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

As filed with the Securities and Exchange Commission on September 3, 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

570 Carillon Parkway, St. Petersburg, Florida 33716

(Address of Principal Executive Offices) (Zip Code)

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

Tané T. Tyler, Esq., 4600 S. Syracuse St., Suite 1100, Denver, Colorado 80237

(Name and Address of Agent for Service)

Date of fiscal year end: December 31

Date of reporting period: January 1, 2014 – June 30, 2014

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

TRANSAMERICA PARTNERS VARIABLE FUNDS

TRANSAMERICA ASSET

ALLOCATION VARIABLE FUNDS

Semi-Annual Report

June 30, 2014

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

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

Proxy Voting Policies and Procedures

A description of the proxy voting policies and procedures of the Transamerica Asset Allocation Variable Funds and Transamerica Partners Portfolios is included in the Statement of Additional Information (“SAI”), which is available without charge, upon request: (i) by calling 1-888-233-4339; (ii) on the Subaccounts’ website at www.transamericapartners.com or (iii) on the SEC’s website at www.sec.gov. In addition, the Transamerica Asset Allocation Variable Funds and the Transamerica Partners Portfolios are required to file Form N-PX, with the complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2014, will be available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

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

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue

Harrison, New York 10528

June 30, 2014

To Contract Holders with Interests in

            the Transamerica Partners Variable Funds:

We are pleased to present the most recent semi-annual reports for the Transamerica Partners Portfolios and for the Calvert VP SRI Balanced Portfolio. As required under applicable law, we are sending these semi-annual reports to contract holders of Group Variable Annuity Contracts issued by Transamerica Financial Life Insurance Company with unit interests in one or more of the 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 Contract Holder,

We would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial adviser in the future. We value the trust you have placed in us.

This semi-annual report is provided to you to show the investments of each of your funds. The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all Contract Holders, and we believe it to be an important part of the investment process. This report also provides a discussion of accounting policies as well as matters presented to Contract Holders that may have required their vote.

In order to provide a context for reading this report, we believe it is important to understand market conditions over the previous six months. As 2014 began, bond markets were anticipating the Federal Reserve’s first reduction in bond purchases due in January. At the same time, China’s Central Bank was tightening monetary conditions. The two combined to pressure equities around the globe. Ironically, this boosted U.S. Treasuries throughout January as investors sought a safe haven. In February, U.S. equities bounced back and managed to recapture much of the previous month’s losses. In March and April, large caps managed to hold onto gains while the sell-off resumed for small caps, technology and bio-technology, due in part to lofty valuations. Improving global economics were reported in May and June and helped drive returns for U.S. stocks as well as international equities.

For the six months ended June 30, 2014, the Dow Jones Industrial Average gained 2.68%, the Standard & Poor’s 500^® Index gained 7.14%, and the Barclays U.S. Aggregate Bond Index added 3.93%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your financial adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline, and your risk tolerance.

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

Sincerely,

Transamerica Asset Management, Inc.

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 (“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 January 1, 2014, and held for the entire period until June 30, 2014.

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 in the appropriate column for your share class titled “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 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	$	1,037.40	$	1.01	$	1,023.80	$	1.00		0.20	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount		1,000.00		1,041.40		1.01		1,023.80		1.00		0.20
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount		1,000.00		1,044.70		1.01		1,023.80		1.00		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 (181 days), 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 Semi-Annual Report 2014

Page    1

Schedules of Investments Composition

At June 30, 2014

(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		88.9	%
Domestic Equity		8.7
International Equity		2.2
Money Market		0.2
Other Assets and Liabilities - Net		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount	% of Net Assets
Fixed Income		46.5	%
Domestic Equity		40.9
International Equity		12.3
Money Market		0.3
Other Assets and Liabilities - Net		(0.0	)*
Total		100.0	%
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount	% of Net Assets
Domestic Equity		54.0	%
Fixed Income		27.8
International Equity		18.0
Money Market		0.2
Other Assets and Liabilities - Net		(0.0	)*
Total		100.0	%

* Percentage rounds to less than 0.1%

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    2

Transamerica Asset Allocation Variable - Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
Domestic Equity - 8.7%
Transamerica Partners Variable Large Growth (A) (B)		2,779		$  221,596
Transamerica Partners Variable Large Value (A) (B)		3,036		233,536
Transamerica Partners Variable Small Core (A) (B)		2,753		158,556
Fixed Income - 88.9%
Transamerica Partners Variable Core Bond (A) (B)		74,508		3,326,490
Transamerica Partners Variable High Quality Bond (A) (B)		61,730		1,096,474
Transamerica Partners Variable High Yield Bond (A) (B)		24,588		761,946
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		39,609		1,102,681
International Equity - 2.2%
Transamerica Partners Variable International Equity (A) (B)		6,431		157,130
Money Market - 0.2%
Transamerica Partners Variable Money Market (A) (B)		742		15,646
Total Investment Companies (cost $5,903,920)				7,074,055
Total Investment Securities (cost $5,903,920) (C)				7,074,055
Other Assets and Liabilities - Net - (0.0)% (D)				(1,196	)
Net Assets - 100.0%				$  7,072,859

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Investment Companies	$	7,074,055	$	—	$	—	$	7,074,055
Total Investment Securities	$	7,074,055	$	—	$	—	$	7,074,055

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 $5,903,920. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $1,170,135.

^(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 June 30, 2014. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    3

Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
Domestic Equity - 40.9%
Transamerica Partners Variable Large Growth (A) (B)		37,860		$  3,019,359
Transamerica Partners Variable Large Value (A) (B)		40,764		3,136,068
Transamerica Partners Variable Small Core (A) (B)		36,918		2,126,272
Fixed Income - 46.5%
Transamerica Partners Variable Core Bond (A) (B)		101,372		4,525,846
Transamerica Partners Variable High Quality Bond (A) (B)		83,914		1,490,510
Transamerica Partners Variable High Yield Bond (A) (B)		38,206		1,183,963
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		78,985		2,198,908
International Equity - 12.3%
Transamerica Partners Variable International Equity (A) (B)		101,924		2,490,155
Money Market - 0.3%
Transamerica Partners Variable Money Market (A) (B)		2,534		53,454
Total Investment Companies (cost $14,782,146)				20,224,535
Total Investment Securities (cost $14,782,146) (C)				20,224,535
Other Assets and Liabilities - Net  - (0.0)% (D)				(3,408	)
Net Assets  - 100.0%				$  20,221,127

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Investment Companies	$	20,224,535	$	—	$	—	$	20,224,535
Total Investment Securities	$	20,224,535	$	—	$	—	$	20,224,535

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 $14,782,146. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $5,442,389.

^(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 June 30, 2014. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    4

Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
INVESTMENT COMPANIES - 100.0%
Domestic Equity - 54.0%
Transamerica Partners Variable Large Growth (A) (B)		77,287		$  6,163,741
Transamerica Partners Variable Large Value (A) (B)		83,189		6,399,834
Transamerica Partners Variable Small Core (A) (B)		75,034		4,321,494
Fixed Income - 27.8%
Transamerica Partners Variable Core Bond (A) (B)		98,890		4,415,042
Transamerica Partners Variable High Quality Bond (A) (B)		32,676		580,393
Transamerica Partners Variable High Yield Bond (A) (B)		36,584		1,133,711
Transamerica Partners Variable Inflation-Protected Securities (A) (B)		91,790		2,555,368
International Equity - 18.0%
Transamerica Partners Variable International Equity (A) (B)		230,981		5,643,223
Money Market - 0.2%
Transamerica Partners Variable Money Market (A) (B)		3,128		65,984
Total Investment Companies (cost $21,814,694)				31,278,790
Total Investment Securities (cost $21,814,694) (C)				31,278,790
Other Assets and Liabilities - Net  - (0.0)% (D)				(5,274	)
Net Assets  - 100.0%				$  31,273,516

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Investment Companies	$	31,278,790	$	—	$	—	$	31,278,790
Total Investment Securities	$	31,278,790	$	—	$	—	$	31,278,790

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 $21,814,694. Aggregate gross unrealized appreciation for all securities in which there is an excess of value over tax cost was $9,464,096.

^(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 June 30, 2014. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    5

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2014

(unaudited)

	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Assets:
Investments in affiliated investment companies, at value	$	7,074,055		$	20,224,535		$	31,278,790
Receivables:
Units sold		2,018			14,596			16,195
Affiliated investment securities sold		4,184			—			—
Total assets		7,080,257			20,239,131			31,294,985
Liabilities:
Accounts payable and accrued liabilities:
Units redeemed		6,202			—			7,276
Affiliated investment securities purchased		—			14,596			8,918
Investment advisory fees		1,196			3,408			5,275
Total liabilities		7,398			18,004			21,469
Net assets	$	7,072,859		$	20,221,127		$	31,273,516
Net assets consist of:
Costs of accumulation units	$	1,997,058		$	6,450,100		$	14,486,058
Undistributed (distributions in excess of) net investment income (loss)		(261,200	)		(729,748	)		(1,016,101	)
Undistributed (accumulated) net realized gain (loss)		4,166,866			9,058,386			8,339,463
Net unrealized appreciation (depreciation) on: Affiliated investment companies		1,170,135			5,442,389			9,464,096
Net assets	$	7,072,859		$	20,221,127		$	31,273,516
Accumulation units		332,231			854,138			1,263,257
Unit value	$	21.29		$	23.67		$	24.76
Investments in affiliated investment companies, at cost	$	5,903,920		$	14,782,146		$	21,814,694

STATEMENTS OF OPERATIONS

For the period ended June 30, 2014

(unaudited)

	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Expenses:
Investment advisory	$	6,837		$	20,119		$	30,261
Net investment income (loss)		(6,837	)		(20,119	)		(30,261	)
Net realized gain (loss) on transactions from:
Affiliated investment companies		70,508			481,382			472,520
Net realized gain (loss)		70,508			481,382			472,520
Net change in unrealized appreciation (depreciation) on:
Affiliated investment companies		189,686			358,105			900,209
Net change in unrealized appreciation (depreciation)		189,686			358,105			900,209
Net realized and change in unrealized gain (loss)		260,194			839,487			1,372,729
Net increase (decrease) in net assets resulting from operations	$	253,357		$	819,368		$	1,342,468

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

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    6

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Short Horizon						Intermediate Horizon						Intermediate/Long Horizon
	June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013
From operations:
Net investment income (loss)	$	(6,837	)	$	(14,851	)	$	(20,119	)	$	(39,711	)	$	(30,261	)	$	(58,474	)
Net realized gain (loss)		70,508			740,897			481,382			921,391			472,520			1,000,128
Net change in unrealized appreciation (depreciation)		189,686			(668,118	)		358,105			1,566,907			900,209			4,127,435
Net increase (decrease) in net assets resulting from operations		253,357			57,928			819,368			2,448,587			1,342,468			5,069,089
Unit transactions:
Units sold		720,194			1,408,609			1,590,523			3,256,968			3,414,025			2,848,907
Units redeemed		(732,642	)		(2,861,136	)		(2,963,222	)		(4,649,264	)		(4,084,737	)		(5,110,086	)
Net increase (decrease) in net assets resulting from unit transactions		(12,448	)		(1,452,527	)		(1,372,699	)		(1,392,296	)		(670,712	)		(2,261,179	)
Net increase (decrease) in net assets		240,909			(1,394,599	)		(553,331	)		1,056,291			671,756			2,807,910
Net assets:
Beginning of period/year		6,831,950			8,226,549			20,774,458			19,718,167			30,601,760			27,793,850
End of period/year	$	7,072,859		$	6,831,950		$	20,221,127		$	20,774,458		$	31,273,516		$	30,601,760
Undistributed (distributions in excess of) net investment income (loss)	$	(261,200	)	$	(254,363	)	$	(729,748	)	$	(709,629	)	$	(1,016,101	)	$	(985,840	)
Units outstanding beginning of period/year		332,920			403,808			913,876			980,782			1,291,374			1,394,888
Units sold		34,507			69,050			69,559			150,607			143,924			131,770
Units redeemed		(35,196	)		(139,938	)		(129,297	)		(217,513	)		(172,041	)		(235,284	)
Units outstanding end of period/year		332,231			332,920			854,138			913,876			1,263,257			1,291,374

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

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    7

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a unit outstanding throughout each period/year	Short Horizon
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Unit value
Beginning of period/year	$	20.52		$	20.37		$	18.99		$	18.24		$	16.95		$	14.66
Investment operations
Net investment income (loss)(A)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss)		0.79			0.19			1.42			0.79			1.33			2.32
Total investment operations		0.77			0.15			1.38			0.75			1.29			2.29
Unit value
End of period/year	$	21.29		$	20.52		$	20.37		$	18.99		$	18.24		$	16.95
Total return		3.74	%(B)		0.73	%		7.30	%		4.07	%		7.65	%		15.62	%
Net assets end of period/year (000’s)	$	7,073		$	6,832		$	8,227		$	8,884		$	9,608		$	10,112
Ratio and supplemental data
Expenses to average net assets(C)		0.20	%(D)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%(D)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(E)		11	%(B)		63	%		51	%		46	%		36	%		28	%

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

^(B) Not annualized.

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

^(D) Annualized.

^(E) 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 period/year	Intermediate Horizon
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Unit value
Beginning of period/year	$	22.73		$	20.10		$	18.17		$	18.13		$	16.22		$	13.46
Investment operations
Net investment income (loss)(A)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		0.96			2.67			1.97			0.08			1.94			2.79
Total investment operations		0.94			2.63			1.93			0.04			1.91			2.76
Unit value
End of period/year	$	23.67		$	22.73		$	20.10		$	18.17		$	18.13		$	16.22
Total return		4.14	%(B)		13.07	%		10.67	%		0.19	%		11.81	%		20.51	%
Net assets end of period/year (000’s)	$	20,221		$	20,774		$	19,718		$	21,599		$	24,180		$	24,295
Ratio and supplemental data
Expenses to average net assets(C)		0.20	%(D)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%(D)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(E)		17	%(B)		54	%		37	%		42	%		25	%		34	%

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

^(B)  Not annualized.

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

^(D)  Annualized.

^(E)  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 Semi-Annual Report 2014

Page    8

FINANCIAL HIGHLIGHTS

For the period or years ended:

For a unit outstanding throughout each period/year	Intermediate/Long Horizon
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Unit value
Beginning of period/year	$	23.70		$	19.93		$	17.70		$	17.99		$	15.78		$	12.89
Investment operations
Net investment income (loss)(A)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss)		1.08			3.81			2.27			(0.25	)		2.24			2.92
Total investment operations		1.06			3.77			2.23			(0.29	)		2.21			2.89
Unit value
End of period/year	$	24.76		$	23.70		$	19.93		$	17.70		$	17.99		$	15.78
Total return		4.47	%(B)		18.93	%		12.60	%		(1.66	)%		14.05	%		22.42	%
Net assets end of period/year (000’s)	$	31,274		$	30,602		$	27,794		$	28,003		$	30,991		$	30,478
Ratio and supplemental data
Expenses to average net assets(C)		0.20	%(D)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%(D)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate(E)		12	%(B)		32	%		30	%		34	%		23	%		54	%

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

^(B)  Not annualized.

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

^(D)  Annualized.

^(E)  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 Semi-Annual Report 2014

Page    9

NOTES TO FINANCIAL STATEMENTS

At June 30, 2014

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Asset Allocation Variable Funds (the “Separate Account”), is a non-diversified separate account of Transamerica Financial Life Insurance Company (“TFLIC”), and is registered 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”) is responsible for the day-to-day management of the Subaccounts. For each of the Portfolios, TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations to the Portfolios.

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, participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review 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 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, among other things, 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. 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 Semi-Annual Report 2014

Page    10

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

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 June 30, 2014, is disclosed in the Valuation Summary of each Subaccount’s Schedule of Investments.

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    11

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 3. RELATED PARTY TRANSACTIONS

TAM, the Subaccounts’ investment adviser, is directly owned by Western Reserve Life Assurance Co. of Ohio (“Western Reserve”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly-owned subsidiaries of Aegon NV. Western Reserve and AUSA are 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 period ended June 30, 2014 were as follows:

Subaccount Name	Purchases of affiliated investments		Proceeds from maturities and sales of affiliated investments
Short Horizon		$     746,429		$     765,698
Intermediate Horizon		3,465,812		4,858,840
Intermediate/Long Horizon		3,598,321		4,299,318

There were no transactions in U.S. Government securities during the period ended June 30, 2014.

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 and state 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.

NOTE 6. ACCOUNTING PRONOUNCEMENTS

In June 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2013-08 “Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements” that creates a two-tiered approach to

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    12

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 6. (continued)

assess whether an entity is an investment company. The guidance will also require an investment company to measure non-controlling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. The adoption of ASU No. 2013-08 did not have an impact on the Portfolios’ financial statement disclosures.

In June 2014, FASB issued ASU No. 2014-11, “Transfers and Servicing, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. The guidance changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014 and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ 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 Semi-Annual Report 2014

Page    13

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

INVESTMENT ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Managing Board of Transamerica Asset Allocation Variable Funds (the “Trustees” or the “Board”) held on June 18-19, 2014, the Board considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of Transamerica Asset Allocation – Intermediate Horizon Subaccount, Transamerica Asset Allocation – Intermediate/Long Horizon Subaccount, and Transamerica Asset Allocation – Short Horizon Subaccount (each a “Fund” and collectively the “Funds”) and Transamerica Asset Management, Inc. (“TAM”).

Following its review and consideration, the Board determined that the terms of each Investment Advisory Agreement are reasonable and that the renewal of the Investment Advisory Agreements is in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Board Members”), unanimously approved the renewal of each Investment Advisory Agreement through June 30, 2015. In reaching their decision, the Board Members requested and received from TAM such information as they deemed reasonably necessary to evaluate the Investment Advisory Agreements. The Board Members also considered information they had previously received from TAM as part of their regular oversight of each Fund, as well as comparative fee, expense, and performance information prepared by TAM based on information provided by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and other fee, expense and profitability information prepared by TAM.

In their deliberations, the Independent Board Members had the opportunity to meet privately without representatives of TAM present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each Investment Advisory Agreement, the Board Members evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and/or their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions, and each Board Member may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

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

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

Investment Performance

The Board considered the short- and longer-term performance of each Fund in light of its investment objective, policies and strategies, including relative performance against a peer universe of mutual funds, based on Lipper information, for various trailing periods ended December 31, 2013. On the basis of this information and the Board’s assessment of the nature, extent and quality of the services to be provided by TAM, the Board concluded that TAM is capable of generating a level of investment performance that is appropriate in light of the applicable Fund’s investment objectives, policies and strategies and that is competitive with other investment companies.

Investment Advisory Fees and Total Expense Ratios

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

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing fund management, administration and other services to each Fund by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund, as well as the allocation methodology used for calculating profitability. The Board also considered the assessment prepared by Ernst & Young LLP (“E&Y”), independent registered public accounting firm and auditor to the Funds, to assist the Board’s evaluation of TAM’s profitability analysis. E&Y’s engagement included the review and assessment of the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds, and completion of procedures in respect of the mathematical accuracy of the profitability calculation and its conformity to established allocation methodologies. After considering E&Y’s assessment and information provided by TAM, the Board concluded that, while other allocation methods may also be reasonable, TAM’s profitability methodologies are reasonable.

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    14

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

INVESTMENT ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

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

Economies of Scale

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

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

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

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of each Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Funds.

Conclusion

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

Transamerica Asset Allocation Variable Funds Semi-Annual Report 2014

Page    15

Transamerica Partners Portfolios
	I

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Schedules of Investments Composition

At June 30, 2014

(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		61.1	%
Certificates of Deposit		16.9
Repurchase Agreements		11.6
Short-Term U.S. Government Agency Obligations		4.5
Corporate Debt Securities		3.6
Time Deposit		2.3
Other Assets and Liabilities - Net		(0.0	)*
Total		100.0	%
Transamerica Partners High Quality Bond Portfolio	% of Net Assets
Asset-Backed Securities		32.2	%
Corporate Debt Securities		23.0
U.S. Government Agency Obligations		15.8
Mortgage-Backed Securities		14.1
U.S. Government Obligations		11.4
Securities Lending Collateral		4.5
Repurchase Agreement		4.2
Foreign Government Obligation		0.5
Other Assets and Liabilities - Net		(5.7	)
Total		100.0	%
Transamerica Partners Inflation-Protected Securities Portfolio	% of Net Assets
U.S. Government Obligations		91.8	%
Foreign Government Obligations		7.2
Short-Term Investment Company		0.8
Purchased Swaptions		0.3
Mortgage-Backed Security		0.0	*
Purchased Options		0.0	*
Other Assets and Liabilities - Net ^		(0.1	)
Total		100.0	%
Transamerica Partners Core Bond Portfolio	% of Net Assets
Corporate Debt Securities		34.7	%
U.S. Government Agency Obligations		16.8
U.S. Government Obligations		15.5
Mortgage-Backed Securities		14.4
Asset-Backed Securities		13.3
Short-Term U.S. Government Obligations		12.8
Securities Lending Collateral		7.5
Foreign Government Obligations		1.9
Repurchase Agreement		1.5
Municipal Government Obligations		0.9
Preferred Corporate Debt Securities		0.8
Preferred Stocks		0.5
Other Assets and Liabilities - Net		(20.6	)
Total		100.0	%
Transamerica Partners High Yield Bond Portfolio	% of Net Assets
Corporate Debt Securities		92.6	%
Repurchase Agreement		2.6
Loan Assignments		2.1
Preferred Corporate Debt Security		0.9
Convertible Bonds		0.3
Common Stocks		0.2
Warrant		0.0	*
Other Assets and Liabilities - Net		1.3
Total		100.0	%

Transamerica Partners Balanced Portfolio	% of Net Assets
Common Stocks		58.7	%
Corporate Debt Securities		13.3
Securities Lending Collateral		7.9
U.S. Government Obligations		7.7
U.S. Government Agency Obligations		6.7
Mortgage-Backed Securities		5.4
Asset-Backed Securities		5.4
Short-Term U.S. Government Obligations		5.3
Foreign Government Obligations		0.8
Repurchase Agreement		0.7
Preferred Corporate Debt Securities		0.4
Preferred Stocks		0.3
Municipal Government Obligations		0.3
Other Assets and Liabilities - Net ^		(12.9	)
Total		100.0	%
Transamerica Partners Large Value Portfolio	% of Net Assets
Common Stocks		97.1	%
Securities Lending Collateral		4.4
Repurchase Agreement		2.5
Other Assets and Liabilities - Net		(4.0	)
Total		100.0	%
Transamerica Partners Large Core Portfolio	% of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		3.8
Repurchase Agreement		2.2
Other Assets and Liabilities - Net		(4.1	)
Total		100.0	%
Transamerica Partners Large Growth Portfolio	% of Net Assets
Common Stocks		99.4	%
Securities Lending Collateral		5.9
Repurchase Agreement		0.5
Other Assets and Liabilities - Net		(5.8	)
Total		100.0	%
Transamerica Partners Mid Value Portfolio	% of Net Assets
Common Stocks		95.9	%
Securities Lending Collateral		14.2
Repurchase Agreement		3.8
Master Limited Partnership		0.2
Other Assets and Liabilities - Net		(14.1	)
Total		100.0	%
Transamerica Partners Mid Growth Portfolio	% of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		24.3
Repurchase Agreement		1.7
Other Assets and Liabilities - Net		(24.3	)
Total		100.0	%
Transamerica Partners Small Value Portfolio	% of Net Assets
Common Stocks		95.8	%
Securities Lending Collateral		25.7
Repurchase Agreement		4.2
Other Assets and Liabilities - Net		(25.7	)
Total		100.0	%

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    1

Schedules of Investments Composition (continued)

At June 30, 2014

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

(unaudited)

Transamerica Partners Small Core Portfolio	% of Net Assets
Common Stocks		98.0	%
Securities Lending Collateral		25.6
Repurchase Agreement		1.2
Master Limited Partnerships		0.7
Other Assets and Liabilities - Net		(25.5	)
Total		100.0	%
Transamerica Partners Small Growth Portfolio	% of Net Assets
Common Stocks		97.8	%
Securities Lending Collateral		25.7
Repurchase Agreement		2.5
Other Assets and Liabilities - Net		(26.0	)
Total		100.0	%

Transamerica Partners International Equity Portfolio	% of Net Assets
Common Stocks		92.5	%
Securities Lending Collateral		8.4
Preferred Stocks		3.8
Convertible Preferred Stocks		2.2
Repurchase Agreement		0.8
Other Assets and Liabilities - Net		(7.7	)
Total		100.0	%

* Percentage rounds to less than 0.1%

^ 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 Portfolio Semi-Annual Report 2014

Page    2

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES - 3.6%
Commercial Banks - 3.6%
Korea Development Bank, Series MTN
0.58%, 01/16/2015 - 144A (A)		$  24,500,000		$  24,500,000
Standard Chartered PLC
5.50%, 11/18/2014 - 144A		6,410,000		6,532,174
Total Corporate Debt Securities (cost $31,032,174)				31,032,174
CERTIFICATES OF DEPOSIT - 16.9%
Commercial Banks - 16.9%
Bank of Nova Scotia
0.21%, 06/12/2015 (B)		27,000,000		27,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.10%, 07/03/2014 (B)		20,000,000		20,000,000
0.32%, 06/24/2015 (B)		20,250,000		20,251,986
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.37%, 07/11/2014 (B)		25,000,000		25,000,000
Credit Suisse
0.23%, 08/25/2014 (B)		21,000,000		21,000,000
Deutsche Bank AG
0.24%, 08/27/2014 (B)		12,500,000		12,500,000
Korea Development Bank
0.34%, 01/02/2015 (B)		10,000,000		10,000,000
National Australia Bank, Ltd.
0.22%, 10/23/2014 (B)		9,500,000		9,500,006
Total Certificates of Deposit (cost $145,251,992)				145,251,992
COMMERCIAL PAPER - 61.1%
Commercial Banks - 29.7%
Barclays Bank PLC
0.48%, 10/02/2014 (B) (C)		21,000,000		21,000,000
Commonwealth Bank of Australia
0.22%, 11/24/2014 - 144A (B)		20,000,000		20,000,000
HSBC USA, Inc.
0.24%, 08/28/2014 (B)		15,000,000		14,994,200
Mizuho Funding LLC
0.08%, 10/22/2014 - 144A (B)		10,000,000		9,992,781
0.24%, 07/01/2014 -  10/22/2014 - 144A (B)		17,500,000		17,496,233
PNC Bank NA
0.27%, 07/23/2014 - 07/31/2014 (B)		20,700,000		20,695,985
0.30%, 12/03/2014 (B)		11,000,000		11,000,000
Skandinaviska Enskilda Banken AB
0.25%, 09/23/2014 - 144A (B)		12,500,000		12,492,708
0.27%, 02/27/2015 - 144A (B)		15,000,000		14,972,888
Standard Chartered Bank
0.37%, 05/13/2015 - 144A (B)		23,000,000		22,925,301
Sumitomo Mitsui Banking Corp.
0.15%, 07/03/2014 - 144A (B)		2,926,000		2,925,976
0.21%, 07/02/2014 - 144A (B)		15,000,000		14,999,912
0.24%, 08/05/2014 - 144A (B)		16,500,000		16,496,150
US Bank
0.10%, 07/01/2014 (B)		41,000,000		41,000,000
Westpac Banking Corp.
0.22%, 09/25/2014 - 144A (B)		15,000,000		15,000,016
Consumer Finance - 2.0%
Toyota Motor Credit Corp.
0.21%, 01/26/2015 (B)		17,000,000		17,000,000
Diversified Financial Services - 23.8%
BNP Paribas Finance, Inc.
0.09%, 07/10/2014 (B)		12,000,000		11,999,730

	Principal		Value
Diversified Financial Services (continued)
Cancara Asset Securitisation LLC
0.15%, 07/01/2014 - 144A (B)		$  13,000,000		$  13,000,000
0.19%, 08/05/2014 -  10/01/2014 - 144A (B)		20,000,000		19,993,297
Chariot Funding LLC
0.30%, 07/17/2014 - 144A (B)		15,000,000		14,998,000
Collateralized Commercial Paper II Co. LLC
0.37%, 03/05/2015 - 144A (B)		25,000,000		24,936,535
Gemini Securitization Corp. LLC
0.12%, 07/02/2014 -  07/03/2014 - 144A (B)		14,500,000		14,499,908
0.25%, 08/07/2014 - 144A (B)		15,000,000		14,996,146
Gotham Funding Corp.
0.17%, 07/01/2014 - 144A (B)		15,000,000		15,000,000
ING US Funding LLC
0.20%, 07/17/2014 (B)		11,200,000		11,199,004
Jupiter Securitization Co. LLC
0.28%, 10/30/2014 - 144A (B)		8,500,000		8,492,001
0.30%, 07/28/2014 - 144A (B)		12,000,000		11,997,300
Kells Funding LLC
0.24%, 04/05/2015 - 144A (B)		17,250,000		17,250,000
Mont Blanc Capital Corp.
0.19%, 07/22/2014 - 144A (B)		5,000,000		4,999,446
Rabobank USA Financial Corp.
0.25%, 08/21/2014 (B)		7,000,000		6,997,521
Victory Receivables Corp.
0.16%, 07/02/2014 - 144A (B)		15,000,000		14,999,933
Electric Utilities - 4.6%
American Electric Power Co., Inc.
0.21%, 07/01/2014 - 144A (B)		4,100,000		4,100,000
Northeast Utilities
0.22%, 07/02/2014 - 144A (B)		4,100,000		4,099,975
OGE Energy Corp.
0.20%, 07/03/2014 - 144A (B)		4,100,000		4,099,955
Southern Co. Funding Corp.
0.16%, 07/29/2014 - 144A (B)		3,500,000		3,499,564
0.17%, 07/02/2014 - 144A (B)		7,000,000		6,999,967
0.18%, 07/10/2014 - 144A (B)		13,100,000		13,099,411
Westar Energy, Inc.
0.25%, 07/11/2014 - 144A (B)		4,100,000		4,099,715
Oil, Gas & Consumable Fuels - 1.0%
South Carolina Fuel Co.
0.26%, 07/30/2014 - 144A (B)		4,100,000		4,099,141
Spectra Energy Partners, LP
0.24%, 07/08/2014 - 144A (B)		4,100,000		4,099,809
Total Commercial Paper (cost $526,548,508)				526,548,508
TIME DEPOSIT - 2.3%
Goldman Sachs & Co.
0.37%, 09/02/2014 (B) (C)		20,000,000		20,000,000
Total Time Deposit (cost $20,000,000)				20,000,000
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.5%
Freddie Mac
0.07%, 07/29/2014 - 08/06/2014 (B)		39,000,000		38,997,774
Total Short-Term U.S. Government Agency Obligations (cost $38,997,774)				38,997,774

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    3

Transamerica Partners Money Market Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
REPURCHASE AGREEMENTS - 11.6%
Barclays Capital, Inc. 0.08% (B), dated 06/30/2014, to be repurchased at $99,500,221 on 07/01/2014. Collateralized by U.S. Government Agency Obligations, 3.00% - 4.00%, due 09/01/2042 - 11/01/2042, and with a total value of $101,490,001.		$  99,500,000		$  99,500,000
State Street Bank & Trust Co. 0.01% (B), dated 06/30/2014, to be repurchased at $116,330 on 07/01/2014. Collateralized by U.S. Government Agency Obligations, 3.50%, due 01/25/2039 - 02/15/2041, and with a total value of $123,840.		116,330		116,330
Total Repurchase Agreements (cost $99,616,330)				99,616,330
Total Investment Securities (cost $861,446,778) (D)				861,446,778
Other Assets and Liabilities - Net - (0.0)% (E)				(9,517	)
Net Assets - 100.0%				$  861,437,261

VALUATION SUMMARY: ^(F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Corporate Debt Securities	$	—	$	31,032,174	$	—	$	31,032,174
Certificates of Deposit		—		145,251,992		—		145,251,992
Commercial Paper		—		526,548,508		—		526,548,508
Time Deposit		—		20,000,000		—		20,000,000
Short-Term U.S. Government Agency Obligations		—		38,997,774		—		38,997,774
Repurchase Agreements		—		99,616,330		—		99,616,330
Total Investment Securities	$	—	$	861,446,778	$	—	$	861,446,778

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate note. Rate is listed as of June 30, 2014.

^(B)  Rate shown reflects the yield at June 30, 2014.

^(C)  Illiquid. Total aggregate fair value of illiquid securities is $41,000,000, or 4.76% of the portfolio’s net assets.

^(D)  Aggregate cost for federal income tax purposes is $861,446,778.

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

^(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 June 30, 2014. 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 June 30, 2014, these securities aggregated $401,694,242, or 46.63% 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 Portfolio Semi-Annual Report 2014

Page    4

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 11.4%
U.S. Treasury Note
0.13%, 12/31/2014 (A)		$  3,000,000		$  3,000,585
0.38%, 01/31/2016 (A)		24,000,000		24,034,680
0.38%, 04/30/2016		13,000,000		12,995,944
0.75%, 12/31/2017		3,460,000		3,416,210
Total U.S. Government Obligations (cost $43,463,052)				43,447,419
U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.8%
Fannie Mae
5.50%, 12/01/2022		310,369		347,236
6.00%, 09/01/2014		232		232
Freddie Mac
4.50%, 05/01/2023 - 09/01/2026		4,054,622		4,334,933
5.50%, 04/01/2017		67,507		71,675
FREMF Mortgage Trust
Series 2013-K502, Class B
2.84%, 03/25/2045 - 144A (B)		1,820,000		1,848,942
Ginnie Mae
1.49%, 03/16/2043		3,813,149		3,746,693
1.78%, 09/16/2041		3,905,816		3,849,166
4.52%, 12/20/2061		2,540,404		2,775,823
4.67%, 11/20/2061 - 09/20/2063		4,469,935		4,881,233
4.75%, 02/20/2061		479,820		519,768
4.80%, 02/20/2063		3,699,485		4,048,931
4.82%, 02/20/2061		493,877		537,100
4.86%, 05/20/2061		846,631		922,925
4.89%, 06/20/2063		3,450,821		3,758,948
4.95%, 05/20/2062		4,126,962		4,485,987
5.27%, 11/20/2060		2,537,774		2,806,504
5.32%, 04/20/2061		2,111,577		2,306,300
5.47%, 01/20/2060		7,309,251		8,024,469
5.59%, 11/20/2059		5,905,675		6,332,077
5.65%, 06/20/2059		3,976,303		4,282,860
5.75%, 12/15/2022		484,489		541,604
Total U.S. Government Agency Obligations (cost $61,526,094)				60,423,406
FOREIGN GOVERNMENT OBLIGATION - 0.5%
Province of Ontario Canada
2.30%, 05/10/2016		1,985,000		2,049,374
Total Foreign Government Obligation (cost $2,010,107)				2,049,374
MORTGAGE-BACKED SECURITIES - 14.1%
Banc of America Commercial Mortgage Trust
Series 2006-1, Class A1A
5.38%, 09/10/2045 (B)		3,572,830		3,787,004
Bear Stearns Commercial Mortgage Securities Trust
Series 2004-PWR6, Class A6
4.83%, 11/11/2041		1,450,892		1,463,356
Series 2005-PWR8, Class A4
4.67%, 06/11/2041		2,365,717		2,425,948
CD Commercial Mortgage Trust
Series 2006-CD2, Class A4
5.48%, 01/15/2046 (B)		2,000,000		2,110,970
CFCRE Commercial Mortgage Trust
Series 2011-C1, Class A2
3.76%, 04/15/2044 - 144A		3,000,000		3,124,959

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
COMM Mortgage Trust
Series 2012-9W57, Class A
2.37%, 02/10/2029 - 144A		$  4,050,000		$  4,164,955
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1
3.74%, 11/10/2046 - 144A		4,079,901		4,251,122
Series 2011-LC3A, Class A2
3.64%, 08/10/2044		1,400,000		1,470,127
Del Coronado Trust
Series 2013-HDC, Class A
0.95%, 03/15/2026 - 144A (B)		2,050,000		2,051,976
GS Mortgage Securities Trust
Series 2006-GG6, Class A2
5.51%, 04/10/2038 (B)		4,683		4,678
Series 2006-GG8, Class AAB
5.54%, 11/10/2039		2,134,944		2,135,667
JPMBB Commercial Mortgage Securities Trust
Series 2013-C17, Class A1
1.25%, 01/15/2047		3,257,671		3,259,469
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2007-C1, Class A3
5.79%, 02/15/2051		525,463		524,799
Series 2007-CB20, Class A3
5.82%, 02/12/2051		150,433		151,085
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2002-C2, Class E
5.98%, 12/12/2034 (B)		474,767		507,750
Series 2006-CB14, Class A4
5.48%, 12/12/2044 (B)		3,748,520		3,937,554
LB-UBS Commercial Mortgage Trust
Series 2006-C1, Class A4
5.16%, 02/15/2031		3,700,000		3,892,060
Merrill Lynch / Countrywide Commercial Mortgage Trust
Series 2007-8, Class A2
6.04%, 08/12/2049 (B)		99,724		99,715
ML-CFC Commercial Mortgage Trust
Series 2007-7, Class ASB
5.75%, 06/12/2050 (B)		876,242		883,903
NLY Commercial Mortgage Trust
Series 2014-FL1, Class A
1.35%, 11/15/2030 - 144A (B)		3,000,000		3,004,728
N-Star Real Estate CDO, Ltd.
Series 2013-1A, Class A
2.00%, 08/25/2029 - 144A (B)		2,246,336		2,248,442
Sequoia Mortgage Trust
Series 2012-2, Class A2
3.50%, 04/25/2042 (B)		426,097		434,104
Wachovia Bank Commercial Mortgage Trust
Series 2006-C24, Class A3
5.56%, 03/15/2045 (B)		1,830,000		1,943,299
Series 2007-C30, Class A3
5.25%, 12/15/2043		1,284,729		1,286,783
Series 2007-C30, Class APB
5.29%, 12/15/2043		2,734,421		2,810,107

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    5

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
WF-RBS Commercial Mortgage Trust
Series 2013-C18, Class A1
1.19%, 12/15/2046		$  1,869,263		$  1,868,149
Total Mortgage-Backed Securities (cost $53,995,548)				53,842,709
ASSET-BACKED SECURITIES - 32.2%
Ally Master Owner Trust
Series 2014-1, Class A2
1.29%, 01/15/2019		1,500,000		1,502,604
American Express Credit Account Master Trust
Series 2014-2, Class A
1.26%, 01/15/2020 (C)		2,000,000		1,999,960
AmeriCredit Automobile Receivables Trust
Series 2013-1, Class A3
0.61%, 10/10/2017		1,349,000		1,350,097
ARI Fleet Lease Trust
Series 2012-B, Class A
0.45%, 01/15/2021 - 144A (B)		337,379		337,152
Avis Budget Rental Car Funding AESOP LLC
Series 2010-5A, Class A
3.15%, 03/20/2017 - 144A		2,000,000		2,068,326
Capital One Multi-Asset Execution Trust
Series 2006-A3, Class A3
5.05%, 12/17/2018		4,000,000		4,284,576
Series 2007-A7, Class A7
5.75%, 07/15/2020 (A)		1,000,000		1,136,796
CenterPoint Energy Restoration Bond Co. LLC
Series 2009-1, Class A1
1.83%, 02/15/2016		993,183		998,475
Chase Issuance Trust
Series 2012-A5, Class A5
0.59%, 08/15/2017		3,875,000		3,880,789
Series 2014-A1, Class A1
1.15%, 01/15/2019		3,875,000		3,886,358
Citibank Credit Card Issuance Trust
Series 2006-A3, Class A3
5.30%, 03/15/2018		1,905,000		2,054,973
Series 2013-A6, Class A6
1.32%, 09/07/2018		2,000,000		2,019,144
Series 2014-A2, Class A2
1.02%, 02/22/2019		3,900,000		3,898,019
Series 2014-A4, Class A4
1.23%, 04/24/2019		3,900,000		3,908,393
CLI Funding V LLC
Series 2013-1A
2.83%, 03/18/2028 - 144A		962,500		959,348
CNH Equipment Trust
Series 2011-B, Class A4
1.29%, 09/15/2017		3,495,000		3,520,360
Series 2012-C, Class B
1.30%, 03/16/2020		640,000		642,296
Series 2014-A, Class A3
0.84%, 05/15/2019		1,090,000		1,089,435
Series 2014-B, Class B
1.93%, 11/15/2021		1,050,000		1,050,401

	Principal			Value
ASSET-BACKED SECURITIES (continued)
CNH Wholesale Master Note Trust
Series 2013-2A, Class A
0.75%, 08/15/2019 - 144A (B)		$  750,000			$  752,090
Detroit Edison Securitization Funding LLC
Series 2001-1, Class A6
6.62%, 03/01/2016		1,417,900			1,455,322
Diamond Resorts Owner Trust
Series 2013-2, Class A
2.27%, 05/20/2026 - 144A		2,801,100			2,818,624
Discover Card Execution Note Trust
Series 2007-A1, Class A1
5.65%, 03/16/2020		4,000,000			4,534,236
Series 2014-A3, Class A3
1.22%, 10/15/2019		5,000,000			5,011,060
Entergy Texas Restoration Funding LLC
Series 2009-A, Class A1
2.12%, 02/01/2016		397,335			399,293
Fifth Third Auto Trust
Series 2013-1, Class A3			��
0.88%, 10/16/2017		3,000,000			3,015,279
Ford Credit Auto Owner Trust
Series 2010-B, Class A4
1.58%, 09/15/2015		334,352			334,805
Series 2010-B, Class B
2.54%, 02/15/2016		5,500,000			5,545,991
Series 2013-A, Class A4
0.78%, 05/15/2018		2,600,000			2,600,736
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class D
3.50%, 01/15/2019		2,300,000			2,415,145
Series 2012-4, Class B
0.94%, 09/15/2016		555,000			555,604
Series 2013-5, Class B
1.88%, 09/15/2018		1,665,000			1,689,441
GE Capital Credit Card Master Note Trust
Series 2012-1, Class A
1.03%, 01/15/2018		4,400,000			4,413,103
Series 2012-5, Class B
1.51%, 06/15/2018		1,850,000			1,865,904
GE Equipment Transportation LLC
Series 2013-1, Class B
1.23%, 03/24/2021		2,150,000			2,146,091
Huntington Auto Trust
Series 2011-1A, Class A4
1.31%, 11/15/2016 - 144A		2,000,000			2,013,584
Series 2011-1A, Class B
1.84%, 01/17/2017 - 144A		1,500,000			1,520,305
Hyundai Auto Receivables Trust
Series 2010-B, Class A4
1.63%, 03/15/2017		1,199,818			1,207,346
Series 2012-C, Class C
1.42%, 02/15/2019		1,010,000			1,015,464
Invitation Homes Trust
Series 2013-SFR1, Class B
1.60%, 12/17/2030 - 144A (B)		1,080,000			1,080,005
John Deere Owner Trust
Series 2012-B, Class A4
0.69%, 01/15/2019		1,440,000			1,441,313
Series 2013-B, Class A3
0.87%, 08/15/2017		1,500,000			1,505,270

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    6

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
MMAF Equipment Finance LLC
Series 2009-AA, Class A4
3.51%, 01/15/2030 - 144A		$  1,921,815		$  1,959,180
Series 2011-AA, Class A3
1.27%, 09/15/2015 - 144A		218,452		218,651
Small Business Administration
3.33%, 02/25/2022 (B)		3,111,280		3,313,310
4.25%, 02/25/2024 (B)		3,145,328		3,467,476
SMART Trust
Series 2012-4US, Class A4A
1.25%, 08/14/2018		1,100,000		1,101,619
Series 2013-2US, Class A3B
0.58%, 01/14/2017 (B)		2,805,000		2,809,030
Volkswagen Auto Loan Enhanced Trust
Series 2013-1, Class A4
0.78%, 07/22/2019		3,850,000		3,841,318
Volvo Financial Equipment LLC
Series 2012-1A, Class C
2.38%, 09/16/2019 - 144A		2,250,000		2,292,187
World Financial Network Credit Card Master Trust
Series 2010-A, Class A
3.96%, 04/15/2019		4,750,000		4,895,070
Series 2013-1, Class A
1.61%, 12/15/2021		5,000,000		4,955,170
Series 2013-B, Class A
0.91%, 03/16/2020		3,535,000		3,542,388
World Omni Automobile Lease Securitization Trust
Series 2012-A, Class B
1.49%, 02/15/2018		865,000		869,135
Total Asset-Backed Securities (cost $123,638,931)				123,188,047
CORPORATE DEBT SECURITIES - 23.0%
Aerospace & Defense - 0.3%
Lockheed Martin Corp.
2.13%, 09/15/2016		1,320,000		1,358,857
Capital Markets - 2.1%
Goldman Sachs Group, Inc.
6.25%, 09/01/2017 (A)		3,005,000		3,421,060
Morgan Stanley, Series MTN
6.63%, 04/01/2018		4,000,000		4,675,892
Chemicals - 0.9%
Airgas, Inc.
4.50%, 09/15/2014		3,301,000		3,328,336
Commercial Banks - 6.1%
Bank of Montreal, Series MTN
0.48%, 09/24/2015 (B)		2,010,000		2,012,778
Bank of Nova Scotia
0.54%, 04/11/2017 (B)		3,820,000		3,821,047
Citigroup, Inc.
1.70%, 07/25/2016		1,875,000		1,899,645
Deutsche Bank AG
6.00%, 09/01/2017		2,240,000		2,546,123
Export-Import Bank of Korea
1.25%, 11/20/2015		2,220,000		2,231,464
JPMorgan Chase & Co.
2.00%, 08/15/2017 (A)		2,860,000		2,908,485

	Principal		Value
Commercial Banks (continued)
KFW
1.00%, 01/12/2015		$  1,250,000		$  1,255,475
PNC Funding Corp.
2.70%, 09/19/2016		4,175,000		4,335,524
Westpac Banking Corp.
1.20%, 05/19/2017 (A)		2,260,000		2,261,806
Consumer Finance - 1.3%
Capital One Financial Corp.
3.15%, 07/15/2016		2,700,000		2,817,566
Caterpillar Financial Services Corp.,
Series MTN
1.00%, 03/03/2017		2,020,000		2,020,972
Diversified Financial Services - 2.0%
American Honda Finance Corp.
0.73%, 10/07/2016 (B)		1,235,000		1,244,449
Berkshire Hathaway, Inc.
3.20%, 02/11/2015		2,465,000		2,508,434
Ford Motor Credit Co. LLC
3.98%, 06/15/2016		1,750,000		1,849,176
4.21%, 04/15/2016		2,060,000		2,174,132
Diversified Telecommunication Services - 0.8%
Nippon Telegraph & Telephone Corp.
1.40%, 07/18/2017		1,300,000		1,307,680
Verizon Communications, Inc.
1.76%, 09/15/2016 (B)		1,670,000		1,716,004
Electric Utilities - 0.6%
Hydro-Quebec
1.38%, 06/19/2017		2,160,000		2,178,252
Food & Staples Retailing - 0.4%
CVS Caremark Corp.
3.25%, 05/18/2015		1,487,000		1,524,899
Health Care Providers & Services - 0.4%
Ventas Realty, LP
1.55%, 09/26/2016		1,760,000		1,777,912
Insurance - 2.5%
Metropolitan Life Global Funding I
1.50%, 01/10/2018 - 144A		2,200,000		2,184,294
2.50%, 09/29/2015 - 144A		3,685,000		3,774,969
New York Life Global Funding
1.30%, 10/30/2017 - 144A		3,745,000		3,729,039
Media - 0.9%
Comcast Cable Communications LLC
8.88%, 05/01/2017		2,880,000		3,501,829
Metals & Mining - 0.5%
Vale Overseas Ltd.
6.25%, 01/23/2017		1,750,000		1,958,250
Oil, Gas & Consumable Fuels - 0.4%
Total Capital International SA
1.55%, 06/28/2017 (A)		1,500,000		1,521,479
Real Estate Investment Trusts - 1.9%
Health Care REIT, Inc.
6.20%, 06/01/2016		1,750,000		1,920,163
Simon Property Group, LP
2.15%, 09/15/2017		2,175,000		2,237,168
5.10%, 06/15/2015		2,975,000		3,104,912
Road & Rail - 0.5%
Canadian National Railway Co.
0.42%, 11/06/2015 (B)		1,850,000		1,850,505

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    7

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Semiconductors & Semiconductor Equipment - 0.4%
Altera Corp.
1.75%, 05/15/2017		$  1,460,000		$  1,476,295
Wireless Telecommunication Services - 1.0%
America Movil SAB de CV
2.38%, 09/08/2016		3,618,000		3,720,136
Total Corporate Debt Securities (cost $87,271,048)				88,155,007
	Shares		Value
SECURITIES LENDING COLLATERAL - 4.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (D)		17,195,097		17,195,097
Total Securities Lending Collateral (cost $17,195,097)				17,195,097

	Principal		Value
REPURCHASE AGREEMENT - 4.2%
State Street Bank & Trust Co. 0.01% (D), dated 06/30/2014, to be repurchased at $15,886,655 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $16,204,418.		$  15,886,651		$  15,886,651
Total Repurchase Agreement (cost $15,886,651)				15,886,651
Total Investment Securities (cost $404,986,528) (E)				404,187,710
Other Assets and Liabilities - Net - (5.7)%				(21,955,486	)
Net Assets - 100.0%				$  382,232,224

VALUATION SUMMARY: ^(F)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	43,447,419	$	—	$	43,447,419
U.S. Government Agency Obligations		—		60,423,406		—		60,423,406
Foreign Government Obligation		—		2,049,374		—		2,049,374
Mortgage-Backed Securities		—		53,842,709		—		53,842,709
Asset-Backed Securities		—		123,188,047		—		123,188,047
Corporate Debt Securities		—		88,155,007		—		88,155,007
Securities Lending Collateral		17,195,097		—		—		17,195,097
Repurchase Agreement		—		15,886,651		—		15,886,651
Total Investment Securities	$	17,195,097	$	386,992,613	$	—	$	404,187,710

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $16,847,642. 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 June 30, 2014.

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

^(D)  Rate shown reflects the yield at June 30, 2014.

^(E)  Aggregate cost for federal income tax purposes is $404,986,528. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $1,902,389 and $2,701,207, respectively. Net unrealized depreciation for tax purposes is $798,818.

^(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 June 30, 2014. 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 June 30, 2014, these securities aggregated $46,402,878, or 12.14% 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 Portfolio Semi-Annual Report 2014

Page    8

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 91.8%
U.S. Treasury Inflation Indexed Bond
0.63%, 02/15/2043		$  4,082,879		$  3,706,486
0.75%, 02/15/2042		8,755,455		8,241,755
1.38%, 02/15/2044		2,978,898		3,276,323
1.75%, 01/15/2028		8,842,673		10,180,127
2.00%, 01/15/2026		6,300,038		7,422,724
2.13%, 02/15/2040 - 02/15/2041		9,495,651		12,129,966
2.38%, 01/15/2025 - 01/15/2027		21,501,443		26,149,118
2.50%, 01/15/2029		9,826,312		12,398,044
3.38%, 04/15/2032		950,053		1,371,862
3.63%, 04/15/2028		6,104,224		8,572,620
3.88%, 04/15/2029 (A)		7,851,363		11,477,712
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2016 - 01/15/2023		83,118,663		84,793,964
0.38%, 07/15/2023		14,209,470		14,484,778
0.63%, 07/15/2021 - 01/15/2024		19,071,733		19,766,435
1.13%, 01/15/2021		8,224,752		8,909,076
1.25%, 07/15/2020		5,804,260		6,360,650
1.38%, 07/15/2018 - 01/15/2020		9,567,985		10,485,144
2.50%, 07/15/2016		8,725,411		9,468,432
Total U.S. Government Obligations (cost $255,001,411)				259,195,216
FOREIGN GOVERNMENT OBLIGATIONS - 7.2%
Australia Government Bond
1.25%, 02/21/2022 - Reg S		AUD  1,905,000		1,936,540
Deutsche Bundesrepublik Inflation Linked Bond
1.50%, 04/15/2016		EUR  10,389,095		14,639,904
Hellenic Republic Government Bond
4.40%, 10/15/2042 (B)		366,000		7,066
Italy Buoni Poliennali del Tesoro
2.10%, 09/15/2016		1,760,409		2,510,893
New Zealand Government Bond
3.00%, 09/20/2030		NZD  1,194,000		1,085,394
Total Foreign Government Obligations (cost $19,764,148)				20,179,797
MORTGAGE-BACKED SECURITY - 0.0% (C)
GMAC Commercial Mortgage Securities, Inc. Trust
Series 2004-C3, Class A4
4.55%, 12/10/2041		$  63,319		63,338
Total Mortgage-Backed Security (cost $60,720)				63,338
	Contracts		Value
PURCHASED OPTIONS - 0.0% (C)
Put Options - 0.0% (C)
10-Year U.S. Treasury Note Future
Exercise Price $122.00
Expires 07/25/2014		80		1,250
10-Year U.S. Treasury Note Future
Exercise Price $124.00
Expires 07/25/2014		80		13,750
Eurodollar, Mid-Curve 2-Year Future
Exercise Price $97.75
Expires 09/12/2014		300		13,125
Total Purchased Options (cost $118,249)				28,125

	Notional Amount		Value
PURCHASED SWAPTIONS - 0.3% (D)
Call Options - 0.1%
OTC - If exercised the Series pays floating 3 Month LIBOR, and receives 1.65%, European Style Expires 09/05/2014 Counterparty: DUB		$  10,300,000		$  212
OTC - If exercised the Series pays floating 3 month LIBOR, and receives 1.66%, European Style Expires 01/07/2015 Counterparty: DUB		12,100,000		131,529
OTC - If exercised the Series pays floating 3 Month LIBOR, and receives 3.35%, European Style Expires 05/15/2017 Counterparty: DUB		2,160,000		114,551
Put Options - 0.2%
OTC - If exercised the Series receives floating 3 month LIBOR, and pays 1.66%, European Style Expires 01/07/2015 Counterparty: DUB		12,100,000		31,176
OTC - If exercised the Series receives floating 3 Month LIBOR, and pays 2.04%, European Style Expires 07/03/2014 Counterparty: DUB		10,300,000		0
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		501,767
OTC - If exercised the Series receives floating 3 Month LIBOR, and pays 4.35%, European Style Expires 05/15/2017 Counterparty: DUB		$  2,160,000		97,863
Total Purchased Swaptions (cost $1,005,729)				877,098
	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 0.8%
BlackRock Provident TempFund 24 (E)		2,371,638		2,371,638
Total Short-Term Investment Company (cost $2,371,638)				2,371,638
Total Investment Securities (cost $278,321,895) (F)				282,715,212
Other Assets and Liabilities - Net - (0.1)%				(202,460	)
Net Assets - 100.0%				$  282,512,752
	Contracts		Value
WRITTEN OPTION - (0.0)% (C)
Put Option - (0.0)% (C)
10-Year U.S. Treasury Note Future
Exercise Price $123.00
Expires 07/25/2014		160		$  (7,500	)
Total Written Option (premiums $(57,352))				(7,500	)

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    9

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

WRITTEN INFLATION-CAPPED OPTIONS: (D)

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

)

$

(11,067

)

WRITTEN SWAPTIONS ON INTEREST RATE SWAP AGREEMENTS: (D)
Description	Counterparty		Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount		Premiums Paid (Received)			Value
Call-OTC 10-Year		CITI	3-Month USD LIBOR BBA	Receive		2.80	%		02/23/2015		$        8,900,000	$	(108,580	)	$	(148,216	)
Put-OTC 10-Year		DUB	3-Month USD LIBOR BBA	Pay		3.20			06/30/2015		8,200,000		(150,880	)		(150,880	)
Put-OTC 10-Year		CITI	3-Month USD LIBOR BBA	Pay		3.80			02/23/2015		8,900,000		(108,580	)		(16,073	)
Put-OTC 10-Year		DUB	3-Month USD LIBOR BBA	Pay		3.85			01/23/2015		7,000,000		(98,305	)		(6,618	)
Put-OTC 20-Year		DUB	6-Month EUR EURIBOR	Pay		4.50			06/08/2022		EUR  3,200,000		(150,269	)		(181,750	)
												$	(616,614	)	$	(503,537	)

CENTRALLY CLEARED SWAP AGREEMENTS: ^(G)

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		1.54	%		08/01/2018	$	6,200,000	$	(70,253	)	$	94	$	(70,347	)
3-Month USD-LIBOR		1.56			11/30/2018		15,100,000		27,819			275		27,544
3-Month USD-LIBOR		2.62			07/02/2024		3,300,000		67			69		(2	)
3-Month USD-LIBOR		3.58			03/03/2044		800,000		(52,932	)		19		(52,951	)
3-Month USD-LIBOR		3.58			03/03/2044		800,000		(53,134	)		19		(53,153	)
								$	(148,433	)	$	476	$	(148,909	)

OVER THE COUNTER SWAP AGREEMENTS: ^(D)

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)
Eurostat Eurozone HICP Ex Tobacco NSA		0.00	%		11/19/2015		DUB		EUR    3,135,000	$	2,049	$	4,504	$	(2,455	)
U.S. CPI Urban Consumers NAS		1.81			03/07/2016		UBS		$        13,785,000		260,756		0		260,756
										$	262,805	$	4,504	$	258,301

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)
U.S. CPI Urban Consumers NAS		2.04	%		03/07/2018		UBS	$	13,785,000	$	281,499	$	0	$	281,499

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    10

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

FUTURES CONTRACTS:
Description	Type		Contracts			Expiration Date		Net Unrealized Appreciation (Depreciation)
10-Year Australian Treasury Bond		Long		16			09/15/2014	$	40,368
10-Year Japan Government Bond		Short		(4	)		09/10/2014		(17,768	)
10-Year U.S. Treasury Note		Long		43			09/19/2014		43,034
2-Year U.S. Treasury Note		Short		(81	)		09/30/2014		(1,786	)
5-Year U.S. Treasury Note		Long		255			09/30/2014		82,936
90-Day Eurodollar		Short		(231	)		06/15/2015		18,160
Long U.S. Treasury Bond		Short		(114	)		09/19/2014		(149,189	)
Ultra Long U.S. Treasury Bond		Short		(62	)		09/19/2014		(34,245	)
								$	(18,490	)

FORWARD FOREIGN CURRENCY CONTRACTS: (D)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
AUD	BCLY		(2,001,000	)		07/23/2014	$	(1,834,483	)	$	(48,844	)
BRL	SSB		6,750,000			07/02/2014		3,013,931			39,138
BRL	SSB		(6,750,000	)		07/02/2014		(2,996,937	)		(56,133	)
CAD	DUB		(60,000	)		07/23/2014		(55,027	)		(1,168	)
CAD	DUB		47,000			07/23/2014		42,719			1,300
EUR	UBS		(12,720,000	)		07/07/2014		(17,273,913	)		(144,091	)
EUR	BCLY		(2,824,889	)		09/12/2014		(3,832,349	)		(36,846	)
GBP	BCLY		(65,000	)		07/07/2014		(110,626	)		(608	)
JPY	BCLY		(126,709,375	)		09/12/2014		(1,246,611	)		(4,823	)
MXN	BOA		27,952,630			07/23/2014		2,144,239			6,543
MXN	DUB		(26,785,000	)		07/23/2014		(2,057,906	)		(3,034	)
NZD	BOA		(1,144,000	)		07/23/2014		(984,960	)		(14,370	)
										$	(262,936	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS: (D)
Currency	Counterparty	Contracts Bought (Sold)			Settlement Date		Amount in U.S. Dollars Bought (Sold)			Net Unrealized Appreciation (Depreciation)
NOK	JPM		13,180,079			09/12/2014	$	2,200,274		$	(57,524	)
AUD	JPM		(2,343,629	)		09/12/2014		(2,200,274	)		1,892
AUD	UBS		2,265,000			09/12/2014		2,114,945			9,681
NOK	UBS		(12,970,183	)		09/12/2014		(2,114,945	)		6,319
										$	(39,632	)

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    11

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY: ^(H)

	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
U.S. Government Obligations	$	—		$	259,195,216		$	—	$	259,195,216
Foreign Government Obligations		—			20,179,797			—		20,179,797
Mortgage-Backed Security		—			63,338			—		63,338
Purchased Options		28,125			—			—		28,125
Purchased Swaptions		—			877,098			—		877,098
Short-Term Investment Company		2,371,638			—			—		2,371,638
Total Investment Securities	$	2,399,763		$	280,315,449		$	—	$	282,715,212
Derivative Financial Instruments
Interest Rate Swap Agreements	$	—		$	572,190		$	—	$	572,190
Futures Contracts (I)		184,498			—			—		184,498
Forward Foreign Currency Contracts (I)		—			46,981			—		46,981
Forward Foreign Cross Currency Contracts (I)		—			17,892			—		17,892
Total Derivative Financial Instruments	$	184,498		$	637,063		$	—	$	821,561
	Level 1 Quoted Prices			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value at June 30, 2014
LIABILITIES
Derivative Financial Instruments
Written Options	$	(7,500	)	$	—		$	—	$	(7,500	)
Written Inflation-Capped Options		—			(11,067	)		—		(11,067	)
Written Swaptions on Interest Rate Swap Agreements		—			(503,537	)		—		(503,537	)
Interest Rate Swap Agreements		—			(176,319	)		—		(176,319	)
Futures Contracts (I)		(202,988	)		—			—		(202,988	)
Forward Foreign Currency Contracts (I)		—			(309,917	)		—		(309,917	)
Forward Foreign Cross Currency Contracts (I)		—			(57,524	)		—		(57,524	)
Total Derivative Financial Instruments	$	(210,488	)	$	(1,058,364	)	$	—	$	(1,268,852	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  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 $570,131.

^(B)  Floating or variable rate note. Rate is listed as of June 30, 2014.

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

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

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

^(F)  Aggregate cost for federal income tax purposes is $278,321,895. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $6,817,136 and $2,423,819, respectively. Net unrealized appreciation for tax purposes is $4,393,317.

^(G)  Cash in the amount of $458,761 has been segregated by the custodian with the broker as collateral for centrally cleared swaps.

^(H)  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 June 30, 2014. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

^(I)  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 Portfolio Semi-Annual Report 2014

Page    12

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

DEFINITIONS:

BBA	British Bankers’ Association
BCLY	Barclays Bank PLC
BOA	Bank of America
CITI	Citigroup, Inc.
CPI	Consumer Price Index
DUB	Deutsche Bank AG
EURIBOR	Euro InterBank Offered Rate
HICP	Harmonized Index of Consumer Prices
JPM	JPMorgan Chase Bank
LIBOR	London Interbank Offered Rate
NAS	National Academy of Sciences
NSA	Not Seasonally Adjusted
OTC	Over the Counter
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.
SSB	State Street Bank & Trust Co.
UBS	UBS AG

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	Euro
GBP	Pound Sterling
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
USD	United States Dollar

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    13

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 15.5%
U.S. Treasury Bond
2.75%, 11/15/2042		$  175,000		$  156,215
3.63%, 02/15/2044		52,947,400		55,876,027
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		3,136,912		3,957,902
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		1,730,428		1,724,478
0.63%, 01/15/2024		10,094,892		10,460,832
U.S. Treasury Note
0.25%, 11/30/2014		9,915,500		9,922,084
0.88%, 04/15/2017 (A)		9,980,600		10,004,773
0.88%, 04/30/2017		12,469,900		12,492,308
1.25%, 11/30/2018		42,982,800		42,593,290
1.63%, 11/15/2022 (A)		240,000		226,819
2.50%, 05/15/2024 (A)		32,841,700		32,795,524
2.75%, 02/15/2024		25,553,100		26,134,024
Total U.S. Government Obligations (cost $204,476,008)				206,344,276
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8%
Fannie Mae
1.33%, 08/01/2037 (B)		10,612		11,503
1.90%, 08/01/2034 - 01/01/2035 (B)		67,037		70,991
2.74%, 08/01/2035 (B)		101,401		107,768
3.00%, 03/01/2041 (B)		629,774		670,323
3.14%, 03/01/2041 (B)		728,844		774,982
3.18%, 12/01/2040 (B)		1,345,411		1,408,451
3.34%, 06/01/2041 (B)		1,530,880		1,614,183
3.50%, 09/01/2041 (B)		1,126,825		1,194,309
3.50%, 07/01/2028 - 01/01/2029		6,237,616		6,637,297
4.50%, 02/01/2025 - 06/01/2026		5,693,739		6,099,813
5.50%, 07/01/2014 - 04/01/2041		2,749,126		3,084,309
6.00%, 02/01/2034 - 12/01/2038		4,026,963		4,554,893
6.00%, 04/01/2035 (B)		5,833,634		6,616,160
6.50%, 05/01/2040		4,944,851		5,575,535
7.00%, 01/01/2015 - 09/01/2016		6,381		6,511
7.00%, 01/01/2016 (B)		11,809		12,109
Fannie Mae, TBA
3.50%		68,791,000		71,442,592
4.00%		25,829,000		27,411,026
4.50%		22,083,000		23,915,204
5.00%		17,062,000		18,946,819
Freddie Mac
1.95%, 02/01/2037 - 04/01/2037 (B)		266,606		280,956
1.99%, 05/01/2037 (B)		109,518		114,951
2.29%, 01/01/2038 (B)		308,140		327,137
2.37%, 09/01/2035 (B)		1,523,926		1,619,373
2.50%, 05/01/2037 (B)		118,432		126,446
2.64%, 12/01/2034 (B)		26,361		28,010
3.04%, 02/01/2041 (B)		1,111,963		1,183,782
5.50%, 07/01/2016 - 06/01/2041		3,924,472		4,373,286
5.89%, 09/01/2037 (B)		27,752		29,793
6.00%, 07/01/2014 - 05/01/2031		923,946		1,035,639
FREMF Mortgage Trust
Series 2012-K23, Class B
3.78%, 10/25/2045 - 144A (B)		1,240,000		1,255,996
Series 2012-K711, Class B
3.68%, 08/25/2045 - 144A (B)		1,645,000		1,705,643

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Ginnie Mae, IO
1.00%, 02/16/2053 (B)		$  10,071,833		$  754,884
Ginnie Mae, TBA
3.00%		6,538,000		6,587,035
3.50%		9,464,000		9,858,088
4.00%		6,163,000		6,582,854
4.50%		6,024,667		6,560,532
Tennessee Valley Authority
5.98%, 04/01/2036		440,000		571,804
Total U.S. Government Agency Obligations (cost $220,467,456)				223,150,987
FOREIGN GOVERNMENT OBLIGATIONS - 1.9%
Brazilian Government International Bond
4.25%, 01/07/2025		2,640,000		2,675,640
Colombia Government International Bond
4.00%, 02/26/2024		1,810,000		1,866,110
Indonesia Government International Bond, Series MTN
5.38%, 10/17/2023 - 144A		2,500,000		2,653,125
Mexico Government International Bond
4.00%, 10/02/2023 (A)		5,298,000		5,568,198
Peruvian Government International Bond
7.35%, 07/21/2025		1,010,000		1,338,250
Poland Government International Bond
Series 2013-NPL1, Class A
5.00%, 03/23/2022		1,200,000		1,333,800
South Africa Government Bond
8.00%, 12/21/2018		ZAR   51,065,000		4,879,288
South Africa Government International Bond
4.67%, 01/17/2024 (A)		$  1,060,000		1,079,875
Turkey Government International Bond
5.75%, 03/22/2024 (A)		3,180,000		3,474,150
Total Foreign Government Obligations (cost $23,867,839)				24,868,436
MORTGAGE-BACKED SECURITIES - 14.4%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
0.99%, 02/25/2035 (B)		14,747		14,757
Alternative Loan Trust
Series 2005-36, Class 2A1A
0.46%, 08/25/2035 (B)		1,589,359		1,233,942
Series 2005-50CB, Class 1A1
5.50%, 11/25/2035		3,067,716		2,915,254
Series 2005-51, Class 3A3A
0.48%, 11/20/2035 (B)		1,420,967		1,177,007
Series 2006-OA21, Class A1
0.34%, 03/20/2047 (B)		3,933,931		3,171,150

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    14

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Commercial Mortgage Trust
Series 2007-3, Class A1A
5.78%, 06/10/2049 (B)		$  3,442,018		$  3,724,883
Banc of America Funding Corp.
Series 2005-E, Class 4A1
2.68%, 03/20/2035 (B)		277,015		278,146
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 - 144A		3,410,000		3,349,278
Series 2012-TFT, Class C
3.58%, 06/05/2030 - 144A (B)		3,665,000		3,540,782
Bear Stearns Alt-A Trust
Series 2004-11, Class 2A2
2.74%, 11/25/2034 (B)		119,207		104,264
Bear Stearns ARM Trust
Series 2005-1, Class 4A1
4.97%, 03/25/2035 (B)		1,260,869		1,265,738
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		3,038,210		3,301,465
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		2,085,870		2,276,886
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (B)		2,097,779		2,314,811
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.36%, 12/25/2046 (B)		243,105		80,854
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1
2.69%, 02/25/2034 (B)		150,520		150,518
Series 2004-23, Class A
2.38%, 11/25/2034 (B)		89,204		75,264
Series 2005-3, Class 1A2
0.44%, 04/25/2035 (B)		287,458		263,698
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3
3.75%, 03/10/2047		1,140,000		1,173,755
Series 2014-GC19, Class A4
4.02%, 03/10/2047		1,735,000		1,835,238
COMM Mortgage Trust
Series 2010-RR1, Class GEB
5.54%, 12/11/2049 - 144A (B)		960,000		1,028,416
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (B)		565,000		621,025
Series 2013-GAM, Class A2
3.37%, 02/10/2028 - 144A		1,380,000		1,379,151
Series 2014-CR14, Class B
4.76%, 02/10/2047 (B)		1,180,000		1,272,167
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		1,240,000		1,306,235
Commercial Mortgage Pass-Through Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 - 144A		1,560,000		1,536,226
Commercial Mortgage Trust
Series 2005-GG3, Class A3
4.57%, 08/10/2042		93,279		93,183

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust (continued)
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (B)		$  1,175,000		$  1,298,505
Countrywide Alternative Loan Trust
Series 2007-22, Class 2A16
6.50%, 09/25/2037		9,020,720		7,325,771
Series 2007-5CB, Class 1A31
5.50%, 04/25/2037		2,234,674		1,825,206
Credit Suisse Commercial Mortgage Trust
Series 2007-C2, Class A2
5.45%, 01/15/2049 (B)		5,729		5,710
Credit Suisse First Boston Mortgage Securities Corp.
Series 2004-AR5, Class 7A2
2.40%, 06/25/2034 (B)		249,795		247,498
Credit Suisse Mortgage Capital Certificates
Series 2007-TF2A, Class A3
0.42%, 04/15/2022 - 144A (B)		1,192,047		1,173,301
Series 2009-11R, Class 5A1
4.43%, 08/26/2036 - 144A (B)		7,821,354		7,970,484
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 - 144A		3,388,274		3,499,372
Series 2011-4R, Class 5A1
3.31%, 05/27/2036 - 144A (B)		2,614,042		2,489,287
Series 2013-8R, Class 3A1
0.30%, 03/27/2036 - 144A (B)		6,003,955		5,859,026
Series 2014-4R, Class 21A1
0.51%, 12/27/2035 - 144A (B)		7,405,000		7,011,217
DBRR Trust
Series 2011-C32, Class A3A
5.93%, 06/17/2049 - 144A (B)		1,320,000		1,418,419
Series 2013-EZ3, Class A
1.64%, 12/18/2049 - 144A (B)		1,516,621		1,527,996
Deutsche Mortgage Securities, Inc. Re-REMIC Trust Certificates
Series 2005-WF1, Class 1A3
5.23%, 06/26/2035 - 144A (B)		702,970		713,150
Extended Stay America Trust
Series 2013-ESH5, Class C5
2.68%, 12/05/2031 - 144A		1,210,000		1,210,870
Series 2013-ESH7, Class A27
2.96%, 12/05/2031 - 144A		1,630,000		1,653,739
First Horizon Alternative Mortgage Securities
Series 2006-FA8, Class 1A8
0.52%, 02/25/2037 (B)		342,194		212,556
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A
2.97%, 03/18/2035 (B)		89,153		88,290
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 1A1
3.17%, 12/19/2033 (B)		34,712		34,014
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.55%, 12/10/2027 - 144A (B)		3,320,000		3,129,857
GS Mortgage Securities Corp. II, IO
Series 2013-KYO, Class XB1
3.25%, 11/08/2029 - 144A (B)		20,730,000		631,923

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    15

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. Trust
Series 2012-SHOP, Class C
3.63%, 06/05/2031 - 144A		$  410,000		$  424,471
GSR Mortgage Loan Trust
Series 2005-AR1, Class 2A1
2.67%, 01/25/2035 (B)		2,019,295		2,052,589
Hilton USA Trust
4.41%, 11/05/2030		970,000		1,004,440
Series 2013-HLT, Class EFX
5.61%, 11/05/2030 - 144A (B)		2,745,000		2,833,617
Hilton USA Trust, IO
Series 2013-HLT, Class X1FX
1.82%, 11/05/2030 - 144A (B)		22,320,000		184,519
Impac CMB Trust
Series 2004-6, Class 1A1
0.95%, 10/25/2034 (B)		54,084		51,814
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1
2.78%, 11/25/2037 (B)		559,971		534,494
IndyMac Index Mortgage Loan Trust
Series 2005-AR14, Class 2A1A
0.45%, 07/25/2035 (B)		1,412,816		1,255,578
Series 2007-AR15, Class 2A1
4.43%, 08/25/2037 (B)		881,638		738,747
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		132,718		132,953
Series 2007-LD11, Class ASB
5.99%, 06/15/2049 (B)		1,058,945		1,121,449
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.62%, 12/12/2044 (B)		2,000,000		2,125,114
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (B)		4,162,255		4,552,970
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (B)		3,751,164		4,198,790
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		3,114,802		3,423,933
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1
1.99%, 02/25/2034 (B)		126,872		127,193
Series 2006-A2, Class 5A1
2.55%, 11/25/2033 (B)		124,453		125,335
Series 2006-S3, Class 1A12
6.50%, 08/25/2036		591,160		524,267
JPMorgan Re-REMIC Trust
Series 2014-2, Class 6A1
3.04%, 05/25/2037 - 144A		8,591,093		8,650,996
LB-UBS Commercial Mortgage Trust
Series 2005-C2, Class AJ
5.21%, 04/15/2030 (B)		1,280,000		1,316,933
Series 2007-C7, Class AM
6.37%, 09/15/2045 (B)		900,000		1,025,199
MASTR Adjustable Rate Mortgages Trust
Series 2007-R5, Class A1
2.62%, 11/25/2035 - 144A (B)		735,389		538,027

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
0.79%, 10/25/2028 (B)		$  57,790		$  57,686
Series 2004-A1, Class 2A1
2.38%, 02/25/2034 (B)		285,885		288,813
Series 2004-A3, Class 4A3
2.57%, 05/25/2034 (B)		149,192		149,322
Series 2005-A3, Class A1
0.42%, 04/25/2035 (B)		65,700		62,872
Series 2005-A4, Class 2A2
2.49%, 07/25/2035 (B)		319,552		284,823
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.46%, 11/12/2037 (B)		1,760,000		1,844,564
Series 2007-C1, Class A1A
6.03%, 06/12/2050 (B)		1,171,903		1,268,625
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM
5.77%, 04/12/2049 (B)		2,855,000		3,117,469
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		4,140,149		4,527,427
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		1,090,000		1,187,570
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (B)		1,182,290		1,291,586
Series 2007-IQ15, Class AM
6.11%, 06/11/2049 (B)		3,170,000		3,493,286
Morgan Stanley Capital I, Inc.
Series 1998-WF2, Class G
6.34%, 07/15/2030 - 144A (B)		210,072		211,067
Morgan Stanley Mortgage Loan Trust
Series 2004-8AR, Class 4A2
2.47%, 10/25/2034 (B)		290,662		291,265
Series 2006-3AR, Class 2A3
2.81%, 03/25/2036 (B)		607,684		516,916
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4B
6.00%, 08/15/2045 - 144A (B)		540,000		591,801
Series 2012-IO, Class AXB2
1.00%, 03/27/2051 - 144A		1,120,000		1,107,400
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		1,703,239		1,712,812
Series 2014-R3, Class A2
3.00%, 07/26/2048 (B) (C)		7,075,000		7,024,148
Motel 6 Trust
Series 2012-MTL6, Class B
2.74%, 10/05/2025 - 144A		3,735,000		3,777,310
Series 2012-MTL6, Class C
3.14%, 10/05/2025 - 144A		2,854,000		2,885,143
NACC Reperforming Loan REMIC Trust
Series 2004-R2, Class A1
6.50%, 10/25/2034 - 144A (B)		115,987		118,410
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 - 144A (B)		2,844,848		2,943,353
Prime Mortgage Trust
Series 2006-DR1, Class 2A2
6.00%, 05/25/2035 - 144A		659,665		654,121

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    16

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.59%, 01/11/2037 - 144A (B)		$  4,200,000		$  3,988,324
RALI Trust
Series 2007-QO1, Class A1
0.30%, 02/25/2047 (B)		653,398		523,432
Series 2007-QO4, Class A1A
0.34%, 05/25/2047 (B)		1,271,122		1,052,546
RBSCF Trust
Series 2010-RR3, Class WBTA
6.14%, 02/16/2051 - 144A (B)		7,423,133		7,865,277
RBSGC Mortgage Pass-Through Certificates
Series 2007-B, Class 1A4
0.60%, 01/25/2037 (B)		548,586		383,025
SCG Trust
Series 2013-SRP1, Class AJ
2.10%, 11/15/2026 - 144A (B)		1,140,000		1,143,590
STRIPS, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A (C)		2,315,907		2,292,748
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-20, Class 3A1
2.49%, 01/25/2035 (B)		552,821		518,128
Series 2005-15, Class 1A1
2.51%, 07/25/2035 (B)		802,093		645,451
Series 2007-3, Class 3A1
2.77%, 04/25/2047 (B)		2,215,587		1,774,404
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1
0.86%, 01/19/2034 (B)		72,106		70,240
Voyager BRSTN Delaware Trust, IO
Series 2009-1, Class UAU7
0.40%, 12/26/2036 - 144A (B)		410,001		375,634
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class H
0.55%, 09/15/2021 - 144A (B)		1,493,000		1,452,459
WaMu Mortgage Pass-Through Certificates
Series 2005-AR8, Class 2A1A
0.44%, 07/25/2045 (B)		80,316		75,875
Series 2006-AR14, Class 1A3
2.05%, 11/25/2036 (B)		1,381,030		1,213,721
Series 2006-AR3, Class A1A
1.09%, 05/25/2046 (B)		1,855,381		1,414,581
Series 2007-OA6, Class 1A1B
0.93%, 07/25/2047 (B)		1,703,558		684,033
Wells Fargo Re-REMIC Trust
Series 2012-IO, Class A
1.75%, 08/20/2021 - 144A		1,312,439		1,312,964
Total Mortgage-Backed Securities (cost $191,425,766)				191,947,933
ASSET-BACKED SECURITIES - 13.3%
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		1,650,000		1,695,515

	Principal		Value
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust (continued)
Series 2012-2, Class C
2.64%, 10/10/2017		$  1,400,000		$  1,433,831
Series 2012-3, Class C
2.42%, 05/08/2018		1,350,000		1,380,260
Series 2012-4, Class B
1.31%, 11/08/2017		785,000		789,851
Series 2012-4, Class C
1.93%, 08/08/2018		1,235,000		1,255,030
Series 2012-5, Class C
1.69%, 11/08/2018		2,110,000		2,131,007
Series 2013-4, Class B
1.66%, 09/10/2018		520,000		523,549
Series 2013-4, Class C
2.72%, 09/09/2019		320,000		327,873
Series 2013-4, Class D
3.31%, 10/08/2019		745,000		772,131
Series 2013-5, Class B
1.52%, 01/08/2019		555,000		556,362
Series 2013-5, Class C
2.29%, 11/08/2019		295,000		298,500
Series 2014-1, Class B
1.68%, 07/08/2019		1,113,000		1,116,604
Amortizing Residential Collateral Trust
Series 2002-BC5, Class M1
1.19%, 07/25/2032 (B)		216,954		208,798
Chase Funding Trust
Series 2003-4, Class 1A5
5.42%, 05/25/2033 (B)		927,394		968,982
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A3
0.85%, 05/15/2018 - 144A		1,600,000		1,604,909
Series 2013-BA, Class A4
1.27%, 03/15/2019 - 144A		1,105,000		1,108,848
Series 2013-BA, Class B
1.78%, 06/17/2019 - 144A		510,000		512,268
Series 2013-BA, Class C
2.24%, 09/16/2019 - 144A		520,000		522,007
Series 2013-BA, Class D
2.89%, 10/15/2020 - 144A		515,000		522,505
Series 2014-AA, Class B
1.76%, 08/15/2019 - 144A		580,000		580,449
Series 2014-AA, Class C
2.28%, 11/15/2019 - 144A		745,000		746,091
Conseco Finance Securitizations Corp.
Series 2002-1, Class A
6.68%, 12/01/2033 (B)		157,667		158,569
Series 2002-2, Class A2
6.03%, 03/01/2033 (B)		604,057		616,877
Credit Acceptance Auto Loan Trust
Series 2013-1A, Class A
1.21%, 10/15/2020 - 144A		1,060,000		1,062,594
CWHEQ Revolving Home Equity Loan Resuritization Trust
Series 2006-RES, Class 4Q1B
0.45%, 12/15/2033 - 144A (B)		242,637		192,630
DT Auto Owner Trust
Series 2012-1A, Class D
4.94%, 07/16/2018 - 144A		1,750,000		1,784,052

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    17

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019		$  1,210,000		$  1,228,799	��
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class C
2.86%, 01/15/2019		455,000		471,582
Series 2012-2, Class D
3.50%, 01/15/2019		815,000		855,801
HLSS Servicer Advance Receivables Backed Notes
Series 2013-T2, Class A2
1.15%, 05/16/2044 - 144A		305,000		305,061
HLSS Servicer Advance Receivables Trust
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		2,905,000		2,928,240
Series 2013-T1, Class A2
1.50%, 01/16/2046 - 144A		3,550,000		3,551,775
HSBC Home Equity Loan Trust
Series 2006-3, Class M1
0.41%, 03/20/2036 (B)		5,750,000		5,547,163
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		2,235,000		2,308,261
Nelnet Student Loan Trust
Series 2006-1, Class A5
0.34%, 08/23/2027 (B)		2,230,000		2,194,501
Series 2008-3, Class A4
1.88%, 11/25/2024 (B)		2,500,000		2,625,648
Series 2014-2A, Class A3
1.00%, 07/27/2037 - 144A (B)		1,325,000		1,317,514
Prestige Auto Receivables Trust
Series 2014-1A, Class A2
0.97%, 03/15/2018 - 144A		1,750,000		1,750,364
RAAC
Series 2007-RP4, Class A
0.50%, 06/25/2037 - 144A (B)		1,030,887		900,935
Renaissance Home Equity Loan Trust
Series 2007-2, Class AF6
5.88%, 06/25/2037 (B)		1,468,225		828,376
Santander Drive Auto Receivables Trust
Series 2012-2, Class C
3.20%, 02/15/2018		4,455,000		4,555,500
Series 2012-3, Class C
3.01%, 04/16/2018		4,475,000		4,588,629
Series 2012-4, Class C
2.94%, 12/15/2017		1,400,000		1,434,640
Series 2012-5, Class C
2.70%, 08/15/2018		355,000		364,919
Series 2012-6, Class C
1.94%, 03/15/2018		1,635,000		1,660,220
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		3,780,000		3,790,777
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		3,260,000		3,283,593
Series 2013-2, Class B
1.33%, 03/15/2018		3,740,000		3,764,864
Series 2013-3, Class B
1.19%, 05/15/2018		3,320,000		3,330,916

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2013-4, Class C
3.25%, 01/15/2020		$  1,560,000		$  1,628,074
Series 2013-5, Class B
1.55%, 10/15/2018		4,255,000		4,280,015
Series 2013-5, Class C
2.25%, 06/17/2019		2,015,000		2,033,623
Series 2013-A, Class B
1.89%, 10/15/2019 - 144A		2,355,000		2,387,848
Series 2013-A, Class C
3.12%, 10/15/2019 - 144A		910,000		939,337
Series 2013-A, Class D
3.78%, 10/15/2019 - 144A		595,000		626,433
Series 2014-1, Class B
1.59%, 10/15/2018		4,560,000		4,583,014
Series 2014-1, Class C
2.36%, 04/15/2020		2,000,000		2,032,896
Scholar Funding Trust
Series 2011-A, Class A
1.13%, 10/28/2043 - 144A (B)		1,317,159		1,322,616
Series 2013-A, Class A
0.80%, 01/30/2045 - 144A (B)		5,048,560		5,042,353
Securitized Asset Backed Receivables LLC
Series 2007-BR3, Class A2B
0.37%, 04/25/2037 (B)		2,260,001		1,512,201
SLC Private Student Loan Trust
Series 2006-A, Class A5
0.40%, 07/15/2036 (B)		3,687,246		3,655,233
SLC Student Loan Trust
Series 2008-1, Class A4A
1.83%, 12/15/2032 (B)		400,000		420,103
SLM Private Credit Student Loan Trust
Series 2002-A, Class A2
0.78%, 12/16/2030 (B)		1,659,133		1,629,089
Series 2004-B, Class A2
0.43%, 06/15/2021 (B)		2,271,109		2,251,164
Series 2005-B, Class A2
0.41%, 03/15/2023 (B)		1,813,902		1,796,108
SLM Private Education Loan Trust
Series 2011-A, Class A3
2.65%, 01/15/2043 - 144A (B)		1,805,000		1,926,897
Series 2011-B, Class A2
3.74%, 02/15/2029 - 144A		595,000		628,647
Series 2011-B, Class A3
2.40%, 06/16/2042 - 144A (B)		690,000		737,732
Series 2011-C, Class A2A
3.40%, 10/17/2044 - 144A (B)		1,190,000		1,280,201
Series 2011-C, Class A2B
4.54%, 10/17/2044 - 144A		1,930,000		2,075,929
Series 2012-A, Class A1
1.55%, 08/15/2025 - 144A (B)		817,558		828,422
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		3,340,000		3,518,055
Series 2012-B, Class A2
3.48%, 10/15/2030 - 144A		2,555,000		2,678,128
Series 2012-C, Class A1
1.25%, 08/15/2023 - 144A (B)		1,541,467		1,553,080

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    18

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLM Private Education Loan Trust (continued)
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		$  4,850,000		$  5,066,911
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		6,220,000		6,457,131
Series 2012-E, Class A1
0.90%, 10/16/2023 - 144A (B)		1,499,530		1,505,799
Series 2013-A, Class A1
0.75%, 08/15/2022 - 144A (B)		793,572		795,045
Series 2013-A, Class A2A
1.77%, 05/17/2027 - 144A		1,535,000		1,523,356
Series 2013-A, Class B
2.50%, 03/15/2047 - 144A		260,000		248,693
Series 2013-B, Class A2A
1.85%, 06/17/2030 - 144A		2,855,000		2,820,263
Series 2013-B, Class B
3.00%, 05/16/2044 - 144A		340,000		329,840
Series 2013-C, Class A1
1.00%, 02/15/2022 - 144A (B)		2,840,454		2,854,583
Series 2013-C, Class A2A
2.94%, 10/15/2031 - 144A		2,560,000		2,637,496
Series 2013-C, Class A2B
1.55%, 10/15/2031 - 144A (B)		1,360,000		1,391,631
Series 2014-A, Class A1
0.75%, 07/15/2022 - 144A (B)		1,466,188		1,469,078
SLM Student Loan Trust
Series 2005-2, Class A5
0.32%, 04/27/2020 (B)		638,394		636,410
Series 2008-5, Class A4
1.93%, 07/25/2023 (B)		3,860,000		4,048,360
Series 2013-6, Class A3
0.80%, 06/26/2028 (B)		3,355,000		3,372,604
SpringCastle America Funding LLC
Series 2013-1A, Class A
3.75%, 04/03/2021 - 144A		4,614,068		4,653,288
Structured Asset Securities Corp.
Series 2007-TC1, Class A
0.45%, 04/25/2031 - 144A (B)		1,163,005		1,085,539
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		4,000,000		4,032,516
Series 2012-D, Class A
2.15%, 04/17/2023		4,780,000		4,752,893
Total Asset-Backed Securities (cost $176,531,119)				177,506,804
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.9%
Los Angeles Community College District (General Obligation Unlimited)
6.60%, 08/01/2042		340,000		466,184
Metropolitan Transportation Authority (Revenue Bonds)
Series E 6.81%, 11/15/2040		355,000		481,913
Municipal Electric Authority of Georgia (Revenue Bonds)
6.64%, 04/01/2057		295,000		359,735

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey State Turnpike Authority (Revenue Bonds)
Series F 7.41%, 01/01/2040		$  431,000		$  621,093
New York City Water & Sewer System (Revenue Bonds)
5.38%, 06/15/2043		1,670,000		1,918,646
5.50%, 06/15/2043		2,000,000		2,308,600
5.88%, 06/15/2044		340,000		432,830
New York State Dormitory Authority (Revenue Bonds)
Series H 5.39%, 03/15/2040		330,000		393,779
Port Authority of New York & New Jersey (Revenue Bonds)
4.96%, 08/01/2046		570,000		644,009
State of California (General Obligation Unlimited)
7.60%, 11/01/2040		1,585,000		2,401,180
State of Illinois (General Obligation Unlimited)
5.10%, 06/01/2033		1,520,000		1,523,070
University of California (Revenue Bonds)
4.86%, 05/15/2112		315,000		319,608
Total Municipal Government Obligations (cost $10,784,563)				11,870,647
PREFERRED CORPORATE DEBT SECURITIES - 0.8%
Capital Markets - 0.0% (D)
State Street Capital Trust IV 1.23%, 06/01/2077 (B)		285,000		242,250
Diversified Financial Services - 0.0% (D)
Lehman Brothers Holdings Capital Trust VII, Series MTN
5.86%, 07/31/2014 (C) (E) (F) (G)		1,945,000		195
Insurance - 0.8%
MetLife Capital Trust IV
7.88%, 12/15/2067 - 144A		740,000		919,450
ZFS Finance USA Trust II
6.45%, 12/15/2065 - 144A (B)		8,860,000		9,546,650
Total Preferred Corporate Debt Securities (cost $12,632,432)				10,708,545
CORPORATE DEBT SECURITIES - 34.7%
Air Freight & Logistics - 0.2%
FedEx Corp.
4.90%, 01/15/2034		1,760,000		1,888,964
5.10%, 01/15/2044		1,260,000		1,363,387
Airlines - 0.1%
United Continental Holdings, Inc.
6.00%, 07/15/2028		735,000		707,437
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023 - 144A (A)		850,000		894,625
6.25%, 10/02/2043 - 144A (A)		500,000		573,750
Beverages - 0.2%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019		1,235,000		1,242,516
3.70%, 02/01/2024		1,730,000		1,775,508

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    19

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Biotechnology - 0.1%
Amgen, Inc.
5.15%, 11/15/2041		$  960,000		$  1,030,113
5.65%, 06/15/2042 (A)		750,000		855,463
Capital Markets - 2.1%
Bank of New York Mellon Corp., Series MTN
2.10%, 01/15/2019		1,275,000		1,282,598
Goldman Sachs Group, Inc.
2.38%, 01/22/2018		1,685,000		1,711,178
2.90%, 07/19/2018		2,445,000		2,519,010
3.63%, 02/07/2016		1,030,000		1,073,545
3.63%, 01/22/2023 (A)		1,655,000		1,662,118
5.75%, 01/24/2022		1,131,000		1,308,775
6.25%, 02/01/2041		490,000		597,753
6.75%, 10/01/2037		500,000		601,517
Goldman Sachs Group, Inc., Series MTN
1.83%, 11/29/2023 (B)		1,310,000		1,350,191
Macquarie Group, Ltd.
6.25%, 01/14/2021 - 144A (A)		5,280,000		6,049,433
Morgan Stanley
3.45%, 11/02/2015 (A)		3,368,000		3,484,873
3.80%, 04/29/2016		1,045,000		1,097,174
Morgan Stanley, Series MTN
5.00%, 11/24/2025 (A)		1,820,000		1,941,154
5.45%, 01/09/2017		3,370,000		3,712,375
Chemicals - 0.8%
LyondellBasell Industries NV
5.00%, 04/15/2019		6,897,000		7,779,651
Monsanto Co.
4.40%, 07/15/2044 (H)		2,705,000		2,710,940
Commercial Banks - 7.6%
Bank of America Corp.
2.60%, 01/15/2019		1,596,000		1,614,774
4.10%, 07/24/2023 (A)		1,435,000		1,489,339
Bank of America Corp., Series MTN
2.65%, 04/01/2019		5,156,000		5,226,122
Barclays Bank PLC
10.18%, 06/12/2021 - 144A		9,240,000		12,780,860
BPCE SA
4.00%, 04/15/2024		1,647,000		1,681,340
5.15%, 07/21/2024 - 144A (A)		1,200,000		1,266,846
Citigroup, Inc.
2.50%, 09/26/2018 (A)		1,492,000		1,516,318
2.55%, 04/08/2019		2,770,000		2,791,661
3.38%, 03/01/2023		1,380,000		1,374,720
4.45%, 01/10/2017		880,000		947,768
4.95%, 11/07/2043 (A)		490,000		523,222
6.68%, 09/13/2043		490,000		610,008
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.25%, 01/14/2019 (A)		1,565,000		1,584,919
11.00%, 06/30/2019 - 144A (B) (F)		9,495,000		12,748,842
Credit Agricole SA
2.50%, 04/15/2019 - 144A		3,379,000		3,410,151
Glitnir HF
6.33%, 07/28/2011 - 144A (E)		290,000		89,538
HSBC Bank Brasil SA - Banco Multiplo, Series MTN
4.00%, 05/11/2016 - 144A		5,850,000		6,069,375

	Principal		Value
Commercial Banks (continued)
HSBC Holdings PLC
4.25%, 03/14/2024 (A)		$  485,000		$  499,126
5.25%, 03/14/2044		1,228,000		1,314,942
Intesa Sanpaolo SpA
5.02%, 06/26/2024 - 144A (A)		4,285,000		4,335,627
JPMorgan Chase & Co.
3.20%, 01/25/2023		535,000		531,188
3.25%, 09/23/2022		1,180,000		1,185,387
4.75%, 03/01/2015		2,065,000		2,124,379
4.85%, 02/01/2044		490,000		519,560
6.75%, 02/01/2024 (B) (F)		412,000		443,415
JPMorgan Chase & Co., Series MTN
1.35%, 02/15/2017		3,735,000		3,748,267
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A (E)		320,000		32,800
Macquarie Bank, Ltd.
1.65%, 03/24/2017 - 144A		2,245,000		2,258,043
Nordea Bank AB
4.25%, 09/21/2022 - 144A		11,100,000		11,499,944
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		1,950,000		1,967,373
6.00%, 12/19/2023		1,685,000		1,821,830
Societe Generale SA
5.00%, 01/17/2024 - 144A (A)		2,315,000		2,421,110
UBS AG
7.63%, 08/17/2022 (A)		5,385,000		6,483,928
Wells Fargo & Co.
2.15%, 01/15/2019 (A)		912,000		920,270
4.13%, 08/15/2023 (A)		855,000		888,178
5.38%, 11/02/2043		1,740,000		1,914,068
5.90%, 06/15/2024 (A) (B) (F)		1,080,000		1,145,610
Commercial Services & Supplies - 0.3%
ERAC USA Finance LLC
3.85%, 11/15/2024 - 144A (A)		4,130,000		4,160,591
Communications Equipment - 0.1%
Cisco Systems, Inc.
2.13%, 03/01/2019		1,375,000		1,385,684
Computers & Peripherals - 0.1%
Hewlett-Packard Co.
3.75%, 12/01/2020 (A)		1,685,000		1,761,244
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd.
6.75%, 10/01/2022 - 144A (A)		1,178,252		1,261,319
Construction Materials - 0.4%
Martin Marietta Materials, Inc.
4.25%, 07/02/2024 - 144A (H)		5,140,000		5,178,581
Consumer Finance - 0.1%
Discover Financial Services
3.85%, 11/21/2022		1,111,000		1,131,147
Diversified Financial Services - 0.6%
Bank of America Corp.
5.75%, 12/01/2017		1,965,000		2,216,362
Ford Motor Credit Co. LLC
4.38%, 08/06/2023 (A)		706,000		753,958
General Electric Capital Corp.
7.13%, 06/15/2022 (B) (F)		2,800,000		3,304,560
General Electric Capital Corp., Series MTN
6.88%, 01/10/2039		500,000		671,639

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    20

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Diversified Financial Services (continued)
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A (C) (E)		$  200,000		$  0
MassMutual Global Funding II
2.35%, 04/09/2019 - 144A		1,400,000		1,411,994
Diversified Telecommunication Services - 1.6%
AT&T, Inc.
2.30%, 03/11/2019		2,450,000		2,473,429
4.35%, 06/15/2045		945,000		895,783
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 (A)		1,902,000		2,023,253
Level 3 Financing, Inc.
8.13%, 07/01/2019		2,053,000		2,240,336
Sprint Capital Corp.
6.88%, 11/15/2028		822,000		830,220
Verizon Communications, Inc.
3.45%, 03/15/2021 (A)		1,125,000		1,162,580
3.65%, 09/14/2018		2,800,000		2,994,547
3.85%, 11/01/2042 (A)		4,623,000		4,070,380
4.50%, 09/15/2020		1,135,000		1,248,491
6.55%, 09/15/2043		2,901,000		3,650,737
Electric Utilities - 1.5%
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/2044 (A)		1,660,000		1,751,371
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		458,000		519,661
8.88%, 11/15/2018		449,000		569,971
Commonwealth Edison Co.
4.70%, 01/15/2044 (A)		1,055,000		1,151,390
Duke Energy Carolinas LLC
4.25%, 12/15/2041		1,525,000		1,552,403
Duke Energy Corp.
3.75%, 04/15/2024		275,000		282,455
Duke Energy Florida, Inc.
6.40%, 06/15/2038		980,000		1,310,870
Entergy Arkansas, Inc.
3.70%, 06/01/2024		1,625,000		1,687,062
Georgia Power Co.
3.00%, 04/15/2016		3,295,000		3,430,797
Jersey Central Power & Light Co.
7.35%, 02/01/2019		1,000,000		1,208,184
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		333,000		357,987
5.30%, 06/01/2042		525,000		617,481
Pacific Gas & Electric Co.
4.75%, 02/15/2044 (A)		488,000		519,486
PacifiCorp
3.60%, 04/01/2024 (A)		3,380,000		3,504,881
5.75%, 04/01/2037		900,000		1,113,684
Progress Energy, Inc.
4.88%, 12/01/2019		168,000		188,719
Virginia Electric and Power Co.
3.45%, 02/15/2024 (A)		280,000		286,424
Energy Equipment & Services - 0.9%
Nabors Industries, Inc.
4.63%, 09/15/2021		1,125,000		1,218,584
Schlumberger Investment SA
3.65%, 12/01/2023		835,000		868,342
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023 (A)		1,010,000		1,042,301

	Principal		Value
Energy Equipment & Services (continued)
TransCanada PipeLines, Ltd. (continued)
4.63%, 03/01/2034		$  875,000		$  928,049
Transocean, Inc.
6.00%, 03/15/2018		4,870,000		5,500,806
6.80%, 03/15/2038		850,000		969,466
Weatherford International, Ltd.
5.95%, 04/15/2042 (A)		960,000		1,088,727
Food & Staples Retailing - 0.2%
CVS Caremark Corp.
5.30%, 12/05/2043		319,000		360,619
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		1,258,000		1,205,049
4.30%, 04/22/2044		945,000		954,456
Food Products - 0.1%
Mondelez International, Inc.
2.25%, 02/01/2019		1,570,000		1,580,748
Health Care Equipment & Supplies - 0.2%
Boston Scientific Corp.
2.65%, 10/01/2018		1,532,000		1,566,063
Medtronic, Inc.
3.63%, 03/15/2024 (A)		790,000		810,295
Health Care Providers & Services - 1.1%
Aetna, Inc.
4.75%, 03/15/2044		345,000		362,688
Coventry Health Care, Inc.
5.45%, 06/15/2021		1,632,000		1,900,479
HCA, Inc.
7.25%, 09/15/2020		4,395,000		4,708,144
Tenet Healthcare Corp.
6.25%, 11/01/2018		2,010,000		2,231,100
UnitedHealth Group, Inc.
3.38%, 11/15/2021		650,000		667,365
WellPoint, Inc.
1.88%, 01/15/2018		1,930,000		1,943,549
2.30%, 07/15/2018		1,930,000		1,966,241
3.30%, 01/15/2023 (A)		620,000		619,262
Hotels, Restaurants & Leisure - 0.0% (D)
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018 - 144A		94,000		97,055
4.88%, 11/01/2020 - 144A		150,000		154,500
Household Products - 0.2%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		2,320,000		2,503,570
Industrial Conglomerates - 0.1%
General Electric Co.
4.50%, 03/11/2044		921,000		959,626
Insurance - 4.5%
American International Group, Inc.
3.38%, 08/15/2020		2,460,000		2,556,270
3.80%, 03/22/2017		3,385,000		3,617,238
4.13%, 02/15/2024 (A)		1,409,000		1,483,163
8.18%, 05/15/2068 (B)		1,070,000		1,473,925
8.25%, 08/15/2018 (A)		9,085,000		11,287,286
American International Group, Inc., Series MTN
5.45%, 05/18/2017		1,520,000		1,695,745
Genworth Holdings, Inc.
7.63%, 09/24/2021 (A)		1,125,000		1,409,463

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    21

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Insurance (continued)
Hanover Insurance Group, Inc.
6.38%, 06/15/2021		$  8,760,000		$  10,128,548
Lincoln National Corp.
8.75%, 07/01/2019		4,655,000		6,035,459
Metropolitan Life Global Funding I
1.30%, 04/10/2017 - 144A		4,970,000		4,981,456
Pacific Life Insurance Co.
9.25%, 06/15/2039 - 144A		5,260,000		8,091,610
Principal Financial Group, Inc.
8.88%, 05/15/2019		2,550,000		3,292,226
Prudential Financial, Inc., Series MTN
5.38%, 06/21/2020		1,465,000		1,679,738
7.38%, 06/15/2019		1,595,000		1,975,250
IT Services - 0.3%
International Business Machines Corp.
3.63%, 02/12/2024		2,256,000		2,314,771
MasterCard, Inc.
2.00%, 04/01/2019		1,366,000		1,371,560
3.38%, 04/01/2024		878,000		891,041
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc.
2.40%, 02/01/2019		3,515,000		3,550,769
5.30%, 02/01/2044 (A)		172,000		190,905
Media - 1.5%
21st Century Fox America, Inc.
7.63%, 11/30/2028		1,045,000		1,362,791
CBS Corp.
4.63%, 05/15/2018		655,000		717,173
5.75%, 04/15/2020		520,000		602,607
8.88%, 05/15/2019		1,425,000		1,847,371
Comcast Corp.
4.75%, 03/01/2044 (A)		430,000		454,793
5.88%, 02/15/2018		2,649,000		3,053,762
COX Communications, Inc.
4.70%, 12/15/2042 - 144A (A)		886,000		861,624
8.38%, 03/01/2039 - 144A		1,540,000		2,157,629
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		1,685,000		1,839,737
5.00%, 03/01/2021		905,000		1,010,271
NBCUniversal Enterprise, Inc.
5.25%, 03/19/2021 - 144A (F)		1,500,000		1,567,500
NBCUniversal Media LLC
4.38%, 04/01/2021		560,000		617,972
4.45%, 01/15/2043		1,359,000		1,363,419
5.15%, 04/30/2020		2,246,000		2,577,384
Metals & Mining - 0.5%
BHP Billiton Finance USA, Ltd.
3.85%, 09/30/2023 (A)		1,031,000		1,081,178
Freeport-McMoRan Copper & Gold, Inc.
3.88%, 03/15/2023		1,125,000		1,121,575
Novelis, Inc.
8.75%, 12/15/2020		2,735,000		3,035,850
Rio Tinto Finance USA PLC
2.88%, 08/21/2022 (A)		925,000		903,211
Multi-Utilities - 0.4%
CMS Energy Corp.
3.88%, 03/01/2024 (A)		539,000		560,093
4.88%, 03/01/2044		1,215,000		1,278,915

	Principal		Value
Multi-Utilities (continued)
Dominion Resources, Inc.
1.95%, 08/15/2016		$  2,590,000		$  2,648,088
PG&E Corp.
2.40%, 03/01/2019		694,000		700,261
Oil, Gas & Consumable Fuels - 5.0%
Apache Corp.
4.25%, 01/15/2044 (A)		360,000		354,058
4.75%, 04/15/2043		520,000		544,951
BP Capital Markets PLC
2.24%, 05/10/2019 (A)		2,570,000		2,592,061
2.75%, 05/10/2023		2,070,000		1,988,409
3.25%, 05/06/2022		1,075,000		1,088,294
3.81%, 02/10/2024 (A)		1,545,000		1,596,220
Continental Resources, Inc.
3.80%, 06/01/2024 - 144A (A)		4,760,000		4,811,432
Energy Transfer Partners, LP
5.95%, 10/01/2043		960,000		1,087,071
EOG Resources, Inc.
2.45%, 04/01/2020		2,277,000		2,294,622
Exxon Mobil Corp.
1.82%, 03/15/2019 (A)		3,930,000		3,957,722
Husky Energy, Inc.
4.00%, 04/15/2024		1,120,000		1,163,523
Kerr-McGee Corp.
6.95%, 07/01/2024		1,190,000		1,528,388
Kinder Morgan Energy Partners, LP
3.50%, 03/01/2021 (A)		300,000		304,221
4.15%, 02/01/2024 (A)		3,610,000		3,661,399
Laredo Petroleum, Inc.
7.38%, 05/01/2022		1,370,000		1,530,975
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019		2,820,000		2,953,950
MEG Energy Corp.
6.50%, 03/15/2021 - 144A		4,030,000		4,271,800
Murphy Oil Corp.
2.50%, 12/01/2017 (A)		2,236,000		2,288,546
Nexen Energy ULC
5.88%, 03/10/2035 (A)		110,000		123,996
Noble Energy, Inc.
5.25%, 11/15/2043		685,000		755,151
6.00%, 03/01/2041		1,230,000		1,480,086
8.25%, 03/01/2019		1,065,000		1,342,610
Peabody Energy Corp.
6.25%, 11/15/2021 (A)		1,715,000		1,708,569
Petrobras Global Finance BV
6.25%, 03/17/2024		3,460,000		3,682,824
Petrobras International Finance Co.
3.88%, 01/27/2016		5,825,000		6,005,866
Petroleos Mexicanos
3.50%, 01/30/2023		1,145,000		1,118,093
Range Resources Corp.
5.75%, 06/01/2021		450,000		486,000
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 (B) (C) (G)		125,000		2,500
Shell International Finance BV
2.00%, 11/15/2018 (A)		2,249,000		2,280,162
4.55%, 08/12/2043		1,269,000		1,336,624

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    22

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Statoil ASA
2.90%, 11/08/2020		$  2,630,000		$  2,703,900
Total Capital International SA
3.70%, 01/15/2024		1,070,000		1,107,769
Western Gas Partners, LP
5.38%, 06/01/2021		1,956,000		2,214,988
Williams Cos., Inc.
3.70%, 01/15/2023 (A)		540,000		519,446
7.88%, 09/01/2021 (A)		796,000		988,264
Williams Partners, LP
5.40%, 03/04/2044		814,000		873,284
Paper & Forest Products - 0.4%
International Paper Co. 4.75%, 02/15/2022		4,412,000		4,864,967
Pharmaceuticals - 0.5%
AbbVie, Inc.
4.40%, 11/06/2042		775,000		752,374
Actavis, Inc.
3.25%, 10/01/2022		1,650,000		1,621,085
4.63%, 10/01/2042		1,550,000		1,524,741
Bristol-Myers Squibb Co.
4.50%, 03/01/2044		1,810,000		1,853,096
Teva Pharmaceutical Finance Co., BV
3.65%, 11/10/2021 (A)		850,000		872,276
Real Estate Investment Trusts - 1.1%
ARC Properties Operating Partnership, LP / Clark Acquisition LLC
2.00%, 02/06/2017 - 144A		6,480,000		6,495,591
3.00%, 02/06/2019 - 144A (A)		1,655,000		1,661,272
Realty Income Corp.
3.88%, 07/15/2024		5,555,000		5,613,255
Ventas Realty, LP / Ventas Capital Corp.
2.70%, 04/01/2020		535,000		532,457
Road & Rail - 0.1%
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		622,000		611,857
3.75%, 04/01/2024		294,000		303,411
Software - 0.1%
First Data Corp.
7.38%, 06/15/2019 - 144A		1,060,000		1,138,175
Specialty Retail - 0.1%
QVC, Inc.
7.50%, 10/01/2019 - 144A		1,730,000		1,818,349
Tobacco - 0.3%
Altria Group, Inc.
4.00%, 01/31/2024		905,000		929,915
Philip Morris International, Inc.
1.88%, 01/15/2019		1,946,000		1,941,392
4.88%, 11/15/2043		636,000		684,981
Wireless Telecommunication Services - 0.8%
America Movil SAB de CV
2.38%, 09/08/2016		3,420,000		3,516,547
MetroPCS Wireless, Inc.
7.88%, 09/01/2018 (A)		117,000		122,885
Sprint Communications, Inc.
9.00%, 11/15/2018 - 144A		3,570,000		4,328,625
Sprint Corp.
7.88%, 09/15/2023 - 144A (A)		1,290,000		1,435,125

	Principal		Value
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc.
6.46%, 04/28/2019		$  145,000		$  152,612
6.63%, 04/28/2021		475,000		514,187
6.73%, 04/28/2022 (A)		460,000		496,225
6.84%, 04/28/2023 (A)		145,000		157,869
Total Corporate Debt Securities (cost $449,322,367)				462,162,311
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 12.8%
U.S. Treasury Bill
0.01%, 09/11/2014 (I)		103,312,000		103,308,055
0.03%, 08/21/2014 (A) (I)		27,578,900		27,577,904
0.03%, 08/07/2014 (I)		39,426,000		39,425,061
Total Short-Term U.S. Government Obligations (cost $170,311,020)				170,311,020
	Shares		Value
PREFERRED STOCKS - 0.5%
Capital Markets - 0.1%
State Street Corp. - Series D, 5.90% (B)		23,039		603,622
Diversified Financial Services - 0.3%
Citigroup Capital XIII, 7.88% (B)		126,052		3,491,641
Electric Utilities - 0.0% (D)
SCE Trust III, 5.75% (A) (B)		7,998		211,147
Short-Term U.S. Government Obligations - 0.1%
Fannie Mae - Series O, 0.00% (B) (J)		1,300		24,050
Fannie Mae - Series S, 8.25% (B) (J)		81,175		840,161
Freddie Mac - Series Z, 8.38% (A) (B) (J)		93,300		1,017,903
Total Preferred Stocks (cost $6,317,715)				6,188,524
SECURITIES LENDING COLLATERAL - 7.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (I)		99,516,024		99,516,024
Total Securities Lending Collateral (cost $99,516,024)				99,516,024
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.01% (I), dated 06/30/2014, to be repurchased at $20,593,621 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $21,008,171.		$  20,593,615		20,593,615
Total Repurchase Agreement (cost $20,593,615)				20,593,615
Total Investment Securities (cost $1,586,245,924) (K)				1,605,169,122
Other Assets and Liabilities - Net - (20.6)%				(274,228,163	)
Net Assets - 100.0%				$  1,330,940,959

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    23

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY: ^(L)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	206,344,276	$	—	$	206,344,276
U.S. Government Agency Obligations		—		223,150,987		—		223,150,987
Foreign Government Obligations		—		24,868,436		—		24,868,436
Mortgage-Backed Securities		—		189,655,185		2,292,748		191,947,933
Asset-Backed Securities		—		177,506,804		—		177,506,804
Municipal Government Obligations		—		11,870,647		—		11,870,647
Preferred Corporate Debt Securities		—		10,708,545		—		10,708,545
Corporate Debt Securities
Air Freight & Logistics		—		3,252,351		—		3,252,351
Airlines		—		707,437		—		707,437
Automobiles		—		1,468,375		—		1,468,375
Beverages		—		3,018,024		—		3,018,024
Biotechnology		—		1,885,576		—		1,885,576
Capital Markets		—		28,391,694		—		28,391,694
Chemicals		—		10,490,591		—		10,490,591
Commercial Banks		—		101,780,848		—		101,780,848
Commercial Services & Supplies		—		4,160,591		—		4,160,591
Communications Equipment		—		1,385,684		—		1,385,684
Computers & Peripherals		—		1,761,244		—		1,761,244
Construction & Engineering		—		1,261,319		—		1,261,319
Construction Materials		—		5,178,581		—		5,178,581
Consumer Finance		—		1,131,147		—		1,131,147
Diversified Financial Services		—		8,358,513		0		8,358,513
Diversified Telecommunication Services		—		21,589,756		—		21,589,756
Electric Utilities		—		20,052,826		—		20,052,826
Energy Equipment & Services		—		11,616,275		—		11,616,275
Food & Staples Retailing		—		2,520,124		—		2,520,124
Food Products		—		1,580,748		—		1,580,748
Health Care Equipment & Supplies		—		2,376,358		—		2,376,358
Health Care Providers & Services		—		14,398,828		—		14,398,828
Hotels, Restaurants & Leisure		—		251,555		—		251,555
Household Products		—		2,503,570		—		2,503,570
Industrial Conglomerates		—		959,626		—		959,626
Insurance		—		59,707,377		—		59,707,377
IT Services		—		4,577,372		—		4,577,372
Life Sciences Tools & Services		—		3,741,674		—		3,741,674
Media		—		20,034,033		—		20,034,033
Metals & Mining		—		6,141,814		—		6,141,814
Multi-Utilities		—		5,187,357		—		5,187,357
Oil, Gas & Consumable Fuels		—		66,745,274		2,500		66,747,774
Paper & Forest Products		—		4,864,967		—		4,864,967
Pharmaceuticals		—		6,623,572		—		6,623,572
Real Estate Investment Trusts		—		14,302,575		—		14,302,575
Road & Rail		—		915,268		—		915,268
Software		—		1,138,175		—		1,138,175
Specialty Retail		—		1,818,349		—		1,818,349
Tobacco		—		3,556,288		—		3,556,288
Wireless Telecommunication Services		—		10,724,075		—		10,724,075
Short-Term U.S. Government Obligations		—		170,311,020		—		170,311,020
Preferred Stocks		6,188,524		—		—		6,188,524
Securities Lending Collateral		99,516,024		—		—		99,516,024
Repurchase Agreement		—		20,593,615		—		20,593,615
Total Investment Securities	$	105,704,548	$	1,497,169,326	$	2,295,248	$	1,605,169,122

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    24

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY (continued): ^(L)

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2013		Purchases		Sales (M)			Accrued Discounts (Premiums)			Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) (N)			Transfers into Level 3 (O)		Transfers out of Level 3		Ending Balance at June 30, 2014 (P)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2014 (N)
Mortgage-Backed Securities	$	—	$	—	$	(598,337	)	$	—		$	6,986	$	(1,003	)	$	2,885,102	$	—	$	2,292,748	$	(1,003	)
Corporate Debt Securities		0		—		—			(722	)		—		722			2,500		—		2,500		722
Total	$	0	$	—	$	(598,337	)	$	(722	)	$	6,986	$	(281	)	$	2,887,602	$	—	$	2,295,248	$	(281	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $97,470,274. 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 June 30, 2014.

^(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 $9,319,591, or 0.70% of the portfolio’s net assets.

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

^(E)  In default.

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

^(G)  Illiquid. Total aggregate fair value of illiquid securities is $2,695, or less than 0.01% of portfolio’s net assets.

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

^(I)  Rate shown reflects the yield at June 30, 2014.

^(J)  Non-income producing security.

^(K)  Aggregate cost for federal income tax purposes is $1,586,245,924. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $28,497,491 and $9,574,293, respectively. Net unrealized appreciation for tax purposes is $18,923,198.

^(L)  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 June 30, 2014. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

^(N)  Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2014 may be due to an investment no longer held or categorized as Level 3 at period end.

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

^(P)  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 June 30, 2014, these securities aggregated $315,564,469, or 23.71% of the portfolio’s net assets.
IO	Interest only portion of a STRIPS (Separate Trading of Registered Interest and Principal of Securities)
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)
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:

ZAR South African Rand

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    25

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Principal		Value
PREFERRED CORPORATE DEBT SECURITY - 0.9%
Commercial Banks - 0.9%
Goldman Sachs Capital II
4.00%, 07/31/2014 (A) (B)		$  10,000,000		$  8,000,000
Total Preferred Corporate Debt Security (cost $9,042,419)				8,000,000
CORPORATE DEBT SECURITIES - 92.6%
Aerospace & Defense - 1.3%
Bombardier, Inc.
4.75%, 04/15/2019 - 144A		915,000		931,013
6.00%, 10/15/2022 - 144A		4,925,000		5,048,125
6.13%, 01/15/2023 - 144A		930,000		957,900
Huntington Ingalls Industries, Inc.
7.13%, 03/15/2021		1,465,000		1,600,512
TransDigm, Inc.
6.00%, 07/15/2022 - 144A		1,866,000		1,917,315
Triumph Group, Inc.
5.25%, 06/01/2022 - 144A		1,296,000		1,299,240
Airlines - 1.5%
American Airlines Pass-Through Trust
6.13%, 07/15/2018 - 144A		7,155,000		7,629,376
Continental Airlines Pass-Through Certificates
6.13%, 04/29/2018		2,240,000		2,396,800
United Airlines, Inc.
6.75%, 09/15/2015 - 144A		4,000,000		4,035,000
Auto Components - 0.6%
Gates Investments LLC / Gates Investments, Inc.
9.00%, 10/01/2018		436,000		464,253
Goodyear Tire & Rubber Co.
6.50%, 03/01/2021		2,500,000		2,712,500
Schaeffler Holding Finance BV
6.88%, 08/15/2018 - 144A
(Cash Rate: 6.88%) (C)		2,450,000		2,581,687
Automobiles - 1.1%
Chrysler Group LLC / CG Co.-Issuer, Inc.
8.00%, 06/15/2019		1,825,000		1,982,406
8.25%, 06/15/2021		5,935,000		6,706,550
Jaguar Land Rover Automotive PLC
8.13%, 05/15/2021 - 144A		1,314,000		1,478,250
Beverages - 0.7%
Constellation Brands, Inc.
4.25%, 05/01/2023		2,640,000		2,649,900
6.00%, 05/01/2022		1,240,000		1,391,900
Cott Beverages, Inc.
5.38%, 07/01/2022 - 144A		2,726,000		2,732,815
Building Products - 1.9%
Associated Materials LLC / AMH New Finance, Inc.
9.13%, 11/01/2017		7,038,000		7,301,925
Builders FirstSource, Inc.
7.63%, 06/01/2021 - 144A		1,975,000		2,113,250
Nortek, Inc.
8.50%, 04/15/2021		1,440,000		1,591,200
10.00%, 12/01/2018		1,560,000		1,680,900
Ply Gem Industries, Inc.
6.50%, 02/01/2022 - 144A		4,569,000		4,420,507

	Principal		Value
Capital Markets - 0.7%
Credit Suisse Group AG
6.25%, 12/18/2024 - 144A (A) (B)		$  1,683,000		$  1,693,519
7.50%, 12/11/2023 - 144A (A) (B)		2,267,000		2,509,342
Morgan Stanley
5.45%, 07/15/2019 (A) (B)		2,000,000		2,036,480
Chemicals - 0.2%
Celanese US Holdings LLC
5.88%, 06/15/2021		765,000		843,413
6.63%, 10/15/2018		655,000		684,475
Commercial Banks - 3.2%
CIT Group, Inc.
5.00%, 08/15/2022		385,000		398,475
5.25%, 03/15/2018		1,525,000		1,637,469
5.38%, 05/15/2020		190,000		203,953
5.50%, 02/15/2019 - 144A		2,865,000		3,104,944
Citigroup, Inc.
6.30%, 05/15/2024 (A) (B)		5,900,000		6,010,625
JPMorgan Chase & Co.
5.00%, 07/01/2019 (A) (B)		2,515,000		2,505,679
6.00%, 08/01/2023 (A) (B)		2,000,000		2,040,000
6.75%, 02/01/2024 (A) (B)		2,295,000		2,469,994
7.90%, 04/30/2018 (A) (B)		3,500,000		3,911,250
Royal Bank of Scotland Group PLC
5.13%, 05/28/2024		6,900,000		7,006,253
Commercial Services & Supplies - 3.4%
Ceridian LLC
8.88%, 07/15/2019 - 144A		2,730,000		3,084,900
Ceridian LLC / Comdata, Inc.
8.13%, 11/15/2017 - 144A		7,848,000		7,926,480
Clean Harbors, Inc.
5.13%, 06/01/2021		865,000		883,922
5.25%, 08/01/2020		925,000		953,906
Hertz Corp.
6.25%, 10/15/2022		955,000		1,011,106
7.38%, 01/15/2021		3,500,000		3,797,500
7.50%, 10/15/2018		735,000		769,913
Iron Mountain, Inc.
6.00%, 08/15/2023		2,485,000		2,686,906
Polymer Group, Inc.
6.88%, 06/01/2019 - 144A		1,602,000		1,628,032
United Rentals North America, Inc.
7.38%, 05/15/2020		4,950,000		5,469,750
7.63%, 04/15/2022		1,350,000		1,515,375
8.25%, 02/01/2021		290,000		322,625
8.38%, 09/15/2020		475,000		521,313
Communications Equipment - 0.5%
CommScope Holding Co., Inc.
6.63%, 06/01/2020 - 144A
(Cash Rate: 6.63%) (C)		1,460,000		1,558,550
CommScope, Inc.
5.00%, 06/15/2021 - 144A		2,260,000		2,305,200
5.50%, 06/15/2024 - 144A		760,000		772,350
Computers & Peripherals - 0.3%
NCR Corp.
5.00%, 07/15/2022		1,145,000		1,159,313
5.88%, 12/15/2021 - 144A		615,000		648,825
6.38%, 12/15/2023 - 144A		1,090,000		1,182,650

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    26

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Construction & Engineering - 1.2%
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.88%, 02/15/2021 - 144A		$  4,375,000		$  4,375,000
K Hovnanian Enterprises, Inc.
9.13%, 11/15/2020 - 144A		6,000,000		6,690,000
Consumer Finance - 3.5%
Ally Financial, Inc.
3.50%, 07/18/2016		3,340,000		3,448,550
5.50%, 02/15/2017		1,700,000		1,842,375
6.25%, 12/01/2017		3,830,000		4,280,025
8.00%, 12/31/2018 - 11/01/2031		2,430,000		3,070,575
Navient Corp., Series MTN
5.50%, 01/15/2019		4,230,000		4,494,375
6.13%, 03/25/2024		1,385,000		1,404,044
8.00%, 03/25/2020		1,245,000		1,439,531
Springleaf Finance Corp.
6.00%, 06/01/2020		4,000,000		4,140,000
Springleaf Finance Corp., Series MTN
6.90%, 12/15/2017		6,505,000		7,220,550
Containers & Packaging - 1.3%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
3.21%, 12/15/2019 - 144A (A) (D)		2,200,000		2,194,500
6.25%, 01/31/2019 - 144A		665,000		681,625
7.00%, 11/15/2020 - 144A		774,706		801,821
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Is
5.63%, 12/15/2016 - 144A		645,000		661,125
6.00%, 06/15/2017 - 144A		915,000		937,875
BOE Merger Corp.
9.50%, 11/01/2017 - 144A
(Cash Rate 9.50%) (C)		1,670,000		1,759,762
BWAY Holding Co.
10.00%, 06/15/2018		455,000		479,456
Sealed Air Corp.
8.38%, 09/15/2021 - 144A		3,625,000		4,150,625
Diversified Consumer Services - 0.2%
Service Corp. International
5.38%, 01/15/2022		1,585,000		1,640,475
Diversified Financial Services - 3.5%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
3.75%, 05/15/2019 - 144A		1,533,000		1,544,498
4.50%, 05/15/2021 - 144A		850,000		864,875
Bank of America Corp.
5.13%, 06/17/2019 (A) (B)		4,584,000		4,566,824
8.00%, 01/30/2018 (A) (B)		3,947,000		4,368,362
Denali Borrower LLC / Denali Finance Corp.
5.63%, 10/15/2020 - 144A		7,000,000		7,420,000
General Motors Financial Co., Inc.
3.25%, 05/15/2018		320,000		324,800
4.25%, 05/15/2023		855,000		853,931
4.75%, 08/15/2017		1,350,000		1,436,063
6.75%, 06/01/2018		1,075,000		1,229,531
ILFC E-Capital Trust I
5.02%, 12/21/2065 - 144A (A)		4,000,000		3,920,000
Nuveen Investments, Inc.
9.13%, 10/15/2017 - 144A		4,915,000		5,326,631

	Principal		Value
Diversified Telecommunication Services - 9.6%
CenturyLink, Inc.
7.65%, 03/15/2042		$  12,813,000		$  12,780,967
Frontier Communications Corp.
7.63%, 04/15/2024		11,580,000		12,462,975
GCI, Inc.
8.63%, 11/15/2019		6,350,000		6,707,187
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		5,950,000		6,634,250
7.63%, 06/15/2021		2,000,000		2,290,000
Intelsat Jackson Holdings SA
7.25%, 10/15/2020		5,570,000		6,001,675
Level 3 Financing, Inc.
8.13%, 07/01/2019		7,923,000		8,645,974
SBA Telecommunications, Inc.
8.25%, 08/15/2019		429,000		449,592
Sprint Capital Corp.
8.75%, 03/15/2032		1,090,000		1,258,950
Telecom Italia SpA
5.30%, 05/30/2024 - 144A		4,500,000		4,516,875
UPCB Finance V, Ltd.
7.25%, 11/15/2021 - 144A		4,730,000		5,203,000
UPCB Finance VI, Ltd.
6.88%, 01/15/2022 - 144A		1,620,000		1,769,850
Virgin Media Finance PLC
6.38%, 04/15/2023 - 144A		945,000		1,025,325
Wind Acquisition Finance SA
4.75%, 07/15/2020 - 144A (D)		2,500,000		2,518,750
7.38%, 04/23/2021 - 144A		4,120,000		4,398,100
Windstream Corp.
6.38%, 08/01/2023		2,385,000		2,417,794
7.50%, 06/01/2022		1,200,000		1,306,500
7.75%, 10/01/2021		5,410,000		5,910,425
8.13%, 09/01/2018		555,000		582,750
Electric Utilities - 0.9%
Homer City Generation, LP
8.73%, 10/01/2026
(Cash Rate: 8.73%) (C)		7,750,000		8,292,500
Electronic Equipment & Instruments - 0.3%
Belden, Inc.
5.50%, 09/01/2022 - 144A		1,000,000		1,035,000
Sanmina Corp.
4.38%, 06/01/2019 - 144A		1,835,000		1,832,706
Energy Equipment & Services - 2.4%
Atlas Pipeline Partners, LP / Atlas Pipeline Finance Corp.
4.75%, 11/15/2021		2,635,000		2,582,300
El Paso LLC
7.25%, 06/01/2018		8,000,000		9,110,000
El Paso LLC, Series MTN
8.05%, 10/15/2030		2,000,000		2,180,000
PHI, Inc.
5.25%, 03/15/2019 - 144A		3,225,000		3,289,500
Precision Drilling Corp.
6.50%, 12/15/2021		1,835,000		1,995,562
6.63%, 11/15/2020		835,000		893,450
SESI LLC
6.38%, 05/01/2019		1,315,000		1,403,763

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    27

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Food Products - 0.9%
ARAMARK Services, Inc.
5.75%, 03/15/2020		$  895,000		$  946,463
ASG Consolidated LLC / ASG Finance, Inc.
15.00%, 05/15/2017 - 144A (C) (E)		2,263,090		2,061,298
Post Holdings, Inc.
6.75%, 12/01/2021 - 144A		4,845,000		5,147,812
7.38%, 02/15/2022 - 144A		380,000		410,875
Health Care Equipment & Supplies - 2.4%
Biomet, Inc.
6.50%, 08/01/2020		4,905,000		5,285,137
Crimson Merger Sub, Inc.
6.63%, 05/15/2022 - 144A		5,192,000		5,153,060
Hologic, Inc.
6.25%, 08/01/2020		4,430,000		4,673,650
Mallinckrodt International Finance SA
3.50%, 04/15/2018		3,200,000		3,184,000
4.75%, 04/15/2023		3,250,000		3,160,625
Health Care Providers & Services - 5.4%
CHS / Community Health Systems, Inc.
5.13%, 08/15/2018		2,170,000		2,275,787
6.88%, 02/01/2022 - 144A		3,975,000		4,213,500
7.13%, 07/15/2020		2,295,000		2,484,337
8.00%, 11/15/2019		5,769,000		6,317,055
DaVita HealthCare Partners, Inc.
5.75%, 08/15/2022		3,765,000		4,023,844
Fresenius Medical Care US Finance II, Inc.
5.63%, 07/31/2019 - 144A		1,300,000		1,417,000
5.88%, 01/31/2022 - 144A		755,000		834,275
HCA Holdings, Inc.
6.25%, 02/15/2021		1,510,000		1,621,363
HCA, Inc.
6.50%, 02/15/2020		2,905,000		3,268,125
7.50%, 02/15/2022		3,410,000		3,934,287
LifePoint Hospitals, Inc.
5.50%, 12/01/2021 - 144A		5,940,000		6,222,150
Tenet Healthcare Corp.
5.00%, 03/01/2019 - 144A		745,000		755,244
6.00%, 10/01/2020		2,910,000		3,157,350
8.13%, 04/01/2022		4,830,000		5,590,725
WellCare Health Plans, Inc.
5.75%, 11/15/2020		2,265,000		2,412,225
Hotels, Restaurants & Leisure - 6.1%
Caesars Entertainment Operating Co., Inc.
5.63%, 06/01/2015		960,000		1,006,800
8.50%, 02/15/2020		2,710,000		2,289,950
9.00%, 02/15/2020		950,000		794,438
10.00%, 12/15/2018		7,500,000		2,873,438
Felcor Lodging, LP
5.63%, 03/01/2023		2,250,000		2,317,500
Greektown Holdings LLC (Escrow Shares)
Zero Coupon, 12/01/2049 (E) (F)		1,495,000		0
MGM Resorts International
6.63%, 12/15/2021		3,185,000		3,543,313
7.75%, 03/15/2022		3,385,000		3,968,912
MISA Investments, Ltd.
8.63%, 08/15/2018 - 144A
(Cash Rate: 8.63%) (C)		4,830,000		4,944,712
NCL Corp., Ltd.
5.00%, 02/15/2018		2,210,000		2,281,825

	Principal		Value
Hotels, Restaurants & Leisure (continued)
New Cotai LLC / New Cotai Capital Corp.
10.63%, 05/01/2019 - 144A (C) (E)		$  2,169,203		$  2,465,024
NPC International, Inc. / NPC Operating Co. A, Inc.
10.50%, 01/15/2020		3,175,000		3,579,812
Pinnacle Entertainment, Inc.
7.50%, 04/15/2021		2,461,000		2,651,728
Regent Seven Seas
9.13%, 05/15/2019		2,745,000		2,995,481
Royal Caribbean Cruises, Ltd.
7.25%, 06/15/2016 - 03/15/2018		970,000		1,094,925
Seneca Gaming Corp.
8.25%, 12/01/2018 - 144A		3,000,000		3,187,500
Studio City Finance, Ltd.
8.50%, 12/01/2020 - 144A		6,625,000		7,337,187
Viking Cruises, Ltd.
8.50%, 10/15/2022 - 144A		1,160,000		1,281,800
Waterford Gaming LLC / Waterford Gaming Financial Corp.
8.63%, 09/15/2014 - 144A		1,419,682		298,133
WMG Acquisition Corp.
5.63%, 04/15/2022 - 144A		1,830,000		1,841,438
6.00%, 01/15/2021 - 144A		868,000		896,210
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
7.75%, 08/15/2020		1,435,000		1,564,150
Wynn Macau, Ltd.
5.25%, 10/15/2021 - 144A		1,600,000		1,644,000
Household Durables - 2.6%
Beazer Homes USA, Inc.
5.75%, 06/15/2019 - 144A		5,000,000		5,000,000
Brookfield Residential Properties, Inc.
6.50%, 12/15/2020 - 144A		2,030,000		2,146,725
Jarden Corp.
6.13%, 11/15/2022		2,850,000		3,021,000
KB Home
4.75%, 05/15/2019		3,000,000		3,022,500
9.10%, 09/15/2017		4,195,000		4,939,612
Meritage Homes Corp.
4.50%, 03/01/2018		4,322,000		4,440,855
Tempur Sealy International, Inc.
6.88%, 12/15/2020		1,065,000		1,166,175
Household Products - 1.6%
Harbinger Group, Inc.
7.88%, 07/15/2019		1,305,000		1,427,344
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		3,150,000		3,399,244
7.13%, 04/15/2019		1,795,000		1,875,775
7.88%, 08/15/2019		985,000		1,072,419
9.88%, 08/15/2019		4,600,000		5,094,500
Spectrum Brands, Inc.
6.75%, 03/15/2020		1,345,000		1,442,512
Independent Power Producers & Energy Traders - 2.6%
Calpine Corp.
7.50%, 02/15/2021 - 144A		8,534,000		9,259,390
NRG Energy, Inc.
7.88%, 05/15/2021		10,065,000		11,159,569
8.25%, 09/01/2020		2,960,000		3,233,800

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    28

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Industrial Conglomerates - 0.1%
Penn National Gaming, Inc.
5.88%, 11/01/2021 - 144A		$  1,120,000		$  1,058,400
Insurance - 1.0%
Lincoln National Corp.
7.00%, 05/17/2066 (A)		8,500,000		8,840,000
IT Services - 1.2%
SunGard Availability Services Capital, Inc.
8.75%, 04/01/2022 - 144A		1,280,000		1,190,400
SunGard Data Systems, Inc.
6.63%, 11/01/2019		8,370,000		8,809,425
7.38%, 11/15/2018		545,000		575,656
Life Sciences Tools & Services - 0.5%
Jaguar Holding Co. II / Jaguar Merger Sub, Inc.
9.50%, 12/01/2019 - 144A		4,070,000		4,446,475
Machinery - 0.2%
CNH Industrial Capital LLC
6.25%, 11/01/2016		1,640,000		1,779,400
Media - 9.1%
Adelphia Communications Corp. (Escrow Certificates)
9.25%, 10/01/2049 (A) (E)		1,305,000		9,135
10.25%, 06/15/2049 - 11/01/2049 (E)		1,460,000		10,220
AMC Networks, Inc.
7.75%, 07/15/2021		2,290,000		2,561,937
Cablevision Systems Corp.
7.75%, 04/15/2018		11,014,000		12,445,820
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		2,885,000		2,928,275
5.75%, 01/15/2024		1,865,000		1,906,962
6.50%, 04/30/2021		1,125,000		1,198,125
7.00%, 01/15/2019		8,144,000		8,591,920
7.25%, 10/30/2017		1,235,000		1,302,925
8.13%, 04/30/2020		100,000		108,250
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 - 144A		4,050,000		4,303,125
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		2,740,000		2,943,050
7.63%, 03/15/2020		5,385,000		5,805,700
Columbus International, Inc.
7.38%, 03/30/2021 - 144A		735,000		791,963
CSC Holdings LLC
6.75%, 11/15/2021		185,000		203,500
DISH DBS Corp.
5.88%, 07/15/2022		1,970,000		2,137,450
6.75%, 06/01/2021		3,215,000		3,665,100
Getty Images, Inc.
7.00%, 10/15/2020 - 144A		1,500,000		1,374,375
Mediacom LLC / Mediacom Capital Corp.
9.13%, 08/15/2019		935,000		981,750
Nara Cable Funding, Ltd.
8.88%, 12/01/2018 - 144A		4,160,000		4,440,800
National CineMedia LLC
7.88%, 07/15/2021		3,010,000		3,265,850
Numericable Group SA
4.88%, 05/15/2019 - 144A		3,575,000		3,668,844

	Principal		Value
Media (continued)
Sirius XM Radio, Inc.
5.88%, 10/01/2020 - 144A		$  580,000		$  613,350
6.00%, 07/15/2024 - 144A		1,800,000		1,872,000
Starz LLC / Starz Finance Corp.
5.00%, 09/15/2019		1,250,000		1,301,563
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH
5.50%, 01/15/2023 - 144A		2,220,000		2,297,700
Univision Communications, Inc.
6.88%, 05/15/2019 - 144A		9,865,000		10,530,887
8.50%, 05/15/2021 - 144A		893,000		990,114
Metals & Mining - 0.3%
ArcelorMittal
6.75%, 02/25/2022		985,000		1,103,200
Novelis, Inc.
8.38%, 12/15/2017		1,145,000		1,220,570
Oil, Gas & Consumable Fuels - 5.9%
Antero Resources Finance Corp.
5.38%, 11/01/2021		2,220,000		2,303,250
Berry Petroleum Co. LLC
6.38%, 09/15/2022		1,625,000		1,730,625
BreitBurn Energy Partners, LP / BreitBurn Finance Corp.
7.88%, 04/15/2022		1,775,000		1,921,437
Chesapeake Energy Corp.
3.48%, 04/15/2019 (A)		1,825,000		1,845,531
6.13%, 02/15/2021		2,455,000		2,749,600
7.25%, 12/15/2018		2,510,000		2,961,800
Chesapeake Oilfield Operating LLC / Chesapeake Oilfield Finance, Inc.
6.63%, 11/15/2019		875,000		940,625
Concho Resources, Inc.
6.50%, 01/15/2022		1,070,000		1,179,675
7.00%, 01/15/2021		1,325,000		1,454,188
Continental Resources, Inc.
7.13%, 04/01/2021		545,000		617,213
Denbury Resources, Inc.
5.50%, 05/01/2022		500,000		511,250
Energy XXI Gulf Coast, Inc.
6.88%, 03/15/2024 - 144A		4,429,000		4,517,580
Kinder Morgan, Inc.
5.00%, 02/15/2021 - 144A		2,580,000		2,676,750
Laredo Petroleum, Inc.
7.38%, 05/01/2022		1,645,000		1,838,287
Linn Energy LLC / Linn Energy Finance Corp.
8.63%, 04/15/2020		4,750,000		5,130,000
Murphy Oil USA, Inc.
6.00%, 08/15/2023		3,680,000		3,873,200
Newfield Exploration Co.
5.63%, 07/01/2024		2,265,000		2,485,837
PBF Holding Co. LLC / PBF Finance Corp.
8.25%, 02/15/2020		1,565,000		1,705,850
Plains Exploration & Production Co.
6.88%, 02/15/2023		3,510,000		4,106,700
Rosetta Resources, Inc.
5.63%, 05/01/2021		1,610,000		1,656,288
5.88%, 06/01/2022		2,270,000		2,372,150

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    29

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
SemGroup, LP (Escrow Shares)
8.75%, 11/15/2049 (A) (E) (F)		$  2,985,000		$  59,700
SM Energy Co.
6.50%, 01/01/2023		1,445,000		1,564,213
WPX Energy, Inc.
5.25%, 01/15/2017		615,000		654,975
6.00%, 01/15/2022		2,725,000		2,908,937
Paper & Forest Products - 0.5%
Ainsworth Lumber Co., Ltd.
7.50%, 12/15/2017 - 144A		2,500,000		2,634,375
Domtar Corp.
10.75%, 06/01/2017		1,540,000		1,917,108
Personal Products - 0.2%
First Quality Finance Co., Inc.
4.63%, 05/15/2021 - 144A		2,000,000		1,890,000
Pharmaceuticals - 1.2%
Salix Pharmaceuticals, Ltd.
6.00%, 01/15/2021 - 144A		1,550,000		1,662,375
Valeant Pharmaceuticals International
6.38%, 10/15/2020 - 144A		4,865,000		5,169,063
Valeant Pharmaceuticals International, Inc.
7.50%, 07/15/2021 - 144A		3,320,000		3,676,900
Professional Services - 0.4%
TransUnion Holding Co., Inc.
9.63%, 06/15/2018		3,545,000		3,732,885
Real Estate Management & Development - 0.8%
Algeco Scotsman Global Finance PLC
8.50%, 10/15/2018 - 144A		4,825,000		5,126,562
CBRE Services, Inc.
6.63%, 10/15/2020		2,470,000		2,621,288
Road & Rail - 0.9%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.50%, 04/01/2023		620,000		633,950
9.75%, 03/15/2020		6,795,000		7,695,338
Semiconductors & Semiconductor Equipment - 0.6%
Freescale Semiconductor, Inc.
6.00%, 01/15/2022 - 144A		1,390,000		1,480,350
NXP BV / NXP Funding LLC
3.75%, 06/01/2018 - 144A		4,035,000		4,045,088
Software - 2.0%
First Data Corp.
6.75%, 11/01/2020 - 144A		715,000		773,988
7.38%, 06/15/2019 - 144A		11,020,000		11,832,725
11.75%, 08/15/2021		3,110,000		3,689,237
Infor US, Inc.
9.38%, 04/01/2019		1,605,000		1,787,569
Specialty Retail - 2.5%
Academy, Ltd. / Academy Finance Corp.
9.25%, 08/01/2019 - 144A		2,170,000		2,327,325
Claire’s Stores, Inc.
9.00%, 03/15/2019 - 144A		6,145,000		6,398,481
Express LLC
8.75%, 03/01/2018		5,145,000		5,389,387
Michaels FinCo Holdings LLC / Michaels
FinCo, Inc.
7.50%, 08/01/2018 - 144A
(Cash Rate: 7.50%) (C)		3,875,000		3,957,344

	Principal		Value
Specialty Retail (continued)
Michaels Stores, Inc.
7.75%, 11/01/2018		$  450,000		$  475,875
New Academy Finance Co. LLC / New
Academy Finance Corp.
8.00%, 06/15/2018 - 144A
(Cash Rate: 8.00%) (C)		3,995,000		4,079,894
Textiles, Apparel & Luxury Goods - 0.7%
Levi Strauss & Co.
6.88%, 05/01/2022		2,290,000		2,524,725
PVH Corp.
7.75%, 11/15/2023		2,795,000		3,454,818
Trading Companies & Distributors - 1.4%
International Lease Finance Corp.
8.25%, 12/15/2020		2,775,000		3,427,125
8.63%, 09/15/2015 - 01/15/2022		3,555,000		4,211,400
8.75%, 03/15/2017		2,455,000		2,853,938
Rexel SA
5.25%, 06/15/2020 - 144A		2,465,000		2,563,600
Wireless Telecommunication Services - 3.2%
Digicel, Ltd.
8.25%, 09/01/2017 - 144A		2,574,000		2,648,131
Softbank Corp.
4.50%, 04/15/2020 - 144A		2,000,000		2,032,500
Sprint Communications, Inc.
6.00%, 11/15/2022		2,470,000		2,519,400
7.00%, 08/15/2020		775,000		857,344
9.00%, 11/15/2018 - 144A		6,075,000		7,365,937
9.13%, 03/01/2017		995,000		1,165,394
Sprint Corp.
7.25%, 09/15/2021 - 144A		1,570,000		1,730,925
7.88%, 09/15/2023 - 144A		4,520,000		5,028,500
T-Mobile USA, Inc.
6.25%, 04/01/2021		815,000		865,938
6.63%, 04/28/2021 - 04/01/2023		2,675,000		2,898,975
6.73%, 04/28/2022		905,000		976,269
6.84%, 04/28/2023		455,000		495,381
Total Corporate Debt Securities (cost $812,700,082)				838,708,502
CONVERTIBLE BONDS - 0.3%
Diversified Telecommunication Services - 0.3%
Level 3 Financing, Inc.
8.63%, 07/15/2020		2,500,000		2,800,000
Independent Power Producers & Energy Traders - 0.0%
Mirant Corp. (Escrow Certificates)
Series 4, Class A
2.50%, 06/15/2021 (E) (F)		1,220,000		0
Media - 0.0% (G)
Mood Media Corp.
Series 1
10.00%, 10/31/2015 - 144A (F)		7,000		5,033
Total Convertible Bonds (cost $2,810,107)				2,805,033
LOAN ASSIGNMENTS - 2.1%
Diversified Financial Services - 0.2%
Nuveen Investments, Inc., New 2nd Lien
Term Loan
6.50%, 02/28/2019 (A)		1,700,000		1,714,268

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    30

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Food Products - 0.1%
New HB Acquisition LLC, Term Loan
6.75%, 04/09/2020 (A)		$  698,250		$  724,435
Hotels, Restaurants & Leisure - 0.3%
Hilton Worldwide Finance LLC, USD Term Loan B2
3.50%, 10/26/2020 (A)		1,679,605		1,676,036
WMG Acquisition Corp., New Term Loan
3.75%, 07/01/2020 (A)		1,687,250		1,660,254
Household Products - 0.1%
Sun Products Corp., New Term Loan
5.50%, 03/23/2020 (A)		1,453,678		1,422,788
Insurance - 0.5%
Asurion LLC, New 2nd Lien Term Loan
8.50%, 03/03/2021 (A)		3,200,000		3,316,000
Asurion LLC, New Term Loan B2
4.25%, 07/08/2020 (A)		1,287,000		1,286,081
Metals & Mining - 0.7%
FMG Resources PTY Ltd., New Term Loan B
3.75%, 06/30/2019 (A)		6,101,791		6,105,183
Oil, Gas & Consumable Fuels - 0.2%
EP Energy LLC, Term Loan B3
3.50%, 05/24/2018 (A)		1,666,666		1,661,458
Total Loan Assignments (cost $19,339,499)				19,566,503
	Shares		Value
COMMON STOCKS - 0.2%
Building Products - 0.2%
Panolam Holdings Co. - GDR (E) (F) (H)		1,803		1,757,168
Independent Power Producers & Energy Traders - 0.0%
Mirant Corp. (Escrow Certificates) (E) (F) (H)		550,000		0

	Shares		Value
Media - 0.0% (G)
New Cotai LLC / New Cotai Capital Corp. - Class B (F) (H)		6		$  185,250
Total Common Stocks (cost $3,265,049)				1,942,418
WARRANT - 0.0% (G)
Food Products - 0.0% (G)
American Seafoods Group LLC (H)
Expiration: 05/15/2018
Exercise Price: $0.01		1,265		126,500
Total Warrant (cost $0)				126,500
	Principal		Value
REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co. 0.01% (I), dated 06/30/2014, to be repurchased at $23,111,037 on 07/01/2014. Collateralized by U.S. Government Agency Obligations, 3.00% - 3.50%, due 10/15/2040 - 11/25/2040, and with a total value of $23,574,009.		$  23,111,030		23,111,030
Total Repurchase Agreement (cost $23,111,030)				23,111,030
Total Investment Securities (cost $870,268,186) (J)				894,259,986
Other Assets and Liabilities - Net - 1.3%				11,574,613
Net Assets - 100.0%				$  905,834,599

VALUATION SUMMARY: ^(K)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Preferred Corporate Debt Security	$	—	$	8,000,000	$	—	$	8,000,000
Corporate Debt Securities
Aerospace & Defense		—		11,754,105		—		11,754,105
Airlines		—		14,061,176		—		14,061,176
Auto Components		—		5,758,440		—		5,758,440
Automobiles		—		10,167,206		—		10,167,206
Beverages		—		6,774,615		—		6,774,615
Building Products		—		17,107,782		—		17,107,782
Capital Markets		—		6,239,341		—		6,239,341
Chemicals		—		1,527,888		—		1,527,888
Commercial Banks		—		29,288,642		—		29,288,642
Commercial Services & Supplies		—		30,571,728		—		30,571,728
Communications Equipment		—		4,636,100		—		4,636,100
Computers & Peripherals		—		2,990,788		—		2,990,788
Construction & Engineering		—		11,065,000		—		11,065,000
Consumer Finance		—		31,340,025		—		31,340,025

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    31

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY (continued): ^(K)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
Containers & Packaging	$	—	$	11,666,789	$	—	$	11,666,789
Diversified Consumer Services		—		1,640,475		—		1,640,475
Diversified Financial Services		—		31,855,515		—		31,855,515
Diversified Telecommunication Services		—		86,880,939		—		86,880,939
Electric Utilities		—		8,292,500		—		8,292,500
Electronic Equipment & Instruments		—		2,867,706		—		2,867,706
Energy Equipment & Services		—		21,454,575		—		21,454,575
Food Products		—		8,566,448		—		8,566,448
Health Care Equipment & Supplies		—		21,456,472		—		21,456,472
Health Care Providers & Services		—		48,527,267		—		48,527,267
Hotels, Restaurants & Leisure		—		54,560,143		298,133		54,858,276
Household Durables		—		23,736,867		—		23,736,867
Household Products		—		14,311,794		—		14,311,794
Independent Power Producers & Energy Traders		—		23,652,759		—		23,652,759
Industrial Conglomerates		—		1,058,400		—		1,058,400
Insurance		—		8,840,000		—		8,840,000
IT Services		—		10,575,481		—		10,575,481
Life Sciences Tools & Services		—		4,446,475		—		4,446,475
Machinery		—		1,779,400		—		1,779,400
Media		—		82,250,690		—		82,250,690
Metals & Mining		—		2,323,770		—		2,323,770
Oil, Gas & Consumable Fuels		—		53,705,961		59,700		53,765,661
Paper & Forest Products		—		4,551,483		—		4,551,483
Personal Products		—		1,890,000		—		1,890,000
Pharmaceuticals		—		10,508,338		—		10,508,338
Professional Services		—		3,732,885		—		3,732,885
Real Estate Management & Development		—		7,747,850		—		7,747,850
Road & Rail		—		8,329,288		—		8,329,288
Semiconductors & Semiconductor Equipment		—		5,525,438		—		5,525,438
Software		—		18,083,519		—		18,083,519
Specialty Retail		—		22,628,306		—		22,628,306
Textiles, Apparel & Luxury Goods		—		5,979,543		—		5,979,543
Trading Companies & Distributors		—		13,056,063		—		13,056,063
Wireless Telecommunication Services		—		28,584,694		—		28,584,694
Convertible Bonds
Diversified Telecommunication Services		—		2,800,000		—		2,800,000
Independent Power Producers & Energy Traders		—		—		0		0
Media		—		—		5,033		5,033
Loan Assignments		—		19,566,503		—		19,566,503
Common Stocks
Building Products		—		—		1,757,168		1,757,168
Independent Power Producers & Energy Traders		—		—		0		0
Media		—		—		185,250		185,250
Warrant		126,500		—		—		126,500
Repurchase Agreement		—		23,111,030		—		23,111,030
Total Investment Securities	$	126,500	$	891,828,202	$	2,305,284	$	894,259,986

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    32

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY (continued): ^(K)

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2013		Purchases		Sales (L)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (M)			Transfers into Level 3 (N)		Transfers out of Level 3		Ending Balance at June 30, 2014 (O)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2014 (M)
Convertible Bonds	$	5,033	$	—	$	—		$	1,108	$	—		$	(1,108	)	$	—	$	—		5,033	$	(1,108	)
Corporate Debt Securities		668,348		—		(168,974	)		—		—			(201,241	)		59,700		—		357,833		(201,241	)
Common Stocks		1,942,418		—		(7,689	)		—		(2,625,742	)		2,633,431			—		—		1,942,418		0
Warrants		0		—		—			—		—			—			—		—		0		—
Total	$	2,615,799	$	—	$	(176,663	)	$	1,108	$	(2,625,742	)	$	2,431,082		$	59,700	$	—	$	2,305,284	$	(202,349	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate note. Rate is listed as of June 30, 2014.

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

^(C) 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.

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

^(E) Illiquid. Total aggregate fair value of illiquid securities is $6,362,545, or 0.70% of the portfolio’s net assets.

^(F) Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate fair value of securities is $2,007,151, or 0.22% of the portfolio’s net assets.

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

^(H) Non-income producing security.

^(I) Rate shown reflects the yield at June 30, 2014.

^(J) Aggregate cost for federal income tax purposes is $870,268,186. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $30,142,720 and $6,150,920, respectively. Net unrealized appreciation for tax purposes is $23,991,800.

^(K) 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 June 30, 2014. See the notes to the financial statements for more information regarding pricing inputs and valuation techniques.

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

^(M) Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2014 may be due to an investment no longer held or categorized as Level 3 at period end.

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

^(O) 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 June 30, 2014, these securities aggregated $316,195,905, or 34.91% 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 Portfolio Semi-Annual Report 2014

Page    33

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 7.7%
U.S. Treasury Bond
2.75%, 11/15/2042		$  5,000		$  4,463
3.63%, 02/15/2044		2,400,700		2,533,488
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029		129,288		163,125
U.S. Treasury Inflation Indexed Note
0.13%, 01/15/2023		92,426		92,109
0.63%, 01/15/2024		1,076,875		1,115,912
U.S. Treasury Note
0.25%, 11/30/2014		407,000		407,270
0.38%, 03/31/2016		335,000		335,065
0.88%, 04/15/2017 - 04/30/2017		878,500		880,425
1.25%, 11/30/2018		1,118,300		1,108,166
1.63%, 03/31/2019 - 11/15/2022		1,285,000		1,284,783
2.50%, 05/15/2024		1,400,100		1,398,132
2.75%, 02/15/2024		1,048,800		1,072,644
Total U.S. Government Obligations (cost $10,272,266)				10,395,582
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.7%
Fannie Mae
3.00%, 03/01/2041 (A)		33,146		35,280
3.14%, 03/01/2041 (A)		28,195		29,980
3.18%, 12/01/2040 (A)		35,921		37,604
3.33%, 10/25/2023 (A)		55,000		57,135
3.50%, 09/01/2041 (A)		51,219		54,287
3.50%, 11/01/2028 - 01/01/2029		195,038		207,537
4.00%, 10/01/2025 - 07/01/2026		85,695		91,813
4.50%, 02/01/2025 - 06/01/2026		288,299		308,846
5.50%, 09/01/2036 - 08/01/2037		235,171		264,436
6.00%, 02/01/2038 - 04/01/2040		432,888		487,535
6.50%, 05/01/2040		153,319		172,874
Fannie Mae, TBA
3.50%		3,011,000		3,126,413
4.00%		1,051,000		1,115,374
4.50%		755,000		817,642
5.00%		713,000		791,764
Freddie Mac
3.04%, 02/01/2041 (A)		38,344		40,820
5.50%, 06/01/2041		80,238		89,438
FREMF Mortgage Trust
Series 2012-K23, Class B
3.78%, 10/25/2045 - 144A (A)		40,000		40,516
Series 2012-K711, Class B
3.68%, 08/25/2045 - 144A (A)		50,000		51,843
Ginnie Mae, IO
1.00%, 02/16/2053 (A)		302,443		22,668
Ginnie Mae, TBA
3.00%		268,000		270,010
3.50%		389,000		405,198
4.00%		254,000		271,304
4.50%		247,981		270,038
Total U.S. Government Agency Obligations (cost $8,982,544)				9,060,355
FOREIGN GOVERNMENT OBLIGATIONS - 0.8%
Brazilian Government International Bond
4.25%, 01/07/2025		200,000		202,700
Indonesia Government International Bond,
Series MTN
5.38%, 10/17/2023 - 144A		225,000		238,781

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico Government International Bond
4.00%, 10/02/2023 (B)		$  180,000		$  189,180
Peruvian Government International Bond
7.35%, 07/21/2025		100,000		132,500
Poland Government International Bond
Series 2013-NPL1, Class A
5.00%, 03/23/2022		40,000		44,460
South Africa Government Bond
8.00%, 12/21/2018		ZAR  1,965,000		187,757
Total Foreign Government Obligations (cost $963,116)				995,378
MORTGAGE-BACKED SECURITIES - 5.4%
Adjustable Rate Mortgage Trust
Series 2004-2, Class 7A2
0.99%, 02/25/2035 (A)		$  36,868		36,893
Banc of America Commercial Mortgage Trust
Series 2007-3, Class A1A
5.78%, 06/10/2049 (A)		110,884		119,996
BB-UBS Trust
Series 2012-TFT, Class A
2.89%, 06/05/2030 - 144A		140,000		137,507
Series 2012-TFT, Class C
3.58%, 06/05/2030 - 144A (A)		150,000		144,916
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A
5.19%, 12/11/2038		104,509		113,564
Series 2007-PW15, Class A1A
5.32%, 02/11/2044		71,348		77,881
Series 2007-PW17, Class A1A
5.65%, 06/11/2050 (A)		68,581		75,677
Series 2007-PW17, Class A3
5.74%, 06/11/2050		62,606		62,619
Bear Stearns Mortgage Funding Trust
Series 2006-AR5, Class 1A2
0.36%, 12/25/2046 (A)		216,093		71,870
Citigroup Commercial Mortgage Trust
Series 2013-SMP, Class D
3.01%, 01/12/2030 - 144A (A)		250,000		252,922
Series 2014-GC19, Class A3
3.75%, 03/10/2047		45,000		46,333
Series 2014-GC19, Class A4
4.02%, 03/10/2047		65,000		68,755
Citigroup Commercial Mortgage Trust, IO
Series 2013-SMP, Class XA
0.90%, 01/12/2030 - 144A (A)		1,269,863		31,288
COMM Mortgage Trust
Series 2013-CR11, Class AM
4.72%, 10/10/2046 (A)		20,000		21,983
Series 2013-GAM, Class A2
3.37%, 02/10/2028 - 144A		100,000		99,939
Series 2014-CR14, Class B
4.76%, 02/10/2047 (A)		45,000		48,515
Series 2014-UBS2, Class A5
3.96%, 03/10/2047		45,000		47,404
Commercial Mortgage Pass-Through
Certificates
Series 2012-LTRT, Class A2
3.40%, 10/05/2030 - 144A		132,000		129,988

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    34

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Trust
Series 2007-GG11, Class AM
5.87%, 12/10/2049 (A)		$  35,000		$  38,679
Countrywide Alternative Loan Trust
Series 2007-22, Class 2A16
6.50%, 09/25/2037		273,498		222,109
Credit Suisse Mortgage Capital Certificates
Series 2009-11R, Class 5A1
4.43%, 08/26/2036 - 144A (A)		321,016		327,136
CSMC Trust
Series 2010-1R, Class 28A1
5.00%, 02/27/2047 - 144A		139,601		144,178
Series 2010-RR1, Class 2A
5.70%, 09/15/2040 - 144A (A)		90,000		96,226
Series 2010-RR2, Class 2A
6.05%, 09/15/2039 - 144A (A)		120,000		129,519
Series 2013-8R, Class 3A1
0.30%, 03/27/2036 - 144A (A)		247,126		241,161
Series 2014-4R, Class 21A1
0.51%, 12/27/2035 - 144A (A)		305,000		288,781
DBRR Trust
Series 2013-EZ3, Class A
1.64%, 12/18/2049 - 144A (A)		93,720		94,423
GE Commercial Mortgage Corp. Trust
Series 2007-C1, Class AAB
5.48%, 12/10/2049		45,089		46,475
GMAC Mortgage Corp., Loan Trust
Series 2005-AR1, Class 3A
2.97%, 03/18/2035 (A)		267,458		264,868
GS Mortgage Securities Corp. II
Series 2013-KING, Class E
3.55%, 12/10/2027 - 144A (A)		100,000		94,273
GS Mortgage Securities Corp. II, IO
Series 2013-KYO, Class XB1
3.25%, 11/08/2029 - 144A (A)		1,000,000		30,484
Hilton USA Trust, IO
Series 2013-HLT, Class X1FX
1.82%, 11/05/2030 - 144A (A)		4,500,000		37,202
Impac CMB Trust
Series 2004-6, Class 1A1
0.95%, 10/25/2034 (A)		126,195		120,900
IndyMac INDA Mortgage Loan Trust
Series 2007-AR7, Class 1A1
2.78%, 11/25/2037 (A)		244,174		233,064
IndyMac Index Mortgage Loan Trust
Series 2007-AR15, Class 2A1
4.43%, 08/25/2037 (A)		260,658		218,412
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2004-CB8, Class A1A
4.16%, 01/12/2039 - 144A		18,016		18,048
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2006-CB14, Class AM
5.62%, 12/12/2044 (A)		70,000		74,379
Series 2007-CB18, Class A1A
5.43%, 06/12/2047 (A)		135,678		148,414
Series 2007-LD12, Class A1A
5.85%, 02/15/2051 (A)		121,791		136,324

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
Series 2007-LDPX, Class A1A
5.44%, 01/15/2049		$  81,968		$  90,104
Series 2008-C2, Class ASB
6.13%, 02/12/2051 (A)		119,440		127,171
JPMorgan Re-REMIC Trust
Series 2014-2, Class 6A1
3.04%, 05/25/2037 - 144A		351,821		354,274
LB Commercial Mortgage Trust
Series 2007-C3, Class A1A
6.05%, 07/15/2044 (A)		34,422		38,166
LB-UBS Commercial Mortgage Trust
Series 2005-C2, Class AJ
5.21%, 04/15/2030 (A)		40,000		41,154
Series 2007-C7, Class AM
6.37%, 09/15/2045 (A)		30,000		34,173
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1
0.79%, 10/25/2028 (A)		78,804		78,663
Series 2004-A3, Class 4A3
2.57%, 05/25/2034 (A)		59,677		59,729
Merrill Lynch Mortgage Trust
Series 2005-CKI1, Class AJ
5.46%, 11/12/2037 (A)		55,000		57,643
Series 2007-C1, Class A1A
6.03%, 06/12/2050 (A)		40,411		43,746
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class A2FX
5.77%, 04/12/2049 (A)		39,078		39,951
Series 2007-HQ12, Class AM
5.77%, 04/12/2049 (A)		85,000		92,814
Series 2007-IQ13, Class A1A
5.31%, 03/15/2044		131,834		144,166
Series 2007-IQ13, Class AM
5.41%, 03/15/2044		30,000		32,685
Series 2007-IQ14, Class A1A
5.67%, 04/15/2049 (A)		38,553		42,117
Series 2007-IQ15, Class AM
6.11%, 06/11/2049 (A)		110,000		121,218
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class A
2.00%, 07/27/2049 - 144A		53,226		53,526
Series 2014-R3, Class A2
3.00%, 07/26/2048 (A) (C)		290,000		287,916
Motel 6 Trust
Series 2012-MTL6, Class B
2.74%, 10/05/2025 - 144A		140,000		141,586
Series 2012-MTL6, Class C
3.14%, 10/05/2025 - 144A		133,000		134,451
New Residential Mortgage Loan Trust
Series 2014-1A, Class A
3.75%, 01/25/2054 - 144A (A)		118,125		122,215
Queens Center Mortgage Trust
Series 2013-QCA, Class D
3.59%, 01/11/2037 - 144A (A)		130,000		123,448
SCG Trust
Series 2013-SRP1, Class A
1.55%, 11/15/2026 - 144A (A)		100,000		100,412

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    35

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
STRIPS, Ltd.
Series 2012-1A, Class A
1.50%, 12/25/2044 - 144A (C)		$  53,858		$  53,320
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1
0.86%, 01/19/2034 (A)		170,433		166,021
Wachovia Bank Commercial Mortgage Trust
Series 2006-WL7A, Class H
0.55%, 09/15/2021 - 144A (A)		100,000		97,285
Total Mortgage-Backed Securities (cost $7,388,622)				7,271,059
ASSET-BACKED SECURITIES - 5.4%
AmeriCredit Automobile Receivables Trust
Series 2011-5, Class C
3.44%, 10/08/2017		40,000		41,103
Series 2012-2, Class C
2.64%, 10/10/2017		40,000		40,967
Series 2012-3, Class C
2.42%, 05/08/2018		40,000		40,897
Series 2012-5, Class C
1.69%, 11/08/2018		70,000		70,697
Series 2013-4, Class B
1.66%, 09/10/2018		50,000		50,341
Series 2013-4, Class C
2.72%, 09/09/2019		20,000		20,492
Series 2013-4, Class D
3.31%, 10/08/2019		25,000		25,910
Series 2013-5, Class B
1.52%, 01/08/2019		20,000		20,049
Series 2013-5, Class C
2.29%, 11/08/2019		10,000		10,119
Series 2014-1, Class B
1.68%, 07/08/2019		43,000		43,139
Avis Budget Rental Car Funding AESOP LLC
Series 2010-3A, Class A
4.64%, 05/20/2016 - 144A		100,000		102,713
Chrysler Capital Auto Receivables Trust
Series 2013-BA, Class A3
0.85%, 05/15/2018 - 144A		60,000		60,184
Series 2013-BA, Class A4
1.27%, 03/15/2019 - 144A		40,000		40,139
Series 2013-BA, Class B
1.78%, 06/17/2019 - 144A		20,000		20,089
Series 2013-BA, Class C
2.24%, 09/16/2019 - 144A		20,000		20,077
Series 2013-BA, Class D
2.89%, 10/15/2020 - 144A		15,000		15,219
Series 2014-AA, Class B
1.76%, 08/15/2019 - 144A		20,000		20,015
Series 2014-AA, Class C
2.28%, 11/15/2019 - 144A		25,000		25,037
Ford Credit Auto Owner Trust
Series 2013-B, Class D
1.82%, 11/15/2019		40,000		40,621
Hertz Vehicle Financing LLC
Series 2009-2A, Class A2
5.29%, 03/25/2016 - 144A		120,000		122,888

	Principal		Value
ASSET-BACKED SECURITIES (continued)
HLSS Servicer Advance Receivables Backed Notes
Series 2013-T2, Class A2
1.15%, 05/16/2044 - 144A		$  105,000		$  105,021
Series 2013-T4, Class AT4
1.18%, 08/15/2044 - 144A		100,000		100,030
HLSS Servicer Advance Receivables Trust
Series 2012-T2, Class A2
1.99%, 10/15/2045 - 144A		100,000		100,800
Series 2013-T1, Class A2
1.50%, 01/16/2046 - 144A		210,000		210,105
HSBC Home Equity Loan Trust
Series 2006-3, Class M1
0.41%, 03/20/2036 (A)		235,000		226,710
Hyundai Auto Receivables Trust
Series 2012-A, Class D
2.61%, 05/15/2018		30,000		30,983
Nelnet Student Loan Trust
Series 2008-3, Class A4
1.88%, 11/25/2024 (A)		100,000		105,026
Series 2014-2A, Class A3
1.00%, 07/27/2037 - 144A (A)		100,000		99,435
PFS Financing Corp.
Series 2013-AA, Class B
1.25%, 02/15/2018 - 144A (A)		100,000		100,362
Prestige Auto Receivables Trust
Series 2011-1A, Class D
5.18%, 07/16/2018 - 144A		100,000		101,669
Series 2013-1A, Class A2
1.09%, 02/15/2018 - 144A		57,690		57,802
Series 2014-1A, Class A2
0.97%, 03/15/2018 - 144A		100,000		100,021
Santander Drive Auto Receivables Trust
Series 2012-3, Class C
3.01%, 04/16/2018		110,000		112,793
Series 2012-4, Class C
2.94%, 12/15/2017		20,000		20,495
Series 2012-5, Class C
2.70%, 08/15/2018		25,000		25,699
Series 2012-6, Class C
1.94%, 03/15/2018		50,000		50,771
Series 2012-AA, Class B
1.21%, 10/16/2017 - 144A		120,000		120,342
Series 2012-AA, Class C
1.78%, 11/15/2018 - 144A		245,000		246,773
Series 2013-2, Class B
1.33%, 03/15/2018		120,000		120,798
Series 2013-3, Class B
1.19%, 05/15/2018		105,000		105,345
Series 2013-4, Class B
2.16%, 01/15/2020		60,000		61,449
Series 2013-4, Class C
3.25%, 01/15/2020		50,000		52,182
Series 2013-5, Class B
1.55%, 10/15/2018		150,000		150,882
Series 2013-5, Class C
2.25%, 06/17/2019		70,000		70,647
Series 2013-A, Class B
1.89%, 10/15/2019 - 144A		75,000		76,046

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    36

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Santander Drive Auto Receivables Trust (continued)
Series 2013-A, Class C
3.12%, 10/15/2019 - 144A		$  30,000		$  30,967
Series 2013-A, Class D
3.78%, 10/15/2019 - 144A		20,000		21,057
Series 2014-1, Class B
1.59%, 10/15/2018		170,000		170,858
Series 2014-1, Class C
2.36%, 04/15/2020		75,000		76,234
Scholar Funding Trust
Series 2011-A, Class A
1.13%, 10/28/2043 - 144A (A)		90,516		90,891
Series 2013-A, Class A
0.80%, 01/30/2045 - 144A (A)		152,766		152,578
SLC Private Student Loan Trust
Series 2006-A, Class A5
0.40%, 07/15/2036 (A)		117,130		116,113
SLM Private Credit Student Loan Trust
Series 2002-A, Class A2
0.78%, 12/16/2030 (A)		57,459		56,419
Series 2004-B, Class A2
0.43%, 06/15/2021 (A)		154,753		153,394
Series 2005-B, Class A2
0.41%, 03/15/2023 (A)		78,728		77,956
SLM Private Education Loan Trust
Series 2011-A, Class A3
2.65%, 01/15/2043 - 144A (A)		200,000		213,507
Series 2011-C, Class A2A
3.40%, 10/17/2044 - 144A (A)		100,000		107,580
Series 2012-A, Class A1
1.55%, 08/15/2025 - 144A (A)		52,916		53,620
Series 2012-A, Class A2
3.83%, 01/17/2045 - 144A		100,000		105,331
Series 2012-C, Class A1
1.25%, 08/15/2023 - 144A (A)		98,183		98,922
Series 2012-C, Class A2
3.31%, 10/15/2046 - 144A		135,000		141,038
Series 2012-D, Class A2
2.95%, 02/15/2046 - 144A		160,000		166,100
Series 2012-E, Class A1
0.90%, 10/16/2023 - 144A (A)		59,624		59,873
Series 2012-E, Class A2B
1.90%, 06/15/2045 - 144A (A)		145,000		149,898
Series 2013-A, Class A1
0.75%, 08/15/2022 - 144A (A)		72,805		72,940
Series 2013-A, Class A2A
1.77%, 05/17/2027 - 144A		170,000		168,710
Series 2013-A, Class A2B
1.20%, 05/17/2027 - 144A (A)		150,000		151,381
Series 2013-B, Class A1
0.80%, 07/15/2022 - 144A (A)		154,320		154,720
Series 2013-B, Class A2A
1.85%, 06/17/2030 - 144A		200,000		197,567
Series 2013-C, Class A1
1.00%, 02/15/2022 - 144A (A)		94,001		94,468
Series 2013-C, Class A2A
2.94%, 10/15/2031 - 144A		100,000		103,027
Series 2013-C, Class A2B
1.55%, 10/15/2031 - 144A (A)		100,000		102,326

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SLM Private Education Loan Trust (continued)
Series 2014-A, Class A1
0.75%, 07/15/2022 - 144A (A)		$  89,402		$  89,578
SLM Student Loan Trust
Series 2005-2, Class A5
0.32%, 04/27/2020 (A)		25,664		25,584
Series 2008-5, Class A4
1.93%, 07/25/2023 (A)		100,000		104,880
Series 2013-6, Class A3
0.80%, 06/26/2028 (A)		115,000		115,603
SpringCastle America Funding LLC
Series 2013-1A, Class A
3.75%, 04/03/2021 - 144A		139,644		140,831
World Financial Network Credit Card Master Trust
Series 2012-C, Class A
2.23%, 08/15/2022		110,000		110,894
Series 2012-D, Class A
2.15%, 04/17/2023		145,000		144,178
Total Asset-Backed Securities (cost $7,137,895)				7,201,905
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
Los Angeles Community College District (General Obligation Unlimited)
6.60%, 08/01/2042		15,000		20,567
Metropolitan Transportation Authority (Revenue Bonds)
Series E
6.81%, 11/15/2040		15,000		20,363
Municipal Electric Authority of Georgia (Revenue Bonds)
6.64%, 04/01/2057		10,000		12,194
New Jersey State Turnpike Authority (Revenue Bonds)
Series F
7.41%, 01/01/2040		16,000		23,057
New York City Water & Sewer System (Revenue Bonds)
5.38%, 06/15/2043		45,000		51,700
5.50%, 06/15/2043		55,000		63,487
5.88%, 06/15/2044		15,000		19,095
New York State Dormitory Authority (Revenue Bonds)
Series H
5.39%, 03/15/2040		10,000		11,933
Port Authority of New York & New Jersey (Revenue Bonds)
4.96%, 08/01/2046		20,000		22,597
State of California (General Obligation Unlimited)
7.60%, 11/01/2040		60,000		90,896
State of Illinois (General Obligation Unlimited)
5.10%, 06/01/2033		55,000		55,111
University of California (Revenue Bonds)
4.86%, 05/15/2112		10,000		10,146
Total Municipal Government Obligations (cost $366,755)				401,146

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    37

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal			Value
PREFERRED CORPORATE DEBT SECURITIES - 0.4%
Capital Markets - 0.0% (D)
State Street Capital Trust IV
1.23%, 06/01/2077 (A)		$  11,000			$  9,350
Diversified Financial Services - 0.0% (D)
Lehman Brothers Holdings Capital Trust VII, Series MTN
5.86%, 07/31/2014 (C) (E) (F) (G)		200,000			20
Lehman Brothers Holdings E-Capital Trust I
3.59%, 08/19/2065 (C) (F) (G)		120,000			12
Insurance - 0.4%
ZFS Finance USA Trust II
6.45%, 12/15/2065 - 144A (A)		500,000			538,750
Total Preferred Corporate Debt Securities (cost $822,199)					548,132
CORPORATE DEBT SECURITIES - 13.3%
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		69,000			74,056
5.10%, 01/15/2044		49,000			53,021
Airlines - 0.0% (D)
United Continental Holdings, Inc.
6.00%, 07/15/2028		25,000			24,063
Automobiles - 0.0% (D)
General Motors Co.
4.88%, 10/02/2023 - 144A (B)		30,000	��		31,575
6.25%, 10/02/2043 - 144A (B)		20,000			22,950
General Motors Corp. (Escrow Shares), Series MTN
8.25%, 07/15/2023 (C) (G)		453,000			0
Beverages - 0.1%
Anheuser-Busch InBev Finance, Inc.
2.15%, 02/01/2019		45,000			45,274
3.70%, 02/01/2024		65,000			66,710
Biotechnology - 0.1%
Amgen, Inc.
5.15%, 11/15/2041		35,000			37,556
5.65%, 06/15/2042		27,000			30,797
Capital Markets - 1.0%
Bank of New York Mellon Corp., Series MTN
2.10%, 01/15/2019		50,000			50,298
Goldman Sachs Group, Inc.
2.38%, 01/22/2018		65,000			66,010
2.90%, 07/19/2018		95,000			97,876
3.63%, 02/07/2016		42,000			43,776
3.63%, 01/22/2023 (B)		59,000			59,254
5.75%, 01/24/2022		93,000			107,618
6.13%, 02/15/2033		40,000			47,909
6.25%, 02/01/2041		20,000			24,398
6.75%, 10/01/2037		20,000			24,061
Goldman Sachs Group, Inc., Series MTN
1.83%, 11/29/2023 (A)		50,000			51,534
Macquarie Group, Ltd.
6.25%, 01/14/2021 - 144A (B)		220,000			252,060
Morgan Stanley
3.45%, 11/02/2015		123,000			127,268
3.80%, 04/29/2016		100,000			104,993
Morgan Stanley, Series MTN
5.00%, 11/24/2025		66,000			70,393
5.45%, 01/09/2017		130,000			143,207

	Principal		Value
Chemicals - 0.1%
LyondellBasell Industries NV
5.00%, 04/15/2019 (B)		$  60,000		$  67,679
Monsanto Co.
4.40%, 07/15/2044 (H)		110,000		110,241
Commercial Banks - 3.0%
Bank of America Corp.
2.60%, 01/15/2019		60,000		60,706
4.10%, 07/24/2023 (B)		51,000		52,931
Bank of America Corp., Series MTN
2.65%, 04/01/2019		255,000		258,468
Barclays Bank PLC
10.18%, 06/12/2021 - 144A		400,000		553,284
Citigroup, Inc.
2.50%, 09/26/2018		58,000		58,945
2.55%, 04/08/2019		110,000		110,860
4.45%, 01/10/2017		35,000		37,695
4.95%, 11/07/2043 (B)		20,000		21,356
6.68%, 09/13/2043		20,000		24,898
Cooperatieve Centrale Raiffeisen-
Boerenleenbank BA
11.00%, 06/30/2019 - 144A (A) (E)		405,000		543,790
Credit Agricole SA
2.50%, 04/15/2019 - 144A		250,000		252,305
Glitnir HF
6.33%, 07/28/2011 - 144A (F)		160,000		49,400
HSBC Bank Brasil SA - Banco Multiplo,
Series MTN
4.00%, 05/11/2016 - 144A		200,000		207,500
Intesa Sanpaolo SpA
5.02%, 06/26/2024 - 144A (B)		200,000		202,363
JPMorgan Chase & Co.
3.20%, 01/25/2023		40,000		39,715
3.25%, 09/23/2022		34,000		34,155
4.75%, 03/01/2015		79,000		81,272
4.85%, 02/01/2044		20,000		21,207
6.75%, 02/01/2024 (A) (E)		13,000		13,991
JPMorgan Chase & Co., Series MTN
1.35%, 02/15/2017		145,000		145,515
Landsbanki Islands HF
6.10%, 08/25/2011 - 144A (F)		140,000		14,350
Macquarie Bank, Ltd.
1.65%, 03/24/2017 - 144A		85,000		85,494
Nordea Bank AB
4.25%, 09/21/2022 - 144A		470,000		486,935
Royal Bank of Scotland Group PLC
1.88%, 03/31/2017		100,000		100,891
6.00%, 12/19/2023		65,000		70,278
UBS AG
7.63%, 08/17/2022		250,000		301,018
Wells Fargo & Co.
2.15%, 01/15/2019 (B)		35,000		35,317
4.13%, 08/15/2023		35,000		36,358
5.38%, 11/02/2043		67,000		73,703
5.90%, 06/15/2024 (A) (B) (E)		43,000		45,612
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC
3.85%, 11/15/2024 - 144A		175,000		176,296
Communications Equipment - 0.0% (D)
Cisco Systems, Inc.
2.13%, 03/01/2019		50,000		50,388

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    38

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Computers & Peripherals - 0.1%
Hewlett-Packard Co.
3.75%, 12/01/2020 (B)		$  65,000		$  67,941
Construction Materials - 0.2%
Martin Marietta Materials, Inc.
4.25%, 07/02/2024 - 144A (H)		210,000		211,576
Diversified Financial Services - 0.4%
Bank of America Corp.
5.75%, 12/01/2017		75,000		84,594
Citigroup, Inc.
4.50%, 01/14/2022		83,000		90,221
General Electric Capital Corp.
7.13%, 06/15/2022 (A) (E)		100,000		118,020
General Electric Capital Corp., Series MTN
6.88%, 01/10/2039		20,000		26,866
Kaupthing Bank Hf
7.13%, 05/19/2016 - 144A (C) (F)		130,000		0
7.63%, 02/28/2015 - 144A (F)		710,000		172,175
Lehman Brothers Holdings, Inc. (Escrow shares)
6.75%, 12/28/2017 (C) (G)		480,000		0
Diversified Telecommunication Services - 0.6%
AT&T, Inc.
2.30%, 03/11/2019		95,000		95,908
4.35%, 06/15/2045		35,000		33,177
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 (B)		54,000		57,443
Sprint Capital Corp.
6.88%, 11/15/2028		24,000		24,240
Verizon Communications, Inc.
3.45%, 03/15/2021		45,000		46,503
3.65%, 09/14/2018		115,000		122,990
3.85%, 11/01/2042		179,000		157,603
4.50%, 09/15/2020		42,000		46,200
6.55%, 09/15/2043		134,000		168,631
Electric Utilities - 0.5%
CenterPoint Energy Houston Electric LLC
4.50%, 04/01/2044 (B)		65,000		68,578
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		43,000		48,789
8.88%, 11/15/2018		9,000		11,425
Commonwealth Edison Co.
4.70%, 01/15/2044		42,000		45,837
Duke Energy Carolinas LLC
4.25%, 12/15/2041		58,000		59,042
Duke Energy Corp.
3.75%, 04/15/2024		11,000		11,298
Entergy Arkansas, Inc.
3.70%, 06/01/2024 (B)		61,000		63,330
Georgia Power Co.
3.00%, 04/15/2016		117,000		121,822
Jersey Central Power & Light Co.
7.35%, 02/01/2019		35,000		42,286
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		12,000		12,900
5.30%, 06/01/2042		25,000		29,404
Pacific Gas & Electric Co.
4.75%, 02/15/2044		17,000		18,097
PacifiCorp
3.60%, 04/01/2024 (B)		130,000		134,803
5.75%, 04/01/2037		25,000		30,936

	Principal		Value
Electric Utilities (continued)
Progress Energy, Inc.
4.88%, 12/01/2019		$  6,000		$  6,740
Energy Equipment & Services - 0.4%
Nabors Industries, Inc. 4.63%, 09/15/2021		45,000		48,743
Schlumberger Investment SA 3.65%, 12/01/2023 (B)		33,000		34,318
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		37,000		38,183
4.63%, 03/01/2034		35,000		37,122
Transocean, Inc.
6.00%, 03/15/2018		245,000		276,735
6.80%, 03/15/2038		32,000		36,498
Weatherford International, Ltd. 5.95%, 04/15/2042 (B)		35,000		39,693
Food & Staples Retailing - 0.1%
CVS Caremark Corp. 5.30%, 12/05/2043		14,000		15,827
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		41,000		39,274
4.30%, 04/22/2044 (B)		40,000		40,400
Food Products - 0.1%
Mondelez International, Inc. 2.25%, 02/01/2019		60,000		60,411
Health Care Equipment & Supplies - 0.0% (D)
Boston Scientific Corp. 2.65%, 10/01/2018		56,000		57,245
Health Care Providers & Services - 0.3%
Aetna, Inc. 4.75%, 03/15/2044 (B)		14,000		14,718
Coventry Health Care, Inc. 5.45%, 06/15/2021		66,000		76,858
Tenet Healthcare Corp. 6.25%, 11/01/2018		55,000		61,050
UnitedHealth Group, Inc. 3.38%, 11/15/2021		19,000		19,508
WellPoint, Inc.
1.88%, 01/15/2018 (B)		76,000		76,533
2.30%, 07/15/2018		104,000		105,953
3.30%, 01/15/2023		25,000		24,970
3.70%, 08/15/2021		8,000		8,342
Hotels, Restaurants & Leisure - 0.0% (D)
GLP Capital, LP / GLP Financing II, Inc.
4.38%, 11/01/2018 - 144A		2,000		2,065
4.88%, 11/01/2020 - 144A (B)		5,000		5,150
Household Products - 0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.88%, 02/15/2021		100,000		107,912
Industrial Conglomerates - 0.0% (D)
General Electric Co. 4.50%, 03/11/2044		36,000		37,510
Insurance - 1.9%
American International Group, Inc.
3.38%, 08/15/2020		94,000		97,679
3.80%, 03/22/2017 (B)		125,000		133,576
4.13%, 02/15/2024 (B)		51,000		53,684
8.18%, 05/15/2068 (A)		41,000		56,478
8.25%, 08/15/2018		385,000		478,327

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    39

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Insurance (continued)
American International Group, Inc., Series MTN 5.45%, 05/18/2017		$  53,000		$  59,128
Genworth Holdings, Inc. 7.63%, 09/24/2021		45,000		56,379
Hanover Insurance Group, Inc. 6.38%, 06/15/2021		375,000		433,585
Lincoln National Corp. 8.75%, 07/01/2019		195,000		252,828
Metropolitan Life Global Funding I 1.30%, 04/10/2017 - 144A		195,000		195,449
Pacific Life Insurance Co. 9.25%, 06/15/2039 - 144A		220,000		338,432
Principal Financial Group, Inc. 8.88%, 05/15/2019		105,000		135,562
Prudential Financial, Inc., Series MTN 5.38%, 06/21/2020		141,000		161,668
Swiss Re Capital I LP 6.85%, 05/25/2016 - 144A (A) (E)		70,000		74,900
IT Services - 0.1%
International Business Machines Corp. 3.63%, 02/12/2024		100,000		102,605
MasterCard, Inc.
2.00%, 04/01/2019		53,000		53,216
3.38%, 04/01/2024		33,000		33,490
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.
2.40%, 02/01/2019		133,000		134,353
5.30%, 02/01/2044 (B)		6,000		6,660
Media - 0.6%
CBS Corp.
4.63%, 05/15/2018		23,000		25,183
5.75%, 04/15/2020		20,000		23,177
8.88%, 05/15/2019 (B)		35,000		45,374
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		100,000		107,750
Comcast Corp. 5.88%, 02/15/2018		116,000		133,725
COX Communications, Inc. 8.38%, 03/01/2039 - 144A		56,000		78,459
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.60%, 02/15/2021		67,000		73,153
5.00%, 03/01/2021		34,000		37,955
NBCUniversal Media LLC
4.38%, 04/01/2021		114,000		125,801
4.45%, 01/15/2043 (B)		47,000		47,153
5.15%, 04/30/2020		99,000		113,607
Metals & Mining - 0.2%
BHP Billiton Finance USA, Ltd. 3.85%, 09/30/2023 (B)		44,000		46,141
Freeport-McMoRan Copper & Gold, Inc. 3.88%, 03/15/2023		45,000		44,863
Novelis, Inc. 8.75%, 12/15/2020		110,000		122,100
Rio Tinto Finance USA PLC 2.88%, 08/21/2022 (B)		33,000		32,223
Multi-Utilities - 0.2%
CMS Energy Corp.
3.88%, 03/01/2024		22,000		22,861
4.88%, 03/01/2044		43,000		45,262

	Principal		Value
Multi-Utilities (continued)
Dominion Resources, Inc. 1.95%, 08/15/2016		$  200,000		$  204,486
PG&E Corp. 2.40%, 03/01/2019		26,000		26,234
Oil, Gas & Consumable Fuels - 1.8%
Apache Corp.
4.25%, 01/15/2044		15,000		14,752
4.75%, 04/15/2043 (B)		22,000		23,056
BP Capital Markets PLC
2.24%, 05/10/2019		95,000		95,816
2.75%, 05/10/2023		83,000		79,728
3.25%, 05/06/2022		45,000		45,556
3.81%, 02/10/2024		60,000		61,989
Continental Resources, Inc. 3.80%, 06/01/2024 - 144A (B)		205,000		207,215
Energy Transfer Partners, LP 5.95%, 10/01/2043		35,000		39,633
EOG Resources, Inc. 2.45%, 04/01/2020		88,000		88,681
Exxon Mobil Corp. 1.82%, 03/15/2019		150,000		151,058
Husky Energy, Inc. 4.00%, 04/15/2024		45,000		46,749
Kerr-McGee Corp. 6.95%, 07/01/2024		50,000		64,218
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024 (B)		142,000		144,022
Laredo Petroleum, Inc. 7.38%, 05/01/2022		60,000		67,050
Linn Energy LLC / Linn Energy Finance Corp. 6.25%, 11/01/2019		80,000		83,800
MEG Energy Corp. 6.50%, 03/15/2021 - 144A		110,000		116,600
Murphy Oil Corp. 2.50%, 12/01/2017		86,000		88,021
Nexen Energy ULC 5.88%, 03/10/2035		10,000		11,272
Noble Energy, Inc.
5.25%, 11/15/2043		28,000		30,868
6.00%, 03/01/2041		47,000		56,556
8.25%, 03/01/2019		47,000		59,251
Peabody Energy Corp. 6.25%, 11/15/2021 (B)		45,000		44,831
Petrobras Global Finance BV 6.25%, 03/17/2024		130,000		138,372
Petrobras International Finance Co. 3.88%, 01/27/2016 (B)		160,000		164,968
Petroleos Mexicanos 3.50%, 01/30/2023		40,000		39,060
Range Resources Corp. 5.75%, 06/01/2021		10,000		10,800
SemGroup, LP (Escrow Shares) 8.75%, 11/15/2049 (A) (C) (G)		25,000		500
Shell International Finance BV
2.00%, 11/15/2018		86,000		87,192
4.55%, 08/12/2043		48,000		50,558
Statoil ASA 2.90%, 11/08/2020		90,000		92,529

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    40

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
Total Capital International SA 3.70%, 01/15/2024		$  41,000		$  42,447
Western Gas Partners, LP 5.38%, 06/01/2021		76,000		86,063
Williams Cos., Inc.
3.70%, 01/15/2023		13,000		12,505
7.88%, 09/01/2021		33,000		40,971
Williams Partners, LP 5.40%, 03/04/2044		35,000		37,549
Paper & Forest Products - 0.1%
International Paper Co. 4.75%, 02/15/2022 (B)		153,000		168,708
Pharmaceuticals - 0.2%
AbbVie, Inc. 4.40%, 11/06/2042		28,000		27,182
Actavis, Inc.
3.25%, 10/01/2022 (B)		60,000		58,949
4.63%, 10/01/2042 (B)		58,000		57,055
Bristol-Myers Squibb Co. 4.50%, 03/01/2044		67,000		68,595
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		25,000		25,655
Real Estate Investment Trusts - 0.4%
ARC Properties Operating Partnership, LP / Clark Acquisition LLC
2.00%, 02/06/2017 - 144A		270,000		270,650
3.00%, 02/06/2019 - 144A		60,000		60,227
Realty Income Corp. 3.88%, 07/15/2024		230,000		232,412
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		20,000		19,905
Road & Rail - 0.0% (D)
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023 (B)		18,000		17,707
3.75%, 04/01/2024		12,000		12,384
Specialty Retail - 0.0% (D)
QVC, Inc. 7.50%, 10/01/2019 - 144A		45,000		47,298
Tobacco - 0.1%
Altria Group, Inc. 4.00%, 01/31/2024 (B)		33,000		33,909
Philip Morris International, Inc.
1.88%, 01/15/2019		71,000		70,832
4.88%, 11/15/2043		25,000		26,925
Wireless Telecommunication Services - 0.3%
America Movil SAB de CV 3.13%, 07/16/2022 (B)		200,000		196,800
MetroPCS Wireless, Inc. 7.88%, 09/01/2018 (B)		4,000		4,201
Sprint Communications, Inc. 9.00%, 11/15/2018 - 144A		95,000		115,187
Sprint Corp. 7.88%, 09/15/2023 - 144A		45,000		50,062
T-Mobile USA, Inc.
6.46%, 04/28/2019		5,000		5,263
6.63%, 04/28/2021		15,000		16,238
6.73%, 04/28/2022		15,000		16,181
6.84%, 04/28/2023 (B)		5,000		5,444
Total Corporate Debt Securities (cost $18,244,284)				17,821,477

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.3%
U.S. Treasury Bill
0.01%, 09/11/2014 (I)		$  4,145,400		$  4,145,235
0.03%, 08/07/2014 - 08/21/2014 (I)		2,929,600		2,929,516
0.08%, 05/28/2015 (I) (J)		70,000		69,948
Total Short-Term U.S. Government Obligations (cost $7,144,699)				7,144,699
	Shares		Value
PREFERRED STOCKS - 0.3%
Capital Markets - 0.0% (D)
State Street Corp. - Series D, 5.90% (A)		1,536		40,243
Diversified Financial Services - 0.1%
Citigroup Capital XIII, 7.88% (A)		3,392		93,958
Electric Utilities - 0.0% (D)
SCE Trust III, 5.75% (A)		320		8,448
Short-Term U.S. Government Obligations - 0.2%
Fannie Mae - Series O, 0.00% (A) (K)		600		11,100
Fannie Mae - Series S, 8.25% (A) (K)		10,800		111,780
Freddie Mac - Series Z, 8.38% (A) (B) (K)		14,925		162,832
Total Preferred Stocks (cost $814,042)				428,361
COMMON STOCKS - 58.7%
Aerospace & Defense - 1.7%
Honeywell International, Inc.		9,329		867,131
L-3 Communications Holdings, Inc.		2,290		276,517
United Technologies Corp.		9,638		1,112,707
Airlines - 0.3%
Delta Air Lines, Inc.		4,760		184,307
United Continental Holdings, Inc. (K)		6,360		261,205
Auto Components - 0.2%
TRW Automotive Holdings Corp. (K)		2,920		261,398
Automobiles - 0.4%
General Motors Co.		14,554		528,310
Beverages - 1.5%
Coca-Cola Co.		20,430		865,415
Constellation Brands, Inc. - Class A (K)		3,619		318,942
Dr. Pepper Snapple Group, Inc.		4,859		284,640
Molson Coors Brewing Co. - Class B		1,460		108,274
PepsiCo, Inc.		4,486		400,779
Biotechnology - 1.7%
Alexion Pharmaceuticals, Inc. (K)		1,316		205,625
Biogen IDEC, Inc. (K)		2,626		828,004
Celgene Corp. (K)		10,370		890,576
Gilead Sciences, Inc. (K)		2,690		223,028
Vertex Pharmaceuticals, Inc. (K)		2,118		200,532
Building Products - 0.2%
Masco Corp.		12,757		283,205
Capital Markets - 1.4%
Charles Schwab Corp.		13,900		374,327
Goldman Sachs Group, Inc.		1,359		227,551
Invesco, Ltd.		11,583		437,258
Morgan Stanley		18,156		586,983
State Street Corp.		4,518		303,881
Chemicals - 0.8%
Axiall Corp. (B)		2,600		122,902
Dow Chemical Co.		6,091		313,443
Monsanto Co.		3,660		456,548
Mosaic Co.		3,460		171,097

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    41

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Commercial Banks - 2.0%
BB&T Corp.		2,440		$  96,209
Cullen/Frost Bankers, Inc. (B)		510		40,504
PNC Financial Services Group, Inc.		4,548		404,999
SunTrust Banks, Inc.		2,000		80,120
SVB Financial Group (K)		720		83,966
U.S. Bancorp - Class A		890		38,555
Wells Fargo & Co.		36,808		1,934,629
Commercial Services & Supplies - 0.1%
Tyco International, Ltd.		1,768		80,621
Communications Equipment - 1.4%
Cisco Systems, Inc.		39,388		978,792
QUALCOMM, Inc.		10,727		849,578
Computers & Peripherals - 2.2%
Apple, Inc.		27,618		2,566,541
EMC Corp.		6,269		165,125
Hewlett-Packard Co.		6,723		226,431
Construction & Engineering - 0.6%
Fluor Corp.		9,480		729,012
Quanta Services, Inc. (K)		910		31,468
Construction Materials - 0.1%
Martin Marietta Materials, Inc. (B)		940		124,127
Consumer Finance - 0.3%
American Express Co.		860		81,588
Capital One Financial Corp.		3,289		271,672
Navient Corp.		1,140		20,189
Containers & Packaging - 0.2%
Ball Corp.		620		38,862
Crown Holdings, Inc. (K)		3,331		165,750
Sealed Air Corp. - Class A		880		30,070
Diversified Financial Services - 2.4%
Bank of America Corp.		74,539		1,145,664
Berkshire Hathaway, Inc. - Class B (K)		6,271		793,658
Citigroup, Inc.		20,391		960,416
CME Group, Inc. - Class A		1,390		98,621
Intercontinental Exchange, Inc.		1,527		288,450
Diversified Telecommunication Services - 1.0%
AT&T, Inc. (B)		2,776		98,159
Verizon Communications, Inc.		24,461		1,196,877
Electric Utilities - 1.3%
American Electric Power Co., Inc.		5,570		310,639
Edison International		4,307		250,280
Entergy Corp. - Class B		3,900		320,151
Exelon Corp. (B)		9,610		350,573
NextEra Energy, Inc.		5,403		553,699
Electrical Equipment - 0.9%
Eaton Corp. PLC		7,841		605,169
Emerson Electric Co.		8,792		583,437
Electronic Equipment & Instruments - 0.2%
Corning, Inc.		5,759		126,410
TE Connectivity, Ltd.		2,315		143,160
Energy Equipment & Services - 1.6%
Ensco PLC - Class A (B)		6,650		369,540
FMC Technologies, Inc. (K)		1,080		65,956
Halliburton Co.		5,578		396,094
Noble Corp. PLC		3,263		109,506
Schlumberger, Ltd.		10,434		1,230,690
Food & Staples Retailing - 1.1%
Costco Wholesale Corp.		3,240		373,119
CVS Caremark Corp.		10,847		817,538

	Shares		Value
Food & Staples Retailing (continued)
Kroger Co.		2,250		$  111,218
Wal-Mart Stores, Inc.		2,346		176,114
Food Products - 1.2%
Archer-Daniels-Midland Co.		10,675		470,874
General Mills, Inc. (B)		6,298		330,897
Kellogg Co.		1,730		113,661
Mondelez International, Inc. - Class A		18,599		699,509
Gas Utilities - 0.2%
EQT Corp. (B)		1,630		174,247
Questar Corp.		5,016		124,397
Health Care Equipment & Supplies - 1.4%
Abbott Laboratories		13,606		556,486
Baxter International, Inc.		2,441		176,484
Boston Scientific Corp. (B) (K)		30,560		390,251
Covidien PLC		2,340		211,021
Stryker Corp.		5,880		495,802
Health Care Providers & Services - 1.1%
Aetna, Inc.		3,610		292,699
Humana, Inc. - Class A (B)		4,150		530,038
McKesson Corp.		1,460		271,866
UnitedHealth Group, Inc.		5,133		419,623
Health Care Technology - 0.1%
athenahealth, Inc. (B) (K)		220		27,529
Cerner Corp. (B) (K)		2,240		115,539
Hotels, Restaurants & Leisure - 0.8%
McDonald’s Corp.		515		51,881
Royal Caribbean Cruises, Ltd. - Class A		5,370		298,572
Starbucks Corp.		5,293		409,573
Yum! Brands, Inc.		3,096		251,395
Household Durables - 0.4%
Harman International Industries, Inc.		1,740		186,928
NVR, Inc. (B) (K)		40		46,024
PulteGroup, Inc.		10,042		202,447
Whirlpool Corp.		260		36,197
Household Products - 1.0%
Kimberly-Clark Corp.		1,920		213,543
Procter & Gamble Co.		15,019		1,180,343
Industrial Conglomerates - 0.5%
General Electric Co.		23,429		615,714
Insurance - 1.7%
ACE, Ltd.		8,136		843,703
Axis Capital Holdings, Ltd.		2,500		110,700
Marsh & McLennan Cos., Inc. (B)		6,360		329,575
MetLife, Inc.		13,381		743,448
Prudential Financial, Inc.		2,052		182,156
XL Group PLC - Class A		3,480		113,901
Internet & Catalog Retail - 0.7%
Amazon.com, Inc. (K)		1,942		630,723
Priceline Group, Inc. (K)		257		309,171
Internet Software & Services - 1.9%
eBay, Inc. (K)		6,755		338,155
Facebook, Inc. - Class A (K)		5,090		342,506
Google, Inc. - Class A (K)		1,629		952,428
Google, Inc. - Class C (K)		1,629		937,131
IT Services - 1.7%
Accenture PLC - Class A		7,070		571,539
Alliance Data Systems Corp. (B) (K)		475		133,594
Cognizant Technology Solutions Corp. - Class A (K)		7,958		389,226
International Business Machines Corp.		1,861		337,343

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    42

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
IT Services (continued)
Visa, Inc. - Class A (B)		4,117		$  867,493
Xerox Corp.		2,680		33,339
Machinery - 0.7%
Caterpillar, Inc. (B)		226		24,560
Deere & Co. (B)		2,036		184,360
PACCAR, Inc. (B)		10,239		643,316
Snap-on, Inc.		270		32,000
SPX Corp.		925		100,094
Media - 2.6%
CBS Corp. - Class B		1,010		62,761
Comcast Corp. - Class A		20,351		1,092,442
DIRECTV (K)		440		37,404
DISH Network Corp. - Class A (K)		2,555		166,280
Time Warner Cable, Inc.		2,440		359,412
Time Warner, Inc.		14,085		989,471
Time, Inc. (K)		1,760		42,627
Twenty-First Century Fox, Inc. - Class A		8,080		284,012
Walt Disney Co. - Class A		5,582		478,601
Metals & Mining - 0.6%
Alcoa, Inc.		26,625		396,446
Freeport-McMoRan Copper & Gold, Inc.		4,620		168,630
U.S. Steel Corp. (B)		8,030		209,101
Multi-Utilities - 0.8%
CenterPoint Energy, Inc. (B)		6,190		158,093
CMS Energy Corp.		7,427		231,351
Dominion Resources, Inc.		3,860		276,067
NiSource, Inc. - Class B (B)		6,628		260,746
Public Service Enterprise Group, Inc. (B)		370		15,092
Sempra Energy		1,068		111,830
Multiline Retail - 0.2%
Dollar General Corp. (K)		1,290		73,994
Dollar Tree, Inc. (K)		880		47,925
Macy’s, Inc.		3,584		207,944
Oil, Gas & Consumable Fuels - 4.3%
Anadarko Petroleum Corp. - Class A		3,106		340,014
Cheniere Energy, Inc. (K)		1,990		142,683
Chevron Corp. (B)		10,329		1,348,451
EOG Resources, Inc.		3,662		427,942
Exxon Mobil Corp.		17,143		1,725,957
Hess Corp.		2,770		273,925
Marathon Oil Corp.		13,140		524,549
Marathon Petroleum Corp.		2,133		166,523
Occidental Petroleum Corp.		4,671		479,385
Phillips 66		423		34,022
Pioneer Natural Resources Co.		220		50,558
QEP Resources, Inc.		2,610		90,045
Valero Energy Corp.		3,710		185,871
Paper & Forest Products - 0.1%
International Paper Co.		1,958		98,820
Personal Products - 0.1%
Estee Lauder Cos., Inc. - Class A		1,630		121,044
Pharmaceuticals - 3.4%
Actavis PLC (B) (K)		520		115,986
Allergan, Inc.		1,350		228,447
Bristol-Myers Squibb Co.		17,736		860,373
Johnson & Johnson		20,161		2,109,244
Merck & Co., Inc.		16,190		936,592
Perrigo Co. PLC (B)		1,410		205,522
Pfizer, Inc.		5,521		163,863

	Shares		Value
Real Estate Investment Trusts - 1.2%
American Tower Corp. - Class A		494		$  44,450
AvalonBay Communities, Inc. (B)		1,710		243,145
Boston Properties, Inc.		620		73,272
DiamondRock Hospitality Co.		12,370		158,583
Extra Space Storage, Inc.		730		38,873
General Growth Properties, Inc.		1,930		45,471
Highwoods Properties, Inc. (B)		2,431		101,980
Host Hotels & Resorts, Inc. (B)		1,294		28,481
Kilroy Realty Corp. (B)		1,000		62,280
Liberty Property Trust - Series C		3,370		127,824
Mid-America Apartment Communities, Inc.		1,700		124,185
ProLogis, Inc. - Class A		3,633		149,280
Public Storage		280		47,978
Simon Property Group, Inc.		1,947		323,747
Ventas, Inc.		1,737		111,342
Road & Rail - 1.4%
CSX Corp.		23,119		712,296
Norfolk Southern Corp.		352		36,267
Union Pacific Corp.		11,346		1,131,763
Semiconductors & Semiconductor Equipment - 1.4%
Applied Materials, Inc. - Class A (B)		8,948		201,777
Avago Technologies, Ltd. - Class A		4,340		312,784
Broadcom Corp. - Class A		2,150		79,808
Freescale Semiconductor, Ltd. (B) (K)		5,420		127,370
KLA-Tencor Corp.		5,597		406,566
LAM Research Corp.		6,217		420,145
ON Semiconductor Corp. (K)		8,900		81,346
Xilinx, Inc.		5,421		256,468
Software - 2.3%
Adobe Systems, Inc. (K)		6,553		474,175
CA, Inc.		1,480		42,535
Citrix Systems, Inc. (K)		4,358		272,593
Microsoft Corp.		43,041		1,794,810
Oracle Corp.		11,180		453,125
VMware, Inc. - Class A (B) (K)		1,111		107,556
Specialty Retail - 1.9%
AutoZone, Inc. (K)		728		390,383
Gap, Inc. - Class A (B)		600		24,942
Home Depot, Inc.		11,266		912,095
Lowe’s Cos., Inc.		13,324		639,419
Ross Stores, Inc.		2,010		132,921
TJX Cos., Inc.		8,100		430,515
Textiles, Apparel & Luxury Goods - 0.4%
Lululemon Athletica, Inc. (B) (K)		907		36,715
V.F. Corp.		8,288		522,144
Tobacco - 0.8%
Philip Morris International, Inc.		11,997		1,011,467
Trading Companies & Distributors - 0.2%
WW Grainger, Inc. (B)		1,251		318,092
Total Common Stocks (cost $61,578,850)				78,963,545
SECURITIES LENDING COLLATERAL - 7.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (I)		10,641,792		10,641,792
Total Securities Lending Collateral (cost $10,641,792)				10,641,792

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    43

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.01% (I), dated 06/30/2014, to be repurchased at $915,607 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $938,561.		$  915,607		$  915,607
Total Repurchase Agreement (cost $915,607)				915,607
Total Investment Securities (cost $135,272,671) (L)				151,789,038
Other Assets and Liabilities - Net - (12.9)%				(17,351,851	)
Net Assets - 100.0%				$  134,437,187

FUTURES CONTRACTS: (M)
Description	Type		Contracts		Expiration Date		Net Unrealized Appreciation (Depreciation)
S&P 500 E-Mini Index		Long		5		09/19/2014	$	4,445

VALUATION SUMMARY: ^(N)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
U.S. Government Obligations	$	—	$	10,395,582	$	—	$	10,395,582
U.S. Government Agency Obligations		—		9,060,355		—		9,060,355
Foreign Government Obligations		—		995,378		—		995,378
Mortgage-Backed Securities		—		7,217,739		53,320		7,271,059
Asset-Backed Securities		—		7,201,905		—		7,201,905
Municipal Government Obligations		—		401,146		—		401,146
Preferred Corporate Debt Securities		—		548,132		—		548,132
Corporate Debt Securities
Air Freight & Logistics		—		127,077		—		127,077
Airlines		—		24,063		—		24,063
Automobiles		—		54,525		0		54,525
Beverages		—		111,984		—		111,984
Biotechnology		—		68,353		—		68,353
Capital Markets		—		1,270,655		—		1,270,655
Chemicals		—		177,920		—		177,920
Commercial Banks		—		4,020,312		—		4,020,312
Commercial Services & Supplies		—		176,296		—		176,296
Communications Equipment		—		50,388		—		50,388
Computers & Peripherals		—		67,941		—		67,941
Construction Materials		—		211,576		—		211,576
Diversified Financial Services		—		491,876		0		491,876
Diversified Telecommunication Services		—		752,695		—		752,695
Electric Utilities		—		705,287		—		705,287
Energy Equipment & Services		—		511,292		—		511,292
Food & Staples Retailing		—		95,501		—		95,501
Food Products		—		60,411		—		60,411
Health Care Equipment & Supplies		—		57,245		—		57,245
Health Care Providers & Services		—		387,932		—		387,932
Hotels, Restaurants & Leisure		—		7,215		—		7,215
Household Products		—		107,912		—		107,912
Industrial Conglomerates		—		37,510		—		37,510
Insurance		—		2,527,675		—		2,527,675

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    44

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY (continued): ^(N)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
IT Services	$	—	$	189,311	$	—	$	189,311
Life Sciences Tools & Services		—		141,013		—		141,013
Media		—		811,337		—		811,337
Metals & Mining		—		245,327		—		245,327
Multi-Utilities		—		298,843		—		298,843
Oil, Gas & Consumable Fuels		—		2,423,736		500		2,424,236
Paper & Forest Products		—		168,708		—		168,708
Pharmaceuticals		—		237,436		—		237,436
Real Estate Investment Trusts		—		583,194		—		583,194
Road & Rail		—		30,091		—		30,091
Specialty Retail		—		47,298		—		47,298
Tobacco		—		131,666		—		131,666
Wireless Telecommunication Services		—		409,376		—		409,376
Short-Term U.S. Government Obligations		—		7,144,699		—		7,144,699
Preferred Stocks		428,361		—		—		428,361
Common Stocks		78,963,545		—		—		78,963,545
Securities Lending Collateral		10,641,792		—		—		10,641,792
Repurchase Agreement		—		915,607		—		915,607
Total Investment Securities	$	90,033,698	$	61,701,520	$	53,820	$	151,789,038
Derivative Financial Instruments
Futures Contracts (O)	$	4,445	$	—	$	—	$	4,445
Total Derivative Financial Instruments	$	4,445	$	—	$	—	$	4,445

Level 3 Rollforward - Investment Securities

Securities	Beginning Balance at December 31, 2013		Purchases		Sales (P)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation) (Q)			Transfers into Level 3 (R)		Transfers out of Level 3		Ending Balance at June 30, 2014 (S)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at June 30, 2014 (Q)
Fixed Income	$	—	$	—	$	(13,915	)	$	—	$	162	$	(23	)	$	67,096	$	—	$	53,320	$	(23	)
Corporate Debt Securities		0		—		—			—		—		—			500		—		500		—
Total	$	0	$	—	$	(13,915	)	$	—	$	162	$	(23	)	$	67,596	$	—	$	53,820	$	(23	)

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) Floating or variable rate note. Rate is listed as of June 30, 2014.

^(B) All or a portion of this security is on loan. The value of all securities on loan is $10,407,966. 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) Fair valued as determined in good faith in accordance with procedures established by the Board of Trustees. Total aggregate fair value of securities is $341,768, or 0.25% of the portfolio’s net assets.

^(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)  Illiquid. Total aggregate fair value of illiquid securities is $532, or less than 0.01% of the portfolio’s net assets.

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

^(I) Rate shown reflects the yield at June 30, 2014.

^(J) 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 $69,948.

^(K) Non-income producing security.

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    45

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

^(L) Aggregate cost for federal income tax purposes is $135,272,671. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $18,504,065 and $1,987,698, respectively. Net unrealized appreciation for tax purposes is $16,516,367.

^(M) Cash in the amount of $60,000 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 June 30, 2014. 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 June 30, 2014 may be due to an investment no longer held or categorized as Level 3 at period end.

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

^(S) 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 June 30, 2014, these securities aggregated $13,683,822, or 10.18% of the portfolio’s net assets.
IO	Interest only portion of a STRIPS (Separate Trading of Registered Interest and Principal of Securities)
MTN	Medium Term Note
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:

ZAR South African Rand

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    46

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 97.1%
Aerospace & Defense - 5.4%
Alliant Techsystems, Inc.		67,420		$  9,028,886
Exelis, Inc.		273,450		4,643,181
Huntington Ingalls Industries, Inc.		91,480		8,653,093
L-3 Communications Holdings, Inc.		67,290		8,125,268
Lockheed Martin Corp.		33,900		5,448,747
Northrop Grumman Corp.		115,000		13,757,450
Air Freight & Logistics - 0.6%
FedEx Corp.		36,210		5,481,470
Airlines - 1.5%
Alaska Air Group, Inc.		20,440		1,942,822
Delta Air Lines, Inc.		125,120		4,844,646
Southwest Airlines Co.		258,600		6,945,996
Auto Components - 2.8%
Delphi Automotive PLC - Class A		39,800		2,735,852
Goodyear Tire & Rubber Co.		71,000		1,972,380
Lear Corp.		108,200		9,664,424
Magna International, Inc. - Class A		107,400		11,572,350
Beverages - 1.1%
Coca-Cola Enterprises, Inc.		169,100		8,079,598
Dr. Pepper Snapple Group, Inc.		37,300		2,185,034
Biotechnology - 3.1%
Alexion Pharmaceuticals, Inc. (A)		16,400		2,562,500
Biogen IDEC, Inc. (A)		35,100		11,067,381
Celgene Corp. (A)		47,600		4,087,888
Gilead Sciences, Inc. (A)		22,400		1,857,184
United Therapeutics Corp. (A) (B)		103,900		9,194,111
Capital Markets - 1.0%
Waddell & Reed Financial, Inc. - Class A		140,850		8,815,801
Chemicals - 2.2%
CF Industries Holdings, Inc. - Class B		43,100		10,366,843
LyondellBasell Industries NV - Class A		98,800		9,647,820
Commercial Banks - 5.2%
Fifth Third Bancorp		597,400		12,754,490
KeyCorp		923,700		13,236,621
PNC Financial Services Group, Inc.		88,860		7,912,983
Wells Fargo & Co.		251,600		13,224,096
Computers & Peripherals - 3.0%
Apple, Inc.		120,200		11,170,186
SanDisk Corp.		29,000		3,028,470
Western Digital Corp.		146,700		13,540,410
Consumer Finance - 3.4%
Capital One Financial Corp.		201,100		16,610,860
Discover Financial Services		235,700		14,608,686
Diversified Financial Services - 2.3%
CBOE Holdings, Inc.		112,600		5,541,046
JPMorgan Chase & Co.		72,900		4,200,498
McGraw-Hill Financial, Inc.		131,600		10,926,748
Diversified Telecommunication Services - 2.7%
AT&T, Inc.		496,500		17,556,240
CenturyLink, Inc.		149,200		5,401,040
Verizon Communications, Inc.		36,700		1,795,731
Electric Utilities - 4.1%
American Electric Power Co., Inc.		185,800		10,362,066
Edison International		217,900		12,662,169
Entergy Corp. - Class B		145,200		11,919,468
Exelon Corp.		79,700		2,907,456
Electronic Equipment & Instruments - 2.7%
Arrow Electronics, Inc. (A)		78,950		4,769,370

	Shares		Value
Electronic Equipment & Instruments (continued)
Avnet, Inc.		141,400		$  6,265,434
Flextronics International, Ltd. (A)		593,300		6,567,831
Ingram Micro, Inc. - Class A (A)		240,010		7,010,692
Energy Equipment & Services - 2.8%
Baker Hughes, Inc.		191,500		14,257,175
Halliburton Co.		155,100		11,013,651
Food & Staples Retailing - 1.6%
Kroger Co.		255,300		12,619,479
Rite Aid Corp. (A)		209,990		1,505,628
Food Products - 1.2%
Tyson Foods, Inc. - Class A		298,070		11,189,548
Health Care Providers & Services - 9.8%
AmerisourceBergen Corp. - Class A		146,100		10,615,626
Cardinal Health, Inc.		190,400		13,053,824
CIGNA Corp.		117,100		10,769,687
Express Scripts Holding Co. (A)		154,100		10,683,753
HCA Holdings, Inc. (A)		39,400		2,221,372
Humana, Inc. - Class A		77,400		9,885,528
McKesson Corp.		63,800		11,880,198
Omnicare, Inc.		172,200		11,463,354
WellPoint, Inc.		87,500		9,415,875
Household Durables - 0.7%
Whirlpool Corp.		42,500		5,916,850
Independent Power Producers & Energy Traders - 1.1%
AES Corp.		664,400		10,331,420
Insurance - 14.0%
Allied World Assurance Co. Holdings AG		83,940		3,191,399
Allstate Corp.		233,300		13,699,376
American Financial Group, Inc.		79,100		4,711,196
American International Group, Inc.		358,300		19,556,014
Assurant, Inc.		110,200		7,223,610
Axis Capital Holdings, Ltd.		139,050		6,157,134
Chubb Corp. - Class A		92,900		8,562,593
Everest RE Group, Ltd.		60,940		9,780,260
Genworth Financial, Inc. - Class A (A)		675,000		11,745,000
Lincoln National Corp.		86,400		4,444,416
PartnerRe, Ltd.		67,100		7,327,991
Reinsurance Group of America, Inc. - Class A		71,870		5,670,543
RenaissanceRe Holdings, Ltd. (B)		70,810		7,576,670
Travelers Cos., Inc.		150,000		14,110,500
Unum Group		120,800		4,199,008
IT Services - 0.6%
Amdocs, Ltd.		124,350		5,761,136
Machinery - 1.8%
Caterpillar, Inc.		43,810		4,760,833
Oshkosh Corp.		69,400		3,853,782
Trinity Industries, Inc. (B)		178,600		7,808,392
Media - 1.2%
DIRECTV (A)		125,900		10,702,759
Metals & Mining - 0.5%
U.S. Steel Corp. (B)		188,600		4,911,144
Multi-Utilities - 0.8%
Public Service Enterprise Group, Inc.		179,900		7,338,121
Multiline Retail - 1.0%
Macy’s, Inc.		159,740		9,268,115
Oil, Gas & Consumable Fuels - 11.4%
Chevron Corp.		126,000		16,449,300
ConocoPhillips		70,500		6,043,965
Exxon Mobil Corp.		326,500		32,872,020

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    47

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Oil Corp.		261,700		$  10,447,064
Marathon Petroleum Corp.		128,500		10,031,995
SM Energy Co.		142,900		12,017,890
Tesoro Corp.		67,100		3,936,757
Valero Energy Corp.		254,300		12,740,430
Paper & Forest Products - 0.7%
Domtar Corp.		138,800		5,947,580
Personal Products - 0.5%
Herbalife, Ltd. (B)		68,300		4,408,082
Real Estate Investment Trusts - 0.3%
RLJ Lodging Trust		104,900		3,030,561
Real Estate Management & Development - 0.6%
CBRE Group, Inc. - Class A (A)		169,350		5,425,974
Road & Rail - 0.5%
Avis Budget Group, Inc. (A) (B)		82,400		4,918,456
Semiconductors & Semiconductor Equipment - 2.2%
Intel Corp.		463,200		14,312,880
Marvell Technology Group, Ltd.		432,900		6,203,457
Specialty Retail - 0.4%
Foot Locker, Inc.		75,100		3,809,072
Tobacco - 2.0%
Lorillard, Inc.		198,200		12,084,254
Philip Morris International, Inc.		70,700		5,960,717
Trading Companies & Distributors - 0.3%
United Rentals, Inc. (A) (B)		26,200		2,743,926
Total Common Stocks (cost $717,034,945)				889,220,656

	Shares		Value
SECURITIES LENDING COLLATERAL - 4.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		40,463,064		$  40,463,064
Total Securities Lending Collateral (cost $40,463,064)				40,463,064
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $23,053,023 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 10/15/2040, and with a value of $23,515,140.		$  23,053,017		23,053,017
Total Repurchase Agreement (cost $23,053,017)				23,053,017
Total Investment Securities (cost $780,551,026) (D)				952,736,737
Other Assets and Liabilities - Net - (4.0)%				(36,724,965	)
Net Assets - 100.0%				$  916,011,772

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	889,220,656	$	—	$	—	$	889,220,656
Securities Lending Collateral		40,463,064		—		—		40,463,064
Repurchase Agreement		—		23,053,017		—		23,053,017
Total Investment Securities	$	929,683,720	$	23,053,017	$	—	$	952,736,737

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 $39,555,502. 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 June 30, 2014.

^(D)  Aggregate cost for federal income tax purposes is $780,551,026. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $177,460,115 and $5,274,404, respectively. Net unrealized appreciation for tax purposes is $172,185,711.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    48

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 98.1%
Aerospace & Defense - 3.6%
L-3 Communications Holdings, Inc.		29,800		$  3,598,350
Lockheed Martin Corp.		27,000		4,339,710
Northrop Grumman Corp.		32,600		3,899,938
Air Freight & Logistics - 1.0%
FedEx Corp.		21,660		3,278,891
Airlines - 3.1%
Delta Air Lines, Inc.		100,800		3,902,976
Southwest Airlines Co.		152,600		4,098,836
United Continental Holdings, Inc. (A)		50,700		2,082,249
Auto Components - 3.8%
Delphi Automotive PLC - Class A		58,100		3,993,794
Goodyear Tire & Rubber Co.		132,300		3,675,294
Magna International, Inc. - Class A		34,200		3,685,050
TRW Automotive Holdings Corp. (A)		12,700		1,136,904
Beverages - 3.4%
Coca-Cola Enterprises, Inc.		79,100		3,779,398
Dr. Pepper Snapple Group, Inc.		66,000		3,866,280
Monster Beverage Corp. (A)		47,800		3,395,234
Biotechnology - 5.6%
Alexion Pharmaceuticals, Inc. (A)		20,800		3,250,000
Amgen, Inc.		5,500		651,035
Biogen IDEC, Inc. (A)		14,700		4,635,057
Celgene Corp. (A)	��	58,200		4,998,216
Gilead Sciences, Inc. (A)		59,000		4,891,690
Capital Markets - 0.3%
E*TRADE Financial Corp. (A)		45,200		960,952
Chemicals - 2.4%
CF Industries Holdings, Inc. - Class B		14,400		3,463,632
LyondellBasell Industries NV - Class A		44,700		4,364,955
Commercial Banks - 2.2%
Comerica, Inc. - Class A		54,700		2,743,752
Fifth Third Bancorp		39,100		834,785
KeyCorp		254,100		3,641,253
Communications Equipment - 2.5%
Harris Corp.		37,200		2,817,900
QUALCOMM, Inc.		66,900		5,298,480
Computers & Peripherals - 6.7%
Apple, Inc.		148,900		13,837,277
SanDisk Corp.		40,600		4,239,858
Western Digital Corp.		42,100		3,885,830
Construction & Engineering - 0.8%
Fluor Corp.		34,800		2,676,120
Consumer Finance - 2.8%
Capital One Financial Corp.		57,300		4,732,980
Discover Financial Services		71,200		4,412,976
Diversified Financial Services - 1.2%
McGraw-Hill Financial, Inc.		48,800		4,051,864
Diversified Telecommunication Services - 3.1%
AT&T, Inc.		103,300		3,652,688
CenturyLink, Inc.		107,700		3,898,740
Verizon Communications, Inc.		55,400		2,710,722
Electric Utilities - 2.0%
American Electric Power Co., Inc.		13,200		736,164
Edison International		66,500		3,864,315
Entergy Corp. - Class B		22,000		1,805,980
Electronic Equipment & Instruments - 1.2%
TE Connectivity, Ltd.		64,200		3,970,128

	Shares		Value
Energy Equipment & Services - 2.8%
Baker Hughes, Inc.		57,100		$  4,251,095
Halliburton Co.		69,500		4,935,195
Food & Staples Retailing - 1.3%
Kroger Co.		83,500		4,127,405
Food Products - 3.0%
Archer-Daniels-Midland Co.		93,700		4,133,107
Hershey Co.		21,100		2,054,507
Tyson Foods, Inc. - Class A		100,300		3,765,262
Health Care Providers & Services - 7.6%
AmerisourceBergen Corp. - Class A		54,700		3,974,502
Cardinal Health, Inc.		60,000		4,113,600
CIGNA Corp.		42,300		3,890,331
Express Scripts Holding Co. (A)		60,500		4,194,465
Humana, Inc. - Class A		28,700		3,665,564
McKesson Corp.		22,900		4,264,209
WellPoint, Inc.		6,500		699,465
Hotels, Restaurants & Leisure - 0.5%
Wyndham Worldwide Corp.		23,300		1,764,276
Household Durables - 1.3%
Harman International Industries, Inc.		7,100		762,753
Whirlpool Corp.		24,000		3,341,280
Independent Power Producers & Energy Traders - 1.2%
AES Corp.		247,000		3,840,850
Insurance - 7.8%
Allstate Corp.		72,700		4,268,944
American International Group, Inc.		92,800		5,065,024
Assurant, Inc.		45,950		3,012,022
Chubb Corp. - Class A		31,400		2,894,138
Genworth Financial, Inc. - Class A (A)		210,500		3,662,700
Travelers Cos., Inc.		44,800		4,214,336
Unum Group		66,300		2,304,588
Internet & Catalog Retail - 0.7%
Expedia, Inc.		27,900		2,197,404
Internet Software & Services - 1.7%
Facebook, Inc. - Class A (A)		38,700		2,604,123
VeriSign, Inc. (A) (B)		64,100		3,128,721
IT Services - 1.5%
Amdocs, Ltd.		27,860		1,290,754
Computer Sciences Corp.		55,100		3,482,320
Leisure Equipment & Products - 1.0%
Polaris Industries, Inc.		25,200		3,282,048
Machinery - 0.3%
Caterpillar, Inc.		8,000		869,360
Media - 2.0%
DIRECTV (A)		48,800		4,148,488
Viacom, Inc. - Class B		26,600		2,307,018
Metals & Mining - 1.1%
U.S. Steel Corp. (B)		135,000		3,515,400
Multiline Retail - 1.1%
Macy’s, Inc.		64,600		3,748,092
Oil, Gas & Consumable Fuels - 8.2%
Chesapeake Energy Corp.		102,900		3,198,132
Chevron Corp.		6,700		874,685
ConocoPhillips		60,600		5,195,238
Exxon Mobil Corp.		6,600		664,488
Marathon Oil Corp.		102,300		4,083,816
Marathon Petroleum Corp.		42,100		3,286,747
Occidental Petroleum Corp.		6,600		677,358

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    49

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Suncor Energy, Inc.		41,500		$  1,769,145
Tesoro Corp.		63,400		3,719,678
Valero Energy Corp.		68,600		3,436,860
Real Estate Management & Development - 0.4%
CBRE Group, Inc. - Class A (A)		38,020		1,218,161
Road & Rail - 0.7%
Union Pacific Corp.		23,400		2,334,150
Semiconductors & Semiconductor Equipment - 3.9%
Intel Corp.		222,700		6,881,430
LAM Research Corp.		59,600		4,027,768
NVIDIA Corp.		106,000		1,965,240
Software - 1.0%
Check Point Software Technologies, Ltd. - Class A (A) (B)		50,300		3,371,609
Specialty Retail - 0.5%
AutoZone, Inc. (A)		1,400		750,736
Best Buy Co., Inc.		31,600		979,916
Textiles, Apparel & Luxury Goods - 0.7%
Michael Kors Holdings, Ltd. (A)		27,200		2,411,280
Tobacco - 1.5%
Lorillard, Inc.		65,500		3,993,535
Philip Morris International, Inc.		11,100		935,841
Trading Companies & Distributors - 0.6%
United Rentals, Inc. (A) (B)		19,900		2,084,127
Total Common Stocks (cost $256,210,194)				321,393,539

	Shares		Value
SECURITIES LENDING COLLATERAL - 3.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		12,267,189		$  12,267,189
Total Securities Lending Collateral (cost $12,267,189)				12,267,189
	Principal		Value
REPURCHASE AGREEMENT - 2.2%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $7,293,307 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 10/15/2040, and with a value of $7,440,210.		$  7,293,304		7,293,304
Total Repurchase Agreement (cost $7,293,304)				7,293,304
Total Investment Securities (cost $275,770,687) (D)				340,954,032
Other Assets and Liabilities - Net - (4.1)%				(13,377,968	)
Net Assets - 100.0%				$  327,576,064

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	321,393,539	$	—	$	—	$	321,393,539
Securities Lending Collateral		12,267,189		—		—		12,267,189
Repurchase Agreement		—		7,293,304		—		7,293,304
Total Investment Securities	$	333,660,728	$	7,293,304	$	—	$	340,954,032

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 $11,978,858. 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 June 30, 2014.

^(D)  Aggregate cost for federal income tax purposes is $275,770,687. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $67,259,494 and $2,076,149, respectively. Net unrealized appreciation for tax purposes is $65,183,345.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    50

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 99.4%
Aerospace & Defense - 4.8%
Boeing Co.		127,252		$  16,190,272
Honeywell International, Inc.		62,919		5,848,321
Precision Castparts Corp.		31,610		7,978,364
United Technologies Corp.		113,195		13,068,363
Air Freight & Logistics - 0.8%
Expeditors International of Washington, Inc.		33,263		1,468,894
United Parcel Service, Inc. - Class B		54,937		5,639,833
Automobiles - 0.6%
Tesla Motors, Inc. (A) (B)		22,978		5,516,099
Beverages - 0.9%
Anheuser-Busch InBev NV - ADR		60,495		6,953,295
Monster Beverage Corp. (A)		16,211		1,151,468
Biotechnology - 6.7%
Alexion Pharmaceuticals, Inc. (A)		45,129		7,051,406
Amgen, Inc.		53,103		6,285,802
Biogen IDEC, Inc. (A)		37,519		11,830,116
Celgene Corp. (A)		131,736		11,313,488
Gilead Sciences, Inc. (A)		163,356		13,543,846
Incyte Corp., Ltd. (A)		33,267		1,877,589
Intercept Pharmaceuticals, Inc. (A) (B)		6,285		1,487,220
Vertex Pharmaceuticals, Inc. (A)		76,506		7,243,588
Capital Markets - 0.8%
Morgan Stanley		134,804		4,358,213
Waddell & Reed Financial, Inc. - Class A		41,611		2,604,433
Chemicals - 1.4%
Monsanto Co.		74,995		9,354,876
Sherwin-Williams Co.		15,579		3,223,451
Commercial Banks - 0.3%
Itau Unibanco Holding SA - ADR		202,984		2,918,910
Commercial Services & Supplies - 0.3%
Tyco International, Ltd.		54,953		2,505,857
Communications Equipment - 2.8%
Cisco Systems, Inc.		211,917		5,266,138
F5 Networks, Inc. - Class B (A)		48,648		5,421,333
QUALCOMM, Inc.		191,086		15,134,011
Computers & Peripherals - 4.8%
Apple, Inc.		331,394		30,796,444
NetApp, Inc.		48,666		1,777,282
SanDisk Corp.		57,729		6,028,640
Western Digital Corp.		48,185		4,447,476
Consumer Finance - 0.9%
American Express Co.		83,736		7,944,034
Diversified Financial Services - 1.0%
Bank of America Corp.		292,700		4,498,799
Intercontinental Exchange, Inc.		13,755		2,598,319
JPMorgan Chase & Co.		38,317		2,207,826
Diversified Telecommunication Services - 1.4%
Verizon Communications, Inc.		260,284		12,735,696
Electrical Equipment - 0.4%
Rockwell Automation, Inc. - Class B		31,675		3,964,443
Energy Equipment & Services - 2.6%
Baker Hughes, Inc.		60,457		4,501,024
National Oilwell Varco, Inc.		73,610		6,061,783
Oceaneering International, Inc.		22,569		1,763,316
Schlumberger, Ltd.		97,860		11,542,587
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.		94,324		10,862,352
CVS Caremark Corp.		66,455		5,008,713
Whole Foods Market, Inc.		20,222		781,176

	Shares		Value
Food Products - 2.1%
Keurig Green Mountain, Inc. (B)		26,381		$  3,287,336
Mead Johnson Nutrition Co. - Class A		38,540		3,590,772
Mondelez International, Inc. - Class A		325,257		12,232,916
Health Care Equipment & Supplies - 3.1%
Abbott Laboratories		176,596		7,222,776
Becton Dickinson and Co.		44,785		5,298,066
CR Bard, Inc.		36,615		5,236,311
Medtronic, Inc.		93,142		5,938,734
Zimmer Holdings, Inc. - Class A		41,020		4,260,337
Health Care Providers & Services - 1.4%
Aetna, Inc.		71,294		5,780,517
Express Scripts Holding Co. (A)		62,942		4,363,769
HCA Holdings, Inc. (A)		42,176		2,377,883
Hotels, Restaurants & Leisure - 4.2%
Chipotle Mexican Grill, Inc. - Class A (A)		9,384		5,560,114
Dunkin’ Brands Group, Inc. (B)		80,106		3,669,656
Las Vegas Sands Corp.		57,631		4,392,635
Marriott International, Inc. - Class A (B)		83,748		5,368,247
Starbucks Corp.		88,279		6,831,029
Starwood Hotels & Resorts Worldwide, Inc.		49,729		4,019,098
Wyndham Worldwide Corp.		64,552		4,887,877
Wynn Resorts, Ltd.		14,737		3,058,811
Household Durables - 0.5%
PulteGroup, Inc.		228,780		4,612,205
Industrial Conglomerates - 1.1%
3M Co.		22,628		3,241,235
Danaher Corp.		85,846		6,758,655
Internet & Catalog Retail - 4.7%
Amazon.com, Inc. (A)		39,755		12,911,629
Expedia, Inc.		35,477		2,794,168
NetFlix, Inc. (A)		15,158		6,678,615
Priceline Group, Inc. (A)		13,292		15,990,276
TripAdvisor, Inc. (A)		34,288		3,725,734
Internet Software & Services - 7.1%
Facebook, Inc. - Class A (A)		228,245		15,358,606
Google, Inc. - Class A (A)		23,041		13,471,381
Google, Inc. - Class C (A)		33,034		19,003,800
IAC/InterActiveCorp		54,374		3,764,312
LinkedIn Corp. - Class A (A)		40,589		6,959,796
Pandora Media, Inc. (A) (B)		52,213		1,540,283
Twitter, Inc. (A)		70,757		2,898,914
Yahoo! Inc. (A)		43,743		1,536,692
IT Services - 4.6%
Alliance Data Systems Corp. (A) (B)		9,971		2,804,344
FleetCor Technologies, Inc. (A)		28,668		3,778,442
Mastercard, Inc. - Class A		207,523		15,246,715
Paychex, Inc.		61,092		2,538,983
Visa, Inc. - Class A		80,859		17,037,800
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (A) (B)		46,163		8,241,942
Machinery - 1.3%
Dover Corp.		42,045		3,823,993
Illinois Tool Works, Inc. - Class A		41,911		3,669,727
Parker Hannifin Corp.		33,628		4,228,048
Media - 4.3%
Comcast Corp. - Class A		158,112		8,487,452
DIRECTV (A)		51,135		4,346,986
Discovery Communications, Inc. - Series A (A)		79,755		5,924,202
Omnicom Group, Inc.		35,642		2,538,423

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    51

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Media (continued)
Scripps Networks Interactive, Inc. - Class A		33,352		$  2,706,181
Twenty-First Century Fox, Inc. - Class A		146,596		5,152,850
Walt Disney Co. - Class A		111,246		9,538,232
Oil, Gas & Consumable Fuels - 3.6%
Apache Corp.		64,436		6,483,550
Cabot Oil & Gas Corp.		106,645		3,640,860
Concho Resources, Inc. (A)		46,422		6,707,979
Devon Energy Corp. - Class A		85,609		6,797,355
EOG Resources, Inc.		58,108		6,790,501
Valero Energy Corp.		36,671		1,837,217
Pharmaceuticals - 5.5%
Allergan, Inc.		26,723		4,522,066
Bristol-Myers Squibb Co.		195,004		9,459,644
Eli Lilly & Co.		103,229		6,417,747
Johnson & Johnson		59,535		6,228,552
Merck & Co., Inc.		195,300		11,298,105
Novo Nordisk A/S - ADR		188,645		8,713,512
Perrigo Co. PLC		22,455		3,273,041
Salix Pharmaceuticals, Ltd. (A)		2,620		323,177
Real Estate Investment Trusts - 0.6%
American Tower Corp. - Class A		62,693		5,641,116
Road & Rail - 1.5%
Canadian Pacific Railway, Ltd.		36,657		6,640,049
Union Pacific Corp.		66,084		6,591,879
Semiconductors & Semiconductor Equipment - 3.4%
Altera Corp.		205,164		7,131,501
ARM Holdings PLC - ADR		57,062		2,581,485
Broadcom Corp. - Class A		28,624		1,062,523
Linear Technology Corp. (B)		53,181		2,503,230
Maxim Integrated Products, Inc. - Class A		159,683		5,398,882
Microchip Technology, Inc. (B)		78,461		3,829,681
Skyworks Solutions, Inc.		84,452		3,965,866
Xilinx, Inc.		88,524		4,188,070
Software - 9.5%
Adobe Systems, Inc. (A)		79,710		5,767,816
Check Point Software Technologies, Ltd. - Class A (A) (B)		83,386		5,589,364
FireEye, Inc. (A) (B)		43,989		1,783,754
Informatica Corp. (A)		38,559		1,374,628
Intuit, Inc.		58,211		4,687,732
Microsoft Corp.		510,880		21,303,696
Oracle Corp.		405,327		16,427,903
Red Hat, Inc. (A)		113,539		6,275,300
Salesforce.com, Inc. (A)		139,672		8,112,150

	Shares		Value
Software (continued)
Splunk, Inc. (A)		73,964		$  4,092,428
VMware, Inc. - Class A (A) (B)		59,336		5,744,318
Workday, Inc. - Class A (A) (B)		51,695		4,645,313
Specialty Retail - 4.3%
Home Depot, Inc.		98,234		7,953,025
Inditex SA		49,605		7,634,673
Lowe’s Cos., Inc.		87,843		4,215,585
O’Reilly Automotive, Inc. (A)		49,318		7,427,291
Tiffany & Co.		44,579		4,469,045
TJX Cos., Inc.		133,633		7,102,594
Textiles, Apparel & Luxury Goods - 2.7%
Michael Kors Holdings, Ltd. (A)		59,676		5,290,277
NIKE, Inc. - Class B		117,480		9,110,574
Swatch Group AG		7,006		4,230,619
Under Armour, Inc. - Class A (A) (B)		94,695		5,633,406
Tobacco - 0.6%
Philip Morris International, Inc.		66,460		5,603,243
Trading Companies & Distributors - 0.1%
NOW, Inc. (A) (B)		17,827		645,516
Total Common Stocks (cost $670,907,895)				898,590,439
SECURITIES LENDING COLLATERAL - 5.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		53,586,336		53,586,336
Total Securities Lending Collateral (cost $53,586,336)				53,586,336
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $4,672,698 on 07/01/2014. Collateralized by U.S. Government Agency Obligations, 3.00%, due 11/25/2040 and with a total value of $4,770,768.		$  4,672,697		4,672,697
Total Repurchase Agreement (cost $4,672,697)				4,672,697
Total Investment Securities (cost $729,166,928) (D)				956,849,472
Other Assets and Liabilities - Net  - (5.8)%				(52,756,593	)
Net Assets - 100.0%				$  904,092,879

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	886,725,147	$	11,865,292	$	—	$	898,590,439
Securities Lending Collateral		53,586,336		—		—		53,586,336
Repurchase Agreement		—		4,672,697		—		4,672,697
Total Investment Securities	$	940,311,483	$	16,537,989	$	—	$	956,849,472

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    52

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

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 $52,454,587. 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 June 30, 2014.

^(D)  Aggregate cost for federal income tax purposes is $729,166,928. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $233,783,630 and $6,101,086, respectively. Net unrealized appreciation for tax purposes is $227,682,544.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    53

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 95.9%
Aerospace & Defense - 0.7%
Exelis, Inc.		435,300		$  7,391,394
Airlines - 0.6%
Copa Holdings SA - Class A		43,500		6,201,795
Auto Components - 0.5%
TRW Automotive Holdings Corp. (A)		54,900		4,914,648
Beverages - 0.8%
Brown-Forman Corp. - Class B		3,350		315,469
Constellation Brands, Inc. - Class A (A)		20,500		1,806,665
Dr. Pepper Snapple Group, Inc.		98,700		5,781,846
Building Products - 0.3%
Fortune Brands Home & Security, Inc.		81,000		3,234,330
Capital Markets - 2.5%
Ameriprise Financial, Inc.		64,900		7,788,000
Invesco, Ltd.		124,950		4,716,862
Legg Mason, Inc.		47,800		2,452,618
Northern Trust Corp.		71,600		4,597,436
T. Rowe Price Group, Inc.		62,700		5,292,507
Chemicals - 2.3%
Airgas, Inc.		61,500		6,697,965
Albemarle Corp.		84,920		6,071,780
Rayonier Advanced Materials, Inc. (A)		28,529		1,105,486
Sherwin-Williams Co.		16,800		3,476,088
Sigma-Aldrich Corp.		50,300		5,104,444
Commercial Banks - 4.3%
CIT Group, Inc.		137,200		6,278,272
City National Corp.		47,600		3,606,176
Fifth Third Bancorp		346,000		7,387,100
First Republic Bank - Class A		156,800		8,622,432
Huntington Bancshares, Inc. - Class A		212,400		2,026,296
M&T Bank Corp. (B)		54,700		6,785,535
SunTrust Banks, Inc.		140,600		5,632,436
Zions Bancorporation		74,200		2,186,674
Commercial Services & Supplies - 1.0%
ADT Corp. (B)		280,300		9,793,682
Communications Equipment - 0.7%
CommScope Holding Co., Inc. (A)		139,721		3,231,747
EchoStar Corp. - Class A (A)		72,924		3,860,596
Computers & Peripherals - 1.1%
NetApp, Inc.		310,000		11,321,200
Construction & Engineering - 0.5%
URS Corp (B)		110,400		5,061,840
Consumer Finance - 1.1%
Ally Financial, Inc. (A)		158,900		3,799,299
Navient Corp.		380,400		6,736,884
Containers & Packaging - 3.2%
Ball Corp.		116,100		7,277,148
Bemis Co., Inc.		116,800		4,749,088
Rexam PLC - ADR (B)		219,388		10,245,420
Rock-Tenn Co. - Class A		42,800		4,519,252
Silgan Holdings, Inc.		86,300		4,385,766
Diversified Consumer Services - 1.0%
Apollo Education Group, Inc. - Class A (A)		78,200		2,443,750
H&R Block, Inc.		216,600		7,260,432
Diversified Telecommunication Services - 0.5%
Windstream Holdings, Inc.		504,400		5,023,824
Electric Utilities - 4.9%
Edison International		74,100		4,305,951
PPL Corp.		413,400		14,688,102

	Shares		Value
Electric Utilities (continued)
Westar Energy, Inc. - Class A (B)		481,100		$  18,373,209
Xcel Energy, Inc. (B)		337,364		10,873,242
Electrical Equipment - 1.9%
AMETEK, Inc. - Class A		90,750		4,744,410
Hubbell, Inc. - Class B		34,100		4,199,415
Regal Beloit Corp.		63,800		5,012,128
The Babcock & Wilcox Co.		154,300		5,008,578
Electronic Equipment & Instruments - 1.4%
Amphenol Corp. - Class A		74,320		7,159,989
Arrow Electronics, Inc. (A)		115,400		6,971,314
Energy Equipment & Services - 0.3%
Nabors Industries, Ltd.		85,200		2,502,324
Food & Staples Retailing - 1.8%
Kroger Co.		127,100		6,282,553
Rite Aid Corp. (A)		455,400		3,265,218
Sysco Corp.		226,600		8,486,170
Food Products - 0.4%
Hershey Co.		38,542		3,752,834
Gas Utilities - 1.3%
EQT Corp.		41,220		4,406,418
National Fuel Gas Co. (B)		42,500		3,327,750
Questar Corp.		193,381		4,795,849
Health Care Equipment & Supplies - 1.3%
CareFusion Corp. - Class A (A)		100,300		4,448,305
ResMed, Inc. (B)		157,800		7,989,414
Health Care Providers & Services - 5.7%
AmerisourceBergen Corp. - Class A		71,100		5,166,126
Brookdale Senior Living, Inc. - Class A (A)		85,900		2,863,906
Cardinal Health, Inc.		55,600		3,811,936
CIGNA Corp.		160,900		14,797,973
Community Health Systems, Inc. (A)		217,000		9,845,290
Henry Schein, Inc. (A)		24,900		2,954,883
Humana, Inc. - Class A		72,680		9,282,690
Laboratory Corp. of America Holdings (A)		72,400		7,413,760
Hotels, Restaurants & Leisure - 1.4%
International Game Technology (B)		488,200		7,767,262
Marriott International, Inc. - Class A (B)		59,566		3,818,181
Starwood Hotels & Resorts Worldwide, Inc.		23,100		1,866,942
Household Durables - 1.1%
Jarden Corp. (A)		86,400		5,127,840
Mohawk Industries, Inc. (A)		38,600		5,339,924
Household Products - 0.4%
Energizer Holdings, Inc.		34,400		4,197,832
Industrial Conglomerates - 0.6%
Carlisle Cos., Inc.		72,879		6,312,779
Insurance - 10.8%
Alleghany Corp. (A)		33,174		14,534,193
Allstate Corp.		168,100		9,870,832
Assured Guaranty, Ltd.		183,200		4,488,400
Chubb Corp. - Class A		44,700		4,119,999
Fairfax Financial Holdings Ltd		16,100		7,607,295
Hartford Financial Services Group, Inc.		132,500		4,744,825
HCC Insurance Holdings, Inc.		155,900		7,629,746
Loews Corp.		440,300		19,377,603
Marsh & McLennan Cos., Inc.		175,400		9,089,228
Old Republic International Corp.		144,200		2,385,068
Progressive Corp.		382,900		9,710,344
Unum Group		118,800		4,129,488
WR Berkley Corp.		88,200		4,084,542

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    54

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Insurance (continued)
XL Group PLC - Class A		141,700		$  4,637,841
Internet & Catalog Retail - 0.7%
Expedia, Inc.		93,450		7,360,122
Internet Software & Services - 0.4%
Equinix, Inc. (A) (B)		17,600		3,697,584
IT Services - 3.9%
Amdocs, Ltd.		159,800		7,403,534
Computer Sciences Corp.		57,900		3,659,280
DST Systems, Inc.		40,600		3,742,102
Jack Henry & Associates, Inc.		113,700		6,757,191
Sabre Corp. (A)		52,700		1,056,635
Total System Services, Inc.		242,800		7,626,348
Western Union Co. (B)		490,700		8,508,738
Life Sciences Tools & Services - 0.8%
Bio-Rad Laboratories, Inc. - Class A (A)		70,244		8,408,909
Machinery - 1.4%
IDEX Corp.		73,000		5,894,020
Rexnord Corp. (A)		86,750		2,442,013
Snap-on, Inc.		47,206		5,594,855
Media - 5.0%
AMC Networks, Inc. - Class A (A) (B)		122,300		7,520,227
Cablevision Systems Corp. - Class A (B)		522,500		9,222,125
CBS Corp. - Class B		25,100		1,559,714
Clear Channel Outdoor Holdings, Inc. - Class A		117,749		963,187
DISH Network Corp. - Class A (A)		79,900		5,199,892
Gannett Co., Inc.		153,700		4,812,347
Liberty Media Corp. - Class A (A)		55,400		7,572,072
Shaw Communications Inc - Class B		403,500		10,353,810
Time Inc (A)		86,400		2,092,608
Multi-Utilities - 5.3%
Alliant Energy Corp.		106,200		6,463,332
CenterPoint Energy, Inc.		180,080		4,599,243
CMS Energy Corp.		562,400		17,518,760
NiSource, Inc. - Class B		102,300		4,024,482
Sempra Energy		59,900		6,272,129
Wisconsin Energy Corp. (B)		293,100		13,752,252
Multiline Retail - 1.2%
Family Dollar Stores, Inc.		29,600		1,957,744
Kohl’s Corp. (B)		142,260		7,494,257
Nordstrom, Inc.		37,900		2,574,547
Oil, Gas & Consumable Fuels - 3.0%
Energen Corp.		61,021		5,423,546
Energy XXI Bermuda, Ltd. (B)		292,600		6,914,138
PBF Energy, Inc. - Class A		100,200		2,670,330
QEP Resources, Inc.		120,300		4,150,350
Southwestern Energy Co. (A)		98,500		4,480,765
Valero Energy Corp.		72,800		3,647,280
Williams Cos., Inc.		43,500		2,532,135
Pharmaceuticals - 0.6%
Questcor Pharmaceuticals, Inc. (B)		67,200		6,215,328
Professional Services - 0.6%
Equifax, Inc.		78,300		5,679,882
Real Estate Investment Trusts - 5.1%
American Campus Communities, Inc.		73,100		2,795,344
Annaly Capital Management, Inc.		1,412,900		16,149,447
AvalonBay Communities, Inc.		33,500		4,763,365
Brixmor Property Group, Inc.		97,100		2,228,445
General Growth Properties, Inc.		157,700		3,715,412

	Shares		Value
Real Estate Investment Trusts (continued)
Kimco Realty Corp.		212,700		$  4,887,846
Rayonier, Inc.		85,586		3,042,582
Regency Centers Corp.		55,700		3,101,376
Vornado Realty Trust - Class A		52,037		5,553,909
Weyerhaeuser Co. (B)		118,100		3,907,929
Semiconductors & Semiconductor Equipment - 4.3%
Analog Devices, Inc. - Class A		116,340		6,290,504
Broadcom Corp. - Class A		95,100		3,530,112
KLA-Tencor Corp. (B)		120,400		8,745,856
LAM Research Corp.		57,000		3,852,060
Micron Technology, Inc. (A)		113,100		3,726,645
NVIDIA Corp. (B)		333,000		6,173,820
Teradyne, Inc. (B)		189,100		3,706,360
Xilinx, Inc.		133,300		6,306,423
Software - 1.0%
CA, Inc.		171,900		4,940,406
Synopsys, Inc. (A)		134,900		5,236,818
Specialty Retail - 4.7%
Abercrombie & Fitch Co. - Class A (B)		172,000		7,439,000
AutoZone, Inc. (A)		8,900		4,772,536
Bed Bath & Beyond, Inc. (A)		61,900		3,551,822
Best Buy Co., Inc.		261,900		8,121,519
Gap, Inc. - Class A		188,100		7,819,317
PetSmart, Inc. - Class A (B)		34,200		2,045,160
Staples, Inc. (B)		712,200		7,720,248
Tiffany & Co.		40,400		4,050,100
TJX Cos., Inc.		24,900		1,323,435
Textiles, Apparel & Luxury Goods - 0.5%
PVH Corp.		26,600		3,101,560
V.F. Corp.		29,700		1,871,100
Thrifts & Mortgage Finance - 1.2%
Hudson City Bancorp, Inc.		152,700		1,501,041
Ocwen Financial Corp. - Class B (A) (B)		278,900		10,347,190
Trading Companies & Distributors - 0.5%
MSC Industrial Direct Co., Inc. - Class A		51,700		4,944,588
Water Utilities - 1.3%
American Water Works Co., Inc.		253,600		12,540,520
Total Common Stocks (cost $770,608,712)				948,375,691
MASTER LIMITED PARTNERSHIP - 0.2%
Real Estate Management & Development - 0.2%
Brookfield Property Partners, LP (A)		118,973		2,482,966
Total Master Limited Partnership (cost $1,913,348)				2,482,966
SECURITIES LENDING COLLATERAL - 14.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		141,065,368		141,065,368
Total Securities Lending Collateral (cost $141,065,368)				141,065,368

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    55

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 3.8%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $37,177,483 on 07/01/2014. Collateralized by U.S. Government Agency Obligations, 3.00% - 3.50%, due 11/25/2040 - 02/15/2041, and with a total value of $37,926,815.		$  37,177,473		$  37,177,473
Total Repurchase Agreement (cost $37,177,473)				37,177,473
Total Investment Securities (cost $950,764,901) (D)				1,129,101,498
Other Assets and Liabilities - Net - (14.1)%				(139,880,545	)
Net Assets - 100.0%				$  989,220,953

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	948,375,691	$	—	$	—	$	948,375,691
Master Limited Partnership		2,482,966		—		—		2,482,966
Securities Lending Collateral		141,065,368		—		—		141,065,368
Repurchase Agreement		—		37,177,473		—		37,177,473
Total Investment Securities	$	1,091,924,025	$	37,177,473	$	—	$	1,129,101,498

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 $137,817,972. 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 June 30, 2014.

^(D)  Aggregate cost for federal income tax purposes is $950,764,901. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $182,544,230 and $4,207,633, respectively. Net unrealized appreciation for tax purposes is $178,336,597.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    56

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 98.3%
Aerospace & Defense - 4.9%
Rockwell Collins, Inc. (A)		43,701		$  3,414,796
Teledyne Technologies, Inc. (B)		32,272		3,135,870
Auto Components - 3.1%
Tenneco, Inc. (B)		63,341		4,161,504
Biotechnology - 5.7%
BioMarin Pharmaceutical, Inc. (A) (B)		38,023		2,365,411
Cubist Pharmaceuticals, Inc. (A) (B)		35,302		2,464,785
United Therapeutics Corp. (A) (B)		31,773		2,811,593
Building Products - 1.9%
USG Corp. (A) (B)		85,929		2,589,041
Chemicals - 3.7%
Axiall Corp. (A)		40,917		1,934,147
RPM International, Inc.		66,868		3,087,964
Commercial Banks - 4.6%
Comerica, Inc. - Class A (A)		67,622		3,391,920
First Republic Bank - Class A (A)		50,784		2,792,612
Commercial Services & Supplies - 2.2%
Stericycle, Inc. (A) (B)		24,791		2,935,750
Containers & Packaging - 1.7%
Rock-Tenn Co. - Class A		21,884		2,310,732
Electrical Equipment - 2.6%
AMETEK, Inc. - Class A		66,789		3,491,729
Electronic Equipment & Instruments - 3.1%
Trimble Navigation, Ltd. (A) (B)		112,572		4,159,535
Food Products - 3.8%
McCormick & Co., Inc. (A)		35,080		2,511,377
WhiteWave Foods Co. - Class A (A) (B)		81,425		2,635,727
Gas Utilities - 1.7%
EQT Corp. (A)		22,082		2,360,566
Health Care Equipment & Supplies - 2.4%
Align Technology, Inc. (A) (B)		57,189		3,204,871
Health Care Providers & Services - 2.4%
Cardinal Health, Inc. (A)		46,610		3,195,582
Hotels, Restaurants & Leisure - 1.5%
Cheesecake Factory, Inc. (A)		43,167		2,003,812
Household Durables - 2.6%
Whirlpool Corp.		25,177		3,505,142
Insurance - 2.0%
Hartford Financial Services Group, Inc. (A)		74,411		2,664,658
Media - 4.0%
Lions Gate Entertainment Corp. (A)		123,555		3,531,202
Scripps Networks Interactive, Inc. - Class A (A)		23,117		1,875,713
Oil, Gas & Consumable Fuels - 5.4%
Cimarex Energy Co. (A)		34,591		4,962,425
Energen Corp. (A)		26,543		2,359,142
Pharmaceuticals - 2.5%
Mylan, Inc. (B)		64,905		3,346,502
Professional Services - 2.3%
Equifax, Inc. (A)		42,624		3,091,945
Road & Rail - 2.9%
Genesee & Wyoming, Inc. - Class A (A) (B)		37,127		3,898,335
Semiconductors & Semiconductor Equipment - 6.7%
KLA-Tencor Corp. (A)		51,137		3,714,592
Synaptics, Inc. (A) (B)		58,944		5,342,684
Software - 8.0%
Fortinet, Inc. (A) (B)		115,464		2,901,610
PTC, Inc. (A) (B)		102,428		3,974,206
Solera Holdings, Inc. (A)		57,917		3,889,127

	Shares		Value
Specialty Retail - 11.2%
Dick’s Sporting Goods, Inc. (A)		56,238		$  2,618,441
Ross Stores, Inc.		46,268		3,059,703
Signet Jewelers, Ltd.		21,478		2,375,252
Ulta Salon Cosmetics & Fragrance, Inc. (B)		26,524		2,424,559
Williams-Sonoma, Inc. - Class A (A)		64,033		4,596,289
Textiles, Apparel & Luxury Goods - 2.5%
Under Armour, Inc. - Class A (A) (B)		57,180		3,401,638
Trading Companies & Distributors - 2.9%
Air Lease Corp. - Class A		100,710		3,885,392
Total Common Stocks (cost $110,450,718)				132,377,881
SECURITIES LENDING COLLATERAL - 24.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		32,657,352		32,657,352
Total Securities Lending Collateral (cost $32,657,352)				32,657,352
	Principal		Value
REPURCHASE AGREEMENT - 1.7%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $2,283,846 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 10/15/2040, and with a value of $2,331,945.		$  2,283,846		2,283,846
Total Repurchase Agreement (cost $2,283,846)				2,283,846
Total Investment Securities (cost $145,391,916) (D)				167,319,079
Other Assets and Liabilities - Net - (24.3)%				(32,710,148	)
Net Assets - 100.0%				$  134,608,931

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    57

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	132,377,881	$	—	$	—	$	132,377,881
Securities Lending Collateral		32,657,352		—		—		32,657,352
Repurchase Agreement		—		2,283,846		—		2,283,846
Total Investment Securities	$	165,035,233	$	2,283,846	$	—	$	167,319,079

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $31,956,541. 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 June 30, 2014.

^(D) Aggregate cost for federal income tax purposes is $145,391,916. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $22,938,011 and $1,010,848, respectively. Net unrealized appreciation for tax purposes is $21,927,163.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    58

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 95.8%
Aerospace & Defense - 1.6%
Cubic Corp. (A)		27,600		$  1,228,476
Air Freight & Logistics - 1.2%
Atlas Air Worldwide Holdings, Inc. (A) (B)		7,700		283,745
UTi Worldwide, Inc. (A)		57,400		593,516
Capital Markets - 0.9%
Solar Capital, Ltd. (A)		32,940		700,963
Chemicals - 4.9%
Innospec, Inc. (A)		19,700		850,449
Koppers Holdings, Inc.		22,400		856,800
Sensient Technologies Corp.		18,800		1,047,536
Zep, Inc. (A)		53,400		943,044
Commercial Banks - 10.6%
First Busey Corp. - Class B		98,930		574,783
First Midwest Bancorp, Inc. (A)		70,900		1,207,427
First Niagara Financial Group, Inc. (A)		71,810		627,620
Flushing Financial Corp. - Class A (A)		34,233		703,488
Hancock Holding Co. (A)		23,600		833,552
International Bancshares Corp.		54,700		1,476,900
MB Financial, Inc. (A)		30,480		824,484
Webster Financial Corp.		46,300		1,460,302
Westamerica Bancorporation (A)		6,610		345,571
Commercial Services & Supplies - 6.4%
ACCO Brands Corp. (A) (B)		124,300		796,763
G&K Services, Inc. - Class A		27,600		1,437,132
SP Plus Corp. (A) (B)		49,400		1,056,666
United Stationers, Inc. (A)		37,330		1,548,075
Computers & Peripherals - 1.7%
Diebold, Inc. (A)		31,400		1,261,338
Containers & Packaging - 1.1%
Greif, Inc. - Class A		15,000		818,400
Diversified Consumer Services - 1.7%
Matthews International Corp. - Class A (A)		30,500		1,267,885
Electric Utilities - 1.2%
UNS Energy Corp. (A)		14,400		869,904
Electronic Equipment & Instruments - 7.2%
Belden, Inc.		37,800		2,954,448
Coherent, Inc. (B)		11,300		747,721
MTS Systems Corp. (A)		7,132		483,264
ScanSource, Inc. (B)		25,300		963,424
Zebra Technologies Corp. - Class A (B)		3,800		312,816
Energy Equipment & Services - 2.3%
Era Group, Inc. (A) (B)		27,940		801,319
SEACOR Holdings, Inc. (A) (B)		11,240		924,490
Food & Staples Retailing - 1.4%
Casey’s General Stores, Inc. (A)		15,400		1,082,466
Food Products - 1.9%
Cranswick PLC		33,873		733,324
Post Holdings, Inc. (A) (B)		14,400		733,104
Gas Utilities - 2.7%
Laclede Group, Inc. (A)		15,500		752,525
New Jersey Resources Corp. (A)		10,200		583,032
WGL Holdings, Inc. (A)		15,900		685,290
Health Care Equipment & Supplies - 4.2%
Haemonetics Corp. (A) (B)		23,100		814,968
ICU Medical, Inc. - Class B (A) (B)		22,500		1,368,225
STERIS Corp. (A)		19,300		1,032,164
Health Care Providers & Services - 1.6%
Amsurg Corp. - Class A (B)		16,800		765,576
Corvel Corp. (A) (B)		9,200		415,656

	Shares		Value
Health Care Technology - 2.1%
Allscripts Healthcare Solutions, Inc. (B)		55,000		$  882,750
MedAssets, Inc. (B)		30,000		685,200
Hotels, Restaurants & Leisure - 0.3%
Choice Hotels International, Inc. (A)		4,460		210,111
Household Durables - 2.8%
Helen of Troy, Ltd. (B)		35,135		2,130,235
Insurance - 3.8%
AMERISAFE, Inc. (A)		16,000		650,720
Platinum Underwriters Holdings, Ltd.		12,200		791,170
Primerica, Inc. (A)		29,300		1,402,005
IT Services - 2.2%
Forrester Research, Inc. (A)		28,920		1,095,489
MAXIMUS, Inc. - Class A		13,100		563,562
Life Sciences Tools & Services - 3.3%
Charles River Laboratories International, Inc. (A) (B)		28,700		1,536,024
ICON PLC (B)		20,700		975,177
Machinery - 6.3%
Albany International Corp. - Class A (A)		40,300		1,529,788
ESCO Technologies, Inc.		27,400		949,136
Luxfer Holdings PLC - ADR		28,800		545,760
Mueller Industries, Inc. (A)		59,000		1,735,190
Multiline Retail - 1.4%
Fred’s, Inc. - Class A (A)		67,900		1,038,191
Oil, Gas & Consumable Fuels - 4.3%
Diamondback Energy, Inc. (A) (B)		15,600		1,385,280
Dorian LPG Ltd (B)		15,900		365,541
Scorpio Tankers, Inc. (A)		145,900		1,483,803
Paper & Forest Products - 1.2%
Deltic Timber Corp. (A)		15,440		932,885
Pharmaceuticals - 0.8%
Phibro Animal Health Corp. - Class A (B)		27,700		608,015
Professional Services - 1.0%
FTI Consulting, Inc. (A) (B)		20,500		775,310
Real Estate Investment Trusts - 3.7%
Campus Crest Communities, Inc. (A)		68,600		594,076
DiamondRock Hospitality Co. (A)		58,900		755,098
Education Realty Trust, Inc.		72,000		773,280
Summit Hotel Properties, Inc. (A)		66,900		709,140
Semiconductors & Semiconductor Equipment - 0.8%
Micrel, Inc. (A)		54,697		616,982
Software - 0.5%
Verint Systems, Inc. (A) (B)		8,300		407,115
Specialty Retail - 5.1%
Ascena Retail Group, Inc. - Class B (A) (B)		77,900		1,332,090
Cato Corp. - Class A (A)		51,110		1,579,299
Stage Stores, Inc. (A)		51,100		955,059
Thrifts & Mortgage Finance - 1.4%
Northwest Bancshares, Inc. (A)		79,900		1,084,243
Trading Companies & Distributors - 2.2%
GATX Corp. (A)		24,700		1,653,418
Total Common Stocks (cost $49,715,705)				72,499,773
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		19,470,869		19,470,869
Total Securities Lending Collateral (cost $19,470,869)				19,470,869

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    59

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Principal		Value
REPURCHASE AGREEMENT - 4.2%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $3,197,399 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 10/15/2040, and with a value of $3,261,462.		$  3,197,399		$  3,197,399
Total Repurchase Agreement (cost $3,197,399)				3,197,399
Total Investment Securities (cost $72,383,973) (D)				95,168,041
Other Assets and Liabilities - Net - (25.7)%				(19,460,013	)
Net Assets - 100.0%				$  75,708,028

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	71,766,449	$	733,324	$	—	$	72,499,773
Securities Lending Collateral		19,470,869		—		—		19,470,869
Repurchase Agreement		—		3,197,399		—		3,197,399
Total Investment Securities	$	91,237,318	$	3,930,723	$	—	$	95,168,041

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $18,980,829. 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 June 30, 2014.

^(D)  Aggregate cost for federal income tax purposes is $72,383,973. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $23,433,188 and $649,120, respectively. Net unrealized appreciation for tax purposes is $22,784,068.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    60

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense - 0.7%
AAR Corp. (A)		41,861		$  1,153,689
Ducommun, Inc. (B)		45,265		1,182,775
Airlines - 0.4%
JetBlue Airways Corp. (A) (B)		107,590		1,167,351
Biotechnology - 0.4%
Myriad Genetics, Inc. (A) (B)		32,851		1,278,561
Building Products - 1.0%
American Woodmark Corp. (A) (B)		35,670		1,136,803
Quanex Building Products Corp.		62,500		1,116,875
Universal Forest Products, Inc. (A)		22,890		1,104,900
Capital Markets - 3.7%
AllianceBernstein Holding, LP		46,245		1,196,821
Cowen Group, Inc. - Class A (A) (B)		251,400		1,060,908
Gladstone Investment Corp. (A)		140,365		1,038,701
Investment Technology Group, Inc. (A) (B)		58,235		983,007
Janus Capital Group, Inc. (A)		92,313		1,152,066
Manning & Napier, Inc. - Class A		66,655		1,150,465
Och-Ziff Capital Management Group LLC - Class A		85,665		1,184,747
Piper Jaffray Cos. (B)		23,410		1,211,936
Prospect Capital Corp. (A)		97,690		1,037,956
Solar Capital, Ltd. (A)		50,050		1,065,064
TICC Capital Corp. (A)		119,650		1,184,535
Chemicals - 1.7%
A. Schulman, Inc.		31,936		1,235,923
FutureFuel Corp. (A)		65,585		1,088,055
Olin Corp. (A)		41,270		1,110,988
OM Group, Inc.		37,120		1,203,802
Stepan Co.		18,585		982,403
Commercial Banks - 4.4%
Cathay General Bancorp (A)		45,645		1,166,686
Central Pacific Financial Corp. (A)		56,175		1,115,074
CVB Financial Corp. (A)		71,495		1,146,065
Eagle Bancorp, Inc. (A) (B)		31,795		1,073,081
First Merchants Corp. (A)		50,392		1,065,287
First NBC Bank Holding Co. (B)		33,295		1,115,715
Glacier Bancorp, Inc. (A)		39,055		1,108,381
Hanmi Financial Corp. - Basis B (A)		51,650		1,088,782
Lakeland Financial Corp. (A)		27,460		1,047,874
OFG Bancorp (A)		61,210		1,126,876
Popular, Inc. (B)		36,630		1,252,013
PrivateBancorp, Inc. - Class A (A)		39,825		1,157,314
Wilshire Bancorp, Inc. (A)		100,865		1,035,884
Commercial Services & Supplies - 3.7%
ABM Industries, Inc. (A)		40,480		1,092,151
ACCO Brands Corp. (A) (B)		180,685		1,158,191
ARC Document Solutions, Inc. - Class A (B)		177,930		1,042,670
Brady Corp. - Class A		39,255		1,172,547
Brink’s Co. (A)		41,495		1,170,989
Deluxe Corp. (A)		19,850		1,162,813
G&K Services, Inc. - Class A		21,460		1,117,422
Kimball International, Inc. - Class B (A)		62,760		1,049,347
Steelcase, Inc. - Class A		70,080		1,060,310
UniFirst Corp.		11,530		1,222,180
United Stationers, Inc. (A)		27,615		1,145,194
Communications Equipment - 3.8%
ARRIS Group, Inc. (B)		35,170		1,144,080
Aruba Networks, Inc. (A) (B)		59,345		1,039,724

	Shares		Value
Communications Equipment (continued)
AudioCodes, Ltd. (B)		173,455		$  1,222,858
Black Box Corp. (A)		49,060		1,149,966
Brocade Communications Systems, Inc.		129,001		1,186,809
Comtech Telecommunications Corp.		28,664		1,070,027
Emulex Corp. (A) (B)		208,270		1,187,139
Harmonic, Inc. (B)		147,678		1,101,678
NETGEAR, Inc. (A) (B)		34,185		1,188,613
Polycom, Inc. (B)		88,712		1,111,561
ShoreTel, Inc. (B)		158,855		1,035,735
Computers & Peripherals - 1.0%
Lexmark International, Inc. - Class A (A)		25,411		1,223,794
Logitech International SA (A)		77,175		1,005,590
QLogic Corp. (A) (B)		110,685		1,116,812
Construction & Engineering - 1.0%
AECOM Technology Corp. (A) (B)		34,401		1,107,712
Comfort Systems USA, Inc. - Class A		71,755		1,133,729
Tutor Perini Corp. (B)		37,655		1,195,170
Consumer Finance - 1.0%
Cash America International, Inc. (A)		23,780		1,056,545
Ezcorp, Inc. - Class A (A) (B)		97,490		1,126,010
Nelnet, Inc. - Class A		26,795		1,110,117
Containers & Packaging - 0.7%
Silgan Holdings, Inc. (A)		22,930		1,165,303
Sonoco Products Co.		27,149		1,192,655
Distributors - 0.3%
Core-Mark Holding Co., Inc.		24,820		1,132,537
Diversified Consumer Services - 3.0%
Apollo Education Group, Inc. - Class A (B)		39,942		1,248,187
Bridgepoint Education, Inc. (A) (B)		79,200		1,051,776
Capella Education Co. (A)		18,733		1,018,888
DeVry Education Group, Inc. (A)		25,056		1,060,871
ITT Educational Services, Inc. (A) (B)		57,835		965,266
K12, Inc. (A) (B)		45,582		1,097,159
Matthews International Corp. - Class A (A)		28,605		1,189,110
Steiner Leisure, Ltd. - Class A (B)		27,540		1,192,207
Strayer Education, Inc. (A) (B)		19,289		1,012,865
Diversified Telecommunication Services - 1.3%
IDT Corp. - Class B (A)		66,183		1,152,908
Inteliquent, Inc.		73,590		1,020,693
magicJack VocalTec, Ltd. (A) (B)		75,895		1,147,532
Vonage Holdings Corp. (A) (B)		297,350		1,115,063
Electric Utilities - 0.7%
Hawaiian Electric Industries, Inc. (A)		41,503		1,050,856
IDACORP, Inc. (A)		20,935		1,210,671
Electrical Equipment - 0.3%
General Cable Corp. (A)		40,045		1,027,555
Electronic Equipment & Instruments - 3.1%
Benchmark Electronics, Inc. (B)		46,025		1,172,717
Celestica, Inc. (B)		89,475		1,123,806
Daktronics, Inc.		95,435		1,137,585
Fabrinet (A) (B)		57,870		1,192,122
Insight Enterprises, Inc. (B)		39,455		1,212,847
Itron, Inc. (A) (B)		28,040		1,137,022
Nam Tai Property, Inc. (A)		156,253		1,178,148
Orbotech, Ltd. (B)		71,330		1,082,789
ScanSource, Inc. (B)		30,380		1,156,870
Energy Equipment & Services - 3.9%
Bristow Group, Inc. (A)		14,925		1,203,254
Exterran Holdings, Inc. (A)		26,650		1,198,984

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    61

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Energy Equipment & Services (continued)
Helix Energy Solutions Group, Inc. - Class A (A) (B)		47,450		$  1,248,409
Key Energy Services, Inc. (A) (B)		134,570		1,229,970
Newpark Resources, Inc. (A) (B)		89,907		1,120,241
Parker Drilling Co. (A) (B)		157,252		1,025,283
Patterson-UTI Energy, Inc.		34,185		1,194,424
Pioneer Energy Services Corp. (B)		72,225		1,266,826
SEACOR Holdings, Inc. (A) (B)		13,525		1,112,431
Unit Corp. (B)		18,260		1,256,836
Vantage Drilling Co. (A) (B)		602,060		1,155,955
Food Products - 1.0%
Calavo Growers, Inc.		33,105		1,119,942
Lancaster Colony Corp. (A)		11,740		1,117,179
Sanderson Farms, Inc. (A)		11,960		1,162,512
Gas Utilities - 0.7%
Laclede Group, Inc. (A)		25,305		1,228,558
WGL Holdings, Inc.		26,810		1,155,511
Health Care Equipment & Supplies - 5.1%
Alere, Inc. (A) (B)		31,130		1,164,885
Analogic Corp. (A)		14,945		1,169,297
CONMED Corp.		23,665		1,044,810
CryoLife, Inc. (A)		122,625		1,097,494
Greatbatch, Inc. (B)		23,690		1,162,231
Haemonetics Corp. (A) (B)		31,525		1,112,202
Hill-Rom Holdings, Inc.		28,287		1,174,193
ICU Medical, Inc. - Class B (A) (B)		17,975		1,093,060
Masimo Corp. (A) (B)		44,397		1,047,769
Natus Medical, Inc. (B)		42,385		1,065,559
NuVasive, Inc. (B)		32,251		1,147,168
Orthofix International NV - Series B (A) (B)		34,475		1,249,719
PhotoMedex, Inc. (A) (B)		88,654		1,086,011
Symmetry Medical, Inc. (B)		121,310		1,074,807
Thoratec Corp. (B)		31,735		1,106,282
Health Care Providers & Services - 6.1%
Addus HomeCare Corp. (A) (B)		47,735		1,073,083
Alliance HealthCare Services, Inc. (A) (B)		41,810		1,128,870
Almost Family, Inc. (B)		51,955		1,147,166
Amedisys, Inc. (A) (B)		74,140		1,241,104
AMN Healthcare Services, Inc. (A) (B)		95,230		1,171,329
Amsurg Corp. - Class A (B)		22,360		1,018,945
Centene Corp. (B)		15,370		1,162,126
Chemed Corp. (A)		12,347		1,157,161
Health Net, Inc. (B)		27,305		1,134,250
Kindred Healthcare, Inc.		44,660		1,031,646
Magellan Health, Inc. (B)		18,780		1,168,867
Molina Healthcare, Inc. (A) (B)		26,215		1,169,976
Owens & Minor, Inc. (A)		29,899		1,015,968
PharMerica Corp. (B)		39,499		1,129,276
Providence Service Corp. (B)		27,536		1,007,542
Triple-S Management Corp. - Class B (B)		62,397		1,118,778
VCA, Inc. (B)		31,965		1,121,652
WellCare Health Plans, Inc. (B)		14,605		1,090,409
Health Care Technology - 1.3%
Computer Programs & Systems, Inc. (A)		16,615		1,056,714
MedAssets, Inc. (B)		45,589		1,041,253
Omnicell, Inc. (A) (B)		41,626		1,195,082
Quality Systems, Inc. (A)		63,560		1,020,138
Hotels, Restaurants & Leisure - 1.8%
Cheesecake Factory, Inc. (A)		24,575		1,140,772

	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc. (A)		10,995		$  1,094,772
Marriott Vacations Worldwide Corp. (B)		19,930		1,168,496
Monarch Casino & Resort, Inc. (B)		20,730		313,852
Ruth’s Hospitality Group, Inc.		86,538		1,068,744
Wendy’s Co. (A)		125,155		1,067,572
Household Durables - 1.0%
Ethan Allen Interiors, Inc. (A)		40,535		1,002,836
Helen of Troy, Ltd. (B)		18,350		1,112,561
Universal Electronics, Inc. (A) (B)		24,880		1,216,134
Household Products - 0.4%
Orchids Paper Products Co.		37,055		1,187,242
Insurance - 2.1%
Argo Group International Holdings, Ltd. (A)		22,165		1,132,853
Aspen Insurance Holdings, Ltd.		24,375		1,107,113
Hanover Insurance Group, Inc.		18,110		1,143,646
Maiden Holdings, Ltd. (A)		97,240		1,175,632
Symetra Financial Corp.		49,190		1,118,581
United Fire Group, Inc.		39,045		1,144,799
Internet & Catalog Retail - 0.7%
Blue Nile, Inc. (A) (B)		39,590		1,108,520
NutriSystem, Inc.		66,580		1,139,184
Internet Software & Services - 1.4%
Constant Contact, Inc. (A) (B)		37,145		1,192,726
Conversant, Inc. (A) (B)		43,145		1,095,883
Monster Worldwide, Inc. (B)		190,130		1,243,450
United Online, Inc. (A)		113,185		1,177,124
IT Services - 3.1%
CSG Systems International, Inc. (A)		39,608		1,034,165
DST Systems, Inc.		12,215		1,125,856
Euronet Worldwide, Inc. (A) (B)		24,308		1,172,618
Forrester Research, Inc.		30,385		1,150,984
Global Cash Access Holdings, Inc. (B)		128,090		1,140,001
Leidos Holdings, Inc. (A)		29,935		1,147,708
Lionbridge Technologies, Inc. (A) (B)		191,190		1,135,669
ManTech International Corp. - Class A (A)		36,597		1,080,343
Sykes Enterprises, Inc. (A) (B)		53,263		1,157,405
Leisure Equipment & Products - 0.6%
Nautilus, Inc. - Class A (B)		103,555		1,148,425
Smith & Wesson Holding Corp. (A) (B)		66,580		968,073
Life Sciences Tools & Services - 1.4%
Affymetrix, Inc. (A) (B)		129,920		1,157,587
Charles River Laboratories International, Inc. (A) (B)		20,045		1,072,808
ICON PLC (B)		24,775		1,167,150
PAREXEL International Corp. (A) (B)		21,860		1,155,083
Machinery - 1.7%
Briggs & Stratton Corp. (A)		53,130		1,087,040
ESCO Technologies, Inc.		33,045		1,144,679
Greenbrier Cos., Inc. (A) (B)		19,665		1,132,704
Hillenbrand, Inc.		35,840		1,169,101
LB Foster Co. - Class A (A)		22,080		1,194,969
Marine - 0.7%
Knightsbridge Tankers, Ltd.		79,025		1,121,365
Matson, Inc. (A)		45,010		1,208,068
Media - 0.7%
Harte-Hanks, Inc. (A)		163,095		1,172,653
John Wiley & Sons, Inc. - Class A (A)		19,350		1,172,417
Metals & Mining - 2.3%
Commercial Metals Co. (A)		57,984		1,003,703

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    62

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Metals & Mining (continued)
Dominion Diamond Corp. (B)		85,665		$  1,237,859
Kaiser Aluminum Corp. (A)		15,705		1,144,423
Schnitzer Steel Industries, Inc. - Class A (A)		39,530		1,030,547
Steel Dynamics, Inc.		60,525		1,086,424
Thompson Creek Metals Co., Inc. (B)		394,189		1,166,800
U.S. Steel Corp. (A)		40,178		1,046,235
Multi-Utilities - 0.7%
Avista Corp. (A)		34,450		1,154,764
Vectren Corp.		26,951		1,145,417
Multiline Retail - 0.3%
Big Lots, Inc. (A) (B)		25,125		1,148,213
Oil, Gas & Consumable Fuels - 4.2%
Alon USA Energy, Inc. (A)		75,628		940,812
Clayton Williams Energy, Inc. (A) (B)		8,800		1,208,856
Cloud Peak Energy, Inc. (B)		60,030		1,105,753
Gran Tierra Energy, Inc. (B)		147,955		1,201,394
Green Plains, Inc. (A)		35,490		1,166,556
Pengrowth Energy Corp.		161,005		1,156,016
Quicksilver Resources, Inc. (A) (B)		381,100		1,017,537
REX American Resources Corp. - Class A (B)		14,680		1,076,191
Teekay Tankers Ltd - Class A (A)		291,720		1,251,479
Tsakos Energy Navigation, Ltd.		145,330		972,258
Vaalco Energy, Inc. (A) (B)		169,465		1,225,232
Warren Resources, Inc. (A) (B)		241,405		1,496,711
Paper & Forest Products - 0.7%
Clearwater Paper Corp. (B)		17,660		1,089,975
Neenah Paper, Inc.		21,780		1,157,607
Personal Products - 0.3%
Medifast, Inc. (A) (B)		35,725		1,086,397
Pharmaceuticals - 0.3%
Questcor Pharmaceuticals, Inc. (A)		11,965		1,106,643
Professional Services - 2.0%
CBIZ, Inc. (A) (B)		124,980		1,128,569
Insperity, Inc. (A)		34,600		1,141,800
Korn/Ferry International (B)		39,825		1,169,660
Navigant Consulting, Inc. (A) (B)		61,527		1,073,646
Resources Connection, Inc.		85,715		1,123,724
TrueBlue, Inc. (B)		41,445		1,142,639
Real Estate Investment Trusts - 7.1%
Agree Realty Corp.		35,795		1,082,083
Anworth Mortgage Asset Corp.		215,185		1,110,355
Brandywine Realty Trust		75,721		1,181,248
Capstead Mortgage Corp. (A)		83,435		1,097,170
Cedar Realty Trust, Inc. (A)		188,367		1,177,294
CommonWealth REIT (A)		43,010		1,132,023
Corporate Office Properties Trust (A)		40,122		1,115,793
CYS Investments, Inc. (A)		124,245		1,120,690
DuPont Fabros Technology, Inc. (A)		43,544		1,173,946
Dynex Capital, Inc. (A)		127,345		1,127,003
EPR Properties (A)		20,080		1,121,870
Franklin Street Properties Corp. (A)		85,046		1,069,879
Government Properties Income Trust (A)		45,755		1,161,719
Hatteras Financial Corp.		56,055		1,110,450
Home Properties, Inc.		17,690		1,131,452
Inland Real Estate Corp. (A)		101,089		1,074,576
Investors Real Estate Trust		117,157		1,079,016
Mack-Cali Realty Corp.		49,478		1,062,787
MFA Financial, Inc.		133,415		1,095,337
Omega Healthcare Investors, Inc. (A)		29,775		1,097,507
Piedmont Office Realty Trust, Inc. - Class A		58,610		1,110,073

	Shares		Value
Road & Rail - 1.7%
ArcBest Corp.		26,335		$  1,145,836
Celadon Group, Inc. (A)		50,170		1,069,624
Marten Transport, Ltd. (A)		47,653		1,065,045
USA Truck, Inc. (A) (B)		61,285		1,139,288
Werner Enterprises, Inc. (A)		41,575		1,102,153
Semiconductors & Semiconductor Equipment - 3.9%
Brooks Automation, Inc. - Class A (A)		116,225		1,251,743
Cabot Microelectronics Corp. - Class A (A) (B)		26,344		1,176,260
Integrated Device Technology, Inc. (B)		77,155		1,192,816
International Rectifier Corp. (B)		42,520		1,186,308
Intersil Corp. - Class A (A)		79,025		1,181,424
MKS Instruments, Inc.		37,675		1,176,967
OmniVision Technologies, Inc. (B)		48,145		1,058,227
PMC-Sierra, Inc. (B)		152,435		1,160,030
Silicon Image, Inc. (A) (B)		202,475		1,020,474
Synaptics, Inc. (A) (B)		12,670		1,148,409
Ultra Clean Holdings, Inc. (B)		132,285		1,197,179
Software - 2.1%
Compuware Corp.		113,415		1,133,016
EnerNOC, Inc. (A) (B)		59,310		1,123,924
Netscout Systems, Inc. (A) (B)		27,385		1,214,251
Pegasystems, Inc.		52,990		1,119,149
Rovi Corp. (B)		44,747		1,072,138
Take-Two Interactive Software, Inc. (A) (B)		55,540		1,235,210
Specialty Retail - 3.0%
Aaron’s, Inc. (A)		33,140		1,181,110
Abercrombie & Fitch Co. - Class A (A)		26,570		1,149,152
Buckle, Inc. (A)		24,280		1,077,061
Children’s Place, Inc. (A)		20,365		1,010,715
Citi Trends, Inc. (B)		51,895		1,113,667
Guess?, Inc. (A)		38,351		1,035,477
Haverty Furniture Cos., Inc. (A)		44,525		1,118,913
Kirkland’s, Inc. (A) (B)		60,900		1,129,695
Outerwall, Inc. (A) (B)		18,345		1,088,776
Textiles, Apparel & Luxury Goods - 1.8%
Columbia Sportswear Co.		13,070		1,080,235
Deckers Outdoor Corp. (A) (B)		14,820		1,279,411
Iconix Brand Group, Inc. (A) (B)		25,700		1,103,558
Movado Group, Inc.		28,105		1,171,135
Skechers U.S.A., Inc. - Class A (B)		25,710		1,174,947
Thrifts & Mortgage Finance - 1.4%
Brookline Bancorp, Inc. (A)		121,495		1,138,408
Home Loan Servicing Solutions, Ltd. (A)		49,195		1,118,202
Northfield Bancorp, Inc. (A)		86,590		1,135,195
Radian Group, Inc. (A)		76,640		1,135,039
Wireless Telecommunication Services - 0.3%
USA Mobility, Inc.		67,640		1,041,656
Total Common Stocks (cost $298,555,830)				324,331,288
MASTER LIMITED PARTNERSHIPS - 0.7%
Chemicals - 0.3%
CVR Partners, LP		59,950		1,120,465
Oil, Gas & Consumable Fuels - 0.4%
Alliance Resource Partners, LP		24,180		1,127,997
Total Master Limited Partnerships (cost $2,047,282)				2,248,462

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    63

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
SECURITIES LENDING COLLATERAL - 25.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		84,845,473		$  84,845,473
Total Securities Lending Collateral (cost $84,845,473)				84,845,473
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $3,973,325 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 02/15/2041, and with a value of $4,056,179.		$  3,973,324		3,973,324
Total Repurchase Agreement (cost $3,973,324)				3,973,324
Total Investment Securities (cost $389,421,909) (D)				415,398,547
Other Assets and Liabilities - Net - (25.5)%				(84,453,422	)
Net Assets - 100.0%				$  330,945,125

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	324,331,288	$	—	$	—	$	324,331,288
Master Limited Partnerships		2,248,462		—		—		2,248,462
Securities Lending Collateral		84,845,473		—		—		84,845,473
Repurchase Agreement		—		3,973,324		—		3,973,324
Total Investment Securities	$	411,425,223	$	3,973,324	$	—	$	415,398,547

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of this security is on loan. The value of all securities on loan is $82,694,115. 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 June 30, 2014.

^(D)  Aggregate cost for federal income tax purposes is $389,421,909. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $34,311,429 and $8,334,791, respectively. Net unrealized appreciation for tax purposes is $25,976,638.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    64

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
COMMON STOCKS - 97.8%
Aerospace & Defense - 1.0%
KEYW Holding Corp. (A) (B)		56,580		$  711,211
Auto Components - 1.3%
Dorman Products, Inc. (A) (B)		17,730		874,444
Commercial Banks - 9.6%
Bank of the Ozarks, Inc. (A)		30,220		1,010,859
Home Bancshares, Inc. (A)		21,500		705,630
Iberiabank Corp. (A)		28,040		1,940,087
Pinnacle Financial Partners, Inc. (A)		17,220		679,846
PrivateBancorp, Inc. - Class A (A)		76,870		2,233,842
Commercial Services & Supplies - 1.5%
Healthcare Services Group, Inc. (A)		34,310		1,010,086
Communications Equipment - 1.5%
Aruba Networks, Inc. (A) (B)		59,470		1,041,914
Diversified Consumer Services - 1.2%
Capella Education Co. (A)		15,404		837,824
Diversified Financial Services - 1.5%
MarketAxess Holdings, Inc. (A)		18,920		1,022,815
Electrical Equipment - 3.3%
EnerSys (A)		32,900		2,263,191
Electronic Equipment & Instruments - 2.2%
InvenSense, Inc. - Class A (A) (B)		65,090		1,476,892
Food Products - 5.0%
J&J Snack Foods Corp. (A)		13,860		1,304,503
TreeHouse Foods, Inc. (A) (B)		25,950		2,077,817
Health Care Equipment & Supplies - 2.0%
Cantel Medical Corp.		36,778		1,346,810
Health Care Providers & Services - 5.5%
Air Methods Corp. (A) (B)		33,010		1,704,967
Centene Corp. (A) (B)		26,940		2,036,933
Health Care Technology - 2.1%
Medidata Solutions, Inc. (A) (B)		33,660		1,440,985
Hotels, Restaurants & Leisure - 5.2%
Krispy Kreme Doughnuts, Inc. (A) (B)		40,760		651,345
Red Robin Gourmet Burgers, Inc. (B)		17,670		1,258,104
Sonic Corp. (A) (B)		75,981		1,677,660
Internet Software & Services - 4.5%
Envestnet, Inc. (A) (B)		24,280		1,187,777
OpenTable, Inc. (B)		9,710		1,005,956
SPS Commerce, Inc. (A) (B)		14,240		899,826
IT Services - 3.6%
MAXIMUS, Inc. - Class A (A)		56,970		2,450,849
Life Sciences Tools & Services - 5.7%
Cambrex Corp. (A) (B)		54,396		1,125,997
ICON PLC (B)		32,250		1,519,297
PAREXEL International Corp. (A) (B)		24,270		1,282,427
Machinery - 5.1%
Chart Industries, Inc. (A) (B)		12,990		1,074,793
Proto Labs, Inc. (A) (B)		12,830		1,051,034
Wabash National Corp. (A) (B)		94,170		1,341,922
Oil, Gas & Consumable Fuels - 5.8%
Comstock Resources, Inc. (A)		47,960		1,383,167
Matador Resources Co. (A) (B)		37,430		1,095,950
PDC Energy, Inc. (A) (B)		23,300		1,471,395
Pharmaceuticals - 8.2%
Akorn, Inc. - Class A (A) (B)		85,000		2,826,250
Lannett Co., Inc. (A) (B)		35,850		1,778,877
Prestige Brands Holdings, Inc. (B)		30,440		1,031,612

	Shares		Value
Road & Rail - 2.0%
Saia, Inc. (A) (B)		30,990		$  1,361,391
Semiconductors & Semiconductor Equipment - 4.9%
Applied Micro Circuits Corp. (A) (B)		90,229		975,376
Ceva, Inc. (A) (B)		44,530		657,708
Silicon Laboratories, Inc. (A) (B)		35,460		1,746,405
Software - 1.8%
Ellie Mae, Inc. (A) (B)		39,846		1,240,406
Specialty Retail - 5.2%
Asbury Automotive Group, Inc. (B)		19,860		1,365,176
Group 1 Automotive, Inc. (A)		10,420		878,510
Monro Muffler Brake, Inc. (A)		24,450		1,300,496
Textiles, Apparel & Luxury Goods - 5.1%
Deckers Outdoor Corp. (A) (B)		8,350		720,856
G-III Apparel Group, Ltd. (A) (B)		15,020		1,226,533
Steven Madden, Ltd. - Class B (A) (B)		29,368		1,007,322
Vera Bradley, Inc. (A) (B)		23,730		518,975
Trading Companies & Distributors - 1.2%
Beacon Roofing Supply, Inc. (B)		25,420		841,910
Transportation Infrastructure - 1.8%
WESCO Aircraft Holdings, Inc. (A) (B)		61,980		1,237,121
Total Common Stocks (cost $54,680,488)				66,913,079
SECURITIES LENDING COLLATERAL - 25.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (C)		17,567,033		17,567,033
Total Securities Lending Collateral (cost $17,567,033)				17,567,033
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Bank & Trust Co. 0.01% (C), dated 06/30/2014, to be repurchased at $1,722,379 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $1,757,178.		$  1,722,378		1,722,378
Total Repurchase Agreement (cost $1,722,378)				1,722,378
Total Investment Securities (cost $73,969,899) (D)				86,202,490
Other Assets and Liabilities - Net - (26.0)%				(17,789,616	)
Net Assets - 100.0%				$  68,412,874

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    65

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Common Stocks	$	66,913,079	$	—	$	—	$	66,913,079
Securities Lending Collateral		17,567,033		—		—		17,567,033
Repurchase Agreement		—		1,722,378		—		1,722,378
Total Investment Securities	$	84,480,112	$	1,722,378	$	—	$	86,202,490

NOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of this security is on loan. The value of all securities on loan is $17,131,948. 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 June 30, 2014.

^(D) Aggregate cost for federal income tax purposes is $73,969,899. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $13,545,444 and $1,312,853, respectively. Net unrealized appreciation for tax purposes is $12,232,591.

^(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 June 30, 2014. 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 Portfolio Semi-Annual Report 2014

Page    66

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2014

(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 2.2%
Canada - 1.7%
Suncor Energy, Inc., 1.89% (A)		236,800		$  10,097,371
Germany - 0.5%
Volkswagen AG, 2.11% (A)		11,000		2,888,950
Total Convertible Preferred Stocks (cost $11,062,462)				12,986,321
PREFERRED STOCKS - 3.8%
Brazil - 1.0%
Investimentos Itau SA, 4.12% (A)		1,493,140		5,872,544
Korea, Republic of - 2.3%
Samsung Electronics Co., Ltd., 1.37% (A)		12,886		13,499,862
Russian Federation - 0.5%
Sberbank of Russia, 4.56% (A)		1,647,613		3,346,145
Total Preferred Stocks (cost $21,801,017)				22,718,551
COMMON STOCKS - 92.5%
Australia - 2.6%
APA Group (B)		819,181		5,322,156
Asciano, Ltd.		964,613		5,120,944
Challenger Financial Services Group, Ltd. (B)		697,939		4,896,423
Belgium - 0.2%
Ageas		34,000		1,356,415
Brazil - 1.0%
Localiza Rent a Car SA		379,500		6,258,873
Canada - 2.4%
Fairfax Financial Holdings, Ltd.		13,000		6,167,340
Horizon North Logistics, Inc. (B)		301,500		2,164,369
Ithaca Energy, Inc. (C)		1,079,400		2,812,175
Newalta Corp. (B)		147,600		2,964,311
Denmark - 1.2%
Carlsberg A/S - Class B		64,677		6,966,778
Finland - 0.8%
Kesko OYJ - Class B		113,400		4,482,895
France - 7.7%
Arkema SA		48,995		4,768,677
Bollore SA		2,400		1,557,716
Cie Generale des Etablissements Michelin - Class B		33,138		3,959,499
GDF Suez		119,600		3,292,562
Rexel SA		200,124		4,680,430
Sanofi		80,901		8,594,139
Total SA		77,440		5,596,718
Veolia Environnement SA (B)		206,870		3,941,662
Vinci SA		60,556		4,527,396
Vivendi SA (C)		202,603		4,957,573
Germany - 4.8%
adidas AG		29,641		3,002,252
Allianz SE - Class A		33,602		5,599,566
Bayer AG		26,431		3,733,202
Merck KGaA		53,000		4,600,397
Metro AG (C)		105,824		4,612,321
Siemens AG - Class A		52,187		6,892,286
Greece - 2.3%
Metka SA		147,600		2,607,203
OPAP SA		340,500		6,061,208
Piraeus Bank SA (C)		2,343,802		5,199,177
Hong Kong - 11.3%
Cheung Kong Holdings, Ltd.		514,000		9,112,252

	Shares		Value
Hong Kong (continued)
China Mobile, Ltd.		788,000		$  7,645,747
First Pacific Co., Ltd.		4,418,000		4,970,706
Fosun International, Ltd. (B)		5,596,000		7,408,000
Guangdong Investment, Ltd. (B)		4,984,000		5,729,697
HSBC Holdings PLC		628,800		6,376,920
MGM China Holdings, Ltd.		1,202,372		4,180,936
Newocean Energy Holdings, Ltd. (B)		2,722,000		2,037,005
Shenzhen Expressway Co., Ltd. - Class H		6,220,000		3,314,487
Shun Tak Holdings, Ltd. (C)		11,720,000		5,942,867
Sinotrans, Ltd. - Class H		7,303,000		4,720,792
SJM Holdings, Ltd.		2,293,000		5,733,683
Indonesia - 0.3%
Bank Rakyat Indonesia Persero Tbk PT		1,803,200		1,570,480
Ireland - 1.2%
Ryanair Holdings PLC - ADR (C)		59,600		3,325,680
Smurfit Kappa Group PLC - Class B		156,415		3,577,862
Israel - 1.0%
Israel Corp., Ltd. (C)		10,037		5,718,297
Italy - 2.7%
ENI SpA - Class B		341,315		9,337,907
Pirelli & C. SpA		173,673		2,787,139
Prysmian SpA		165,038		3,728,779
Japan - 14.4%
Aisin Seiki Co., Ltd.		129,600		5,155,600
Daito Trust Construction Co., Ltd.		20,500		2,410,098
Denki Kagaku Kogyo KK		901,000		3,459,740
FUJIFILM Holdings Corp.		254,100		7,085,855
Hitachi, Ltd.		1,069,000		7,829,801
Japan Airlines Co., Ltd.		100,500		5,555,501
Kirin Holdings Co., Ltd. (B)		321,400		4,641,510
Komatsu, Ltd.		135,700		3,150,549
Kuraray Co., Ltd.		352,300		4,465,260
Mitsubishi Corp.		224,500		4,669,281
MS&AD Insurance Group Holdings, Inc.		198,600		4,797,139
Nippon Telegraph & Telephone Corp.		95,200		5,937,255
Nitori Holdings Co., Ltd.		103,300		5,649,099
ORIX Corp.		393,900		6,528,386
Resona Holdings, Inc.		976,800		5,688,880
Sony Corp.		199,300		3,309,043
Sumitomo Mitsui Financial Group, Inc.		70,000		2,932,531
USS Co., Ltd.		138,500		2,363,817
Korea, Republic of - 1.2%
Industrial Bank of Korea		125,000		1,667,819
Kangwon Land, Inc.		89,170		2,617,463
SK Telecom Co., Ltd.		12,400		2,898,399
Malaysia - 1.1%
DRB-Hicom Bhd		3,271,100		2,251,364
Genting Bhd		1,292,500		4,021,201
Mexico - 1.3%
Alpek SA de CV - Class A		1,399,500		2,705,474
Credito Real SAB de CV		730,000		1,634,601
Grupo Aeroportuario del Centro Norte Sab de CV - Class B (C)		889,320		3,587,167
Netherlands - 4.1%
Delta Lloyd NV		156,234		3,966,286
Heineken Holding NV - Class A		53,044		3,487,481
Koninklijke Ahold NV		134,192		2,519,201
Koninklijke Boskalis Westminster NV		79,694		4,570,701
Koninklijke Philips NV		239,771		7,608,781
Wolters Kluwer NV		82,107		2,430,718

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    67

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

	Shares		Value
Philippines - 0.7%
LT Group, Inc.		12,812,600		$  4,332,508
Russian Federation - 1.4%
Lukoil OAO - ADR		139,980		8,373,604
Singapore - 1.0%
Noble Group, Ltd.		5,280,000		5,801,267
South Africa - 0.6%
Kumba Iron Ore, Ltd. (B)		111,041		3,539,530
Spain - 0.7%
Amadeus IT Holding SA - Class A (B)		103,187		4,255,775
Sweden - 3.0%
Investor AB - Class B		173,081		6,494,213
Svenska Cellulosa AB SCA - Class B		175,697		4,578,106
Telefonaktiebolaget LM Ericsson - Class B (B)		562,400		6,796,896
Switzerland - 4.3%
Galenica AG		2,639		2,577,102
GAM Holding AG (C)		243,277		4,636,199
Nestle SA		64,064		4,963,010
Novartis AG		102,315		9,264,653
UBS AG - Class A (C)		240,674		4,415,613
Taiwan - 0.8%
Yuanta Financial Holding Co., Ltd.		8,970,000		4,851,815
Thailand - 0.6%
Bangkok Bank PCL		647,100		3,848,107
Turkey - 0.7%
Tofas Turk Otomobil Fabrikasi AS		693,535		4,304,723
United Kingdom - 14.7%
Admiral Group PLC		161,639		4,284,982
Barclays PLC		942,400		3,432,088
BHP Billiton PLC - ADR (B)		89,200		5,818,516
BP PLC - ADR		117,500		6,198,125
British Sky Broadcasting Group PLC		341,160		5,278,105
Etalon Group, Ltd. - GDR, Reg S		433,486		1,923,811
Friends Life Group, Ltd.		1,072,153		5,785,384
IG Group Holdings PLC		285,400		2,869,547
Imperial Tobacco Group PLC		112,794		5,076,837
Inchcape PLC		393,488		4,272,820
ITE Group PLC		481,800		1,953,365
Johnson Matthey PLC		51,532		2,733,948

	Shares		Value
United Kingdom (continued)
Kingfisher PLC		821,720		$  5,048,586
National Grid PLC - Class B		457,084		6,570,929
Rexam PLC		668,715		6,122,747
Royal Bank of Scotland Group PLC (C)		300,000		1,686,071
Sistema JSFC - GDR, Reg S - GDR (B)		146,509		4,512,477
TMK OAO - GDR, Reg S - GDR (B)		386,907		3,752,998
Unilever PLC		164,058		7,443,182
Vodafone Group PLC		758,694		2,531,936
United States - 2.4%
ChipMOS TECHNOLOGIES Bermuda, Ltd. (B)		130,000		3,136,900
Copa Holdings SA - Class A		11,300		1,611,041
Flextronics International, Ltd. (C)		404,700		4,480,029
Noble Corp. PLC (B)		145,500		4,882,980
Total Common Stocks (cost $512,381,572)				549,952,425
SECURITIES LENDING COLLATERAL - 8.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.15% (A)		49,891,579		49,891,579
Total Securities Lending Collateral (cost $49,891,579)				49,891,579
	Principal		Value
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.01% (A), dated 06/30/2014, to be repurchased at $4,464,258 on 07/01/2014. Collateralized by a U.S. Government Agency Obligation, 3.00%, due 11/25/2040, and with a value of $4,554,869.		$  4,464,257		4,464,257
Total Repurchase Agreement (cost $4,464,257)				4,464,257
Total Investment Securities (cost $599,600,887) (D)				640,013,133
Other Assets and Liabilities - Net - (7.7)%				(45,998,689	)
Net Assets - 100.0%				$  594,014,444

INVESTMENTS BY INDUSTRY:	Percentage of Total Investment Securities			Value
Oil, Gas & Consumable Fuels		6.9	%	$	44,452,905
Commercial Banks		6.5			41,620,762
Insurance		5.0			31,957,112
Pharmaceuticals		4.5			28,769,493
Chemicals		3.7			23,851,396
Hotels, Restaurants & Leisure		3.5			22,614,491
Industrial Conglomerates		3.2			20,443,934
Beverages		3.0			19,428,277
Electronic Equipment & Instruments		3.0			19,395,685
Diversified Financial Services		3.0			19,230,889
Wireless Telecommunication Services		2.8			17,588,559
Metals & Mining		2.6			16,766,046
Semiconductors & Semiconductor Equipment		2.6			16,636,762
Trading Companies & Distributors		2.4			15,150,978
Media		2.3			14,619,761
Capital Markets		2.2			13,903,627

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    68

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investment Securities			Value
Multi-Utilities		2.2	%	$	13,805,153
Real Estate Management & Development		2.1			13,446,161
Specialty Retail		2.0			13,061,502
Food Products		1.9			12,406,192
Auto Components		1.9			11,902,238
Transportation Infrastructure		1.8			11,622,446
Food & Staples Retailing		1.8			11,614,417
Road & Rail		1.8			11,379,817
Airlines		1.6			10,492,222
Containers & Packaging		1.5			9,700,609
Automobiles		1.5			9,445,037
Construction & Engineering		1.4			9,098,097
Energy Equipment & Services		1.4			8,635,978
Consumer Finance		1.3			8,162,987
Communications Equipment		1.1			6,796,896
Diversified Telecommunication Services		0.9			5,937,255
Machinery		0.9			5,757,752
Water Utilities		0.9			5,729,697
Gas Utilities		0.8			5,322,156
Commercial Services & Supplies		0.8			5,128,680
Tobacco		0.8			5,076,837
Household Products		0.7			4,578,106
Distributors		0.7			4,272,820
IT Services		0.7			4,255,775
Electrical Equipment		0.6			3,728,779
Household Durables		0.5			3,309,043
Textiles, Apparel & Luxury Goods		0.5			3,002,252
Air Freight & Logistics		0.2			1,557,716
Investment Securities, at Value		91.5			585,657,297
Short-Term Investments		8.5			54,355,836
Total Investments		100.0	%	$	640,013,133

VALUATION SUMMARY: ^(E)

	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value at June 30, 2014
ASSETS
Investment Securities
Convertible Preferred Stocks	$	10,097,371	$	2,888,950	$	—	$	12,986,321
Preferred Stocks		5,872,544		16,846,007		—		22,718,551
Common Stocks		76,310,471		473,641,954		—		549,952,425
Securities Lending Collateral		49,891,579		—		—		49,891,579
Repurchase Agreement		—		4,464,257		—		4,464,257
Total Investment Securities	$	142,171,965	$	497,841,168	$	—	$	640,013,133

NOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rate shown reflects the yield at June 30, 2014.

^(B)  All or a portion of this security is on loan. The value of all securities on loan is $47,635,642. 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)  Non-income producing security.

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    69

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2014

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS (continued):

^(D)  Aggregate cost for federal income tax purposes is $599,600,887. Aggregate gross unrealized appreciation and depreciation for all securities in which there is an excess of value over tax cost were $56,771,439 and $16,359,193, respectively. Net unrealized appreciation for tax purposes is $40,412,246.

^(E)  Transfers between levels are considered to have occurred at the end of the reporting period. As of the period ended June 30, 2014, securities with fair market value of $2,756,120 transferred from Level 1 to Level 2 due to unavailability of unadjusted quoted prices. 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
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 Portfolio Semi-Annual Report 2014

Page    70

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2014

(unaudited)

	Money Market		High Quality Bond		Inflation- Protected Securities		Core Bond		High Yield Bond
Assets:
Investment securities, at value	$	761,830,448	$	388,301,059	$	282,715,212	$	1,584,575,507	$	871,148,956
Repurchase agreements, at value		99,616,330		15,886,651		—		20,593,615		23,111,030
Cash on deposit with broker		—		—		458,761		—		—
Foreign currency, at value		—		—		8,488		192,064		—
Unrealized appreciation on forward foreign currency contracts		—		—		64,873		—		—
OTC swap agreements, at value		—		—		544,304		—		—
Receivables:
Investment securities sold		—		—		150,880		2,511,698		26,935,404
Interest		234,592		1,291,764		1,139,830		7,846,902		12,983,417
Securities lending income (net)		—		1,621		—		41,902		—
Other		—		—		—		1,833		91,350
Prepaid expenses		10,683		4,940		3,651		16,173		9,555
Total assets		861,692,053		405,486,035		285,085,999		1,615,779,694		934,279,712
Liabilities:
Due to custodian		—		—		—		—		1,767,152
Cash deposit due to broker		—		—		500,000		—		—
Accounts payable and accrued liabilities:
Investment securities purchased		—		3,907,267		893,277		177,014,229		21,486,667
When-issued securities purchased		—		1,999,960		—		7,794,149		4,702,188
Advisory fees		179,648		112,688		79,324		392,693		424,964
Trustee and CCO fees		578		267		202		919		627
Audit and tax fees		10,311		11,554		12,127		13,596		12,331
Custody and accounting fees		28,606		11,185		13,462		51,579		24,064
Legal fees		23,754		10,970		9,668		41,499		19,712
Printing and shareholder reports fees		8,496		3,214		2,930		8,742		4,485
Variation margin payable on derivative financial instruments		—		—		171,409		—		—
Other		3,399		1,609		1,303		5,305		2,923
Collateral for securities on loan		—		17,195,097		—		99,516,024		—
Written options and swaptions, at value		—		—		522,104		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		367,441		—		—
Total liabilities		254,792		23,253,811		2,573,247		284,838,735		28,445,113
Net assets	$	861,437,261	$	382,232,224	$	282,512,752	$	1,330,940,959	$	905,834,599
Investment securities, at cost	$	761,830,448	$	389,099,877	$	278,321,895	$	1,565,652,309	$	847,157,156
Repurchase agreements, at cost	$	99,616,330	$	15,886,651	$	—	$	20,593,615	$	23,111,030
Foreign currency, at cost	$	—	$	—	$	8,659	$	192,400	$	—
Securities loaned, at value	$	—	$	16,847,642	$	—	$	97,470,274	$	—
Premium received on written options and swaptions	$	—	$	—	$	748,134	$	—	$	—

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    71

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2014

(unaudited)

	Balanced		Large Value		Large Core		Large Growth		Mid Value
Assets:
Investment securities, at value	$	150,873,431	$	929,683,720	$	333,660,728	$	952,176,775	$	1,091,924,025
Repurchase agreements, at value		915,607		23,053,017		7,293,304		4,672,697		37,177,473
Cash on deposit with broker		60,000		—		—		—		—
Foreign currency, at value		7,421		—		—		—		—
Cash		8,160		—		—		—		74,750
Receivables:
Investment securities sold		663,792		13,382,941		385,953		1,425,350		1,305,250
Interest		314,263		6		3		3		21
Dividends		79,090		734,231		258,481		467,076		2,876,168
Dividend reclaims		29		—		895		56,498		27
Securities lending income (net)		1,128		15,255		5,047		9,245		48,133
Variation margin receivable on derivative financial instruments		100		—		—		—		—
Prepaid expenses		1,285		9,944		3,117		9,829		10,136
Total assets		152,924,306		966,879,114		341,607,528		958,817,473		1,133,415,983
Liabilities:
Due to custodian		—		—		—		895		—
Accounts payable and accrued liabilities:
Investment securities purchased		7,449,404		9,991,582		1,565,595		591,780		2,501,083
When-issued securities purchased		317,927		—		—		—		—
Advisory fees		38,985		350,000		166,515		467,548		556,727
Trustee and CCO fees		92		624		221		604		664
Audit and tax fees		12,845		10,857		11,716		14,075		9,590
Custody and accounting fees		21,491		18,591		8,172		30,851		18,148
Legal fees		2,654		21,307		6,590		21,087		31,921
Printing and shareholder reports fees		613		7,925		2,428		8,344		7,803
Other		1,316		3,392		3,038		3,074		3,726
Collateral for securities on loan		10,641,792		40,463,064		12,267,189		53,586,336		141,065,368
Total liabilities		18,487,119		50,867,342		14,031,464		54,724,594		144,195,030
Net assets	$	134,437,187	$	916,011,772	$	327,576,064	$	904,092,879	$	989,220,953
Investment securities, at cost	$	134,357,064	$	757,498,009	$	268,477,383	$	724,494,231	$	913,587,428
Repurchase agreements, at cost	$	915,607	$	23,053,017	$	7,293,304	$	4,672,697	$	37,177,473
Foreign currency, at cost	$	7,434	$	—	$	—	$	—	$	—
Securities loaned, at value	$	10,407,966	$	39,555,502	$	11,978,858	$	52,454,587	$	137,817,972

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    72

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2014

(unaudited)

	Mid Growth		Small Value		Small Core		Small Growth		International Equity
Assets:
Investment securities, at value	$	165,035,233	$	91,970,642	$	411,425,223	$	84,480,112	$	635,548,876
Repurchase agreements, at value		2,283,846		3,197,399		3,973,324		1,722,378		4,464,257
Foreign currency, at value		—		—		—		—		161,860
Cash		—		—		—		—		72,220
Receivables:
Investment securities sold		—		—		232,604		—		6,000,956
Interest		1		2		1		—		2
Dividends		44,257		74,200		355,816		19,360		1,943,565
Dividend reclaims		—		—		—		—		2,395,102
Securities lending income (net)		4,685		2,495		55,550		9,963		43,628
Prepaid expenses		2,004		882		3,525		760		6,826
Total assets		167,370,026		95,245,620		416,046,043		86,232,573		650,637,292
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		—		—		—		183,865		6,270,093
Advisory fees		80,564		49,738		221,561		46,875		372,910
Trustee and CCO fees		99		50		223		45		406
Audit and tax fees		10,661		10,344		10,210		10,635		13,575
Custody and accounting fees		5,366		3,095		9,591		5,018		47,340
Legal fees		4,422		1,894		9,341		5,141		19,602
Printing and shareholder reports fees		1,554		771		2,436		723		3,921
Other		1,077		831		2,083		364		3,422
Collateral for securities on loan		32,657,352		19,470,869		84,845,473		17,567,033		49,891,579
Total liabilities		32,761,095		19,537,592		85,100,918		17,819,699		56,622,848
Net assets	$	134,608,931	$	75,708,028	$	330,945,125	$	68,412,874	$	594,014,444
Investment securities, at cost	$	143,108,070	$	69,186,574	$	385,448,585	$	72,247,521	$	595,136,630
Repurchase agreements, at cost	$	2,283,846	$	3,197,399	$	3,973,324	$	1,722,378	$	4,464,257
Foreign currency, at cost	$	—	$	—	$	—	$	—	$	161,607
Securities loaned, at value	$	31,956,541	$	18,980,829	$	82,694,115	$	17,131,948	$	47,635,642

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    73

STATEMENTS OF OPERATIONS

For the period ended June 30, 2014

(unaudited)

	Money Market			High Quality Bond			Inflation- Protected Securities			Core Bond			High Yield Bond
Investment Income:
Dividend income	$	—		$	—		$	—		$	148,713		$	144,135
Interest income		989,110			3,376,135			3,649,828			21,424,417			29,299,757
Securities lending income (net)		—			8,602			2,075			135,195			—
Withholding taxes on foreign income		—			(1,219	)		7			3,571			—
Total investment income		989,110			3,383,518			3,651,910			21,711,896			29,443,892
Expenses:
Advisory		1,079,352			669,338			480,556			2,340,322			2,425,284
Trustees and CCO		11,222			4,967			3,592			17,427			11,502
Audit and tax		9,924			10,490			10,664			14,926			11,626
Custody and accounting		75,420			31,218			59,228			176,536			79,727
Legal		25,698			11,364			8,550			38,773			22,168
Printing and shareholder reports		4,483			2,600			1,488			6,773			3,947
Other		10,224			4,317			1,109			14,823			9,487
Total expenses		1,216,323			734,294			565,187			2,609,580			2,563,741
Expenses (waived/reimbursed)		—			—			(17,887	)		—			—
Net expenses		1,216,323			734,294			547,300			2,609,580			2,563,741
Net investment income (loss)		(227,213	)		2,649,224			3,104,610			19,102,316			26,880,151
Net realized gain (loss) on transactions from:
Investment securities		5,317			230,173			654,581			17,326,252			18,912,617
Futures contracts		—			—			(1,397,906	)		5,581,819			—
Written options and swaptions		—			—			513,625			(36,775	)		—
Swap agreements		—			—			(760,932	)		(1,114,199	)		—
Foreign currency transactions		—			—			(418,245	)		(308,670	)		—
Net realized gain (loss)		5,317			230,173			(1,408,877	)		21,448,427			18,912,617
Net change in unrealized appreciation (depreciation) on:
Investment securities		—			64,735			12,911,627			24,714,015			(5,437,187	)
Futures contracts		—			—			66,924			296,716			—
Written options and swaptions		—			—			133,056			14,390			—
Swap agreements		—			—			539,230			(74,564	)		—
Translation of assets and liabilities denominated in foreign currencies		—			—			99,639			380,340			—
TBA Short Commitments		—			—			—			(302,897	)		—
Net change in unrealized appreciation (depreciation)		—			64,735			13,750,476			25,028,000			(5,437,187	)
Net realized and change in unrealized gain (loss)		5,317			294,908			12,341,599			46,476,427			13,475,430
Net increase (decrease) in net assets resulting from operations	$	(221,896	)	$	2,944,132		$	15,446,209		$	65,578,743		$	40,355,581

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    74

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2014

(unaudited)

	Balanced			Large Value			Large Core			Large Growth			Mid Value
Investment Income:
Dividend income	$	700,904		$	8,063,438		$	2,650,576		$	5,128,254		$	9,174,232
Interest income		696,801			581			201			345			1,408
Securities lending income (net)		6,543			99,122			35,377			103,327			122,094
Withholding taxes on foreign income		(2,790	)		(7,669	)		(6,643	)		(66,328	)		(53,790	)
Total investment income		1,401,458			8,155,472			2,679,511			5,165,598			9,243,944
Expenses:
Advisory		284,982			2,016,298			930,597			2,789,777			3,203,030
Trustees and CCO		1,655			11,775			4,064			11,950			12,591
Audit and tax		11,039			10,421			10,135			10,310			16,950
Custody and accounting		79,759			49,322			20,706			88,612			58,669
Legal		3,069			23,638			7,658			23,839			31,699
Printing and shareholder reports		550			4,181			1,318			4,326			4,219
Other		1,360			10,036			3,396			10,206			10,695
Total expenses		382,414			2,125,671			977,874			2,939,020			3,337,853
Expenses (waived/reimbursed)		(65,767	)		—			—			(14,255	)		—
Net expenses		316,647			2,125,671			977,874			2,924,765			3,337,853
Net investment income (loss)		1,084,811			6,029,801			1,701,637			2,240,833			5,906,091
Net realized gain (loss) on transactions from:
Investment securities		4,166,864			58,107,439			13,685,684			82,214,807			132,156,454
Futures contracts		246,796			—			—			—			—
Written options and swaptions		(4,625	)		—			—			—			—
Swap agreements		(433	)		—			—			—			—
Foreign currency transactions		(4,985	)		—			29			(1,795	)		(2,484	)
Net realized gain (loss)		4,403,617			58,107,439			13,685,713			82,213,012			132,153,970
Net change in unrealized appreciation (depreciation) on:
Investment securities		2,296,453			(12,300,391	)		5,958,063			(47,986,154	)		(68,924,561	)
Futures contracts		(8,506	)		—			—			—			—
Written options and swaptions		2,058			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		9,312			—			32			(771	)		486
TBA Short Commitments		(7,252	)		—			—			—			—
Net change in unrealized appreciation (depreciation)		2,292,065			(12,300,391	)		5,958,095			(47,986,925	)		(68,924,075	)
Net realized and change in unrealized gain (loss)		6,695,682			45,807,048			19,643,808			34,226,087			63,229,895
Net increase (decrease) in net assets resulting from operations	$	7,780,493		$	51,836,849		$	21,345,445		$	36,466,920		$	69,135,986

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    75

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2014

(unaudited)

	Mid Growth			Small Value			Small Core			Small Growth			International Equity
Investment Income:
Dividend income	$	481,616		$	826,844		$	2,481,546		$	117,861		$	16,942,132
Interest income		25			105			200			85			7
Securities lending income (net)		28,777			15,297			326,585			41,068			344,685
Withholding taxes on foreign income		(1,544	)		—			(9,546	)		—			(1,359,118	)
Total investment income		508,874			842,246			2,798,785			159,014			15,927,706
Expenses:
Advisory		506,550			316,692			1,299,224			286,203			2,221,182
Trustees and CCO		1,877			1,025			4,321			903			7,796
Audit and tax		8,857			9,445			11,399			8,828			10,308
Custody and accounting		12,645			9,606			25,277			11,914			201,677
Legal		4,358			2,132			9,409			3,134			19,126
Printing and shareholder reports		1,317			395			2,483			362			3,027
Other		1,697			905			3,647			798			6,563
Total expenses		537,301			340,200			1,355,760			312,142			2,469,679
Expenses (waived/reimbursed)		(9,645	)		(11,921	)		—			(5,496	)		—
Net expenses		527,656			328,279			1,355,760			306,646			2,469,679
Net investment income (loss)		(18,782	)		513,967			1,443,025			(147,632	)		13,458,027
Net realized gain (loss) on transactions from:
Investment securities		5,221,835			6,272,911			21,621,921			5,124,799			13,425,297
Foreign currency transactions		—			(220	)		(951	)		—			14,836
Net realized gain (loss)		5,221,835			6,272,691			21,620,970			5,124,799			13,440,133
Net change in unrealized appreciation (depreciation) on:
Investment securities		1,407,090			(5,489,613	)		(7,598,887	)		(4,555,892	)		8,080,076
Translation of assets and liabilities denominated in foreign currencies		—			—			39			—			(12,548	)
Net change in unrealized appreciation (depreciation)		1,407,090			(5,489,613	)		(7,598,848	)		(4,555,892	)		8,067,528
Net realized and change in unrealized gain (loss)		6,628,925			783,078			14,022,122			568,907			21,507,661
Net increase (decrease) in net assets resulting from operations	$	6,610,143		$	1,297,045		$	15,465,147		$	421,275		$	34,965,688

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    76

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	Money Market						High Quality Bond						Inflation-Protected Securities
	June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013
From operations:
Net investment income (loss)	$	(227,213	)	$	(654,670	)	$	2,649,224		$	7,619,019		$	3,104,610		$	1,503,888
Net realized gain (loss)		5,317			20,771			230,173			578,440			(1,408,877	)		3,440,601
Net change in unrealized appreciation (depreciation)		—			—			64,735			(6,501,402	)		13,750,476			(31,996,091	)
Net increase (decrease) in net assets resulting from operations		(221,896	)		(633,899	)		2,944,132			1,696,057			15,446,209			(27,051,602	)
From transactions in investors’ beneficial interests:
Contributions		272,377,625			653,764,501			77,174,478			248,234,781			21,694,797			52,376,827
Withdrawals		(397,580,430	)		(614,626,579	)		(97,744,268	)		(236,118,950	)		(29,415,978	)		(91,673,855	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(125,202,805	)		39,137,922			(20,569,790	)		12,115,831			(7,721,181	)		(39,297,028	)
Net increase (decrease) in net assets		(125,424,701	)		38,504,023			(17,625,658	)		13,811,888			7,725,028			(66,348,630	)
Net assets:
Beginning of period/year		986,861,962			948,357,939			399,857,882			386,045,994			274,787,724			341,136,354
End of period/year	$	861,437,261		$	986,861,962		$	382,232,224		$	399,857,882		$	282,512,752		$	274,787,724
	Core Bond						High Yield Bond						Balanced
	June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013
From operations:
Net investment income (loss)	$	19,102,316		$	36,979,108		$	26,880,151		$	53,201,239		$	1,084,811		$	1,651,684
Net realized gain (loss)		21,448,427			2,100,729			18,912,617			978,231			4,403,617			8,152,622
Net change in unrealized appreciation (depreciation)		25,028,000			(53,219,455	)		(5,437,187	)		5,528,464			2,292,065			9,438,654
Net increase (decrease) in net assets resulting from operations		65,578,743			(14,139,618	)		40,355,581			59,707,934			7,780,493			19,242,960
From transactions in investors’ beneficial interests:
Contributions		114,090,227			229,761,560			64,326,603			116,427,122			11,718,044			21,426,618
Withdrawals		(184,938,875	)		(349,444,213	)		(55,753,886	)		(139,221,398	)		(8,331,665	)		(27,001,328	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(70,848,648	)		(119,682,653	)		8,572,717			(22,794,276	)		3,386,379			(5,574,710	)
Net increase (decrease) in net assets		(5,269,905	)		(133,822,271	)		48,928,298			36,913,658			11,166,872			13,668,250
Net assets:
Beginning of period/year		1,336,210,864			1,470,033,135			856,906,301			819,992,643			123,270,315			109,602,065
End of period/year	$	1,330,940,959		$	1,336,210,864		$	905,834,599		$	856,906,301		$	134,437,187		$	123,270,315

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    77

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Large Value						Large Core						Large Growth
	June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013
From operations:
Net investment income (loss)	$	6,029,801		$	14,796,465		$	1,701,637		$	3,921,752		$	2,240,833		$	4,940,689
Net realized gain (loss)		58,107,439			177,405,771			13,685,713			58,081,271			82,213,012			96,591,812
Net change in unrealized appreciation (depreciation)		(12,300,391	)		86,365,970			5,958,095			25,059,363			(47,986,925	)		163,690,225
Net increase (decrease) in net assets resulting from operations		51,836,849			278,568,206			21,345,445			87,062,386			36,466,920			265,222,726
From transactions in investors’ beneficial interests:
Contributions		35,281,819			67,473,165			13,087,678			27,612,712			32,346,888			50,143,117
Withdrawals		(95,383,420	)		(206,804,126	)		(16,592,138	)		(49,923,765	)		(106,739,162	)		(198,361,205	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(60,101,601	)		(139,330,961	)		(3,504,460	)		(22,311,053	)		(74,392,274	)		(148,218,088	)
Net increase (decrease) in net assets		(8,264,752	)		139,237,245			17,840,985			64,751,333			(37,925,354	)		117,004,638
Net assets:
Beginning of period/year		924,276,524			785,039,279			309,735,079			244,983,746			942,018,233			825,013,595
End of period/year	$	916,011,772		$	924,276,524		$	327,576,064		$	309,735,079		$	904,092,879		$	942,018,233
	Mid Value						Mid Growth						Small Value
	June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013
From operations:
Net investment income (loss)	$	5,906,091		$	8,311,476		$	(18,782	)	$	(7,052	)	$	513,967		$	437,328
Net realized gain (loss)		132,153,970			100,694,928			5,221,835			41,796,938			6,272,691			7,673,016
Net change in unrealized appreciation (depreciation)		(68,924,075	)		142,457,500			1,407,090			2,753,874			(5,489,613	)		14,403,424
Net increase (decrease) in net assets resulting from operations		69,135,986			251,463,904			6,610,143			44,543,760			1,297,045			22,513,768
From transactions in investors’ beneficial interests:
Contributions		35,274,206			71,316,736			9,335,487			14,172,136			5,355,894			9,361,371
Withdrawals		(90,270,403	)		(125,663,958	)		(31,479,761	)		(73,505,761	)		(13,242,453	)		(19,760,939	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(54,996,197	)		(54,347,222	)		(22,144,274	)		(59,333,625	)		(7,886,559	)		(10,399,568	)
Net increase (decrease) in net assets		14,139,789			197,116,682			(15,534,131	)		(14,789,865	)		(6,589,514	)		12,114,200
Net assets:
Beginning of period/year		975,081,164			777,964,482			150,143,062			164,932,927			82,297,542			70,183,342
End of period/year	$	989,220,953		$	975,081,164		$	134,608,931		$	150,143,062		$	75,708,028		$	82,297,542

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    78

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Small Core						Small Growth						International Equity
	June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013			June 30, 2014 (unaudited)			December 31, 2013
From operations:
Net investment income (loss)	$	1,443,025		$	2,337,203		$	(147,632	)	$	(309,418	)	$	13,458,027		$	8,015,375
Net realized gain (loss)		21,620,970			102,876,283			5,124,799			4,048,714			13,440,133			172,319,982
Net change in unrealized appreciation (depreciation)		(7,598,848	)		(14,167,804	)		(4,555,892	)		17,451,716			8,067,528			(101,698,516	)
Net increase (decrease) in net assets resulting from operations		15,465,147			91,045,682			421,275			21,191,012			34,965,688			78,636,841
From transactions in investors’ beneficial interests:
Contributions		10,538,919			20,969,699			5,885,354			11,088,755			52,734,613			56,228,758
Withdrawals		(29,240,545	)		(74,769,828	)		(10,958,136	)		(17,515,184	)		(105,791,171	)		(137,192,742	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(18,701,626	)		(53,800,129	)		(5,072,782	)		(6,426,429	)		(53,056,558	)		(80,963,984	)
Net increase (decrease) in net assets		(3,236,479	)		37,245,553			(4,651,507	)		14,764,583			(18,090,870	)		(2,327,143	)
Net assets:
Beginning of period/year		334,181,604			296,936,051			73,064,381			58,299,798			612,105,314			614,432,457
End of period/year	$	330,945,125		$	334,181,604		$	68,412,874		$	73,064,381		$	594,014,444		$	612,105,314

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    79

FINANCIAL HIGHLIGHTS

For the period or years ended:

	Money Market
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	861,437		$	986,862		$	948,358		$	995,629		$	1,065,396		$	1,132,907
Total return		(0.02	)%(A)		(0.07	)%		(0.11	)%		(0.04	)%		0.02	%		0.36	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.28	%(B)		0.29	%		0.28	%		0.28	%		0.28	%		0.27	%
Before (waiver/reimbursement)		0.28	%(B)		0.29	%		0.28	%		0.28	%		0.28	%		0.27	%
Net investment income (loss) to average net assets		(0.05	)%(B)		(0.07	)%		(0.11	)%		(0.04	)%		0.02	%		0.37	%

^(A)  Not annualized.

^(B)  Annualized.

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

	High Quality Bond
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	382,232		$	399,858		$	386,046		$	458,228		$	463,701		$	477,088
Total return		0.77	%(A)		0.41	%		2.95	%		2.16	%		4.20	%		9.83	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.38	%(B)		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Before (waiver/reimbursement)		0.38	%(B)		0.39	%		0.38	%		0.38	%		0.38	%		0.38	%
Net investment income (loss) to average net assets		1.39	%(B)		1.81	%		2.10	%		2.43	%		2.99	%		3.75	%
Portfolio turnover rate		50	%(A)		77	%		68	%		84	%		87	%		104	%

^(A)  Not annualized.

^(B)  Annualized.

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

	Inflation-Protected Securities
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	282,513		$	274,788		$	341,136		$	358,544		$	328,010		$	370,010
Total return		6.13	%(A)		(8.26	)%		7.06	%		12.33	%		6.23	%		10.22	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.40	%(B)		0.40	%		0.40	%		0.40	%		0.38	%		0.40	%
Before (waiver/reimbursement)		0.41	%(B)		0.41	%		0.40	%		0.40	%		0.38	%		0.40	%
Net investment income (loss) to average net assets		2.26	%(B)		0.48	%		1.43	%		3.30	%		2.04	%		1.02	%
Portfolio turnover rate		37	%(A)		99	%		103	%		134	%		117	%		118	%

^(A) Not annualized.

^(B)  Annualized.

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 Portfolio Semi-Annual Report 2014

Page    80

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Core Bond
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	1,330,941		$	1,336,211		$	1,470,033		$	1,588,591		$	1,622,006		$	1,749,531
Total return		5.29	%(A)		(0.96	)%		8.28	%		6.20	%		8.26	%		12.89	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.39	%(B)		0.39	%		0.39	%		0.39	%		0.39	%		0.38	%
Before (waiver/reimbursement)		0.39	%(B)		0.39	%		0.39	%		0.39	%		0.39	%		0.38	%
Net investment income (loss) to average net assets		2.86	%(B)		2.64	%		3.03	%		3.54	%		3.65	%		4.45	%
Portfolio turnover rate		150	%(A)		200	%		297	%		406	%		633	%		1,014	%(C)

^(A)  Not annualized.

^(B)  Annualized.

^(C)  Excludes investment securities received in kind.

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

	High Yield Bond
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	905,835		$	856,906		$	819,993		$	729,276		$	709,083		$	641,917
Total return		4.81	%(A)		7.48	%		15.14	%		4.93	%		15.81	%		57.21	%
Ratio and supplemental data
Expenses to average net assets (B)
After (waiver/reimbursement)		0.58	%(C)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Before (waiver/reimbursement)		0.58	%(C)		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Net investment income (loss) to average net assets		6.10	%(C)		6.37	%		7.23	%		8.04	%		8.84	%		10.10	%
Portfolio turnover rate (D)		62	%(A)(E)		51	%		102	%		81	%		98	%		98	%

^(A)  Not annualized.

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

^(C)  Annualized.

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

^(E)  Increase in portfolio turnover rate was triggered by a change in the portfolio’s sub-adviser.

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

	Balanced
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	134,437		$	123,270		$	109,602		$	104,111		$	116,337		$	137,734
Total return		6.29	%(A)		18.33	%		13.47	%		3.60	%		13.91	%		23.45	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.50	%(B)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Before (waiver/reimbursement)		0.60	%(B)		0.63	%		0.61	%		0.62	%		0.59	%		0.55	%
Net investment income (loss) to average net assets		1.71	%(B)		1.44	%		1.82	%		2.26	%		2.42	%		3.01	%
Portfolio turnover rate		76	%(A)		123	%		150	%		245	%		211	%		167	%

^(A)  Not annualized.

^(B)  Annualized.

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 Portfolio Semi-Annual Report 2014

Page    81

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Large Value
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	916,012		$	924,277		$	785,039		$	877,766		$	1,014,115		$	1,263,463
Total return		5.52	%(A)		38.08	%		17.39	%		2.32	%		14.66	%		16.71	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.47	%(B)		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%
Before (waiver/reimbursement)		0.47	%(B)		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%
Net investment income (loss) to average net assets		1.35	%(B)		1.69	%		2.08	%(C)		1.70	%		1.65	%		2.22	%
Portfolio turnover rate		36	%(A)		99	%		48	%		55	%		62	%		124	%(D)

^(A)  Not annualized.

^(B)  Annualized.

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

^(D) 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
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	327,576		$	309,735		$	244,984		$	235,204		$	255,995		$	280,896
Total return		6.64	%(A)		37.28	%		17.30	%		3.51	%		11.79	%		23.36	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.63	%(B)		0.64	%		0.64	%		0.63	%		0.63	%		0.62	%
Before (waiver/reimbursement)		0.63	%(B)		0.64	%		0.64	%		0.63	%		0.63	%		0.62	%
Net investment income (loss) to average net assets		1.10	%(B)		1.41	%		1.68	%		1.37	%		1.47	%		1.57	%
Portfolio turnover rate		39	%(A)		116	%		54	%		63	%		55	%		168	%

^(A)  Not annualized.

^(B)  Annualized.

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

	Large Growth
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	904,093		$	942,018		$	825,014		$	1,016,307		$	1,176,583		$	1,341,520
Total return		4.36	%(A)		35.32	%		14.91	%		(1.78	)%		16.62	%		35.56	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.65	%(B)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Before (waiver/reimbursement)		0.65	%(B)		0.66	%		0.66	%		0.65	%		0.66	%		0.65	%
Net investment income (loss) to average net assets		0.50	%(B)		0.57	%		0.75	%		0.34	%		0.56	%		0.97	%
Portfolio turnover rate		23	%(A)		49	%		53	%		53	%		119	%		102	%(C)

^(A)  Not annualized.

^(B)  Annualized.

^(C)  Excludes investment securities received in kind.

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

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    82

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Mid Value
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	989,221		$	975,081		$	777,964		$	748,835		$	909,134		$	808,661
Total return		7.50	%(A)		32.99	%		19.50	%		(2.19	)%		21.29	%		32.53	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.70	%(B)		0.70	%		0.70	%		0.70	%		0.69	%		0.70	%
Before (waiver/reimbursement)		0.70	%(B)		0.70	%		0.70	%		0.70	%		0.69	%		0.70	%
Net investment income (loss) to average net assets		1.23	%(B)		0.93	%		1.36	%		1.08	%		1.14	%		1.44	%
Portfolio turnover rate		72	%(A)		53	%		71	%		69	%		76	%		122	%

^(A)  Not annualized.

^(B)  Annualized.

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

	Mid Growth
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	134,609		$	150,143		$	164,933		$	206,602		$	269,733		$	251,749
Total return		5.06	%(A)		30.35	%		13.93	%		(6.90	)%		29.27	%		25.24	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.75	%(B)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Before (waiver/reimbursement)		0.76	%(B)		0.77	%		0.76	%		0.75	%		0.75	%		0.76	%
Net investment income (loss) to average net assets		(0.03	)%(B)		—	%(C)		0.10	%		(0.33	)%		(0.36	)%		(0.23	)%
Portfolio turnover rate		30	%(A)		234	%		178	%		135	%		199	%		214	%

^(A)  Not annualized.

^(B)  Annualized.

^(C)  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
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	75,708		$	82,298		$	70,183		$	103,958		$	134,427		$	145,727
Total return		1.41	%(A)		34.10	%		16.11	%		1.35	%		23.12	%		19.64	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.85	%(B)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Before (waiver/reimbursement)		0.88	%(B)		0.88	%		0.88	%		0.87	%		0.87	%		0.88	%
Net investment income (loss) to average net assets		1.33	%(B)		0.57	%		1.41	%		0.63	%		0.84	%		1.24	%
Portfolio turnover rate		10	%(A)		16	%		15	%		16	%		121	%		103	%

^(A) Not annualized.

^(B)  Annualized.

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 Portfolio Semi-Annual Report 2014

Page    83

FINANCIAL HIGHLIGHTS (continued)

For the period or years ended:

	Small Core
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	330,945		$	334,182		$	296,936		$	296,060		$	341,598		$	340,044
Total return		4.75	%(A)		33.62	%		15.04	%		(2.19	)%		29.89	%		27.64	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.83	%(B)		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Before (waiver/reimbursement)		0.83	%(B)		0.84	%		0.84	%		0.84	%		0.85	%		0.85	%
Net investment income (loss) to average net assets		0.89	%(B)		0.74	%		1.07	%		0.32	%		0.43	%		0.67	%
Portfolio turnover rate		82	%(A)		195	%		59	%		59	%		55	%		88	%

^(A)  Not annualized.

^(B)  Annualized.

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

	Small Growth
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	68,413		$	73,064		$	58,300		$	108,124		$	142,731		$	152,724
Total return		0.25	%(A)		37.97	%		1.30	%		(6.45	)%		25.65	%		32.99	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.90	%(B)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Before (waiver/reimbursement)		0.92	%(B)		0.93	%		0.94	%		0.94	%		0.93	%		0.93	%
Net investment income (loss) to average net assets		(0.43	)%(B)		(0.46	)%		(0.20	)%		(0.37	)%		(0.41	)%		(0.38	)%
Portfolio turnover rate		42	%(A)		72	%		209	%		120	%		99	%		104	%

^(A)  Not annualized.

^(B) Annualized.

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

	International Equity
	June 30, 2014 (unaudited)			December 31, 2013			December 31, 2012			December 31, 2011			December 31, 2010			December 31, 2009
Net assets end of period/year (000’s)	$	594,014		$	612,105		$	614,432		$	680,170		$	893,260		$	1,044,049
Total return		5.80	%(A)		13.92	%		17.35	%		(13.51	)%		14.94	%		26.10	%
Ratio and supplemental data
Expenses to average net assets
After (waiver/reimbursement)		0.82	%(B)		0.85	%		0.82	%		0.82	%		0.81	%		0.82	%
Before (waiver/reimbursement)		0.82	%(B)		0.85	%		0.82	%		0.82	%		0.81	%		0.82	%
Net investment income (loss) to average net assets		4.46	%(B)		1.31	%		1.65	%		1.70	%		1.45	%		1.39	%
Portfolio turnover rate		17	%(A)		116	%		23	%		24	%		29	%		138	%

^(A)  Not annualized.

^(B)  Annualized.

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 Portfolio Semi-Annual Report 2014

Page    84

NOTES TO FINANCIAL STATEMENTS

At June 30, 2014

(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Partners Portfolios (the “Series Portfolio”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and was organized as a series trust under the laws of the State of New York. The Series Portfolio is composed of fifteen different series that are, in effect, separate investment funds: Transamerica Partners Money Market Portfolio (“Money Market”), Transamerica Partners High Quality Bond Portfolio (“High Quality Bond”), Transamerica Partners Inflation-Protected Securities Portfolio (“Inflation-Protected Securities”), Transamerica Partners Core Bond Portfolio (“Core Bond”), Transamerica Partners High Yield Bond Portfolio (“High Yield Bond”), Transamerica Partners Balanced Portfolio (“Balanced”), Transamerica Partners Large Value Portfolio (“Large Value”), Transamerica Partners Large Core Portfolio (“Large Core”), Transamerica Partners Large Growth Portfolio (“Large Growth”), Transamerica Partners Mid Value Portfolio (“Mid Value”), Transamerica Partners Mid Growth Portfolio (“Mid Growth”), Transamerica Partners Small Value Portfolio (“Small Value”), Transamerica Partners Small Core Portfolio (“Small Core”), Transamerica Partners Small Growth Portfolio (“Small Growth”), and Transamerica Partners International Equity Portfolio (“International Equity”) (each a “Portfolio” and collectively, the “Portfolios”). Each Portfolio issues shares of beneficial interest only in private placement transactions that do not involve a public offering within the meaning of Section 4(2) of the Securities Act of 1933, as amended (“Securities Act”). Only “accredited investors”, as defined in Regulation D under the Securities Act, may invest in the Portfolios. Accredited investors include investment companies, insurance company separate accounts, common or commingled trust funds, or other similar organizations or entities.

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, participation in these meetings and preparation of regular communications with the Board; oversight of preparation and review 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 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, among other things, 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; assisting with 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; acting as liaison with the Portfolios’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of the Board of Trustees and committees of Trustees; assisting in the 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 Administrative Services Agreement with the exception of the costs of certain services specifically assumed by the Portfolios, as numerated within the Statements of Operations.

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.

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    85

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

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.

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 June 30, 2014, if any, 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 June 30, 2014, if any, 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. Each Portfolio combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include: 1) foreign currency fluctuations between trade date and settlement date of investment security transactions; 2) gains and losses on forward foreign currency contracts; and 3) the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

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.

Cash overdraft: Throughout the period, 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.

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    86

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts.

Open forward foreign currency contracts at June 30, 2014, if any, 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 options and swaptions at June 30, 2014, if any, are listed in the Schedules of Investments.

Transactions in written options were as follows:

Inflation-Protected Securities	Premiums			Contracts
Balance at December 31, 2013	$	15,173			207
Sales		160,406			480
Closing Buys		(77,232	)		(351	)
Expirations		(40,995	)		(176	)
Exercised		—			—
Balance at June 30, 2014	$	57,352			160

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    87

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

Core Bond	Premiums			Contracts
Balance at December 31, 2013	$	48,432			663
Sales		573,727			1,534
Closing Buys		(622,159	)		(2,197	)
Expirations		—			—
Exercised		—			—
Balance at June 30, 2014	$	—			—

Balanced	Premiums			Contracts
Balance at December 31, 2013		$     1,680			23
Sales		21,346			57
Closing Buys		(23,026	)		(80	)
Expirations		—			—
Exercised		—			—
Balance at June 30, 2014		$           —			—

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

Inflation-Protected Securities	Premiums			Notional Amount
Balance at December 31, 2013		$   290,089		$	26,415,000
Sales		625,888			39,075,000
Closing Buys		(401,377	)		(28,100,000	)
Expirations		(48,255	)		(4,390,000	)
Exercised		—			—
Balance at June 30, 2014		$   466,345		$	33,000,000

Inflation-Protected Securities	Premiums			Notional Amount
Balance at December 31, 2013		$          —			NZD               —
Sales		10,021			1,340,000
Closing Buys		—			—
Expirations		(10,021	)		(1,340,000	)
Exercised		—			—
Balance at June 30, 2014		$          —			NZD               —

Inflation-Protected Securities	Premiums			Notional Amount
Balance at December 31, 2013		$  282,888			EUR  8,590,000
Sales		37,137			5,980,000
Closing Buys		—			—
Expirations		(95,588	)		(10,300,000	)
Exercised		—			—
Balance at June 30, 2014		$  224,437			EUR  4,270,000

Core Bond	Premiums			Notional Amount
Balance at December 31, 2013		$  91,923			JPY  3,560,000,000
Sales		—			—
Closing Buys		(91,923	)		(3,560,000,000	)
Expirations		—			—
Exercised		—			—
Balance at June 30, 2014		$         —			JPY                       —

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    88

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

Futures contracts: The Portfolios are subject to equity and commodity risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities 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, 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 June 30, 2014, if any, are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

Swap agreements: Swap agreements are 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, with the exception of Money Market, enter into credit default, cross-currency, interest rate, total return, variance, and other forms of swap agreements to manage exposure to credit, currency, 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.

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.

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    89

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

Interest rate swap agreements: The Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. 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 June 30, 2014, if any, 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 Portfolios, if applicable, and is included in the Statements of Assets and Liabilities.

The open OTC swap agreements at June 30, 2014, if any, are listed in the Schedules of Investments. The value, as applicable, is included in the Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which the Portfolios sell securities it does not own, but has borrowed, in anticipation of a decline in the fair market value of the securities. The Portfolios are obligated to replace the borrowed securities at the market price at the time of replacement. The Portfolios’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Portfolios consider the short sale to be a borrowing by the Portfolios that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Portfolio may be unable to replace borrowed securities sold short.

The Portfolios investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as dividends and/or interest from securities sold short in the Statements of Operations. The Portfolios also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as dividends and/or interest from securities sold short in the Statements of Operations.

Open short sale transactions at June 30, 2014, if any, are included in the Schedules of Investments.

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, with the exception of Money Market, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. 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.

Open loan participations and assignments at June 30, 2014, if any, are included in the Schedules of Investments.

The Portfolios held no unsecured loan participations at June 30, 2014.

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

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.

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.

Open trades, if any, are included in the When-issued securities purchased in the Statements of Assets and Liabilities.

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 in the Statements of Assets and Liabilities.

The PIKs at June 30, 2014, if any, 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

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 1. (continued)

valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

The restricted and illiquid securities at June 30, 2014, if any, 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 commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other funds or portfolios advised by TAM, or by any other party.

Commissions recaptured for the period ended June 30, 2014, are included in Net realized gain (loss) in the Statements of Operations and are summarized as follows:

Portfolio Name	Commissions
Large Growth	$	13,694
Mid Value		107,447
Small Value		403
Small Growth		1,403
International Equity		1,054

Portfolios not listed in the above table did not have any commissions recaptured during the period ended June 30, 2014.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 2. (continued)

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 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 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.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 2. (continued)

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.

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 June 30, 2014, is disclosed in the Valuation Summary of each Portfolio’s Schedule of Investments.

Transamerica Partners Portfolio Semi-Annual Report 2014

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 3. RELATED PARTY TRANSACTIONS

TAM, the Portfolios’ investment adviser, is directly owned by Western Reserve Life Assurance Co. of Ohio (“Western Reserve”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly-owned subsidiaries of Aegon NV. Western Reserve and AUSA are 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.

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Money Market, Core Bond, High Yield Bond and Balanced.

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

TPFG	% of Interest in Series Portfolio or Master Portfolio
Money Market		53.57	%
High Quality Bond		23.13
Inflation-Protected Securities		38.63
Core Bond		25.68
High Yield Bond		14.42
Balanced		47.37
Large Value		29.91
Stock Index		6.87
Large Core		27.03
Large Growth		27.76
Mid Value		16.59
Mid Growth		42.89
Small Value		49.67
Small Core		27.00
Small Growth		54.64
International Equity		30.06

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

TPFG II	% of Interest in Series Portfolio or Master Portfolio
Money Market		34.70	%
High Quality Bond		15.57
Inflation-Protected Securities		30.49
Core Bond		30.39
High Yield Bond		37.83
Balanced		4.06
Large Value		11.29
Stock Index		18.84
Large Core		2.41
Large Growth		11.66
Mid Value		49.09
Mid Growth		19.69
Small Value		10.83
Small Core		9.12
Small Growth		16.31
International Equity		12.13

Transamerica Partners Portfolio Semi-Annual Report 2014

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

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 Portfolio		3.55	%
High Quality Bond Portfolio		15.44
Inflation-Protected Securities Portfolio		12.25
Core Bond Portfolio		12.73
High Yield Bond Portfolio		5.88
Balanced Portfolio		44.36
Large Value Portfolio		39.39
Large Core Portfolio		54.38
Large Growth Portfolio		42.62
Mid Value Portfolio		6.01
Mid Growth Portfolio		0.95
Small Value Portfolio		0.93
Small Core Portfolio		52.01
Small Growth Portfolio		1.02
International Equity Portfolio		25.96

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 Portfolio		8.13	%
High Quality Bond Portfolio		36.79
Inflation-Protected Securities Portfolio		13.55
Core Bond Portfolio		26.15
High Yield Bond Portfolio		24.02
Balanced Portfolio		3.84
Large Value Portfolio		14.45
Large Core Portfolio		12.80
Large Growth Portfolio		15.19
Mid Value Portfolio		6.08
Mid Growth Portfolio		21.24
Small Value Portfolio		30.33
Small Core Portfolio		10.23
Small Growth Portfolio		19.87
International Equity Portfolio		26.44

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 Collective Trust Fund		0.04	%
High Quality Bond Collective Trust Fund		9.08
Inflation-Protected Securities Collective Trust Fund		5.07
Core Bond Collective Trust Fund		5.04
High Yield Bond Collective Trust Fund		17.85
Large Value Collective Trust Fund		4.78
Large Core Collective Trust Fund		3.37
Large Growth Collective Trust Fund		2.69
Mid Value Collective Trust Fund		22.22
Mid Growth Collective Trust Fund		15.23
Small Value Collective Trust Fund		8.24
Small Core Collective Trust Fund		1.64
Small Growth Collective Trust Fund		8.16
International Equity Collective Trust Fund		5.42

Transamerica Partners Portfolio Semi-Annual Report 2014

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 3. (continued)

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. 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		0.2500	%
High Quality Bond		0.3500
Inflation-Protected Securities		0.3500
Core Bond (Effective May 1, 2014)
First $2 billion		0.3500
Over $2 billion		0.3350
Core Bond (Prior to May 1, 2014)		0.3500
High Yield (Effective May 1, 2014)
First $1.25 billion		0.5500
Over $1.25 billion to $2 billion		0.5250
Over $2 billion		0.5000
High Yield Bond (Prior to May 1, 2014)		0.5500
Balanced		0.4500
Large Value		0.4500
Large Core		0.6000
Large Growth		0.6200
Mid Value (Effective May 1, 2014)
First $750 million		0.6700
Over $750 million to $1.5 billion		0.6650
Over $1.5 billion to $2 billion		0.6550
Over $2 billion		0.6475
Mid Value (Prior to May 1, 2014)		0.6700
Mid Growth		0.7200
Small Value		0.8200
Small Core
First $300 million		0.8000
Over $300 million		0.7700
Small Growth
First $300 million		0.8400
Over $300 million		0.8000
International Equity
First $500 million		0.7400
Over $500 million to $1 billion		0.7200
Over $1 billion to $2 billion		0.6900
Over $2 billion		0.6600

Transamerica Partners Portfolio Semi-Annual Report 2014

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 3. (continued)

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.

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 period ended June 30, 2014.

NOTE 4. PURCHASES AND SALES OF SECURITIES

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended June 30, 2014 were as follows:

	Purchases of securities				Proceeds from maturities and sales of securities
Fund Name	Long-term		U.S. Government		Long-term		U.S. Government
Money Market	$	—	$	—	$	—	$	—
High Quality Bond		88,949,938		98,945,434		123,771,250		72,912,797
Inflation-Protected Securities		20,397,416		80,581,137		26,106,498		82,035,726
Core Bond		492,267,172		1,438,725,636		436,873,735		1,669,018,145
High Yield Bond		562,408,786		—		522,658,406		—
Balanced		42,495,950		52,039,087		36,937,221		55,959,089
Large Value		321,463,819		—		390,253,467		—
Large Core		120,546,220		—		123,267,612		—
Large Growth		210,450,605		—		283,846,103		—
Mid Value		678,702,713		—		745,309,416		—
Mid Growth		43,076,798		—		65,383,440		—
Small Value		7,307,332		—		15,815,453		—
Small Core		268,335,631		—		282,783,179		—
Small Growth		28,480,155		—		33,744,809		—
International Equity		100,897,357		—		119,152,231		—

Transamerica Partners Portfolio Semi-Annual Report 2014

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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

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 period:

	Beginning number of positions at December 31, 2013		Ending number of positions at June 30, 2014		Average number of positions (A)
Futures contracts		10		8		9
Purchased options and swaptions		10		10		12
Written options and swaptions		10		7		9
Swap agreements		7		8		8
Forward foreign currency contracts		22		16		17

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

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 June 30, 2014:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Total
Asset derivatives
Purchased options and swaptions, at value (A) (B)	$	905,223		$	—		$	905,223
Unrealized appreciation on futures contracts (B) (C)		184,498			—			184,498
Swap agreements, at value (B)		572,190			—			572,190
Unrealized appreciation on forward foreign currency contracts		—			64,873			64,873
Total gross amount of assets (D)	$	1,661,911		$	64,873		$	1,726,784
Liability derivatives
Written options and swaptions, at value (B)	$	(522,104	)	$	—		$	(522,104	)
Unrealized depreciation on futures contracts (B) (C)		(202,988	)		—			(202,988	)
Swap agreements, at value (B)		(176,319	)		—			(176,319	)
Unrealized depreciation on forward foreign currency contracts		—			(367,441	)		(367,441	)
Total gross amount of liabilities (D)	$	(901,411	)	$	(367,441	)	$	(1,268,852	)

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

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

^(C)  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.

^(D)  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.

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    99

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 5. (continued)

Inflation-Protected Securities (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 June 30, 2014:

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Financial Assets and Derivative Assets, and Collateral Received as of June 30, 2014:

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (A)		Value Eligible for Offset			Collateral Received (B)			Net Amount (not less than $0)
Bank of America, N.A.	$	6,543	$	(6,543	)	$	—		$	—
Deutsche Bank AG		880,447		(354,517	)		(500,000	)		25,930
JPMorgan Chase Bank, N.A.		1,892		(1,892	)		—			—
State Street Bank		39,138		(39,138	)		—			—
UBS AG		558,255		(144,091	)		—			414,164
Other Derivatives (C)		240,509		—			—			240,509
Total	$	1,726,784	$	(546,181	)	$	(500,000	)	$	680,603

Financial Liabilities and Derivative Liabilities, and Collateral Pledged as of June 30, 2014:

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (A)		Value Eligible for Offset			Collateral Pledged (B)		Net Amount (not less than $0)
Bank of America, N.A.	$	14,370	$	(6,543	)	$	—	$	7,827
Barclays Bank PLC		91,121		—			—		91,121
Citibank, N.A.		164,289		—			—		164,289
Deutsche Bank AG		354,517		(354,517	)		—		—
JPMorgan Chase Bank, N.A.		57,524		(1,892	)		—		55,632
State Street Bank		56,133		(39,138	)		—		16,995
UBS AG		144,091		(144,091	)		—		—
Other Derivatives (C)		386,807		—			—		386,807
Total	$	1,268,852	$	(546,181	)	$	—	$	722,671

^(A)  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.

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

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    100

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 5. (continued)

Inflation-Protected Securities (continued):

Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2014:

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 (A)	$	(274,322	)	$	(117,135	)	$	(391,457	)
Net realized gain (loss) on futures contracts		(1,397,906	)		—			(1,397,906	)
Net realized gain (loss) on written options and swaptions		359,760			153,865			513,625
Net realized gain (loss) on swap agreements		(760,932	)		—			(760,932	)
Net realized gain (loss) on forward foreign currency contracts (B)		—			(257,675	)		(257,675	)
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (C)		(355,296	)		28,392			(326,904	)
Net change in unrealized appreciation (depreciation) on futures contracts		66,924			—			66,924
Net change in unrealized appreciation (depreciation) on written options and swaptions		174,125			(41,069	)		133,056
Net change in unrealized appreciation (depreciation) on swap agreements		539,230			—			539,230
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (D)		—			76,075			76,075
Total	$	(1,648,417	)	$	(157,547	)	$	(1,805,964	)

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

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

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

^(D)  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.

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 period:

	Beginning number of positions at December 31, 2013		Ending number of positions at June 30, 2014		Average number of positions (A)
Futures contracts		7		—		8	(B)
Purchased options and swaptions		5		—		4	(B)
Written options and swaptions		4		—		4	(B)
Swap agreements		16		—		17	(B)
Forward foreign currency contracts		3		—		4	(B)

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

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    101

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 5. (continued)

Core Bond (continued):

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

Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2014:

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 (A)	$	(190,046	)	$	—		$	—		$	(190,046	)
Net realized gain (loss) on futures contracts		5,581,819			—			—			5,581,819
Net realized gain (loss) on written options and swaptions		(36,775	)		—			—			(36,775	)
Net realized gain (loss) on swap agreements		(1,442,247	)		—			328,048			(1,114,199	)
Net realized gain (loss) on forward foreign currency contracts (B)		—			(247,013	)		—			(247,013	)
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (C)		(179,780	)		—			—			(179,780	)
Net change in unrealized appreciation (depreciation) on futures contracts		296,716			—			—			296,716
Net change in unrealized appreciation (depreciation) on written options and swaptions		14,390			—			—			14,390
Net change in unrealized appreciation (depreciation) on swap agreements		22,157			—			(96,721	)		(74,564	)
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (D)		—			381,038			—			381,038
Total	$	4,066,234		$	134,025		$	231,327		$	4,431,586

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

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

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

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

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 period:

	Beginning number of positions at December 31, 2013		Ending number of positions at June 30, 2014		Average number of positions (A)
Futures contracts		7		1		4
Purchased options and swaptions		1		—		1	(B)
Written options and swaptions		1		—		2	(B)
Swap agreements		—		—		4	(B)
Forward foreign currency contracts		2		—		2	(B)

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

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

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    102

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 5. (continued)

Balanced (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 June 30, 2014:

Derivatives not accounted for as hedging instruments

Location	Equity contracts		Total
Asset derivatives
Unrealized appreciation on futures contracts (A)	$	4,445	$	4,445
Total gross amount of assets (B)	$	4,445	$	4,445

^(A)  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.

^(B)  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.

Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2014:

Derivatives not accounted for as hedging instruments

Location	Interest rate contracts			Foreign exchange contracts			Credit contracts		Equity contracts			Total
Net realized gain (loss) on derivatives recognized in income
Net realized gain (loss) on purchased options and swaptions (A)	$	3,965		$	—		$	—	$	—		$	3,965
Net realized gain (loss) on futures contracts		186,075			—			—		60,721			246,796
Net realized gain (loss) on written options and swaptions		(4,625	)		—			—		—			(4,625	)
Net realized gain (loss) on swap agreements		(2,586	)		—			2,153		—			(433	)
Net realized gain (loss) on forward foreign currency contracts (B)		—			(9,341	)		—		—			(9,341	)
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Net change in unrealized appreciation (depreciation) on purchased options and swaptions (C)		(8,867	)		—			—		—			(8,867	)
Net change in unrealized appreciation (depreciation) on futures contracts		(789	)		—			—		(7,717	)		(8,506	)
Net change in unrealized appreciation (depreciation) on written options and swaptions		2,058			—			—		—			2,058
Net change in unrealized appreciation (depreciation) on forward foreign currency transactions (D)		—			8,296			—		—			8,296
Total	$	175,231		$	(1,045	)	$	2,153	$	53,004		$	229,343

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

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

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

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

The Portfolio’s derivatives are not subject to a master netting arrangement, or another similar arrangement.

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    103

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2014

(unaudited)

NOTE 5. (continued)

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 period:

	Beginning number of positions at December 31, 2013		Ending number of positions at June 30, 2014		Average number of positions (A)
Forward foreign currency contracts		—		—		1	(B)

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

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

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

Effect of Derivative Instruments in the Statements of Operations for the period ended June 30, 2014:

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 (A)	$	595	$	595
Net change in unrealized appreciation (depreciation) on derivatives recognized in income
Total	$	595	$	595

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

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 and state 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. 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.

NOTE 7. ACCOUNTING PRONOUNCEMENTS

In June 2013, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2013-08 “Investment Companies: Amendments to the Scope, Measurement and Disclosure Requirements” that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure non-controlling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. The adoption of ASU No. 2013-08 did not have an impact on the Portfolios’ financial statement disclosures.

In June 2014, FASB issued ASU No. 2014-11, “Transfers and Servicing, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures”. The guidance changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014 and interim periods within those fiscal years. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Portfolios’ financial statements.

NOTE 8. SUBSEQUENT EVENTS

On July 1, 2014, Transamerica Partners Large Growth Portfolio lowered its advisory fees.

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.

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    104

TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Trustees” or the “Board”) held on June 18-19, 2014, the Board considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between each of the following funds (each a “Portfolio” and collectively the “Portfolios”) and Transamerica Asset Management, Inc. (“TAM”):

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

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

Portfolio	Sub-Adviser(s)
Transamerica Partners Balanced Portfolio	J.P. Morgan Investment Management Inc.
Transamerica Partners High Quality Bond Portfolio	Merganser Capital Management, Inc.
Transamerica Partners Inflation-Protected Securities Portfolio	BlackRock Financial Management, Inc.
Transamerica Partners Large Core Portfolio	AJO, LP
Transamerica Partners Large Growth Portfolio	Jennison Associates LLC Wellington Management Company, LLP
Transamerica Partners Large Value Portfolio	AJO, LP
Transamerica Partners Mid Growth Portfolio	Quantum Capital Management
Transamerica Partners Mid Value Portfolio	J.P. Morgan Investment Management Inc.
Transamerica Partners Money Market Portfolio	Aegon USA Investment Management, LLC
Transamerica Partners Small Core Portfolio	Systematic Financial Management, LP
Transamerica Partners Small Growth Portfolio	Ranger Investment Management, L.P.
Transamerica Partners Small Value Portfolio	Wellington Management Company, LLP

Following its review and consideration, the Board determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement are reasonable and that the renewal of each Agreement is in the best interests of the applicable Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2015. In reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser such information as they deemed reasonably necessary to evaluate the Agreements, including, to the extent applicable, information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. The Trustees also considered information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Portfolio, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, and fee, expense and profitability information prepared by TAM. In conducting their review, the Trustees noted that the relevant analysis of investment performance, fees and expenses for each Portfolio was better made at the level of the funds that invest in the applicable Portfolio (i.e., the Transamerica Partners Fund and Transamerica Partners Institutional Fund), since shareholders could not invest directly in the Portfolio and that is the manner in which Lipper provided its comparative information.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and/or their own business judgment, to be relevant. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Transamerica Partners Portfolio Semi-Annual Report 2014

Page    105

TRANSAMERICA PARTNERS PORTFOLIOS

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

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM and each Sub-Adviser; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for certain of the Sub-Advisers and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment advisory and other services provided by TAM for the portion of the investment advisory fee it retains after payment of the sub-advisory fee(s). With respect to each Portfolio, the Board noted that the investment advisory services include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; where applicable, the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolio; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolio; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolio’s prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolio; and ongoing cash management services. The Board also noted that TAM, as part of the investment advisory services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ administrator, custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

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

Investment Performance

The Board considered the short- and longer-term performance of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2013.

Transamerica Partners Balanced Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3-year period, in line with the median for the past 5-year period and below the median for the past 1- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 10-year period and below the median for the past 1-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to monitor and report to the Board on the performance of the Portfolio. The Board also noted that the Portfolio’s performance included the management of previous sub-advisers of the Portfolio. The Trustees also noted anticipated changes in the portfolio management team of one of the sub-advisers to the Portfolio. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition going forward.

Transamerica Partners Core Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the Portfolio’s performance included the management of a previous sub-adviser to the Portfolio.

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

Transamerica Partners Portfolio Semi-Annual Report 2014

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TRANSAMERICA PARTNERS PORTFOLIOS

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

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

Transamerica Partners High Yield Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the Portfolio’s performance included the management of a previous sub-adviser to the Portfolio.

Transamerica Partners Inflation-Protected Securities Portfolio. The Board noted that the performance of the Transamerica Partners Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 3-year periods, in line with the median for the past 5-year period and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

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

Transamerica Partners Large Core Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1- and 3-year periods and below its primary benchmark for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1- and 3-year periods and below its primary benchmark for the past 5- and 10-year periods. The Board noted that the Portfolio’s performance included the management of a previous sub-adviser to the Portfolio.

Transamerica Partners Large Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3- and 5-year periods and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-year period, in line with the median for the past 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3-, 5- and 10-year periods. The Board also noted upcoming changes to the portfolio management team and process of one sub-adviser to the Portfolio that would take place on or about July 1, 2014. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Partners Large Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 1- and 3-year periods and below its primary benchmark for the past 5- and

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10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 1-, 3- and 5-year periods and below its primary benchmark for the past 10-year period. The Board noted that the Portfolio’s performance included the management of a previous sub-adviser to the Portfolio.

Transamerica Partners Mid Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to monitor and report to the Board on the performance of the Portfolio. The Board also noted that the Portfolio’s performance included the management of a previous sub-adviser to the Portfolio.

Transamerica Partners Mid Value Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 5- and 10-year periods, in line with the median for the past 3-year period and below the median for the past 1-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that it had approved the replacement of one sub-adviser to the Portfolio during the past year and that the Portfolio’s performance included the management of previous sub-advisers of the Portfolio.

Transamerica Partners Money Market Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to monitor and report to the Board on the performance of the Portfolio. The Board noted TAM’s observations that the yields of money market funds have been below average due to a low interest rate environment and that relative performance in the tightly-constrained money market universe is largely a function of expenses. The Trustees also noted recent changes in the Portfolio’s portfolio management team. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition going forward. The Board also noted that the Portfolio’s performance included the management of a previous sub-adviser to the Portfolio.

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

Transamerica Partners Small Growth Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees discussed the reasons for the underperformance with TAM and agreed to continue to monitor the performance of the Portfolio. The Board also noted that the Portfolio’s performance included the management of the previous sub-adviser to the Portfolio.

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

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

Investment Advisory and Sub-Advisory Fees and Total Expense Ratios

The Board considered the investment advisory fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the investment advisory fee and total expense ratio of each Transamerica Partners Fund and Transamerica Partners Institutional Fund to the investment advisory fees and total expense ratios of other investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered, where applicable, the fees charged by the Sub-Advisers for sub-advisory services, the portion of a Portfolio’s investment advisory fee retained by TAM following payment of the sub-advisory fee(s) and how the portion of the contractual investment advisory fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by TAM.

Transamerica Partners Balanced Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Core Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners High Quality Bond Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners High Yield Bond Portfolio. The Board noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Inflation-Protected Securities Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were in line with the median for its peer group and above the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

Transamerica Partners International Equity Portfolio. The Board noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Large Core Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was in line with the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Large Growth Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Large Value Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was below the median for its peer group and in line with the median for its peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and in line with the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Mid Growth Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Mid Value Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the median for its peer group and in line with the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Money Market Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were in line with the medians for its peer group and peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the

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Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Small Core Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was in line with the median for its peer group and below the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Small Growth Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was below the median for its peer group and in line with the median for its peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Partners Small Value Portfolio. The Trustees noted that the Transamerica Partners Fund’s contractual investment advisory fee was above the medians for its peer group and peer universe and the Transamerica Partners Institutional Fund’s contractual investment advisory fee was in line with the medians for its peer group and peer universe. The actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Board also noted that TAM has entered into an expense limitation arrangement with the Transamerica Partners Fund and the Transamerica Partners Institutional Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration and other services, to the Portfolios and to Transamerica Partners Portfolios as a whole, as applicable, by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Portfolio and Transamerica Partners Portfolios as a whole, as well as the allocation methodology used for calculating profitability. The Board also considered the assessment prepared by Ernst & Young LLP (“E&Y”), independent registered public accounting firm and auditor to the Portfolios, to assist the Board’s evaluation of TAM’s profitability analysis. E&Y’s engagement included the review and assessment of the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolios, and completion of procedures in respect of the mathematical accuracy of the profitability calculation and its conformity to established allocation methodologies. After considering E&Y’s assessment and information provided by TAM, the Board concluded that, while other allocation methods may also be reasonable, TAM’s profitability methodologies are reasonable.

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

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

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any further economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the

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extent to which the Portfolios benefited from any economies of scale. The Board considered each Portfolio’s investment advisory fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Portfolios through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the investment advisory fees payable to TAM and the fees paid to the Sub-Advisers and whether each Portfolio has achieved economies of scale in the future.

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

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

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolios.

Conclusion

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

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TRANSAMERICA PARTNERS PORTFOLIOS

Transamerica Partners Core Bond Portfolio

Transamerica Partners Balanced Portfolio

Transamerica Partners High Yield Bond Portfolio

(each, a “Portfolio” and collectively, the “Portfolios”)

RESULTS OF SHAREHOLDER PROXY

Rule 30e-1 under the Investment Company Act of 1940, as amended, titled “Reports to Stockholders of Management Companies,” requires registered management companies to report on all subject matters put to the vote of shareholders and to provide final results. Accordingly, the Board of Trustees of the Portfolios solicited a vote by the shareholders for the following items:

At the special meetings of shareholders held on April 28, 2014, the results were as follows:

Transamerica Partners Core Bond Portfolio:

Proxy I — Proposal I: To approve a new sub-advisory agreement with Aegon USA Investment Management, LLC, an affiliate of TAM.

Record Date — January 17, 2014	Total Assets Voted ($)	% of Voted	% of Total
For	1,095,859,736.340	88.217	81.123
Against	3,328,207.428	0.268	0.246
Abstain	143,049,134.943	11.515	10.589
Broker Non-Vote	0.000	0.000	0.000
Total	1,242,237,078.712	100.000	91.959

Transamerica Partners Balanced Portfolio:

Proxy I — Proposal II: To approve a new sub-advisory agreement with Aegon USA Investment Management, LLC, an affiliate of TAM.

Record Date — January 17, 2014	Total Assets Voted ($)	% of Voted	% of Total
For	82,421,623.933	90.035	66.850
Against	1,950,396.027	2.131	1.582
Abstain	7,171,858.724	7.834	5.817
Broker Non-Vote	0.000	0.000	0.000
Total	91,543,878.684	100.000	74.249

Transamerica Partners High Yield Bond Portfolio:

Proxy I — Proposal V: To approve a new sub-advisory agreement with Aegon USA Investment Management, LLC, an affiliate of TAM.

Record Date — January 17, 2014	Total Assets Voted ($)	% of Voted	% of Total
For	642,880,448.726	96.836	74.431
Against	520,815.422	0.078	0.060
Abstain	20,481,861.988	3.085	2.371
Broker Non-Vote	0.000	0.000	0.000
Total	663,883,126.137	100.000	76.863

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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 176 funds as of the date of this Semi-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
Marijn P. Smit (1973)	Board Member, President and Chief Executive Officer	Since 2014	Board Member, President and Chief Executive Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II, TAAVF and TIS (2014 – present); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – present); Vice President, Transamerica Life Insurance Company (2010 – present); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – present); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present);	176	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
Marijn P. Smit (continued)			Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present)
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).	176	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).	176	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);	176	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
Leo J. Hill (continued)			Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (1946)	Board Member	Since 2009	Board Member, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2009 – present); 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).	176	N/A
Russell A. Kimball, Jr. (1944)	Board Member	Since 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).	176	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);	176	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
Eugene M. Mannella (continued)			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); Board Member, Transamerica Funds, TST and TIS (2007 – present); Board Member, TII (2008 – 2010); and President, International Fund Services (alternative asset administration) (1993 – 2005).
Norman R. Nielsen, Ph.D. (1939)	Board Member	Since 2007	Retired (2005 – present); Board Member, Transamerica Funds, TST and TIS (2006 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Interim President, Mt. Mercy University (2013 – 2014); 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).	176	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).	176	Board of Governors, Reconstructionist Rabbinical College (2007 – 2012)

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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 (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; Vice President, American Express (1987 – 1989); Vice President, The Equitable (1986 – 1987); and Strategy Consultant, Booz, Allen & Hamilton (1982 – 1986).	176	Honorary Trustee, Bryant University (1996 – present)
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).	176	Operation PAR, Inc. (2008 – present); West Central Florida Council – Boy Scouts of America (2008 – 2013); Remember Honor Support, Inc. (non- profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – 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 the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Year of Birth	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (1973)	Board Member, President and Chief Executive Officer	Since 2014	See Table Above.
Tané T. Tyler (1965)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II, TAAVF and TIS (2014 – present); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005 – 2013)
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; 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).
Thomas R. Wald (1960)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II, TAAVF and TIS (2014 – present); Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present); Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).

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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
Elizabeth Strouse (1974)	Vice President and Principal Financial Officer	Since 2010	Vice President and Principal Financial Officer (2011 – present), Treasurer (2011 – 2014), 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.
Vincent J. Toner (1970)	Vice President, Fund Administration and Treasurer	Since 2014	Vice President, Fund Administration and Treasurer (2014 – present) Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF; Vice President, Fund Administration and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007 – 2010)
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); 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, Transamerica Premier 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).

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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
Scott M. Lenhart (1961)	Acting Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Acting Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TIS, TPP, TPFG, TPFG II and TAAVF (2014 – present); Acting Chief Compliance Officer, Anti-Money Laundering Officer and Chief Risk Officer, TAM (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Senior Compliance Officer, TAM (2008 – 2014); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999 – 2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989 – 1998).

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

If an officer has held offices for different portfolios 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.

Not applicable for semi-annual reports.

Item 3: Audit Committee Financial Experts.

Not applicable for semi-annual reports.

Item 4: Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5: Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6: Investments.

(a) The schedules of investments are included in the Semi-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)    Not applicable.

(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/ Marijn P. Smit
		Marijn P. Smit
		Chief Executive Officer (Principal Executive Officer)
Date:    September 3, 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/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	September 3, 2014
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
Date:	September 3, 2014

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
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