		2,514,511
Unitymedia KabelBW GmbH 9.50%, 03/15/2021 - Reg S		EUR  130,000		207,618
Metals & Mining - 0.5%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023		$2,116,000		2,125,179
5.00%, 09/30/2043		832,000		845,929

	Principal		Value
Metals & Mining (continued)
Novelis, Inc. 8.75%, 12/15/2020 (A)		$2,735,000		$  3,042,687
Multi-Utilities - 0.2%
Dominion Resources, Inc. 1.95%, 08/15/2016		2,650,000		2,693,850
Oil, Gas & Consumable Fuels - 3.9%
Apache Corp.
4.25%, 01/15/2044 (A)		935,000		840,629
4.75%, 04/15/2043		530,000		514,071
BP Capital Markets PLC 2.75%, 05/10/2023		2,120,000		1,935,764
CONSOL Energy, Inc. 8.25%, 04/01/2020 (A)		290,000		313,925
Energy Transfer Partners, LP 4.15%, 10/01/2020		3,675,000		3,728,585
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024 (A)		3,140,000		3,037,859
Laredo Petroleum, Inc. 7.38%, 05/01/2022		1,370,000		1,486,450
Linn Energy LLC / Linn Energy Finance Corp. 7.00%, 11/01/2019 - 144A (A)		2,820,000		2,848,200
MEG Energy Corp. 6.50%, 03/15/2021 - 144A		4,030,000		4,241,575
Murphy Oil Corp.
2.50%, 12/01/2017 (A)		2,286,000		2,299,901
3.70%, 12/01/2022		1,207,000		1,115,274
Nexen Energy ULC 5.88%, 03/10/2035		110,000		117,476
Noble Energy, Inc.
4.15%, 12/15/2021		1,140,000		1,172,204
5.25%, 11/15/2043		1,400,000		1,398,856
6.00%, 03/01/2041		1,260,000		1,347,288
8.25%, 03/01/2019		1,090,000		1,354,811
Peabody Energy Corp. 6.25%, 11/15/2021 (A)		1,715,000		1,732,150
Petrobras International Finance Co. 3.88%, 01/27/2016		5,825,000		5,996,616
Range Resources Corp. 5.75%, 06/01/2021 (A)		450,000		477,000
SemGroup, LP (Escrow Shares) 8.75%, 11/15/2049 (B)		125,000		2,500
Shell International Finance BV
2.00%, 11/15/2018 (A)		2,299,000		2,300,451
4.55%, 08/12/2043		2,164,000		2,110,642
Statoil ASA 2.90%, 11/08/2020 (A)		2,630,000		2,612,792
Total Capital International SA 3.70%, 01/15/2024		2,195,000		2,170,359
Western Gas Partners, LP
4.00%, 07/01/2022		1,212,000		1,156,758
5.38%, 06/01/2021		2,001,000		2,143,669
Williams Cos., Inc.
3.70%, 01/15/2023 (A)		3,360,000		2,932,635
7.88%, 09/01/2021		816,000		940,939
Paper & Forest Products - 0.5%
International Paper Co. 4.75%, 02/15/2022 (A)		5,882,000		6,166,812

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

Transamerica Partners Portfolios Annual Report 2013

Page    47

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Personal Products - 0.0% (D)
Ontex IV SA 9.00%, 04/15/2019 - Reg S		EUR  110,000		$  164,190
Pharmaceuticals - 0.4%
AbbVie, Inc. 4.40%, 11/06/2042		$  1,585,000		1,478,288
Actavis, Inc. 4.63%, 10/01/2042 (A)		1,585,000		1,442,033
Bristol-Myers Squibb Co. 4.50%, 03/01/2044		1,850,000		1,772,006
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		850,000		833,697
Professional Services - 0.0% (D)
La Financiere Atalian SA 7.25%, 01/15/2020 - Reg S (A)		EUR  100,000		145,725
TMF Group Holding BV 9.88%, 12/01/2019 - Reg S		119,000		177,096
Real Estate Investment Trusts - 0.0% (D)
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		$  545,000		521,130
Real Estate Management & Development - 0.2%
Algeco Scotsman Global Finance PLC, Series MTN 9.00%, 10/15/2018 - Reg S		EUR  110,000		163,811
Realogy Group LLC 7.88%, 02/15/2019 - 144A (A)		$  2,020,000		2,216,950
Road & Rail - 0.0% (D)
Burlington Northern Santa Fe LLC 3.00%, 03/15/2023 (A)		637,000		593,213
Software - 0.1%
First Data Corp. 7.38%, 06/15/2019 - 144A		1,060,000		1,131,550
Oracle Corp. 3.63%, 07/15/2023		114,000		113,084
Specialty Retail - 0.1%
QVC, Inc. 7.50%, 10/01/2019 - 144A		1,730,000		1,864,675
Tobacco - 0.3%
Altria Group, Inc. 4.00%, 01/31/2024		925,000		904,108
Philip Morris International, Inc.
1.88%, 01/15/2019 (A)		1,991,000		1,945,711
4.88%, 11/15/2043		651,000		644,900
Trading Companies & Distributors - 0.0% (D)
Rexel SA 5.13%, 06/15/2020 - Reg S		EUR  100,000		144,792
Transportation Infrastructure - 0.0% (D)
Gategroup Finance Luxembourg SA, Series MTN 6.75%, 03/01/2019 - Reg S (A)		110,000		160,331
Wireless Telecommunication Services - 0.8%
America Movil SAB de CV 2.38%, 09/08/2016		$  3,420,000		3,519,761
MetroPCS Wireless, Inc. 7.88%, 09/01/2018 (A)		117,000		125,629
Phones4u Finance PLC 9.50%, 04/01/2018 - Reg S		GBP  100,000		175,324
Sprint Communications, Inc. 9.00%, 11/15/2018 - 144A		$  3,570,000		4,301,850

	Principal		Value
Wireless Telecommunication Services (continued)
Sprint Corp. 7.88%, 09/15/2023 - 144A (A)		$  1,290,000		$  1,386,750
T-Mobile USA, Inc.
6.46%, 04/28/2019		145,000		154,062
6.63%, 04/28/2021		475,000		499,937
6.73%, 04/28/2022		460,000		479,550
6.84%, 04/28/2023 (A)		145,000		150,438
Total Corporate Debt Securities (cost $341,069,678)				347,627,410
	Shares		Value
PREFERRED STOCKS - 0.4%
Consumer Finance - 0.0% (D)
Ally Financial, Inc. 144A, 7.00%		341		325,687
Diversified Financial Services - 0.3%
Citigroup Capital XIII, 7.88% (B)		126,052		3,434,917
Short-Term U.S. Government Obligations - 0.1%
Fannie Mae - Series O, 0.00% (B) (I) (J)		1,300		18,460
Fannie Mae - Series S, 8.25% (B) (J)		81,175		710,281
Freddie Mac - Series Z, 8.38% (B) (J)		93,300		836,901
Total Preferred Stocks (cost $5,599,078)				5,326,246
	Contracts		Value
PURCHASED OPTION - 0.0% (D)
Put Option - 0.0% (D)
Eurodollar, Mid-Curve 2-Year Future Exercise Price $ 98.75 Expires 03/14/2014		663		447,525
Total Purchased Option (cost $191,905)				447,525
	Notional Amount		Value
PURCHASED SWAPTIONS - 0.0% (D) (K) (L)
Call Option - 0.0% (D)
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 4.50%, European Style Expires 02/26/2014 Counterparty: BCLY		AUD  20,280,000		112,481
Put Options - 0.0% (D)
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 1.10%, European Style Expires 06/05/2014 Counterparty: BCLY		JPY  1,402,000,000		84,504
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 1.10%, European Style Expires 06/06/2014 Counterparty: BCLY		700,000,000		42,529
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 1.10%, European Style Expires 06/09/2014 Counterparty: BOA		1,458,000,000		90,127
Total Purchased Swaptions (cost $405,480)				329,641

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

Transamerica Partners Portfolios Annual Report 2013

Page    48

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares			Value
SHORT-TERM INVESTMENT COMPANY - 2.7%
BlackRock Provident TempFund 24 (M)		35,661,273			$  35,661,273
Total Short-Term Investment Company (cost $35,661,273)					35,661,273
SECURITIES LENDING COLLATERAL - 6.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (I)		80,612,269			80,612,269
Total Securities Lending Collateral (cost $80,612,269)					80,612,269
Total Investment Securities (cost $1,585,919,133) (N)					1,580,128,316
Other Assets and Liabilities - Net - (18.3)%					(243,917,452	)
Net Assets - 100.0%					$  1,336,210,864
	Principal			Value
TBA SHORT COMMITMENTS - (7.4)%
U.S. GOVERNMENT AGENCY OBLIGATIONS - (7.4)%
Fannie Mae, TBA
2.50%		$  (3,500,000	)		$  (3,463,906	)
3.00%		(100,000	)		(94,930	)
3.50%		(19,430,000	)		(19,243,290	)
4.00%		(9,400,000	)		(9,960,328	)
4.50%		(100,000	)		(105,629	)
5.00%		(11,400,000	)		(12,344,953	)
6.00%		(1,800,000	)		(1,994,766	)

	Principal			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac, TBA 3.00%		$  (5,700,000	)		$  (5,398,969	)
Ginnie Mae, TBA
3.50%		(7,700,000	)		(7,760,457	)
4.00%		(19,200,000	)		(19,958,250	)
4.50%		(16,400,000	)		(17,533,906	)
5.00%		(400,000	)		(433,422	)
Total U.S. Government Agency Obligations (proceeds $98,595,703)					(98,292,806	)
Total TBA Short Commitments (proceeds $98,595,703)					(98,292,806	)
	Contracts			Value
WRITTEN OPTION - (0.0)% (D)
Put Option - (0.0)% (D)
Eurodollar, Mid-Curve 2-Year Future Exercise Price $ 98.25 Expires 03/14/2014		663			(107,738	)
Total Written Option (premiums $(48,432))					(107,738	)

WRITTEN SWAPTIONS: (K) (L)
Description	Counterparty	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount		Premiums Paid (Received)			Value
Put - OTC 10-Year Interest Rate Swap	BCLY	6-Month JPY LIBOR BBA	Pay		1.40	%		06/05/2014		JPY  1,402,000,000	$	(30,217	)	$	(18,030	)
Put - OTC 10-Year Interest Rate Swap	BCLY	6-Month JPY LIBOR BBA	Pay		1.40			06/06/2014		700,000,000		(17,205	)		(9,151	)
Put - OTC 10-Year Interest Rate Swap	BOA	6-Month JPY LIBOR BBA	Pay		1.40			06/09/2014		1,458,000,000		(44,501	)		(19,826	)
											$	(91,923	)	$	(47,007	)

CENTRALLY CLEARED SWAP AGREEMENTS: (O)
CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION: (P)
Reference Obligation	Fixed Deal Pay Rate			Expiration Date		Notional Amount (Q)		Fair Value (R)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
North American High Yield Index - Series 21		5.00	%		12/20/2018	$	14,260,000	$	(1,238,792	)	$	(940,361	)	$	(298,431	)

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount		Fair Value		Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		0.65	%		11/26/2016	$	5,060,000	$	25,267	$	9	$	25,258
6-Month JPY-LIBOR		0.79			11/28/2023	JP	Y  741,165,000		89,117		113		89,004
6-Month JPY-LIBOR		0.82			11/25/2023		679,400,000		64,587		104		64,483
								$	178,971	$	226	$	178,745

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

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Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

OVER THE COUNTER SWAP AGREEMENTS: (K) (L)
CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION: (S)
Reference Obligation	Fixed Deal Receive Rate			Expiration Date		Counterparty		Implied Credit Spread (BP) at 12/31/13 (T)		Notional Amount (Q)		Fair Value (R)		Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Goldman Sachs Group, Inc., 5.95%, 01/18/2018		1.00	%		12/20/2018		DUB		110.74	$	4,880,000	$	27,400	$	(41,116	)	$	68,516

CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION: (P)
Reference Obligation	Fixed Deal Pay Rate			Expiration Date		Counterparty		Notional Amount (Q)		Fair Value (R)		Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
North American CMBS Basket Index - Series AAA6		0.50	%		05/11/2063		MSC	$	1,425,000	$	35,953	$	53,077	$	(17,124	)

CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION: (S)
Reference Obligation	Fixed Deal Pay Rate			Expiration Date		Counterparty	Notional Amount (Q)		Fair Value (R)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Emerging Markets Index - Series 20		5.00	%		12/20/2018	BCLY	$	1,751,000	$	180,501		$	174,819		$	5,682
Emerging Markets Index - Series 20		5.00			12/20/2018	BCLY		1,910,000		196,892			190,694			6,198
Emerging Markets Index - Series 20		5.00			12/20/2018	BOA		995,000		102,569			101,317			1,252
Emerging Markets Index - Series 20		5.00			12/20/2018	BCLY		994,000		102,467			102,866			(399	)
North American CMBS Basket Index - Series AM2		0.50			03/15/2049	DUB		2,265,000		(55,697	)		(318,177	)		262,480
North American CMBS Basket Index - Series AM4		0.50			02/17/2051	DUB		870,000		(59,554	)		(128,100	)		68,546
									$	467,178		$	123,419		$	343,759

INTEREST RATE SWAP AGREEMENTS - FIXED RATE RECEIVABLE:
Floating Rate Index	Fixed Rate			Expiration Date		Counterparty		Notional Amount		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
6-Month JPY-LIBOR		1.75	%		01/15/2033	CITI	JPY		268,900,000	$	67,417		$	0	$	67,417
MXN TIIE Banxico		6.36			10/18/2023	DUB	MXN		17,870,000		(44,395	)		0		(44,395	)
										$	23,022		$	0	$	23,022

INTEREST RATE SWAP AGREEMENTS - FIXED RATE PAYABLE:
Floating Rate Index	Fixed Rate			Expiration Date		Counterparty		Notional Amount		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		3.27	%		05/16/2021	DUB	$		3,650,000	$	(190,744	)	$	0	$	(190,744	)
6-Month JPY-LIBOR		1.68			01/25/2033	BCLY	JPY		268,900,000		(33,179	)		0		(33,179	)
										$	(223,923	)	$	0	$	(223,923	)

FUTURES CONTRACTS: (U)
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		Short		(629	)		03/20/2014	$	1,241,126
2-Year U.S. Treasury Note		Long		415			03/31/2014		(121,177	)
5-Year U.S. Treasury Note		Short		(233	)		03/31/2014		43,705
90-Day Eurodollar		Short		(87	)		12/14/2015		38,063
German Euro Bund		Short		(7	)		03/06/2014		19,370
Long U.S. Treasury Bond		Long		272			03/20/2014		(587,833	)
Ultra Long U.S. Treasury Bond		Long		373			03/20/2014		(929,970	)
								$	(296,716	)

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

Transamerica Partners Portfolios Annual Report 2013

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Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

FORWARD FOREIGN CURRENCY CONTRACTS: (K) (L)
Currency	Counterparty		Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
EUR		BCLY		(12,831,000	)		01/22/2014	$	(17,326,649	)	$	(324,762	)
EUR		BNP		5,276,000			01/22/2014		7,255,711			2,402
GBP		BCLY		(1,407,000	)		01/23/2014		(2,270,877	)		(58,678	)
											$	(381,038	)

VALUATION SUMMARY: ^(V)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	133,305,996	$	—	$	133,305,996
U.S. Government Agency Obligations		—		518,762,097		—		518,762,097
Foreign Government Obligations		—		17,022,246		—		17,022,246
Mortgage-Backed Securities		—		206,805,358		—		206,805,358
Asset-Backed Securities		—		229,286,169		—		229,286,169
Municipal Government Obligations		—		3,873,647		—		3,873,647
Preferred Corporate Debt Securities		—		1,068,439		—		1,068,439
Corporate Debt Securities
Airlines		—		2,865,958		—		2,865,958
Auto Components		—		144,724		—		144,724
Automobiles		—		1,586,290		—		1,586,290
Biotechnology		—		2,290,270		—		2,290,270
Building Products		—		158,137		—		158,137
Capital Markets		—		17,125,113		—		17,125,113
Chemicals		—		8,080,690		—		8,080,690
Commercial Banks		—		15,846,657		—		15,846,657
Commercial Services & Supplies		—		4,202,486		—		4,202,486
Communications Equipment		—		1,450,960		—		1,450,960
Construction & Engineering		—		1,231,456		—		1,231,456
Construction Materials		—		154,601		—		154,601
Consumer Finance		—		1,228,980		—		1,228,980
Containers & Packaging		—		700,372		—		700,372
Diversified Financial Services		—		31,482,440		0		31,482,440
Diversified Telecommunication Services		—		31,574,401		—		31,574,401
Electric Utilities		—		15,151,557		—		15,151,557
Electronic Equipment & Instruments		—		286,077		—		286,077
Energy Equipment & Services		—		19,362,432		—		19,362,432
Food & Staples Retailing		—		1,842,781		—		1,842,781
Food Products		—		2,241,317		—		2,241,317
Health Care Equipment & Supplies		—		5,737,195		—		5,737,195
Health Care Providers & Services		—		13,184,826		—		13,184,826
Hotels, Restaurants & Leisure		—		4,398,959		—		4,398,959
Household Durables		—		182,171		—		182,171
Household Products		—		5,367,275		—		5,367,275
Insurance		—		24,173,576		—		24,173,576
Internet Software & Services		—		160,028		—		160,028
IT Services		—		2,119,111		—		2,119,111
Life Sciences Tools & Services		—		4,421,407		—		4,421,407
Media		—		34,460,736		—		34,460,736
Metals & Mining		—		6,013,795		—		6,013,795
Multi-Utilities		—		2,693,850		—		2,693,850
Oil, Gas & Consumable Fuels		—		52,329,379		—		52,329,379
Paper & Forest Products		—		6,166,812		—		6,166,812
Personal Products		—		164,190		—		164,190

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

Transamerica Partners Portfolios Annual Report 2013

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Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY (continued): ^(V)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
Pharmaceuticals	$	—	$	5,526,024	$	—	$	5,526,024
Professional Services		—		322,821		—		322,821
Real Estate Investment Trusts		—		521,130		—		521,130
Real Estate Management & Development		—		2,380,761		—		2,380,761
Road & Rail		—		593,213		—		593,213
Software		—		1,244,634		—		1,244,634
Specialty Retail		—		1,864,675		—		1,864,675
Tobacco		—		3,494,719		—		3,494,719
Trading Companies & Distributors		—		144,792		—		144,792
Transportation Infrastructure		—		160,331		—		160,331
Wireless Telecommunication Services		—		10,793,301		—		10,793,301
Preferred Stocks		5,326,246		—		—		5,326,246
Purchased Option		447,525		—		—		447,525
Purchased Swaptions		—		329,641		—		329,641
Short-Term Investment Company		35,661,273		—		—		35,661,273
Securities Lending Collateral		80,612,269		—		—		80,612,269
Total Investment Securities	$	122,047,313	$	1,458,081,003	$	0	$	1,580,128,316
Derivative Financial Instruments
Credit Default Swap Agreements (W)	$	—	$	412,674	$	—	$	412,674
Interest Rate Swap Agreements (W)		—		246,162		—		246,162
Futures Contracts (W)		1,342,264		—		—		1,342,264
Forward Foreign Currency Contracts (W)		—		2,402		—		2,402
Total Derivative Financial Instruments	$	1,342,264	$	661,238	$	—	$	2,003,502

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at December 31, 2013
LIABILITIES
TBA Short Commitments
U.S. Government Agency Obligations	$	—		$	(98,292,806	)	$	—	$	(98,292,806	)
Total TBA Short Commitments	$	—		$	(98,292,806	)	$	—	$	(98,292,806	)
Derivative Financial Instruments
Written Option	$	(107,738	)	$	—		$	—	$	(107,738	)
Written Swaptions		—			(47,007	)		—		(47,007	)
Credit Default Swap Agreements (W)		—			(315,954	)		—		(315,954	)
Interest Rate Swap Agreements (W)		—			(268,318	)		—		(268,318	)
Futures Contracts (W)		(1,638,980	)		—			—		(1,638,980	)
Forward Foreign Currency Contracts (W)		—			(383,440	)		—		(383,440	)
Total Derivative Financial Instruments	$	(1,746,718	)	$	(1,014,719	)	$	—	$	(2,761,437	)

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

Transamerica Partners Portfolios Annual Report 2013

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Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY (continued): ^(V)

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2012		Purchases		Sales		Accrued Discounts (Premiums)			Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (X)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at December 31, 2013 (Y)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December 31, 2013 (X)
Corporate Debt Securities	$	0	$	—	$	—	$	(2,247	)	$	(1,335,397	)	$	1,337,644	$	—	$	—	$	0	$	1,384

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $78,989,620. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Floating or variable rate note. Rate is listed as of December 31, 2013.

^(C)  Step bond - Coupon rate changes in increments to maturity. Rate disclosed is as of December 31, 2013. Maturity date disclosed is the ultimate maturity date.

^(D)  Percentage rounds to less than 0.1%.

^(E)  The security has a perpetual maturity. The date shown is the next call date.

^(F)  In default.

^(G)  Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate fair value of securities is $2,933,846, or 0.22% of the portfolio’s net assets.

^(H)  Illiquid. Total aggregate fair value of illiquid securities is $28,994, or less than 0.01% of the portfolio’s net assets.

^(I)  Rate shown reflects the yield at December 31, 2013.

^(J)  Non-income producing security.

^(K)  Cash in the amount of $520,000 has been segregated by the custodian as collateral for open swap, swaptions and/or forward foreign currency contracts.

^(L)  Cash in the amount of $100,000 has been segregated by the broker as collateral for open swap, swaptions and/or forward foreign currency contracts.

^(M)  The investment issuer is affiliated with the sub-adviser of the portfolio.

^(N)  Aggregate cost for federal income tax purposes is $1,586,669,785. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $21,152,981 and $27,694,450, respectively. Net unrealized depreciation for tax purposes is $6,541,469.

^(O)  Cash in the amount of $855,000 has been segregated by the custodian with the broker as collateral for centrally cleared swaps.

^(P)  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 obligation 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 obligation.

^(Q)  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.

^(R)  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 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.

^(S)  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 obligation 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 obligation.

^(T)  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.

^(U)  Cash in the amount of $1,197,000 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts.

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

Transamerica Partners Portfolios Annual Report 2013

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Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS (continued):

^(V)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

^(W)  Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument.

^(X)  Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December 31, 2013 may be due to an investment no longer held or categorized as Level 3 at year end.

^(Y)  Level 3 securities were not considered significant to the portfolio.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities aggregated $250,771,456, or 18.77% of the portfolio’s net assets.
BBA	British Bankers’ Association
BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America
BP	Basis Point
CITI	Citigroup, Inc.
CMBS	Commercial Mortgage-Backed Securities
DUB	Deutsche Bank AG
IO	Interest only portion of a STRIP (Separate Trading of Registered Interest and Principal Security) Security
LIBOR	London Interbank Offered Rate
MSC	Morgan Stanley
MTN	Medium Term Note
MXN TIIE Banxico	Tasa de Interés Interbancaria de Equilibrio (Interbank Equilibrium Interest Rate) (“TIIE”) for MXNde Equilibrio by the Banco de México
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)
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
TBA	To Be Announced

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
USD	United States Dollar

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

Transamerica Partners Portfolios Annual Report 2013

Page    54

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Principal		Value
CORPORATE DEBT SECURITIES - 89.0%
Aerospace & Defense - 1.2%
Accudyne Industries Borrower / Accudyne Industries LLC 7.75%, 12/15/2020 - 144A		$  1,785,000		$  1,892,100
Alliant Techsystems, Inc. 5.25%, 10/01/2021 - 144A		1,175,000		1,177,938
GenCorp, Inc. 7.13%, 03/15/2021		1,350,000		1,444,500
Huntington Ingalls Industries, Inc. 7.13%, 03/15/2021		1,465,000		1,607,837
TransDigm, Inc. 7.75%, 12/15/2018		3,750,000		4,021,875
Air Freight & Logistics - 0.3%
Air Medical Group Holdings, Inc. 9.25%, 11/01/2018		1,944,000		2,099,520
Auto Components - 0.4%
American Axle & Manufacturing, Inc. 5.13%, 02/15/2019		550,000		565,125
Schaeffler Holding Finance BV 6.88%, 08/15/2018 - 144A (A)		2,450,000		2,597,000
Tomkins LLC / Tomkins, Inc. 9.00%, 10/01/2018		436,000		477,420
Automobiles - 0.4%
Chrysler Group LLC / CG Co.-Issuer, Inc. 8.25%, 06/15/2021		2,815,000		3,202,063
Beverages - 0.4%
Constellation Brands, Inc.
4.25%, 05/01/2023		2,640,000		2,461,800
6.00%, 05/01/2022		1,240,000		1,323,700
Biotechnology - 0.1%
STHI Holding Corp. 8.00%, 03/15/2018 - 144A		1,115,000		1,193,050
Building Products - 1.1%
Builders FirstSource, Inc. 7.63%, 06/01/2021 - 144A		1,975,000		2,063,875
Interline Brands, Inc. 10.00%, 11/15/2018 (A)		2,665,000		2,911,512
Nortek, Inc.
8.50%, 04/15/2021		1,440,000		1,594,800
10.00%, 12/01/2018		1,560,000		1,721,850
USG Corp. 5.88%, 11/01/2021 - 144A		730,000		759,200
Capital Markets - 0.3%
Darling Escrow Corp. 5.38%, 01/15/2022 - 144A (B)		1,070,000		1,078,025
E*TRADE Financial Corp.
6.00%, 11/15/2017		250,000		265,625
6.38%, 11/15/2019		860,000		923,425
Chemicals - 1.8%
Celanese US Holdings LLC
5.88%, 06/15/2021		765,000		814,725
6.63%, 10/15/2018		655,000		699,212
Chemtura Corp. 5.75%, 07/15/2021		670,000		679,213
Ineos Finance PLC 8.38%, 02/15/2019 - 144A		3,190,000		3,548,875
Kraton Polymers LLC / Kraton Polymers Capital Corp. 6.75%, 03/01/2019		750,000		789,375

	Principal		Value
Chemicals (continued)
Rockwood Specialties Group, Inc. 4.63%, 10/15/2020		$   2,380,000		$   2,430,575
Tronox Finance LLC 6.38%, 08/15/2020		3,780,000		3,855,600
US Coatings Acquisition, Inc. / Axalta Coating Systems Dutch Holding B BV 7.38%, 05/01/2021 - 144A		2,620,000		2,793,575
Commercial Banks - 0.2%
CIT Group, Inc.
5.00%, 08/15/2022		385,000		375,375
5.25%, 03/15/2018		525,000		563,063
5.38%, 05/15/2020		190,000		201,875
5.50%, 02/15/2019 - 144A		865,000		927,712
Commercial Services & Supplies - 3.6%
ADS Waste Holdings, Inc. 8.25%, 10/01/2020		960,000		1,041,600
ADT Corp. 6.25%, 10/15/2021 - 144A		2,580,000		2,709,000
Alphabet Holding Co., Inc.
7.75%, 11/01/2017 (A)		2,385,000		2,459,531
7.75%, 11/01/2017 - 144A (A)		2,415,000		2,490,469
Clean Harbors, Inc.
5.13%, 06/01/2021		865,000		873,650
5.25%, 08/01/2020		925,000		952,750
Covanta Holding Corp. 6.38%, 10/01/2022		1,700,000		1,745,421
CTP Transportation Products LLC / CTP Finance, Inc. 8.25%, 12/15/2019 - 144A		895,000		933,038
Envision Healthcare Corp. 8.13%, 06/01/2019		449,000		486,604
Hertz Corp.
6.25%, 10/15/2022		955,000		986,037
7.50%, 10/15/2018		735,000		792,881
Interface, Inc. 7.63%, 12/01/2018		657,000		706,275
Iron Mountain, Inc. 6.00%, 08/15/2023		2,485,000		2,547,125
Nielsen Co. Luxembourg SARL 5.50%, 10/01/2021 - 144A		985,000		999,775
Polymer Group, Inc. 7.75%, 02/01/2019		1,265,000		1,348,806
ServiceMaster Co.
7.00%, 08/15/2020		1,035,000		1,025,944
8.00%, 02/15/2020		430,000		438,600
United Rentals North America, Inc.
7.38%, 05/15/2020		4,950,000		5,488,312
7.63%, 04/15/2022		585,000		650,081
8.25%, 02/01/2021		290,000		326,975
8.38%, 09/15/2020		475,000		529,625
10.25%, 11/15/2019		1,075,000		1,217,975
Communications Equipment - 2.1%
Alcatel-Lucent USA, Inc.
4.63%, 07/01/2017 - 144A		935,000		936,169
6.75%, 11/15/2020 - 144A		1,880,000		1,952,850
8.88%, 01/01/2020 - 144A		5,315,000		5,926,225
Avaya, Inc.
9.00%, 04/01/2019 - 144A		2,975,000		3,108,875
9.75%, 11/01/2015		345,000		342,412

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

Transamerica Partners Portfolios Annual Report 2013

Page    55

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Communications Equipment (continued)
Avaya, Inc. (continued)
10.50%, 03/01/2021 - 144A		$   3,387,600		$   3,235,158
CommScope Holding Co., Inc. 6.63%, 06/01/2020 - 144A (A)		1,460,000		1,518,400
CommScope, Inc. 8.25%, 01/15/2019 - 144A		781,000		856,171
Computers & Peripherals - 0.7%
NCR Corp. 5.00%, 07/15/2022		1,145,000		1,089,181
NCR Escrow Corp.
5.88%, 12/15/2021 - 144A		615,000		626,531
6.38%, 12/15/2023 - 144A		1,090,000		1,113,163
Seagate HDD Cayman 7.00%, 11/01/2021		2,720,000		3,002,200
Consumer Finance - 2.1%
Ally Financial, Inc.
3.50%, 07/18/2016		3,340,000		3,446,359
5.50%, 02/15/2017		1,700,000		1,840,250
6.25%, 12/01/2017		3,830,000		4,270,450
8.00%, 12/31/2018 - 11/01/2031		2,430,000		2,900,794
SLM Corp., Series MTN
5.50%, 01/15/2019		4,230,000		4,389,691
8.00%, 03/25/2020		1,245,000		1,409,962
Containers & Packaging - 1.6%
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA, Inc. 7.00%, 11/15/2020 - 144A		4,390,000		4,433,900
Beverage Packaging Holdings 6.00%, 06/15/2017 - 144A		915,000		926,437
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is 5.63%, 12/15/2016 - 144A		645,000		657,900
BOE Merger Corp. 9.50%, 11/01/2017 - 144A (A)		1,670,000		1,774,375
BWAY Holding Co. 10.00%, 06/15/2018		455,000		493,675
Crown Americas LLC / Crown Americas Capital Corp. IV 4.50%, 01/15/2023		950,000		888,250
Sealed Air Corp. 8.38%, 09/15/2021 - 144A		3,625,000		4,114,375
Distributors - 0.5%
HD Supply, Inc.
7.50%, 07/15/2020		1,050,000		1,131,375
8.13%, 04/15/2019		695,000		774,056
11.50%, 07/15/2020		900,000		1,074,375
VWR Funding, Inc. 7.25%, 09/15/2017		1,325,000		1,421,063
Diversified Consumer Services - 1.3%
CBC Ammo LLC / CBC FinCo, Inc. 7.25%, 11/15/2021 - 144A		2,010,000		1,979,850
Laureate Education, Inc. 9.25%, 09/01/2019 - 144A		8,740,000		9,504,750
Diversified Financial Services - 2.0%
AWAS Aviation Capital, Ltd. 7.00%, 10/17/2016 - 144A		113,920		117,907
CEVA Group PLC
8.38%, 12/01/2017 - 144A		1,845,000		1,928,025
11.63%, 10/01/2016 - 144A		1,455,000		1,520,475

	Principal		Value
Diversified Financial Services (continued)
General Motors Financial Co., Inc.
3.25%, 05/15/2018 - 144A		$   320,000		$   320,000
4.25%, 05/15/2023 - 144A		1,060,000		1,008,325
4.75%, 08/15/2017 - 144A		1,350,000		1,432,688
6.75%, 06/01/2018		1,075,000		1,225,500
MPH Intermediate Holding Co. 2 8.38%, 08/01/2018 - 144A (A)		4,755,000		4,945,200
Neiman Marcus Group LTD, Inc. 8.00%, 10/15/2021 - 144A		1,365,000		1,426,425
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.63%, 03/15/2020 - 144A		2,870,000		3,013,500
Diversified Telecommunication Services - 4.8%
Altice Financing SA 6.50%, 01/15/2022 - 144A		1,325,000		1,338,250
Altice Finco SA 8.13%, 01/15/2024 - 144A		425,000		440,938
CenturyLink, Inc. 6.75%, 12/01/2023		1,345,000		1,361,812
Digicel, Ltd. 6.00%, 04/15/2021 - 144A		1,525,000		1,471,625
Frontier Communications Corp. 7.63%, 04/15/2024		765,000		763,088
Hughes Satellite Systems Corp. 6.50%, 06/15/2019		2,725,000		2,949,812
Intelsat Jackson Holdings SA 7.25%, 10/15/2020		1,895,000		2,072,656
Intelsat Luxembourg SA
7.75%, 06/01/2021 - 144A		4,210,000		4,515,225
8.13%, 06/01/2023 - 144A		3,205,000		3,437,362
SBA Telecommunications, Inc.
5.75%, 07/15/2020		1,640,000		1,705,600
8.25%, 08/15/2019		429,000		460,103
Sprint Capital Corp. 8.75%, 03/15/2032		1,090,000		1,169,025
UPCB Finance V, Ltd. 7.25%, 11/15/2021 - 144A		4,730,000		5,132,050
UPCB Finance VI, Ltd. 6.88%, 01/15/2022 - 144A		1,620,000		1,721,250
Virgin Media Finance PLC 6.38%, 04/15/2023 - 144A		945,000		961,538
Wind Acquisition Holdings Finance SA 12.25%, 07/15/2017 - 144A (A)		1,955,835		1,948,039
Windstream Corp.
6.38%, 08/01/2023		2,385,000		2,229,975
7.50%, 06/01/2022		1,200,000		1,227,000
7.75%, 10/01/2021		5,410,000		5,734,600
8.13%, 09/01/2018		555,000		596,625
Electric Utilities - 0.1%
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 6.88%, 08/15/2017 - 144A		640,000		662,400
Energy Equipment & Services - 2.0%
Atlas Pipeline Partners, LP / Atlas Pipeline Finance Corp. 4.75%, 11/15/2021 - 144A		2,635,000		2,411,025
Atwood Oceanics, Inc. 6.50%, 02/01/2020		1,035,000		1,104,863

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

Transamerica Partners Portfolios Annual Report 2013

Page    56

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Energy Equipment & Services (continued)
Bristow Group, Inc. 6.25%, 10/15/2022		$   1,050,000		$   1,108,485
Calfrac Holdings, LP 7.50%, 12/01/2020 - 144A		690,000		703,800
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.50%, 03/01/2020		505,000		527,725
Oil States International, Inc. 6.50%, 06/01/2019		2,110,000		2,244,512
Precision Drilling Corp.
6.50%, 12/15/2021		1,835,000		1,954,275
6.63%, 11/15/2020		835,000		891,363
Sabine Pass Liquefaction LLC 5.63%, 02/01/2021 - 04/15/2023 - 144A		5,000,000		4,815,675
SESI LLC 6.38%, 05/01/2019		1,315,000		1,403,762
Food & Staples Retailing - 0.4%
Dufry Finance SCA 5.50%, 10/15/2020 - 144A		1,500,000		1,537,500
Pantry, Inc. 8.38%, 08/01/2020		1,885,000		2,002,813
Food Products - 1.1%
ARAMARK Corp. 5.75%, 03/15/2020 - 144A		895,000		935,275
ASG Consolidated LLC / ASG Finance, Inc. 15.00%, 05/15/2017 - 144A (A) (C)		2,105,200		1,691,177
B&G Foods, Inc. 4.63%, 06/01/2021		280,000		268,800
Michael Foods Group, Inc. 9.75%, 07/15/2018		1,025,000		1,114,688
Michael Foods Holding, Inc. 8.50%, 07/15/2018 - 144A (A)		3,025,000		3,198,937
Pinnacle Operating Corp. 9.00%, 11/15/2020 - 144A		1,055,000		1,119,619
Post Holdings, Inc.
6.75%, 12/01/2021 - 144A		570,000		589,950
7.38%, 02/15/2022 - 144A		380,000		406,600
Gas Utilities - 1.0%
AmeriGas Finance LLC / AmeriGas Finance Corp.
6.75%, 05/20/2020		985,000		1,076,113
7.00%, 05/20/2022		3,665,000		3,976,525
AmeriGas Partners, LP / AmeriGas Finance Corp. 6.25%, 08/20/2019		1,220,000		1,311,500
Sabine Pass Lng, LP 6.50%, 11/01/2020		1,915,000		1,986,812
Health Care Equipment & Supplies - 3.7%
Accellent, Inc. 8.38%, 02/01/2017		2,950,000		3,086,437
Alere, Inc.
6.50%, 06/15/2020		4,890,000		5,000,025
8.63%, 10/01/2018		1,180,000		1,274,400
Biomet, Inc. 6.50%, 08/01/2020		3,505,000		3,680,250
ConvaTec Finance International SA 8.25%, 01/15/2019 - 144A (A)		4,800,000		4,914,000

	Principal		Value
Health Care Equipment & Supplies (continued)
ConvaTec Healthcare E SA 10.50%, 12/15/2018 - 144A		$   2,885,000		$   3,242,019
Hologic, Inc. 6.25%, 08/01/2020		4,430,000		4,673,650
Kinetic Concepts, Inc. / KCI USA, Inc. 10.50%, 11/01/2018		3,095,000		3,559,250
Physio-Control International, Inc. 9.88%, 01/15/2019 - 144A		1,235,000		1,383,200
Teleflex, Inc. 6.88%, 06/01/2019		1,000,000		1,050,000
Health Care Providers & Services - 4.1%
Amsurg Corp. 5.63%, 11/30/2020		625,000		650,000
CHS / Community Health Systems, Inc.
5.13%, 08/15/2018		2,170,000		2,240,525
7.13%, 07/15/2020		2,295,000		2,381,062
DaVita HealthCare Partners, Inc. 5.75%, 08/15/2022		3,765,000		3,812,062
Fresenius Medical Care US Finance II, Inc.
5.63%, 07/31/2019 - 144A		1,300,000		1,404,000
5.88%, 01/31/2022 - 144A		755,000		796,525
HCA Holdings, Inc. 6.25%, 02/15/2021		1,510,000		1,579,838
HCA, Inc.
6.50%, 02/15/2020		2,905,000		3,191,869
7.50%, 02/15/2022		3,410,000		3,742,475
INC Research LLC 11.50%, 07/15/2019 - 144A		1,470,000		1,635,375
MultiPlan, Inc. 9.88%, 09/01/2018 - 144A		2,885,000		3,173,500
ResCare, Inc. 10.75%, 01/15/2019		1,975,000		2,212,000
Tenet Healthcare Corp.
6.00%, 10/01/2020 - 144A		1,410,000		1,471,688
8.13%, 04/01/2022		2,800,000		3,017,000
United Surgical Partners International, Inc. 9.00%, 04/01/2020		1,180,000		1,321,600
WellCare Health Plans, Inc. 5.75%, 11/15/2020		2,265,000		2,315,962
Health Care Technology - 0.5%
Healthcare Technology Intermediate, Inc. 7.38%, 09/01/2018 - 144A (A)		1,970,000		2,048,800
IMS Health, Inc. 6.00%, 11/01/2020 - 144A		1,855,000		1,970,938
Hotels, Restaurants & Leisure - 7.7%
Buffalo Thunder Development Authority 9.38%, 12/15/2014 - 144A (D)		3,095,000		1,238,000
Caesars Entertainment Operating Co., Inc.
5.63%, 06/01/2015		4,410,000		4,354,875
8.50%, 02/15/2020		3,195,000		3,075,187
9.00%, 02/15/2020		1,435,000		1,395,538
Carlson Wagonlit BV 6.88%, 06/15/2019 - 144A		2,030,000		2,106,125
Cinemark USA, Inc. 7.38%, 06/15/2021		540,000		596,700

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

Transamerica Partners Portfolios Annual Report 2013

Page    57

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Hotels, Restaurants & Leisure (continued)
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018 - 144A		$   250,000		$   255,625
4.88%, 11/01/2020 - 144A		2,885,000		2,885,000
5.38%, 11/01/2023 - 144A		625,000		614,063
Greektown Holdings LLC (Escrow Shares) Zero Coupon, 12/01/2049 (E)		1,495,000		0
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.63%, 10/15/2021 - 144A		2,875,000		2,982,813
Inn of the Mountain Gods Resort & Casino 8.75%, 11/30/2020 - 144A (C) (F)		240,000		231,600
MGM Resorts International
5.88%, 02/27/2014		945,000		949,725
6.63%, 12/15/2021		3,185,000		3,368,137
7.75%, 03/15/2022		3,385,000		3,782,737
MISA Investments, Ltd. 8.63%, 08/15/2018 - 144A (A) (C)		1,480,000		1,531,800
Mohegan Tribal Gaming Authority 11.00%, 09/15/2018 - 144A		2,580,000		2,589,675
National CineMedia LLC 6.00%, 04/15/2022		1,045,000		1,078,963
NCL Corp., Ltd. 5.00%, 02/15/2018		810,000		834,300
New Cotai LLC / New Cotai Capital Corp. 10.63%, 05/01/2019 - 144A (A)		1,585,000		1,596,557
NPC International, Inc. / NPC Operating Co. A, Inc. 10.50%, 01/15/2020		3,175,000		3,667,125
Playa Resorts Holding BV 8.00%, 08/15/2020 - 144A		985,000		1,045,331
Regal Cinemas Corp. 8.63%, 07/15/2019		1,330,000		1,426,425
Royal Caribbean Cruises, Ltd. 7.25%, 06/15/2016 - 03/15/2018		970,000		1,102,850
Seven Seas Cruises S de RL, LLC 9.13%, 05/15/2019		2,700,000		2,973,375
Station Casinos LLC 7.50%, 03/01/2021		2,270,000		2,417,550
Studio City Finance, Ltd. 8.50%, 12/01/2020 - 144A		6,625,000		7,337,187
Sugarhouse HSP Gaming Prop Mezz, LP / Sugarhouse HSP Gaming Finance Corp. 6.38%, 06/01/2021 - 144A		485,000		468,025
Tunica-Biloxi Gaming Authority 9.00%, 11/15/2015 - 144A (C)		2,435,000		2,191,500
Viking Cruises, Ltd. 8.50%, 10/15/2022 - 144A		1,160,000		1,310,800
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2014 - 144A (C) (E)		1,588,656		668,348
WMG Acquisition Corp.
6.00%, 01/15/2021 - 144A		868,000		901,635
11.50%, 10/01/2018		2,995,000		3,444,250
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 7.75%, 08/15/2020		1,435,000		1,610,788
Household Durables - 0.5%
Brookfield Residential Properties, Inc. 6.50%, 12/15/2020 - 144A		2,030,000		2,106,125

	Principal		Value
Household Durables (continued)
Libbey Glass, Inc. 6.88%, 05/15/2020		$   603,000		$   651,240
Tempur Sealy International, Inc. 6.88%, 12/15/2020		1,065,000		1,160,850
Household Products - 2.0%
Harbinger Group, Inc. 7.88%, 07/15/2019 - 144A		890,000		955,638
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		3,150,000		3,394,125
7.13%, 04/15/2019		1,795,000		1,911,675
7.88%, 08/15/2019		985,000		1,088,425
9.88%, 08/15/2019		4,600,000		5,117,500
Spectrum Brands Escrow Corp.
6.38%, 11/15/2020 - 144A		935,000		998,112
6.63%, 11/15/2022 - 144A		1,360,000		1,446,700
Spectrum Brands, Inc. 6.75%, 03/15/2020		1,345,000		1,447,556
Sun Products Corp. 7.75%, 03/15/2021 - 144A		635,000		558,800
Independent Power Producers & Energy Traders - 0.8%
Edison Mission Energy 7.50%, 06/15/2013 (D)		2,750,000		2,076,250
NRG Energy, Inc.
7.88%, 05/15/2021		1,665,000		1,843,988
8.25%, 09/01/2020		2,960,000		3,278,200
Industrial Conglomerates - 1.0%
Amsted Industries, Inc. 8.13%, 03/15/2018 - 144A		2,360,000		2,486,850
Neiman Marcus Group LTD, Inc. 8.75%, 10/15/2021 - 144A (A)		1,725,000		1,806,937
Opal Acquisition, Inc. 8.88%, 12/15/2021 - 144A		1,360,000		1,353,200
Penn National Gaming, Inc. 5.88%, 11/01/2021 - 144A		1,120,000		1,106,000
Tms International Corp. 7.63%, 10/15/2021 - 144A		1,335,000		1,418,438
Insurance - 0.5%
A-S Co.-Issuer Subsidiary, Inc. / A-S Merger Sub LLC 7.88%, 12/15/2020 - 144A		1,535,000		1,611,750
Onex USI Acquisition Corp. 7.75%, 01/15/2021 - 144A		2,955,000		3,021,488
Internet Software & Services - 0.1%
Equinix, Inc. 7.00%, 07/15/2021		1,100,000		1,201,750
IT Services - 0.4%
Alliance Data Systems Corp. 6.38%, 04/01/2020 - 144A		1,000,000		1,047,500
Lender Processing Services, Inc. 5.75%, 04/15/2023		1,425,000		1,474,875
NeuStar, Inc. 4.50%, 01/15/2023		675,000		609,188
Life Sciences Tools & Services - 0.5%
Jaguar Holding Co. II / Jaguar Merger Sub, Inc. 9.50%, 12/01/2019 - 144A		4,070,000		4,578,750

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

Transamerica Partners Portfolios Annual Report 2013

Page    58

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Machinery - 0.8%
BC Mountain LLC / BC Mountain Finance, Inc. 7.00%, 02/01/2021 - 144A		$   1,705,000		$   1,722,050
CNH Capital LLC 6.25%, 11/01/2016		1,640,000		1,810,150
Milacron LLC / Mcron Finance Corp. 7.75%, 02/15/2021 - 144A		475,000		498,750
Navistar International Corp. 8.25%, 11/01/2021		2,725,000		2,820,375
Media - 5.2%
Adelphia Communications Corp. (Escrow Certificates)
9.25%, 10/01/2049 (G)		1,305,000		9,135
10.25%, 06/15/2049 - 11/01/2049		1,460,000		10,220
AMC Entertainment, Inc. 8.75%, 06/01/2019		535,000		571,781
AMC Networks, Inc.
4.75%, 12/15/2022		885,000		842,963
7.75%, 07/15/2021		890,000		1,001,250
Cablevision Systems Corp. 7.75%, 04/15/2018		4,805,000		5,363,581
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		2,885,000		2,693,869
5.75%, 01/15/2024		1,865,000		1,762,425
6.50%, 04/30/2021		1,125,000		1,155,937
7.25%, 10/30/2017		1,235,000		1,307,556
8.13%, 04/30/2020		100,000		108,500
Clear Channel Communications, Inc. 11.25%, 03/01/2021		2,430,000		2,612,250
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		2,740,000		2,791,250
7.63%, 03/15/2020		385,000		400,400
Crown Media Holdings, Inc. 10.50%, 07/15/2019		770,000		873,950
CSC Holdings LLC 6.75%, 11/15/2021		185,000		199,338
DISH DBS Corp.
5.88%, 07/15/2022		1,970,000		1,970,000
6.75%, 06/01/2021		3,215,000		3,407,900
LBI Media, Inc.
10.00%, 04/15/2019 - 144A		1,490,000		1,545,875
13.50%, 04/15/2020 - 144A (Cash Rate: 4.25%) (A) (C)		164,545		119,818
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance 9.75%, 04/01/2021 - 144A		3,070,000		3,392,350
Mediacom LLC / Mediacom Capital Corp. 9.13%, 08/15/2019		935,000		1,010,969
National CineMedia LLC 7.88%, 07/15/2021		3,010,000		3,311,000
Regal Entertainment Group
5.75%, 02/01/2025		720,000		678,600
9.13%, 08/15/2018		778,000		844,130
Sirius XM Holdings, Inc. 5.88%, 10/01/2020 - 144A		1,990,000		2,029,800
Starz LLC / Starz Finance Corp. 5.00%, 09/15/2019		1,250,000		1,278,125

		Principal		Value
Media (continued)
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.50%, 01/15/2023 - 144A			$   2,220,000		$   2,153,400
Univision Communications, Inc. 5.13%, 05/15/2023 - 144A			1,135,000		1,133,581
Metals & Mining - 2.2%
AK Steel Corp. 8.75%, 12/01/2018			870,000		972,225
ArcelorMittal 6.75%, 02/25/2022			985,000		1,071,188
Eldorado Gold Corp. 6.13%, 12/15/2020 - 144A			3,205,000		3,084,812
FQM Akubra, Inc.
7.50%, 06/01/2021 - 144A			1,310,000		1,368,950
8.75%, 06/01/2020 - 144A			900,000		976,500
IAMGOLD Corp. 6.75%, 10/01/2020 - 144A			1,870,000		1,608,200
KGHM International, Ltd. 7.75%, 06/15/2019 - 144A			2,985,000		3,149,175
New Gold, Inc.
6.25%, 11/15/2022 - 144A			1,300,000		1,257,750
7.00%, 04/15/2020 - 144A			770,000		791,175
Novelis, Inc.
8.38%, 12/15/2017			1,145,000		1,222,287
8.75%, 12/15/2020			2,205,000		2,453,062
SunCoke Energy, Inc. 7.63%, 08/01/2019			1,085,000		1,169,088
Oil, Gas & Consumable Fuels - 9.9%
Antero Resources Finance Corp. 5.38%, 11/01/2021 - 144A			2,220,000		2,242,200
Atlas Energy Holdings Operating Co. LLC / Atlas Resource Finance Corp. 7.75%, 01/15/2021 - 144A			755,000		724,800
Berry Petroleum Co. 6.38%, 09/15/2022			3,050,000		3,103,375
Bonanza Creek Energy, Inc. 6.75%, 04/15/2021			1,780,000		1,864,550
Chesapeake Energy Corp.
5.75%, 03/15/2023			265,000		272,950
6.13%, 02/15/2021			2,455,000		2,632,987
Chesapeake Oilfield Operating LLC / Chesapeake Oilfield Finance, Inc. 6.63%, 11/15/2019			875,000		916,563
Concho Resources, Inc.
5.50%, 04/01/2023			3,800,000		3,914,000
6.50%, 01/15/2022			1,070,000		1,158,275
7.00%, 01/15/2021			1,325,000		1,457,500
Continental Resources, Inc.
5.00%, 09/15/2022	��		1,725,000		1,791,844
7.13%, 04/01/2021			545,000		617,894
CrownRock, LP / CrownRock Finance, Inc. 7.13%, 04/15/2021 - 144A			1,875,000		1,940,625
CVR Refining LLC / Coffeyville Finance, Inc. 6.50%, 11/01/2022			2,355,000		2,313,787
Denbury Resources, Inc. 8.25%, 02/15/2020			1,360,000		1,497,700

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

Transamerica Partners Portfolios Annual Report 2013

Page    59

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
EP Energy LLC / EP Energy Finance, Inc. 9.38%, 05/01/2020		$   2,490,000		$   2,872,837
EP Energy LLC / Everest Acquisition Finance, Inc.
6.88%, 05/01/2019		3,385,000		3,643,106
7.75%, 09/01/2022		680,000		761,600
EPL Oil & Gas, Inc. 8.25%, 02/15/2018		1,430,000		1,537,250
Halcon Resources Corp. 9.75%, 07/15/2020 - 144A		905,000		942,331
Harvest Operations Corp. 6.88%, 10/01/2017		645,000		706,275
Kinder Morgan, Inc. 5.00%, 02/15/2021 - 144A		3,045,000		2,999,282
Kodiak Oil & Gas Corp.
5.50%, 01/15/2021		360,000		359,100
8.13%, 12/01/2019		3,020,000		3,352,200
Laredo Petroleum, Inc. 7.38%, 05/01/2022		1,645,000		1,784,825
MEG Energy Corp. 6.38%, 01/30/2023 - 144A		1,870,000		1,881,687
Murphy Oil USA, Inc. 6.00%, 08/15/2023 - 144A		3,680,000		3,698,400
Newfield Exploration Co. 5.63%, 07/01/2024		2,265,000		2,253,675
Oasis Petroleum, Inc.
6.50%, 11/01/2021		755,000		807,850
6.88%, 03/15/2022 - 144A		2,200,000		2,332,000
6.88%, 01/15/2023		2,510,000		2,673,150
PBF Holding Co. LLC / PBF Finance Corp. 8.25%, 02/15/2020		1,565,000		1,698,025
Plains Exploration & Production Co. 6.88%, 02/15/2023		3,510,000		3,913,650
QEP Resources, Inc. 5.25%, 05/01/2023		1,455,000		1,364,063
Range Resources Corp. 6.75%, 08/01/2020		1,320,000		1,428,900
Rosetta Resources, Inc.
5.63%, 05/01/2021		1,610,000		1,605,975
5.88%, 06/01/2022		1,815,000		1,801,387
9.50%, 04/15/2018		825,000		882,750
Samson Investment Co. 10.50%, 02/15/2020 - 144A		1,825,000		1,989,250
SandRidge Energy, Inc.
7.50%, 03/15/2021		890,000		932,275
8.13%, 10/15/2022		90,000		95,400
SemGroup, LP (Escrow Shares) 8.75%, 11/15/2049 (G)		2,985,000		59,700
Seven Generations Energy, Ltd. 8.25%, 05/15/2020 - 144A		2,050,000		2,214,000
SM Energy Co. 6.50%, 01/01/2023		1,445,000		1,515,444
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.38%, 02/01/2020 - 144A (C)		465,000		485,925
Tesoro Corp. 5.38%, 10/01/2022		1,665,000		1,685,813
Ultra Petroleum Corp. 5.75%, 12/15/2018 - 144A		445,000		457,238

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc.
5.25%, 01/15/2017		$   615,000		$   656,513
6.00%, 01/15/2022		2,725,000		2,725,000
Paper & Forest Products - 0.2%
Domtar Corp. 10.75%, 06/01/2017		1,540,000		1,922,103
Pharmaceuticals - 1.6%
Capsugel SA 7.00%, 05/15/2019 - 144A		650,000		662,188
ENDO Health Solutions, Inc.
7.00%, 07/15/2019 - 12/15/2020		1,930,000		2,065,100
7.25%, 01/15/2022		2,275,000		2,434,250
Salix Pharmaceuticals, Ltd. 6.00%, 01/15/2021 - 144A		1,550,000		1,588,750
Valeant Pharmaceuticals International 6.38%, 10/15/2020 - 144A		4,365,000		4,599,619
Valeant Pharmaceuticals International, Inc. 7.50%, 07/15/2021 - 144A		1,945,000		2,134,637
Professional Services - 1.2%
FTI Consulting, Inc. 6.00%, 11/15/2022		1,045,000		1,058,062
TransUnion Holding Co., Inc.
8.13%, 06/15/2018		1,980,000		2,088,900
9.63%, 06/15/2018		3,545,000		3,810,875
TransUnion LLC / TransUnion Financing Corp. 11.38%, 06/15/2018		3,035,000		3,308,150
Real Estate Investment Trusts - 0.0% (H)
RHP Hotel Properties, LP / RHP Finance Corp. 5.00%, 04/15/2021		385,000		380,188
Real Estate Management & Development - 0.5%
Algeco Scotsman Global Finance PLC 10.75%, 10/15/2019 - 144A		1,670,000		1,761,850
CBRE Services, Inc. 6.63%, 10/15/2020		2,470,000		2,642,900
Road & Rail - 0.5%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023		620,000		600,625
9.75%, 03/15/2020		2,165,000		2,538,463
Watco Cos. LLC / Watco Finance Corp. 6.38%, 04/01/2023 - 144A		950,000		940,500
Semiconductors & Semiconductor Equipment - 0.3%
Freescale Semiconductor, Inc. 6.00%, 01/15/2022 - 144A		1,390,000		1,407,375
NXP BV / NXP Funding LLC 5.75%, 02/15/2021 - 144A		990,000		1,034,550
Software - 2.7%
Activision Blizzard, Inc. 6.13%, 09/15/2023 - 144A		935,000		974,738
Audatex North America, Inc. 6.00%, 06/15/2021 - 144A		1,335,000		1,398,413
BMC Software Finance, Inc. 8.13%, 07/15/2021 - 144A		2,620,000		2,698,600
First Data Corp.
6.75%, 11/01/2020 - 144A		200,000		208,000
7.38%, 06/15/2019 - 144A		2,535,000		2,706,112
10.63%, 06/15/2021 - 144A		3,210,000		3,478,837

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

Transamerica Partners Portfolios Annual Report 2013

Page    60

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Software (continued)
First Data Corp. (continued)
11.25%, 01/15/2021 - 144A		$   1,725,000		$   1,903,969
11.75%, 08/15/2021 - 144A (B)		910,000		960,050
Infor US, Inc. 9.38%, 04/01/2019		1,605,000		1,805,625
Nuance Communications, Inc. 5.38%, 08/15/2020 - 144A		870,000		850,425
Southern Graphics, Inc. 8.38%, 10/15/2020 - 144A		1,565,000		1,619,775
SSI Investments II, Ltd. / SSI Co.-Issuer LLC 11.13%, 06/01/2018		4,375,000		4,746,875
Specialty Retail - 5.8%
Academy, Ltd. 9.25%, 08/01/2019 - 144A		2,170,000		2,397,850
Burlington Holdings LLC / Burlington Holding Finance, Inc. 9.00%, 02/15/2018 - 144A (A)		733,000		751,325
Claire’s Stores, Inc.
6.13%, 03/15/2020 - 144A		1,050,000		1,013,250
9.00%, 03/15/2019 - 144A		2,330,000		2,528,050
Express LLC 8.75%, 03/01/2018		5,145,000		5,421,544
Hot Topic, Inc. 9.25%, 06/15/2021 - 144A		3,590,000		3,760,525
L Brands, Inc.
5.63%, 02/15/2022		2,700,000		2,760,750
6.63%, 04/01/2021		4,135,000		4,538,162
8.50%, 06/15/2019		2,650,000		3,180,000
Michaels FinCo Holdings LLC / Michaels FinCo, Inc. 7.50%, 08/01/2018 - 144A (A)		3,875,000		4,030,000
Michaels Stores, Inc.
7.75%, 11/01/2018		450,000		488,250
11.38%, 11/01/2016		658,000		673,641
New Academy Finance Co. LLC / New Academy Finance Corp. 8.00%, 06/15/2018 - 144A (A)		3,995,000		4,094,915
Party City Holdings, Inc. 8.88%, 08/01/2020		2,320,000		2,598,400
Petco Animal Supplies, Inc. 9.25%, 12/01/2018 - 144A		3,325,000		3,566,062
Petco Holdings, Inc. 8.50%, 10/15/2017 - 144A (A)		3,895,000		3,972,900
Radio Systems Corp. 8.38%, 11/01/2019 - 144A		1,160,000		1,273,100
Sally Holdings LLC / Sally Capital, Inc. 5.75%, 06/01/2022		2,920,000		3,036,800
Textiles, Apparel & Luxury Goods - 0.6%
Levi Strauss & Co. 6.88%, 05/01/2022		1,075,000		1,182,500
PVH Corp. 7.75%, 11/15/2023		2,795,000		3,237,303
Quiksilver, Inc. / QS Wholesale, Inc.
7.88%, 08/01/2018 - 144A		285,000		309,225
10.00%, 08/01/2020		240,000		271,200
Trading Companies & Distributors - 1.5%
International Lease Finance Corp.
8.25%, 12/15/2020		2,775,000		3,246,750
8.63%, 09/15/2015 - 01/15/2022		3,555,000		4,097,088

	Principal		Value
Trading Companies & Distributors (continued)
International Lease Finance Corp. (continued)
8.75%, 03/15/2017		$   2,455,000		$   2,890,762
Rexel SA 5.25%, 06/15/2020 - 144A		2,465,000		2,477,325
Wireless Telecommunication Services - 4.7%
Digicel Group, Ltd. 10.50%, 04/15/2018 - 144A		1,045,000		1,118,150
Digicel, Ltd. 8.25%, 09/01/2017 - 144A		2,574,000		2,676,960
iPCS, Inc. 3.52%, 05/01/2014 (A)		880,000		880,000
MetroPCS Wireless, Inc.
6.25%, 04/01/2021 - 144A		815,000		845,562
6.63%, 04/01/2023 - 144A		1,390,000		1,435,175
NII International Telecom SCA 7.88%, 08/15/2019 - 144A		1,895,000		1,430,725
SBA Communications Corp. 5.63%, 10/01/2019		1,110,000		1,143,300
Softbank Corp. 4.50%, 04/15/2020 - 144A		4,700,000		4,582,500
Sprint Communications, Inc.
6.00%, 11/15/2022		4,200,000		4,095,000
7.00%, 08/15/2020		775,000		838,937
9.00%, 11/15/2018 - 144A		6,075,000		7,320,375
9.13%, 03/01/2017		995,000		1,169,125
Sprint Corp.
7.13%, 06/15/2024 - 144A		1,575,000		1,598,625
7.25%, 09/15/2021 - 144A		1,940,000		2,083,075
7.88%, 09/15/2023 - 144A		4,520,000		4,859,000
T-Mobile USA, Inc.
6.13%, 01/15/2022		705,000		717,338
6.50%, 01/15/2024		655,000		663,188
6.63%, 04/28/2021		1,360,000		1,431,400
6.73%, 04/28/2022		905,000		943,462
6.84%, 04/28/2023		455,000		472,063
Total Corporate Debt Securities (cost $729,767,989)				762,336,649
CONVERTIBLE BONDS - 0.0% (H)
Independent Power Producers & Energy Traders - 0.0%
Mirant Corp. (Escrow Certificates) Series 4, Class A 2.50%, 06/15/2021 (E)		1,220,000		0
Media - 0.0% (H)
Mood Media Corp. Series 1 10.00%, 10/31/2015 (C) (E) (I)		7,000		5,033
Total Convertible Bonds (cost $2,913)				5,033
LOAN ASSIGNMENTS - 5.2%
Chemicals - 0.6%
Ineos US Finance LLC, 6 Year Term Loan 4.00%, 05/04/2018 (G)		3,911,507		3,920,065
Tronox Pigments BV, Term Loan 4.50%, 03/19/2020 (G)		1,094,500		1,107,422
Commercial Services & Supplies - 0.2%
Rural/Metro Corp. 5.75%, 06/29/2018 (G)		1,322,380		1,251,303
Diversified Financial Services - 0.2%
Alixpartners LLP, 2nd Lien 9.00%, 07/12/2021 (G)		250,000		255,000

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

Transamerica Partners Portfolios Annual Report 2013

Page    61

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Diversified Financial Services (continued)
Nuveen Investments, Inc., 2nd Lien 6.50%, 02/28/2019 (G)		$  1,700,000		$  1,678,750
Food Products - 0.1%
New HB Acquisition LLC 6.75%, 04/09/2020 (G)		700,000		724,500
Hotels, Restaurants & Leisure - 1.0%
Hilton Worldwide Finance LLC 3.75%, 10/26/2020 (G)		1,815,789		1,828,148
Regent Seven Seas, Term Loan B 4.75%, 12/21/2018 (G)		2,587,250		2,613,122
Sheridan Holdings, Inc., 2nd Lien –, 12/13/2021 (J)		1,900,000		1,923,750
WMG Acquisition Corp. 3.75%, 07/01/2020 (G)		1,695,750		1,696,281
Household Products - 0.3%
Sun Products Corporation 5.50%, 03/23/2020 (G)		2,779,000		2,626,155
Insurance - 0.7%
Asurion LLC, New Term Loan 3.50%, 07/08/2020 (G)		1,293,500		1,268,439
Lonestar Intermediate Super Holdings LLC, Term Loan B 11.00%, 09/02/2019 (G)		4,300,000		4,434,375
Machinery - 0.3%
Pacific Industrial Services BidCo Pty, Ltd., 2nd Lien 8.75%, 04/02/2019 (G)		2,300,000		2,348,875
Media - 0.2%
McGraw-Hill Global Education Holdings LLC 9.00%, 03/22/2019 (G)		1,606,500		1,635,015
Metals & Mining - 0.7%
FMG Resources PTY Ltd., Term Loan B 4.25%, 06/28/2019 (G)		6,132,530		6,214,295
Multiline Retail - 0.2%
Hudson’s Bay Company, 2nd Lien 8.25%, 11/04/2021 (G)		1,700,000		1,755,250
Oil, Gas & Consumable Fuels - 0.3%
EP Energy LLC, Term Loan B3 3.50%, 05/24/2018 (G)		1,666,666		1,665,178
Rice Energy LLC, 2nd Lien 8.50%, 10/25/2018 (G)		1,193,985		1,217,864
Specialty Retail - 0.2%
Rue21, Inc. Term Loan B 5.63%, 10/07/2020 (G)		2,394,000		2,010,960
Transportation Infrastructure - 0.2%
CEVA Group PLC, Extended 5.25%, 08/31/2016 (G)		534,207		514,175
CEVA Group PLC, Extended EGL 5.24%, 08/31/2016 (G)		958,861		922,903
CEVA Group PLC, Extended Synthetic 5.35%, 08/31/2016 (G)		535,304		515,230
Total Loan Assignments (cost $43,592,148)				44,127,055
	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 1.0%
Electronic Equipment & Instruments - 0.3%
Lucent Technologies Capital Trust I, 7.75% (K)		2,375		2,386,875

	Shares		Value
Health Care Equipment & Supplies - 0.4%
Alere, Inc. - Series B, 3.00%		12,775		$   3,657,482
Oil, Gas & Consumable Fuels - 0.3%
Chesapeake Energy Corp., 4.50%		12,015		1,101,655
Chesapeake Energy Corp. 144A, 5.75%		1,580		1,843,663
Total Convertible Preferred Stocks (cost $8,103,189)				8,989,675
COMMON STOCKS - 0.2%
Building Products - 0.2%
Panolam Holdings Co. -  GDR (C) (E) (I) (K)		1,803		1,757,168
Hotels, Restaurants & Leisure - 0.0% (H)
Greektown Superholdings, Inc. - Class A1 (K)		1,131		1
Independent Power Producers & Energy Traders - 0.0%
Mirant Corp. (Escrow Certificates) (E) (K)		550,000		0
Media - 0.0% (H)
New Cotai LLC / New Cotai Capital Corp. - Class B (C) (E) (K)		6		185,250
Total Common Stocks (cost $3,372,494)				1,942,419
RIGHT - 0.2%
Hotels, Restaurants & Leisure - 0.2%
BLB Contingent Value Rights (C) (I) (K)		2,010		1,381,875
Total Right (cost $2,010,000)				1,381,875
WARRANTS - 0.0% (H)
Food Products - 0.0% (H)
American Seafoods Group LLC (K) Expiration: 05/15/2018 Exercise Price: $0.01		1,265		126,500
Media - 0.0%
Reader’s Digest Association, Inc. (E) (K) Expiration: 02/19/2014 Exercise Price: $47.35		13,112		0
Total Warrants (cost $0)				126,500
INVESTMENT COMPANY - 0.0%
Diversified Financial Services - 0.0%
Adelphia Recovery Trust -Series ACC1 (E) (K)		2,697,805		0
Total Investment Company (cost $2,633,431)				0
	Principal		Value
REPURCHASE AGREEMENT - 3.3%
State Street Bank & Trust Co. 0.01% (L), dated 12/31/2013, to be repurchased at $28,643,517 on 01/02/2014. Collateralized by U.S. Government Agency Obligations, 3.50% - 4.00%, due 09/15/2040, and with a total value of $29,220,012.		$  28,643,501		28,643,501
Total Repurchase Agreement (cost $28,643,501)				28,643,501
Total Investment Securities (cost $818,125,665) (M)				847,552,707
Other Assets and Liabilities -  Net  - 1.1%				9,353,594
Net Assets - 100.0%				$  856,906,301

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

Transamerica Partners Portfolios Annual Report 2013

Page    62

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY: ^(M)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Corporate Debt Securities
Aerospace & Defense	$	—	$	10,144,250	$	—	$	10,144,250
Air Freight & Logistics		—		2,099,520		—		2,099,520
Auto Components		—		3,639,545		—		3,639,545
Automobiles		—		3,202,063		—		3,202,063
Beverages		—		3,785,500		—		3,785,500
Biotechnology		—		1,193,050		—		1,193,050
Building Products		—		9,051,237		—		9,051,237
Capital Markets		—		2,267,075		—		2,267,075
Chemicals		—		15,611,150		—		15,611,150
Commercial Banks		—		2,068,025		—		2,068,025
Commercial Services & Supplies		—		30,750,474		—		30,750,474
Communications Equipment		—		17,876,260		—		17,876,260
Computers & Peripherals		—		5,831,075		—		5,831,075
Consumer Finance		—		18,257,506		—		18,257,506
Containers & Packaging		—		13,288,912		—		13,288,912
Distributors		—		4,400,869		—		4,400,869
Diversified Consumer Services		—		11,484,600		—		11,484,600
Diversified Financial Services		—		16,938,045		—		16,938,045
Diversified Telecommunication Services		—		41,236,573		—		41,236,573
Electric Utilities		—		662,400		—		662,400
Energy Equipment & Services		—		17,165,485		—		17,165,485
Food & Staples Retailing		—		3,540,313		—		3,540,313
Food Products		—		9,325,046		—		9,325,046
Gas Utilities		—		8,350,950		—		8,350,950
Health Care Equipment & Supplies		—		31,863,231		—		31,863,231
Health Care Providers & Services		—		34,945,481		—		34,945,481
Health Care Technology		—		4,019,738		—		4,019,738
Hotels, Restaurants & Leisure		—		65,364,261		668,348		66,032,609
Household Durables		—		3,918,215		—		3,918,215
Household Products		—		16,918,531		—		16,918,531
Independent Power Producers & Energy Traders		—		7,198,438		—		7,198,438
Industrial Conglomerates		—		8,171,425		—		8,171,425
Insurance		—		4,633,238		—		4,633,238
Internet Software & Services		—		1,201,750		—		1,201,750
IT Services		—		3,131,563		—		3,131,563
Life Sciences Tools & Services		—		4,578,750		—		4,578,750
Machinery		—		6,851,325		—		6,851,325
Media		—		44,579,953		—		44,579,953
Metals & Mining		—		19,124,412		—		19,124,412
Oil, Gas & Consumable Fuels		—		84,565,926		—		84,565,926
Paper & Forest Products		—		1,922,103		—		1,922,103
Pharmaceuticals		—		13,484,544		—		13,484,544
Professional Services		—		10,265,987		—		10,265,987
Real Estate Investment Trusts		—		380,188		—		380,188
Real Estate Management & Development		—		4,404,750		—		4,404,750
Road & Rail		—		4,079,588		—		4,079,588
Semiconductors & Semiconductor Equipment		—		2,441,925		—		2,441,925
Software		—		23,351,419		—		23,351,419
Specialty Retail		—		50,085,524		—		50,085,524
Textiles, Apparel & Luxury Goods		—		5,000,228		—		5,000,228
Trading Companies & Distributors		—		12,711,925		—		12,711,925
Wireless Telecommunication Services		—		40,303,960		—		40,303,960

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

Transamerica Partners Portfolios Annual Report 2013

Page    63

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY (continued): ^(M)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
Convertible Bonds
Independent Power Producers & Energy Traders	$	—	$	—	$	0	$	0
Media		—		—		5,033		5,033
Loan Assignments		—		44,127,055		—		44,127,055
Convertible Preferred Stocks		8,989,675		—		—		8,989,675
Common Stocks
Building Products		—		—		1,757,168		1,757,168
Hotels, Restaurants & Leisure		1		—		—		1
Independent Power Producers & Energy Traders		—		—		0		0
Media		—		—		185,250		185,250
Right		1,381,875		—		—		1,381,875
Warrants
Food Products		126,500		—		—		126,500
Media		—		—		0		0
Investment Company
Diversified Financial Services		—		—		0		0
Repurchase Agreement		—		28,643,501		—		28,643,501
Total Investment Securities	$	10,498,051	$	834,438,857	$	2,615,799	$	847,552,707

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2012		Purchases (O)		Sales (P)			Accrued Discounts (Premiums)			Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (Q)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at December 31, 2013 (R)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December  31, 2013 (Q)
Convertible Bonds	$	7,252	$	—	$	—		$	2,233		$	—		$	(4,452	)	$	—	$	—		5,033	$	(4,452	)
Corporate Debt Securities		1,059,269		—		(366,983	)		(2,944	)		(2,124,177	)		2,103,183			—		—		668,348		(24,846	)
Common Stocks		3,182,619		185,250		—			—			—			(1,425,451	)		—		—		1,942,418		(1,425,451	)
Investment Company		0		—		—			—			—			—			—		—		0		—
Preferred Corporate Debt		0		—		—			—			(3,758,574	)		3,758,574			—		—		—		—
Warrants		0		—		—			—			—			—			—		—		0		—
Total	$	4,249,140	$	185,250	$	(366,983	)	$	(711	)	$	(5,882,751	)	$	4,431,854		$	—	$	—	$	2,615,799	$	(1,454,749	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock. If a security makes cash payment in addition to in-kind, the cash rate is disclosed separately.

^(B) When-issued security. A conditional transaction in a security authorized for issuance, but not yet issued.

^(C) Illiquid. Total aggregate fair value of illiquid securities is $10,249,494, or 1.20% of the portfolio’s net assets.

^(D) In default.

^(E) Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate fair value of securities is $2,615,799, or 0.31% of the portfolio’s net assets.

^(F) Step bond—Coupon rate changes in increments to maturity. Rate disclosed is as of December 31, 2013. Maturity date disclosed is the ultimate maturity date.

^(G) Floating or variable rate note. Rate is listed as of December 31, 2013.

^(H) Percentage rounds to less than 0.1%.

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

Transamerica Partners Portfolios Annual Report 2013

Page    64

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS (continued):

^(I) Restricted security. At December 31, 2013, the portfolio owned the respective securities which were restricted as to public resale:

Investment Securities	Description	Acquisition Date		Cost		Value		Value as % of Net Assets
Convertible Bonds	Mood Media Corp. - Series 1		07/30/2012	$	2,913	$	5,033		0.00	%(s)
Common Stocks	Panolam Holdings Co.		11/29/2009		3,079,799		1,757,168		0.21
Right	BLB Contingent Value Rights		11/22/2010		2,010,000		1,381,875		0.16
				$	5,092,712	$	3,144,076		0.37	%

^(J)  All or portion of this security represents unsettled loan commitment at December 31, 2013 where the rate will be determined at time of settlement.

^(K) Non-income producing security.

^(L) Rate shown reflects the yield at December 31, 2013.

^(M) Aggregate cost for federal income tax purposes is $818,178,174. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $41,946,130 and $12,571,597, respectively. Net unrealized appreciation for tax purposes is $29,374,533.

^(N)  Transfers between levels are considered to have occurred at the end of the reporting period. As of the period ended December 31, 2013, securities with fair market value of $1,381,875 transferred from Level 2 to Level 1 due to availability of unadjusted quoted prices. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

^(O)  Purchases include all purchases of securities and securities received in corporate actions.

^(P)  Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

^(Q)  Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December 31, 2013 may be due to an investment no longer held or categorized as Level 3 at year end.

^(R)  Level 3 securities were not considered significant to the portfolio.

^(S)  Percentage rounds to less than 0.01%.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities aggregated $336,706,607, or 39.29% of the portfolio’s net assets.
GDR	Global Depositary Receipt
MTN	Medium Term Note

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

Transamerica Partners Portfolios Annual Report 2013

Page    65

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 4.4%
U.S. Treasury Bond
2.75%, 11/15/2042		$  5,000		$  3,953
3.75%, 11/15/2043		1,748,600		1,690,130
U.S. Treasury Inflation Indexed Bond 0.75%, 02/15/2042		160,217		128,800
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		91,070		86,011
0.38%, 07/15/2023		602,184		580,778
U.S. Treasury Note
0.25%, 11/30/2015		460,000		459,084
0.63%, 12/15/2016		615,000		612,502
1.25%, 11/30/2018		118,500		115,963
1.50%, 12/31/2018		420,000		415,275
1.63%, 11/15/2022		68,000		61,381
2.00%, 11/30/2020		500,000		486,719
2.75%, 11/15/2023		860,000		841,322
Total U.S. Government Obligations (cost $5,616,112)				5,481,918
U.S. GOVERNMENT AGENCY OBLIGATIONS - 14.1%
Fannie Mae
2.50%, 09/01/2027		634,071		628,263
3.00%, 03/01/2041 (A)		36,830		38,867
3.00%, 02/01/2043 - 06/01/2043		922,216		876,754
3.13%, 03/01/2041 (A)		31,057		32,602
3.22%, 12/01/2040 (A)		43,483		45,539
3.33%, 10/25/2023 (A)		55,000		53,735
3.50%, 09/01/2041 (A)		58,899		61,883
3.50%, 06/01/2043 - 08/01/2043		549,942		547,292
4.00%, 02/01/2025 - 01/01/2044		1,044,563		1,086,039
4.50%, 02/01/2025 - 12/01/2043		886,146		941,480
5.00%, 09/01/2033 - 11/01/2040		476,407		518,528
5.50%, 09/01/2036 - 08/01/2037		264,554		291,250
6.00%, 02/01/2038 - 04/01/2040		193,169		214,136
6.50%, 05/01/2040		188,535		209,455
Fannie Mae, IO 2.40%, 01/25/2022 (A)		177,979		22,807
Fannie Mae, TBA
3.00%		800,000		795,043
3.50%		200,000		209,148
4.00%		700,000		720,563
4.50%		200,000		212,031
6.00%		200,000		221,641
Farmer Mac Guaranteed Notes Trust Series 2007-1 5.13%, 04/19/2017 - 144A		350,000		395,753
Freddie Mac
2.64%, 01/25/2023		185,000		173,739
3.00%, 03/01/2043 - 04/01/2043		429,747		407,641
3.03%, 02/01/2041 (A)		42,831		45,255
3.06%, 07/25/2023 (A)		85,000		81,863
3.30%, 04/25/2023 (A)		105,000		103,394
3.46%, 08/25/2023 (A)		50,000		49,687
3.50%, 08/01/2042 - 04/01/2043		121,195		120,489
4.50%, 11/01/2043		99,882		105,955
5.50%, 06/01/2041		96,322		104,979
Freddie Mac, IO
0.90%, 10/25/2022 (A)		558,310		34,031
1.51%, 06/25/2022 (A)		377,876		37,091
1.56%, 12/25/2018 (A)		277,723		18,301

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Freddie Mac, IO (continued)
1.78%, 05/25/2019 (A)		$  218,590		$  17,592
Freddie Mac, TBA
2.50%		200,000		198,148
3.00%		100,000		101,852
3.50%		1,360,000		1,349,375
4.00%		400,000		409,531
4.50%		400,000		421,859
5.00%		400,000		431,375
FREMF Mortgage Trust
Series 2012-K23, Class B
3.66%, 10/25/2045 - 144A (A)		40,000		36,710
Series 2012-K706, Class C
4.02%, 11/25/2044 - 144A (A)		20,000		19,339
Series 2012-K711, Class B
3.56%, 08/25/2045 - 144A (A)		50,000		48,632
Series 2013-K712, Class B
3.37%, 05/25/2045 - 144A (A)		110,000		105,006
Ginnie Mae
1.32%, 11/20/2059 (A)		430,491		438,593
4.00%, 09/15/2042 - 11/20/2043		1,147,088		1,195,530
4.50%, 05/20/2041 - 02/15/2042		783,759		841,422
5.00%, 12/15/2040		80,113		87,035
Ginnie Mae, IO 1.02%, 02/16/2053 (A)		308,435		22,653
Ginnie Mae, TBA
3.00%		500,000		483,086
3.50%		600,000		605,273
4.50%		200,000		213,391
5.00%		300,000		325,160
5.50%		200,000		219,656
Resolution Funding Corp. Zero Coupon, 07/15/2018 - 10/15/2018		500,000		458,419
Total U.S. Government Agency Obligations (cost $17,493,128)				17,434,871
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Brazilian Government International Bond 7.13%, 01/20/2037		25,000		28,625
Italy Buoni Poliennali Del Tesoro 2.55%, 10/22/2016 - Reg S		EUR  84,709		119,302
Mexico Government International Bond 4.00%, 10/02/2023		$  180,000		178,200
Poland Government International Bond Series 2013-NPL1, Class A 5.00%, 03/23/2022		40,000		42,750
Spain Government Bond 4.40%, 10/31/2023 - Reg S		EUR  95,000		133,057
Total Foreign Government Obligations (cost $502,097)				501,934
MORTGAGE-BACKED SECURITIES - 5.9%
Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2 1.01%, 02/25/2035 (A)		$  40,803		40,311
Banc of America Commercial Mortgage Trust
Series 2007-1, Class AMFX
5.48%, 01/15/2049 (A)		10,000		10,441

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

Transamerica Partners Portfolios Annual Report 2013

Page    66

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Commercial Mortgage Trust (continued)
Series 2007-3, Class A1A
5.65%, 06/10/2049 (A)		$  112,455		$  122,456
Series 2007-3, Class A4
5.65%, 06/10/2049 (A)		60,000		66,302
Series 2007-3, Class AM
5.65%, 06/10/2049 (A)		55,000		60,544
Banc of America Re-REMIC Trust Series 2010-UB4, Class A4A 5.01%, 12/20/2041 - 144A (A)		79,033		80,563
BB-UBS Trust Series 2012-TFT, Class A 2.89%, 06/05/2030 - 144A		100,000		94,200
Bear Stearns Commercial Mortgage Securities Series 2007-PW17, Class A3 5.74%, 06/11/2050		71,847		73,750
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		106,218		116,103
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		71,852		78,684
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (A)		69,257		76,619
Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2 0.38%, 12/25/2046 (A)		294,704		81,365
Citigroup Commercial Mortgage Trust
0.80%, 01/12/2018		1,290,267		36,099
3.01%, 01/12/2018		250,000		244,764
Series 2005-C3, Class AJ
4.96%, 05/15/2043 (A)		90,000		91,003
Citigroup Commercial Mortgage Trust, IO Series 2013-GC15, Class XA 1.31%, 09/10/2046 (A)		393,936		29,259
Commercial Mortgage Pass-Through Certificates
Series 2006-C8, Class AM
5.35%, 12/10/2046		55,000		60,081
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (A)		20,000		20,739
Series 2013-FL3, Class A
1.68%, 10/13/2028 - 144A (A)		100,000		100,341
Series 2013-GAM, Class A2
3.37%, 02/10/2028 - 144A		100,000		95,064
Commercial Mortgage Pass-Through Certificates, IO
Series 2013-CR10, Class XA
1.06%, 08/10/2046 (A)		1,603,149		95,139
Series 2013-CR6, Class XA
1.56%, 03/10/2046 (A)		723,761		55,684
Series 2013-CR7, Class XA
1.61%, 03/10/2046 (A)		496,117		44,271
Series 2013-LC6, Class XA
1.80%, 01/10/2046 (A)		770,615		73,917

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust Series 2007-GG11, Class A4 5.74%, 12/10/2049		$  30,000		$  33,503
Countrywide Alternative Loan Trust Series 2007-22, Class 2A16 6.50%, 09/25/2037		291,635		225,114
Credit Suisse First Boston Mortgage Securities Corp. Series 2005-C3, Class AJ 4.77%, 07/15/2037		10,000		10,304
Credit Suisse Mortgage Capital Certificates
Series 2006-C3, Class AM
5.79%, 06/15/2038 (A)		40,000		43,362
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A (A)		90,000		98,248
Series 2010-RR2, Class 2A
5.76%, 09/15/2039 - 144A (A)		120,000		131,909
DBRR Trust
Series 2012-EZ1, Class A
0.95%, 09/25/2045 - 144A		98,294		98,298
Series 2013-EZ3, Class A
1.64%, 12/18/2049 - 144A (A)		99,225		99,380
GE Capital Commercial Mortgage Corp. Series 2007-C1, Class AAB 5.48%, 12/10/2049		57,383		59,606
GMAC Mortgage Corp., Loan Trust Series 2005-AR1, Class 3A 3.08%, 03/18/2035 (A)		290,665		279,440
Greenwich Capital Commercial Funding Corp. Series 2007-GG11, Class AM 5.87%, 12/10/2049 (A)		35,000		38,350
GS Mortgage Securities Corp. II
Series 2012-ALOH, Class A
3.55%, 04/10/2034 - 144A		100,000		98,321
Series 2012-SHOP, Class A
2.93%, 06/05/2031 - 144A		110,000		109,892
Series 2013-KING, Class E
3.44%, 12/10/2027 - 144A (A)		100,000		87,015
GS Mortgage Securities Corp. II, IO
Series 2013-GC10, Class XA
1.77%, 02/10/2046 (A)		987,402		105,470
Series 2013-KYO, Class XB1
3.25%, 11/08/2029 - 144A (A)		1,000,000		46,112
GS Mortgage Securities Trust
Series 2006-GG8, Class AJ
5.62%, 11/10/2039		45,000		44,072
Series 2006-GG8, Class AM
5.59%, 11/10/2039		20,000		21,922
Series 2007-GG10, Class A1A
5.80%, 08/10/2045 (A)		73,834		81,055
Hilton USA Trust, IO Series 2013-HLT, Class X1FX 1.67%, 11/05/2030 - 144A (A)		4,500,000		74,988
Impac CMB Trust Series 2004-6, Class 1A1 0.97%, 10/25/2034 (A)		137,426		130,119

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

Transamerica Partners Portfolios Annual Report 2013

Page    67

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
IndyMac INDA Mortgage Loan Trust Series 2007-AR7, Class 1A1 2.80%, 11/25/2037 (A)		$  258,656		$  236,156
IndyMac Index Mortgage Loan Trust Series 2007-AR15, Class 2A1 4.52%, 08/25/2037 (A)		272,809		227,248
JPMBB Commercial Mortgage Securities Trust, IO Series 2013-C14, Class XA 1.04%, 08/15/2046 (A)		995,099		50,470
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		67,079		67,274
Series 2006-CB14, Class AM
5.45%, 12/12/2044 (A)		70,000		75,163
Series 2006-LDP9, Class AM
5.37%, 05/15/2047		10,000		10,565
Series 2007-CB18, Class A3
5.45%, 06/12/2047		17,044		17,240
Series 2008-C2, Class ASB
6.13%, 02/12/2051 (A)		147,049		157,566
Series 2013-C10, Class C
4.16%, 12/15/2047 (A)		30,000		28,309
Series 2013-LC11, Class C
3.96%, 04/15/2046 (A)		20,000		18,361
JPMorgan Chase Commercial Mortgage Securities Corp., IO Series 2012-LC9, Class XA 1.95%, 12/15/2047 (A)		993,348		103,801
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (A)		140,575		154,127
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (A)		128,892		144,670
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		82,354		90,753
LB-UBS Commercial Mortgage Trust
Series 2005-C2, Class AJ
5.21%, 04/15/2030 (A)		40,000		41,412
Series 2007-C7, Class A3
5.87%, 09/15/2045 (A)		37,914		42,049
Series 2007-C7, Class AM
6.16%, 09/15/2045 (A)		30,000		34,290
Merrill Lynch / Countrywide Commercial Mortgage Trust Series 2007-9, Class A4 5.70%, 09/12/2049		200,000		222,220
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
0.81%, 10/25/2028 (A)		90,529		89,498
Series 2004-A3, Class 4A3
5.05%, 05/25/2034 (A)		66,508		65,203
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.28%, 11/12/2037 (A)		55,000		57,844
Series 2007-C1, Class A1A
5.86%, 06/12/2050 (A)		40,827		43,701

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C13, Class C 4.90%, 11/15/2046 (A)		$70,000		$  68,397
Morgan Stanley Bank of America Merrill Lynch Trust, IO Series 2013-C13, Class XA 1.26%, 11/15/2046 (A)		600,000		47,995
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class A2FX
5.60%, 04/12/2049 (A)		51,563		52,232
Series 2007-HQ12, Class AM
5.60%, 04/12/2049 (A)		85,000		92,752
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		135,791		148,753
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		30,000		32,610
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (A)		51,766		56,511
Series 2007-IQ15, Class AM
5.91%, 06/11/2049 (A)		85,000		91,441
Morgan Stanley Capital I Trust, IO Series 2012-C4, Class XA 2.67%, 03/15/2045 - 144A (A)		497,261		61,416
Morgan Stanley Re-REMIC Trust
Series 2011-IO, Class A
2.50%, 03/23/2051 - 144A		24,395		24,708
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		63,381		63,888
Motel 6 Trust Series 2012-MTL6, Class B 2.74%, 10/05/2025 - 144A		140,000		138,856
Queens Center Mortgage Trust Series 2013-QCA, Class D 3.47%, 01/11/2037 - 144A (A)		130,000		110,336
S2 Hospitality LLC Series 2012-LV1, Class A 4.50%, 04/15/2025 - 144A		504		504
SCG Trust Series 2013-SRP1, Class A 1.57%, 11/15/2026 - 144A (A)		100,000		100,115
STRIPS, Ltd. Series 2012-1A, Class A 1.50%, 12/25/2044 - 144A		67,773		67,095
Structured Asset Mortgage Investments, Inc. Series 2003-AR4, Class A1 0.87%, 01/19/2034 (A)		193,190		187,900
Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ 5.92%, 02/15/2051 (A)		55,000		55,089
WF-RBS Commercial Mortgage Trust, IO
Series 2012-C10, Class XA
1.83%, 12/15/2045 - 144A (A)		453,092		48,644
Series 2013-C15, Class XA
0.72%, 08/15/2046 (A)		538,124		22,720
Total Mortgage-Backed Securities (cost $7,483,888)				7,214,061

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

Transamerica Partners Portfolios Annual Report 2013

Page    68

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
ASSET-BACKED SECURITIES - 6.8%
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		$  40,000		$  41,409
Series 2012-2, Class C
2.64%, 10/10/2017		40,000		41,134
Series 2012-3, Class C
2.42%, 05/08/2018		40,000		40,712
Series 2012-5, Class C
1.69%, 11/08/2018		25,000		24,960
Series 2013-4, Class B
1.66%, 09/10/2018		50,000		50,173
Series 2013-4, Class C
2.72%, 09/09/2019		20,000		20,235
Series 2013-4, Class D
3.31%, 10/08/2019		25,000		25,351
Series 2013-5, Class B
1.52%, 01/08/2019		20,000		19,930
Series 2013-5, Class C
2.29%, 11/08/2019		10,000		10,000
AUTO Asset-Backed Securities Srl Series 2012-2, Class A 2.80%, 04/27/2025 - Reg S		EUR  53,646		74,376
Avis Budget Rental Car Funding AESOP LLC Series 2010-3A, Class A 4.64%, 05/20/2016 - 144A		$  100,000		104,441
CHLUPA Trust Series 2013-VM, Class A 3.33%, 08/15/2020 - 144A		89,432		89,543
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A2
0.56%, 12/15/2016 - 144A		65,000		65,000
Series 2013-BA, Class A3
0.85%, 05/15/2018 - 144A		60,000		59,994
Series 2013-BA, Class A4
1.27%, 03/15/2019 - 144A		40,000		40,001
Series 2013-BA, Class B
1.78%, 06/17/2019 - 144A		20,000		19,998
Series 2013-BA, Class C
2.24%, 09/16/2019 - 144A		20,000		19,994
Series 2013-BA, Class D
2.89%, 10/15/2020 - 144A		15,000		14,995
FGOLD 30YR TBA(REG A) 3.00%		300,000		284,568
Ford Credit Auto Owner Trust Series 2013-B, Class D 1.82%, 11/15/2019		40,000		40,395
Ford Credit Floorplan Master Owner Trust
Series 2012-1, Class C
1.67%, 01/15/2016 (A)		100,000		100,042
Series 2012-1, Class D
2.27%, 01/15/2016 (A)		100,000		100,050
Series 2012-4, Class D
2.09%, 09/15/2016		100,000		100,589
Hertz Vehicle Financing LLC Series 2009-2A, Class A2 5.29%, 03/25/2016 - 144A		120,000		125,485

	Principal		Value
ASSET-BACKED SECURITIES (continued)
HLSS Servicer Advance Receivables Backed Notes
Series 2012-T2, Class B2
2.48%, 10/15/2045 - 144A		$  100,000		$  100,910
Series 2013-T1, Class A2
1.50%, 01/16/2046 - 144A		210,000		209,223
Series 2013-T1, Class B1
1.25%, 01/15/2044 - 144A		100,000		99,970
Series 2013-T3, Class A3
1.79%, 05/15/2046 - 144A		215,000		210,356
Series 2013-T4, Class AT4
1.18%, 08/15/2044 - 144A		100,000		99,880
Series 2013-T6, Class AT6
1.29%, 09/15/2044 - 144A		80,000		79,952
Hyundai Auto Receivables Trust Series 2012-A, Class D 2.61%, 05/15/2018		30,000		30,795
JG Wentworth XXII LLC Series 2010-3A, Class A 3.82%, 12/15/2048 - 144A		182,171		189,465
Nationstar Agency Advance Funding Trust
Series T2A, Class AT2
1.89%, 02/18/2048 - 144A		110,000		107,207
Series T2A, Class CT2
3.23%, 02/18/2048 - 144A		150,000		150,727
Nationstar Mortgage Advance Receivables Trust
Series 2013-T1A, Class A1
1.08%, 06/20/2044 - 144A		120,000		119,924
Series 2013-T2A, Class A2
1.68%, 06/20/2046 - 144A		175,000		174,734
Nelnet Student Loan Trust Series 2008-3, Class A4 1.89%, 11/25/2024 (A)		100,000		103,898
PFS Financing Corp.
Series 2012-AA, Class A
1.37%, 02/15/2016 - 144A (A)		100,000		100,066
Series 2013-AA, Class B
1.27%, 02/15/2018 - 144A (A)		100,000		99,572
Prestige Auto Receivables Trust
Series 2011-1A, Class D
5.18%, 07/16/2018 - 144A		100,000		103,014
Series 2013-1A, Class A2
1.09%, 02/15/2018 - 144A		85,204		85,426
Santander Drive Auto Receivables Trust
Series 2011-S1A, Class B
1.48%, 05/15/2017 - 144A		44,944		44,967
Series 2012-1, Class B
2.72%, 05/16/2016		25,000		25,277
Series 2012-1, Class C
3.78%, 11/15/2017		35,000		36,187
Series 2012-3, Class B
1.94%, 12/15/2016		85,000		85,782
Series 2012-3, Class C
3.01%, 04/16/2018		110,000		113,202
Series 2012-4, Class C
2.94%, 12/15/2017		20,000		20,583
Series 2012-5, Class B
1.56%, 08/15/2018		55,000		55,373

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

Transamerica Partners Portfolios Annual Report 2013

Page    69

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2012-5, Class C
2.70%, 08/15/2018		$  25,000		$  25,680
Series 2012-6, Class B
1.33%, 05/15/2017		45,000		45,128
Series 2012-6, Class C
1.94%, 03/15/2018		50,000		50,401
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		120,000		120,114
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		245,000		244,341
Series 2013-2, Class B
1.33%, 03/15/2018		120,000		120,300
Series 2013-3, Class B
1.19%, 05/15/2018		105,000		104,535
Series 2013-4, Class B
2.16%, 01/15/2020		60,000		60,868
Series 2013-4, Class C
3.25%, 01/15/2020		50,000		51,366
Series 2013-5, Class B
1.55%, 10/15/2018		150,000		149,757
Series 2013-5, Class C
2.25%, 06/17/2019		70,000		69,761
Series 2013-A, Class B
1.89%, 10/15/2019 - 144A		75,000		75,486
Series 2013-A, Class C
3.12%, 10/15/2019 - 144A		30,000		30,768
Series 2013-A, Class D
3.78%, 10/15/2019 - 144A		20,000		20,618
Scholar Funding Trust
Series 2011-A, Class A
1.14%, 10/28/2043 - 144A (A)		99,763		99,871
Series 2013-A, Class A
0.82%, 01/30/2045 - 144A (A)		201,839		200,072
SLC Private Student Loan Trust Series 2006-A, Class A5 0.41%, 07/15/2036 (A)		125,000		123,278
SLM Private Credit Student Loan Trust
Series 2002-A, Class A2
0.79%, 12/16/2030 (A)		62,578		61,002
Series 2004-B, Class A2
0.44%, 06/15/2021 (A)		183,803		181,633
Series 2005-B, Class A2
0.42%, 03/15/2023 (A)		45,760		44,758
SLM Private Education Loan Trust
Series 2012-A, Class A1
1.57%, 08/15/2025 - 144A (A)		62,353		62,952
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		100,000		103,761
Series 2012-C, Class A1
1.27%, 08/15/2023 - 144A (A)		122,238		122,930
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		135,000		139,606
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		160,000		163,209
Series 2012-E, Class A1
0.92%, 10/16/2023 - 144A (A)		70,981		71,026
Series 2012-E, Class A2B
1.92%, 06/15/2045 - 144A (A)		145,000		147,713

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLM Private Education Loan Trust (continued)
Series 2013-A, Class A1
0.77%, 08/15/2022 - 144A (A)		$  83,167		$  83,040
Series 2013-A, Class A2A
1.77%, 05/17/2027 - 144A		170,000		164,891
Series 2013-A, Class A2B
1.22%, 05/17/2027 - 144A (A)		150,000		147,944
Series 2013-B, Class A1
0.82%, 07/15/2022 - 144A (A)		173,202		173,115
Series 2013-B, Class A2A
1.85%, 06/17/2030 - 144A		200,000		192,875
Series 2013-C, Class A1
1.02%, 02/15/2022 - 144A (A)		107,269		107,564
Series 2013-C, Class A2A
2.94%, 10/15/2031 - 144A		100,000		101,054
Series 2013-C, Class A2B
1.57%, 10/15/2031 - 144A (A)		100,000		100,216
SLM Student Loan Trust
Series 2008-5, Class A4
1.94%, 07/25/2023 (A)		100,000		104,536
Series 2013-6, Class A3
0.82%, 06/26/2028 (A)		115,000		115,003
SpringCastle America Funding LLC Series 2013-1A, Class A 3.75%, 04/03/2021 - 144A		180,767		181,219
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		110,000		109,014
Series 2012-D, Class A
2.15%, 04/17/2023		145,000		141,107
Total Asset-Backed Securities (cost $8,367,081)				8,372,377
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.1%
New York City Water & Sewer System (Revenue Bonds)
5.38%, 06/15/2043		45,000		47,301
5.50%, 06/15/2043		55,000		58,252
Total Municipal Government Obligations (cost $98,603)				105,553
PREFERRED CORPORATE DEBT SECURITIES - 0.0% (B)
Capital Markets - 0.0% (B)
State Street Capital Trust IV 1.24%, 06/15/2037 (A)		10,000		7,555
Diversified Financial Services - 0.0% (B)
Lehman Brothers Holdings Capital Trust VII, Series MTN 5.86%, 01/31/2014 (C) (D) (E) (F)		200,000		20
Lehman Brothers Holdings E-Capital Trust I 3.59%, 08/19/2065 (D) (E) (F)		120,000		12
Total Preferred Corporate Debt Securities (cost $276,441)				7,587
CORPORATE DEBT SECURITIES - 9.7%
Airlines - 0.1%
United Continental Holdings, Inc.
6.00%, 07/15/2028		25,000		21,063
8.00%, 07/15/2024		80,000		80,240

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

Transamerica Partners Portfolios Annual Report 2013

Page    70

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Automobiles - 0.0% (B)
General Motors Co.
4.88%, 10/02/2023 - 144A		$  30,000		$  30,375
6.25%, 10/02/2043 - 144A		20,000		20,775
General Motors Corp. (Escrow Shares) 8.25%, 07/15/2023 (E)		453,000		0
Biotechnology - 0.1%
Amgen, Inc.
5.15%, 11/15/2041		30,000		29,888
5.65%, 06/15/2042		50,000		52,952
Capital Markets - 0.6%
Bank of New York Mellon Corp., Series MTN 2.10%, 01/15/2019		95,000		94,164
Goldman Sachs Group, Inc.
3.63%, 02/07/2016		40,000		41,979
3.63%, 01/22/2023 (G)		56,000		54,228
5.75%, 01/24/2022		88,000		99,061
Goldman Sachs Group, Inc., Series MTN 1.84%, 11/29/2023 (A)		95,000		96,470
Morgan Stanley
3.45%, 11/02/2015		123,000		128,031
3.80%, 04/29/2016		100,000		105,783
Morgan Stanley, Series MTN 5.00%, 11/24/2025		100,000		100,299
Chemicals - 0.1%
LYB International Finance BV 5.25%, 07/15/2043		2,000		2,011
LyondellBasell Industries NV 5.00%, 04/15/2019		60,000		66,637
Commercial Banks - 0.5%
Caixa Economica Federal 2.38%, 11/06/2017 - 144A		150,000		139,313
Glitnir HF 6.33%, 07/28/2011 - 144A (D)		160,000		46,800
HSBC Bank Brasil SA - Banco Multiplo, Series MTN 4.00%, 05/11/2016 - 144A		200,000		203,250
Landsbanki Islands HF 6.10%, 08/25/2011 - 144A (D) (F)		140,000		12,600
U.S. Bancorp, Series MTN 1.95%, 11/15/2018		85,000		84,544
Wells Fargo & Co.
1.50%, 07/01/2015		40,000		40,562
2.15%, 01/15/2019		33,000		32,897
5.38%, 11/02/2043		30,000		30,720
Commercial Services & Supplies - 0.1%
United Rentals North America, Inc. 7.63%, 04/15/2022		100,000		111,125
Communications Equipment - 0.0% (B)
CC Holdings GS V LLC / Crown Castle GS III Corp. 3.85%, 04/15/2023		52,000		48,677
Containers & Packaging - 0.0% (B)
Rock Tenn Co. 4.00%, 03/01/2023		14,000		13,371
Diversified Financial Services - 1.0%
Bank of America Corp.
2.60%, 01/15/2019		57,000		57,252
3.70%, 09/01/2015		150,000		156,797

	Principal		Value
Diversified Financial Services (continued)
Bank of America Corp. (continued)
4.10%, 07/24/2023		$  172,000		$  172,730
Bank of America Corp., Series MTN 3.30%, 01/11/2023		211,000		199,662
Citigroup, Inc.
4.45%, 01/10/2017		33,000		35,765
4.50%, 01/14/2022 (G)		78,000		82,657
Ford Motor Credit Co. LLC 5.00%, 05/15/2018		200,000		222,782
JPMorgan Chase & Co.
3.20%, 01/25/2023 (G)		38,000		36,025
3.25%, 09/23/2022		32,000		30,666
4.75%, 03/01/2015		75,000		78,467
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A (D) (E)		130,000		0
7.63%, 02/28/2015 - 144A (D)		710,000		172,175
Lehman Brothers Holdings Prod (Escrow shares) 1.00%, 02/06/2049 - 144A (F)		100,000		21,250
Lehman Brothers Holdings, Inc. (Escrow shares) 6.75%, 12/28/2017 (E) (F)		480,000		0
Diversified Telecommunication Services - 0.8%
AT&T, Inc. 2.38%, 11/27/2018		46,000		46,039
Intelsat Jackson Holdings SA 7.25%, 04/01/2019 (G)		54,000		58,320
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		22,620
Verizon Communications, Inc.
3.65%, 09/14/2018		217,000		229,708
3.85%, 11/01/2042 (G)		224,000		182,964
4.50%, 09/15/2020		40,000		42,823
5.15%, 09/15/2023		95,000		102,001
6.55%, 09/15/2043		292,000		341,628
Electric Utilities - 0.5%
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		41,000		41,748
8.88%, 11/15/2018		9,000		11,384
Dominion Gas Holdings LLC 4.80%, 11/01/2043 - 144A		6,000		5,801
Duke Energy Carolinas LLC 4.25%, 12/15/2041		55,000		51,211
Energy Future Intermediate Holding Co. LLC / EFIH Finance, Inc. 10.00%, 12/01/2020		336,000		357,000
Georgia Power Co. 3.00%, 04/15/2016		111,000		115,704
Jersey Central Power & Light Co. 7.35%, 02/01/2019		33,000		38,970
Energy Equipment & Services - 0.6%
Enterprise Products Operating LLC 4.45%, 02/15/2043		33,000		29,150
Noble Holding International, Ltd. 5.25%, 03/15/2042 (G)		10,000		9,595
Schlumberger Investment SA 3.65%, 12/01/2023		31,000		30,730
TransCanada PipeLines, Ltd. 3.75%, 10/16/2023		35,000		34,113

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

Transamerica Partners Portfolios Annual Report 2013

Page    71

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Energy Equipment & Services (continued)
Transocean, Inc.
2.50%, 10/15/2017		$  111,000		$  112,176
5.05%, 12/15/2016		67,000		74,013
6.00%, 03/15/2018		293,000		328,584
6.50%, 11/15/2020		61,000		69,658
6.80%, 03/15/2038		30,000		33,390
Food & Staples Retailing - 0.0% (B)
CVS Caremark Corp. 5.30%, 12/05/2043		12,000		12,410
Wal-Mart Stores, Inc. 4.00%, 04/11/2043		39,000		34,709
Food Products - 0.1%
WM Wrigley Jr. Co. 2.90%, 10/21/2019 - 144A		78,000		77,355
Health Care Equipment & Supplies - 0.2%
Boston Scientific Corp. 2.65%, 10/01/2018		108,000		108,735
Edwards Lifesciences Corp. 2.88%, 10/15/2018		81,000		80,527
Health Care Providers & Services - 0.3%
Coventry Health Care, Inc. 5.45%, 06/15/2021		62,000		68,983
Tenet Healthcare Corp. 6.25%, 11/01/2018		55,000		60,913
UnitedHealth Group, Inc. 3.38%, 11/15/2021		17,000		16,790
WellPoint, Inc.
1.88%, 01/15/2018		72,000		71,194
2.30%, 07/15/2018		165,000		163,691
3.70%, 08/15/2021		8,000		7,970
Hotels, Restaurants & Leisure - 0.1%
Caesars Entertainment Resort Properties LLC
8.00%, 10/01/2020 - 144A (G)		49,000		50,960
11.00%, 10/01/2021 - 144A (G)		54,000		55,350
Carnival Corp. 3.95%, 10/15/2020		13,000		13,010
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018 - 144A		2,000		2,045
4.88%, 11/01/2020 - 144A		5,000		5,000
Insurance - 0.8%
American International Group, Inc.
3.38%, 08/15/2020		89,000		89,518
3.80%, 03/22/2017		118,000		126,012
4.13%, 02/15/2024		48,000		47,722
8.18%, 05/15/2058 (A)		39,000		47,190
American International Group, Inc., Series MTN 5.45%, 05/18/2017		50,000		55,886
Manulife Financial Corp. 3.40%, 09/17/2015		55,000		57,251
Metropolitan Life Global Funding I 5.13%, 06/10/2014 - 144A		100,000		102,072
Prudential Financial, Inc. 5.88%, 09/15/2042 (A) (G)		28,000		28,455
Prudential Financial, Inc., Series MTN
4.75%, 09/17/2015		73,000		77,792
5.38%, 06/21/2020		133,000		150,305

	Principal		Value
Insurance (continued)
Swiss Re Capital I LP 6.85%, 05/25/2016 - 144A (A) (C)		$  70,000		$  73,990
XL Group PLC 6.50%, 04/15/2017 (A) (C)		80,000		78,700
XLIT, Ltd.
2.30%, 12/15/2018		23,000		22,590
5.25%, 12/15/2043 (G)		11,000		11,074
IT Services - 0.1%
International Business Machines Corp. 3.38%, 08/01/2023		105,000		102,302
Life Sciences Tools & Services - 0.1%
Life Technologies Corp. 6.00%, 03/01/2020		64,000		73,537
Thermo Fisher Scientific, Inc.
2.40%, 02/01/2019		81,000		80,246
5.30%, 02/01/2044		6,000		6,067
Media - 1.0%
CBS Corp.
4.63%, 05/15/2018		22,000		23,850
5.75%, 04/15/2020		18,000		20,205
8.88%, 05/15/2019		33,000		42,192
Comcast Corp.
4.65%, 07/15/2042		244,000		227,067
5.88%, 02/15/2018		110,000		126,169
COX Communications, Inc.
4.70%, 12/15/2042 - 144A		3,000		2,520
8.38%, 03/01/2039 - 144A		105,000		127,341
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.80%, 03/15/2022 (G)		35,000		33,622
5.00%, 03/01/2021		65,000		68,283
5.15%, 03/15/2042		55,000		49,396
NBCUniversal Media LLC
4.38%, 04/01/2021		108,000		114,310
4.45%, 01/15/2043 (G)		44,000		39,416
5.15%, 04/30/2020		94,000		105,068
Time Warner Cable, Inc.
8.25%, 04/01/2019		192,000		224,929
8.75%, 02/14/2019		72,000		85,885
Metals & Mining - 0.2%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023 (G)		79,000		79,343
5.00%, 09/30/2043		31,000		31,519
Novelis, Inc. 8.75%, 12/15/2020		110,000		122,375
Multi-Utilities - 0.2%
Dominion Resources, Inc. 1.95%, 08/15/2016		189,000		192,127
Oil, Gas & Consumable Fuels - 1.4%
Apache Corp.
4.25%, 01/15/2044 (G)		33,000		29,669
4.75%, 04/15/2043		20,000		19,399
BP Capital Markets PLC 2.75%, 05/10/2023		78,000		71,221
Energy Transfer Partners, LP 4.15%, 10/01/2020		120,000		121,750
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		115,000		111,259

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

Transamerica Partners Portfolios Annual Report 2013

Page    72

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Laredo Petroleum, Inc. 7.38%, 05/01/2022		$  60,000		$  65,100
Linn Energy LLC / Linn Energy Finance Corp. 7.00%, 11/01/2019 - 144A (G)		80,000		80,800
MEG Energy Corp. 6.50%, 03/15/2021 - 144A		110,000		115,775
Murphy Oil Corp.
2.50%, 12/01/2017		81,000		81,493
3.70%, 12/01/2022		38,000		35,112
Nexen Energy ULC 5.88%, 03/10/2035		10,000		10,680
Noble Energy, Inc.
4.15%, 12/15/2021		12,000		12,339
5.25%, 11/15/2043		50,000		49,959
6.00%, 03/01/2041		44,000		47,048
8.25%, 03/01/2019		44,000		54,690
Peabody Energy Corp. 6.25%, 11/15/2021 (G)		45,000		45,450
Petrobras International Finance Co. 3.88%, 01/27/2016		160,000		164,714
Range Resources Corp. 5.75%, 06/01/2021 (G)		10,000		10,600
SemGroup, LP (Escrow Shares) 8.75%, 11/15/2049 (A)		25,000		500
Shell International Finance BV
2.00%, 11/15/2018 (G)		81,000		81,051
4.55%, 08/12/2043		78,000		76,077
Statoil ASA 2.90%, 11/08/2020		90,000		89,411
Total Capital International SA 3.70%, 01/15/2024		81,000		80,091
Western Gas Partners, LP
4.00%, 07/01/2022		34,000		32,450
5.38%, 06/01/2021		72,000		77,134
Williams Cos., Inc.
3.70%, 01/15/2023		83,000		72,443
7.88%, 09/01/2021		31,000		35,746
Paper & Forest Products - 0.2%
International Paper Co. 4.75%, 02/15/2022 (G)		192,000		201,297
Pharmaceuticals - 0.2%
AbbVie, Inc. 4.40%, 11/06/2042		55,000		51,297
Actavis, Inc. 4.63%, 10/01/2042 (G)		55,000		50,039
Bristol-Myers Squibb Co. 4.50%, 03/01/2044		63,000		60,344
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		25,000		24,521
Real Estate Investment Trusts - 0.0% (B)
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		19,000		18,168
Real Estate Management & Development - 0.0% (B)
Realogy Group LLC 7.88%, 02/15/2019 - 144A (G)		55,000		60,363
Road & Rail - 0.0% (B)
Burlington Northern Santa Fe LLC 3.00%, 03/15/2023		16,000		14,900

	Principal		Value
Specialty Retail - 0.0% (B)
QVC, Inc. 7.50%, 10/01/2019 - 144A		$  45,000		$  48,503
Tobacco - 0.1%
Altria Group, Inc. 4.00%, 01/31/2024		31,000		30,300
Philip Morris International, Inc.
1.88%, 01/15/2019		67,000		65,476
4.88%, 11/15/2043		23,000		22,784
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV 3.13%, 07/16/2022		200,000		184,630
MetroPCS Wireless, Inc. 7.88%, 09/01/2018 (G)		4,000		4,295
Sprint Communications, Inc. 9.00%, 11/15/2018 - 144A		95,000		114,475
Sprint Corp. 7.88%, 09/15/2023 - 144A		45,000		48,375
T-Mobile USA, Inc.
6.46%, 04/28/2019		5,000		5,313
6.63%, 04/28/2021		15,000		15,787
6.73%, 04/28/2022		15,000		15,637
6.84%, 04/28/2023 (G)		5,000		5,188
Total Corporate Debt Securities (cost $12,722,346)				11,912,994
SHORT-TERM U.S. GOVERNMENT OBLIGATION - 0.0% (B)
U.S. Treasury Bill 0.07%, 06/26/2014 (H) (I)		55,000		54,982
Total Short-Term U.S. Government Obligation (cost $54,982)				54,982
	Shares		Value
PREFERRED STOCKS - 0.3%
Diversified Financial Services - 0.1%
Citigroup Capital XIII, 7.88% (A) (G)		3,392		92,432
Short-Term U.S. Government Obligations - 0.2%
Fannie Mae - Series O, 0.00% (A) (H) (J)		600		8,520
Fannie Mae - Series S, 8.25% (A) (J)		10,800		94,500
Freddie Mac - Series Z, 8.38% (A) (J)		14,925		133,877
Total Preferred Stocks (cost $767,642)				329,329
COMMON STOCKS - 59.5%
Aerospace & Defense - 1.9%
General Dynamics Corp.		2,872		274,420
Honeywell International, Inc.		10,529		962,035
United Technologies Corp.		10,248		1,166,222
Airlines - 0.2%
Delta Air Lines, Inc.		4,650		127,736
Southwest Airlines Co.		4,418		83,235
Auto Components - 0.2%
Johnson Controls, Inc.		3,812		195,556
Automobiles - 0.5%
General Motors Co. (J)		15,824		646,727
Beverages - 1.4%
Coca-Cola Co.		12,990		536,617
Constellation Brands, Inc. - Class A (J)		1,289		90,720
Dr. Pepper Snapple Group, Inc. (G)		5,949		289,835
Molson Coors Brewing Co. - Class B		900		50,535
PepsiCo, Inc.		9,066		751,934

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

Transamerica Partners Portfolios Annual Report 2013

Page    73

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc. (J)		1,936		$  257,604
Biogen IDEC, Inc. (J)		2,696		754,206
Celgene Corp. (J)		5,695		962,227
Gilead Sciences, Inc. (J)		2,180		163,827
Vertex Pharmaceuticals, Inc. (J)		2,118		157,368
Building Products - 0.2%
Masco Corp.		13,517		307,782
Capital Markets - 1.6%
Bank of New York Mellon Corp.		103		3,599
Goldman Sachs Group, Inc.		3,009		533,375
Invesco, Ltd.		10,713		389,953
Morgan Stanley		15,526		486,895
State Street Corp.		6,028		442,395
TD Ameritrade Holding Corp.		2,520		77,213
Chemicals - 0.9%
Air Products & Chemicals, Inc.		1,918		214,394
Axiall Corp.		2,600		123,344
CF Industries Holdings, Inc. - Class B		10		2,330
Dow Chemical Co.		6,961		309,069
E.I. du Pont de Nemours & Co.		524		34,044
Monsanto Co.		2,980		347,319
Mosaic Co.		1,180		55,779
Commercial Banks - 1.7%
Comerica, Inc. - Class A (G)		2,971		141,241
Cullen / Frost Bankers, Inc. (G)		500		37,215
PNC Financial Services Group, Inc.		1,168		90,614
SVB Financial Group (J)		360		37,750
U.S. Bancorp - Class A		2,280		92,112
Wells Fargo & Co.		37,868		1,719,207
Commercial Services & Supplies - 0.1%
Tyco International, Ltd.		1,748		71,738
Communications Equipment - 1.4%
Cisco Systems, Inc.		41,838		939,263
QUALCOMM, Inc.		10,667		792,025
Computers & Peripherals - 2.2%
Apple, Inc.		3,654		2,050,296
EMC Corp.		9,759		245,439
Hewlett-Packard Co.		9,503		265,894
NetApp, Inc.		2,180		89,685
SanDisk Corp.		1,067		75,266
Construction & Engineering - 0.6%
Fluor Corp.		9,490		761,952
Consumer Finance - 0.4%
Capital One Financial Corp.		5,639		432,004
SLM Corp.		1,150		30,222
Containers & Packaging - 0.2%
Crown Holdings, Inc. (J)		4,451		198,381
Diversified Financial Services - 2.8%
Bank of America Corp.		66,039		1,028,227
Berkshire Hathaway, Inc. - Class B (J)		5,361		635,600
Citigroup, Inc.		21,741		1,132,924
IntercontinentalExchange Group, Inc.		2,787		626,852
Diversified Telecommunication Services - 0.8%
AT&T, Inc.		3,106		109,207
Verizon Communications, Inc.		17,971		883,095
Electric Utilities - 1.1%
American Electric Power Co., Inc.		10,910		509,933
Edison International		6,017		278,587
NextEra Energy, Inc.		7,003		599,597

	Shares		Value
Electrical Equipment - 0.7%
Eaton Corp. PLC		991		$  75,435
Emerson Electric Co.		11,102		779,138
Electronic Equipment & Instruments - 0.2%
Corning, Inc.		6,459		115,099
TE Connectivity, Ltd.		2,345		129,233
Energy Equipment & Services - 1.5%
Baker Hughes, Inc.		1,260		69,628
Cameron International Corp. (J)		1,334		79,413
Ensco PLC - Class A		7,410		423,704
Halliburton Co.		2,688		136,416
Noble Corp. PLC		4,513		169,102
Schlumberger, Ltd.		10,994		990,669
Food & Staples Retailing - 1.2%
Costco Wholesale Corp.		3,230		384,402
CVS Caremark Corp.		10,807		773,457
Kroger Co.		3,720		147,052
Wal-Mart Stores, Inc.		2,786		219,230
Food Products - 1.5%
Archer-Daniels-Midland Co.		10,625		461,125
General Mills, Inc. (G)		11,978		597,822
Kellogg Co.		3,980		243,058
Mondelez International, Inc. - Class A		15,823		558,552
Gas Utilities - 0.2%
EQT Corp.		1,200		107,736
National Fuel Gas Co. (G)		490		34,986
Questar Corp. (G)		4,936		113,479
Health Care Equipment & Supplies - 0.8%
Abbott Laboratories		8,806		337,534
Baxter International, Inc.		4,301		299,134
Intuitive Surgical, Inc. (G) (J)		182		69,903
Stryker Corp.		4,000		300,560
Health Care Providers & Services - 1.1%
Humana, Inc. - Class A (G)		4,100		423,202
McKesson Corp.		1,900		306,660
UnitedHealth Group, Inc.		8,633		650,065
Health Care Technology - 0.0% (B)
Cerner Corp. (J)		200		11,148
Hotels, Restaurants & Leisure - 0.8%
Marriott International, Inc. - Class A (G)		381		18,806
McDonald’s Corp.		515		49,970
Royal Caribbean Cruises, Ltd. - Class A		5,390		255,594
Starbucks Corp.		3,173		248,731
Starwood Hotels & Resorts Worldwide, Inc.		2,550		202,598
Yum! Brands, Inc.		2,026		153,186
Household Durables - 0.2%
Lennar Corp. - Class A (G)		719		28,444
PulteGroup, Inc. (G)		8,212		167,278
Toll Brothers, Inc. (G) (J)		1,056		39,072
Household Products - 1.0%
Kimberly-Clark Corp.		1,131		118,144
Procter & Gamble Co.		13,469		1,096,512
Industrial Conglomerates - 0.5%
General Electric Co.		23,469		657,836
Insurance - 1.8%
ACE, Ltd.		8,326		861,991
Axis Capital Holdings, Ltd. (G)		380		18,077
Everest RE Group, Ltd. (G)		238		37,097
Hartford Financial Services Group, Inc.		3,383		122,566
Marsh & McLennan Cos., Inc.		4,850		234,546

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

Transamerica Partners Portfolios Annual Report 2013

Page    74

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Insurance (continued)
MetLife, Inc.		12,631		$  681,063
Prudential Financial, Inc.		1,772		163,414
RenaissanceRe Holdings, Ltd. (G)		820		79,819
XL Group PLC - Class A		2,260		71,958
Internet & Catalog Retail - 0.8%
Amazon.com, Inc. (J)		1,732		690,704
priceline.com, Inc. (J)		257		298,737
Internet Software & Services - 2.1%
eBay, Inc. (J)		7,395		405,911
Facebook, Inc. - Class A (J)		5,210		284,779
Google, Inc. - Class A (J)		1,629		1,825,636
LinkedIn Corp. - Class A (J)		161		34,910
IT Services - 1.6%
Alliance Data Systems Corp. (G) (J)		475		124,892
Cognizant Technology Solutions Corp. - Class A (J)		4,899		494,701
Fidelity National Information Services, Inc.		1,277		68,549
International Business Machines Corp.		2,271		425,971
Mastercard, Inc. - Class A		330		275,702
Visa, Inc. - Class A (G)		2,897		645,104
Life Sciences Tools & Services - 0.2%
Mettler-Toledo International, Inc. (J)		1,076		261,027
Thermo Fisher Scientific, Inc. (G)		434		48,326
Machinery - 0.8%
Caterpillar, Inc. (G)		1,186		107,700
Deere & Co. (G)		1,696		154,896
PACCAR, Inc.		9,469		560,281
SPX Corp.		1,625		161,866
Media - 2.6%
CBS Corp. - Class B		6,260		399,012
Comcast Corp. - Class A		20,241		1,051,824
DISH Network Corp. - Class A (J)		2,775		160,728
Omnicom Group, Inc.		512		38,077
Time Warner Cable, Inc.		2,430		329,265
Time Warner, Inc.		14,005		976,429
Walt Disney Co. - Class A		3,432		262,205
Metals & Mining - 0.6%
Alcoa, Inc. (G)		27,615		293,548
Freeport-McMoRan Copper & Gold, Inc.		7,480		282,295
U.S. Steel Corp. (G)		4,930		145,435
Multi-Utilities - 0.7%
CMS Energy Corp.		8,237		220,504
DTE Energy Co.		765		50,788
NiSource, Inc. - Class B		8,878		291,909
Sempra Energy		3,368		302,312
Multiline Retail - 0.4%
Macy’s, Inc.		2,804		149,734
Nordstrom, Inc. (G)		1,959		121,066
Target Corp.		3,372		213,346
Office Electronics - 0.0% (B)
Xerox Corp. (G)		2,860		34,806
Oil, Gas & Consumable Fuels - 4.3%
Anadarko Petroleum Corp. - Class A		4,856		385,178
Cheniere Energy, Inc. (J)		1,990		85,809
Chevron Corp.		10,819		1,351,401
EOG Resources, Inc.		831		139,475
Exxon Mobil Corp.		14,843		1,502,112
Marathon Oil Corp.		6,040		213,212
Marathon Petroleum Corp.		6,334		581,018

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.		5,661		$  538,361
Phillips 66		2,833		218,509
Range Resources Corp.		723		60,956
Valero Energy Corp.		2,055		103,572
Williams Cos., Inc.		1,938		74,749
Paper & Forest Products - 0.1%
International Paper Co.		1,928		94,530
Pharmaceuticals - 3.5%
Actavis PLC (J)		1,150		193,200
Allergan, Inc.		3,520		391,001
Bristol-Myers Squibb Co.		20,386		1,083,516
Johnson & Johnson		19,991		1,830,976
Merck & Co., Inc.		8,870		443,943
Perrigo Co. PLC		730		112,026
Pfizer, Inc.		6,211		190,243
Valeant Pharmaceuticals International, Inc. (J)		587		68,914
Real Estate Investment Trusts - 1.1%
American Tower Corp. - Class A		1,024		81,736
AvalonBay Communities, Inc.		1,430		169,069
Boston Properties, Inc.		600		60,222
Brandywine Realty Trust (G)		4,848		68,308
Camden Property Trust		1,028		58,473
Excel Trust, Inc. (G)		1,540		17,541
HCP, Inc.		3,522		127,919
Highwoods Properties, Inc. (G)		2,391		86,482
Host Hotels & Resorts, Inc. (G)		1,344		26,127
Kilroy Realty Corp. (G)		1,970		98,855
Kimco Realty Corp.		4,420		87,295
Post Properties, Inc.		975		44,099
ProLogis, Inc. - Class A		353		13,043
Public Storage		280		42,146
Simon Property Group, Inc.		1,887		287,126
Ventas, Inc.		2,627		150,474
Road & Rail - 1.6%
CSX Corp.		30,589		880,045
Norfolk Southern Corp.		1,442		133,861
Union Pacific Corp.		5,703		958,104
Semiconductors & Semiconductor Equipment - 1.2%
Applied Materials, Inc. - Class A		16,158		285,835
Avago Technologies, Ltd. - Class A		5,770		305,175
KLA-Tencor Corp. (G)		3,177		204,789
LAM Research Corp. (G) (J)		3,227		175,710
Xilinx, Inc.		10,381		476,696
Software - 2.7%
Adobe Systems, Inc. (J)		7,483		448,082
CA, Inc.		1,460		49,129
Citrix Systems, Inc. (J)		3,248		205,436
Microsoft Corp.		39,431		1,475,902
Oracle Corp.		26,980		1,032,255
VMware, Inc. - Class A (G) (J)		871		78,138
Specialty Retail - 2.0%
AutoZone, Inc. (G) (J)		878		419,631
Gap, Inc. - Class A		600		23,448
Home Depot, Inc.		11,296		930,113
Lowe’s Cos., Inc.		11,744		581,915
TJX Cos., Inc.		7,720		491,996
Textiles, Apparel & Luxury Goods - 0.6%
Lululemon Athletica, Inc. (G) (J)		897		52,950
V.F. Corp.		10,088		628,886

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

Transamerica Partners Portfolios Annual Report 2013

Page    75

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Tobacco - 0.8%
Philip Morris International, Inc.		11,997		$  1,045,299
Trading Companies & Distributors - 0.2%
WW Grainger, Inc. (G)		1,021		260,784
Total Common Stocks (cost $57,227,275)				73,405,035
	Contracts		Value
PURCHASED OPTION - 0.0% (B)
Put Option - 0.0% (B)
Eurodollar, Mid-Curve 2-Year Future Exercise Price $ 98.75 Expires 03/14/2014		23		15,525
Total Purchased Option (cost $6,657)				15,525
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 3.6%
BlackRock Provident TempFund 24 (K)		4,395,228		4,395,228
Total Short-Term Investment Company (cost $4,395,228)				4,395,228
SECURITIES LENDING COLLATERAL - 5.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (H)		6,288,574		6,288,574
Total Securities Lending Collateral (cost $6,288,574)				6,288,574
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.01% (H), dated 12/31/2013, to be repurchased at $628,772 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $644,710.		$  628,771		$  628,771
Total Repurchase Agreement (cost $628,771)				628,771
Total Investment Securities (cost $121,928,825) (L)				136,148,739
Other Assets and Liabilities - Net  - (10.4)%				(12,878,424	)
Net Assets  - 100.0%				$  123,270,315

	Principal			Value
TBA SHORT COMMITMENTS - (1.7)%
U.S. GOVERNMENT AGENCY OBLIGATIONS - (1.7)%
Fannie Mae, TBA
3.50%		$  (360,000	)		$  (356,541	)
4.00%		(300,000	)		(317,883	)
5.00%		(100,000	)		(108,289	)
Freddie Mac, TBA 3.00%		(400,000	)		(378,875	)
Ginnie Mae, TBA
4.00%		(600,000	)		(623,773	)
4.50%		(300,000	)		(320,742	)
Total U.S. Government Agency Obligations (proceeds $2,113,355)					(2,106,103	)
Total TBA Short Commitments (proceeds $2,113,355)					(2,106,103	)
	Contracts			Value
WRITTEN OPTION - (0.0)% (B)
Put Option - (0.0)% (B)
Eurodollar, Mid-Curve 2-Year Future Exercise Price $ 98.25 Expires 03/14/2014		23			(3,738	)
Total Written Option (premiums $(1,680))					(3,738	)

FUTURES CONTRACTS: (M)
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		Short		(25	)		03/20/2014	$	50,434
2-Year U.S. Treasury Note		Long		15			03/31/2014		(4,563	)
5-Year U.S. Treasury Note		Short		(7	)		03/31/2014		1,106
90-Day Eurodollar		Short		(3	)		12/14/2015		1,312
Long U.S. Treasury Bond		Long		17			03/20/2014		(31,375	)
S&P 500 E-Mini Index		Long		6			03/21/2014		12,068
Ultra Long U.S. Treasury Bond		Long		7			03/20/2014		(16,031	)
								$	12,951

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

Transamerica Partners Portfolios Annual Report 2013

Page    76

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

FORWARD FOREIGN CURRENCY CONTRACTS:
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
EUR	BCLY		(331,000	)		01/22/2014	$	(446,974	)	$	(8,378	)
EUR	BNP		179,000			01/22/2014		246,166			82
										$	(8,296	)

VALUATION SUMMARY: ^(N)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	5,481,918	$	—	$	5,481,918
U.S. Government Agency Obligations		—		17,434,871		—		17,434,871
Foreign Government Obligations		—		501,934		—		501,934
Mortgage-Backed Securities		—		7,214,061		—		7,214,061
Asset-Backed Securities		—		8,372,377		—		8,372,377
Municipal Government Obligations		—		105,553		—		105,553
Preferred Corporate Debt Securities		—		7,587		—		7,587
Corporate Debt Securities
Airlines		—		101,303		—		101,303
Automobiles		—		51,150		0		51,150
Biotechnology		—		82,840		—		82,840
Capital Markets		—		720,015		—		720,015
Chemicals		—		68,648		—		68,648
Commercial Banks		—		590,686		—		590,686
Commercial Services & Supplies		—		111,125		—		111,125
Communications Equipment		—		48,677		—		48,677
Containers & Packaging		—		13,371		—		13,371
Diversified Financial Services		—		1,266,228		0		1,266,228
Diversified Telecommunication Services		—		1,026,103		—		1,026,103
Electric Utilities		—		621,818		—		621,818
Energy Equipment & Services		—		721,409		—		721,409
Food & Staples Retailing		—		47,119		—		47,119
Food Products		—		77,355		—		77,355
Health Care Equipment & Supplies		—		189,262		—		189,262
Health Care Providers & Services		—		389,541		—		389,541
Hotels, Restaurants & Leisure		—		126,365		—		126,365
Insurance		—		968,557		—		968,557
IT Services		—		102,302		—		102,302
Life Sciences Tools & Services		—		159,850		—		159,850
Media		—		1,290,253		—		1,290,253
Metals & Mining		—		233,237		—		233,237
Multi-Utilities		—		192,127		—		192,127
Oil, Gas & Consumable Fuels		—		1,671,961		—		1,671,961
Paper & Forest Products		—		201,297		—		201,297
Pharmaceuticals		—		186,201		—		186,201
Real Estate Investment Trusts		—		18,168		—		18,168
Real Estate Management & Development		—		60,363		—		60,363
Road & Rail		—		14,900		—		14,900
Specialty Retail		—		48,503		—		48,503
Tobacco		—		118,560		—		118,560
Wireless Telecommunication Services		—		393,700		—		393,700

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

Transamerica Partners Portfolios Annual Report 2013

Page    77

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY (continued): ^(N)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at December 31, 2013
Short-Term U.S. Government Obligation	$	—		$	54,982		$	—	$	54,982
Preferred Stocks		329,329			—			—		329,329
Common Stocks		73,405,035			—			—		73,405,035
Purchased Option		15,525			—			—		15,525
Short-Term Investment Company		4,395,228			—			—		4,395,228
Securities Lending Collateral		6,288,574			—			—		6,288,574
Repurchase Agreement		—			628,771			—		628,771
Total Investment Securities	$	84,433,691		$	51,715,048		$	0	$	136,148,739
Derivative Financial Instruments
Futures Contracts (O)	$	64,920		$	—		$	—	$	64,920
Forward Foreign Currency Contracts (O)		—			82			—		82
Total Derivative Financial Instruments	$	64,920		$	82		$	—	$	65,002
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at December 31, 2013
LIABILITIES
TBA Short Commitments
U.S. Government Agency Obligations	$	—		$	(2,106,103	)	$	—	$	(2,106,103	)
Total TBA Short Commitments	$	—		$	(2,106,103	)	$	—	$	(2,106,103	)
Derivative Financial Instruments
Written Option	$	(3,738	)	$	—		$	—	$	(3,738	)
Futures Contracts (O)		(51,969	)		—			—		(51,969	)
Forward Foreign Currency Contracts (O)		—			(8,378	)		—		(8,378	)
Total Derivative Financial Instruments	$	(55,707	)	$	(8,378	)	$	—	$	(64,085	)

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2012		Purchases		Sales (P)		Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (Q)		Transfers into Level 3		Transfers out of Level 3		Ending Balance at December 31, 2013 (R)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December 31, 2013 (Q)
Corporate Debt Securities	$	0	$	—	$	0	$	—	$	(379,424	)	$	379,424	$	—	$	—	$	0	$	—

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate note. Rate is listed as of December 31, 2013.

^(B)  Percentage rounds to less than 0.1%.

^(C)  The security has a perpetual maturity. The date shown is the next call date.

^(D) In default.

^(E) Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate fair value of securities is $32, or less than 0.01% of the portfolio’s net assets.

^(F) Illiquid. Total aggregate fair value of illiquid securities is $33,882, or 0.03% of the portfolio’s net assets.

^(G)  All or a portion of this security is on loan. The value of all securities on loan is $6,150,753. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(H) Rate shown reflects the yield at December 31, 2013.

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

Transamerica Partners Portfolios Annual Report 2013

Page    78

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS (continued):

^(I) All or a portion of this security has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts. Total value of securities segregated as collateral to cover margin requirements for open futures contracts is $54,976.

^(J) Non-income producing security.

^(K) The investment issuer is affiliated with the sub-adviser of the portfolio.

^(L) Aggregate cost for federal income tax purposes is $123,059,319. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $15,816,419 and $2,726,999, respectively. Net unrealized appreciation for tax purposes is $13,089,420.

^(M) Cash in the amount of $31,000 has been segregated by the custodian with the broker as collateral to cover margin requirements for open futures contracts.

^(N) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

^(O) Derivative financial instruments valued at unrealized appreciation (depreciation) on the instrument.

^(P) Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

^(Q) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December 31, 2013 may be due to an investment no longer held or categorized as Level 3 at year end.

^(R) Level 3 securities were not considered significant to the portfolio.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2013, these securities aggregated $9,489,099, or 7.70% of the portfolio’s net assets.
BCLY	Barclays Bank PLC
BNP	BNP Paribas
IO	Interest only portion of a STRIP (Separate Trading of Registered Interest and Principal Security) Security
MTN	Medium Term Note
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
Re-REMIC	Re-Securitized Real Estate Mortgage Investment Conduits (consist of a fixed pool of mortgages broken apart and marketed to investors as individual securities)
TBA	To Be Announced

CURRENCY ABBREVIATION:

EUR Euro

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

Transamerica Partners Portfolios Annual Report 2013

Page    79

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 8.4%
Alliant Techsystems, Inc.		91,100		$  11,085,048
Exelis, Inc.		572,300		10,908,038
Huntington Ingalls Industries, Inc.		129,270		11,635,593
L-3 Communications Holdings, Inc. (A)		109,900		11,743,914
Lockheed Martin Corp.		33,900		5,039,574
Northrop Grumman Corp.		115,000		13,180,150
Raytheon Co.		153,300		13,904,310
Airlines - 1.0%
Delta Air Lines, Inc.		158,500		4,353,995
Southwest Airlines Co.		258,600		4,872,024
Auto Components - 3.2%
Goodyear Tire & Rubber Co.		306,800		7,317,180
Lear Corp. (A)		142,400		11,530,128
Magna International, Inc. - Class A		129,000		10,585,740
Automobiles - 0.7%
Ford Motor Co.		431,300		6,654,959
Biotechnology - 5.0%
Amgen, Inc.		92,300		10,536,968
Biogen IDEC, Inc. (B)		35,100		9,819,225
Celgene Corp. (B)		62,900		10,627,584
Cubist Pharmaceuticals, Inc. (B)		37,000		2,548,190
United Therapeutics Corp. (A) (B)		113,600		12,845,888
Capital Markets - 1.1%
Waddell & Reed Financial, Inc. - Class A		156,000		10,158,720
Chemicals - 1.3%
CF Industries Holdings, Inc. - Class B		17,200		4,008,288
LyondellBasell Industries NV - Class A		102,600		8,236,728
Commercial Banks - 7.3%
Comerica, Inc. - Class A (A)		96,300		4,578,102
Fifth Third Bancorp		597,400		12,563,322
First Niagara Financial Group, Inc.		111,500		1,184,130
Huntington Bancshares, Inc. - Class A		1,251,800		12,079,870
KeyCorp		923,700		12,396,054
PNC Financial Services Group, Inc.		103,100		7,998,498
Wells Fargo & Co.		377,000		17,115,800
Computers & Peripherals - 3.1%
Apple, Inc.		10,800		6,059,988
SanDisk Corp.		150,500		10,616,270
Western Digital Corp.		146,700		12,308,130
Construction & Engineering - 0.3%
AECOM Technology Corp. (B)		81,500		2,398,545
Consumer Finance - 4.2%
Capital One Financial Corp.		177,900		13,628,919
Discover Financial Services		235,700		13,187,415
SLM Corp.		455,500		11,970,540
Containers & Packaging - 1.3%
Packaging Corp. of America		112,800		7,137,984
Rock Tenn Co. - Class A		47,200		4,956,472
Diversified Financial Services - 1.9%
Bank of America Corp.		216,000		3,363,120
CBOE Holdings, Inc.		142,500		7,404,300
JPMorgan Chase & Co.		72,900		4,263,192
McGraw-Hill Financial, Inc.		31,300		2,447,660
Diversified Telecommunication Services - 1.9%
AT&T, Inc.		143,400		5,041,944
Frontier Communications Corp. (A)		685,200		3,186,180
Verizon Communications, Inc.		197,600		9,710,064

	Shares		Value
Electric Utilities - 3.3%
American Electric Power Co., Inc.		211,000		$  9,862,140
Edison International		250,100		11,579,630
Entergy Corp. - Class B		103,000		6,516,810
Exelon Corp.		79,700		2,182,983
Electronic Equipment & Instruments - 2.6%
Arrow Electronics, Inc. (B)		85,900		4,660,075
Avnet, Inc.		141,400		6,237,154
Flextronics International, Ltd. (B)		342,900		2,664,333
Ingram Micro, Inc. - Class A (B)		450,000		10,557,000
Energy Equipment & Services - 2.3%
Baker Hughes, Inc.		99,400		5,492,844
Diamond Offshore Drilling, Inc. (A)		104,900		5,970,908
Halliburton Co.		188,500		9,566,375
Food & Staples Retailing - 1.1%
Kroger Co.		255,300		10,092,009
Food Products - 1.7%
Archer-Daniels-Midland Co.		63,300		2,747,220
Green Mountain Coffee Roasters, Inc. - Series C (A) (B)		28,300		2,138,914
Hershey Co.		83,300		8,099,259
Tyson Foods, Inc. - Class A (A)		77,100		2,579,766
Health Care Providers & Services - 8.5%
AmerisourceBergen Corp. - Class A		146,100		10,272,291
Cardinal Health, Inc.		190,400		12,720,624
CIGNA Corp.		148,100		12,955,788
Humana, Inc. - Class A		77,400		7,989,228
McKesson Corp.		63,800		10,297,320
Omnicare, Inc.		183,600		11,082,096
WellPoint, Inc.		141,800		13,100,902
Household Durables - 0.4%
Whirlpool Corp.		23,400		3,670,524
Independent Power Producers & Energy Traders - 1.3%
AES Corp.		796,300		11,554,313
Insurance - 13.4%
Allied World Assurance Co. Holdings AG		82,800		9,340,668
Allstate Corp.		233,300		12,724,182
American Financial Group, Inc.		114,700		6,620,484
American International Group, Inc.		336,300		17,168,115
Assurant, Inc.		175,000		11,614,750
Axis Capital Holdings, Ltd.		225,800		10,741,306
Chubb Corp. - Class A		132,600		12,813,138
Everest RE Group, Ltd.		72,200		11,253,814
Lincoln National Corp.		86,400		4,459,968
Old Republic International Corp.		60,800		1,050,016
PartnerRe, Ltd.		19,900		2,098,057
Reinsurance Group of America, Inc. - Class A		27,200		2,105,552
RenaissanceRe Holdings, Ltd.		39,900		3,883,866
Travelers Cos., Inc.		150,000		13,581,000
Unum Group		120,800		4,237,664
IT Services - 1.2%
Amdocs, Ltd.		267,300		11,023,452
Machinery - 0.7%
Oshkosh Corp.		128,400		6,468,792
Metals & Mining - 0.7%
Alcoa, Inc. (A)		224,900		2,390,687
Cliffs Natural Resources, Inc. (A)		169,500		4,442,595
Multi-Utilities - 0.6%
Public Service Enterprise Group, Inc.		179,900		5,763,996

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

Transamerica Partners Portfolios Annual Report 2013

Page    80

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Oil, Gas & Consumable Fuels - 12.7%
Chevron Corp.		183,300		$  22,896,003
ConocoPhillips		220,600		15,585,390
Exxon Mobil Corp.		342,000		34,610,400
Marathon Oil Corp.		346,100		12,217,330
Murphy Oil Corp. (A)		181,100		11,749,768
Occidental Petroleum Corp.		78,400		7,455,840
SM Energy Co.		113,300		9,416,363
Valero Energy Corp.		71,400		3,598,560
Personal Products - 1.7%
Herbalife, Ltd. (A)		59,700		4,698,390
Nu Skin Enterprises, Inc. - Class A		79,300		10,960,846
Pharmaceuticals - 0.4%
Questcor Pharmaceuticals, Inc. (A)		64,500		3,512,025
Real Estate Investment Trusts - 0.3%
RLJ Lodging Trust		104,900		2,551,168
Semiconductors & Semiconductor Equipment - 1.2%
Marvell Technology Group, Ltd.		785,400		11,294,052
Software - 0.7%
CA, Inc.		204,500		6,881,425
Specialty Retail - 2.1%
Best Buy Co., Inc.		272,800		10,879,264
GameStop Corp. - Class A (A)		170,600		8,403,756
Tobacco - 1.1%
Lorillard, Inc.		198,200		10,044,776
Total Common Stocks (cost $727,830,605)				912,316,707

	Shares		Value
SECURITIES LENDING COLLATERAL - 8.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		76,167,901		$  76,167,901
Total Securities Lending Collateral (cost $76,167,901)				76,167,901
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $10,808,887 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $11,026,315.		$  10,808,881		10,808,881
Total Repurchase Agreement (cost $10,808,881)				10,808,881
Total Investment Securities (cost $814,807,387) (D)				999,293,489
Other Assets and Liabilities - Net - (8.1)%				(75,016,965	)
Net Assets - 100.0%				$  924,276,524

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	912,316,707	$	—	$	—	$	912,316,707
Securities Lending Collateral		76,167,901		—		—		76,167,901
Repurchase Agreement		—		10,808,881		—		10,808,881
Total Investment Securities	$	988,484,608	$	10,808,881	$	—	$	999,293,489

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $74,521,042. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate shown reflects the yield at December 31, 2013.

^(D) Aggregate cost for federal income tax purposes is $819,366,987. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $185,978,783 and $6,052,281, respectively. Net unrealized appreciation for tax purposes is $179,926,502.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    81

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 5.4%
L-3 Communications Holdings, Inc.		35,900		$  3,836,274
Lockheed Martin Corp.		30,400		4,519,264
Northrop Grumman Corp.		35,300		4,045,733
Raytheon Co.		46,700		4,235,690
Air Freight & Logistics - 0.9%
United Parcel Service, Inc. - Class B		25,400		2,669,032
Airlines - 2.3%
Delta Air Lines, Inc.		117,600		3,230,472
Southwest Airlines Co.		199,500		3,758,580
Auto Components - 3.6%
Delphi Automotive PLC - Class A		64,000		3,848,320
Goodyear Tire & Rubber Co.		152,500		3,637,125
Magna International, Inc. - Class A		43,300		3,553,198
Automobiles - 1.3%
Ford Motor Co.		263,700		4,068,891
Beverages - 2.5%
Coca-Cola Enterprises, Inc.		86,500		3,817,245
Monster Beverage Corp. (A)		58,600		3,971,322
Biotechnology - 5.6%
Amgen, Inc.		42,800		4,886,048
Biogen IDEC, Inc. (A)		16,000		4,476,000
Celgene Corp. (A)		29,100		4,916,736
Gilead Sciences, Inc. (A)		42,700		3,208,905
Chemicals - 2.2%
CF Industries Holdings, Inc. - Class B		11,200		2,610,048
LyondellBasell Industries NV - Class A		52,300		4,198,644
Commercial Banks - 4.9%
Comerica, Inc. - Class A		81,400		3,869,756
Fifth Third Bancorp		184,100		3,871,623
Huntington Bancshares, Inc. - Class A		382,800		3,694,020
KeyCorp		278,400		3,736,128
Communications Equipment - 2.0%
Harris Corp.		24,700		1,724,307
QUALCOMM, Inc.		60,500		4,492,125
Computers & Peripherals - 7.4%
Apple, Inc.		20,800		11,671,088
SanDisk Corp.		53,900		3,802,106
Seagate Technology PLC		64,500		3,622,320
Western Digital Corp.		45,800		3,842,620
Construction & Engineering - 1.5%
Chicago Bridge & Iron Co. NV - Class Y		8,900		739,946
Fluor Corp.		47,900		3,845,891
Consumer Finance - 2.9%
Capital One Financial Corp.		19,200		1,470,912
Discover Financial Services		71,200		3,983,640
SLM Corp.		135,500		3,560,940
Containers & Packaging - 0.9%
Rock Tenn Co. - Class A		26,100		2,740,761
Diversified Financial Services - 0.7%
McGraw-Hill Financial, Inc.		26,800		2,095,760
Diversified Telecommunication Services - 2.0%
Frontier Communications Corp. (B)		222,500		1,034,625
Verizon Communications, Inc.		103,000		5,061,420
Electric Utilities - 1.6%
American Electric Power Co., Inc.		13,200		616,968
Edison International		80,500		3,727,150
Entergy Corp. - Class B		8,900		563,103

	Shares		Value
Electronic Equipment & Instruments - 1.7%
Jabil Circuit, Inc.		81,600		$  1,423,104
TE Connectivity, Ltd.		70,900		3,907,299
Energy Equipment & Services - 3.6%
Baker Hughes, Inc.		56,700		3,133,242
Core Laboratories NV		6,400		1,222,080
Diamond Offshore Drilling, Inc. (B)		50,500		2,874,460
Halliburton Co.		79,900		4,054,925
Food & Staples Retailing - 1.1%
Kroger Co.		90,500		3,577,465
Food Products - 3.6%
Archer-Daniels-Midland Co.		93,700		4,066,580
Green Mountain Coffee Roasters, Inc. - Series C (A) (B)		6,800		513,944
Hershey Co.		37,100		3,607,233
Mead Johnson Nutrition Co. - Class A		22,300		1,867,848
Tyson Foods, Inc. - Class A (B)		32,200		1,077,412
Health Care Providers & Services - 7.7%
AmerisourceBergen Corp. - Class A		54,700		3,845,957
Cardinal Health, Inc.		60,200		4,021,962
CIGNA Corp.		46,200		4,041,576
Humana, Inc. - Class A		36,800		3,798,496
McKesson Corp.		25,100		4,051,140
WellPoint, Inc.		43,000		3,972,770
Household Durables - 0.3%
Whirlpool Corp.		6,900		1,082,334
Independent Power Producers & Energy Traders - 1.2%
AES Corp.		247,000		3,583,970
Insurance - 7.4%
Allstate Corp.		72,700		3,965,058
American International Group, Inc.		92,800		4,737,440
Assurant, Inc.		53,500		3,550,795
Chubb Corp. - Class A		31,400		3,034,182
CNA Financial Corp. - Class A		26,900		1,153,741
Travelers Cos., Inc.		44,800		4,056,192
Unum Group		71,400		2,504,712
Internet Software & Services - 0.4%
VeriSign, Inc. (A) (B)		18,400		1,099,952
IT Services - 2.7%
Amdocs, Ltd.		31,600		1,303,184
Computer Sciences Corp.		31,900		1,782,572
Mastercard, Inc. - Class A		6,400		5,346,944
Leisure Equipment & Products - 1.2%
Polaris Industries, Inc. (B)		25,800		3,757,512
Metals & Mining - 1.0%
Alcoa, Inc. (B)		89,300		949,259
Cliffs Natural Resources, Inc. (B)		81,100		2,125,631
Multiline Retail - 1.1%
Macy’s, Inc.		62,500		3,337,500
Oil, Gas & Consumable Fuels - 6.2%
Chesapeake Energy Corp. (B)		61,100		1,658,254
Chevron Corp.		38,100		4,759,071
ConocoPhillips		45,400		3,207,510
Exxon Mobil Corp.		6,600		667,920
Marathon Oil Corp.		102,300		3,611,190
Murphy Oil Corp. (B)		56,000		3,633,280
Occidental Petroleum Corp.		16,300		1,550,130
Road & Rail - 0.8%
Union Pacific Corp.		15,300		2,570,400

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

Transamerica Partners Portfolios Annual Report 2013

Page    82

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Semiconductors & Semiconductor Equipment - 1.4%
LAM Research Corp. (A)		64,900		$  3,533,805
LSI Corp.		76,200		839,724
Software - 2.2%
CA, Inc.		113,600		3,822,640
Microsoft Corp.		80,900		3,028,087
Specialty Retail - 4.9%
Bed Bath & Beyond, Inc. (A)		46,900		3,766,070
Best Buy Co., Inc.		85,300		3,401,764
GameStop Corp. - Class A (B)		75,100		3,699,426
Gap, Inc. - Class A		72,700		2,841,116
TJX Cos., Inc.		23,500		1,497,655
Tobacco - 2.4%
Altria Group, Inc.		74,500		2,860,055
Lorillard, Inc.		73,300		3,714,844
Philip Morris International, Inc.		11,400		993,282
Total Common Stocks (cost $246,114,148)				305,339,430

	Shares		Value
SECURITIES LENDING COLLATERAL - 6.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		20,759,614		$  20,759,614
Total Securities Lending Collateral (cost $20,759,614)				20,759,614
	Principal		Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $3,929,332 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $4,009,569.		$  3,929,330		3,929,330
Total Repurchase Agreement (cost $3,929,330)				3,929,330
Total Investment Securities (cost $270,803,092) (D)				330,028,374
Other Assets and Liabilities - Net  - (6.6)%				(20,293,295	)
Net Assets - 100.0%				$  309,735,079

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	305,339,430	$	—	$	—	$	305,339,430
Securities Lending Collateral		20,759,614		—		—		20,759,614
Repurchase Agreement		—		3,929,330		—		3,929,330
Total Investment Securities	$	326,099,044	$	3,929,330	$	—	$	330,028,374

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of this security is on loan. The value of all securities on loan is $20,310,565. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate shown reflects the yield at December 31, 2013.

^(D)  Aggregate cost for federal income tax purposes is $271,143,282. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $60,762,110 and $1,877,018, respectively. Net unrealized appreciation for tax purposes is $58,885,092.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    83

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 99.5%
Aerospace & Defense - 5.8%
Boeing Co.		156,044		$  21,298,446
Honeywell International, Inc.		63,504		5,802,360
Precision Castparts Corp.		34,520		9,296,236
Rolls-Royce Holdings PLC (A)		118,801		2,508,288
United Technologies Corp.		136,656		15,551,453
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. - Class B		55,321		5,813,131
Automobiles - 0.7%
Ford Motor Co.		219,914		3,393,273
Tesla Motors, Inc. (A) (B)		24,475		3,680,551
Beverages - 0.8%
Anheuser-Busch InBev NV - ADR		27,903		2,970,553
Diageo PLC		135,787		4,497,130
Biotechnology - 7.8%
Alexion Pharmaceuticals, Inc. (A)		56,727		7,548,095
Amgen, Inc.		89,175		10,180,218
Biogen IDEC, Inc. (A)		63,640		17,803,290
Celgene Corp. (A)		97,036		16,395,202
Gilead Sciences, Inc. (A)		219,056		16,462,058
Vertex Pharmaceuticals, Inc. (A)		74,512		5,536,242
Capital Markets - 1.1%
Goldman Sachs Group, Inc.		41,115		7,288,045
Morgan Stanley		104,051		3,263,039
Chemicals - 1.4%
Monsanto Co.		95,516		11,132,390
Sherwin-Williams Co.		10,650		1,954,275
Commercial Services & Supplies - 0.5%
ADT Corp. (B)		37,213		1,506,010
Tyco International, Ltd.		72,905		2,992,021
Communications Equipment - 1.5%
Cisco Systems, Inc.		275,645		6,188,230
QUALCOMM, Inc.		104,873		7,786,821
Computers & Peripherals - 5.4%
Apple, Inc.		57,440		32,230,158
NetApp, Inc.		208,174		8,564,278
SanDisk Corp.		75,077		5,295,932
Western Digital Corp.		56,639		4,752,012
Consumer Finance - 0.8%
American Express Co.		80,689		7,320,913
Diversified Financial Services - 1.2%
Bank of America Corp.		311,111		4,843,998
IntercontinentalExchange Group, Inc.		19,471		4,379,418
JPMorgan Chase & Co.		41,471		2,425,224
Electrical Equipment - 0.5%
Rockwell Automation, Inc. - Class B		36,170		4,273,847
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (A)		49,026		2,559,647
National Oilwell Varco, Inc.		51,016		4,057,303
Oceaneering International, Inc.		38,850		3,064,488
Schlumberger, Ltd.		55,449		4,996,509
Food & Staples Retailing - 2.5%
Costco Wholesale Corp.		100,388		11,947,176
CVS Caremark Corp.		53,226		3,809,385
Sprouts Farmers Market, Inc. (A) (B)		26,887		1,033,267
Whole Foods Market, Inc.		110,272		6,377,030
Food Products - 1.4%
Green Mountain Coffee Roasters, Inc. - Series C (A) (B)		41,311		3,122,285

	Shares		Value
Food Products (continued)
Mead Johnson Nutrition Co. - Class A		38,935		$  3,261,196
Mondelez International, Inc. - Class A		193,984		6,847,635
Health Care Equipment & Supplies - 2.7%
Abbott Laboratories		171,312		6,566,389
Becton Dickinson and Co.		38,837		4,291,100
CR Bard, Inc.		33,272		4,456,452
Medtronic, Inc.		94,637		5,431,217
Zimmer Holdings, Inc. - Class A		53,421		4,978,303
Health Care Providers & Services - 2.0%
Aetna, Inc.		52,713		3,615,585
Express Scripts Holding Co. (A)		133,917		9,406,330
McKesson Corp.		33,465		5,401,251
Hotels, Restaurants & Leisure - 3.6%
Chipotle Mexican Grill, Inc. - Class A (A)		15,495		8,255,426
Dunkin’ Brands Group, Inc. (B)		102,643		4,947,393
Starbucks Corp.		76,308		5,981,784
Starwood Hotels & Resorts Worldwide, Inc.		66,093		5,251,089
Wyndham Worldwide Corp.		78,426		5,779,212
Wynn Resorts, Ltd.		18,778		3,646,875
Household Durables - 0.4%
PulteGroup, Inc. (B)		173,576		3,535,743
Industrial Conglomerates - 1.5%
3M Co.		55,513		7,785,698
Danaher Corp.		88,325		6,818,690
Internet & Catalog Retail - 5.1%
Amazon.com, Inc. (A)		51,530		20,549,649
HomeAway, Inc. (A)		52,016		2,126,414
NetFlix, Inc. (A)		13,813		5,085,532
priceline.com, Inc. (A)		15,692		18,240,381
TripAdvisor, Inc. (A)		27,722		2,296,213
Internet Software & Services - 9.2%
eBay, Inc. (A)		115,332		6,330,574
Facebook, Inc. - Class A (A)		296,864		16,226,586
Google, Inc. - Class A (A)		35,586		39,881,586
IAC/InterActiveCorp		103,144		7,084,961
LinkedIn Corp. - Class A (A)		48,532		10,523,194
Twitter, Inc. (A) (B)		41,428		2,636,892
Yahoo! Inc. (A)		99,041		4,005,218
IT Services - 5.0%
Alliance Data Systems Corp. (A) (B)		16,240		4,269,983
Mastercard, Inc. - Class A		24,487		20,457,909
Paychex, Inc. (B)		64,412		2,932,679
Visa, Inc. - Class A		89,121		19,845,464
Life Sciences Tools & Services - 0.7%
Illumina, Inc. (A) (B)		59,501		6,582,001
Machinery - 1.6%
Dover Corp.		50,301		4,856,059
Illinois Tool Works, Inc. - Class A		45,369		3,814,625
Parker Hannifin Corp.		47,874		6,158,511
Media - 4.6%
Comcast Corp. - Class A		160,727		8,352,179
Discovery Communications, Inc. - Series A (A) (B)		101,779		9,202,857
Omnicom Group, Inc.		68,233		5,074,488
Scripps Networks Interactive, Inc. - Class A		36,926		3,190,776
Twenty-First Century Fox, Inc. - Class A		236,709		8,327,423
Walt Disney Co. - Class A		122,141		9,331,572
Multiline Retail - 0.3%
Dollar Tree, Inc. (A)		49,053		2,767,570

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

Transamerica Partners Portfolios Annual Report 2013

Page    84

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Oil, Gas & Consumable Fuels - 1.8%
Apache Corp.		29,152		$  2,505,323
Concho Resources, Inc. (A)		54,825		5,921,100
EOG Resources, Inc.		31,838		5,343,690
Valero Energy Corp.		71,004		3,578,601
Personal Products - 0.7%
Estee Lauder Cos., Inc. - Class A		86,891		6,544,630
Pharmaceuticals - 4.6%
Allergan, Inc.		70,575		7,839,471
Bristol-Myers Squibb Co.		177,171		9,416,639
Eli Lilly & Co.		64,886		3,309,186
Johnson & Johnson		44,581		4,083,174
Merck & Co., Inc.		134,863		6,749,893
Novo Nordisk A/S - ADR		39,824		7,357,882
Perrigo Co. PLC		32,289		4,955,070
Real Estate Investment Trusts - 0.5%
American Tower Corp. - Class A		53,382		4,260,951
Road & Rail - 1.1%
Canadian Pacific Railway, Ltd.		35,783		5,414,684
Union Pacific Corp.		31,513		5,294,184
Semiconductors & Semiconductor Equipment - 2.2%
Altera Corp.		221,960		7,220,359
ARM Holdings PLC - ADR (B)		78,598		4,302,454
Microchip Technology, Inc. (B)		77,004		3,445,929
Skyworks Solutions, Inc. (A)		51,194		1,462,101
Xilinx, Inc.		98,842		4,538,825
Software - 9.6%
Adobe Systems, Inc. (A)		76,910		4,605,371
Check Point Software Technologies, Ltd. - Class A (A) (B)		106,054		6,842,604
FireEye, Inc. (A) (B)		22,840		996,052
Informatica Corp. (A)		47,846		1,985,609
Intuit, Inc.		49,146		3,750,823
Microsoft Corp.		608,638		22,781,320
NetSuite, Inc. (A)		23,047		2,374,302
Oracle Corp.		352,531		13,487,836
Red Hat, Inc. (A)		107,101		6,001,940
Salesforce.com, Inc. (A) (B)		206,823		11,414,561
Splunk, Inc. (A)		78,866		5,415,728
Tableau Software, Inc. - Class A (A)		13,730		946,409
VMware, Inc. - Class A (A)		65,017		5,832,675
Workday, Inc. - Class A (A) (B)		42,666		3,548,105

	Shares		Value
Specialty Retail - 5.5%
Buckle, Inc. (B)		32,819		$  1,724,967
Home Depot, Inc.		114,219		9,404,792
Inditex SA		53,829		8,871,492
Lowe’s Cos., Inc.		200,283		9,924,023
O’Reilly Automotive, Inc. (A)		37,201		4,788,141
PetSmart, Inc. - Class A (B)		34,904		2,539,266
TJX Cos., Inc.		226,328		14,423,883
Textiles, Apparel & Luxury Goods - 3.2%
Lululemon Athletica, Inc. (A) (B)		20,420		1,205,393
Michael Kors Holdings, Ltd. (A)		55,054		4,469,834
NIKE, Inc. - Class B		154,749		12,169,461
Ralph Lauren Corp. - Class A		20,484		3,616,860
Swatch Group AG		7,125		4,722,474
Under Armour, Inc. - Class A (A) (B)		48,413		4,226,455
Total Common Stocks (cost $662,254,715)				937,923,413
SECURITIES LENDING COLLATERAL - 5.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		55,290,020		55,290,020
Total Securities Lending Collateral (cost $55,290,020)				55,290,020
	Principal		Value
REPURCHASE AGREEMENT - 0.2%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $1,844,518 on 01/02/2014. Collateralized by U.S. Government Agency Obligations, 2.50 - 3.50%, due 03/20/2028 - 09/15/2040 and with a total value of $1,892,327.		$  1,844,517		1,844,517
Total Repurchase Agreement (cost $1,844,517)				1,844,517
Total Investment Securities (cost $719,389,252) (D)				995,057,950
Other Assets and Liabilities - Net  -  (5.6)%				(53,039,717	)
Net Assets - 100.0%				$  942,018,233

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	917,324,029	$	20,599,384	$	—	$	937,923,413
Securities Lending Collateral		55,290,020		—		—		55,290,020
Repurchase Agreement		—		1,844,517		—		1,844,517
Total Investment Securities	$	972,614,049	$	22,443,901	$	—	$	995,057,950

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

Transamerica Partners Portfolios Annual Report 2013

Page    85

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing security.

^(B)  All or a portion of this security is on loan. The value of all securities on loan is $54,075,659. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rate shown reflects the yield at December 31, 2013.

^(D)  Aggregate cost for federal income tax purposes is $723,843,565. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $272,570,382 and $1,355,997, respectively. Net unrealized appreciation for tax purposes is $271,214,385.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Annual Report 2013

Page    86

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 98.1%
Automobiles - 0.7%
Harley-Davidson, Inc.		103,650		$  7,176,726
Beverages - 1.7%
Beam, Inc.		145,300		9,889,118
Brown-Forman Corp. - Class B		19,250		1,454,723
Dr. Pepper Snapple Group, Inc.		101,700		4,954,824
Building Products - 0.4%
Fortune Brands Home & Security, Inc.		78,400		3,582,880
Capital Markets - 5.7%
Ameriprise Financial, Inc.		69,500		7,995,975
Invesco, Ltd.		346,100		12,598,040
Legg Mason, Inc.		42,300		1,839,204
Northern Trust Corp.		76,400		4,728,396
Raymond James Financial, Inc.		142,650		7,444,903
State Street Corp.		205,000		15,044,950
T. Rowe Price Group, Inc.		65,800		5,512,066
Chemicals - 5.2%
Airgas, Inc.		123,250		13,785,512
Albemarle Corp.		90,420		5,731,724
FMC Corp. - Class A		201,750		15,224,055
Huntsman Corp.		332,000		8,167,200
Sherwin-Williams Co.		13,500		2,477,250
Sigma-Aldrich Corp. (A)		53,400		5,020,134
Commercial Banks - 6.0%
City National Corp. (A)		48,900		3,873,858
Cullen / Frost Bankers, Inc. (A)		16,000		1,190,880
Fifth Third Bancorp		350,800		7,377,324
First Republic Bank - Class A		57,000		2,983,950
Huntington Bancshares, Inc. - Class A		238,200		2,298,630
KeyCorp		796,300		10,686,346
M&T Bank Corp.		50,600		5,890,852
SunTrust Banks, Inc.		575,750		21,193,357
Zions Bancorporation		81,400		2,438,744
Commercial Services & Supplies - 1.3%
Tyco International, Ltd.		314,350		12,900,924
Communications Equipment - 0.2%
CommScope Holding Co., Inc. (A) (B)		117,000		2,213,640
Containers & Packaging - 2.6%
Ball Corp.		186,100		9,613,926
MeadWestvaco Corp.		197,200		7,282,596
Rock Tenn Co. - Class A		41,400		4,347,414
Silgan Holdings, Inc.		92,000		4,417,840
Distributors - 0.2%
Genuine Parts Co. (A)		28,100		2,337,639
Electric Utilities - 2.3%
Edison International		87,300		4,041,990
Northeast Utilities		218,900		9,279,171
Westar Energy, Inc. - Class A (A)		150,800		4,851,236
Xcel Energy, Inc.		157,764		4,407,926
Electrical Equipment - 1.5%
AMETEK, Inc. - Class A		98,050		5,164,294
Hubbell, Inc. - Class B		35,100		3,822,390
Regal Beloit Corp.		74,500		5,492,140
Electronic Equipment & Instruments - 1.5%
Amphenol Corp. - Class A		87,720		7,822,870
Arrow Electronics, Inc. (B)		130,600		7,085,050
Energy Equipment & Services - 1.8%
Cameron International Corp. (B)		163,250		9,718,272
Oceaneering International, Inc.		101,900		8,037,872

	Shares		Value
Food & Staples Retailing - 0.5%
Kroger Co.		114,000		$  4,506,420
Food Products - 0.8%
Hershey Co.		83,890		8,156,625
Gas Utilities - 2.1%
EQT Corp.		47,020		4,221,456
National Fuel Gas Co.		40,500		2,891,700
Questar Corp.		572,581		13,163,637
Health Care Equipment & Supplies - 2.2%
CareFusion Corp. - Class A (B)		339,250		13,508,935
St. Jude Medical, Inc.		133,000		8,239,350
Health Care Providers & Services - 3.3%
AmerisourceBergen Corp. - Class A		73,100		5,139,661
Cardinal Health, Inc.		72,350		4,833,703
CIGNA Corp.		167,900		14,687,892
Henry Schein, Inc. (B)		26,500		3,027,890
Humana, Inc. - Class A		42,680		4,405,430
Hotels, Restaurants & Leisure - 2.3%
Darden Restaurants, Inc. (A)		20,199		1,098,220
Extended Stay America, Inc. (B)		15,800		414,908
Marriott International, Inc. - Class A		95,766		4,727,010
Starwood Hotels & Resorts Worldwide, Inc.		59,400		4,719,330
Wynn Resorts, Ltd.		38,850		7,545,058
Yum! Brands, Inc.		52,400		3,961,964
Household Durables - 3.0%
Jarden Corp. (B)		71,500		4,386,525
Mohawk Industries, Inc. (B)		102,550		15,269,695
Newell Rubbermaid, Inc.		303,800		9,846,158
Household Products - 0.4%
Energizer Holdings, Inc.		34,300		3,712,632
Industrial Conglomerates - 0.6%
Carlisle Cos., Inc.		78,379		6,223,293
Insurance - 5.7%
Alleghany Corp. (B)		8,374		3,349,265
Chubb Corp. - Class A		35,400		3,420,702
Hartford Financial Services Group, Inc.		397,850		14,414,106
Loews Corp.		177,000		8,538,480
Marsh & McLennan Cos., Inc.		187,700		9,077,172
Old Republic International Corp.		216,100		3,732,047
Unum Group		126,900		4,451,652
WR Berkley Corp.		90,700		3,935,473
XL Group PLC - Class A		134,400		4,279,296
Internet & Catalog Retail - 0.8%
Expedia, Inc.		97,750		6,809,265
TripAdvisor, Inc. (B)		13,450		1,114,064
Internet Software & Services - 1.0%
IAC/InterActiveCorp		138,200		9,492,958
IT Services - 2.2%
Jack Henry & Associates, Inc.		115,200		6,820,992
Teradata Corp. (B)		329,400		14,984,406
Life Sciences Tools & Services - 1.0%
Agilent Technologies, Inc.		169,400		9,687,986
Machinery - 4.4%
Dover Corp.		99,650		9,620,211
IDEX Corp.		82,100		6,063,085
Pall Corp.		98,100		8,372,835
Pentair, Ltd.		144,540		11,226,422
Rexnord Corp. (A) (B)		95,900		2,590,259
Snap-on, Inc.		49,106		5,378,089

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

Transamerica Partners Portfolios Annual Report 2013

Page    87

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Media - 2.5%
CBS Corp. - Class B		59,400		$  3,786,156
Clear Channel Outdoor Holdings, Inc. - Class A		114,861		1,164,691
DISH Network Corp. - Class A (B)		119,700		6,933,024
Gannett Co., Inc.		108,700		3,215,346
Interpublic Group of Cos., Inc.		512,700		9,074,790
Multi-Utilities - 3.3%
CenterPoint Energy, Inc.		185,080		4,290,154
CMS Energy Corp.		173,700		4,649,949
NiSource, Inc. - Class B		400,500		13,168,440
Sempra Energy		66,800		5,995,968
Wisconsin Energy Corp. (A)		90,500		3,741,270
Multiline Retail - 2.4%
Family Dollar Stores, Inc.		71,300		4,632,361
Kohl’s Corp. (A)		134,860		7,653,305
Macy’s, Inc.		198,700		10,610,580
Oil, Gas & Consumable Fuels - 4.3%
Cameco Corp. - Class A (A)		542,050		11,258,378
Energen Corp.		71,821		5,081,336
PBF Energy, Inc. - Class A (A)		108,700		3,419,702
QEP Resources, Inc.		377,750		11,578,037
Southwestern Energy Co. (B)		54,100		2,127,753
Whiting Petroleum Corp. (B)		76,550		4,736,149
Williams Cos., Inc.		94,700		3,652,579
Pharmaceuticals - 2.1%
Hospira, Inc. (B)		217,620		8,983,354
Zoetis, Inc. - Class A		358,300		11,712,827
Professional Services - 2.8%
Dun & Bradstreet Corp. (A)		90,675		11,130,356
Equifax, Inc.		84,200		5,817,378
Nielsen Holdings NV		213,500		9,797,515
Real Estate Investment Trusts - 4.3%
American Campus Communities, Inc.		71,000		2,286,910
American Homes 4 Rent - Class A		145,200		2,352,240
AvalonBay Communities, Inc.		23,300		2,754,759
Brixmor Property Group, Inc.		59,700		1,213,701
HCP, Inc.		91,100		3,308,752
Kimco Realty Corp.		224,700		4,437,825
Rayonier, Inc.		56,500		2,378,650
Regency Centers Corp.		64,000		2,963,200
Taubman Centers, Inc.		108,500		6,935,320
Vornado Realty Trust - Class A		55,937		4,966,646
Weyerhaeuser Co.		266,600		8,416,562
Real Estate Management & Development - 0.3%
Brookfield Office Properties, Inc. (A)		168,000		3,234,000
Road & Rail - 0.7%
Hertz Global Holdings, Inc. (B)		252,450		7,225,119
Semiconductors & Semiconductor Equipment - 2.9%
Analog Devices, Inc. - Class A		135,240		6,887,773
KLA-Tencor Corp.		69,000		4,447,740
LSI Corp.		528,600		5,825,172
Microchip Technology, Inc. (A)		122,000		5,459,500
Xilinx, Inc.		128,800		5,914,496
Software - 2.9%
Citrix Systems, Inc. (B)		119,950		7,586,838
PTC, Inc. (B)		225,950		7,996,370
Synopsys, Inc. (B)		315,550		12,801,863

	Shares		Value
Specialty Retail - 3.5%
AutoZone, Inc. (B)		16,000		$  7,647,040
Bed Bath & Beyond, Inc. (B)		48,400		3,886,520
Gap, Inc. - Class A		182,800		7,143,824
PetSmart, Inc. - Class A (A)		70,800		5,150,700
Tiffany & Co.		33,100		3,071,018
TJX Cos., Inc.		69,400		4,422,862
Williams-Sonoma, Inc. - Class A		38,267		2,230,201
Textiles, Apparel & Luxury Goods - 1.9%
PVH Corp.		118,900		16,172,778
V.F. Corp.		34,400		2,144,496
Thrifts & Mortgage Finance - 0.1%
Hudson City Bancorp, Inc.		130,700		1,232,501
Trading Companies & Distributors - 1.6%
MSC Industrial Direct Co., Inc. - Class A		194,500		15,729,215
Water Utilities - 1.1%
American Water Works Co., Inc.		245,150		10,360,039
Total Common Stocks (cost $708,979,938)				956,241,096
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		61,362,203		61,362,203
Total Securities Lending Collateral (cost $61,362,203)				61,362,203
	Principal		Value
REPURCHASE AGREEMENT - 2.3%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $22,506,127 on 01/02/2014. Collateralized by U.S. Government Agency Obligations, 3.50%, due 09/15/2040 - 10/15/2040, and with a total value of $22,962,579.		$  22,506,114		22,506,114
Total Repurchase Agreement (cost $22,506,114)				22,506,114
Total Investment Securities (cost $792,848,255) (D)				1,040,109,413
Other Assets and Liabilities - Net  - (6.7)%				(65,028,249	)
Net Assets  - 100.0%				$  975,081,164

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

Transamerica Partners Portfolios Annual Report 2013

Page    88

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	956,241,096	$	—	$	—	$	956,241,096
Securities Lending Collateral		61,362,203		—		—		61,362,203
Repurchase Agreement		—		22,506,114		—		22,506,114
Total Investment Securities	$	1,017,603,299	$	22,506,114	$	—	$	1,040,109,413

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $60,010,434. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing security.

^(C)  Rate shown reflects the yield at December 31, 2013.

^(D)  Aggregate cost for federal income tax purposes is $795,380,864. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $249,720,413 and $4,991,864, respectively. Net unrealized appreciation for tax purposes is $244,728,549.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    89

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

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

Transamerica Partners Portfolios Annual Report 2013

Page    90

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 4.8%
Rockwell Collins, Inc. (A)		50,876		$  3,760,754
Teledyne Technologies, Inc. (B)		37,574		3,451,548
Auto Components - 2.8%
Tenneco, Inc. (B)		73,746		4,171,811
Biotechnology - 7.0%
BioMarin Pharmaceutical, Inc. (B)		68,108		4,785,949
United Therapeutics Corp. (A) (B)		50,726		5,736,096
Chemicals - 3.7%
Axiall Corp. (A)		47,635		2,259,804
RPM International, Inc.		79,921		3,317,521
Commercial Banks - 2.5%
Comerica, Inc. - Class A (A)		78,726		3,742,634
Commercial Services & Supplies - 2.2%
Stericycle, Inc. (A) (B)		28,863		3,353,015
Containers & Packaging - 1.8%
Rock Tenn Co. - Class A		25,480		2,675,655
Electrical Equipment - 2.7%
AMETEK, Inc. - Class A (A)		77,755		4,095,356
Electronic Equipment & Instruments - 3.3%
Trimble Navigation, Ltd. (A) (B)		142,466		4,943,570
Food & Staples Retailing - 3.5%
Casey’s General Stores, Inc. (A)		38,465		2,702,166
Fresh Market, Inc. (A) (B)		64,542		2,613,951
Food Products - 1.9%
McCormick & Co., Inc. (A)		40,840		2,814,693
Gas Utilities - 1.5%
EQT Corp.		25,706		2,307,885
Health Care Equipment & Supplies - 7.2%
Alere, Inc. (A) (B)		97,024		3,512,269
Align Technology, Inc. (B)		79,801		4,560,627
Cyberonics, Inc. (B)		41,107		2,692,919
Hotels, Restaurants & Leisure - 2.7%
Cheesecake Factory, Inc. (A)		84,250		4,066,747
Household Durables - 3.1%
Whirlpool Corp. (A)		29,469		4,622,507
Insurance - 2.3%
CNO Financial Group, Inc.		193,394		3,421,140
IT Services - 2.5%
NeuStar, Inc. - Class A (A) (B)		74,807		3,729,877
Machinery - 2.7%
Stanley Black & Decker, Inc. (A)		50,478		4,073,070
Media - 1.6%
Scripps Networks Interactive, Inc. - Class A (A)		27,036		2,336,181
Oil, Gas & Consumable Fuels - 4.5%
Cimarex Energy Co.		43,423		4,555,507
Energen Corp.		30,903		2,186,387

	Shares		Value
Professional Services - 2.3%
Equifax, Inc. (A)		49,623		$  3,428,453
Real Estate Investment Trusts - 1.7%
Colony Financial, Inc. (A)		127,291		2,582,734
Semiconductors & Semiconductor Equipment - 4.8%
KLA-Tencor Corp.		45,449		2,929,643
Synaptics, Inc. (A) (B)		82,130		4,255,155
Software - 7.1%
PTC, Inc. (B)		164,609		5,825,512
Solera Holdings, Inc. (A)		67,429		4,771,276
Specialty Retail - 12.3%
Dick’s Sporting Goods, Inc. (A)		65,823		3,824,316
DSW, Inc. - Class A (A)		79,075		3,378,875
Murphy USA, Inc. (A) (B)		70,199		2,917,471
Sally Beauty Holdings, Inc. (A) (B)		125,921		3,806,592
Williams-Sonoma, Inc. - Class A (A)		78,144		4,554,232
Textiles, Apparel & Luxury Goods - 2.5%
Under Armour, Inc. - Class A (A) (B)		43,822		3,825,661
Trading Companies & Distributors - 2.2%
Air Lease Corp. - Class A		107,209		3,332,056
Wireless Telecommunication Services - 1.4%
Telephone & Data Systems, Inc.		84,086		2,167,737
Total Common Stocks (cost $127,569,279)				148,089,352
SECURITIES LENDING COLLATERAL - 25.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		38,314,340		38,314,340
Total Securities Lending Collateral (cost $38,314,340)				38,314,340
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $2,076,219 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $2,119,596.		$  2,076,218		2,076,218
Total Repurchase Agreement (cost $2,076,218)				2,076,218
Total Investment Securities (cost $167,959,837) (D)				188,479,910
Other Assets and Liabilities - Net - (25.5)%				(38,336,848	)
Net Assets - 100.0%				$  150,143,062

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	148,089,352	$	—	$	—	$	148,089,352
Securities Lending Collateral		38,314,340		—		—		38,314,340
Repurchase Agreement		—		2,076,218		—		2,076,218
Total Investment Securities	$	186,403,692	$	2,076,218	$	—	$	188,479,910

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $37,487,131. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B) Non-income producing security.

^(C) Rate shown reflects the yield at December 31, 2013.

^(D) Aggregate cost for federal income tax purposes is $167,990,268. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $21,619,008 and $1,129,366, respectively. Net unrealized appreciation for tax purposes is $20,489,642.

^(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    91

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 1.4%
Cubic Corp. (A)		22,300		$  1,174,318
Air Freight & Logistics - 2.4%
Atlas Air Worldwide Holdings, Inc. (A) (B)		26,900		1,106,935
UTi Worldwide, Inc. (A)		49,000		860,440
Capital Markets - 0.5%
Solar Capital, Ltd. (A)		18,670		421,008
Chemicals - 4.7%
Innospec, Inc.		23,000		1,063,060
Koppers Holdings, Inc.		18,900		864,675
Sensient Technologies Corp.		17,700		858,804
Zep, Inc. (A)		59,400		1,078,704
Commercial Banks - 11.1%
First Busey Corp. - Class B (A)		110,230		639,334
First Midwest Bancorp, Inc. (A)		78,900		1,383,117
First Niagara Financial Group, Inc.		80,110		850,768
Flushing Financial Corp. - Class A (A)		38,133		789,353
Hancock Holding Co.		22,000		806,960
International Bancshares Corp. (A)		58,200		1,535,898
MB Financial, Inc. (A)		33,500		1,075,015
Webster Financial Corp. (A)		51,600		1,608,888
Westamerica Bancorporation (A)		7,310		412,723
Commercial Services & Supplies - 7.5%
ACCO Brands Corp. (A) (B)		138,500		930,720
G&K Services, Inc. - Class A (A)		30,700		1,910,461
SP Plus Corp. (A) (B)		55,000		1,432,200
United Stationers, Inc. (A)		41,630		1,910,401
Computers & Peripherals - 1.5%
Diebold, Inc. (A)		38,100		1,257,681
Containers & Packaging - 0.8%
Greif, Inc. - Class A (A)		13,300		696,920
Diversified Consumer Services - 1.8%
Matthews International Corp. - Class A (A)		34,000		1,448,740
Electric Utilities - 1.2%
UNS Energy Corp. (A)		16,000		957,600
Electronic Equipment & Instruments - 7.1%
Belden, Inc. (A)		42,100		2,965,945
Coherent, Inc. (A) (B)		12,600		937,314
MTS Systems Corp. (A)		10,232		729,030
ScanSource, Inc. (B)		28,200		1,196,526
Energy Equipment & Services - 2.4%
Era Group, Inc. (A) (B)		27,640		852,970
SEACOR Holdings, Inc. (A) (B)		12,540		1,143,648
Food & Staples Retailing - 1.5%
Casey’s General Stores, Inc. (A)		17,100		1,201,275
Food Products - 0.9%
Post Holdings, Inc. (A) (B)		14,600		719,342
Gas Utilities - 3.2%
Atmos Energy Corp. (A)		22,900		1,040,118
Laclede Group, Inc. (A)		13,500		614,790
New Jersey Resources Corp. (A)		7,900		365,296
WGL Holdings, Inc. (A)		16,300		652,978
Health Care Equipment & Supplies - 2.9%
Haemonetics Corp. (A) (B)		4,200		176,946
ICU Medical, Inc. - Class B (A) (B)		18,600		1,185,006
STERIS Corp. (A)		21,600		1,037,880
Health Care Providers & Services - 3.3%
Amsurg Corp. - Class A (B)		40,100		1,841,392
Corvel Corp. (B)		17,900		835,930

	Shares		Value
Health Care Technology - 1.2%
Allscripts Healthcare Solutions, Inc. (A) (B)		61,300	$	947,698
Hotels, Restaurants & Leisure - 2.3%
CEC Entertainment, Inc. (A)		36,400		1,611,792
Choice Hotels International, Inc. (A)		4,960		243,586
Household Durables - 2.4%
Helen of Troy, Ltd. (A) (B)		39,135		1,937,574
Insurance - 4.7%
AMERISAFE, Inc. (A)		17,900		756,096
Assured Guaranty, Ltd. (A)		38,900		917,651
Platinum Underwriters Holdings, Ltd.		13,600		833,408
Primerica, Inc.		32,600		1,398,866
IT Services - 2.4%
Forrester Research, Inc. (A)		32,220		1,232,737
MAXIMUS, Inc. - Class A		17,700		778,623
Life Sciences Tools & Services - 4.0%
Charles River Laboratories International, Inc. (A) (B)		41,600		2,206,464
ICON PLC (B)		27,300		1,103,193
Machinery - 5.9%
Albany International Corp. - Class A (A)		45,000		1,616,850
ESCO Technologies, Inc.		30,500		1,044,930
Luxfer Holdings PLC - ADR		7,600		158,536
Mueller Industries, Inc.		32,800		2,066,728
Multiline Retail - 1.7%
Fred’s, Inc. - Class A (A)		75,700		1,401,964
Office Electronics - 1.3%
Zebra Technologies Corp. - Class A (B)		20,000		1,081,600
Oil, Gas & Consumable Fuels - 3.4%
Diamondback Energy, Inc. (B)		17,300		914,478
Scorpio Tankers, Inc.		162,600		1,917,054
Paper & Forest Products - 1.3%
Deltic Timber Corp. (A)		16,340		1,110,140
Real Estate Investment Trusts - 3.6%
Campus Crest Communities, Inc. (A)		83,400		784,794
DiamondRock Hospitality Co. (A)		65,600		757,680
Education Realty Trust, Inc.		80,300		708,246
Summit Hotel Properties, Inc.		74,500		670,500
Semiconductors & Semiconductor Equipment - 0.4%
Micrel, Inc. (A)		31,497		310,875
Software - 1.1%
Verint Systems, Inc. (B)		20,400		875,976
Specialty Retail - 5.5%
Ascena Retail Group, Inc. - Class B (B)		78,300		1,656,828
Cato Corp. - Class A (A)		55,870		1,776,666
Stage Stores, Inc. (A)		47,700		1,059,894
Thrifts & Mortgage Finance - 1.6%
Northwest Bancshares, Inc. (A)		89,000		1,315,420
Trading Companies & Distributors - 1.7%
GATX Corp. (A)		27,500		1,434,675
Total Common Stocks (cost $52,928,950)				81,202,631
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		21,105,684		21,105,684
Total Securities Lending Collateral (cost $21,105,684)				21,105,684

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

Transamerica Partners Portfolios Annual Report 2013

Page    92

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $1,094,007 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $1,117,204.	$	1,094,007	$	1,094,007
Total Repurchase Agreement (cost $1,094,007)				1,094,007
Total Investment Securities (cost $75,128,641) (D)				103,402,322
Other Assets and Liabilities - Net  - (25.6)%				(21,104,780	)
Net Assets  - 100.0%			$	82,297,542

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	81,202,631	$	—	$	—	$	81,202,631
Securities Lending Collateral		21,105,684		—		—		21,105,684
Repurchase Agreement		—		1,094,007		—		1,094,007
Total Investment Securities	$	102,308,315	$	1,094,007	$	—	$	103,402,322

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $20,590,104. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B) Non-income producing security.

^(C) Rate shown reflects the yield at December 31, 2013.

^(D) Aggregate cost for federal income tax purposes is $75,300,553. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $28,377,809 and $276,040, respectively. Net unrealized appreciation for tax purposes is $28,101,769.

^(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

DEFINITION:

ADR American Depositary Receipt

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

Transamerica Partners Portfolios Annual Report 2013

Page    93

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 1.0%
AAR Corp. (A)		36,881		$  1,033,037
American Science & Engineering, Inc.		16,175		1,163,144
Ducommun, Inc. (A) (B)		43,195		1,287,643
Air Freight & Logistics - 0.3%
Pacer International, Inc. (B)		132,505		1,094,491
Airlines - 1.0%
JetBlue Airways Corp. (A) (B)		135,345		1,157,200
Republic Airways Holdings, Inc. (A) (B)		107,077		1,144,653
SkyWest, Inc.		71,805		1,064,868
Auto Components - 0.7%
Stoneridge, Inc. (A) (B)		89,211		1,137,440
Tower International, Inc. (B)		52,475		1,122,965
Automobiles - 0.3%
Thor Industries, Inc. (A)		21,230		1,172,533
Biotechnology - 1.3%
Geron Corp. (A) (B)		207,705		984,522
Myriad Genetics, Inc. (A) (B)		45,211		948,527
PDL Biopharma, Inc. (A)		133,237		1,124,520
Repligen Corp. (A) (B)		85,970		1,172,631
Building Products - 0.4%
Simpson Manufacturing Co., Inc.		32,420		1,190,787
Capital Markets - 2.5%
Cowen Group, Inc. - Class A (B)		302,720		1,183,635
FBR & Co. (B)		40,320		1,063,642
Fortress Investment Group LLC - Class A		140,646		1,203,930
Janus Capital Group, Inc. (A)		105,198		1,301,299
Och-Ziff Capital Management Group LLC - Class A		81,304		1,203,299
Prospect Capital Corp. (A)		102,265		1,147,413
Stifel Financial Corp. (A) (B)		25,460		1,220,043
Chemicals - 1.8%
A. Schulman, Inc.		33,636		1,186,005
FutureFuel Corp. (A)		73,010		1,153,558
Koppers Holdings, Inc.		24,423		1,117,352
Minerals Technologies, Inc.		20,399		1,225,368
Olin Corp. (A)		43,195		1,246,176
Commercial Banks - 4.7%
BankUnited, Inc. (A)		35,825		1,179,359
Cathay General Bancorp (A)		44,770		1,196,702
Central Pacific Financial Corp.		58,825		1,181,206
Chemical Financial Corp. (A)		36,660		1,161,022
CVB Financial Corp. (A)		71,495		1,220,420
First Interstate Bancsystem, Inc. - Class A		45,761		1,298,240
First Merchants Corp. (A)		55,192		1,256,170
Glacier Bancorp, Inc. (A)		41,130		1,225,263
Hanmi Financial Corp. - Basis B (A)		57,170		1,251,451
Lakeland Financial Corp. (A)		32,590		1,271,010
Sandy Spring Bancorp, Inc. (A)		40,680		1,146,769
United Community Banks, Inc. (A) (B)		64,635		1,147,271
Wilshire Bancorp, Inc. (A)		111,265		1,216,126
Commercial Services & Supplies - 2.5%
ABM Industries, Inc.		42,630		1,218,792
ARC Document Solutions, Inc. - Class A (B)		140,175		1,152,239
Consolidated Graphics, Inc. (B)		17,400		1,173,456
R.R. Donnelley & Sons Co. (A)		59,011		1,196,743
Steelcase, Inc. - Class A		70,635		1,120,271
United Stationers, Inc. (A)		26,880		1,233,523
Viad Corp. (A)		43,925		1,220,236

	Shares		Value
Communications Equipment - 2.5%
AudioCodes, Ltd. (B)		181,250		$  1,292,313
BlackBerry, Ltd. (A) (B)		180,670		1,345,991
Brocade Communications Systems, Inc. (B)		140,751		1,248,461
Comtech Telecommunications Corp.		36,669		1,155,807
Emulex Corp. (A) (B)		155,710		1,114,884
Harmonic, Inc. (B)		142,508		1,051,709
Polycom, Inc. (A) (B)		107,697		1,209,437
Computers & Peripherals - 1.4%
Lexmark International, Inc. - Class A (A)		30,061		1,067,767
Logitech International SA (A)		99,495		1,362,086
QLogic Corp. (B)		98,185		1,161,528
Super Micro Computer, Inc. (B)		70,610		1,211,668
Construction & Engineering - 1.4%
AECOM Technology Corp. (B)		36,226		1,066,131
Comfort Systems USA, Inc. - Class A		57,085		1,106,878
Pike Corp. (A) (B)		111,591		1,179,517
Tutor Perini Corp. (B)		48,608		1,278,391
Consumer Finance - 0.3%
Nelnet, Inc. - Class A		26,520		1,117,553
Containers & Packaging - 1.8%
Graphic Packaging Holding Co. (B)		123,993		1,190,333
Greif, Inc. - Class A (A)		20,484		1,073,362
Myers Industries, Inc. (A)		60,625		1,280,400
Silgan Holdings, Inc. (A)		24,005		1,152,720
Sonoco Products Co. (A)		29,899		1,247,386
Diversified Consumer Services - 2.3%
American Public Education, Inc. (B)		24,875		1,081,316
Apollo Education Group, Inc. - Class A (B)		41,412		1,131,376
Capella Education Co. (A)		17,728		1,177,848
DeVry Education Group, Inc. (A)		30,776		1,092,548
ITT Educational Services, Inc. (A) (B)		28,080		942,927
K12, Inc. (A) (B)		60,737		1,321,030
Strayer Education, Inc. (A) (B)		31,854		1,098,007
Diversified Financial Services - 0.3%
Gain Capital Holdings, Inc. - Class A (A)		123,050		924,106
Diversified Telecommunication Services - 1.0%
IDT Corp. - Class B		51,498		920,269
Inteliquent, Inc.		104,690		1,195,560
Vonage Holdings Corp. (B)		331,515		1,103,945
Electric Utilities - 1.0%
Hawaiian Electric Industries, Inc. (A)		41,503		1,081,568
IDACORP, Inc. (A)		21,935		1,137,110
UIL Holdings Corp. (A)		29,614		1,147,543
Electrical Equipment - 0.4%
Brady Corp. - Class A		38,910		1,203,486
Electronic Equipment & Instruments - 3.5%
AVX Corp. (A)		87,898		1,224,419
Benchmark Electronics, Inc. (B)		48,475		1,118,803
Celestica, Inc. (B)		104,150		1,083,160
Daktronics, Inc.		75,630		1,185,878
Insight Enterprises, Inc. (B)		46,497		1,055,947
Nam Tai Electronics, Inc. (A)		150,168		1,072,200
Orbotech, Ltd. (B)		82,900		1,120,808
Plexus Corp. (A) (B)		29,465		1,275,540
Sanmina Corp. (A) (B)		76,340		1,274,878
ScanSource, Inc. (A) (B)		26,550		1,126,516
Energy Equipment & Services - 3.6%
Bristow Group, Inc. (A)		14,465		1,085,743
Exterran Holdings, Inc. (A) (B)		34,555		1,181,781

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

Transamerica Partners Portfolios Annual Report 2013

Page    94

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Energy Equipment & Services (continued)
Hercules Offshore, Inc. (A) (B)		159,818		$  1,043,612
Matrix Service Co. (B)		53,899		1,318,908
Newpark Resources, Inc. (A) (B)		91,542		1,125,051
Parker Drilling Co. (A) (B)		142,277		1,156,712
Patterson-UTI Energy, Inc. (A)		47,405		1,200,295
Pioneer Energy Services Corp. (A) (B)		155,075		1,242,151
Tesco Corp. - Class B (B)		69,791		1,380,466
Unit Corp. (A) (B)		22,770		1,175,387
Food & Staples Retailing - 1.1%
Andersons, Inc. (A)		13,145		1,172,140
Roundy’s, Inc. (A)		127,170		1,253,896
Spartan Stores, Inc.		49,300		1,197,004
Food Products - 1.7%
Chiquita Brands International, Inc. (A) (B)		100,820		1,179,594
Dean Foods Co. (A) (B)		62,164		1,068,599
Omega Protein Corp. (B)		87,895		1,080,230
Pilgrim’s Pride Corp. (A) (B)		69,025		1,121,656
Sanderson Farms, Inc. (A)		18,122		1,310,764
Health Care Equipment & Supplies - 3.8%
Alere, Inc. (B)		34,885		1,262,837
Anika Therapeutics, Inc. (B)		30,605		1,167,887
Conmed Corp.		29,000		1,232,500
Hill-Rom Holdings, Inc. (A)		28,287		1,169,385
ICU Medical, Inc. - Class B (B)		17,975		1,145,187
Masimo Corp. (A) (B)		41,232		1,205,211
Meridian Bioscience, Inc. (A)		45,870		1,216,931
Natus Medical, Inc. (B)		51,435		1,157,288
NuVasive, Inc. (B)		35,151		1,136,432
PhotoMedex, Inc. (A) (B)		81,794		1,059,232
Thoratec Corp. (A) (B)		28,600		1,046,760
Health Care Providers & Services - 6.3%
Addus HomeCare Corp. (A) (B)		39,525		887,336
Alliance HealthCare Services, Inc. (B)		37,000		915,380
Amedisys, Inc. (A) (B)		71,400		1,044,582
AMN Healthcare Services, Inc. (B)		91,615		1,346,740
Amsurg Corp. - Class A (A) (B)		24,655		1,132,158
BioTelemetry, Inc. (B)		120,175		954,190
Centene Corp. (B)		18,670		1,100,597
Chemed Corp. (A)		15,177		1,162,862
Gentiva Health Services, Inc. (A) (B)		94,724		1,175,525
Health Net, Inc. (B)		37,940		1,125,680
Kindred Healthcare, Inc. (A)		63,165		1,246,877
LifePoint Hospitals, Inc. (B)		23,890		1,262,348
Magellan Health Services, Inc. (B)		18,780		1,125,110
Owens & Minor, Inc. (A)		29,899		1,093,107
PharMerica Corp. (A) (B)		54,619		1,174,308
Providence Service Corp. (B)		38,411		987,931
Triple-S Management Corp. - Class B (B)		58,767		1,142,430
VCA Antech, Inc. (B)		38,140		1,196,070
WellCare Health Plans, Inc. (B)		15,410		1,085,172
Health Care Technology - 0.7%
MedAssets, Inc. (B)		53,664		1,064,157
Omnicell, Inc. (B)		48,081		1,227,508
Hotels, Restaurants & Leisure - 2.5%
CEC Entertainment, Inc. (A)		24,455		1,082,867
International Speedway Corp. - Class A (A)		34,065		1,208,967
Jack in the Box, Inc. (B)		24,195		1,210,234
Marriott Vacations Worldwide Corp. (B)		22,140		1,168,106
Monarch Casino & Resort, Inc. (A) (B)		65,415		1,313,533

	Shares			Value
Hotels, Restaurants & Leisure (continued)
Ruth’s Hospitality Group, Inc.		82,843			$  1,177,199
Wendy’s Co. (A)		131,830			1,149,558
Household Durables - 0.4%
Ethan Allen Interiors, Inc. (A)		40,535			1,233,075
Insurance - 2.5%
American Equity Investment Life Holding Co. (A)		47,110			1,242,762
Argo Group International Holdings, Ltd.		24,250			1,127,382
Aspen Insurance Holdings, Ltd.		30,180			1,246,736
Hanover Insurance Group, Inc. (A)		18,960			1,132,101
Navigators Group, Inc. (A) (B)		17,785			1,123,301
Platinum Underwriters Holdings, Ltd.		18,345			1,124,182
Protective Life Corp. (A)		25,173			1,275,264
Internet & Catalog Retail - 0.6%
NutriSystem, Inc.		59,345			975,632
PetMed Express, Inc. (A)		71,529			1,189,527
Internet Software & Services - 0.8%
IntraLinks Holdings, Inc. (B)		106,475			1,289,412
Perion Network, Ltd. (A) (B)		114,743			1,387,243
IT Services - 3.9%
CACI International, Inc. - Class A (A) (B)		16,755			1,226,801
Convergys Corp. (A)		55,925			1,177,222
CSG Systems International, Inc. (A)		41,733			1,226,950
DST Systems, Inc.		13,600			1,234,064
Euronet Worldwide, Inc. (A) (B)		25,608			1,225,343
ExlService Holdings, Inc. (A) (B)		44,460			1,227,985
Global Cash Access Holdings, Inc. (B)		120,195			1,200,748
Lionbridge Technologies, Inc. (B)		196,250			1,169,650
ManTech International Corp. - Class A (A)		40,872			1,223,299
Sykes Enterprises, Inc. (A) (B)		53,263			1,161,666
TeleTech Holdings, Inc. (A) (B)		44,065			1,054,916
Life Sciences Tools & Services - 1.4%
Affymetrix, Inc. (A) (B)		139,320			1,193,972
Albany Molecular Research, Inc. (A) (B)		105,296			1,061,384
Charles River Laboratories International, Inc. (B)		23,925			1,268,982
ICON PLC (B)		30,555			1,234,728
Machinery - 2.2%
Altra Industrial Motion Corp. (A)		38,465			1,316,272
Briggs & Stratton Corp. (A)		60,415			1,314,631
Greenbrier Cos., Inc. (A) (B)		36,551			1,200,335
ITT Corp.		28,300	��		1,228,786
NN, Inc.		58,795			1,187,071
Wabash National Corp. (A) (B)		96,380			1,190,293
Marine - 1.2%
Matson, Inc. (A)		47,110			1,230,042
Navios Maritime Holdings, Inc.		132,782			1,481,847
Seaspan Corp. - Class A		52,060			1,194,777
Media - 1.0%
Digital Generation, Inc. (A) (B)		93,074			1,186,693
Entravision Communications Corp. - Class A (A)		169,522			1,032,389
Harte-Hanks, Inc. (A)		134,150			1,049,053
Metals & Mining - 1.5%
Commercial Metals Co. (A)		57,984			1,178,815
Materion Corp.		38,817			1,197,504
Steel Dynamics, Inc. (A)		63,750			1,245,675
U.S. Steel Corp. (A)		42,063			1,240,859
Multi-Utilities - 0.7%
Avista Corp. (A)		41,375			1,166,361
Vectren Corp.		30,066			1,067,343

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

Transamerica Partners Portfolios Annual Report 2013

Page    95

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Multiline Retail - 0.7%
Big Lots, Inc. (A) (B)		32,128		$  1,037,413
Fred’s, Inc. - Class A (A)		64,550		1,195,466
Office Electronics - 0.4%
Zebra Technologies Corp. - Class A (B)		22,075		1,193,816
Oil, Gas & Consumable Fuels - 5.4%
Alon USA Energy, Inc. (A)		82,538		1,365,179
Alpha Natural Resources, Inc. (A) (B)		174,910		1,248,857
Arch Coal, Inc. (A)		283,240		1,260,418
Cloud Peak Energy, Inc. (A) (B)		66,140		1,190,520
Comstock Resources, Inc. (A)		63,855		1,167,908
EPL Oil & Gas, Inc. (A) (B)		39,660		1,130,310
Gran Tierra Energy, Inc. (A) (B)		155,855		1,139,300
Green Plains Renewable Energy, Inc. (A)		66,331		1,286,158
Knightsbridge Tankers, Ltd.		143,900		1,322,441
Pengrowth Energy Corp. (A)		185,740		1,151,588
Renewable Energy Group, Inc. (A) (B)		100,905		1,156,371
REX American Resources Corp. - Class A (B)		24,945		1,115,291
Stone Energy Corp. (B)		34,480		1,192,663
Warren Resources, Inc. (A) (B)		363,655		1,141,877
Western Refining, Inc. (A)		30,640		1,299,443
Paper & Forest Products - 1.1%
Domtar Corp.		12,868		1,213,967
Neenah Paper, Inc.		27,500		1,176,175
Schweitzer-Mauduit International, Inc.		22,606		1,163,531
Personal Products - 0.3%
USANA Health Sciences, Inc. (A) (B)		14,744		1,114,351
Pharmaceuticals - 1.0%
Cadence Pharmaceuticals, Inc. - Class A (A) (B)		113,710		1,029,075
Pozen, Inc. (A) (B)		142,995		1,149,680
Questcor Pharmaceuticals, Inc. (A)		19,755		1,075,660
Professional Services - 2.8%
Barrett Business Services, Inc.		13,610		1,262,191
CBIZ, Inc. (A) (B)		130,830		1,193,170
FTI Consulting, Inc. (A) (B)		25,380		1,044,133
ICF International, Inc. (A) (B)		32,687		1,134,566
Insperity, Inc.		33,606		1,214,185
Kelly Services, Inc. - Class A (A)		49,443		1,233,109
Navigant Consulting, Inc. (A) (B)		61,527		1,181,318
RPX Corp. - Class A (B)		69,660		1,177,254
Real Estate Investment Trusts - 6.3%
Agree Realty Corp.		40,050		1,162,251
ARMOUR Residential REIT, Inc.		301,120		1,207,491
Brandywine Realty Trust (A)		79,746		1,123,621
Capstead Mortgage Corp. (A)		94,070		1,136,366
CBL & Associates Properties, Inc.		63,945		1,148,452
Cedar Realty Trust, Inc. (A)		193,947		1,214,108
Corporate Office Properties Trust		47,737		1,130,890
DuPont Fabros Technology, Inc. (A)		49,404		1,220,773
EPR Properties (A)		21,130		1,038,751
Franklin Street Properties Corp.		89,571		1,070,373
Home Properties, Inc.		18,640		999,477
Inland Real Estate Corp. (A)		106,489		1,120,264
Investors Real Estate Trust		123,407		1,058,832
Mack-Cali Realty Corp.		52,103		1,119,172
Omega Healthcare Investors, Inc.		33,765		1,006,197
Piedmont Office Realty Trust, Inc. - Class A (A)		69,195		1,143,101
Resource Capital Corp. (A)		193,577		1,147,912
Two Harbors Investment Corp.		125,220		1,162,042
Winthrop Realty Trust		90,985		1,005,384

	Shares		Value
Road & Rail - 1.7%
Arkansas Best Corp. (A)		33,095		$  1,114,640
Con-way, Inc. (A)		26,030		1,033,651
Marten Transport, Ltd.		65,408		1,320,588
USA Truck, Inc. (A) (B)		81,475		1,090,135
Werner Enterprises, Inc. (A)		46,995		1,162,186
Semiconductors & Semiconductor Equipment - 2.9%
Cabot Microelectronics Corp. - Class A (A) (B)		26,344		1,203,921
Cirrus Logic, Inc. (A) (B)		56,045		1,144,999
Entropic Communications, Inc. (A) (B)		237,630		1,119,237
International Rectifier Corp. (A) (B)		49,945		1,302,066
Intersil Corp. - Class A		108,610		1,245,757
Lattice Semiconductor Corp. (B)		204,720		1,128,007
MKS Instruments, Inc. (A)		39,425		1,180,385
Silicon Image, Inc. (B)		225,252		1,385,300
Software - 0.3%
Rovi Corp. (B)		58,172		1,145,407
Specialty Retail - 4.5%
Aaron’s, Inc. (A)		39,460		1,160,124
ANN, Inc. (A) (B)		33,675		1,231,158
Big 5 Sporting Goods Corp.		63,411		1,256,806
Brown Shoe Co., Inc. (A)		46,505		1,308,651
Children’s Place Retail Stores, Inc. (A) (B)		21,440		1,221,437
Christopher & Banks Corp. (B)		139,465		1,191,031
Destination Maternity Corp. (A)		37,405		1,117,661
Guess?, Inc. (A)		33,466		1,039,788
Haverty Furniture Cos., Inc.		40,010		1,252,313
hhgregg, Inc. (A) (B)		80,268		1,121,344
Kirkland’s, Inc. (A) (B)		45,025		1,065,742
Office Depot, Inc. (A) (B)		202,530		1,071,384
RadioShack Corp. (A) (B)		397,320		1,033,032
Textiles, Apparel & Luxury Goods - 0.3%
Unifi, Inc. (B)		42,695		1,163,012
Thrifts & Mortgage Finance - 1.0%
Home Loan Servicing Solutions, Ltd.		47,880		1,099,804
Northfield Bancorp, Inc. (A)		88,580		1,169,256
Washington Federal, Inc.		49,860		1,161,239
Trading Companies & Distributors - 0.7%
Applied Industrial Technologies, Inc.		22,020		1,080,962
Watsco, Inc.		12,320		1,183,459
Total Common Stocks (cost $293,047,528)				326,602,627
MASTER LIMITED PARTNERSHIP - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
Alliance Resource Partners, LP		15,275		1,176,175
Total Master Limited Partnership (cost $1,155,749)				1,176,175
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		85,853,018		85,853,018
Total Securities Lending Collateral (cost $85,853,018)				85,853,018

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

Transamerica Partners Portfolios Annual Report 2013

Page    96

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $6,304,837 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $6,433,857.		$  6,304,834		$  6,304,834
Total Repurchase Agreement (cost $6,304,834)				6,304,834
Total Investment Securities (cost $386,361,129) (D)				419,936,654
Other Assets and Liabilities - Net  - (25.7)%				(85,755,050	)
Net Assets - 100.0%				$  334,181,604

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	326,602,627	$	—	$	—	$	326,602,627
Master Limited Partnership		1,176,175		—		—		1,176,175
Securities Lending Collateral		85,853,018		—		—		85,853,018
Repurchase Agreement		—		6,304,834		—		6,304,834
Total Investment Securities	$	413,631,820	$	6,304,834	$	—	$	419,936,654

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2012		Purchases		Sales (F)		Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Transfers into Level 3 (G)		Transfers out of Level 3		Ending Balance at December 31, 2013 (H)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at December 31, 2013
Common Stocks	$	—	$	—	$	0	$	—	$	—	$	—	$	0	$	—	$	—	$	—

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $83,459,379. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B) Non-income producing security.

^(C) Rate shown reflects the yield at December 31, 2013.

^(D) Aggregate cost for federal income tax purposes is $386,674,539. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $40,107,147 and $6,845,032, respectively. Net unrealized appreciation for tax purposes is $33,262,115.

^(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

^(F)  Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

^(G) Transferred into Level 3 because of unavailability of observable inputs.

^(H) Level 3 securities were not considered significant to the portfolio.

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

Transamerica Partners Portfolios Annual Report 2013

Page    97

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense - 1.1%
Triumph Group, Inc. (A)		10,340		$  786,564
Auto Components - 0.9%
Dorman Products, Inc. (A) (B)		11,562		648,281
Commercial Banks - 12.0%
Bank of the Ozarks, Inc. (A)		27,713		1,568,279
Home Bancshares, Inc. (A)		23,270		869,135
Iberiabank Corp. (A)		25,530		1,604,560
PrivateBancorp, Inc. - Class A (A)		82,616		2,390,081
SVB Financial Group (B)		8,640		905,990
Texas Capital Bancshares, Inc. (A) (B)		23,480		1,460,456
Commercial Services & Supplies - 2.9%
Healthcare Services Group Inc. (A)		75,260		2,135,126
Communications Equipment - 2.4%
Aruba Networks, Inc. (A) (B)		62,330		1,115,707
Procera Networks, Inc. (A) (B)		41,476		622,970
Diversified Financial Services - 1.9%
MarketAxess Holdings, Inc. (A)		20,460		1,368,160
Electrical Equipment - 3.0%
EnerSys, Inc. (A)		31,660		2,219,049
Electronic Equipment & Instruments - 1.8%
InvenSense, Inc. - Class A (A) (B)		63,360		1,316,621
Energy Equipment & Services - 1.2%
Pacific Drilling SA (B)		78,379		898,223
Food Products - 2.5%
Annie’s, Inc. (A) (B)		14,810		637,422
TreeHouse Foods, Inc. (A) (B)		17,468		1,203,895
Health Care Equipment & Supplies - 2.4%
Cantel Medical Corp. (A)		28,401		963,078
Neogen Corp. (A) (B)		17,517		800,527
Health Care Providers & Services - 4.5%
Air Methods Corp. (A) (B)		28,130		1,640,823
Centene Corp. (B)		27,560		1,624,662
Health Care Technology - 2.2%
Medidata Solutions, Inc. (A) (B)		26,660		1,614,796
Hotels, Restaurants & Leisure - 5.7%
Krispy Kreme Doughnuts, Inc. (A) (B)		72,480		1,398,139
Red Robin Gourmet Burgers, Inc. (A) (B)		19,140		1,407,555
Sonic Corp. (A) (B)		67,140		1,355,557
Household Durables - 0.7%
Meritage Homes Corp. (B)		9,829		471,694
Insurance - 1.5%
Hilltop Holdings, Inc. (B)		47,850		1,106,771
Internet Software & Services - 4.7%
Envestnet, Inc. (B)		25,390		1,023,217
OpenTable, Inc. (A) (B)		15,229		1,208,726
SPS Commerce, Inc. (A) (B)		18,830		1,229,599
IT Services - 3.8%
MAXIMUS, Inc. - Class A		62,380		2,744,096
Life Sciences Tools & Services - 3.4%
ICON PLC (B)		29,480		1,191,287
PAREXEL International Corp. (B)		28,790		1,300,732
Machinery - 1.5%
Chart Industries, Inc. (A) (B)		11,100		1,061,604
Oil, Gas & Consumable Fuels - 4.6%
Gulfport Energy Corp. (A) (B)		19,060		1,203,639
Matador Resources Co. (A) (B)		52,680		981,955
PDC Energy, Inc. (A) (B)		21,540		1,146,359

	Shares		Value
Personal Products - 1.3%
Inter Parfums, Inc. (A)		26,530		$  950,039
Pharmaceuticals - 5.0%
Akorn, Inc. - Class A (A) (B)		73,490		1,810,059
Lannett Co., Inc. (A) (B)		13,548		448,439
Prestige Brands Holdings, Inc. (A) (B)		39,810		1,425,198
Professional Services - 2.9%
Advisory Board Co. (A) (B)		32,840		2,090,923
Huron Consulting Group, Inc. (B)		384		24,084
Semiconductors & Semiconductor Equipment - 3.5%
Applied Micro Circuits Corp. (A) (B)		94,779		1,268,143
Ceva, Inc. (A) (B)		46,130		702,099
Inphi Corp. (A) (B)		45,929		592,484
Software - 6.2%
Ellie Mae, Inc. (A) (B)		45,500		1,222,585
Imperva, Inc. (A) (B)		25,530		1,228,759
QLIK Technologies, Inc. (A) (B)		33,190		883,850
Synchronoss Technologies, Inc. (A) (B)		39,090		1,214,526
Specialty Retail - 7.0%
Asbury Automotive Group, Inc. (B)		33,116		1,779,654
Express, Inc. (A) (B)		48,510		905,682
Group 1 Automotive, Inc. (A)		17,484		1,241,713
Pier 1 Imports, Inc. (A)		50,339		1,161,824
Textiles, Apparel & Luxury Goods - 4.8%
Deckers Outdoor Corp. (A) (B)		22,990		1,941,736
G-III Apparel Group, Ltd. (B)		5,689		419,791
Steven Madden, Ltd. - Class B (B)		31,808		1,163,855
Trading Companies & Distributors - 1.5%
Beacon Roofing Supply, Inc. (A) (B)		27,400		1,103,672
Transportation Infrastructure - 1.1%
WESCO Aircraft Holdings, Inc. (A) (B)		36,760		805,779
Total Common Stocks (cost $54,821,746)				71,610,229
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.14% (C)		18,728,818		18,728,818
Total Securities Lending Collateral (cost $18,728,818)				18,728,818
	Principal		Value
REPURCHASE AGREEMENT - 1.8%
State Street Bank & Trust Co. 0.01% (C), dated 12/31/2013, to be repurchased at $1,271,412 on 01/02/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 09/15/2040, and with a value of $1,298,253.		$  1,271,411		1,271,411
Total Repurchase Agreement (cost $1,271,411)				1,271,411
Total Investment Securities (cost $74,821,975) (D)				91,610,458
Other Assets and Liabilities - Net  - (25.4)%				(18,546,077	)
Net Assets - 100.0%				$  73,064,381

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

Transamerica Partners Portfolios Annual Report 2013

Page    98

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Common Stocks	$	71,610,229	$	—	$	—	$	71,610,229
Securities Lending Collateral		18,728,818		—		—		18,728,818
Repurchase Agreement		—		1,271,411		—		1,271,411
Total Investment Securities	$	90,339,047	$	1,271,411	$	—	$	91,610,458

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $18,299,164. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B) Non-income producing security.

^(C) Rate shown reflects the yield at December 31, 2013.

^(D) Aggregate cost for federal income tax purposes is $74,982,657. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $17,267,488 and $639,687, respectively. Net unrealized appreciation for tax purposes is $16,627,801.

^(E) Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. 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 Annual Report 2013

Page    99

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At December 31, 2013

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 1.5%
Canada - 1.5%
Suncor Energy, Inc., 1.95% (A)		261,000		$  9,150,049
Total Convertible Preferred Stock (cost $8,876,694)				9,150,049
PREFERRED STOCKS - 4.0%
Brazil - 1.2%
Investimentos Itau SA, 3.72% (A)		1,935,700		7,312,918
Korea, Republic of - 2.4%
Samsung Electronics Co., Ltd., 0.81% (A)		15,086		14,508,332
Russian Federation - 0.4%
Sberbank of Russia, 4.56% (A)		1,198,313		2,756,120
Total Preferred Stocks (cost $25,229,596)				24,577,370
COMMON STOCKS - 89.4%
Australia - 2.4%
APA Group		901,381		4,829,060
Asciano, Ltd.		1,061,213		5,457,930
Challenger Financial Services Group, Ltd.		767,839		4,250,742
Canada - 2.3%
Fairfax Financial Holdings, Ltd.		15,100		6,028,770
Horizon North Logistics, Inc.		327,700		3,069,537
Ithaca Energy, Inc. (B)		1,187,600		2,985,071
Newalta Corp.		124,200		2,036,775
Denmark - 2.2%
Carlsberg A/S - Class B		71,177		7,875,999
Danske Bank A/S - Class R (B)		239,753		5,507,524
Finland - 0.9%
UPM-Kymmene OYJ		318,810		5,407,044
France - 7.8%
Arkema SA		53,895		6,286,612
Cie Generale des Etablissements Michelin - Class B		50,738		5,392,068
Rexel SA		220,124		5,776,376
Sanofi		89,001		9,442,467
Total SA		85,140		5,215,667
Veolia Environnement SA		227,570		3,711,420
Vinci SA		91,256		5,990,808
Vivendi SA		223,003		5,876,468
Germany - 5.0%
Adidas AG		32,641		4,162,309
Allianz SE - Class A		48,902		8,798,724
Bayer AG		29,031		4,076,257
Metro AG		112,824		5,469,687
Siemens AG - Class A		57,487		7,882,533
Greece - 1.0%
Piraeus Bank SA (B)		2,880,509		6,062,953
Hong Kong - 9.4%
Cheung Kong Holdings, Ltd.		566,000		8,941,491
China Mobile, Ltd.		836,500		8,657,019
First Pacific Co., Ltd.		4,860,000		5,527,926
Fosun International, Ltd.		6,183,000		6,123,756
Guangdong Investment, Ltd.		5,484,000		5,360,731
HSBC Holdings PLC		691,600		7,505,273
Newocean Energy Holdings, Ltd.		2,960,000		2,416,311
Shenzhen Expressway Co., Ltd.		4,042,000		1,803,557
Sinotrans, Ltd.		8,250,000		3,117,303
SJM Holdings, Ltd.		2,494,000		8,330,165

	Shares		Value
Ireland - 1.5%
Ryanair Holdings PLC - ADR (B)		100,800		$  4,730,544
Smurfit Kappa Group PLC - Class B		172,115		4,228,864
Israel - 0.9%
Israel Corp., Ltd. (B)		10,837		5,702,534
Italy - 2.9%
ENI SpA - Class B		392,315		9,479,762
Pirelli & C. SpA		191,173		3,307,316
Prysmian SpA		189,638		4,882,620
Japan - 16.1%
Aisin Seiki Co., Ltd.		142,700		5,801,621
Daito Trust Construction Co., Ltd.		31,800		2,972,917
Denki Kagaku Kogyo KK		963,000		3,980,351
FUJIFILM Holdings Corp.		279,600		7,936,455
Fukuoka Financial Group, Inc. - Class A		953,000		4,183,142
Hitachi, Ltd.		1,363,000		10,334,472
Japan Airlines Co., Ltd.		104,200		5,140,318
Kirin Holdings Co., Ltd.		354,000		5,098,116
Komatsu, Ltd.		149,100		3,061,213
Kuraray Co., Ltd.		383,400		4,576,566
Mitsubishi Corp.		318,900		6,122,213
MS&AD Insurance Group Holdings		206,200		5,542,443
Nippon Telegraph & Telephone Corp.		143,300		7,718,195
Nitori Holdings Co., Ltd.		56,650		5,363,460
ORIX Corp.		433,300		7,613,887
Resona Holdings, Inc.		1,074,000		5,480,047
Sony Corp.		216,500		3,732,092
USS Co., Ltd.		304,400		4,175,300
Korea, Republic of - 0.5%
Kangwon Land, Inc.		98,170		2,882,518
Malaysia - 1.1%
DRB-Hicom Bhd		2,518,800		2,168,529
Genting Bhd		1,422,000		4,454,196
Mexico - 0.2%
Grupo Aeroportuario del Centro Norte Sab de CV - Class B (B)		303,420		1,016,939
Netherlands - 4.4%
Delta Lloyd NV		241,334		5,989,335
Heineken Holding NV - Class A		58,944		3,728,888
Koninklijke Boskalis Westminster NV		88,594		4,680,752
Koninklijke Philips NV		264,771		9,705,316
Wolters Kluwer NV		106,207		3,031,029
Philippines - 0.7%
LT Group, Inc.		12,230,300		4,271,776
Russian Federation - 1.0%
Lukoil OAO - ADR		96,180		6,070,882
Singapore - 0.8%
Noble Group, Ltd.		5,945,000		5,040,731
South Africa - 0.8%
Kumba Iron Ore, Ltd.		122,241		5,167,566
Spain - 0.9%
Amadeus IT Holding SA - Class A		131,487		5,626,477
Sweden - 3.5%
Investor AB - Class B		231,981		7,994,884
Svenska Cellulosa AB SCA - Class B		190,997		5,884,207
Telefonaktiebolaget LM Ericsson - Class B		618,900		7,556,452
Switzerland - 4.9%
Galenica AG		2,939		2,958,689
GAM Holding AG (B)		267,777		5,213,723
Nestle SA		72,664		5,325,546

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

Transamerica Partners Portfolios Annual Report 2013

Page    100

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

	Shares		Value
Switzerland (continued)
Novartis AG		137,315		$  11,005,702
UBS AG - Class A (B)		288,574		5,525,424
Thailand - 0.4%
Bangkok Bank PCL		511,900		2,788,358
Turkey - 0.7%
Tofas Turk Otomobil Fabrikasi AS		658,035		4,103,150
United Kingdom - 15.1%
Admiral Group PLC		177,839		3,857,851
BHP Billiton PLC - ADR		122,800		7,628,336
BP PLC - ADR		148,700		7,228,307
British Sky Broadcasting Group PLC		375,260		5,244,715
Etalon Group, Ltd. - GDR, Reg S (B)		339,986		1,801,926
IG Group Holdings PLC		314,000		3,203,005
Imperial Tobacco Group PLC		125,294		4,850,896
Inchcape PLC		593,788		6,042,275
Johnson Matthey PLC		56,832		3,086,839
Kingfisher PLC		888,320		5,658,989
National Grid PLC - Class B		484,284		6,319,366
Resolution, Ltd.		836,853		4,905,685
Rexam PLC		780,005		6,852,199
Sistema JSFC - GDR, Reg S		150,509		4,834,349
TMK OAO - GDR, Reg S		396,907		4,679,534
Unilever PLC		240,958		9,903,537
Vodafone Group PLC		1,584,723		6,219,406
United States - 2.0%
Flextronics International, Ltd. (B)		816,700		6,345,759
Noble Corp. plc		160,800		6,025,176
Total Common Stocks (cost $514,708,959)				547,420,000

	Principal		Value
REPURCHASE AGREEMENT - 6.4%
State Street Bank & Trust Co. 0.01% (A), dated 12/31/2013, to be repurchased at $38,992,735 on 01/02/2014. Collateralized by U.S. Government Agency Obligations, 3.50%, due 09/15/2040 - 10/15/2040, and with a total value of $39,776,347.		$  38,992,714		$  38,992,714
Total Repurchase Agreement (cost $38,992,714)				38,992,714
Total Investment Securities (cost $587,807,963) (C)				620,140,133
Other Assets and Liabilities - Net  - (1.3)%				(8,034,819	)
Net Assets - 100.0%				$  612,105,314

INVESTMENTS BY INDUSTRY (unaudited):	Percentage of Total Investment Securities			Value
Oil, Gas & Consumable Fuels		6.9	%	$	42,546,049
Commercial Banks		6.7			41,596,335
Insurance		5.7			35,122,808
Pharmaceuticals		4.4			27,483,115
Electronic Equipment & Instruments		4.0			24,616,686
Chemicals		3.8			23,632,902
Diversified Financial Services		3.4			20,976,557
Beverages		3.4			20,974,779
Wireless Telecommunication Services		3.2			19,710,774
Metals & Mining		3.1			18,919,658
Industrial Conglomerates		2.8			17,587,849
Trading Companies & Distributors		2.7			16,939,320
Hotels, Restaurants & Leisure		2.5			15,666,879
Food Products		2.5			15,229,083
Specialty Retail		2.4			15,197,749
Semiconductors & Semiconductor Equipment		2.3			14,508,332
Auto Components		2.3			14,501,005
Media		2.3			14,152,212
Real Estate Management & Development		2.2			13,716,334
Containers & Packaging		1.8			11,081,063
Capital Markets		1.7			10,739,147
Energy Equipment & Services		1.7			10,704,710
Construction & Engineering		1.7			10,671,560
Multi-Utilities		1.6			10,030,786
Airlines		1.6			9,870,862
Diversified Telecommunication Services		1.2			7,718,195

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

Transamerica Partners Portfolios Annual Report 2013

Page    101

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At December 31, 2013

INVESTMENTS BY INDUSTRY (unaudited) (continued):	Percentage of Total Investment Securities			Value
Consumer Finance		1.2	%	$	7,613,887
Communications Equipment		1.2			7,556,452
Automobiles		1.0			6,271,679
Distributors		1.0			6,042,275
Transportation Infrastructure		1.0			5,937,799
Household Products		0.9			5,884,207
IT Services		0.9			5,626,477
Food & Staples Retailing		0.9			5,469,687
Road & Rail		0.9			5,457,930
Paper & Forest Products		0.9			5,407,044
Water Utilities		0.9			5,360,731
Commercial Services & Supplies		0.8			5,106,312
Electrical Equipment		0.8			4,882,620
Tobacco		0.8			4,850,896
Gas Utilities		0.8			4,829,060
Textiles, Apparel & Luxury Goods		0.7			4,162,309
Household Durables		0.6			3,732,092
Machinery		0.5			3,061,213
Investment Securities, at Value		93.7			581,147,419
Short-Term Investments		6.3			38,992,714
Total Investments		100.0	%	$	620,140,133

VALUATION SUMMARY: ^(D)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at December 31, 2013
ASSETS
Investment Securities
Convertible Preferred Stock	$	9,150,049	$	—	$	—	$	9,150,049
Preferred Stocks		10,069,038		14,508,332		—		24,577,370
Common Stocks		64,481,905		482,938,095		—		547,420,000
Repurchase Agreement		—		38,992,714		—		38,992,714
Total Investment Securities	$	83,700,992	$	536,439,141	$	—	$	620,140,133

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate shown reflects the yield at December 31, 2013.

^(B)  Non-income producing security.

^(C)  Aggregate cost for federal income tax purposes is $589,005,312. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $33,778,732 and $2,643,911, respectively. Net unrealized appreciation for tax purposes is $31,134,821.

^(D)  Transfers between levels are considered to have occurred at the end of the reporting period. There were no transfers between Levels 1 and 2 during the period ended December 31, 2013. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

DEFINITIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
OAO	Otkrytoe Aktsionernoe Obschestvo (Open Joint Stock Corporation)
Reg S	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

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

Transamerica Partners Portfolios Annual Report 2013

Page    102

STATEMENTS OF ASSETS AND LIABILITIES

At December 31, 2013

	Money Market		High Quality Bond		Inflation- Protected Securities		Core Bond		High Yield Bond
Assets:
Investment securities, at value	$	871,446,425	$	389,287,943	$	280,218,784	$	1,580,128,316	$	818,909,206
Repurchase agreements, at value		115,456,362		16,903,705		—		—		28,643,501
Cash on deposit with broker		—		—		475,000		855,000		—
Foreign currency, at value		—		—		12,646		806,219		—
Cash on deposit with custodian		—		—		—		1,717,000		—
Cash		—		1,020		—		—		202,007
Unrealized appreciation on forward foreign currency contracts		—		—		300,708		2,402		—
Unrealized appreciation on OTC swap agreements		—		—		—		480,091		—
Premium paid on OTC swap agreements		—		—		6,156		622,773		—
Receivables:
Investment securities sold		—		—		2,600,142		270,066,333		691,635
Interest		226,262		1,647,576		1,250,043		7,560,165		13,538,885
Dividends		—		—		—		—		38,325
Securities lending income (net)		—		1,868		388		25,277		—
Variation margin receivable on derivative financial instruments		—		—		104,540		—		—
Other		—		—		—		—		91,350
Prepaid expenses		11,831		5,411		3,947		17,663		10,437
Total assets		987,140,880		407,847,523		284,972,354		1,862,281,239		862,125,346
Liabilities:
Due to custodian		—		—		—		17,737		—
Cash deposit due to broker		—		—		500,000		100,000		—
Premium received on OTC swap agreements		—		—		—		487,393		—
Accounts payable and accrued liabilities:
Investment securities purchased		—		—		4,929,225		344,735,825		2,666,750
When-issued securities purchased		—		—		—		—		2,076,005
Advisory fees		213,644		122,797		80,680		414,563		411,118
Trustees and CCO fees		173		78		57		245		149
Audit and tax fees		18,137		20,085		21,043		24,506		21,822
Custody and accounting fees		26,778		10,854		19,945		57,064		25,608
Legal fees		9,362		4,461		4,544		19,538		8,323
Printing and shareholder reports fees		4,156		1,940		1,481		6,537		3,523
Variation margin payable on derivative financial instruments		—		—		—		297,853		—
Interest from TBA short commitments		—		—		—		170,281		—
Other		6,668		2,953		2,230		9,732		5,747
Collateral for securities on loan		—		7,826,473		3,295,294		80,612,269		—
Written options and swaptions, at value		—		—		495,177		154,745		—
TBA short commitments, at value		—		—		—		98,292,806		—
Unrealized depreciation on forward foreign currency contracts		—		—		679,351		383,440		—
Unrealized depreciation on OTC swap agreements		—		—		155,603		285,841		—
Total liabilities		278,918		7,989,641		10,184,630		526,070,375		5,219,045
Net assets	$	986,861,962	$	399,857,882	$	274,787,724	$	1,336,210,864	$	856,906,301
Investment securities, at cost	$	871,446,425	$	390,151,496	$	288,737,094	$	1,585,919,133	$	789,482,164
Repurchase agreements, at cost	$	115,456,362	$	16,903,705	$	—	$	—	$	28,643,501
Foreign currency, at cost	$	—	$	—	$	12,615	$	775,829	$	—
Securities loaned, at value	$	—	$	7,665,613	$	3,229,515	$	78,989,620	$	—
Premium received on written option and swaptions	$	—	$	—	$	588,150	$	140,355	$	—
Proceeds received from TBA short commitments	$	—	$	—	$	—	$	98,595,703	$	—

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

Transamerica Partners Portfolios Annual Report 2013

Page    103

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At December 31, 2013

	Balanced		Large Value		Large Core		Large Growth		Mid Value
Assets:
Investment securities, at value	$	135,519,968	$	988,484,608	$	326,099,044	$	993,213,433	$	1,017,603,299
Repurchase agreements, at value		628,771		10,808,881		3,929,330		1,844,517		22,506,114
Cash on deposit with broker		31,000		—		—		—		—
Foreign currency, at value		4,834		—		—		—		—
Cash		327		50,163		5,593		—		38,632
Unrealized appreciation on forward foreign currency contracts		82		—		—		—		—
Receivables:
Investment securities sold		7,504,214		496,159		342,019		6,514,118		319,754
Interest		251,517		3		1		—		6
Dividends		99,617		969,459		302,057		520,655		884,619
Dividend reclaims		1		13,117		1,338		88,016		20,190
Securities lending income (net)		1,105		26,153		7,159		20,833		14,312
Prepaid expenses		1,412		10,964		3,444		10,812		11,276
Total assets		144,042,848		1,000,859,507		330,689,985		1,002,212,384		1,041,398,202
Liabilities:
Due to custodian		—		—		—		38,387		—
Accounts payable and accrued liabilities:
Investment securities purchased		12,270,144		—		—		4,319,621		4,333,195
Advisory fees		32,495		357,861		158,931		470,847		559,612
Trustees and CCO fees		23		171		79		197		229
Audit and tax fees		22,419		19,236		20,399		24,470		17,146
Custody and accounting fees		25,617		18,718		7,995		31,568		19,258
Legal fees		1,120		8,837		2,706		8,705		14,758
Printing and shareholder reports fees		491		3,877		1,155		4,154		3,724
Variation margin payable on derivative financial instruments		8,287		—		—		—		—
Interest from TBA short commitments		3,570		—		—		—		—
Other		1,574		6,382		4,027		6,182		6,913
Collateral for securities on loan		6,288,574		76,167,901		20,759,614		55,290,020		61,362,203
Written options and swaptions, at value		3,738		—		—		—		—
TBA short commitments, at value		2,106,103		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		8,378		—		—		—		—
Total liabilities		20,772,533		76,582,983		20,954,906		60,194,151		66,317,038
Net assets	$	123,270,315	$	924,276,524	$	309,735,079	$	942,018,233	$	975,081,164
Investment securities, at cost	$	121,300,054	$	803,998,506	$	266,873,762	$	717,544,735	$	770,342,141
Repurchase agreements, at cost	$	628,771	$	10,808,881	$	3,929,330	$	1,844,517	$	22,506,114
Foreign currency, at cost	$	4,828	$	—	$	—	$	—	$	—
Securities loaned, at value	$	6,150,753	$	74,521,042	$	20,310,565	$	54,075,659	$	60,010,434
Premium received on written option and swaptions	$	1,680	$	—	$	—	$	—	$	—
Proceeds received from TBA short commitments	$	2,113,355	$	—	$	—	$	—	$	—

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

Transamerica Partners Portfolios Annual Report 2013

Page    104

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At December 31, 2013

	Mid Growth		Small Value		Small Core		Small Growth		International Equity
Assets:
Investment securities, at value	$	186,403,692	$	102,308,315	$	413,631,820	$	90,339,047	$	581,147,419
Repurchase agreements, at value		2,076,218		1,094,007		6,304,834		1,271,411		38,992,714
Receivables:
Investment securities sold		—		—		—		472,322		71,582
Interest		1		—		2		—		11
Dividends		83,884		74,016		325,025		11,864		270,230
Dividend reclaims		—		—		—		—		2,263,202
Securities lending income (net)		5,412		2,938		36,350		4,476		6,929
Prepaid expenses		2,219		978		3,878		845		7,428
Total assets		188,571,426		103,480,254		420,301,909		92,099,965		622,759,515
Liabilities:
Due to custodian		—		—		—		—		9,921,473
Foreign currency, at value		—		—		—		—		55,728
Accounts payable and accrued liabilities:
Investment securities purchased		—		—		—		233,232		183,356
Advisory fees		85,957		53,343		230,809		46,757		392,979
Trustees and CCO fees		31		18		60		23		109
Audit and tax fees		18,326		18,241		18,064		18,320		23,541
Custody and accounting fees		5,313		3,179		9,633		4,563		58,661
Legal fees		1,877		757		4,016		2,888		9,955
Printing and shareholder reports fees		949		387		1,537		372		2,910
Other		1,571		1,103		3,168		611		5,489
Collateral for securities on loan		38,314,340		21,105,684		85,853,018		18,728,818		—
Total liabilities		38,428,364		21,182,712		86,120,305		19,035,584		10,654,201
Net assets	$	150,143,062	$	82,297,542	$	334,181,604	$	73,064,381	$	612,105,314
Investment securities, at cost	$	165,883,619	$	74,034,634	$	380,056,295	$	73,550,564	$	548,815,249
Repurchase agreements, at cost	$	2,076,218	$	1,094,007	$	6,304,834	$	1,271,411	$	38,992,714
Foreign currency, at cost	$	—	$	—	$	—	$	—	$	54,202
Securities loaned, at value	$	37,487,131	$	20,590,104	$	83,459,379	$	18,299,164	$	—

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

Transamerica Partners Portfolios Annual Report 2013

Page    105

STATEMENTS OF OPERATIONS

For the year ended December 31, 2013

	Money Market			High Quality Bond			Inflation- Protected Securities			Core Bond			High Yield Bond
Investment Income:
Dividend income	$	—		$	—		$	—		$	237,909		$	619,470
Interest income		1,995,578			9,203,536			2,743,904			42,092,426			57,503,200
Securities lending income (net)		—			40,727			19,345			197,254			—
Withholding taxes on foreign income		—			(1,179	)		—			(29,882	)		(98	)
Total investment income		1,995,578			9,243,084			2,763,249			42,497,707			58,122,572
Expenses:
Advisory		2,320,573			1,469,748			1,101,940			4,900,783			4,596,773
Trustees and CCO		19,638			8,845			6,829			29,917			17,629
Audit and tax		16,268			19,555			21,484			25,211			21,155
Custody and accounting		151,127			63,906			124,352			352,020			165,415
Legal		60,922			26,890			14,248			93,411			51,595
Printing and shareholder reports		55,666			25,463			19,251			84,952			49,841
Other		26,054			9,658			7,595			32,305			18,925
Total expenses		2,650,248			1,624,065			1,295,699			5,518,599			4,921,333
Expenses (waived/reimbursed)		—			—			(36,338	)		—			—
Net expenses		2,650,248			1,624,065			1,259,361			5,518,599			4,921,333
Net investment income (loss)		(654,670	)		7,619,019			1,503,888			36,979,108			53,201,239
Net realized gain (loss) on transactions from:
Investment securities		20,771			578,440			1,067,958			(6,772,905	)		978,231
Futures contracts		—			—			1,511,362			(5,754,334	)		—
Written options and swaptions		—			—			157,952			(741,605	)		—
Swap agreements		—			—			589,578			15,571,218			—
Foreign currency transactions		—			—			113,751			(201,645	)		—
Net realized gain (loss)		20,771			578,440			3,440,601			2,100,729			978,231
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			(6,501,402	)		(30,912,716	)		(51,077,788	)		5,528,464
Futures contracts		—			—			(323,022	)		(1,362,923	)		—
Written options and swaptions		—			—			48,271			(47,537	)		—
Swap agreements		—			—			(496,288	)		(1,039,438	)		—
Translation of assets and liabilities denominated in foreign currencies		—			—			(312,336	)		(227,454	)		—
TBA short commitments		—			—			—			535,685			—
Net change in unrealized appreciation (depreciation)		—			(6,501,402	)		(31,996,091	)		(53,219,455	)		5,528,464
Net realized and change in unrealized gain (loss)		20,771			(5,922,962	)		(28,555,490	)		(51,118,726	)		6,506,695
Net increase (decrease) in net assets resulting from operations	$	(633,899	)	$	1,696,057		$	(27,051,602	)	$	(14,139,618	)	$	59,707,934

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

Transamerica Partners Portfolios Annual Report 2013

Page    106

STATEMENTS OF OPERATIONS (continued)

For the year ended December 31, 2013

	Balanced			Large Value			Large Core			Large Growth			Mid Value
Investment Income:
Dividend income	$	1,358,387		$	18,881,062		$	5,654,828		$	10,520,768		$	14,447,330
Interest income		853,255			2,484			836			1,056			6,551
Securities lending income (net)		13,950			155,139			51,504			195,400			136,548
Withholding taxes on foreign income		(969	)		(36,032	)		(10,464	)		(101,009	)		(43,971	)
Total investment income		2,224,623			19,002,653			5,696,704			10,616,215			14,546,458
Expenses:
Advisory		515,645			3,930,716			1,667,213			5,413,579			5,967,769
Trustees and CCO		2,412			18,274			5,815			18,320			18,565
Audit and tax		23,179			18,048			19,127			23,369			16,582
Custody and accounting		159,855			111,547			42,759			184,971			110,359
Legal		7,504			54,544			17,129			54,028			55,684
Printing and shareholder reports		6,888			53,187			16,744			53,531			54,158
Other		2,744			19,872			6,165			20,227			19,585
Total expenses		718,227			4,206,188			1,774,952			5,768,025			6,242,702
Expenses (waived/reimbursed)		(145,288	)		—			—			(92,499	)		(7,720	)
Net expenses		572,939			4,206,188			1,774,952			5,675,526			6,234,982
Net investment income (loss)		1,651,684			14,796,465			3,921,752			4,940,689			8,311,476
Net realized gain (loss) on transactions from:
Investment securities		8,031,717			177,405,771			58,081,271			96,593,710			100,682,194
Futures contracts		132,771			—			—			—			—
Written options and swaptions		(16,285	)		—			—			—			—
Foreign currency transactions		4,419			—			—			(1,898	)		12,734
Net realized gain (loss)		8,152,622			177,405,771			58,081,271			96,591,812			100,694,928
Net change in unrealized appreciation (depreciation) on:
Investment securities		9,414,539			86,365,970			25,059,363			163,688,767			142,457,537
Futures contracts		14,528			—			—			—			—
Written options and swaptions		(2,057	)		—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(2,456	)		—			—			1,458			(37	)
TBA short commitments		14,100			—			—			—			—
Net change in unrealized appreciation (depreciation)		9,438,654			86,365,970			25,059,363			163,690,225			142,457,500
Net realized and change in unrealized gain (loss)		17,591,276			263,771,741			83,140,634			260,282,037			243,152,428
Net increase (decrease) in net assets resulting from operations	$	19,242,960		$	278,568,206		$	87,062,386		$	265,222,726		$	251,463,904

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

Transamerica Partners Portfolios Annual Report 2013

Page    107

STATEMENTS OF OPERATIONS (continued)

For the year ended December 31, 2013

	Mid Growth			Small Value			Small Core			Small Growth			International Equity
Investment Income:
Dividend income	$	1,162,520		$	1,057,430		$	4,625,292		$	200,832		$	14,054,114
Interest income		461			492			1,410			419			3,394
Securities lending income (net)		107,100			36,414			395,835			93,404			309,199
Withholding taxes on foreign income		(5,076	)		—			(20,299	)		—			(1,180,008	)
Total investment income		1,265,005			1,094,336			5,002,238			294,655			13,186,699
Expenses:
Advisory		1,221,174			633,821			2,528,790			563,801			4,578,894
Trustees and CCO		3,626			1,616			6,628			1,398			12,936
Audit and tax		17,105			17,200			17,099			17,206			126,750
Custody and accounting		31,031			17,169			65,781			24,926			367,787
Legal		10,905			4,824			19,827			8,668			33,668
Printing and shareholder reports		10,990			4,748			19,845			4,958			37,095
Other		4,073			1,716			7,065			1,545			14,194
Total expenses		1,298,904			681,094			2,665,035			622,502			5,171,324
Expenses (waived/reimbursed)		(26,847	)		(24,086	)		—			(18,429	)		—
Net expenses		1,272,057			657,008			2,665,035			604,073			5,171,324
Net investment income (loss)		(7,052	)		437,328			2,337,203			(309,418	)		8,015,375
Net realized gain (loss) on transactions from:
Investment securities		41,797,631			7,673,016			102,679,628			4,048,714			170,599,027
Futures contracts		—			—			196,697			—			—
Foreign currency transactions		(693	)		—			(42	)		—			1,720,955
Net realized gain (loss)		41,796,938			7,673,016			102,876,283			4,048,714			172,319,982
Net change in unrealized appreciation (depreciation) on:
Investment securities		2,753,869			14,403,424			(14,136,578	)		17,451,716			(101,941,351	)
Futures contracts		—			—			(31,262	)		—			—
Translation of assets and liabilities denominated in foreign currencies		5			—			36			—			242,835
Net change in unrealized appreciation (depreciation)		2,753,874			14,403,424			(14,167,804	)		17,451,716			(101,698,516	)
Net realized and change in unrealized gain (loss)		44,550,812			22,076,440			88,708,479			21,500,430			70,621,466
Net increase (decrease) in net assets resulting from operations	$	44,543,760		$	22,513,768		$	91,045,682		$	21,191,012		$	78,636,841

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

Transamerica Partners Portfolios Annual Report 2013

Page    108

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Money Market						High Quality Bond						Inflation-Protected Securities
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
From operations:
Net investment income (loss)	$	(654,670	)	$	(960,513	)	$	7,619,019		$	8,515,508		$	1,503,888		$	5,028,483
Net realized gain (loss)		20,771			86			578,440			1,238,247			3,440,601			15,124,782
Net change in unrealized appreciation (depreciation)		—			—			(6,501,402	)		2,393,318			(31,996,091	)		4,052,311
Net increase (decrease) in net assets resulting from operations		(633,899	)		(960,427	)		1,696,057			12,147,073			(27,051,602	)		24,205,576
From transactions in investors’ beneficial interests:
Contributions		653,764,501			607,906,945			248,234,781			150,407,683			52,376,827			52,452,782
Withdrawals		(614,626,579	)		(654,217,536	)		(236,118,950	)		(234,736,980	)		(91,673,855	)		(94,065,725	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		39,137,922			(46,310,591	)		12,115,831			(84,329,297	)		(39,297,028	)		(41,612,943	)
Net increase (decrease) in net assets		38,504,023			(47,271,018	)		13,811,888			(72,182,224	)		(66,348,630	)		(17,407,367	)
Net assets:
Beginning of year		948,357,939			995,628,957			386,045,994			458,228,218			341,136,354			358,543,721
End of year	$	986,861,962		$	948,357,939		$	399,857,882		$	386,045,994		$	274,787,724		$	341,136,354
	Core Bond						High Yield Bond						Balanced
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
From operations:
Net investment income (loss)	$	36,979,108		$	46,111,919		$	53,201,239		$	56,048,435		$	1,651,684		$	1,985,977
Net realized gain (loss)		2,100,729			29,636,680			978,231			15,614,503			8,152,622			4,620,041
Net change in unrealized appreciation (depreciation)		(53,219,455	)		47,071,976			5,528,464			37,127,582			9,438,654			7,067,798
Net increase (decrease) in net assets resulting from operations		(14,139,618	)		122,820,575			59,707,934			108,790,520			19,242,960			13,673,816
From transactions in investors’ beneficial interests:
Contributions		229,761,560			259,905,444			116,427,122			112,473,979			21,426,618			9,137,794
Withdrawals		(349,444,213	)		(501,283,416	)		(139,221,398	)		(130,547,942	)		(27,001,328	)		(17,320,402	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(119,682,653	)		(241,377,972	)		(22,794,276	)		(18,073,963	)		(5,574,710	)		(8,182,608	)
Net increase (decrease) in net assets		(133,822,271	)		(118,557,397	)		36,913,658			90,716,557			13,668,250			5,491,208
Net assets:
Beginning of year		1,470,033,135			1,588,590,532			819,992,643			729,276,086			109,602,065			104,110,857
End of year	$	1,336,210,864		$	1,470,033,135		$	856,906,301		$	819,992,643		$	123,270,315		$	109,602,065
	Large Value						Large Core						Large Growth
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
From operations:
Net investment income (loss)	$	14,796,465		$	17,614,276		$	3,921,752		$	4,205,876		$	4,940,689		$	6,849,377
Net realized gain (loss)		177,405,771			94,470,108			58,081,271			21,814,060			96,591,812			113,489,403
Net change in unrealized appreciation (depreciation)		86,365,970			29,113,417			25,059,363			13,087,450			163,690,225			23,287,865
Net increase (decrease) in net assets resulting from operations		278,568,206			141,197,801			87,062,386			39,107,386			265,222,726			143,626,645
From transactions in investors’ beneficial interests:
Contributions		67,473,165			62,284,142			27,612,712			15,282,782			50,143,117			68,357,724
Withdrawals		(206,804,126	)		(296,208,563	)		(49,923,765	)		(44,610,616	)		(198,361,205	)		(403,278,229	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(139,330,961	)		(233,924,421	)		(22,311,053	)		(29,327,834	)		(148,218,088	)		(334,920,505	)
Net increase (decrease) in net assets		139,237,245			(92,726,620	)		64,751,333			9,779,552			117,004,638			(191,293,860	)
Net assets:
Beginning of year		785,039,279			877,765,899			244,983,746			235,204,194			825,013,595			1,016,307,455
End of year	$	924,276,524		$	785,039,279		$	309,735,079		$	244,983,746		$	942,018,233		$	825,013,595

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

Transamerica Partners Portfolios Annual Report 2013

Page    109

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Mid Value						Mid Growth						Small Value
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
From operations:
Net investment income (loss)	$	8,311,476		$	10,393,561		$	(7,052	)	$	191,875		$	437,328		$	1,151,661
Net realized gain (loss)		100,694,928			74,180,247			41,796,938			25,644,878			7,673,016			10,989,012
Net change in unrealized appreciation (depreciation)		142,457,500			52,088,706			2,753,874			1,869,722			14,403,424			1,661,200
Net increase (decrease) in net assets resulting from operations		251,463,904			136,662,514			44,543,760			27,706,475			22,513,768			13,801,873
From transactions in investors’ beneficial interests:
Contributions		71,316,736			55,523,930			14,172,136			15,871,932			9,361,371			5,249,082
Withdrawals		(125,663,958	)		(163,056,686	)		(73,505,761	)		(85,247,660	)		(19,760,939	)		(52,825,641	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(54,347,222	)		(107,532,756	)		(59,333,625	)		(69,375,728	)		(10,399,568	)		(47,576,559	)
Net increase (decrease) in net assets		197,116,682			29,129,758			(14,789,865	)		(41,669,253	)		12,114,200			(33,774,686	)
Net assets:
Beginning of year		777,964,482			748,834,724			164,932,927			206,602,180			70,183,342			103,958,028
End of year	$	975,081,164		$	777,964,482		$	150,143,062		$	164,932,927		$	82,297,542		$	70,183,342
	Small Core						Small Growth						International Equity
	December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012			December 31, 2013			December 31, 2012
From operations:
Net investment income (loss)	$	2,337,203		$	3,212,148		$	(309,418	)	$	(159,293	)	$	8,015,375		$	10,591,032
Net realized gain (loss)		102,876,283			28,699,445			4,048,714			10,769,184			172,319,982			47,769,505
Net change in unrealized appreciation (depreciation)		(14,167,804	)		10,199,488			17,451,716			(4,949,469	)		(101,698,516	)		49,185,516
Net increase (decrease) in net assets resulting from operations		91,045,682			42,111,081			21,191,012			5,660,422			78,636,841			107,546,053
From transactions in investors’ beneficial interests:
Contributions		20,969,699			21,791,667			11,088,755			6,048,358			56,228,758			82,896,113
Withdrawals		(74,769,828	)		(63,026,884	)		(17,515,184	)		(61,533,273	)		(137,192,742	)		(256,180,194	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(53,800,129	)		(41,235,217	)		(6,426,429	)		(55,484,915	)		(80,963,984	)		(173,284,081	)
Net increase (decrease) in net assets		37,245,553			875,864			14,764,583			(49,824,493	)		(2,327,143	)		(65,738,028	)
Net assets:
Beginning of year		296,936,051			296,060,187			58,299,798			108,124,291			614,432,457			680,170,485
End of year	$	334,181,604		$	296,936,051		$	73,064,381		$	58,299,798		$	612,105,314		$	614,432,457

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

Transamerica Partners Portfolios Annual Report 2013

Page    110

FINANCIAL HIGHLIGHTS

For the years ended:

	Money Market
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	986,862		$	948,358		$	995,629		$	1,065,396		$	1,132,907
Total return		(0.07	)%		(0.11	)%		(0.04	)%		0.02	%		0.36	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.29	%		0.28	%		0.28	%		0.28	%		0.27	%
Before (waiver/reimbursement)		0.29	%		0.28	%		0.28	%		0.28	%		0.27	%
Net investment income (loss) to average net assets		(0.07	)%		(0.11	)%		(0.04	)%		0.02	%		0.37	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	High Quality Bond
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	399,858		$	386,046		$	458,228		$	463,701		$	477,088
Total return		0.41	%		2.95	%		2.16	%		4.20	%		9.83	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Before (waiver/reimbursement)		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income (loss) to average net assets		1.81	%		2.10	%		2.43	%		2.99	%		3.75	%
Portfolio turnover rate		77	%		68	%		84	%		87	%		104	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Inflation-Protected Securities
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	274,788		$	341,136		$	358,544		$	328,010		$	370,010
Total return		(8.26	)%		7.06	%		12.33	%		6.23	%		10.22	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.40	%		0.40	%		0.40	%		0.38	%		0.40	%
Before (waiver/reimbursement)		0.41	%		0.40	%		0.40	%		0.38	%		0.40	%
Net investment income (loss) to average net assets		0.48	%		1.43	%		3.30	%		2.04	%		1.02	%
Portfolio turnover rate		99	%		103	%		134	%		117	%		118	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Core Bond
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	1,336,211		$	1,470,033		$	1,588,591		$	1,622,006		$	1,749,531
Total return		(0.96	)%		8.28	%		6.20	%		8.26	%		12.89	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.39	%		0.39	%		0.39	%		0.39	%		0.38	%
Before (waiver/reimbursement)		0.39	%		0.39	%		0.39	%		0.39	%		0.38	%
Net investment income (loss) to average net assets		2.64	%		3.03	%		3.54	%		3.65	%		4.45	%
Portfolio turnover rate		200	%		297	%		406	%		633	%		1,014	%(A)

^(A) 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 Annual Report 2013

Page    111

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

	High Yield Bond
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	856,906		$	819,993		$	729,276		$	709,083		$	641,917
Total return		7.48	%		15.14	%		4.93	%		15.81	%		57.21	%
Ratio and supplemental data
Expenses to average net assets(A)
After (waiver/reimbursement)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Before (waiver/reimbursement)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss) to average net assets		6.37	%		7.23	%		8.04	%		8.84	%		10.10	%
Portfolio turnover rate(B)		51	%		102	%		81	%		98	%		98	%

^(A) Does not include expenses of the investment companies in which the portfolio invests.

^(B)  Does not include the portfolio activity of the investment companies in which the portfolio invests.

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Balanced
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	123,270		$	109,602		$	104,111		$	116,337		$	137,734
Total return		18.33	%		13.47	%		3.60	%		13.91	%		23.45	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Before (waiver/reimbursement)		0.63	%		0.61	%		0.62	%		0.59	%		0.55	%
Net investment income (loss) to average net assets		1.44	%		1.82	%		2.26	%		2.42	%		3.01	%
Portfolio turnover rate		123	%		150	%		245	%		211	%		167	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Large Value
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	924,277		$	785,039		$	877,766		$	1,014,115		$	1,263,463
Total return		38.08	%		17.39	%		2.32	%		14.66	%		16.71	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%
Before (waiver/reimbursement)		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%
Net investment income (loss) to average net assets		1.69	%		2.08	%(A)		1.70	%		1.65	%		2.22	%
Portfolio turnover rate		99	%		48	%		55	%		62	%		124	%(B)

^(A) Includes litigation proceeds received during the year that represented 0.15%.

^(B) Excludes investment securities received in kind.

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Large Core
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	309,735		$	244,984		$	235,204		$	255,995		$	280,896
Total return		37.28	%		17.30	%		3.51	%		11.79	%		23.36	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.64	%		0.64	%		0.63	%		0.63	%		0.62	%
Before (waiver/reimbursement)		0.64	%		0.64	%		0.63	%		0.63	%		0.62	%
Net investment income (loss) to average net assets		1.41	%		1.68	%		1.37	%		1.47	%		1.57	%
Portfolio turnover rate		116	%		54	%		63	%		55	%		168	%

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 Annual Report 2013

Page    112

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

	Large Growth
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	942,018		$	825,014		$	1,016,307		$	1,176,583		$	1,341,520
Total return		35.32	%		14.91	%		(1.78	)%		16.62	%		35.56	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Before (waiver/reimbursement)		0.66	%		0.66	%		0.65	%		0.66	%		0.65	%
Net investment income (loss) to average net assets		0.57	%		0.75	%		0.34	%		0.56	%		0.97	%
Portfolio turnover rate		49	%		53	%		53	%		119	%		102	%(A)

^(A) Excludes investment securities received in kind.

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Mid Value
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	975,081		$	777,964		$	748,835		$	909,134		$	808,661
Total return		32.99	%		19.50	%		(2.19	)%		21.29	%		32.53	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.70	%		0.70	%		0.70	%		0.69	%		0.70	%
Before (waiver/reimbursement)		0.70	%		0.70	%		0.70	%		0.69	%		0.70	%
Net investment income (loss) to average net assets		0.93	%		1.36	%		1.08	%		1.14	%		1.44	%
Portfolio turnover rate		53	%		71	%		69	%		76	%		122	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Mid Growth
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	150,143		$	164,933		$	206,602		$	269,733		$	251,749
Total return		30.35	%		13.93	%		(6.90)	%		29.27	%		25.24	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Before (waiver/reimbursement)		0.77	%		0.76	%		0.75	%		0.75	%		0.76	%
Net investment income (loss) to average net assets		(–)	%(A)		0.10	%		(0.33)	%		(0.36)	%		(0.23)	%
Portfolio turnover rate		234	%		178	%		135	%		199	%		214	%

^(A) Rounds to less than 0.01% or (0.01)%.

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Small Value
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	82,298		$	70,183		$	103,958		$	134,427		$	145,727
Total return		34.10	%		16.11	%		1.35	%		23.12	%		19.64	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Before (waiver/reimbursement)		0.88	%		0.88	%		0.87	%		0.87	%		0.88	%
Net investment income (loss) to average net assets		0.57	%		1.41	%		0.63	%		0.84	%		1.24	%
Portfolio turnover rate		16	%		15	%		16	%		121	%		103	%

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 Annual Report 2013

Page    113

FINANCIAL HIGHLIGHTS (continued)

For the years ended:

	Small Core
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	334,182		$	296,936		$	296,060		$	341,598		$	340,044
Total return		33.62	%		15.04	%		(2.19	)%		29.89	%		27.64	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Before (waiver/reimbursement)		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Net investment income (loss) to average net assets		0.74	%		1.07	%		0.32	%		0.43	%		0.67	%
Portfolio turnover rate		195	%		59	%		59	%		55	%		88	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	Small Growth
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	73,064		$	58,300		$	108,124		$	142,731		$	152,724
Total return		37.97	%		1.30	%		(6.45	)%		25.65	%		32.99	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Before (waiver/reimbursement)		0.93	%		0.94	%		0.94	%		0.93	%		0.93	%
Net investment income (loss) to average net assets		(0.46	)%		(0.20	)%		(0.37	)%		(0.41	)%		(0.38	)%
Portfolio turnover rate		72	%		209	%		120	%		99	%		104	%

Note: Prior to January 1, 2010, the financial highlights were audited by another independent registered public accounting firm.

	International Equity
	December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of year (000’s)	$	612,105		$	614,432		$	680,170		$	893,260		$	1,044,049
Total return		13.92	%		17.35	%		(13.51	)%		14.94	%		26.10	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.85	%		0.82	%		0.82	%		0.81	%		0.82	%
Before (waiver/reimbursement)		0.85	%		0.82	%		0.82	%		0.81	%		0.82	%
Net investment income (loss) to average net assets		1.31	%		1.65	%		1.70	%		1.45	%		1.39	%
Portfolio turnover rate		116	%		23	%		24	%		29	%		138	%

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 Annual Report 2013

Page    114

NOTES TO FINANCIAL STATEMENTS

At December 31, 2013

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.

Transamerica Asset Management, Inc. (“TAM”) provides continuous and regular investment advisory services to the Portfolios. TAM acts as a manager of managers, providing advisory services that include, without limitation, the design and development of each Portfolio and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each Portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending and implementing fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Portfolios’ investments; regular review of sub-adviser performance and holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation of portfolio holdings; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Portfolios’ Board of Trustees; oversight of preparation of prospectuses, shareholder reports and other disclosure materials and filings; and oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the administrator, the distributor, the Portfolios’ independent registered public accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment advisory services. Where TAM employs sub-advisers, the sub-advisers carry out and effectuate the investment strategy designed for the Portfolios by TAM and are responsible, subject to TAM’s and the Board of Trustees oversight, for the day-to-day management of the Portfolios and for making decisions to buy, hold or sell a particular security.

Transamerica Fund Services, Inc. (“TFS”) provides supervisory and administrative services to each Portfolio. TFS’s supervisory and administrative services include performing certain administrative services for the Portfolios and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided for the Portfolios by State Street Bank and Trust Company (“State Street”), to whom TFS has outsourced the provision of certain services as described below; to the extent agreed upon by TFS and the Portfolios; from time to time, monitoring and verifying the custodian’s daily calculation of net asset value; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of each Portfolio’s investments; recommending and implementing fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Portfolios’ custodian and their dividend disbursing agent and monitoring their services to the Portfolios; assisting the Portfolios in preparing reports to shareholders; preparation of agendas and supporting documents for and minutes of meetings of the Board of Trustees and committees of Trustees; and preparation of regular communications with the Trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TFS to perform supervisory and administrative services to the Portfolios. State Street performs back office services to support TFS, including furnishing financial and performance information about the Portfolios for inclusion in regulatory filings and Trustees and shareholder reports; preparing drafts of regulatory filings, Trustees materials, tax returns, expenses and budgeting; tax compliance testing; and maintaining books and records. TFS pays all expenses it incurs in connection with providing these services in the Amended and Restated Services Agreement with the exception of the costs of certain services specifically assumed by the Portfolios, as numerated within the Statements of Operations.

Transamerica Partners Portfolios Annual Report 2013

Page    115

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

In the normal course of business, the Portfolios enter into contracts that contain a variety of representations that 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 its affiliates that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss to be remote.

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

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Portfolios pursuant to a Securities Lending Agreement. The lending of 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 with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Portfolios in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio (“Navigator”), a money market mutual fund registered under the 1940 Act. The TAM family of mutual funds is a significant shareholder of the Navigator as of December 31, 2013. No individual portfolio has a significant holding in the Navigator.

By lending securities, a Portfolio seeks to increase its net investment income through the receipt of interest and fees.

Such income is reflected separately in the Statements of Operations. Income from loaned securities in the Statements of Operations is net of fees and rebates earned by the lending agent for its services. The value of loaned securities and related collateral outstanding at December 31, 2013 are shown on a gross basis in the Schedules of Investments and Statements of Assets and Liabilities.

Repurchase agreements: In a repurchase agreement, a Portfolio purchases a security and simultaneously commits to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Portfolios’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, 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.

The open repurchase agreements and related collateral at December 31, 2013 are shown on a gross basis in the Schedules of Investments.

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 based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction.

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.

Foreign taxes: The Portfolios may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Portfolios may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Portfolios accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Portfolios invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Transamerica Partners Portfolios Annual Report 2013

Page    116

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

Cash overdraft: Throughout the year, the Portfolios may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate. Payables, if any, are reflected as Due to Custodian in the Statements of Assets and Liabilities. Expenses from cash overdrafts are included in Other in the Statements of Operations.

Forward foreign currency contracts: The Portfolios are subject to foreign currency exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked to market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at December 31, 2013 are listed in the Schedules of Investments.

Option 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. Portfolios purchase or write put and call options on U.S. securities, indices, futures, swaps (“swaptions”), commodities, and currency transactions. 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. Options are marked-to-market daily to reflect the current value of the option. 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.

Purchased options: 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. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying investment. Writing put options tends to increase exposure to the underlying investment. When a Portfolio writes a covered call or put option, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised 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 U.S. security, index, future, swaption, commodity, or currency transaction to determine the realized gain or loss. In writing an option, a Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by a Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

Inflation-capped options: A Portfolio purchases or writes inflation-capped options to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect a Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to the investments in inflation-linked products.

Foreign currency options: The Portfolios may write or purchase foreign currency options. Purchasing foreign currency options gives the Portfolios the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date. These options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

The underlying face amounts of open option and swaption contracts at December 31, 2013 are listed in the Schedules of Investments.

Transactions in written options were as follows:

Inflation-Protected Securities	Premiums			Contracts
Balance at December 31, 2012	$	8,848			44
Sales		587,388			2,222
Closing Buys		(229,227	)		(389	)
Expirations		(255,292	)		(1,476	)
Exercised		(96,544	)		(194	)
Balance at December 31, 2013	$	15,173			207

Transamerica Partners Portfolios Annual Report 2013

Page    117

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

Core Bond	Premiums			Contracts
Balance at December 31, 2012	$	—			—
Sales		2,010,139			6,200
Closing Buys		(1,961,707	)		(5,537	)
Expirations		—			—
Exercised		—			—
Balance at December 31, 2013	$	48,432			663

Balanced	Premiums			Contracts
Balance at December 31, 2012	$	—			—
Sales		65,196			205
Closing Buys		(63,516	)		(182	)
Expirations		—			—
Exercised		—			—
Balance at December 31, 2013	$	1,680			23

Transactions in written swaptions, inflation cap and foreign exchange options were as follows:

Inflation-Protected Securities	Premiums			Notional Amount
Balance at December 31, 2012	$	399,123		$	38,505,000
Sales		740,404			104,110,000
Closing Buys		(665,649	)		(96,400,000	)
Expirations		(156,595	)		(16,400,000	)
Exercised		(27,194	)		(3,400,000	)
Balance at December 31, 2013	$	290,089		$	26,415,000

Inflation-Protected Securities	Premiums			Notional Amount
Balance at December 31, 2012	$	—		AUD	—
Sales		34,576			3,400,000
Closing Buys		—			—
Expirations		(34,576	)		(3,400,000	)
Exercised		—			—
Balance at December 31, 2013	$	—		AUD	—

Inflation-Protected Securities	Premiums			Notional Amount
Balance at December 31, 2012	$	224,437		EUR	4,270,000
Sales		171,842			16,965,000
Closing Buys		—			—
Expirations		(113,391	)		(12,645,000	)
Exercised		—			—
Balance at December 31, 2013	$	282,888		EUR	8,590,000

Core Bond	Premiums			Notional Amount
Balance at December 31, 2012	$	229,600		$	12,300,000
Sales		—			—
Closing Buys		(229,600	)		(12,300,000	)
Expirations		—			—
Exercised		—			—
Balance at December 31, 2013	$	—		$	—

Transamerica Partners Portfolios Annual Report 2013

Page    118

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

Core Bond	Premiums		Notional Amount
Balance at December 31, 2012	$	—	JPY	—
Sales		91,923		3,560,000,000
Closing Buys		—		—
Expirations		—		—
Exercised		—		—
Balance at December 31, 2013	$	91,923	JPY	3,560,000,000

Futures contracts: The Portfolios are subject to equity and commodity risk, interest rate risks, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, 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 in 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 contract, 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 equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Portfolios may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The open futures contracts at December 31, 2013 are listed in the Schedules of Investments.

Swap agreements: Swap agreements are bilaterally negotiated agreements between a Portfolio and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over-the-counter (“OTC”) market and may be executed in multilateral or other trade facility platforms, such as a registered exchange (“centrally cleared swaps”). Centrally cleared swaps listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swaps the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Portfolios enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, interest rate, and commodity risks. In connection with these agreements, securities or cash may be identified as collateral or margin 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, which may include a registered exchange, or quotations from market makers to the extent available and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Assets and Liabilities.

For OTC swap agreements, payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreements 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 in 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 in the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of realized gains or losses in the Statements of Operations.

Specific risks and accounting related to each type of swap agreement are identified and described in the following paragraphs:

Credit default swap agreements: The Portfolios are subject to credit risk in the normal course of pursuing their investment objectives. The Portfolios enter into credit default swaps to manage their exposure to the market or certain sectors of the market to reduce their risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying security in the event of a defined credit event, such as payment default or bankruptcy (buy protection).

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

Transamerica Partners Portfolios Annual Report 2013

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

Certain Portfolios sell credit default swaps, which exposes 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 is 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. Because a Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk, the Portfolios enter into interest rate swap agreements. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. Portfolios with interest rate 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.

The open centrally cleared swap agreements at December 31, 2013 are listed in the Schedules of Investments. The centrally cleared swap agreements are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Portfolio, if applicable, and is included in the Statements of Assets and Liabilities.

The open OTC swap agreements at December 31, 2013 are listed in the Schedule of Investments. The premiums paid (received), as applicable, are included in the Statements of Assets and Liabilities along with the unrealized appreciation (depreciation).

Loan participations and assignments: The Portfolios may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the time the loan is originated (“Participations”) or buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). Participations and 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 and 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 may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Portfolios that participate in such syndications, or that 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 the Portfolios have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Portfolios may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Portfolios held no unsecured loan participations at December 31, 2013.

Open loan participations and assignments at December 31, 2013 are included in the Schedules of Investments.

To be announced (“TBA”) commitments: TBA commitments are entered into to purchase or sell 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, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of the Portfolios’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities, according to the procedures described under Security Valuations.

Open balances, if any, are included in the payable or receivable for investments purchased or sold in the Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

Structured notes: Certain Portfolios invest in structured notes. A structured debt instrument is a hybrid debt security that has an embedded derivative. This type of instrument is used to manage cash flows from the debt security. Investing in structured notes involves the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Structured notes may be less liquid than other types of securities and more volatile than their underlying reference instruments. All structured notes are listed within the Schedules of Investments.

When-Issued, forward delivery securities and delayed delivery settlements: The Portfolios may purchase or sell securities on a when-issued, forward (delayed) delivery basis or delayed settlement. When-issued and forward delivery transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Portfolios engage in when-issued transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolios engage in when-issued and forward delivery transactions for the purpose of acquiring securities, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolios may be required to pay more at settlement than the security is worth. In addition, the Portfolios are not entitled to any of the interest earned prior to settlement.

Delayed delivery transactions involve a commitment by the Portfolios to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolios will segregate with its custodian either cash, U.S. Government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed delivery basis, the Portfolios assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Portfolios if the other party to the transaction defaults on its obligation to make payment or delivery, and the Portfolios are delayed or prevented from completing the transaction. The Portfolios may dispose of or renegotiate a delayed delivery transaction after it is entered into, which may result in a realized gain or loss. When the Portfolios sell a security on a delayed delivery basis, the Portfolios do not participate in future gains and losses on the security.

Treasury inflation-protected securities (“TIPS”): Certain Portfolios invest in TIPS. TIPS are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of a TIPS will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The adjustments to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations with a corresponding adjustment to cost.

Payment in-kind securities (“PIKs”): PIKs give the issuer the option of making interest payments in either cash or additional debt securities at each interest payment date. 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 unrealized appreciation or depreciation on investments to interest receivable on the Statements of Assets and Liabilities.

The PIKs at December 31, 2013 are listed in the Schedules of Investments.

Restricted and illiquid securities: The Portfolios may invest in unregulated restricted 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 under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at December 31, 2013 are listed in the Schedules of Investments.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, has elected to place security transactions of the Portfolios with broker/dealers with which other funds or portfolios advised by TAM has 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 1. (continued)

commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured for the year ended December 31, 2013, are included in net realized gain (loss) in the Statements of Operations and are summarized as follows:

Portfolio Name	Commissions
Large Growth	$	30,115
Mid Value		160,057
Mid Growth		18,530
Small Value		318
Small Core		44,658
Small Growth		3,896
International Equity		7,952

Portfolios not listed in the above table did not have any commissions recaptured during the year ended December 31, 2013.

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.

Real estate investment trusts (“REITs”): Dividend income related to a 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 the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

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 4:00 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 internal valuation committee’s (the “Valuation Committee”) 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 Portfolios’ Board of Trustees has delegated the valuation functions on a day-to-day basis to TAM, subject to board oversight. TAM has formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board of Trustees. These policies and procedures are reviewed at least annually by the Board of Trustees. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 2. (continued)

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.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Portfolios use fair value 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 value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines.

The availability of observable inputs may 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, the 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 Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

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.

For assets and liabilities for which significant unobservable inputs (Level 3), GAAP requires a reconciliation of the beginning to the ending balances for reported market values that presents changes attributed to the total realized and unrealized gains or losses, purchases and sales, and transfers in or 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.

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:

Investment companies: Investment companies are valued at the net asset value (“NAV”) of the underlying portfolios. These securities are actively traded and no valuation adjustments are applied. Exchange-Traded Funds are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. They are categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

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 the 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 intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange Traded Funds, and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 2. (continued)

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the net asset value of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are traded on inactive markets or valued by reference to similar instruments and are generally categorized in Level 2.

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in 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; otherwise they would be categorized in Level 3.

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, or Level 3 if inputs are unobservable.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage passthroughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage passthroughs include TBA securities and mortgage passthrough certificates. Generally, TBA securities and mortgage passthroughs 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; otherwise they would be categorized in Level 3.

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 the 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 observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. A substantial majority of OTC derivative products valued by the Portfolios using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

The hierarchy classification of inputs used to value the Portfolios’ investments, at December 31, 2013, is disclosed in the Valuation Summary of each Portfolio’s Schedule of Investments.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

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 Partners Funds Group (“TPFG”) is a an open-end management investment company. The percentage of each Portfolio that is owned by TPFG is as follows:

Transamerica Partners Funds Group	Investments in Portfolio
Money Market		48.09	%
High Quality Bond		20.86
Inflation-Protected Securities		35.29
Core Bond		23.67
High Yield Bond		14.14
Balanced		42.75
Large Value		27.58
Stock Index		7.09
Large Core		26.14
Large Growth		26.42
Mid Value		16.06
Mid Growth		38.50
Small Value		43.49
Small Core		26.67
Small Growth		48.46
International Equity		25.74

Transamerica Partners Funds Group II (“TPFG II”) is a an open-end management investment company. The percentage of each Portfolio that is owned by TPFG II is as follows:

Transamerica Partners Funds Group II	Investments in Portfolio
Money Market		32.09	%
High Quality Bond		16.09
Inflation-Protected Securities		31.64
Core Bond		29.98
High Yield Bond		36.99
Balanced		4.67
Large Value		13.01
Stock Index		19.14
Large Core		2.42
Large Growth		13.86
Mid Value		48.21
Mid Growth		22.58
Small Value		14.57
Small Core		9.20
Small Growth		18.75
International Equity		13.23

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 3. (continued)

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		3.31	%
High Quality Bond		14.50
Inflation-Protected Securities		12.44
Core Bond		12.15
High Yield Bond		5.79
Balanced		48.25
Large Value		38.40
Large Core		55.23
Large Growth		40.39
Mid Value		5.64
Mid Growth		0.86
Small Value		0.95
Small Core		51.65
Small Growth		1.02
International Equity		23.71

Diversified Investment Advisors Collective Investment Trust (“CIT”) is managed by Massachusetts Fidelity Trust Company, which is a wholly-owned subsidiary of Aegon USA. The percentage of each Portfolio that is owned by CIT sub-accounts is as follows:

CIT Sub-accounts	Investments in Portfolio
Money Market		16.47	%
High Quality Bond		39.48
Inflation-Protected Securities		15.34
Core Bond		28.94
High Yield Bond		24.98
Balanced		3.96
Large Value		16.03
Large Core		12.93
Large Growth		16.48
Mid Value		6.72
Mid Growth		23.46
Small Value		33.12
Small Core		10.68
Small Growth		24.08
International Equity		32.44

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 3. (continued)

TAM 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		0.03	%
High Quality Bond		9.06
Inflation-Protected Securities		5.28
Core Bond		5.26
High Yield Bond		18.09
Balanced		—
Large Value		4.82
Large Core		3.28
Large Growth		2.77
Mid Value		23.37
Mid Growth		14.60
Small Value		7.88
Small Core		1.80
Small Growth		7.68
International Equity		4.89

TFS is the Portfolios’ administrator and receives no separate compensation for providing transfer agency services. TAM and TFS are affiliates of Aegon NV.

Certain officers and trustees of the Series Portfolio and of the entities that invest in the Series Portfolio are also officers and/or trustees of TAM or its affiliates. No interested trustee receives compensation from the Series Portfolio or from the entities that invest in the Series Portfolio.

Investment advisory fees: TAM manages the assets of each Portfolio of the Series Portfolio pursuant to the Investment Advisory Agreement with the Series Portfolio. For its services, TAM receives fees from each Portfolio, accrued daily and payable monthly, at an annual rate equal to the percentages specified in the table below corresponding to the Portfolios’ average daily net assets (“ANA”).

For each Portfolio, TAM has entered into Investment Sub-Advisory Agreements with the Portfolios’ sub-advisers. It is the responsibility of each sub-adviser to make the day-to-day investment decisions of the Portfolios, and to place the purchase and sales orders for securities transactions of the Portfolios, subject in all cases to the general supervision of TAM.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 3. (continued)

Payment of fees to the sub-advisers is the responsibility of TAM, and is not an additional expense of a Portfolio.

Portfolio Name	Advisory Fee
Money Market		0.250	%
High Quality Bond		0.350
Inflation-Protected Securities		0.350
Core Bond		0.350
High Yield Bond		0.550
Balanced		0.450
Large Value		0.450
Large Core		0.600
Large Growth		0.620
Mid Value		0.670
Mid Growth		0.720
Small Value		0.820
Small Core (Effective June 28, 2013)
First $300 million		0.800
Over $300 million		0.770
Small Core (Prior to June 28, 2013)		0.800
Small Growth
First $300 million		0.840
Over $300 million		0.800
International Equity (Effective December 15, 2013)
First $500 million		0.740
Over $500 million to $1 billion		0.720
Over $1 billion to $2 billion		0.690
Over $2 billion		0.660
International Equity (Prior to December 15, 2013)		0.750

TAM has voluntarily elected to waive fees to the extent that the total operating expenses of a Portfolio exceed the following expense caps (as a percentage of ANA):

Portfolio Name	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

The expenses reimbursed are included in the Statements of Operations. 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. Expenses reimbursed that are unsettled at year end are included in Due from advisor in the Statements of Assets and Liabilities.

Transamerica Partners Portfolios Annual Report 2013

Page    128

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 3. (continued)

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated (the “Deferred Compensation Plan”), available to the Trustees, compensation payable from the Portfolios may be deferred that would otherwise be payable by the Separate Account 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), as elected by the Trustee.

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the adviser or sub-advisers for the year ended December 31, 2013.

NOTE 4. PURCHASES AND SALES OF SECURITIES

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the year ended December 31, 2013 were as follows:

	Purchases of securities				Proceeds from maturities and sales of securities
Portfolio Name	Long-term		U.S. Government		Long-term		U.S. Government
Money Market	$	—	$	—	$	—	$	—
High Quality Bond		130,156,992		201,111,402		117,567,058		198,345,781
Inflation-Protected Securities		28,545,873		270,929,672		19,051,184		288,318,310
Core Bond		754,326,935		1,875,232,289		819,308,650		1,899,710,033
High Yield Bond		436,821,072		—		407,292,028		—
Balanced		75,384,689		58,614,540		80,319,335		60,332,844
Large Value		844,425,449		—		964,545,834		—
Large Core		316,581,000		—		335,146,265		—
Large Growth		426,454,218		—		550,421,160		—
Mid Value		452,737,541		—		478,949,608		—
Mid Growth		387,427,630		—		448,343,966		—
Small Value		11,663,624		—		19,749,690		—
Small Core		602,541,353		—		654,037,450		—
Small Growth		47,063,707		—		53,916,630		—
International Equity		682,227,090		—		768,960,004		—

NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS

Inflation-Protected Securities:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the year:

	Beginning number of positions at December 31, 2012		Ending number of positions at December 31, 2013		Average number of positions (A)
Futures contracts		7		10		8
Purchased options and swaptions		9		10		8
Written options and swaptions		10		10		14
Swap agreements		12		7		7
Forward foreign currency contracts		12		22		14

^(A) Calculated based on positions held at each month end during the current year.

Transamerica Partners Portfolios Annual Report 2013

Page    129

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

The tables below highlight the types of risk associated with the derivative instruments:

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Asset derivatives
Purchased options and swaptions, at value (B) (C)	$	1,264,355		$	5,292		$	1,269,647
Premium paid on swap agreements (C) (D)		6,971			—			6,971
Unrealized appreciation on futures contracts (C) (E)		343,201			—			343,201
Unrealized appreciation on swap agreements (C) (F)		111,198			—			111,198
Unrealized appreciation on forward foreign currency contracts		—			300,708			300,708
Total gross amount of assets (G)	$	1,725,725		$	306,000		$	2,031,725
Liability derivatives
Written options and swaptions, at value (C)	$	(457,631	)	$	(37,546	)	$	(495,177	)
Unrealized depreciation on futures contracts (C) (E)		(428,615	)		—			(428,615	)
Unrealized depreciation on swap agreements (C) (F)		(259,537	)		—			(259,537	)
Unrealized depreciation on forward foreign currency contracts		—			(679,351	)		(679,351	)
Total gross amount of liabilities (G)	$	(1,145,783	)	$	(716,897	)	$	(1,862,680	)

^(B) Included within Investment securities, at value.

^(C) May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(D) Includes premium paid on OTC swap agreements as reported on the Statements of Assets and Liabilities, as well as the premium paid on centrally cleared swap agreements included in the variation margin receivable/payable on derivative financial instruments.

^(E) Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(F)  Includes unrealized appreciation (depreciation) on OTC swap agreements as reported on the Statements of Assets and Liabilities, as well as the unrealized appreciation (depreciation) on centrally cleared swap agreements included in the variation margin receivable/payable on derivative financial instruments.

^(G) The Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

The following tables present the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2013:

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Financial Assets and Derivative Assets, and Collateral Received as of December 31, 2013:

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (G)		Value Eligible for Offset			Collateral Received (H)		Net Amount (not less than $0)
BNP Paribas SA	$	15,112	$	—		$	—	$	15,112
Barclays Bank PLC		11,468		(11,468	)		—		—
Citibank, N.A.		6,541		—			—		6,541
Credit Suisse International		131,012		(91,980	)		—		39,032
Deutsche Bank AG		1,289,157		(660,723	)		—		628,434
UBS AG		22,309		(2,631	)		—		19,678
Other Derivatives (I)		556,126		—			—		556,126
Total	$	2,031,725	$	(766,802	)	$	—	$	1,264,923

Transamerica Partners Portfolios Annual Report 2013

Page    130

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of December 31, 2013:

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (G)		Value Eligible for Offset			Collateral Pledged (H)		Net Amount (not less than $0)
Barclays Bank PLC	$	551,509	$	(11,468	)	$	—	$	540,041
Credit Suisse International		91,980		(91,980	)		—		—
Deutsche Bank AG		660,723		(660,723	)		—		—
UBS AG		2,631		(2,631	)		—		—
Other Derivatives (I)		555,837		—			—		555,837
Total	$	1,862,680	$	(766,802	)	$	—	$	1,095,878

^(G) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

^(H) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(I) Other Derivatives are not subject to a master netting arrangement or another similar arrangement.

Effect of Derivative Instruments in the Statements of Operations for the year ended December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Net realized gain (loss) on derivatives recognized in income
Net realized gain (loss) on purchased options and swaptions (J)	$	457,809		$	(164,407	)	$	293,402
Net realized gain (loss) on futures contracts		1,511,362			—			1,511,362
Net realized gain (loss) on written options and swaptions		(109,914	)		267,866			157,952
Net realized gain (loss) on swap agreements		589,578			—			589,578
Net realized gain (loss) on forward foreign currency contracts (K)		—			349,783			349,783
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (L)		270,536			23,327			293,863
Net change in unrealized appreciation (depreciation) on futures contracts		(323,022	)		—			(323,022	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		(5,442	)		53,713			48,271
Net change in unrealized appreciation (depreciation) on swap agreements		(496,288	)		—			(496,288	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (M)		—			(307,000	)		(307,000	)
Total	$	1,894,619		$	223,282		$	2,117,901

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

^(K) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(L) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(M) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

Transamerica Partners Portfolios Annual Report 2013

Page    131

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

Core Bond:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the year:

	Beginning number of positions at December 31, 2012		Ending number of positions at December 31, 2013		Average number of positions (A)
Futures contracts		11		7		8
Purchased options and swaptions		3		5		3
Written options and swaptions		1		4		2
Swap agreements		10		16		18
Forward foreign currency contracts		4		3		5

^(A) Calculated based on positions held at each month end during the current year.

The tables below highlight the types of risk associated with the derivative instruments:

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of December 31, 2013:

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 (B) (C)	$	777,166		$	—		$	—		$	777,166
Premium paid on swap agreements (C) (D)		226			—			622,773			622,999
Unrealized appreciation on futures contracts (C) (E)		1,342,264			—			—			1,342,264
Unrealized appreciation on swap agreements (C) (F)		246,162			—			412,674			658,836
Unrealized appreciation on forward foreign currency contracts		—			2,402			—			2,402
Total gross amount of assets (G)	$	2,365,818		$	2,402		$	1,035,447		$	3,403,667
Liability derivatives
Written options and swaptions, at value (C)	$	(154,745	)	$	—		$	—		$	(154,745	)
Premium received on swap agreements (C) (H)		—			—			(1,427,754	)		(1,427,754	)
Unrealized depreciation on futures contracts (C) (E)		(1,638,980	)		—			—			(1,638,980	)
Unrealized depreciation on swap agreements (C) (F)		(268,318	)		—			(315,954	)		(584,272	)
Unrealized depreciation on forward foreign currency contracts		—			(383,440	)		—			(383,440	)
Total gross amount of liabilities (G)	$	(2,062,043	)	$	(383,440	)	$	(1,743,708	)	$	(4,189,191	)

^(B) Included within Investment securities, at value.

^(C) May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(D) Includes premium paid on OTC swap agreements as reported on the Statements of Assets and Liabilities, as well as the premium paid on centrally cleared swap agreements included in the variation margin receivable/payable on derivative financial instruments.

^(E) Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(F)  Includes unrealized appreciation (depreciation) on OTC swap agreements as reported on the Statements of Assets and Liabilities, as well as the unrealized appreciation (depreciation) on centrally cleared swap agreements included in the variation margin receivable/payable on derivative financial instruments.

^(G) The Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

^(H) Includes premium received on OTC swap agreements as reported on the Statements of Assets and Liabilities, as well as premiums received on centrally cleared swap agreements included in the variation margin receivable/payable on derivative financial instruments.

Transamerica Partners Portfolios Annual Report 2013

Page    132

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

The following tables present the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2013:

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Financial Assets and Derivative Assets, and Collateral Received as of December 31, 2013:

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (H)		Value Eligible for Offset			Collateral Received (I)			Net Amount (not less than $0)
BNP Paribas SA	$	2,402	$	—		$	—		$	2,402
Bank of America, N.A.		192,696		(19,826	)		—			172,870
Barclays Bank PLC		719,773		(444,199	)		—			275,574
Citibank, N.A.		67,417		—			(67,417	)		—
Deutsche Bank AG		399,542		(399,542	)		—			—
Morgan Stanley Capital Services, Inc.		53,077		(17,124	)		—			35,953
Other Derivatives (J)		1,968,760		—			—			1,968,760
Total	$	3,403,667	$	(880,691	)	$	(67,417	)	$	2,455,559

Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of December 31, 2013:

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (H)		Value Eligible for Offset			Collateral Pledged (I)			Net Amount (not less than $0)
Bank of America, N.A.	$	19,826	$	(19,826	)	$	—		$	—
Barclays Bank PLC		444,199		(444,199	)		—			—
Deutsche Bank AG		722,532		(399,542	)		(322,990	)		—
Morgan Stanley Capital Services, Inc.		17,124		(17,124	)		—			—
Other Derivatives (J)		2,985,510		—			—			2,985,510
Total	$	4,189,191	$	(880,691	)	$	(322,990	)	$	2,985,510

^(H) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

^(I) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(J) Other Derivatives are not subject to a master netting arrangement or another similar arrangement.

Transamerica Partners Portfolios Annual Report 2013

Page    133

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

Effect of Derivative Instruments in the Statements of Operations for the year ended December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts			Total
Net realized gain (loss) on derivatives recognized in income
Net realized gain (loss) on purchased options and swaptions (K)	$	1,266,475		$	—		$	—		$	1,266,475
Net realized gain (loss) on futures contracts		(5,754,334	)		—			—			(5,754,334	)
Net realized gain (loss) on written options and swaptions		(741,605	)		—			—			(741,605	)
Net realized gain (loss) on swap agreements		13,599,591			—			1,971,627			15,571,218
Net realized gain (loss) on forward foreign currency contracts (L)		—			(579,327	)		—			(579,327	)
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (M)		163,113			—			—			163,113
Net change in unrealized appreciation (depreciation) on futures contracts		(1,362,923	)		—			—			(1,362,923	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		(47,537	)		—			—			(47,537	)
Net change in unrealized appreciation (depreciation) on swap agreements		786,360			—			(1,825,798	)		(1,039,438	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (N)		—			(284,369	)		—			(284,369	)
Total	$	7,909,140		$	(863,696	)	$	145,829		$	7,191,273

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

^(L) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(M) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(N) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

For non-exchange traded derivatives, 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 objective. The following table details the volume of derivative positions held during the year:

	Beginning number of positions at December 31, 2012		Ending number of positions at December 31, 2013		Average number of positions (A)
Futures contracts		11		7		8
Purchased options and swaptions		1		1		2
Written options and swaptions		—		1		2	(B)
Forward foreign currency contracts		4		2		3

^(A) Calculated based on positions held at each month end during the current year.

^(B) Although there were no open positions at the beginning and/or the end of the year the Portfolio periodically invested in this derivative during the year.

Transamerica Partners Portfolios Annual Report 2013

Page    134

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

The tables below highlight the types of risk associated with the derivative instruments:

Fair Value of Derivative Instruments in the Statements of Assets and Liabilities as of December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts		Total
Asset derivatives
Purchased options and swaptions, at value (C) (D)	$	15,525		$	—		$	—	$	15,525
Unrealized appreciation on futures contracts (D) (E)		52,852			—			12,068		64,920
Unrealized appreciation on forward foreign currency contracts		—			82			—		82
Total gross amount of assets (F)	$	68,377		$	82		$	12,068	$	80,527
Liability derivatives
Written options and swaptions, at value (D)	$	(3,738	)	$	—		$	—	$	(3,738	)
Unrealized depreciation on futures contracts (D) (E)		(51,969	)		—			—		(51,969	)
Unrealized depreciation on forward foreign currency contracts		—			(8,378	)		—		(8,378	)
Total gross amount of liabilities (F)	$	(55,707	)	$	(8,378	)	$	—	$	(64,085	)

^(C) Included within Investment securities, at value.

^(D) May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(E) Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(F) The Portfolio does not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities.

The following tables present the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Portfolio as of December 31, 2013:

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Financial Assets and Derivative Assets, and Collateral Received as of December 31, 2013:

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (G)		Value Eligible for Offset		Collateral Received (H)		Net Amount (not less than $0)
BNP Paribas SA	$	82	$	—	$	—	$	82
Other Derivatives (I)		80,445		—		—		80,445
Total	$	80,527	$	—	$	—	$	80,527

Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of December 31, 2013:

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (G)		Value Eligible for Offset		Collateral Pledged (H)		Net Amount (not less than $0)
Barclays Bank PLC	$	8,378	$	—	$	—	$	8,378
Other Derivatives (I)		55,707		—		—		55,707
Total	$	64,085	$	—	$	—	$	64,085

^(G) Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

^(H) In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(I) Other Derivatives are not subject to a master netting arrangement or another similar arrangement.

Transamerica Partners Portfolios Annual Report 2013

Page    135

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

Effect of Derivative Instruments in the Statement of Operations for the year ended December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Equity contracts		Total
Net realized gain (loss) on derivatives recognized in income
Net realized gain (loss) on purchased options and swaptions (J)	$	44,425		$	—		$	—	$	44,425
Net realized gain (loss) on futures contracts		(53,852	)		—			186,623		132,771
Net realized gain (loss) on written options and swaptions		(16,285	)		—			—		(16,285	)
Net realized gain (loss) on forward foreign currency contracts (K)		—			(16,125	)		—		(16,125	)
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (L)		7,675			—			—		7,675
Net change in unrealized appreciation (depreciation) on futures contracts		4,824			—			9,704		14,528
Net change in unrealized appreciation (depreciation) on written options and swaptions		(2,057	)		—			—		(2,057	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (M)		—			(1,796	)		—		(1,796	)
Total	$	(15,270	)	$	(17,921	)	$	196,327	$	163,136

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

^(K) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(L) Included within Net change in unrealized appreciation (depreciation) on Investment securities.

^(M) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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

Small Core:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the year:

	Beginning number of positions at December 31, 2012		Ending number of positions at December 31, 2013		Average number of positions (A)
Futures contracts		1		—		1	(B)

^(A) Calculated based on positions held at each month end during the current year.

^(B) Although there were no open positions at the beginning and/or the end of the year the Portfolio periodically invested in this derivative during the year.

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 5. (continued)

The table below highlights the types of risk associated with the derivative instruments:

Effect of Derivative Instruments in the Statements of Operations for the year ended December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Equity contracts			Total
Net realized gain (loss) on derivatives recognized in income
Net realized gain (loss) on futures contracts	$	196,697		$	196,697
Net change in unrealized appreciation (depreciation) on derivatives recognized in income				��
Net change in unrealized appreciation (depreciation) on futures contracts		(31,262	)		(31,262	)
Total	$	165,435		$	165,435

International Equity:

The Portfolio is subject to various risks in the normal course of pursuing its investment objective. The following table details the volume of derivative positions held during the year:

	Beginning number of positions at December 31, 2012		Ending number of positions at December 31, 2013		Average number of positions (A)
Forward foreign currency contracts		1		—		7	(B)

^(A) Calculated based on positions held at each month end during the current year.

^(B) Although there were no open positions at the beginning and/or the end of the year the Portfolio periodically invested in this derivative during the year.

The table below highlights the types of risk associated with the derivative instruments:

Effect of Derivative Instruments in the Statements of Operations for the year ended December 31, 2013:

Derivatives not accounted for as hedging instruments

Location	Foreign exchange contracts		Total
Net realized gain (loss) on derivatives recognized in income
Net realized gain (loss) on forward foreign currency contracts (C)	$	1,750,709	$	1,750,709
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (D)		367,901		367,901
Total	$	2,118,610	$	2,118,610

^(C) Included within Net realized gain (loss) on transactions from Foreign currency transactions.

^(D) Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies.

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. The Portfolios’ federal tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Portfolios’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. If applicable, the Portfolios recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Portfolios identify their major tax jurisdictions as U.S. Federal, the State of Florida, the state of New York, and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total

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NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2013

NOTE 6. (continued)

amounts of unrecognized tax benefits will change materially in the next twelve months. For tax purposes, each component of the Portfolios’ net assets are reported at the investor level; therefore, the Statements of Assets and Liabilities do not present the components of net assets. Each investor in the Portfolio will be subject to taxation on its share of the Portfolio’s ordinary income and capital gains; which may differ from GAAP. These differences are primarily due to 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, post-October loss deferrals, paydown gain/loss, foreign capital gains tax, and return of capital distributions from underlying investments.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In June 2013, the Financial Accounting Standards Board issued an update which sets forth a new approach for determining whether a public or private company qualifies as an Investment Company and requires certain additional disclosures. The adoption of this disclosure requirement is effective for financial statements interim and annual reporting periods beginning on or after December 15, 2013. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolio’s financial statements.

NOTE 8. SUBSEQUENT EVENTS

Effective on or about May 1, 2014, TAM will terminate its investment sub-advisory agreements with BlackRock Financial Management, Inc. with respect to Transamerica Partners Balanced Portfolio and Transamerica Partners Core Bond Portfolio and will enter into new sub advisory agreements with AUIM, subject to shareholder approval. Upon the effective date of this change, TAM’s advisory fee is subject to change. AUIM is an affiliated sub-adviser.

Effective on or about May 1, 2014, TAM will terminate its investment sub-advisory agreement with Eaton Vance Management with respect to Transamerica Partners High Yield Bond Portfolio and will enter into a new sub advisory agreement with AUIM, subject to shareholder approval. Upon the effective date of this change, TAM’s advisory fee is subject to change. AUIM is an affiliated sub-adviser.

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 Portfolios’ financial statements.

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Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Partners Portfolios (comprising, respectively, Money Market Portfolio, High Quality Bond Portfolio, Inflation-Protected Securities Portfolio, Core Bond Portfolio, High Yield Bond Portfolio, Balanced Portfolio, Large Value Portfolio, Large Core Portfolio, Large Growth Portfolio, Mid Value Portfolio, Mid Growth Portfolio, Small Value Portfolio, Small Core Portfolio, Small Growth Portfolio and International Equity Portfolio) (collectively, the “Portfolios”) as of December 31, 2013, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended. These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the period ended prior to January 1, 2010 were audited by another independent registered public accounting firm whose report, dated March 1, 2010, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Portfolios’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2013, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned portfolios comprising Transamerica Partners Portfolios at December 31, 2013, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

February 28, 2014

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Board Members and Officers

The Board Members and executive officers of each Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of each Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of each Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment adviser and its respective sub-adviser.

The funds are among the funds advised and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds, Transamerica Series Trust (“TST”), Transamerica Income Shares, Inc. (“TIS”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 172 funds as of the date of this Annual Report.

The mailing address of each Board Member is c/o Secretary, 570 Carillon Parkway, St. Petersburg, Florida 33716.

The Board Members of each Trust and each Portfolio Trust, their year of birth, their positions with the Trusts, and their principal occupations for the past five years (their titles may have varied during that period) the number of funds in Transamerica Mutual Funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of either of the Trusts or Transamerica Partners Portfolios.

Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS
Thomas A. Swank (1960)	Chairman, Board Member, President and Chief Executive Officer	Since 2012	President and Chief Executive Officer, Transamerica Individual Savings & Retirement (2010 – present); President and Chief Executive Officer, Transamerica Capital Management (2009 – present); Chairman (2013 – present), Board Member (2012 – present), President and Chief Executive Officer, Transamerica Funds, TST, TIS (2012 – present); Chairman (2013 – present), Board Member (2013 – present), President and Chief Executive Officer, TPP, TPFG, TPFG II and TAAVF (2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Asset Management, Inc. (“TAM”) (2012 – present); Director, Chairman of the Board, Chief Executive Officer and President, Transamerica Fund Services, Inc. (“TFS”) (2012 – present);	172	N/A

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS—continued
Thomas A. Swank (continued)			Director and Trust Officer, Massachusetts Fidelity Trust Company (2012 – present); Division President, Monumental Life Insurance Company (2011 – present); Division President, Western Reserve Life Assurance Co. of Ohio (2011 – present); Vice President, Money Services, Inc. (2011 – present); Director and President, Aegon Financial Services Group, Inc. (2010 – present); Director, AFSG Securities Corporation (2010 – present); Director and President, Transamerica Advisors Life Insurance Company (2010 – present); Director, Chairman of the Board and President, Transamerica Advisors Life Insurance Company of New York (2010 – present); Director and President, Transamerica Resources, Inc. (2010 – present); Executive Vice President, Transamerica Life Insurance Company (2010 – present); Executive Vice President, Transamerica Financial Life Insurance Company (2009 – present); Director, Transamerica Capital, Inc. (2009 – present); and President and Chief Operating Officer (2007 – 2009), Senior Vice President, Chief Marketing Officer (2006 – 2007), Senior Vice President, Chief Financial Officer (2003 – 2006), Senior Vice President, Chief Risk Officer (2000 – 2003), Senior Vice President, Chief Investment Officer (1997 – 2000), and High Yield Portfolio Manager (1992 – 1997), Security Benefit Corporation.

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INTERESTED BOARD MEMBERS—continued
Alan F. Warrick (1948)	Board Member	Since 2012	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	172	First Allied Holdings Inc. (2013 – 2014)
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (1952)	Board Member	Since 2008	Retired (1999 – present); Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	172	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (1956)	Lead Independent Board Member	Since 2007	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, Transamerica Funds and TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).	172	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	172	N/A
Russell A. Kimball, Jr (1944)	Board Member	2007	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, Transamerica Funds, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	172	N/A
Eugene M. Mannella (1954)	Board Member	Since 1993	Chief Executive Officer, HedgeServ Corporation (hedge fund administration) (2008 – present); Self-employed consultant (2006 – present); Managing Member and Chief Compliance Officer, HedgeServ Investment Services, LLC (limited purpose broker-dealer) (2011 – present); President, ARAPAHO Partners LLC (limited purpose broker-dealer) (1998 – 2008); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).	172	N/A

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2007	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Interim President, Mt. Mercy University (2013 – present); Director, Aspire Inc. (formerly, Iowa Student Loan Service Corporation) (2006 – present); Director, League for Innovation in the Community Colleges (1985 – 2005); Director, Iowa Health Systems (1994 – 2003); Director, U.S. Bank (1985 – 2006); and President, Kirkwood Community College (1985 – 2005).	172	Buena Vista University Board of Trustees (2004 – present); Chairman (2012 – present)
Joyce G. Norden (1939)	Board Member	Since 2002	Retired (2004 – present); Board Member, TPFG, TPFG II and TAAVF (1993 – present); Board Member, TPP (2002 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and Vice President, Institutional Advancement, Reconstructionist Rabbinical College (1996 – 2004).	172	Board of Governors, Reconstructionist Rabbinical College (2007 – 2012)
Patricia L. Sawyer (1950)	Board Member	Since 1993	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University;	172	Honorary Trustee, Bryant University (1996 – present)

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Name and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships During the Past Five Years
INDEPENDENT BOARD MEMBERS—continued
Patricia L. Sawyer (continued)			Vice President, American Express (1987 – 1989); Vice President, The Equitable (1986 – 1987); and Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).
John W. Waechter (1952)	Board Member	Since 2007	Attorney, Englander Fischer (2008 – present); Retired (2004 – 2008); Board Member, TST and TIS (2004 – present); Board Member, Transamerica Funds (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	172	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – 2013); Remember Honor Support, Inc. (non-profit organization) (2013 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

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OFFICERS

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

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five  Years
Thomas A. Swank (1960)	Chairman, Board Member, President and Chief Executive Officer	Since 2012	See Table Above.
Timothy S. Galbraith (1964)	Vice President and Chief Investment Officer, Alternative Investments	Since 2012	Vice President and Chief Investment Officer, Alternative Investments, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Senior Vice President and Chief Investment Officer, Alternative Investments (2012 – present), TAM; Head of Alternative Investment Strategies, Morningstar Associates, LLC (2009 – 2012); and Managing Director, Bear Stearns Asset Management (2001 – 2009).
Dennis P. Gallagher (1970)	Vice President, General Counsel and Secretary	Since 2007	Vice President, General Counsel and Secretary, Transamerica Funds, TST and TIS (2006 – present); Vice President, General Counsel and Secretary, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President, General Counsel and Secretary, TII, (2006 – 2010); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – present); Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – present); Assistant Vice President, TCI (2007 – present); Director, Deutsche Asset Management (1998 – 2006); and Corporate Associate, Ropes & Gray LLP (1995 – 1998).
Todd R. Porter (1961)	Vice President and Chief Investment Officer, Asset Allocation	Since 2012	Vice President and Chief Investment Officer, Asset Allocation, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2012 – present); Senior Vice President and Chief Investment Officer, Asset Allocation (2012 – present), TAM; Chief Investment Officer, Fund Architects, LLC (2007 – 2012); and Chief Investment Strategist, Morningstar Associates, LLC (1999 – 2006).
Christopher A. Staples (1970)	Vice President and Chief Investment Officer, Advisory Services	Since 2007	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds, TST and TIS;

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Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five  Years
Christopher A. Staples (continued)			Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Erin E. King (1976)	Vice President, Chief Compliance Officer and Anti-Money Laundering Officer	Since 2013	Vice President, Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2013 – present); Vice President, Chief Compliance Officer and Chief Risk Officer, TAM (2013 – present); Vice President, TFS (2013 – present); Managing Director and Chief Compliance Officer, Guggenheim Partners Investment Management, LLC (2007 – 2013); Regulatory Affairs Compliance Officer, Western Asset Management Company (2004 – 2007); Compliance Officer, Citigroup Asset Management (2002 – 2004); and Compliance Examiner, National Association of Securities Dealers (now, FINRA) (1999 – 2002).
Elizabeth Strouse (1974)	Vice President, Treasurer and Principal Financial Officer	Since 2010	Vice President, Treasurer and Principal Financial Officer (2011 – present), Assistant Treasurer (2010 – 2011), Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President and Chief Accounting Officer, TAM and TFS (2009 – present); Director, Fund Administration, TIAA-CREF (2007 – 2009); and Manager (2006 – 2007) and Senior (2003 – 2006) Accounting and Assurance, PricewaterhouseCoopers, LLC.
Sarah L. Bertrand (1967)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); Assistant Vice President and Director, Legal Administration, TAM and TFS (2007 – present); Assistant Secretary and Chief Compliance Officer, 40|86 Series Trust and 40|86 Strategic Income Fund (2000 – 2007); and Second Vice President and Assistant Secretary, Legal and Compliance, 40|86 Capital Management, Inc. (1994 – 2007).

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Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five  Years
Timothy J. Bresnahan (1968)	Assistant Secretary	Since 2009	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); Assistant Secretary, TII (2009 – 2010); and Vice President and Senior Counsel, TAM (2008 – present).
Richard J. Wirth (1958)	Assistant Secretary	Since 2013	Assistant Secretary, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2013 – present); Director, Senior Vice President, Division General Counsel and Secretary, Transamerica Advisors Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Transamerica Advisors Life Insurance Company of New York (2012 – present); Vice President and Division General Counsel, Transamerica Financial Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Transamerica Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Monumental Life Insurance Company (2012 – present); Senior Vice President and Division General Counsel, Western Reserve Life Assurance Co. of Ohio (2012 – present); Secretary, Aegon Financial Services Group, Inc. (2012 – present); and Assistant General Counsel, The Hartford (2004 – 2012).
Matthew H. Huckman, Sr. (1968)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007 – 2012).
Maria P. Sell (1978)	Assistant Treasurer	Since 2013	Assistant Treasurer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2013 – present); Director, Fund Administration, TAM (2012 – present); Vice President, Fund Administration, J.P. Morgan (2010 – 2012); and Assurance Manager, PricewaterhouseCoopers LLP (2006 – 2010).

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

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

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TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

c/o Transamerica Retirement Solutions

440 Mamaroneck Avenue

Harrison, NY 10528

Item 2: Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

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

Item 4: Principal Accountant Fees and Services.

	(in thousands)	Fiscal Year Ended 12/31
		2013			2012
(a)	Audit Fees		14			13
(b)	Audit-related Fees (1)		—			—
(c)	Tax Fees (2)		—			—
(d)	All Other Fees (3)		—			—
(e) (1)	Pre-approval policy (4)		—			—
(e) (2)	% of above that were pre-approved		0	%		0	%
(f)	If greater than 50%, disclose hours		N/A			N/A
(g)	Non-audit fees rendered to Adviser (or affiliate that provided services to the Registrant)		N/A			N/A
(h)	Disclose whether the Audit Committee has considered whether the provisions of non-audit services rendered to the Adviser that were NOT pre-approved is compatible with maintaining the auditor’s independence.		Yes			Yes

⁽¹⁾  Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

⁽²⁾  Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the preparation and review of the Registrant’s tax returns.

⁽³⁾  All Other Fees represent permissible non-audit services for the Registrant that it believes are routine and recurring services, and would not impair the independence of the accountant.

⁽⁴⁾  Audit Committee Preapproval Policy (“Procedures”). Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

Item 5: Audit Committee of Listed Registrants.

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

Item 6: Schedule of Investments.

(a) The schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

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 the 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)	The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.
	(2)	Separate certifications for the 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 the Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

SIGNATURES

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

Transamerica Asset Allocation Variable Funds (Registrant)
By:	/s/ Thomas A. Swank
	Thomas A. Swank Chief Executive Officer Date: February 28, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas A. Swank
	Thomas A. Swank Chief Executive Officer (Principal Executive Officer) Date: February 28, 2014

By:	/s/ Elizabeth Strouse
	Elizabeth Strouse Principal Financial Officer Date: February 28, 2014

EXHIBIT INDEX

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