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

As filed with the Securities and Exchange Commission on September 1, 2016

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07717

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

(Exact Name of Registrant as Specified in Charter)

1801 California St., Suite 5200, Denver, Colorado 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (720) 482-8991

Tané T. Tyler, Esq., 1801 California St., Suite 5200, Denver, Colorado 80202

(Name and Address of Agent for Service)


Date of fiscal year end:		December 31

Date of reporting period:		January 1, 2016 – June 30, 2016

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, 2016

LOGO

Table of Contents


Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings			1
Transamerica Financial Life Insurance Company Letter			2
Contract Holder Letter			3
Understanding Your Subaccounts’ Expenses			4
Schedules of Investments Composition			5
Schedules of Investments
Transamerica Asset Allocation Variable – Short Horizon Subaccount			6
Transamerica Asset Allocation Variable – Intermediate Horizon Subaccount			7
Transamerica Asset Allocation Variable – Intermediate/Long Horizon Subaccount			8
Statements of Assets and Liabilities			9
Statements of Operations			9
Statements of Changes in Net Assets			10
Financial Highlights			11
Notes to Financial Statements			13
Board Approval of Investment Advisory and Sub-Advisory Agreements			17
Transamerica Partners Portfolios Semi-Annual Report			Appendix A
Calvert Variable Series, Inc. Semi-Annual Report			Appendix B


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

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, 2016, is available without charge, upon request by calling 1-800-851-9777 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolios

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

TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY

440 Mamaroneck Avenue

Harrison, New York 10528

June 30, 2016

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, LLC (formerly, Transamerica Retirement Solutions Corporation), at (800) 755-5801 if you have any questions regarding these reports.

Dear Contract Holder,

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

This semi-annual report is provided to you 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 provides a discussion of accounting policies as well as matters presented to contract holders that may have required their vote.

We believe it is important to understand market conditions during the period to provide a context for reading this report. In the first six months of 2016, markets could be described as volatile yet resilient. At the beginning of 2016, as investors were still digesting the first federal funds rate hike in more than nine years, global recession fears became pervasive as weakness in overseas economies like China and other commodity-centric economies created stress in the U.S. and other developed markets. Stock prices and interest rates across both developed and emerging markets declined in response. By February, the S&P 500^® had fallen by more than 10% from the year’s beginning, and oil prices had dipped to $26 per barrel, the lowest level since 2003.

As has so often been the case in the past few years, the rebound came almost as quickly as the decline, and on the heels of various positive economic data, investors were reassured that a recession was less likely in the year ahead. As a result, the equity and credit markets rebounded, allowing the S&P 500^® to surpass its highs for the year by late-March. Corporate earnings growth in the U.S. was negative on a year-over-year basis, but low interest rates and accommodative monetary policy were enough to keep investors in the market as steady gains continued into the spring.

The final surprise in the period came from overseas when British voters approved a referendum to leave the European Union (“Brexit”). The affirmative vote caught the markets off guard, leading to a broad sell off in domestic and foreign equities, credit and commodities. Following the initial shock of Brexit, markets were able to quickly regain their footing as investors were able to decipher more details about Britain’s separation from the Union, and most major U.S. equity indexes were able to close near their all-time highs.

For the six-month period ending June 30, 2016, the S&P 500^® returned 3.84% while the MSCI EAFE Index, representing international developed market equities, lost (4.04)%. During the same period, the Barclays U.S. Aggregate Bond Index returned 5.31%. 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 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,

Marijn Smit

President & Chief Executive Officer

Transamerica Partners Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Partners Funds

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

Understanding Your Subaccounts’ Expenses

(unaudited)

UNIT HOLDER EXPENSES

Transamerica Asset Allocation Variable Funds (each individually, a “Subaccount” and collectively, the “Subaccounts”) is a separate investment account established by Transamerica Financial Life Insurance Company, Inc. (“TFLIC”), and is used as an investment vehicle under certain tax-deferred annuity contracts issued by TFLIC. Each Subaccount invests in underlying subaccounts of Transamerica Partners Variable Funds (“TPVF”), a unit investment trust. Subaccount contract holders bear the cost of operating the Subaccount (such as the advisory fee).

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at January 1, 2016, and held for the entire period until June 30, 2016.

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	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	$	1,034.50	$	1.01	$	1,023.90	$	1.01		0.20	%
Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount		1,000.00		1,005.70		1.00		1,023.90		1.01		0.20
Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount		1,000.00		993.40		0.99		1,023.90		1.01		0.20

^(A)	5% return per year before expenses.

^(B)	Expenses are calculated using the Subaccounts’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days), and divided by the number of days in the year (366 days).

^(C)	Expense ratios (as disclosed in the table) do not include the expenses of the underlying funds in which the Subaccounts invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 4

Schedules of Investments Composition

At June 30, 2016

(unaudited)


Transamerica Asset Allocation Variable - Short Horizon Subaccount

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		89.8	%
U.S. Equity Funds		8.0
International Equity Fund		1.9
Money Market Fund		0.3
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%


Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount

Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		48.9	%
U.S. Equity Funds		39.9
International Equity Fund		11.0
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%


Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount

Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		53.8	%
U.S. Fixed Income Funds		29.7
International Equity Fund		16.3
Money Market Fund		0.2
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%

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


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 5

Transamerica Asset Allocation Variable - Short Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 1.9%
Transamerica Partners Variable International Equity ^{(A) (B)}		6,149		$ 120,420

Money Market Fund - 0.3%
Transamerica Partners Variable Government Money Market ^{(A) (B)}		780		16,463

U.S. Equity Funds - 8.0%
Transamerica Partners Variable Large Growth ^{(A) (B)}		2,218		195,023
Transamerica Partners Variable Large Value ^(A) (B)		2,438		181,500
Transamerica Partners Variable Small Core ^(A) (B)		2,377		125,735

				502,258


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 89.8%
Transamerica Partners Variable Core Bond ^(A) (B)		64,722		$ 3,026,558
Transamerica Partners Variable High Quality Bond ^{(A) (B)}		55,102		978,926
Transamerica Partners Variable High Yield Bond ^{(A) (B)}		21,246		652,890
Transamerica Partners Variable Inflation-Protected Securities ^{(A) (B)}		35,449		972,623

				5,630,997

Total Investment Companies (Cost $5,715,418)				6,270,138

Total Investments (Cost $5,715,418) ^(C)				6,270,138
Net Other Assets (Liabilities) - (0.0)% ^(D)				(1,025	)


Net Assets - 100.0%				$ 6,269,113

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	6,270,138	$	—	$	—	$	6,270,138

Total Investments	$	6,270,138	$	—	$	—	$	6,270,138

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Investment in shares of an affiliated fund of Transamerica Partners Variable Funds.

^(B)	Non-income producing securities.

^(C)	Aggregate cost for federal income tax purposes is $5,715,418. Aggregate gross unrealized appreciation and depreciation for all securities is $557,064 and $2,344, respectively. Net unrealized appreciation for tax purposes is $554,720.

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

^(E)

The Subaccount recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2016. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 6

Transamerica Asset Allocation Variable - Intermediate Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 11.0%
Transamerica Partners Variable International Equity ^{(A) (B)}		97,068		$ 1,901,026

Money Market Fund - 0.2%
Transamerica Partners Variable Government Money Market ^{(A) (B)}		1,743		36,771

U.S. Equity Funds - 39.9%
Transamerica Partners Variable Large Growth ^{(A) (B)}		30,189		2,654,922
Transamerica Partners Variable Large Value ^{(A) (B)}		34,835		2,593,458
Transamerica Partners Variable Small Core ^(A) (B)		31,653		1,674,374

				6,922,754


	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 48.9%
Transamerica Partners Variable Core Bond ^(A) (B)		87,850		$ 4,108,096
Transamerica Partners Variable High Quality Bond ^{(A) (B)}		76,730		1,363,162
Transamerica Partners Variable High Yield Bond ^{(A) (B)}		33,045		1,015,462
Transamerica Partners Variable Inflation-Protected Securities ^{(A) (B)}		72,271		1,982,903

				8,469,623

Total Investment Companies (Cost $13,425,842)				17,330,174

Total Investments (Cost $13,425,842) ^(C)				17,330,174
Net Other Assets (Liabilities) - (0.0)% ^(D)				(2,835	)


Net Assets - 100.0%				$ 17,327,339

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	17,330,174	$	—	$	—	$	17,330,174

Total Investments	$	17,330,174	$	—	$	—	$	17,330,174

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	Investment in shares of an affiliated fund of Transamerica Partners Variable Funds.

^(C)	Aggregate cost for federal income tax purposes is $13,425,842. Aggregate gross unrealized appreciation for all securities is $3,904,332.

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

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 7

Transamerica Asset Allocation Variable - Intermediate/Long Horizon Subaccount

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
INVESTMENT COMPANIES - 100.0%
International Equity Fund - 16.3%
Transamerica Partners Variable International Equity ^{(A) (B)}		235,146		$ 4,605,214

Money Market Fund - 0.2%
Transamerica Partners Variable Government Money Market ^{(A) (B)}		2,188		46,143

U.S. Equity Funds - 53.8%
Transamerica Partners Variable Large Growth ^{(A) (B)}		66,442		5,843,024
Transamerica Partners Variable Large Value ^{(A) (B)}		76,735		5,712,926
Transamerica Partners Variable Small Core ^{(A) (B)}		69,468		3,674,693

				15,230,643


��	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 29.7%
Transamerica Partners Variable Core Bond ^{(A) (B)}		91,800		$ 4,292,811
Transamerica Partners Variable High Quality Bond ^{(A) (B)}		30,338		538,970
Transamerica Partners Variable High Yield Bond ^{(A) (B)}		35,935		1,104,279
Transamerica Partners Variable Inflation-Protected Securities ^{(A) (B)}		90,167		2,473,916

				8,409,976

Total Investment Companies (Cost $20,796,098)				28,291,976

Total Investments (Cost $20,796,098) ^(C)				28,291,976
Net Other Assets (Liabilities) - (0.0)% ^(D)				(4,660	)


Net Assets - 100.0%				$ 28,287,316

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	28,291,976	$	—	$	—	$	28,291,976

Total Investments	$	28,291,976	$	—	$	—	$	28,291,976

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	Investment in shares of an affiliated fund of Transamerica Partners Variable Funds.

^(C)	Aggregate cost for federal income tax purposes is $20,796,098. Aggregate gross unrealized appreciation for all securities is $7,495,878.

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

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 8

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2016

(unaudited)


	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Assets:
Affiliated investments, at value^(A)	$	6,270,138		$	17,330,174		$	28,291,976
Receivables:
Units sold		2,605			9,750			19,874
Total assets		6,272,743			17,339,924			28,311,850

Liabilities:
Payables and other liabilities:
Units redeemed		10			2			11,781
Affiliated investments purchased		2,595			9,748			8,093
Investment advisory fees		1,025			2,835			4,660
Total liabilities		3,630			12,585			24,534
Net assets	$	6,269,113		$	17,327,339		$	28,287,316

Net assets consist of:
Costs of accumulation units	$	1,127,302		$	3,930,599		$	12,455,986
Undistributed (distributions in excess of) net investment income (loss)		(288,462	)		(805,384	)		(1,135,442	)
Accumulated net realized gain (loss)		4,875,553			10,297,792			9,470,894
Net unrealized appreciation (depreciation) on: Affiliated investments		554,720			3,904,332			7,495,878
Net assets	$	6,269,113		$	17,327,339		$	28,287,316
Accumulation units		291,167			745,149			1,180,070
Unit value	$	21.53		$	23.25		$	23.97

^(A) Affiliated investments, at cost	$	5,715,418		$	13,425,842		$	20,796,098

STATEMENTS OF OPERATIONS

For the period ended June 30, 2016

(unaudited)


	Short Horizon			Intermediate Horizon			Intermediate/ Long Horizon
Expenses:
Investment advisory fees	$	6,236		$	17,132		$	27,775
Net investment income (loss)		(6,236	)		(17,132	)		(27,775	)

Net realized gain (loss) on:
Affiliated investments		121,450			339,499			238,155
Net realized gain (loss)		121,450			339,499			238,155

Net change in unrealized appreciation (depreciation) on:
Affiliated investments		97,446			(252,612	)		(408,508	)
Net change in unrealized appreciation (depreciation)		97,446			(252,612	)		(408,508	)
Net realized and change in unrealized gain (loss)		218,896			86,887			(170,353	)
Net increase (decrease) in net assets resulting from operations	$	212,660		$	69,755		$	(198,128	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 9

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:


	Short Horizon						Intermediate Horizon						Intermediate/Long Horizon
	June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015
From operations:
Net investment income (loss)	$	(6,236	)	$	(13,835	)	$	(17,132	)	$	(38,556	)	$	(27,775	)	$	(60,601	)
Net realized gain (loss)		121,450			431,392			339,499			632,543			238,155			712,896
Net change in unrealized appreciation (depreciation)		97,446			(521,782	)		(252,612	)		(857,813	)		(408,508	)		(1,050,874	)
Net increase (decrease) in net assets resulting from operations		212,660			(104,225	)		69,755			(263,826	)		(198,128	)		(398,579	)

Unit transactions:
Units sold		270,898			1,263,812			591,836			1,676,110			979,192			2,174,999
Units redeemed		(599,735	)		(1,842,736	)		(1,529,846	)		(2,651,505	)		(1,486,709	)		(3,410,087	)
Net increase (decrease) in net assets resulting from unit transactions		(328,837	)		(578,924	)		(938,010	)		(975,395	)		(507,517	)		(1,235,088	)
Net increase (decrease) in net assets		(116,177	)		(683,149	)		(868,255	)		(1,239,221	)		(705,645	)		(1,633,667	)

Net assets:
Beginning of period/year		6,385,290			7,068,439			18,195,594			19,434,815			28,992,961			30,626,628
End of period/year	$	6,269,113		$	6,385,290		$	17,327,339		$	18,195,594		$	28,287,316		$	28,992,961
Undistributed (distributions in excess of) net investment income (loss)	$	(288,462	)	$	(282,226	)	$	(805,384	)	$	(788,252	)	$	(1,135,442	)	$	(1,107,667	)
Unit transactions - shares:
Units sold		12,863			59,609			25,990			70,464			41,598			87,644
Units redeemed		(28,492	)		(86,796	)		(67,828	)		(111,600	)		(63,051	)		(137,523	)
Net increase (decrease)		(15,629	)		(27,187	)		(41,838	)		(41,136	)		(21,453	)		(49,879	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 10

FINANCIAL HIGHLIGHTS


For a unit outstanding during the period and years indicated:	Short Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Unit value, beginning of period/year	$	20.81		$	21.16		$	20.52		$	20.37		$	18.99		$	18.24
Investment operations:
Net investment income (loss) ^(A)		(0.02	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.74			(0.31	)		0.68			0.19			1.42			0.79
Total investment operations		0.72			(0.35	)		0.64			0.15			1.38			0.75
Unit value, end of period/year	$	21.53		$	20.81		$	21.16		$	20.52		$	20.37		$	18.99
Total return ^(B)		3.45	%^(C)		(1.66	)%		3.13	%		0.73	%		7.30	%		4.07	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,269		$	6,385		$	7,068		$	6,832		$	8,227		$	8,884
Expenses to average net assets ^(D)		0.20	%^(E)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%^(E)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate ^(F)		13	%^(C)		51	%		36	%		63	%		51	%		46	%

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

^(B)	Total return reflects Subaccount expenses.

^(C)	Not annualized.

^(D)	Does not include expenses of the underlying funds in which the Subaccount invests.

^(E)	Annualized.

^(F)	Does not include portfolio activity of the underlying funds in which the Subaccount invests.


	Intermediate Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Unit value, beginning of period/year	$	23.12		$	23.47		$	22.73		$	20.10		$	18.17		$	18.13
Investment operations:
Net investment income (loss) ^(A)		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.15			(0.30	)		0.79			2.67			1.97			0.08
Total investment operations		0.13			(0.35	)		0.74			2.63			1.93			0.04
Unit value, end of period/year	$	23.25		$	23.12		$	23.47		$	22.73		$	20.10		$	18.17
Total return ^(B)		0.57	%^(C)		(1.48	)%		3.24	%		13.07	%		10.67	%		0.19	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	17,327		$	18,196		$	19,435		$	20,774		$	19,718		$	21,599
Expenses to average net assets ^(D)		0.20	%^(E)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%^(E)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate ^(F)		11	%^(C)		23	%		29	%		54	%		37	%		42	%

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

^(B)	Total return reflects Subaccount expenses.

^(C)	Not annualized.

^(D)	Does not include expenses of the underlying funds in which the Subaccount invests.

^(E)	Annualized.

^(F)	Does not include portfolio activity of the underlying funds in which the Subaccount invests.

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 11

FINANCIAL HIGHLIGHTS (continued)


For a unit outstanding during the period and years indicated:	Intermediate/Long Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Unit value, beginning of period/year	$	24.13		$	24.47		$	23.70		$	19.93		$	17.70		$	17.99
Investment operations:
Net investment income (loss) ^(A)		(0.02	)		(0.05	)		(0.05	)		(0.04	)		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		(0.14	)		(0.29	)		0.82			3.81			2.27			(0.25	)
Total investment operations		(0.16	)		(0.34	)		0.77			3.77			2.23			(0.29	)
Unit value, end of period/year	$	23.97		$	24.13		$	24.47		$	23.70		$	19.93		$	17.70
Total return ^(B)		(0.66	)%^(C)		(1.40	)%		3.28	%		18.93	%		12.60	%		(1.66	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	28,287		$	28,993		$	30,627		$	30,602		$	27,794		$	28,003
Expenses to average net assets ^(D)		0.20	%^(E)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income (loss) to average net assets		(0.20	)%^(E)		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%		(0.20	)%
Portfolio turnover rate ^(F)		9	%^(C)		16	%		17	%		32	%		30	%		34	%

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

^(B)	Total return reflects Subaccount expenses.

^(C)	Not annualized.

^(D)	Does not include expenses of the underlying funds in which the Subaccount invests.

^(E)	Annualized.

^(F)	Does not include portfolio activity of the underlying funds in which the Subaccount invests.

The Notes to Financial Statements are an integral part of this report.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 12

NOTES TO FINANCIAL STATEMENTS

At June 30, 2016

(unaudited)

1. ORGANIZATION

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 applies investment company accounting and reporting guidance. The Separate Account is composed of three different subaccounts (each, a “Subaccount” and collectively, the “Subaccounts”) that are separate investment funds and are listed below. 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 (each a “Portfolio” and collectively, the “Portfolios”).

Subaccount

Transamerica Asset Allocation Variable-Short Horizon Subaccount (“Short Horizon”)

Transamerica Asset Allocation Variable-Intermediate Horizon Subaccount (“Intermediate Horizon”)

Transamerica Asset Allocation Variable-Intermediate/Long Horizon Subaccount (“Intermediate/Long Horizon”)

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Subaccounts. TAM provides continuous and regular investment management services to 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 may, in the future, determine to provide the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolios and their investment strategies and the ongoing review and evaluation of those investment strategies 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 Portfolio combinations and liquidations where it believes appropriate or advisable; regular supervision of the Portfolios’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Portfolios; regular review of 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 process; 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 (the “Board”), 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 regulatory filings for the Portfolios; oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the Portfolios’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM’s investment management services include the provision of supervisory and administrative services to the Portfolios. TAM, not the Portfolios, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Subaccounts’ financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America, 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.

Security transactions: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Net realized gain (loss) is from investments in units of investment companies.

Operating expenses: The Separate Account accounts separately for the assets, liabilities, and operations of each Subaccount. Each Subaccount will indirectly bear the fees and expenses reflected in the corresponding TPVF unit value. These expenses are not reflected in the expenses in the Statements of Operations of the Subaccount and are not included in the ratios to Average Net Assets (“ANA”) shown in the Financial Highlights.

Indemnification: 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 their affiliates that have not yet occurred. However, based on experience, the Subaccounts expect the risk of loss to be remote.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 13

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

3. SECURITY VALUATION

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 official close of the New York Stock Exchange (“NYSE”) 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.

Level 2—Inputs, other than quoted prices included in Level 1, which 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 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. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Subaccounts’ investments, at June 30, 2016, is disclosed in the Security Valuation section of each Subaccount’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. 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, 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 Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

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.

Fair value measurements: 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


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 14

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

3. SECURITY VALUATION (continued)

assets carried at fair value is discussed in the Security Valuation section of the Portfolios’ Notes to Financial Statements, which are attached to this report. Descriptions of the valuation techniques applied to the Subaccounts’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the Net Asset Value (“NAV”) of the underlying subaccounts. These securities are actively traded and no valuation adjustments are applied. ETFs 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. Investment companies and ETFs 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.

4. AFFILIATES AND AFFILIATED TRANSACTIONS

TAM, the Subaccounts’ investment adviser, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

TAM is also investment adviser of TPVF. The unit values of TPVF will reflect the fees and other expenses paid by TPVF to TAM and its affiliates. TAM directly pays all other ordinary expenses, which include fees related to audit, custody, legal, printing, trustees, and registration.

All of the Portfolio holdings in investment companies are considered affiliated. Interest, dividends, realized and unrealized gains (losses) are broken out on the Statements of Operations.

Investment advisory fees: TAM provides general investment advice to each Subaccount pursuant to the investment advisory agreement. For its services, each Subaccount pays management fees accrued daily and payable monthly, at an annual rate equal to 0.20% of each Subaccount’s daily ANA.

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, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Separate Account. Similarly, none of the Separate Account’s officers or interested trustees receive compensation from the Subaccounts. The independent board members of TFLIC are also trustees of the Portfolios, for which they receive fees.

Brokerage commissions: The Subaccounts incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2016.

5. PURCHASES AND SALES OF SECURITIES

For the period ended June 30, 2016, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:


Subaccount	Purchases of Securities		Sales of Securities
Short Horizon	$	823,770	$	1,158,908
Intermediate Horizon		1,974,213		2,929,631
Intermediate/Long Horizon		2,629,760		3,165,358


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 15

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

6. FEDERAL INCOME TAXES

The operations of the Separate Account form a part of, and are taxed with, the operations of TFLIC, a wholly-owned subsidiary of Aegon USA. TFLIC does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains attributable to the Separate Account. Based upon this expectation, no charges are currently being deducted from the Separate Account for federal income tax purposes. 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 Colorado and foreign jurisdictions where the Subaccounts make significant investments; however, the Subaccounts are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 16

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 8-9, 2016, the Board considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Asset Allocation Variable Funds, on behalf 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”).

Following its review and consideration, the Board determined that the terms of each Investment Advisory Agreement were reasonable and that the renewal of each of the Investment Advisory Agreements was in the best interests of the applicable Fund and the contract holders. 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, 2017. Prior to reaching their decision, the Board Members requested and received from TAM certain information. They then reviewed 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. The Trustees considered 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, as well as fee, expense and profitability information prepared by TAM.

In their deliberations, the Independent Board Members met 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 to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and/or their own business judgment. 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.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, 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, 2015. 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 investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs.

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 comparable 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 in all material respects.

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


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 17

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

INVESTMENT ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

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 future 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 in light of any economies of scale experienced in the future.

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

The Board considered 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 the contract holders. 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 was in the best interests of the applicable Fund and the contract holders and voted to approve the renewal of each Investment Advisory Agreement.


Transamerica Asset Allocation Variable Funds		Semi-Annual Report 2016

Page 18

Appendix A

Transamerica Partners Portfolios

Schedules of Investments Composition

At June 30, 2016

(unaudited)


Transamerica Partners Government Money Market Portfolio (formerly, Transamerica Partners Money Market Portfolio)

Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Agency Obligations		49.2	%
Repurchase Agreements		41.9
U.S. Government Agency Obligations		8.9
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%


Transamerica Partners High Quality Bond Portfolio

Portfolio Characteristics	Years
Average Maturity§		1.66
Duration†		1.45

Transamerica Partners High Quality Bond Portfolio

Credit Quality‡	Percentage of Net Assets
U.S. Government and Agency Securities		15.1	%
AAA		26.7
AA		14.7
A		16.4
BBB		24.5
BB		1.4
B		2.0
NR (Not Rated)		2.5
Net Other Assets (Liabilities)		(3.3	)
Total		100.0	%


Transamerica Partners Inflation-Protected Securities Portfolio

Portfolio Characteristics	Years
Average Maturity§		9.85
Duration†		8.03

Transamerica Partners Inflation-Protected Securities Portfolio

Credit Quality‡	Percentage of Net Assets
U.S. Government and Agency Securities		92.6	%
AAA		1.5
AA		1.2
BBB		1.8
B		0.0	*
NR (Not Rated)		13.1
Net Other Assets (Liabilities)^		(10.2	)
Total		100.0	%


Transamerica Partners Core Bond Portfolio

Portfolio Characteristics	Years
Average Maturity§		7.63
Duration†		5.03

Transamerica Partners Core Bond Portfolio

Credit Quality‡	Percentage of Net Assets
U.S. Government and Agency Securities		53.6	%
AAA		10.2
AA		5.2
A		16.1
BBB		22.8
BB		2.4
B		0.9
CCC and Below		1.6
NR (Not Rated)		8.4
Net Other Assets (Liabilities)		(21.2	)
Total		100.0	%


Transamerica Partners High Yield Bond Portfolio

Portfolio Characteristics	Years
Average Maturity§		6.82
Duration†		3.92

Transamerica Partners High Yield Bond Portfolio

Credit Quality‡	Percentage of Net Assets
AAA		2.9	%
BBB		7.8
BB		36.4
B		39.2
CCC and Below		10.9
NR (Not Rated)		1.5
Net Other Assets (Liabilities)		1.3
Total		100.0	%


Transamerica Partners Balanced Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		58.2	%
Corporate Debt Securities		15.5
U.S. Government Obligations		9.5
U.S. Government Agency Obligations		6.9
Securities Lending Collateral		6.5
Mortgage-Backed Securities		5.1
Short-Term U.S. Government Agency Obligations		4.6
Asset-Backed Securities		2.5
Repurchase Agreement		1.5
Short-Term U.S. Government Obligations		0.9
Foreign Government Obligations		0.6
Municipal Government Obligations		0.2
Preferred Stocks		0.2
Net Other Assets (Liabilities)^		(12.2	)
Total		100.0	%


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 2

Schedules of Investments Composition (continued)

At June 30, 2016

(unaudited)


Transamerica Partners Large Value Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		98.7	%
Securities Lending Collateral		11.7
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(11.1	)
Total		100.0	%


Transamerica Partners Large Core Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Securities Lending Collateral		10.5
Repurchase Agreement		0.7
Net Other Assets (Liabilities)		(9.7	)
Total		100.0	%


Transamerica Partners Large Growth Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		6.5
Repurchase Agreement		1.2
Net Other Assets (Liabilities)		(6.0	)
Total		100.0	%


Transamerica Partners Mid Value Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		96.1	%
Securities Lending Collateral		12.0
Repurchase Agreement		3.6
Net Other Assets (Liabilities)		(11.7	)
Total		100.0	%


Transamerica Partners Mid Growth Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		98.8	%
Securities Lending Collateral		6.8
Net Other Assets (Liabilities)		(5.6	)
Total		100.0	%


Transamerica Partners Small Value Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		96.8	%
Securities Lending Collateral		24.1
Master Limited Partnership		1.1
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(22.6	)
Total		100.0	%


Transamerica Partners Small Core Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Securities Lending Collateral		17.6
Repurchase Agreement		1.2
Master Limited Partnership		0.3
Net Other Assets (Liabilities)		(17.6	)
Total		100.0	%


Transamerica Partners Small Growth Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		97.5	%
Securities Lending Collateral		28.7
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(27.8	)
Total		100.0	%


Transamerica Partners International Equity Portfolio

Asset Allocation	Percentage of Net Assets
Common Stocks		95.8	%
Securities Lending Collateral		4.1
Preferred Stocks		2.9
Repurchase Agreement		0.8
Right		0.1
Net Other Assets (Liabilities)		(3.7	)
Total		100.0	%

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

§	Average Maturity is computed by weighting the maturity of each security in the Portfolio by the market value of the security, then averaging these weighted figures.

†	Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡

Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Portfolio itself has not been rated by an independent agency.

^	The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 3

Transamerica Partners Government Money Market Portfolio

(formerly, Transamerica Partners Money Market Portfolio)

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.9%
Federal Farm Credit Banks
0.48%^(A), 03/29/2017 - 04/20/2017		$ 10,475,000		$ 10,471,320
0.49%^(A), 02/13/2017		2,410,000		2,409,561
0.50%^(A), 04/17/2017 - 06/22/2017		18,050,000		18,047,901
0.57%^(A), 11/13/2017		12,100,000		12,100,859
0.58%^(A), 08/01/2017		2,740,000		2,740,308
Federal Home Loan Banks
0.61%^(A), 10/04/2017		24,000,000		24,004,863
0.64%^(A), 08/25/2017		9,600,000		9,604,842

Total U.S. Government Agency Obligations (Cost $79,379,654)				79,379,654


SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 49.2%
Federal Agricultural Mortgage Corp. 0.49%^(A), 05/09/2017		12,200,000		12,198,943
Federal Agricultural Mortgage Corp. Discount Notes
0.40%^(B), 10/11/2016		24,750,000		24,722,651
0.43%^(B), 09/08/2016		2,885,000		2,882,678
Federal Farm Credit Banks 0.47%^(A), 02/15/2017		24,100,000		24,098,467
Federal Farm Credit Discount Notes
0.49%^(B), 11/01/2016		24,500,000		24,459,820
0.50%^(B), 11/14/2016		12,100,000		12,077,602
Federal Home Loan Bank Discount Notes
0.30%^(B), 07/29/2016		11,228,000		11,225,468
0.31%^(B), 07/29/2016		15,583,000		15,579,364
0.33%^(B), 08/10/2016 - 08/19/2016		70,450,000		70,421,111
0.35%^(B), 07/06/2016 - 07/11/2016		67,900,000		67,895,645
0.40%^(B), 09/09/2016		24,000,000		23,981,613
0.46%^(B), 09/02/2016		22,500,000		22,482,084
0.55%^(B), 11/10/2016		24,000,000		23,952,480

Federal Home Loan Banks
0.39%^(A), 07/22/2016		19,300,000		19,300,135
0.41%^(A), 09/02/2016		29,400,000		29,400,000
0.47%^(A), 01/06/2017 - 06/01/2017		27,100,000		27,098,302
0.51%^(A), 04/19/2017		19,300,000		19,300,000
0.55%^(A), 10/12/2016		9,600,000		9,602,284
Total Short-Term U.S. Government Agency Obligations (Cost $440,678,647)				440,678,647


REPURCHASE AGREEMENTS - 41.9%
Barclays Capital, Inc. 0.38%^(B), dated 06/10/2016, to be repurchased at $34,028,475 on 08/09/2016. Collateralized by Foreign Government Obligations and U.S. Government Agency Obligations, Zero Coupon - 6.60%, due 10/15/2016 - 08/25/2042, and with a total value of $34,680,253.^(C)		34,000,000		34,000,000


	Principal		Value
REPURCHASE AGREEMENTS (continued)
Barclays Capital, Inc. 0.40%^(B), dated 06/30/2016, to be repurchased at $71,100,790 on 07/01/2016. Collateralized by U.S. Government Agency Obligations, 4.31% - 6.60%, due 08/25/2023 - 04/20/2046, and with a total value of $72,522,000.		$ 71,100,000		$ 71,100,000
Goldman Sachs & Co. 0.42%^(B), dated 06/30/2016, to be repurchased at $35,200,411 on 07/01/2016. Collateralized by U.S. Government Agency Obligations, 2.16% - 5.50%, due 10/01/2022 - 06/01/2046, and with a total value of $35,904,000.		35,200,000		35,200,000
ING Financial Markets LLC 0.29%^(B), dated 06/30/2016, to be repurchased at $80,600,649 on 07/01/2016. Collateralized by U.S. Government Agency Obligations, 1.75% - 3.00%, due 02/20/2040 - 07/20/2045, and with a total value of $82,212,626.		80,600,000		80,600,000
Jefferies LLC 0.65%^(B), dated 06/30/2016, to be repurchased at $46,900,847 on 07/01/2016. Collateralized by U.S. Government Agency Obligations, 2.95% - 4.00%, due 11/01/2024 - 06/01/2046, and with a total value of $47,838,001.		46,900,000		46,900,000
Nomura Securities International, Inc. 0.42%^(B), dated 06/30/2016, to be repurchased at $106,701,245 on 07/01/2016. Collateralized by U.S. Government Agency Obligations, 1.33% - 7.50%, due 03/01/2018 - 05/20/2066, and with a total value of $108,834,000.		106,700,000		106,700,000
State Street Bank & Trust Co. 0.03%^(B), dated 06/30/2016, to be repurchased at $385,031 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.75%, due 02/28/2022, and with a value of $394,725.		385,031		385,031

Total Repurchase Agreements (Cost $374,885,031)				374,885,031

Total Investments (Cost $894,943,332) ^(D)				894,943,332
Net Other Assets (Liabilities) - (0.0)%^(E)				(116,907	)


Net Assets - 100.0%				$ 894,826,425

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 4

Transamerica Partners Government Money Market Portfolio

(formerly, Transamerica Partners Money Market Portfolio)

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(F)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	79,379,654	$	—	$	79,379,654
Short-Term U.S. Government Agency Obligations		—		440,678,647		—		440,678,647
Repurchase Agreements		—		374,885,031		—		374,885,031

Total Investments	$	—	$	894,943,332	$	—	$	894,943,332

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Floating or variable rate securities. The rates disclosed are as of June 30, 2016.

^(B)	Rates disclosed reflect the yields at June 30, 2016.

^(C)	Illiquid security. At June 30, 2016, value of the illiquid security is $34,000,000, representing 3.8% of the Portfolio’s net assets.

^(D)	Aggregate cost for federal income tax purposes is $894,943,332.

^(E)	Percentage rounds to less than 0.1% or (0.1)%.

^(F)

The Portfolio recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended June 30, 2016. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 5

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Principal		Value
ASSET-BACKED SECURITIES - 32.7%
American Express Credit Account Master Trust
Series 2014-2, Class A,
1.26%, 01/15/2020		$ 2,000,000		$ 2,008,125
Series 2014-3, Class A,
1.49%, 04/15/2020		1,000,000		1,007,693
Series 2014-4, Class A,
1.43%, 06/15/2020		1,500,000		1,510,034
AmeriCredit Automobile Receivables Trust
Series 2012-4, Class D,
2.68%, 10/09/2018		1,500,000		1,506,442
Series 2013-2, Class C,
1.79%, 03/08/2019		2,000,000		2,001,537
Series 2013-3, Class C,
2.38%, 06/10/2019		1,000,000		1,006,085
Series 2015-4, Class C,
2.88%, 07/08/2021		750,000		766,351
Series 2016-1, Class C,
2.89%, 01/10/2022		950,000		970,494
Avis Budget Rental Car Funding AESOP LLC
Series 2012-3A, Class B,
3.04%, 03/20/2019^(A)		850,000		857,361
Series 2014-1A, Class A,
2.46%, 07/20/2020^(A)		1,250,000		1,267,656
Capital Auto Receivables Asset Trust
Series 2013-1, Class C,
1.74%, 10/22/2018		3,620,000		3,625,501
Series 2015-4, Class C,
2.89%, 02/22/2021		1,630,000		1,633,795
Series 2016-1, Class B,
2.67%, 12/21/2020		1,000,000		1,008,271
Capital One Multi-Asset Execution Trust
Series 2007-A7, Class A7,
5.75%, 07/15/2020		1,000,000		1,058,392
Series 2014-A5, Class A5,
1.48%, 07/15/2020		3,150,000		3,170,524
Series 2015-A1, Class A1,
1.39%, 01/15/2021		3,800,000		3,826,083
Series 2015-A8, Class A8,
2.05%, 08/15/2023		3,300,000		3,383,979
CarMax Auto Owner Trust
Series 2013-1, Class D,
1.99%, 08/15/2019		1,150,000		1,149,391
Series 2013-2, Class C,
1.61%, 03/15/2019		2,150,000		2,152,425
Series 2015-2, Class C,
2.39%, 03/15/2021		900,000		907,797
Series 2016-1, Class A3,
1.61%, 11/16/2020		2,000,000		2,018,165
Chase Issuance Trust Series 2014-A7, Class A7, 1.38%, 11/15/2019		2,000,000		2,010,376
CIT Equipment Collateral Series 2014-VT1, Class C, 2.65%, 10/20/2022^(A)		2,000,000		2,022,062


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Citibank Credit Card Issuance Trust
Series 2014-A2, Class A2,
1.02%, 02/22/2019		$ 3,900,000		$ 3,904,062
Series 2014-A4, Class A4,
1.23%, 04/24/2019		3,900,000		3,911,461
CLI Funding V LLC
Series 2013-1A,
2.83%, 03/18/2028 ^(A)		742,500		712,414
Series 2013-3A, Class A,
3.67%, 11/18/2028 ^(A)		486,207		471,125
CNH Equipment Trust
Series 2012-C, Class B,
1.30%, 03/16/2020		640,000		640,285
Series 2013-D, Class B,
1.75%, 04/15/2021		1,100,000		1,103,051
Series 2014-A, Class A3,
0.84%, 05/15/2019		577,099		576,779
Series 2014-B, Class B,
1.93%, 11/15/2021		1,050,000		1,057,569
Series 2014-C, Class A3,
1.05%, 11/15/2019		1,950,025		1,949,591
Series 2015-A, Class B,
2.14%, 08/15/2022		2,000,000		2,019,433
Series 2015-B, Class A3,
1.37%, 07/15/2020		1,000,000		1,003,237
Series 2015-B, Class B,
2.23%, 10/17/2022		1,825,000		1,846,714
CNH Wholesale Master Note Trust Series 2013-2A, Class A, 1.04%^(B), 08/15/2019^(A)		750,000		750,000
Diamond Resorts Owner Trust
Series 2013-2, Class A,
2.27%, 05/20/2026^(A)		1,147,044		1,144,253
Series 2014-1, Class A,
2.54%, 05/20/2027^(A)		1,378,851		1,382,436
Series 2015-2, Class A,
2.99%, 05/22/2028^(A)		1,041,550		1,059,126
Discover Card Execution Note Trust
Series 2014-A5, Class A,
1.39%, 04/15/2020^(C)		2,000,000		2,012,452
Series 2015-A4, Class A1,
2.19%, 04/17/2023		3,000,000		3,093,638
Entergy Texas Restoration Funding LLC Series 2009-A, Class A2, 3.65%, 08/01/2019		1,376,306		1,408,527
Ford Credit Auto Lease Trust Series 2014-A, Class B, 1.16%, 08/15/2017		2,800,000		2,799,277
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class D,
3.50%, 01/15/2019		2,300,000		2,321,382
Series 2013-5, Class B,
1.88%, 09/15/2018		2,665,000		2,668,410
Series 2015-1, Class B,
1.62%, 01/15/2020		1,050,000		1,047,562
Global SC Finance II SRL Series 2013-1A, Class A, 2.98%, 04/17/2028^(A)		1,144,583		1,091,379

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 6

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Hyundai Auto Receivables Trust Series 2012-C, Class C, 1.42%, 02/15/2019		$ 1,010,000		$ 1,010,615
Invitation Homes Trust Series 2013-SFR1, Class B, 1.80%^(B), 12/17/2030^(A)		1,080,000		1,066,895
MVW Owner Trust Series 2015-1A, Class A, 2.52%, 12/20/2032^(A)		2,095,487		2,094,165
Nissan Master Owner Trust Receivables Series 2015-A, Class A2, 1.44%, 01/15/2020		2,090,000		2,097,258
Sierra Timeshare Receivables Funding LLC
Series 2012-1A, Class B,
3.58%, 11/20/2028^(A)		761,802		764,527
Series 2015-1A, Class A,
2.40%, 03/22/2032^(A)		783,938		785,710
SMART ABS Trust
Series 2012-4US, Class A4A,
1.25%, 08/14/2018		900,532		899,162
Series 2013-2US, Class A4A,
1.18%, 02/14/2019		950,681		947,924
Synchrony Credit Card Master Note Trust Series 2012-2, Class A, 2.22%, 01/15/2022		2,062,000		2,101,087
Tricon American Homes Trust Series 2015-SFR1, Class B, 2.09%^(B), 05/17/2032^(A)		730,000		715,581
Volkswagen Auto Loan Enhanced Trust Series 2013-1, Class A4, 0.78%, 07/22/2019		3,850,000		3,842,934
World Financial Network Credit Card Master Trust
Series 2012-C, Class M,
3.32%, 08/15/2022		500,000		514,069
Series 2012-D, Class B,
3.34%, 04/17/2023		1,440,000		1,456,430
Series 2013-A, Class A,
1.61%, 12/15/2021		5,000,000		5,023,749
World Omni Auto Receivables Trust Series 2015-A, Class A4, 1.75%, 04/15/2021		2,450,000		2,476,211
World Omni Automobile Lease Securitization Trust Series 2015-A, Class B, 1.94%, 12/15/2020		2,030,000		2,034,570

Total Asset-Backed Securities (Cost $108,506,683)				108,673,589


CORPORATE DEBT SECURITIES - 29.8%
Automobiles - 0.9%
General Motors Financial Co., Inc. 3.00%, 09/25/2017		2,971,000		3,014,044

Banks - 6.7%
Bank of America Corp. 6.88%, 04/25/2018, MTN		3,941,000		4,302,575
Citigroup, Inc. 1.70%, 04/27/2018		3,425,000		3,430,490


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
KeyBank NA 1.70%, 06/01/2018		$ 1,330,000		$ 1,336,331
Lloyds Bank PLC 2.00%, 08/17/2018		2,000,000		1,997,758
PNC Bank NA 1.13%, 01/27/2017^(C)		3,750,000		3,753,210
Toronto-Dominion Bank 1.75%, 07/23/2018, MTN		3,820,000		3,859,113
Wells Fargo & Co. 2.55%, 12/07/2020, MTN		3,425,000		3,524,804

				22,204,281

Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc. 2.65%, 02/01/2021		2,000,000		2,074,030

Capital Markets - 2.8%
Deutsche Bank AG 1.35%, 05/30/2017		2,240,000		2,227,512
Goldman Sachs Group, Inc. 2.00%^(B), 04/23/2021		3,005,000		3,010,676
Morgan Stanley 2.65%, 01/27/2020		4,000,000		4,065,956

				9,304,144

Chemicals - 0.8%
Airgas, Inc. 1.65%, 02/15/2018		2,575,000		2,584,363

Consumer Finance - 3.0%
Capital One Financial Corp. 3.15%, 07/15/2016		2,700,000		2,701,539
Ford Motor Credit Co. LLC 1.49%^(B), 03/12/2019		1,115,000		1,110,328
PACCAR Financial Corp. 1.75%, 08/14/2018, MTN		760,000		771,649
Toyota Motor Credit Corp. 1.70%, 02/19/2019, MTN		2,025,000		2,050,884
Visa, Inc. 2.20%, 12/14/2020		3,075,000		3,170,574

				9,804,974

Diversified Financial Services - 1.2%
American Honda Finance Corp. 1.20%, 07/14/2017, MTN		1,250,000		1,251,801
Bear Stearns Cos. LLC 7.25%, 02/01/2018		2,500,000		2,725,238

				3,977,039

Diversified Telecommunication Services - 1.3%
Nippon Telegraph & Telephone Corp. 1.40%, 07/18/2017		1,300,000		1,303,076
Verizon Communications, Inc.
1.43%^(B), 06/17/2019		1,300,000		1,306,578
2.41%^(B), 09/14/2018		1,670,000		1,711,666

				4,321,320

Energy Equipment & Services - 1.0%
Schlumberger Norge AS 1.25%, 08/01/2017^(A)		3,450,000		3,448,265

Food & Staples Retailing - 1.1%
CVS Health Corp. 2.80%, 07/20/2020		3,500,000		3,644,445

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 7

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 1.2%
Berkshire Hathaway Finance Corp. 0.93% ^(B), 01/12/2018		$ 1,820,000		$ 1,820,617
Metropolitan Life Global Funding I 1.50%, 01/10/2018^{(A) (C)}		2,200,000		2,212,681

				4,033,298

Media - 0.9%
Comcast Cable Communications LLC 8.88%, 05/01/2017		2,880,000		3,067,401

Metals & Mining - 0.9%
Vale Overseas, Ltd. 6.25%, 01/23/2017		2,750,000		2,812,975

Oil, Gas & Consumable Fuels - 3.7%
Chevron Corp. 1.72%, 06/24/2018		1,500,000		1,517,523
Devon Energy Corp. 2.25%, 12/15/2018		2,000,000		1,985,896
Husky Energy, Inc. 6.20%, 09/15/2017		2,420,000		2,508,909
Kinder Morgan, Inc. 7.00%, 06/15/2017		1,545,000		1,609,006
Petroleos Mexicanos 2.65% ^(B), 07/18/2018 ^(C)		3,250,000		3,242,460
Total Capital International SA 1.55%, 06/28/2017		1,500,000		1,507,797

				12,371,591

Pharmaceuticals - 0.4%
Bayer US Finance LLC 1.50%, 10/06/2017 ^(A)		1,430,000		1,431,333

Real Estate Investment Trusts - 2.3%
HCP, Inc. 6.70%, 01/30/2018, MTN		4,100,000		4,403,527
Simon Property Group, LP 1.50%, 02/01/2018 ^(A)		2,350,000		2,360,051
Ventas Realty, LP 1.25%, 04/17/2017		1,000,000		1,000,276

				7,763,854

Semiconductors & Semiconductor Equipment - 0.3%
Altera Corp. 2.50%, 11/15/2018		1,050,000		1,086,055

Technology Hardware, Storage & Peripherals - 0.7%
Hewlett Packard Enterprise Co. 2.45%, 10/05/2017 ^(A)		2,105,000		2,132,281

Total Corporate Debt Securities (Cost $98,023,008)				99,075,693


MORTGAGE-BACKED SECURITIES - 21.8%
Banc of America Commercial Mortgage Trust
Series 2006-4, Class AJ,
5.70% ^(B), 07/10/2046		1,770,000		1,726,529
Series 2008-1, Class A4,
6.44% ^(B), 02/10/2051		3,914,051		4,119,371
Series 2008-1, Class AJ,
6.48% ^(B), 02/10/2051		1,850,000		1,852,282


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW15, Class AM, 5.36%, 02/11/2044		$ 5,000,000		$ 4,699,923
CD Commercial Mortgage Trust Series 2007-CD4, Class A4, 5.32%, 12/11/2049		4,267,556		4,312,415
COMM Mortgage Trust
Series 2007-C9, Class AMFL,
1.09% ^(B), 12/10/2049 ^(A)		4,000,000		3,918,617
Series 2012-9W57, Class A,
2.36%, 02/10/2029 ^(A)		4,050,000		4,071,194
Series 2013-CR12, Class A1,
1.30%, 10/10/2046		3,542,971		3,551,368
DBUBS Mortgage Trust
Series 2011-LC1A, Class A1,
3.74%, 11/10/2046 ^(A)		73,963		74,426
Series 2011-LC3A, Class A2,
3.64%, 08/10/2044		445,102		444,958
JPMBB Commercial Mortgage Securities Trust Series 2013-C17, Class A1, 1.25%, 01/15/2047		2,179,293		2,181,341
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2002-C2, Class E,
5.99% ^(B), 12/12/2034		125,248		126,671
Series 2005-LDP2, Class D,
4.94% ^(B), 07/15/2042		5,000,000		4,994,460
Series 2005-LDP2, Class E,
4.98% ^(B), 07/15/2042		3,680,000		3,665,246
Series 2005-LDP5, Class F,
5.72% ^(B), 12/15/2044		2,900,000		2,877,719
Series 2006-LDP8, Class AJ,
5.48% ^(B), 05/15/2045		2,930,000		2,934,232
Series 2007-LDPX, Class AM,
5.46% ^(B), 01/15/2049		5,940,000		5,843,764
Series 2011-C3, Class E,
5.80% ^(B), 02/15/2046 ^(A)		1,900,000		1,953,448
Series 2012-C8, Class A2,
1.80%, 10/15/2045		3,632,694		3,654,508
LB-UBS Commercial Mortgage Trust Series 2004-C1, Class E, 4.98% ^(B), 01/15/2036 ^(D)		1,490,000		581,100
Morgan Stanley Capital I Trust
Series 2005-HQ7, Class E,
5.30% ^(B), 11/14/2042		4,000,000		3,991,825
Series 2006-T21, Class C,
5.33% ^(B), 10/12/2052 ^(A)		1,390,000		1,393,561
SCG Trust Series 2013-SRP1, Class AJ, 2.39% ^(B), 11/15/2026 ^(A)		2,230,000		2,223,695
Sequoia Mortgage Trust Series 2012-2, Class A2, 3.50% ^(B), 04/25/2042		58,589		58,556
Wachovia Bank Commercial Mortgage Trust
Series 2006-C25, Class C,
6.03% ^(B), 05/15/2043		4,000,000		3,992,898

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 8

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wachovia Bank Commercial Mortgage Trust (continued)
Series 2007-C30, Class A3,
5.25%, 12/15/2043		$ 744,716		$ 749,544
Series 2007-C30, Class APB,
5.29%, 12/15/2043		210,010		210,315
Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class A1, 1.64%, 09/15/2058		1,330,906		1,339,758
WFRBS Commercial Mortgage Trust Series 2013-C18, Class A1, 1.19%, 12/15/2046		1,152,042		1,152,098

Total Mortgage-Backed Securities (Cost $74,062,480)				72,695,822


U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.3%
Federal Home Loan Mortgage Corp.
2.60% ^(B), 06/01/2033		1,091,967		1,143,951
4.50%, 09/01/2026		1,822,123		1,920,229
Federal National Mortgage Association 5.49%, 04/01/2017		1,813,512		1,864,863
FREMF Mortgage Trust Series 2013-K502, Class B, 2.74% ^(B), 03/25/2045 ^(A)		1,820,000		1,824,895
Government National Mortgage Association
4.52%, 12/20/2061		2,333,063		2,467,747
4.67%, 11/20/2061 - 09/20/2063		3,904,893		4,110,801
4.75%, 02/20/2061		369,809		383,568
4.80%, 02/20/2063		3,012,674		3,184,672
4.82%, 02/20/2061		352,252		367,757
4.86%, 05/20/2061		683,105		714,615
4.89%, 06/20/2063		2,397,510		2,543,286
4.95%, 05/20/2062		2,581,065		2,715,624
5.27%, 11/20/2060		2,041,801		2,177,376
5.32%, 04/20/2061		1,292,125		1,368,669
5.47%, 01/20/2060		5,320,134		5,600,247


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association (continued)
5.65%, 06/20/2059		$ 1,585,178		$ 1,628,627
5.75%, 12/15/2022		331,566		362,024

Total U.S. Government Agency Obligations (Cost $36,088,954)				34,378,951


U.S. GOVERNMENT OBLIGATIONS - 4.8%
U.S. Treasury Note
0.88%, 03/31/2018		6,000,000		6,029,298
0.88%, 07/31/2019 ^(C)		7,800,000		7,831,996
1.50%, 05/31/2020		2,000,000		2,046,562

Total U.S. Government Obligations (Cost $15,821,532)				15,907,856


	Shares		Value
SECURITIES LENDING COLLATERAL - 2.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(E)		8,377,052		8,377,052

Total Securities Lending Collateral (Cost $8,377,052)				8,377,052


	Principal		Value

REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.03% ^(E), dated 06/30/2016, to be repurchased at $4,492,356 on 07/01/2016. Collateralized by a U.S. Government Obligation, 3.38%, due 11/15/2019, and with a value of $4,584,766.		$ 4,492,352		4,492,352

Total Repurchase Agreement (Cost $4,492,352)				4,492,352

Total Investments (Cost $345,372,061) ^(F)				343,601,315
Net Other Assets (Liabilities) - (3.3)%				(10,851,103	)


Net Assets - 100.0%				$ 332,750,212

SECURITY VALUATION:

Valuation Inputs ^(G)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	108,673,589	$	—	$	108,673,589
Corporate Debt Securities		—		99,075,693		—		99,075,693
Mortgage-Backed Securities		—		72,695,822		—		72,695,822
U.S. Government Agency Obligations		—		34,378,951		—		34,378,951
U.S. Government Obligations		—		15,907,856		—		15,907,856
Securities Lending Collateral		8,377,052		—		—		8,377,052
Repurchase Agreement		—		4,492,352		—		4,492,352

Total Investments	$	8,377,052	$	335,224,263	$	—	$	343,601,315

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 9

Transamerica Partners High Quality Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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, 2016, the total value of 144A securities is $43,229,137, representing 13.0% of the Portfolio’s net assets.

^(B)	Floating or variable rate securities. The rates disclosed are as of June 30, 2016.

^(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $8,201,181. 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.

^(D)	Illiquid security. At June 30, 2016, value of the illiquid security is $581,100, representing 0.2% of the Portfolio’s net assets.

^(E)	Rates disclosed reflect the yields at June 30, 2016.

^(F)	Aggregate cost for federal income tax purposes is $345,372,061. Aggregate gross unrealized appreciation and depreciation for all securities is $1,950,915 and $3,721,661, respectively. Net unrealized depreciation for tax purposes is $1,770,746.

^(G)

PORTFOLIO ABBREVIATION:


MTN		Medium Term Note

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 10

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 4.5%
Germany - 1.5%
Deutsche Bundesrepublik Inflation-Linked Bond 0.10%, 04/15/2023^(A)		EUR 3,284,760		$ 3,923,927


Greece - 0.0%^(B)
Hellenic Republic Government Bond 0.00%^(C), 10/15/2042		366,000		1,137


Italy - 1.8%
Italy Buoni Poliennali del Tesoro
1.25%, 09/15/2032^(A)		440,149		513,503
2.10%, 09/15/2016		10,696		11,949
2.35%, 09/15/2024^(A)		2,600,645		3,314,935
2.55%, 09/15/2041^(A)		417,944		598,171
2.60%, 09/15/2023^(A)		250,958		325,707

				4,764,265

New Zealand - 1.2%
New Zealand Government Bond
2.50%, 09/20/2035^(A)		NZD 800,000		646,293
3.00%, 09/20/2030^(A)		3,098,000		2,651,372

				3,297,665

Total Foreign Government Obligations (Cost $12,147,310)				11,986,994


U.S. GOVERNMENT OBLIGATIONS - 92.6%
U.S. Treasury Inflation Indexed Bond
0.63%, 02/15/2043		$ 3,293,183		3,205,320
0.75%, 02/15/2042^(D)		9,497,508		9,516,180
1.00%, 02/15/2046		1,843,467		1,990,175
1.38%, 02/15/2044		4,968,018		5,743,044
1.75%, 01/15/2028		8,923,949		10,432,774
2.00%, 01/15/2026^(D)		6,104,794		7,181,796
2.13%, 02/15/2040 - 02/15/2041		12,248,217		16,097,059
2.38%, 01/15/2025 - 01/15/2027		14,160,376		17,120,530
2.50%, 01/15/2029		7,220,146		9,148,148
3.38%, 04/15/2032		877,918		1,285,692
3.63%, 04/15/2028		6,522,655		9,024,367
3.88%, 04/15/2029^(E)		7,923,510		11,412,326
U.S. Treasury Inflation Indexed Note
0.13%, 04/15/2019 - 07/15/2024		74,452,720		75,814,390
0.25%, 01/15/2025^(D)		4,444,000		4,511,700
0.38%, 07/15/2023		10,690,680		11,053,575
0.63%, 07/15/2021 - 01/15/2026^(D)		11,840,056		12,463,526
0.63%, 01/15/2024		12,692,719		13,288,185
1.13%, 01/15/2021^(D)		9,929,706		10,620,387
1.25%, 07/15/2020		5,857,606		6,294,332
1.38%, 07/15/2018		2,329,656		2,443,318
1.38%, 01/15/2020^(D)		7,326,207		7,822,154

Total U.S. Government Obligations (Cost $238,855,240)				246,468,978


	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED - 0.0% ^(B)
Call - 10-Year U.S. Treasury Note Futures Exercise Price $134 Expiration Date 08/26/2016		129		110,859


	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED (continued)
Put - Eurodollar, Mid-Curve 1-Year Exercise Price $98 Expiration Date 09/16/2016		282		$ 1,763
Put - Eurodollar, Mid-Curve 1-Year Exercise Price $99 Expiration Date 09/16/2016		282		5,287

Total Exchange-Traded Options Purchased (Cost $219,739)				117,909


OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.2% ^(F)
Call - AUD vs. USD Exercise Price AUD 1 Expiration Date 07/20/2016, JPM		3,645,000		23,226
Call - EUR vs. USD Exercise Price EUR 1 Expiration Date 07/29/2016, DUB		2,380,000		6,944
Call - GBP vs. JPY Exercise Price GBP 166 Expiration Date 07/14/2016, BCLY		1,845,000		3
Call - USD vs. CAD Exercise Price $1 Expiration Date 11/03/2016, BCLY		5,310,000		92,367
Call - USD vs. CAD Exercise Price $1 Expiration Date 11/03/2016, BCLY		5,310,000		15,888
Call - USD vs. JPY Exercise Price $110 Expiration Date 08/05/2016, HSBC		5,330,000		5,010
Call - USD vs. MXN Exercise Price $18 Expiration Date 11/03/2016, BCLY		5,310,000		228,521
Call - USD vs. MXN Exercise Price $20 Expiration Date 11/03/2016, BCLY		5,310,000		73,713
Put - AUD vs. USD Exercise Price AUD 1 Expiration Date 07/20/2016, JPM		3,645,000		1,528
Put - CHF vs. NOK Exercise Price CHF 8 Expiration Date 08/02/2016, DUB		5,595,000		86
Put - EUR vs. JPY Exercise Price EUR 113 Expiration Date 09/22/2016, DUB		2,390,000		60,372
Put - EUR vs. USD Exercise Price EUR 1 Expiration Date 11/03/2016, BNP		4,675,000		18,822
Put - EUR vs. USD Exercise Price EUR 1 Expiration Date 11/03/2016, BNP		4,675,000		71,232
Put - EUR vs. USD Exercise Price EUR 1 Expiration Date 07/29/2016, DUB		2,380,000		13,917
Put - EUR vs. USD Exercise Price EUR 1 Expiration Date 07/08/2016, BNP		4,895,000		20,371

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 11

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Number of Contracts		Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED (continued)
Put - GBP vs. USD Exercise Price GBP 1 Expiration Date 08/29/2016, DUB		1,995,000		$ 5,261
Put - GBP vs. USD Exercise Price GBP 1 Expiration Date 08/29/2016, DUB		1,995,000		40,162
Put - USD vs. JPY Exercise Price $97 Expiration Date 08/05/2016, HSBC		2,665,000		9,493

Total Over-the-Counter Foreign Exchange Options Purchased (Cost $791,836)				686,916


	Notional Amount		Value
OVER-THE-COUNTER INFLATION-CAPPED OPTIONS PURCHASED - 0.0% ^{(B) (F)}
Call - US CPI Urban Consumers NAS Exercise Rate 2.00% Expiration Date 11/06/2016, DUB		8,440,000		122
Call - US CPI Urban Consumers NAS Exercise Rate 2.00% Expiration Date 11/10/2016, DUB		3,370,000		98

Total Over-the-Counter Inflation-Capped Options Purchased (Cost $11,303)				220


OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED - 0.3% ^(F)
Call - Pays Floating Rate Index 3-Month USD-LIBOR Exercise Rate 2.68% Expiration Date 01/12/2021, DUB		1,900,000		405,334


	Notional Amount		Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED (continued)
Put - Receives Floating Rate Index 3-Month USD-LIBOR Exercise Rate 2.68% Expiration Date 01/12/2021, DUB		1,900,000		$ 144,478
Put - Receives Floating Rate Index 6-Month EUR-EURIBOR Exercise Rate 2.50% Expiration Date 06/08/2022, DUB		EUR 3,200,000		146,613

Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $887,726)				696,425


	Shares		Value
SHORT-TERM INVESTMENT COMPANY - 2.2%
Money Market Fund - 2.2%
BlackRock Provident TempFund 24		5,789,593		5,789,593

Total Short-Term Investment Company (Cost $5,789,593)				5,789,593


SECURITIES LENDING COLLATERAL - 10.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(G)		27,618,546		27,618,546

Total Securities Lending Collateral (Cost $27,618,546)				27,618,546

Total Investments (Cost $286,321,293) ^(H)				293,365,581
Net Other Assets (Liabilities) - (10.2)%				(27,131,875	)


Net Assets - 100.0%				$ 266,233,706

EXCHANGE-TRADED OPTIONS WRITTEN:


Description	Exercise Price			Expiration Date		Number of Contracts		Premiums (Received)			Value
Put - Eurodollar, Mid-Curve 1-Year		USD	98.50		09/16/2016		565	$	(55,590	)	$	(3,531	)

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN: ^(F)


Description	Counterparty		Exercise Price			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - EUR vs. USD		HSBC		EUR	1.14		08/02/2016		EUR	2,380,000	$	(21,746	)	$	(8,182	)
Call - USD vs. CAD		BCLY		USD	1.37		11/03/2016		USD	10,620,000		(97,993	)		(81,615	)
Call - USD vs. MXN		BCLY		USD	19.00		11/03/2016		USD	10,620,000		(185,750	)		(276,162	)
Put - EUR vs. JPY		DUB		EUR	104.50		09/22/2016		EUR	1,195,000		(9,006	)		(8,089	)
Put - EUR vs. JPY		DUB		EUR	108.00		09/22/2016		EUR	2,390,000		(26,454	)		(27,770	)
Put - EUR vs. USD		BNP		EUR	1.06		11/03/2016		EUR	9,350,000		(88,140	)		(76,151	)
Put - EUR vs. USD		HSBC		EUR	1.09		08/02/2016		EUR	2,380,000		(21,508	)		(15,549	)
Put - GBP vs. USD		DUB		GBP	1.25		08/29/2016		GBP	3,990,000		(31,254	)		(26,033	)
Put - USD vs. JPY		HSBC		USD	99.00		08/05/2016		USD	2,665,000		(17,016	)		(17,165	)

Total											$	(498,867	)	$	(536,716	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 12

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

OVER-THE-COUNTER INFLATION-CAPPED OPTIONS WRITTEN: ^(F)

Description

Counterparty

Initial
Index

Floating
Rate

Expiration
Date

Notional
Amount

Premiums
(Received)

Value

Call - Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA

DUB

2.50

HICP Index

04/26/2022

EUR 1,070,000

(74,168

)

(441

)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN: ^(F)


Description	Counterparty		Floating Rate Index	Floating Rate		Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - 2-Year		DUB	3-Month USD-LIBOR		Receive		0.90	%		06/07/2018		USD	16,100,000	$	(79,852	)	$	(101,425	)
Put - 2-Year		DUB	3-Month USD-LIBOR		Pay		1.90			06/07/2018		USD	16,100,000		(68,279	)		(36,146	)
Put - 5-Year		DUB	3-Month USD-LIBOR		Pay		2.10			01/12/2017		USD	12,300,000		(114,775	)		(6,723	)
Put - 20-Year		DUB	6-Month EUR-EURIBOR		Pay		4.50			06/08/2022		EUR	3,200,000		(150,269	)		(23,390	)

Total														$	(413,175	)	$	(167,684	)

CENTRALLY CLEARED SWAP AGREEMENTS: ^(I)



Interest Rate Swap Agreements - Fixed Rate Payable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		1.32	%		11/30/2020		USD	13,740,000	$	(199,782	)	$	—	$	(199,782	)
3-Month USD-LIBOR		1.51			01/14/2021		USD	4,430,000		(133,949	)		—		(133,949	)
3-Month USD-LIBOR		2.16			11/15/2041		USD	1,090,000		(68,832	)		—		(68,832	)

Total									$	(402,563	)	$	—	$	(402,563	)

OVER-THE-COUNTER SWAP AGREEMENTS: ^(F)



Interest Rate Swap Agreements - Fixed Rate Payable
Floating Rate Index	Counterparty		Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Eurostat Eurozone HICP ex Tobacco NSA		DUB		0.74	%		01/18/2021		EUR	2,110,547	$	(29,292	)	$	(1	)	$	(29,291	)
Eurostat Eurozone HICP ex Tobacco NSA		DUB		0.76			01/18/2021		EUR	2,110,547		(32,847	)		—			(32,847	)

Total											$	(62,139	)	$	(1	)	$	(62,138	)


Interest Rate Swap Agreements - Fixed Rate Receivable
Floating Rate Index	Counterparty		Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Eurostat Eurozone HICP ex Tobacco NSA		DUB		1.18	%		01/18/2026		EUR	2,110,547	$	56,720		$	—		$	56,720
Eurostat Eurozone HICP ex Tobacco NSA		DUB		1.18			01/18/2026		EUR	2,110,547		51,640			—			51,640

Total											$	108,360		$	—		$	108,360


FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
2-Year U.S. Treasury Note		Short		(73	)		09/30/2016	$	—	$	(32,501	)
5-Year U.S. Treasury Note		Long		217			09/30/2016		196,402		—
10-Year U.S. Treasury Bond		Short		(9	)		09/21/2016		—		(33,657	)
10-Year U.S. Treasury Note		Long		43			09/21/2016		85,272		—
Euro-BTP Italian Government Bond		Short		(46	)		09/08/2016		—		(70,289	)
German Euro BOBL		Short		(1	)		09/08/2016		—		(1,188	)
German Euro Bund		Short		(31	)		09/08/2016		—		(81,048	)
U.S. Treasury Bond		Short		(60	)		09/21/2016		—		(487,445	)

Total								$	281,674	$	(706,128	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 13

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


FORWARD FOREIGN CURRENCY CONTRACTS: ^(F)
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY	07/06/2016		USD	9,098,627		EUR	8,148,000	$	54,570	$	—
BCLY	07/15/2016		GBP	272,220		EUR	355,065		—		(31,815	)
BCLY	07/15/2016		GBP	235,153		USD	332,988		—		(19,904	)
BCLY	07/15/2016		USD	335,741		GBP	234,931		22,953		—
BCLY	07/19/2016		JPY	71,662,254		GBP	460,000		81,903		—
BNP	07/15/2016		USD	632,897		GBP	450,000		33,766		—
BNP	07/15/2016		USD	665,000		SEK	5,516,639		12,550		—
BNP	07/19/2016		JPY	35,337,195		GBP	225,000		42,823		—
BOA	07/06/2016		USD	72,431		JPY	8,045,000		—		(5,489	)
BOA	07/15/2016		AUD	516,655		GBP	290,000		—		(1,005	)
BOA	07/15/2016		GBP	850,000		USD	1,181,630		—		(49,940	)
BOA	07/15/2016		JPY	27,700,808		USD	261,276		7,097		—
BOA	07/15/2016		USD	383,652		GBP	290,000		—		(2,454	)
BOA	07/19/2016		GBP	1,360,000		JPY	206,957,490		2,304		(196,843	)
BOA	07/22/2016		USD	1,984,789		AUD	2,675,000		—		(8,557	)
BOA	08/03/2016		USD	53,606		JPY	5,503,000		261		—
CBA	07/22/2016		AUD	885,000		USD	649,785		9,696		—
CITI	07/01/2016		AUD	512,500		NOK	3,162,649		4,296		—
CITI	07/01/2016		NOK	2,773,099		AUD	462,379		—		(13,466	)
CITI	07/06/2016		USD	43,176		EUR	38,000		997		—
CITI	07/15/2016		GBP	290,000		USD	390,137		—		(4,031	)
CITI	07/19/2016		GBP	1,005,000		JPY	143,124,630		—		(48,695	)
CITI	07/19/2016		JPY	28,475,028		GBP	180,000		36,247		—
CITI	08/03/2016		USD	27,757		EUR	25,000		—		(21	)
DUB	07/15/2016		CHF	644,165		USD	670,000		—		(9,682	)
DUB	07/15/2016		EUR	355,000		GBP	281,918		18,831		—
DUB	07/15/2016		GBP	290,000		AUD	522,191		—		(3,122	)
DUB	07/15/2016		GBP	563,323		EUR	709,935		—		(38,272	)
DUB	07/15/2016		GBP	290,000		JPY	39,923,140		—		(680	)
DUB	07/15/2016		GBP	2,305,000		USD	3,228,130		—		(159,251	)
DUB	07/15/2016		JPY	39,166,472		GBP	290,000		—		(6,651	)
DUB	07/15/2016		NZD	955,000		USD	674,068		7,268		—
DUB	07/15/2016		USD	2,725,116		GBP	1,950,000		130,735		(1,850	)
DUB	07/15/2016		USD	275,075		NZD	390,000		—		(3,167	)
DUB	07/19/2016		JPY	76,978,126		GBP	495,000		86,810		—
DUB	07/22/2016		USD	661,638		AUD	895,000		—		(5,295	)
DUB	08/02/2016		EUR	1,165,000		USD	1,313,817		—		(19,397	)
DUB	08/02/2016		USD	664,943		EUR	585,000		14,956		—
GSB	07/15/2016		USD	669,708		GBP	460,069		57,172		—
GSB	07/19/2016		GBP	230,000		JPY	36,807,610		—		(50,413	)
GSB	08/02/2016		USD	663,069		EUR	585,000		13,081		—
HSBC	07/01/2016		NOK	3,218,714		AUD	525,000		—		(6,919	)
HSBC	07/15/2016		EUR	880,000		GBP	699,799		45,402		—
HSBC	07/15/2016		GBP	290,000		JPY	39,946,630		—		(908	)
HSBC	07/15/2016		GBP	225,038		USD	309,182		—		(9,567	)
HSBC	07/15/2016		JPY	69,154,500		GBP	500,000		4,288		—
HSBC	07/15/2016		SEK	5,791,688		CHF	675,000		—		(6,946	)
HSBC	07/15/2016		USD	311,222		GBP	225,038		11,607		—
HSBC	07/15/2016		USD	656,614		NZD	940,000		—		(14,020	)
HSBC	07/19/2016		GBP	177,500		JPY	24,818,278		—		(4,144	)
HSBC	07/19/2016		JPY	41,937,761		GBP	280,000		33,549		—
HSBC	09/26/2016		JPY	40,950,612		EUR	360,000		—		(3,022	)
MSCS	07/01/2016		AUD	512,500		NOK	3,160,665		4,533		—
MSCS	07/06/2016		USD	49,273		EUR	44,000		435		—
MSCS	07/06/2016		USD	72,463		JPY	8,045,000		—		(5,457	)
MSCS	07/15/2016		AUD	852,038		GBP	465,000		15,985		—
MSCS	07/15/2016		GBP	110,000		AUD	200,859		—		(3,261	)
MSCS	07/15/2016		GBP	1,004,809		USD	1,408,115		—		(70,312	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 14

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


FORWARD FOREIGN CURRENCY CONTRACTS (continued): ^(F)
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
MSCS		07/15/2016		JPY	69,050,050		GBP	500,000	$	3,276	$	—
MSCS		07/15/2016		USD	261,276		JPY	26,753,541		2,080		—
MSCS		07/19/2016		GBP	177,500		JPY	24,763,435		—		(3,612	)
MSCS		07/19/2016		JPY	84,526,820		GBP	615,000		4,749		(4,570	)
MSCS		07/22/2016		AUD	1,640,000		USD	1,200,572		21,516		—
MSCS		08/03/2016		USD	9,116,576		EUR	8,205,000		—		(244	)
MSCS		09/26/2016		EUR	360,000		JPY	41,001,609		2,527		—
RBS		07/15/2016		USD	656,291		GBP	455,000		50,504		—
SCB		07/06/2016		USD	2,722,068		NZD	4,037,000		—		(159,485	)
SCB		07/15/2016		GBP	500,000		JPY	68,993,960		—		(2,732	)
SCB		07/15/2016		JPY	38,878,977		GBP	290,000		—		(9,436	)
SCB		07/15/2016		USD	808,141		GBP	605,000		2,643		—
SCB		07/19/2016		JPY	104,971,284		GBP	680,000		111,731		—
SCB		08/03/2016		USD	2,851,858		NZD	4,009,000		—		(5,540	)
UBS		07/01/2016		NOK	706,429		AUD	117,621		—		(3,305	)
UBS		07/06/2016		USD	145,121		JPY	16,090,000		—		(10,719	)
WBC		07/22/2016		USD	513,675		AUD	720,000		—		(22,852	)

Total									$	953,141	$	(1,027,051	)

SECURITY VALUATION:

Valuation Inputs ^(J)


	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Foreign Government Obligations	$	—		$	11,986,994		$	—	$	11,986,994
U.S. Government Obligations		—			246,468,978			—		246,468,978
Exchange-Traded Options Purchased		117,909			—			—		117,909
Over-the-Counter Foreign Exchange Options Purchased		—			686,916			—		686,916
Over-the-Counter Inflation-Capped Options Purchased		—			220			—		220
Over-the-Counter Interest Rate Swaptions Purchased		—			696,425			—		696,425
Short-Term Investment Company		5,789,593			—			—		5,789,593
Securities Lending Collateral		27,618,546			—			—		27,618,546

Total Investments	$	33,526,048		$	259,839,533		$	—	$	293,365,581

Other Financial Instruments
Over-the-Counter Interest Rate Swap Agreements		—			108,360			—		108,360
Futures Contracts ^(K)		281,674			—			—		281,674
Forward Foreign Currency Contracts ^(K)		—			953,141			—		953,141

Total Other Financial Instruments	$	281,674		$	1,061,501		$	—	$	1,343,175


LIABILITIES
Other Financial Instruments
Exchange-Traded Options Written	$	(3,531	)	$	—		$	—	$	(3,531	)
Over-the-Counter Foreign Exchange Options Written		—			(536,716	)		—		(536,716	)
Over-the-Counter Inflation-Capped Options Written		—			(441	)		—		(441	)
Over-the-Counter Interest Rate Swaptions Written		—			(167,684	)		—		(167,684	)
Centrally Cleared Interest Rate Swap Agreements		—			(402,563	)		—		(402,563	)
Over-the-Counter Interest Rate Swap Agreements		—			(62,139	)		—		(62,139	)
Futures Contracts ^(K)		(706,128	)		—			—		(706,128	)
Forward Foreign Currency Contracts ^(K)		—			(1,027,051	)		—		(1,027,051	)

Total Other Financial Instruments	$	(709,659	)	$	(2,196,594	)	$	—	$	(2,906,253	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 15

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)

Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At June 30, 2016, the total value of Regulation S securities is $11,973,908, representing 4.5% of the Portfolio’s net assets.

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

^(C)	Floating or variable rate security. The rate disclosed is as of June 30, 2016.

^(D)	All or a portion of the securities are on loan. The total value of all securities on loan is $27,063,104. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(E)	All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The value of the security segregated as collateral to cover margin requirements for open futures contracts is $488,351.

^(F)	Cash in the amount of $580,000 has been segregated by the broker as collateral for open options, over-the-counter swap agreements, swaptions and/or forward foreign currency contracts.

^(G)	Rate disclosed reflects the yield at June 30, 2016.

^(H)	Aggregate cost for federal income tax purposes is $286,321,293. Aggregate gross unrealized appreciation and depreciation for all securities is $8,675,050 and $1,630,762, respectively. Net unrealized appreciation for tax purposes is $7,044,288.

^(I)	Cash in the amount of $321,220 has been segregated by the custodian as collateral for centrally cleared swap agreements.

^(J)

^(K)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:


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

COUNTERPARTY ABBREVIATIONS:


BCLY		Barclays Bank PLC
BNP		BNP Paribas
BOA		Bank of America, N.A.
CBA		Commonwealth Bank of Australia
CITI		Citibank N.A.
DUB		Deutsche Bank AG
GSB		Goldman Sachs Bank
HSBC		HSBC Bank USA
JPM		JPMorgan Chase Bank, N.A.
MSCS		Morgan Stanley Capital Services Inc.
RBS		Royal Bank of Scotland PLC
SCB		Standard Chartered Bank
UBS		UBS AG
WBC		Westpac Banking Corp.

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 16

Transamerica Partners Inflation-Protected Securities Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

PORTFOLIO ABBREVIATIONS:


BOBL		Bundesobligationen (German Federal Government Securities)
BTP		Buoni del Tesoro Poliennali (Italian Treasury Bonds)
CPI		Consumer Price Index
EURIBOR		Euro Interbank Offer Rate
HICP		Harmonized Indices of Consumer Prices
LIBOR		London Interbank Offered Rate
NAS		National Academy of Sciences
NSA		Not Seasonally Adjusted

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 17

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Principal		Value
ASSET-BACKED SECURITIES - 6.2%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059^(A)		$ 3,562,609		$ 3,956,430
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 2.06%^(B), 07/18/2027^(A)		4,560,000		4,525,194
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030^(A)		2,583,369		2,614,197
Conseco Finance Securitizations Corp. Series 2002-2, Class A2, 6.03%^(B), 03/01/2033		110,016		110,455
Ford Credit Floorplan Master Owner Trust
Series 2012-2, Class C,
2.86%, 01/15/2019		455,000		458,262
Series 2012-2, Class D,
3.50%, 01/15/2019		815,000		822,577
HSBC Home Equity Loan Trust Series 2006-3, Class M1, 0.71%^(B), 03/20/2036		5,750,000		5,665,032
ICG US CLO, Ltd. Series 2014-1A, Class A1, 1.78%^(B), 04/20/2026^(A)		4,610,000		4,512,208
MVW Owner Trust Series 2014-1A, Class A, 2.25%, 09/22/2031^(A)		2,224,576		2,189,443
NRZ Advance Receivables Trust Advance Receivables Backed Series 2015-T4, Class AT4, 3.20%, 11/15/2047^(A)		5,920,000		5,947,715
OCP CLO, Ltd. Series 2015-8A, Class A1, 2.16%^(B), 04/17/2027^(A)		4,650,000		4,591,452
Ocwen Master Advance Receivables Trust Series 2015-T3, Class AT3, 3.21%, 11/15/2047^(A)		6,115,000		6,140,934
Palmer Square CLO, Ltd. Series 2015-2A, Class A1A, 2.13%^(B), 07/20/2027^(A)		4,575,000		4,538,135
RAAC Trust Series 2007-RP4, Class A, 0.80%^(B), 11/25/2046^(A)		905,436		766,799
SBA Tower Trust Series 2014-1A, Class C, 2.90%^(B), 10/15/2044^(A)		9,030,000		9,155,382
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B,
2.70%, 10/20/2030^(A)		882,048		880,427
Series 2014-1A, Class A,
2.07%, 03/20/2030^(A)		1,702,707		1,698,916
Series 2014-2A, Class A,
2.05%, 06/20/2031^(A)		1,495,350		1,492,313
Series 2014-3A, Class A,
2.30%, 10/20/2031^(A)		1,782,858		1,788,264
Series 2015-1A, Class A,
2.40%, 03/22/2032^(A)		1,151,859		1,154,464


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC (continued)
Series 2015-1A, Class B,
3.05%, 03/22/2032^(A)		$ 1,195,144		$ 1,198,043
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027^(A)		1,560,842		1,556,724
SLM Private Education Loan Trust Series 2011-B, Class A3, 2.69%^(B), 06/16/2042^(A)		690,000		708,769
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044^(A)		3,471,434		3,356,360
SpringCastle America Funding LLC Series 2014-AA, Class A, 2.70%, 05/25/2023^(A)		1,361,483		1,366,112
Trafigura Securitisation Finance PLC Series 2014-1A, Class A, 1.39%^(B), 10/15/2018^(A)		6,291,000		6,224,992

Total Asset-Backed Securities (Cost $77,748,092)				77,419,599


CORPORATE DEBT SECURITIES - 38.0%
Air Freight & Logistics - 0.2%
FedEx Corp.
4.90%, 01/15/2034		1,075,000		1,220,175
5.10%, 01/15/2044		1,260,000		1,468,144

				2,688,319

Airlines - 1.1%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		2,264,224		2,341,026
3.70%, 04/01/2028		3,927,584		4,084,688
United Airlines Pass-Through Trust 3.75%, 03/03/2028		6,888,559		7,284,651

				13,710,365

Auto Components - 0.2%
BorgWarner, Inc. 3.38%, 03/15/2025^(C)		2,235,000		2,285,330

Automobiles - 0.3%
BMW US Capital LLC 2.80%, 04/11/2026^{(A) (C)}		1,777,143		1,822,839
General Motors Co.
4.88%, 10/02/2023		850,000		904,860
6.25%, 10/02/2043		500,000		555,426

				3,283,125

Banks - 6.8%
Bank of America Corp.
4.10%, 07/24/2023		1,595,000		1,708,779
4.45%, 03/03/2026, MTN		1,325,000		1,385,865
5.42%, 03/15/2017		1,600,000		1,644,954
5.75%, 12/01/2017		1,965,000		2,079,839
Bank One Corp. 8.00%, 04/29/2027		470,000		636,975
Barclays Bank PLC 10.18%, 06/12/2021^(A)		9,240,000		11,633,382
Branch Banking & Trust Co. 3.80%, 10/30/2026		1,980,000		2,180,631

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 18

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Citigroup, Inc.
1.70%, 04/27/2018		$ 5,142,000		$ 5,150,243
3.38%, 03/01/2023		1,380,000		1,428,027
6.68%, 09/13/2043		490,000		629,080
Commerzbank AG 8.13%, 09/19/2023^(A)		6,715,000		7,837,614
Cooperatieve Rabobank UA
2.25%, 01/14/2019		620,000		631,938
11.00%^(B), 06/30/2019^{(A) (D)}		8,795,000		10,488,037
First Horizon National Corp. 3.50%, 12/15/2020		2,345,000		2,366,473
HSBC Holdings PLC 4.25%, 03/14/2024		485,000		490,715
Intesa Sanpaolo SpA 5.02%, 06/26/2024^(A)		1,405,000		1,286,273
JPMorgan Chase & Co.
2.00%, 08/15/2017		5,975,000		6,030,669
3.25%, 09/23/2022		1,745,000		1,824,267
4.85%, 02/01/2044^(C)		490,000		587,863
6.75%^(B), 02/01/2024^{(C) (D)}		412,000		453,715
JPMorgan Chase Bank NA 6.00%, 10/01/2017		2,566,000		2,710,237
Macquarie Bank, Ltd. 1.65%, 03/24/2017^(A)		2,245,000		2,249,982
Nordea Bank AB 4.25%, 09/21/2022^(A)		9,640,000		10,188,208
Royal Bank of Scotland Group PLC
6.00%, 12/19/2023		1,685,000		1,712,182
6.40%, 10/21/2019		1,130,000		1,246,758
Societe Generale SA 5.00%, 01/17/2024^(A)		2,315,000		2,407,380
Wells Fargo & Co.
2.15%, 01/15/2019		912,000		931,076
4.13%, 08/15/2023		1,855,000		1,997,091
5.38%, 11/02/2043		550,000		640,735
5.90%^(B), 06/15/2024^(D)		1,080,000		1,111,050

				85,670,038

Beverages - 0.4%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		1,105,000		1,183,727
Anheuser-Busch InBev Worldwide, Inc. 2.50%, 07/15/2022		1,360,000		1,383,608
Molson Coors Brewing Co. 2.10%, 07/15/2021^(E)		2,605,000		2,612,919

				5,180,254

Biotechnology - 1.3%
Celgene Corp.
3.63%, 05/15/2024		2,330,000		2,426,586
3.88%, 08/15/2025		3,585,000		3,823,990
5.00%, 08/15/2045		4,585,000		5,049,639
Gilead Sciences, Inc.
3.65%, 03/01/2026		2,310,000		2,513,691
4.75%, 03/01/2046		2,005,000		2,279,892

				16,093,798

Capital Markets - 4.0%
Ameriprise Financial, Inc. 3.70%, 10/15/2024^(C)		3,495,000		3,722,783


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Bank of New York Mellon Corp. 2.10%, 01/15/2019, MTN		$ 1,275,000		$ 1,303,474
Deutsche Bank AG 1.95%^(B), 08/20/2020		2,535,000		2,474,657
Goldman Sachs Group, Inc.
4.25%, 10/21/2025		4,225,000		4,367,336
5.75%, 01/24/2022		3,555,000		4,127,213
6.25%, 02/01/2041		490,000		634,111
6.75%, 10/01/2037		1,557,000		1,920,612
Macquarie Group, Ltd. 6.25%, 01/14/2021^(A)		5,645,000		6,451,789
Morgan Stanley
5.00%, 11/24/2025		1,260,000		1,379,437
5.75%, 01/25/2021		8,880,000		10,124,488
Oaktree Capital Management, LP 6.75%, 12/02/2019^(A)		4,080,000		4,677,814
State Street Capital Trust IV 1.65%^(B), 06/01/2077		285,000		238,069
UBS AG 7.63%, 08/17/2022		5,385,000		6,098,512
UBS Group Funding Jersey, Ltd. 4.13%, 09/24/2025^(A)		2,883,000		2,988,368

				50,508,663

Chemicals - 0.3%
LyondellBasell Industries NV 5.00%, 04/15/2019		1,217,000		1,317,262
Monsanto Co. 4.40%, 07/15/2044^(C)		2,705,000		2,652,393

				3,969,655

Commercial Services & Supplies - 0.5%
ERAC USA Finance LLC 3.85%, 11/15/2024^(A)		3,020,000		3,246,304
Hutchison Whampoa International 14, Ltd. 1.63%, 10/31/2017^(A)		2,325,000		2,335,599

				5,581,903

Communications Equipment - 0.4%
Cisco Systems, Inc. 2.13%, 03/01/2019^(C)		797,000		818,568
Harris Corp. 5.55%, 10/01/2021		3,442,000		3,904,767

				4,723,335

Construction Materials - 0.4%
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		5,140,000		5,474,773

Consumer Finance - 0.2%
Discover Financial Services 3.85%, 11/21/2022		1,111,000		1,128,326
Ford Motor Credit Co. LLC 4.38%, 08/06/2023		706,000		767,310

				1,895,636

Containers & Packaging - 0.2%
International Paper Co. 4.75%, 02/15/2022		2,047,000		2,274,166

Diversified Telecommunication Services - 1.9%
AT&T, Inc.
2.45%, 06/30/2020		4,480,000		4,573,896

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 19

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued)
3.40%, 05/15/2025		$ 2,735,000		$ 2,797,651
4.35%, 06/15/2045		1,445,000		1,400,156
4.60%, 02/15/2021		1,685,000		1,843,872
5.00%, 03/01/2021		905,000		1,013,374
GTP Acquisition Partners I LLC 2.35%, 06/15/2045^(A)		790,000		788,309
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		1,902,000		1,388,460
Sprint Capital Corp. 6.88%, 11/15/2028		822,000		645,270
Verizon Communications, Inc.
3.45%, 03/15/2021^(C)		1,125,000		1,205,359
4.50%, 09/15/2020		1,135,000		1,259,800
5.15%, 09/15/2023		2,975,000		3,464,762
6.55%, 09/15/2043		2,901,000		3,908,767

				24,289,676

Electric Utilities - 1.5%
Appalachian Power Co. 3.40%, 06/01/2025^(C)		2,700,000		2,865,316
CenterPoint Energy Houston Electric LLC 4.50%, 04/01/2044		1,160,000		1,368,528
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		458,000		504,139
8.88%, 11/15/2018		449,000		523,167
Commonwealth Edison Co. 4.70%, 01/15/2044		1,055,000		1,269,546
Duke Energy Carolinas LLC 4.25%, 12/15/2041		925,000		1,036,495
Duke Energy Corp. 3.75%, 04/15/2024		275,000		295,292
Entergy Arkansas, Inc. 3.70%, 06/01/2024		1,110,000		1,216,745
Jersey Central Power & Light Co. 7.35%, 02/01/2019^(C)		1,000,000		1,127,812
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		333,000		369,154
5.30%, 06/01/2042		525,000		654,231
Pacific Gas & Electric Co. 4.75%, 02/15/2044		488,000		576,506
PacifiCorp
3.60%, 04/01/2024^(C)		3,380,000		3,712,605
5.75%, 04/01/2037		400,000		523,152
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN ^(C)		2,760,000		2,949,063

				18,991,751

Energy Equipment & Services - 0.3%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 ^(A)		2,040,000		2,127,630
Schlumberger Investment SA 3.65%, 12/01/2023		835,000		896,348
Weatherford International, Ltd. 5.95%, 04/15/2042		960,000		681,600

				3,705,578

Food & Staples Retailing - 0.8%
CVS Health Corp.
2.25%, 08/12/2019		3,890,000		3,994,945
5.30%, 12/05/2043		319,000		398,218


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		$ 1,258,000		$ 1,396,386
4.30%, 04/22/2044 ^(C)		945,000		1,102,728
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		2,653,000		2,782,042

				9,674,319

Food Products - 0.3%
Kraft Heinz Foods Co. 2.80%, 07/02/2020^(A)		2,305,000		2,393,606
Mondelez International, Inc. 2.25%, 02/01/2019 ^(C)		1,570,000		1,604,234

				3,997,840

Health Care Equipment & Supplies - 0.1%
Boston Scientific Corp. 2.65%, 10/01/2018		1,062,000		1,085,564

Health Care Providers & Services - 1.0%
Aetna, Inc. 4.75%, 03/15/2044		345,000		379,053
Anthem, Inc.
1.88%, 01/15/2018 ^(C)		1,930,000		1,940,926
2.30%, 07/15/2018		1,930,000		1,957,763
3.30%, 01/15/2023		620,000		640,413
Coventry Health Care, Inc. 5.45%, 06/15/2021		1,632,000		1,862,399
Express Scripts Holding Co.
3.40%, 03/01/2027 ^(E)		2,410,000		2,406,934
4.75%, 11/15/2021		1,255,000		1,407,682
4.80%, 07/15/2046 ^(E)		660,000		659,120
Tenet Healthcare Corp. 6.25%, 11/01/2018		1,010,000		1,065,550
UnitedHealth Group, Inc. 3.38%, 11/15/2021		650,000		701,547

				13,021,387

Household Products - 0.2%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.88%, 02/15/2021		2,320,000		2,389,600

Industrial Conglomerates - 0.9%
General Electric Co.
5.00% ^(B), 01/21/2021 ^(D)		9,493,000		10,072,073
6.88%, 01/10/2039, MTN		500,000		754,725

				10,826,798

Insurance - 2.8%
American International Group, Inc.
4.13%, 02/15/2024		629,000		663,552
8.18% ^(B), 05/15/2068		1,070,000		1,344,919
Fidelity National Financial, Inc. 5.50%, 09/01/2022		1,320,000		1,455,346
Genworth Holdings, Inc. 7.63%, 09/24/2021		1,125,000		957,656
Lincoln National Corp. 8.75%, 07/01/2019		3,140,000		3,714,366
Metropolitan Life Global Funding I 1.30%, 04/10/2017 ^(A)		4,970,000		4,985,516
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		1,690,000		1,718,705

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 20

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Pacific Life Insurance Co. 9.25%, 06/15/2039 ^(A)		$ 4,240,000		$ 6,428,713
Principal Financial Group, Inc. 8.88%, 05/15/2019		1,770,000		2,100,312
Prudential Financial, Inc.
5.38%, 06/21/2020, MTN		1,465,000		1,651,603
7.38%, 06/15/2019, MTN		1,595,000		1,850,454
Reinsurance Group of America, Inc. 3.32%^(B), 12/15/2065 ^(C)		10,476,000		7,621,290

				34,492,432

IT Services - 0.3%
International Business Machines Corp. 3.63%, 02/12/2024^(C)		1,543,000		1,682,645
MasterCard, Inc.
2.00%, 04/01/2019		1,366,000		1,400,741
3.38%, 04/01/2024		878,000		951,407

				4,034,793

Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		3,515,000		3,576,129

Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 ^(A)		1,245,000		1,252,849

Media - 0.9%
21st Century Fox America, Inc. 7.63%, 11/30/2028		1,045,000		1,445,800
CBS Corp.
4.63%, 05/15/2018		655,000		691,105
5.75%, 04/15/2020		520,000		594,999
Comcast Corp. 5.88%, 02/15/2018		2,649,000		2,852,939
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 ^{(A) (D)}		1,500,000		1,546,875
NBCUniversal Media LLC
4.38%, 04/01/2021		2,770,000		3,103,973
4.45%, 01/15/2043		1,359,000		1,521,445

				11,757,136

Metals & Mining - 0.4%
BHP Billiton Finance USA, Ltd. 3.85%, 09/30/2023 ^(C)		1,031,000		1,121,896
Freeport-McMoRan, Inc. 3.88%, 03/15/2023 ^(C)		1,125,000		984,375
Novelis, Inc. 8.75%, 12/15/2020		2,735,000		2,851,238
Rio Tinto Finance USA PLC 2.88%, 08/21/2022 ^(C)		390,000		395,960

				5,353,469

Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		539,000		586,191
4.88%, 03/01/2044		725,000		831,187

				1,417,378

Oil, Gas & Consumable Fuels - 2.7%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 ^(C)		1,485,000		1,639,856


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Apache Corp.
4.25%, 01/15/2044		$ 360,000		$ 348,495
4.75%, 04/15/2043		520,000		534,595
BP Capital Markets PLC 3.12%, 05/04/2026		3,120,000		3,186,971
Energy Transfer Partners, LP 5.95%, 10/01/2043		960,000		927,690
EOG Resources, Inc. 2.45%, 04/01/2020		1,627,000		1,649,882
Exxon Mobil Corp.
1.82%, 03/15/2019		2,930,000		2,985,614
3.04%, 03/01/2026 ^(C)		1,290,000		1,369,352
Husky Energy, Inc. 4.00%, 04/15/2024 ^(C)		1,120,000		1,137,761
Kerr-McGee Corp. 6.95%, 07/01/2024		865,000		1,000,135
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		2,480,000		2,492,730
Laredo Petroleum, Inc. 7.38%, 05/01/2022 ^(C)		1,370,000		1,373,425
MEG Energy Corp. 6.50%, 03/15/2021 ^(A)		1,090,000		844,750
Murphy Oil Corp. 3.50%, 12/01/2017		1,326,000		1,322,103
Nexen Energy ULC 5.88%, 03/10/2035		110,000		128,752
Noble Energy, Inc.
6.00%, 03/01/2041		430,000		462,448
8.25%, 03/01/2019		1,065,000		1,219,758
Peabody Energy Corp. 6.25%, 11/15/2021 ^(F)		1,715,000		227,238
Petrobras Global Finance BV 6.25%, 03/17/2024		1,370,000		1,215,875
Petroleos Mexicanos 3.50%, 01/30/2023		1,145,000		1,078,132
Range Resources Corp. 5.75%, 06/01/2021		450,000		439,875
Shell International Finance BV 2.00%, 11/15/2018		2,249,000		2,287,246
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023 ^(C)		1,010,000		1,081,285
4.63%, 03/01/2034		875,000		919,986
Western Gas Partners, LP 5.38%, 06/01/2021		1,956,000		2,062,295
Williams Cos., Inc.
3.70%, 01/15/2023		540,000		477,900
7.88%, 09/01/2021		796,000		855,700
Williams Partners, LP 5.40%, 03/04/2044		814,000		724,165

				33,994,014

Pharmaceuticals - 0.8%
Actavis Funding SCS 4.55%, 03/15/2035		3,695,000		3,797,429
Mylan NV 3.15%, 06/15/2021 ^(A)		2,929,000		2,971,025
Perrigo Co. PLC 2.30%, 11/08/2018		3,365,000		3,393,970

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 21

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021 ^(C)		$ 383,000		$ 405,875

				10,568,299

Real Estate Investment Trusts - 2.4%
EPR Properties 4.50%, 04/01/2025^(C)		4,740,000		4,700,701
HCP, Inc. 3.40%, 02/01/2025		1,665,000		1,609,933
Kilroy Realty, LP 4.25%, 08/15/2029		6,355,000		6,722,561
Realty Income Corp. 3.88%, 07/15/2024		4,095,000		4,300,933
Simon Property Group, LP 3.38%, 10/01/2024		6,665,000		7,149,079
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		535,000		546,004
Vereit Operating Partnership, LP
2.00%, 02/06/2017		3,705,000		3,727,230
3.00%, 02/06/2019		1,655,000		1,657,069

				30,413,510

Road & Rail - 0.3%
Aviation Capital Group Corp. 7.13%, 10/15/2020 ^(A)		3,032,000		3,441,320
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		269,000		282,894
3.75%, 04/01/2024		294,000		324,848

				4,049,062

Semiconductors & Semiconductor Equipment - 0.4%
KLA-Tencor Corp. 4.13%, 11/01/2021		3,735,000		3,976,434
LAM Research Corp. 3.90%, 06/15/2026		885,000		931,710

				4,908,144

Software - 0.2%
Microsoft Corp. 2.70%, 02/12/2025		2,445,000		2,527,673

Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc. 2.85%, 02/23/2023		5,198,000		5,462,142
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.02%, 06/15/2026 ^(A)		1,265,000		1,318,746
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020 ^(A)		4,040,000		4,216,875
HP, Inc. 3.75%, 12/01/2020		270,000		285,203

				11,282,966

Tobacco - 0.1%
Altria Group, Inc. 4.00%, 01/31/2024		905,000		1,012,460

Trading Companies & Distributors - 0.2%
International Lease Finance Corp. 6.75%, 09/01/2016 ^(A)		2,000,000		2,010,000


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 1.8%
America Movil SAB de CV 2.38%, 09/08/2016		$ 3,420,000		$ 3,430,034
Crown Castle Towers LLC
4.88%, 08/15/2040 ^(A)		3,445,000		3,755,509
6.11%, 01/15/2040 ^(A)		7,393,000		8,223,676
SBA Tower Trust 2.24%, 04/15/2043 ^(A)		1,420,000		1,423,885
Sprint Communications, Inc. 9.00%, 11/15/2018 ^(A)		3,570,000		3,802,050
Sprint Corp. 7.88%, 09/15/2023		1,290,000		1,054,575
T-Mobile USA, Inc.
6.46%, 04/28/2019 ^(C)		145,000		147,356
6.63%, 04/28/2021		475,000		496,375
6.73%, 04/28/2022		460,000		483,713
6.84%, 04/28/2023		145,000		153,156

				22,970,329

Total Corporate Debt Securities (Cost $468,669,633)				476,942,516


FOREIGN GOVERNMENT OBLIGATIONS - 1.4%
Brazil - 0.1%
Brazil Government International Bond 4.25%, 01/07/2025 ^(C)		1,440,000		1,414,800

Colombia - 0.1%
Colombia Government International Bond 4.00%, 02/26/2024 ^(C)		810,000		846,045

Indonesia - 0.2%
Indonesia Government International Bond 5.38%, 10/17/2023 ^(A)		2,500,000		2,813,257

Mexico - 0.3%
Mexico Government International Bond 4.00%, 10/02/2023		3,618,000		3,894,958

Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025 ^(C)		1,010,000		1,373,600

Republic of Korea - 0.4%
Export-Import Bank of Korea 4.00%, 01/11/2017		3,750,000		3,805,875
Korea Development Bank 3.50%, 08/22/2017		1,610,000		1,651,242

				5,457,117

Turkey - 0.2%
Turkey Government International Bond 5.75%, 03/22/2024		2,180,000		2,430,940

Total Foreign Government Obligations (Cost $17,331,428)				18,230,717


MORTGAGE-BACKED SECURITIES - 12.4%
Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2, 1.29% ^(B), 02/25/2035		4,403		4,390
Alternative Loan Trust
Series 2005-36, Class 2A1A,
0.76% ^(B), 08/25/2035		1,149,757		791,893

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 22

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Alternative Loan Trust (continued)
Series 2005-50CB, Class 1A1,
5.50%, 11/25/2035		$ 1,991,811		$ 1,802,401
Series 2005-51, Class 3A3A,
0.77% ^(B), 11/20/2035		997,877		808,730
Series 2007-22, Class 2A16,
6.50%, 09/25/2037		7,526,615		5,418,548
Series 2007-5CB, Class 1A31,
5.50%, 04/25/2037		1,644,321		1,259,803
Banc of America Commercial Mortgage Trust Series 2007-3, Class A1A, 5.72% ^(B), 06/10/2049		2,358,105		2,417,960
Banc of America Funding Trust Series 2005-E, Class 4A1, 2.89%^(B), 03/20/2035		162,134		159,670
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 ^(A)		3,410,000		3,493,232
Series 2012-TFT, Class C,
3.58%^(B), 06/05/2030 ^(A)		4,215,000		4,153,107
Bear Stearns Alt-A Trust Series 2004-11, Class 2A2, 3.22% ^(B), 11/25/2034		82,388		73,563
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A,
5.19%, 12/11/2038		2,485,860		2,501,271
Series 2007-PW15, Class A1A,
5.32%, 02/11/2044		1,706,805		1,737,831
Series 2007-PW17, Class A1A,
5.65%^(B), 06/11/2050		1,612,079		1,671,809
Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2, 0.66% ^(B), 12/25/2046		113,238		65,781
CHL Mortgage Pass-Through Trust
Series 2003-60, Class 1A1,
2.86% ^(B), 02/25/2034		100,790		98,699
Series 2005-3, Class 1A2,
0.74% ^(B), 04/25/2035		207,327		176,453
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		1,140,000		1,250,181
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		1,735,000		1,933,415
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% ^(B), 06/25/2058 ^(A)		5,401,960		5,556,335
COMM Mortgage Trust
Series 2010-RR1, Class GEB,
5.54% ^(B), 12/11/2049 ^(A)		2,350,000		2,382,687
Series 2013-CR11, Class AM,
4.72% ^(B), 10/10/2046		565,000		643,868
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 ^(A)		1,380,000		1,448,792
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		1,240,000		1,366,029


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 ^(A)		$ 1,560,000		$ 1,637,413
Commercial Mortgage Trust Series 2007-GG11, Class AM, 5.87% ^(B), 12/10/2049		1,175,000		1,215,482
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 ^(A)		4,655,000		4,836,576
Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A2, 5.45% ^(B), 01/15/2049		5,729		5,718
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 4.04% ^(B), 08/26/2036 ^(A)		4,327,261		4,233,160
CSMC Trust
Series 2010-1R, Class 28A1,
5.00%, 02/27/2047 ^(A)		1,387,718		1,376,943
Series 2014-4R, Class 21A1,
0.78% ^(B), 12/27/2035 ^(A)		5,933,662		5,409,046
DBRR Trust Series 2011-C32, Class A3A, 5.89% ^(B), 06/17/2049 ^(A)		1,320,000		1,342,088
Extended Stay America Trust Series 2013-ESH7, Class A27, 2.96%, 12/05/2031 ^(A)		1,289,157		1,293,302
GMACM Mortgage Loan Trust
Series 2003-AR2, Class 1A1,
3.42% ^(B), 12/19/2033		27,332		25,868
Series 2005-AR1, Class 3A,
3.27% ^(B), 03/18/2035		54,725		53,226
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.55% ^(B), 12/10/2027 ^(A)		3,320,000		3,177,591
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class C, 3.63%, 06/05/2031 ^(A)		410,000		420,690
Hilton USA Trust Series 2013-HLT, Class DFX, 4.41%, 11/05/2030 ^(A)		970,000		975,757
Hilton USA Trust, Interest Only STRIPS Series 2013-HLT, Class X1FX, 0.00% ^(B), 11/05/2030 ^(A)		22,320,000		223
Impac CMB Trust Series 2004-6, Class 1A1, 1.25% ^(B), 10/25/2034		38,252		35,068
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2007-AR15, Class 2A1, 4.07% ^(B), 08/25/2037		663,279		501,773
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A1A,
5.43% ^(B), 06/12/2047		3,778,246		3,822,802
Series 2007-LD11, Class ASB,
5.93% ^(B), 06/15/2049		228,517		230,187

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 23

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Chase Commercial Mortgage Securities Trust (continued)
Series 2007-LD12, Class A1A,
5.85% ^(B), 02/15/2051		$ 3,377,548		$ 3,496,807
Series 2007-LDPX, Class A1A,
5.44%, 01/15/2049		2,714,554		2,762,555
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 ^(A)		190,959		205,154
JPMorgan Mortgage Trust
Series 2004-A1, Class 1A1,
2.45% ^(B), 02/25/2034		67,422		66,692
Series 2006-A2, Class 5A1,
2.71% ^(B), 11/25/2033		75,579		75,884
Series 2006-S3, Class 1A12,
6.50%, 08/25/2036		396,861		324,874
JPMorgan Re-REMIC Trust Series 2014-2, Class 6A1, 2.92% ^(B), 05/26/2037 ^(A)		5,336,809		5,331,099
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM, 6.36% ^(B), 09/15/2045		900,000		950,554
MASTR Adjustable Rate Mortgages Trust Series 2007-R5, Class A1, 2.90% ^(B), 11/25/2035 ^(A)		573,233		431,722
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1,
1.09% ^(B), 10/25/2028		37,023		36,082
Series 2004-A1, Class 2A1,
2.77% ^(B), 02/25/2034		218,384		218,973
Series 2005-A3, Class A1,
0.72% ^(B), 04/25/2035		42,605		40,566
Series 2005-A4, Class 2A2,
2.88% ^(B), 07/25/2035		233,455		206,057
Merrill Lynch Mortgage Trust Series 2007-C1, Class A1A, 6.02% ^(B), 06/12/2050		1,013,943		1,039,356
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM,
5.90% ^(B), 04/12/2049		2,855,000		2,874,794
Series 2007-IQ13, Class A1A,
5.31%, 03/15/2044		3,674,818		3,730,535
Series 2007-IQ13, Class AM,
5.41%, 03/15/2044		1,090,000		1,110,912
Series 2007-IQ14, Class A1A,
5.67% ^(B), 04/15/2049		1,030,988		1,058,048
Series 2007-IQ15, Class AM,
6.10% ^(B), 06/11/2049		1,225,000		1,262,969
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4B,
5.99% ^(B), 08/15/2045 ^(A)		540,000		550,574
Series 2012-XA, Class A,
2.00%, 07/27/2049 ^(A)		478,515		474,836
Series 2014-R3, Class 2A,
3.00% ^(B), 07/26/2048 ^(A)		7,253,938		7,397,115
Motel 6 Trust Series 2015-MTL6, Class C, 3.64%, 02/05/2030 ^(A)		11,625,000		11,563,135
NACC Reperforming Loan REMIC Trust Series 2004-R2, Class A1, 6.50% ^(B), 10/25/2034 ^(A)		92,096		92,888


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% ^(B), 12/25/2052 ^(A)		$ 3,887,390		$ 4,038,022
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% ^(B), 01/25/2054 ^(A)		1,697,612		1,759,993
Series 2014-3A, Class AFX3,
3.75% ^(B), 11/25/2054 ^(A)		3,042,087		3,174,725
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1.03% ^(B), 05/25/2035		3,356,087		3,216,113
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.59% ^(B), 01/11/2037 ^(A)		4,200,000		3,956,203
RALI Trust
Series 2007-QO1, Class A1,
0.60% ^(B), 02/25/2047		523,999		413,795
Series 2007-QO4, Class A1A,
0.64% ^(B), 05/25/2047		977,995		758,339
RBSCF Trust Series 2010-RR3, Class WBTA, 6.15% ^(B), 02/16/2051 ^(A)		6,734,996		6,757,369
SCG Trust Series 2013-SRP1, Class AJ, 2.39% ^(B), 11/15/2026^(A)		1,140,000		1,136,777
STRIPS, Ltd. Series 2012-1A, Class A, 1.50%, 12/25/2044^(A)		366,204		365,746
Structured Adjustable Rate Mortgage Loan Trust
Series 2005-15, Class 1A1,
2.84% ^(B), 07/25/2035		672,308		540,469
Series 2007-3, Class 3A1,
3.06% ^(B), 04/25/2047		1,649,897		1,262,982
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1.15% ^(B), 01/19/2034		47,335		45,475
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% ^(B), 03/25/2054 ^(A)		3,488,417		3,556,381
Series 2015-5, Class A1B,
2.75% ^(B), 05/25/2055 ^(A)		4,033,904		4,083,981
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030^(A)		2,680,000		2,842,914
Voyager BRSTN Delaware Trust, Interest Only STRIPS Series 2009-1, Class UAU7, 0.70% ^(B), 12/26/2036 ^(A)		168,124		163,101
WaMu Mortgage Pass-Through Certificates Trust
Series 2005-AR8, Class 2A1A,
0.74% ^(B), 07/25/2045		61,566		57,578
Series 2007-OA6, Class 1A1B,
1.22% ^(B), 07/25/2047		837,170		218,680
Wells Fargo Re-REMIC Trust Series 2012-IO, Class A, 1.75%, 08/20/2021 ^(A)		65,955		65,947

Total Mortgage-Backed Securities (Cost $159,247,499)				155,526,132

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 24

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
California - 0.3%
Los Angeles Community College District, General Obligation Unlimited 6.60%, 08/01/2042		$ 340,000		$ 519,411
State of California, General Obligation Unlimited 7.60%, 11/01/2040		1,585,000		2,563,896
University of California, Revenue Bonds Series AD, 4.86%, 05/15/2112		315,000		351,178

				3,434,485

Georgia - 0.0% ^(G)
Municipal Electric Authority of Georgia, Revenue Bonds Series A, 6.64%, 04/01/2057		295,000		388,462

Illinois - 0.1%
State of Illinois, General Obligation Unlimited 5.10%, 06/01/2033		670,000		643,166

New Jersey - 0.1%
New Jersey Turnpike Authority, Revenue Bonds Series F, 7.41%, 01/01/2040		431,000		674,662

New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds Series E, 6.81%, 11/15/2040		355,000		517,267
New York City Water & Sewer System, Revenue Bonds Series CC, 5.88%, 06/15/2044		340,000		488,713
New York State Dormitory Authority, Revenue Bonds Series H, 5.39%, 03/15/2040		330,000		437,464
Port Authority of New York & New Jersey, Revenue Bonds Series 181, 4.96%, 08/01/2046		570,000		708,333

				2,151,777

Total Municipal Government Obligations (Cost $6,302,493)				7,292,552


U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8%
Federal Home Loan Mortgage Corp.
2.25% ^(B), 02/01/2037 - 05/01/2037		137,958		142,922
2.37% ^(B), 04/01/2037		192,662		200,833
2.49% ^(B), 09/01/2035		1,059,608		1,125,142
2.54% ^(B), 01/01/2038		231,741		245,353
2.55% ^(B), 09/01/2037		22,193		23,651
2.63%^(B), 12/01/2034		21,325		22,774
3.00%^(B), 05/01/2037 - 02/01/2041		761,381		808,094
5.50%, 12/01/2016 - 06/01/2041		2,012,207		2,256,927
6.00%, 08/01/2016 - 05/01/2031		545,396		632,933
Federal National Mortgage Association
1.70% ^(B), 08/01/2037		9,170		9,415


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
2.16% ^(B), 08/01/2034		$ 13,492		$ 14,028
2.29% ^(B), 01/01/2035		25,973		27,060
2.50%, TBA ^(E) ^(H)		9,151,000		9,467,526
2.65% ^(B), 08/01/2035		67,162		69,449
2.82% ^(B), 03/01/2041		418,093		442,816
2.95% ^(B), 03/01/2041		265,919		281,039
3.00%, TBA ^(E) ^(H)		60,605,000		62,894,245
3.50%, 07/01/2028 - 01/01/2029		4,714,062		5,055,187
3.50%, TBA ^(E) ^(H)		63,885,000		67,427,171
4.00%, TBA ^(E) ^(H)		21,425,000		22,971,002
4.50%, 02/01/2025 - 06/01/2026		3,105,455		3,335,234
5.00%, 04/01/2039 - 11/01/2039		7,258,141		8,191,155
5.00%, TBA ^(E) ^(H)		2,122,000		2,357,673
5.50%, 04/01/2036 - 04/01/2041		1,597,619		1,809,899
6.00%, 02/01/2034 - 02/01/2041		8,804,366		10,213,496
6.50%, 05/01/2040		2,514,759		2,921,513
7.00%, 09/01/2016		120		120
Government National Mortgage Association 4.46%, 06/20/2062		7,286,974		7,758,540
Government National Mortgage Association, Interest Only STRIPS 0.90% ^(B), 02/16/2053		9,011,059		550,293

Total U.S. Government Agency Obligations (Cost $208,783,584)				211,255,490


U.S. GOVERNMENT OBLIGATIONS - 23.6%
U.S. Treasury Bond
2.50%, 02/15/2045		10,126,000		10,542,513
2.75%, 08/15/2042 ^(C)		11,570,500		12,748,342
3.00%, 11/15/2045		400,000		459,938
3.50%, 02/15/2039 ^(C)		3,049,000		3,847,933
3.63%, 02/15/2044 ^(C)		38,610,900		49,783,929
4.50%, 02/15/2036 ^(C)		9,878,200		14,228,470
4.75%, 02/15/2037		2,822,000		4,197,945
5.25%, 02/15/2029 ^(C)		8,215,000		11,615,879
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		1,740,256		2,034,491
2.50%, 01/15/2029		7,433,630		9,418,640
U.S. Treasury Inflation Indexed Note 0.63%, 01/15/2024		15,901,475		16,647,477
U.S. Treasury Note
0.38%, 10/31/2016		19,272,000		19,273,310
0.50%, 09/30/2016 ^(C)		4,374,000		4,375,627
0.63%, 09/30/2017 ^(C)		5,085,000		5,089,770
0.88%, 04/30/2017 ^(C)		12,222,000		12,259,130
1.00%, 11/30/2019 ^(C)		8,771,500		8,828,716
1.25%, 11/30/2018 ^(C)		24,527,900		24,877,619
1.63%, 03/31/2019 - 11/15/2022		41,865,800		42,908,863
1.63%, 02/15/2026 ^(C)		495,000		500,569
1.75%, 05/15/2023		3,333,000		3,438,329
1.88%, 11/30/2021 ^(C)		6,429,000		6,694,698
2.00%, 02/15/2025 ^(C)		13,447,000		14,068,924
2.25%, 11/15/2024		3,363,900		3,588,336
2.50%, 08/15/2023 - 05/15/2024		13,789,100		14,957,477

Total U.S. Government Obligations (Cost $276,257,730)				296,386,925

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 25

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
PREFERRED STOCKS - 0.3%
Banks - 0.1%
Citigroup Capital XIII 7.01% ^(B)		60,502		$ 1,577,287

Capital Markets - 0.1%
State Street Corp. Series D, 5.90% ^{(B) (C)}		23,039		649,470

Electric Utilities - 0.0% ^(G)
SCE Trust III Series H, 5.75% ^{(B) (C)}		7,998		231,942

Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp. Series Z, 8.38% ^{(B) (C)}^(I)		93,300		415,185
Federal National Mortgage Association
Series O, 0.00% ^{(B) (I) (J)}		1,300		9,555
Series S, 8.25% ^{(B) (I)}		81,175		362,852

				787,592

Total Preferred Stocks (Cost $4,586,141)				3,246,291


	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.2%
Federal Home Loan Bank Discount Notes
0.33% ^(K), 08/01/2016		$ 65,300,000		65,285,960
0.34% ^(K), 08/12/2016 - 10/03/2016		22,908,000		22,892,757
0.35% ^(K), 07/08/2016 - 07/29/2016		5,100,000		5,099,406
0.40% ^(K), 09/07/2016 - 09/16/2016		45,900,000		45,874,233
0.43% ^(K), 08/12/2016		1,000,000		999,708

Total Short-Term U.S. Government Agency Obligations (Cost $140,136,694)				140,152,064


	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.0%
U.S. Treasury Bill
0.20% ^(K), 08/11/2016 ^(C)		$ 8,412,000		$ 8,410,048
0.21% ^(K), 07/07/2016 ^(C)		5,575,000		5,574,944
0.27% ^(K), 08/11/2016		2,700,000		2,699,374
0.29% ^(K), 10/06/2016		8,415,000		8,409,194

Total Short-Term U.S. Government Obligations (Cost $25,092,620)				25,093,560


	Shares		Value
SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(K)		86,070,228		86,070,228

Total Securities Lending Collateral (Cost $86,070,228)				86,070,228


	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.03% ^(K), dated 06/30/2016, to be repurchased at $23,956,689 on 07/01/2016. Collateralized by a U.S. Government Obligation, 3.38%, due 11/15/2019, and with a value of $24,439,366.		$ 23,956,669		23,956,669

Total Repurchase Agreement (Cost $23,956,669)				23,956,669

Total Investments (Cost $1,494,182,811) ^(L)				1,521,572,743
Net Other Assets (Liabilities) - (21.2)%				(265,780,287	)


Net Assets - 100.0%				$ 1,255,792,456

SECURITY VALUATION:

Valuation Inputs ^(M)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	77,419,599	$	—	$	77,419,599
Corporate Debt Securities		—		476,942,516		—		476,942,516
Foreign Government Obligations		—		18,230,717		—		18,230,717
Mortgage-Backed Securities		—		155,526,132		—		155,526,132
Municipal Government Obligations		—		7,292,552		—		7,292,552
U.S. Government Agency Obligations		—		211,255,490		—		211,255,490
U.S. Government Obligations		—		296,386,925		—		296,386,925
Preferred Stocks		3,246,291		—		—		3,246,291
Short-Term U.S. Government Agency Obligations		—		140,152,064		—		140,152,064
Short-Term U.S. Government Obligations		—		25,093,560		—		25,093,560
Securities Lending Collateral		86,070,228		—		—		86,070,228
Repurchase Agreement		—		23,956,669		—		23,956,669

Total Investments	$	89,316,519	$	1,432,256,224	$	—	$	1,521,572,743

LIABILITIES

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 26

Transamerica Partners Core Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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, 2016, the total value of 144A securities is $292,006,077, representing 23.3% of the Portfolio’s net assets.

^(B)	Floating or variable rate securities. The rates disclosed are as of June 30, 2016.

^(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $84,321,136. 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.

^(D)	Perpetual maturity. The date displayed is the next call date.

^(E)	Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after June 30, 2016.

^(F)	Security in default.

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

^(H)	Cash in the amount of $353,000 has been segregated by the broker as collateral for open TBA commitment transactions.

^(I)	Non-income producing securities.

^(J)	Percentage rounds to less than 0.01% or (0.01)%.

^(K)	Rates disclosed reflect the yields at June 30, 2016.

^(L)	Aggregate cost for federal income tax purposes is $1,494,182,811. Aggregate gross unrealized appreciation and depreciation for all securities is $44,175,448 and $16,785,516, respectively. Net unrealized appreciation for tax purposes is $27,389,932.

^(M)

PORTFOLIO ABBREVIATIONS:


MTN		Medium Term Note
STRIPS		Separate Trading of Registered Interest and Principal of Securities
TBA		To Be Announced

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 27

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES - 93.9%
Aerospace & Defense - 1.1%
Bombardier, Inc.
6.00%, 10/15/2022 ^(A)		$ 4,387,000		$ 3,750,885
6.13%, 01/15/2023 ^(A)		930,000		792,825
7.50%, 03/15/2025 ^(A)		691,000		597,715
7.75%, 03/15/2020 ^(A)		1,812,000		1,780,290
Triumph Group, Inc. 5.25%, 06/01/2022		2,244,000		2,064,480

				8,986,195

Airlines - 2.5%
American Airlines Group, Inc.
4.63%, 03/01/2020 ^(A)		1,000,000		955,000
5.50%, 10/01/2019 ^(A)		2,874,000		2,845,260
American Airlines Pass-Through Trust
5.60%, 01/15/2022 ^(A)		2,087,421		2,150,044
6.13%, 07/15/2018 ^(A)		7,155,000		7,405,425
Continental Airlines Pass-Through Certificates 6.13%, 04/29/2018		3,220,000		3,389,050
Continental Airlines Pass-Through Trust 6.90%, 10/19/2023		588,292		614,060
United Airlines Pass-Through Trust 4.63%, 03/03/2024		732,229		734,059
United Continental Holdings, Inc. 6.38%, 06/01/2018		1,185,000		1,235,362
US Airways Pass-Through Trust 6.75%, 12/03/2022		580,629		621,273

				19,949,533

Auto Components - 0.2%
Goodyear Tire & Rubber Co. 5.00%, 05/31/2026		1,500,000		1,528,125

Automobiles - 0.2%
Fiat Chrysler Automobiles NV
4.50%, 04/15/2020		430,000		434,838
5.25%, 04/15/2023		1,450,000		1,440,937

				1,875,775

Banks - 3.1%
Bank of America Corp. 8.00% ^(B), 01/30/2018 ^(C)		3,947,000		3,922,331
Barclays PLC
6.63% ^(B), 09/15/2019 ^(C)		2,336,000		2,084,880
8.25% ^(B), 12/15/2018 ^(C)		1,843,000		1,801,459
BNP Paribas SA 7.63% ^(B), 03/30/2021 ^{(A) (C)}		768,000		768,000
CIT Group, Inc.
5.00%, 08/15/2022		385,000		391,738
5.25%, 03/15/2018		1,525,000		1,571,177
5.38%, 05/15/2020		190,000		198,075
5.50%, 02/15/2019 ^(A)		2,290,000		2,395,912
Citigroup, Inc. 6.30% ^(B), 05/15/2024 ^(C)		3,900,000		3,880,110
JPMorgan Chase & Co.
5.00% ^(B), 07/01/2019 ^(C)		2,015,000		1,926,844
7.90% ^(B), 04/30/2018 ^(C)		2,852,000		2,909,040
Lloyds Banking Group PLC 7.50% ^(B), 06/27/2024 ^(C)		2,525,000		2,468,187

				24,317,753


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.8%
Cott Beverages, Inc.
5.38%, 07/01/2022		$ 4,099,000		$ 4,099,000
6.75%, 01/01/2020		2,484,000		2,589,570

				6,688,570

Biotechnology - 0.2%
Concordia International Corp. 7.00%, 04/15/2023 ^(A)		1,499,000		1,277,898

Building Products - 3.1%
Associated Materials LLC / AMH New Finance, Inc. 9.13%, 11/01/2017		7,646,000		6,804,940
Builders FirstSource, Inc.
7.63%, 06/01/2021 ^(A)		2,415,000		2,523,675
10.75%, 08/15/2023 ^(A)		4,070,000		4,426,125
Griffon Corp.
5.25%, 03/01/2022 ^(A)		1,300,000		1,283,750
5.25%, 03/01/2022		3,975,000		3,925,312
Norbord, Inc. 6.25%, 04/15/2023 ^(A)		2,237,000		2,292,925
Ply Gem Industries, Inc. 6.50%, 02/01/2022		3,042,000		2,974,815

				24,231,542

Capital Markets - 1.8%
Credit Suisse Group AG
6.25% ^(B), 12/18/2024 ^{(A) (C)}		807,000		759,450
7.50% ^(B), 12/11/2023 ^{(A) (C)}		4,022,000		4,042,110
Deutsche Bank AG 7.50% ^(B), 04/30/2025 ^(C)		2,200,000		1,839,750
Goldman Sachs Capital II 4.00% ^(B), 08/01/2016 ^(C)		5,876,000		4,400,654
Morgan Stanley
5.45% ^(B), 07/15/2019 ^(C)		2,970,000		2,851,200
5.55% ^(B), 07/15/2020 ^(C)		320,000		316,992

				14,210,156

Chemicals - 1.1%
Hexion, Inc.
6.63%, 04/15/2020		6,738,000		5,634,989
10.00%, 04/15/2020		1,201,000		1,122,935
Tronox Finance LLC 7.50%, 03/15/2022 ^(A)		2,217,000		1,596,240

				8,354,164

Commercial Services & Supplies - 0.4%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.25%, 03/15/2025 ^(A)		2,052,000		1,857,060
5.50%, 04/01/2023		1,081,000		1,064,785

				2,921,845

Construction & Engineering - 1.8%
Abengoa Greenfield SA 6.50%, 10/01/2019 ^{(A) (D)}		1,767,000		70,680
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.88%, 02/15/2021 ^(A)		4,673,000		4,194,017
Brookfield Residential Properties, Inc.
6.38%, 05/15/2025 ^(A)		2,147,000		1,959,138
6.50%, 12/15/2020 ^(A)		814,000		811,965

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 28

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering (continued)
K Hovnanian Enterprises, Inc.
7.00%, 01/15/2019^(A)		$ 1,785,000		$ 1,213,800
7.25%, 10/15/2020^(A)		1,250,000		1,081,250
8.00%, 11/01/2019^(A)		1,800,000		1,233,000
9.13%, 11/15/2020^(A)		6,000,000		4,080,000

				14,643,850

Consumer Finance - 4.2%
Ally Financial, Inc.
3.25%, 02/13/2018		872,000		872,000
5.50%, 02/15/2017		1,700,000		1,725,500
5.75%, 11/20/2025		1,366,000		1,369,415
6.25%, 12/01/2017		2,830,000		2,964,425
8.00%, 12/31/2018 - 11/01/2031		1,599,000		1,817,303
Altice Financing SA
6.63%, 02/15/2023^(A)		2,539,000		2,492,968
7.50%, 05/15/2026^(A)		1,570,000		1,538,600
Altice US Finance I Corp. 5.38%, 07/15/2023^(A)		980,000		972,650
Navient Corp.
5.50%, 01/15/2019, MTN		2,630,000		2,634,997
5.88%, 10/25/2024		2,126,000		1,817,730
OneMain Financial Holdings LLC
6.75%, 12/15/2019^(A)		1,847,000		1,800,825
7.25%, 12/15/2021^(A)		3,079,000		2,948,142
Springleaf Finance Corp.
6.00%, 06/01/2020		3,589,000		3,360,201
7.75%, 10/01/2021		1,987,000		1,912,488
8.25%, 12/15/2020		4,694,000		4,705,735

				32,932,979

Containers & Packaging - 2.1%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
3.65% ^(B), 12/15/2019^(A)		3,620,000		3,633,575
4.63%, 05/15/2023^(A)		550,000		541,750
7.00%, 11/15/2020^(A)		774,706		759,212
7.25%, 05/15/2024^(A)		535,000		546,034
Ball Corp.
4.38%, 12/15/2020		958,000		1,007,696
5.25%, 07/01/2025		2,466,000		2,570,805
Beverage Packaging Holdings Luxembourg II SA / Beverage Packaging Holdings II Issuer, Inc. 5.63%, 12/15/2016^(A)		645,000		646,613
Coveris Holdings SA 7.88%, 11/01/2019^(A)		3,200,000		3,108,000
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023^(A)		1,617,000		1,698,529
6.38%, 08/15/2025^(A)		539,000		563,255
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023^(A)		955,000		966,937
7.00%, 07/15/2024^(A)		495,000		509,603

				16,552,009

Diversified Financial Services - 2.7%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
4.25%, 07/01/2020		800,000		814,000
4.63%, 07/01/2022		1,691,000		1,731,719


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Denali International LLC / Denali Finance Corp. 5.63%, 10/15/2020 ^(A)		$ 7,530,000		$ 7,898,970
Glen Meadow Pass-Through Trust 6.51%^(B), 02/12/2067 ^(A)		6,373,000		4,588,560
ILFC E-Capital Trust I 3.98% ^(B), 12/21/2065 ^(A)		4,780,000		3,752,300
ILFC E-Capital Trust II 4.23% ^(B), 12/21/2065 ^(A)		875,000		691,250
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.50%, 04/15/2021 ^(A)		2,441,000		2,191,652

				21,668,451

Diversified Telecommunication Services - 7.2%
CenturyLink, Inc.
6.45%, 06/15/2021		594,000		603,653
7.50%, 04/01/2024		1,430,000		1,442,512
7.65%, 03/15/2042		12,462,000		10,530,390
Frontier Communications Corp.
6.88%, 01/15/2025		318,000		266,921
7.63%, 04/15/2024		4,566,000		4,040,910
9.00%, 08/15/2031		3,778,000		3,322,279
10.50%, 09/15/2022		1,238,000		1,309,959
11.00%, 09/15/2025		581,000		601,335
Hughes Satellite Systems Corp.
6.50%, 06/15/2019		2,038,000		2,201,040
7.63%, 06/15/2021		1,302,000		1,401,115
Intelsat Jackson Holdings SA
7.25%, 10/15/2020		4,464,000		3,180,600
8.00%, 02/15/2024 ^(A)		525,000		517,125
Neptune Finco Corp.
6.63%, 10/15/2025 ^(A)		752,000		789,600
10.13%, 01/15/2023 ^(A)		752,000		842,240
10.88%, 10/15/2025 ^(A)		950,000		1,085,964
Numericable-SFR SA 7.38%, 05/01/2026 ^(A)		2,538,000		2,509,447
Sprint Capital Corp. 8.75%, 03/15/2032		1,090,000		931,950
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 ^(A)		2,750,000		2,722,500
Virgin Media Finance PLC
5.75%, 01/15/2025 ^(A)		3,425,000		3,279,437
6.38%, 04/15/2023 ^(A)		1,820,000		1,820,000
Virgin Media Secured Finance PLC
5.25%, 01/15/2026 ^(A)		1,750,000		1,693,125
5.50%, 08/15/2026 ^(A)		675,000		656,438
Wind Acquisition Finance SA
4.75%, 07/15/2020 ^(A)		2,500,000		2,450,000
7.38%, 04/23/2021 ^(A)		4,935,000		4,700,587
Windstream Services LLC 7.75%, 10/01/2021		4,602,000		4,337,385

				57,236,512

Electric Utilities - 1.4%
Elwood Energy LLC 8.16%, 07/05/2026		2,563,074		2,819,381
Homer City Generation, LP 8.73%, 10/01/2026		7,089,700		4,112,026

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 29

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Red Oak Power LLC 9.20%, 11/30/2029		$ 1,325,000		$ 1,371,375
Terraform Global Operating LLC 9.75%, 08/15/2022 ^(A)		3,244,000		2,935,820

				11,238,602

Electronic Equipment, Instruments & Components - 0.6%
Belden, Inc. 5.50%, 09/01/2022 ^(A)		2,514,000		2,532,855
Sanmina Corp. 4.38%, 06/01/2019 ^(A)		1,835,000		1,876,288

				4,409,143

Energy Equipment & Services - 4.0%
CSI Compressco, LP / Compressco Finance, Inc. 7.25%, 08/15/2022		2,453,000		2,011,460
Genesis Energy, LP / Genesis Energy Finance Corp. 6.75%, 08/01/2022		3,390,000		3,288,300
Noble Holding International, Ltd.
6.05%, 03/01/2041		1,491,000		894,600
7.95%, 04/01/2045		1,275,000		895,688
NuStar Logistics, LP
4.80%, 09/01/2020		3,924,000		3,806,280
6.75%, 02/01/2021		42,000		42,420
8.15%, 04/15/2018		2,000,000		2,120,000
Regency Energy Partners, LP / Regency Energy Finance Corp. 5.88%, 03/01/2022		4,470,000		4,781,304
Rowan Cos., Inc. 4.88%, 06/01/2022		2,296,000		2,009,000
Sabine Pass Liquefaction LLC
5.63%, 02/01/2021 - 03/01/2025		3,540,000		3,548,931
5.88%, 06/30/2026 ^(A)		1,986,000		1,993,447
Transocean, Inc. 8.13%, 12/15/2021		3,721,000		3,144,245
Weatherford International LLC 6.80%, 06/15/2037		2,144,000		1,581,865
Weatherford International, Ltd. 6.75%, 09/15/2040		1,875,000		1,387,500

				31,505,040

Food & Staples Retailing - 0.6%
Albertsons Cos. LLC / Safeway, Inc. 6.63%, 06/15/2024 ^(A)		711,000		734,108
Rite Aid Corp.
6.13%, 04/01/2023 ^(A)		1,764,000		1,883,070
6.75%, 06/15/2021		2,253,000		2,371,282

				4,988,460

Food Products - 1.4%
Aramark Services, Inc. 5.75%, 03/15/2020		205,000		211,150
JBS USA LLC / JBS USA Finance, Inc.
5.75%, 06/15/2025 ^(A)		1,160,000		1,090,400
7.25%, 06/01/2021 ^(A)		2,140,000		2,214,900
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 ^(A)		1,009,000		1,006,477
Post Holdings, Inc.
6.75%, 12/01/2021 ^(A)		4,845,000		5,123,587


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Post Holdings, Inc. (continued)
7.38%, 02/15/2022		$ 827,000		$ 869,384
8.00%, 07/15/2025 ^(A)		458,000		507,808

				11,023,706

Gas Utilities - 0.3%
Ferrellgas, LP / Ferrellgas Finance Corp. 6.75%, 06/15/2023 ^(A)		2,516,000		2,207,790

Health Care Equipment & Supplies - 1.7%
Crimson Merger Sub, Inc. 6.63%, 05/15/2022 ^(A)		3,330,000		2,747,250
DJO Finco, Inc. / DJO Finance LLC 8.13%, 06/15/2021 ^(A)		2,345,000		2,028,425
Hologic, Inc. 5.25%, 07/15/2022 ^(A)		2,139,000		2,235,255
Mallinckrodt International Finance SA 4.75%, 04/15/2023		3,250,000		2,632,500
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.75%, 08/01/2022 ^(A)		3,982,000		3,782,900

				13,426,330

Health Care Providers & Services - 5.6%
CHS / Community Health Systems, Inc.
6.88%, 02/01/2022		7,498,000		6,560,750
7.13%, 07/15/2020		2,295,000		2,127,672
8.00%, 11/15/2019		2,104,000		2,059,290
DaVita HealthCare Partners, Inc. 5.75%, 08/15/2022		2,229,000		2,332,091
HCA Holdings, Inc. 6.25%, 02/15/2021		8,043,000		8,585,902
HCA, Inc.
5.88%, 02/15/2026		1,270,000		1,317,625
7.50%, 02/15/2022		3,410,000		3,877,170
HealthSouth Corp. 5.75%, 11/01/2024 - 09/15/2025		3,573,000		3,569,400
LifePoint Health, Inc. 5.50%, 12/01/2021		3,940,000		4,107,450
Tenet Healthcare Corp.
4.38%, 10/01/2021		1,200,000		1,191,000
5.00%, 03/01/2019		745,000		720,787
5.50%, 03/01/2019		1,135,000		1,117,975
6.00%, 10/01/2020		1,410,000		1,487,550
6.75%, 06/15/2023		1,034,000		990,055
8.13%, 04/01/2022		4,042,000		4,142,242

				44,186,959

Hotels, Restaurants & Leisure - 5.8%
Boyd Gaming Corp.
6.38%, 04/01/2026 ^(A)		445,000		465,025
6.88%, 05/15/2023		3,145,000		3,349,425
FelCor Lodging, LP 5.63%, 03/01/2023		2,680,000		2,680,000
International Game Technology PLC
6.25%, 02/15/2022 ^(A)		231,000		234,754
6.50%, 02/15/2025 ^(A)		8,218,000		8,279,635
MGM Growth Properties Operating Partnership, LP / MGP Escrow Co-Issuer, Inc. 5.63%, 05/01/2024 ^(A)		271,000		286,583

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 30

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure (continued)
MGM Resorts International
6.00%, 03/15/2023		$ 1,232,000		$ 1,299,760
6.63%, 12/15/2021		3,185,000		3,463,687
7.75%, 03/15/2022		3,385,000		3,825,050
11.38%, 03/01/2018		1,911,000		2,173,763
NCL Corp., Ltd. 4.63%, 11/15/2020 ^(A)		2,630,000		2,625,056
New Cotai LLC / New Cotai Capital Corp. 10.63%, 05/01/2019 ^{(A) (E)}		2,668,206		1,600,368
Scientific Games International, Inc.
7.00%, 01/01/2022 ^(A)		683,000		686,415
10.00%, 12/01/2022		7,477,000		6,075,062
Studio City Finance, Ltd. 8.50%, 12/01/2020 ^(A)		3,325,000		3,358,250
Viking Cruises, Ltd.
6.25%, 05/15/2025 ^(A)		1,424,000		1,075,120
8.50%, 10/15/2022 ^(A)		5,205,000		4,437,262
Waterford Gaming LLC / Waterford Gaming Financial Corp. 8.63%, 09/15/2049 ^{(A) (D) (F) (G) (H)}		1,066,313		—	^(I)

				45,915,215

Household Durables - 3.0%
Beazer Homes USA, Inc.
5.75%, 06/15/2019		3,139,000		2,856,490
7.25%, 02/01/2023		925,000		756,187
7.50%, 09/15/2021		1,824,000		1,577,760
9.13%, 05/15/2019		2,020,000		1,994,750
KB Home
7.00%, 12/15/2021		1,975,000		1,984,875
7.63%, 05/15/2023		2,998,000		3,042,970
8.00%, 03/15/2020		910,000		973,700
9.10%, 09/15/2017		1,158,000		1,233,270
Meritage Homes Corp. 4.50%, 03/01/2018		6,072,000		6,163,080
Tempur Sealy International, Inc.
5.50%, 06/15/2026 ^(A)		1,300,000		1,277,250
5.63%, 10/15/2023		2,136,000		2,200,080

				24,060,412

Household Products - 1.3%
Kronos Acquisition Holdings, Inc. 9.00%, 08/15/2023 ^(A)		1,740,000		1,705,200
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
6.88%, 02/15/2021		3,693,000		3,803,790
7.13%, 04/15/2019		2,472,000		2,509,080
9.88%, 08/15/2019		2,210,000		2,281,825

				10,299,895

Independent Power & Renewable Electricity Producers - 2.3%
Calpine Corp.
5.25%, 06/01/2026 ^(A)		1,727,000		1,722,683
5.38%, 01/15/2023		370,000		360,750
5.75%, 01/15/2025		1,778,000		1,729,105
6.00%, 01/15/2022 ^(A)		2,597,000		2,720,357
NRG Energy, Inc.
7.25%, 05/15/2026 ^(A)		2,906,000		2,891,470
7.88%, 05/15/2021		6,278,000		6,497,730
8.25%, 09/01/2020		2,045,000		2,114,673

				18,036,768


	Principal			Value
CORPORATE DEBT SECURITIES (continued)
Insurance - 1.4%
Genworth Holdings, Inc.
4.90%, 08/15/2023		$ 577,000			$ 434,193
7.20%, 02/15/2021		1,023,000			861,878
7.63%, 09/24/2021		4,494,000			3,825,517
Lincoln National Corp. 2.99%^(B), 05/17/2066		8,111,000			5,596,590

					10,718,178

IT Services - 1.4%
First Data Corp.
5.00%, 01/15/2024 ^(A)		1,072,000			1,074,680
5.75%, 01/15/2024 ^(A)		2,320,000			2,302,600
6.75%, 11/01/2020 ^(A)		6,218,000			6,494,639
7.00%, 12/01/2023 ^(A)		986,000			998,325

					10,870,244

Machinery - 0.6%
CNH Industrial Capital LLC 3.88%, 07/16/2018		1,110,000			1,115,550
Meritor, Inc.
6.25%, 02/15/2024		1,852,000			1,583,460
6.75%, 06/15/2021		910,000			850,850
Wise Metals Group LLC / Wise Alloys Finance Corp. 8.75%, 12/15/2018 ^(A)		1,616,000			1,486,720

					5,036,580

Media - 7.0%
Adelphia Communications Corp.
9.25%, 10/01/2049 ^{(F) (H) (J)}		1,305,000			6,525
10.25%, 06/15/2049 ^{(F) (H) (J)}		840,000			4,200
10.25%, 11/01/2049 ^{(H) (J)}		620,000			3,100
Cablevision Systems Corp.
5.88%, 09/15/2022		1,456,000			1,304,576
7.75%, 04/15/2018		3,805,000	��		4,073,709
8.00%, 04/15/2020		3,129,000			3,208,821
CCO Holdings LLC / CCO Holdings Capital Corp.
5.25%, 09/30/2022		885,000			908,231
5.50%, 05/01/2026 ^(A)		419,000			425,285
5.75%, 01/15/2024		60,000			63,144
5.75%, 02/15/2026 ^(A)		1,750,000			1,802,500
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 ^(A)		1,400,000			1,423,520
7.75%, 07/15/2025 ^(A)		500,000			521,250
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		4,549,000			4,444,075
7.63%, 03/15/2020		8,816,000			8,373,409
CSC Holdings LLC 6.75%, 11/15/2021		185,000			188,700
DISH DBS Corp.
5.00%, 03/15/2023		750,000			682,500
5.88%, 07/15/2022 - 11/15/2024		3,874,000			3,686,545
6.75%, 06/01/2021		3,215,000			3,331,544
7.75%, 07/01/2026 ^(A)		1,230,000			1,266,900
7.88%, 09/01/2019		3,253,000			3,586,432
iHeartCommunications, Inc.
9.00%, 03/01/2021		250,000			176,250
10.63%, 03/15/2023		1,748,000			1,210,490

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 31

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Regal Entertainment Group 5.75%, 06/15/2023 - 02/01/2025		$ 2,238,000		$ 2,212,193
Unitymedia GmbH 6.13%, 01/15/2025 ^(A)		2,106,000		2,158,439
Univision Communications, Inc.
5.13%, 02/15/2025 ^(A)		898,000		887,898
6.75%, 09/15/2022 ^(A)		9,061,000		9,559,355

				55,509,591

Metals & Mining - 2.0%
ArcelorMittal 8.00%, 10/15/2039		3,333,000		3,233,010
Constellium NV
5.75%, 05/15/2024 ^(A)		2,949,000		2,322,337
7.88%, 04/01/2021 ^(A)		646,000		666,187
8.00%, 01/15/2023 ^(A)		1,318,000		1,159,840
FMG Resources Pty, Ltd. 9.75%, 03/01/2022 ^(A)		856,000		944,810
Freeport-McMoRan, Inc. 5.45%, 03/15/2043		2,750,000		2,206,875
Novelis, Inc.
8.38%, 12/15/2017		2,045,000		2,091,012
8.75%, 12/15/2020		307,000		320,048
Teck Resources, Ltd.
3.75%, 02/01/2023		691,000		525,160
6.00%, 08/15/2040		635,000		444,500
6.25%, 07/15/2041		2,040,000		1,448,400
8.00%, 06/01/2021 ^(A)		415,000		427,450
8.50%, 06/01/2024 ^(A)		415,000		430,563

				16,220,192

Multiline Retail - 0.2%
Dollar Tree, Inc.
5.25%, 03/01/2020 ^(A)		207,000		213,210
5.75%, 03/01/2023 ^(A)		1,117,000		1,186,813

				1,400,023

Oil, Gas & Consumable Fuels - 6.6%
Antero Resources Corp. 5.38%, 11/01/2021		861,000		841,628
Berry Petroleum Co. LLC 6.38%, 09/15/2022 ^(D)		1,625,000		560,625
BreitBurn Energy Partners, LP / BreitBurn Finance Corp. 7.88%, 04/15/2022 ^(D)		3,505,000		701,000
Carrizo Oil & Gas, Inc. 7.50%, 09/15/2020		1,749,000		1,770,862
Chesapeake Energy Corp. 8.00%, 12/15/2022 ^(A)		3,216,000		2,725,560
CITGO Holding, Inc. 10.75%, 02/15/2020 ^(A)		4,231,000		4,252,155
CITGO Petroleum Corp. 6.25%, 08/15/2022 ^(A)		1,988,000		1,903,510
Concho Resources, Inc. 5.50%, 04/01/2023		2,076,000		2,081,190
Continental Resources, Inc.
4.50%, 04/15/2023		1,220,000		1,137,650
5.00%, 09/15/2022		1,694,000		1,655,885
Denbury Resources, Inc. 5.50%, 05/01/2022		1,087,000		733,725


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners, LP
4.15%, 06/01/2025		$ 908,000		$ 836,824
5.05%, 04/01/2045		2,391,000		1,953,710
EP Energy LLC / Everest Acquisition Finance, Inc. 9.38%, 05/01/2020		867,000		613,403
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas, Inc.
6.50%, 11/15/2020		766,000		767,624
6.75%, 02/01/2022		1,284,000		1,258,722
6.88%, 02/15/2023		1,279,000		1,234,235
Kinder Morgan, Inc. 8.05%, 10/15/2030, MTN		2,000,000		2,197,412
Linn Energy LLC / Linn Energy Finance Corp.
7.75%, 02/01/2021 ^(D)		4,085,000		694,450
8.63%, 04/15/2020 ^(D)		3,225,000		552,281
Oasis Petroleum, Inc.
6.50%, 11/01/2021		365,000		333,063
7.25%, 02/01/2019		1,613,000		1,544,447
ONEOK, Inc. 7.50%, 09/01/2023		2,181,000		2,322,765
Peabody Energy Corp.
6.25%, 11/15/2021 ^(D)		420,000		55,650
6.50%, 09/15/2020 ^(D)		1,000,000		132,500
10.00%, 03/15/2022 ^{(A) (D)}		1,414,000		187,355
Rose Rock Midstream, LP / Rose Rock Finance Corp. 5.63%, 11/15/2023		1,495,000		1,300,650
SM Energy Co. 6.13%, 11/15/2022		3,265,000		2,999,719
Sunoco, LP / Sunoco Finance Corp.
5.50%, 08/01/2020 ^(A)		3,329,000		3,287,387
6.25%, 04/15/2021 ^(A)		621,000		619,448
6.38%, 04/01/2023 ^(A)		2,760,000		2,739,300
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2018		1,545,000		1,572,037
6.75%, 03/15/2024 ^(A)		1,685,000		1,727,125
Tesoro Logistics, LP / Tesoro Logistics Finance Corp. 6.38%, 05/01/2024		1,115,000		1,167,963
Whiting Petroleum Corp. 5.75%, 03/15/2021		1,785,000		1,610,962
WPX Energy, Inc. 8.25%, 08/01/2023		2,100,000		2,105,250

				52,178,072

Paper & Forest Products - 0.3%
Boise Cascade Co. 6.38%, 11/01/2020		2,410,000		2,458,200

Personal Products - 0.6%
Revlon Consumer Products Corp. 5.75%, 02/15/2021		4,540,000		4,381,100

Pharmaceuticals - 1.4%
Endo, Ltd. / Endo Finance LLC 6.00%, 07/15/2023 ^(A)		3,180,000		2,782,500

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 32

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc.
5.63%, 12/01/2021 ^(A)		$ 1,150,000		$ 948,750
5.88%, 05/15/2023 ^(A)		2,853,000		2,303,798
6.38%, 10/15/2020 ^(A)		5,367,000		4,615,620
7.50%, 07/15/2021 ^(A)		830,000		731,956

				11,382,624

Professional Services - 0.4%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 ^(A)		3,599,000		3,581,005

Real Estate Investment Trusts - 1.2%
CBL & Associates, LP 5.25%, 12/01/2023		3,139,000		2,978,098
Communications Sales & Leasing, Inc. / CSL Capital LLC 8.25%, 10/15/2023		1,065,000		1,080,315
Equinix, Inc. 5.88%, 01/15/2026		2,127,000		2,216,068
Iron Mountain US Holdings, Inc. 5.38%, 06/01/2026 ^(A)		1,436,000		1,392,920
Iron Mountain, Inc. 4.38%, 06/01/2021 ^(A)		875,000		881,562
VEREIT Operating Partnership, LP 4.13%, 06/01/2021		940,000		980,533

				9,529,496

Road & Rail - 0.8%
Aviation Capital Group Corp. 6.75%, 04/06/2021 ^(A)		2,779,000		3,140,270
Hertz Corp.
7.38%, 01/15/2021		2,724,000		2,812,530
7.50%, 10/15/2018		735,000		748,781

				6,701,581

Semiconductors & Semiconductor Equipment - 0.1%
Micron Technology, Inc. 7.50%, 09/15/2023 ^(A)		469,000		498,313

Software - 0.6%
Ensemble S Merger Sub, Inc. 9.00%, 09/30/2023 ^(A)		960,000		948,000
Infor US, Inc.
5.75%, 08/15/2020 ^(A)		776,000		812,860
6.50%, 05/15/2022		3,253,000		3,072,068

				4,832,928

Specialty Retail - 1.2%
Claire’s Stores, Inc. 9.00%, 03/15/2019 ^(A)		5,226,000		3,109,470
L Brands, Inc.
6.75%, 07/01/2036		2,345,000		2,343,523
6.88%, 11/01/2035		2,176,000		2,203,200
Men’s Wearhouse, Inc. 7.00%, 07/01/2022		2,494,000		2,094,960

				9,751,153

Technology Hardware, Storage & Peripherals - 2.4%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
5.45%, 06/15/2023 ^(A)		1,603,000		1,663,230
5.88%, 06/15/2021 ^(A)		754,000		768,908
7.13%, 06/15/2024 ^(A)		754,000		787,493
8.35%, 07/15/2046 ^(A)		1,152,000		1,238,526


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Diebold, Inc. 8.50%, 04/15/2024 ^(A)		$ 2,754,000		$ 2,733,345
Riverbed Technology, Inc. 8.88%, 03/01/2023 ^(A)		2,704,000		2,798,640
Seagate HDD Cayman
4.75%, 06/01/2023 - 01/01/2025		3,974,000		3,302,294
4.88%, 06/01/2027 ^(K)		1,445,000		1,046,570
Western Digital Corp.
7.38%, 04/01/2023 ^(A)		1,785,000		1,901,025
10.50%, 04/01/2024 ^(A)		2,357,000		2,521,990

				18,762,021

Textiles, Apparel & Luxury Goods - 0.7%
Levi Strauss & Co. 6.88%, 05/01/2022		5,431,000		5,763,649

Trading Companies & Distributors - 1.2%
United Rentals North America, Inc.
5.50%, 07/15/2025		7,360,000		7,249,600
7.63%, 04/15/2022		2,188,000		2,335,690

				9,585,290

Wireless Telecommunication Services - 3.3%
Sprint Communications, Inc.
6.00%, 11/15/2022		2,470,000		1,943,643
9.00%, 11/15/2018 ^(A)		6,075,000		6,469,875
9.13%, 03/01/2017		995,000		1,025,367
Sprint Corp.
7.25%, 09/15/2021		1,570,000		1,338,425
7.63%, 02/15/2025		2,047,000		1,619,689
7.88%, 09/15/2023		8,612,000		7,040,310
T-Mobile USA, Inc.
6.63%, 04/28/2021		1,360,000		1,421,200
6.73%, 04/28/2022		4,671,000		4,911,790
6.84%, 04/28/2023		455,000		480,594

				26,250,893

Total Corporate Debt Securities (Cost $793,385,338)				744,084,810


LOAN ASSIGNMENTS - 0.9%
Containers & Packaging - 0.1%
Anchor Glass Container Corp. 1st Lien Term Loan, 4.75% ^(B), 07/01/2022		748,125		745,881

Household Products - 0.2%
KIK Custom Products, Inc. Term Loan B, TBD, 08/26/2022 ^{(K) (L)}		1,300,000		1,279,958

IT Services - 0.1%
First Data Corp. Term Loan, 4.45% ^(B), 03/24/2021		1,000,000		995,750

Marine - 0.2%
Commercial Barge Line Co. 1st Lien Term Loan, 9.75% ^(B), 11/12/2020		1,999,688		1,839,712

Software - 0.3%
BMC Software Finance, Inc. Term Loan, TBD, 09/10/2020 ^{(K) (L)}		2,550,000		2,265,517

Total Loan Assignments (Cost $7,210,692)				7,126,818

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 33

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCK - 0.0% ^(M)
Media - 0.0% ^(M)
New Cotai LLC / New Cotai Capital Corp., Class B ^{(F) (G) (H) (N)}		6		$ 185,250

Total Common Stock (Cost $185,250)				185,250


PREFERRED STOCK - 1.0%
Banks - 1.0%
GMAC Capital Trust I Series 2, 6.41% ^(B)		343,750		8,531,875

Total Preferred Stock (Cost $8,711,435)				8,531,875


WARRANT - 0.0%
Food Products - 0.0%
American Seafoods Group LLC ^{(F) (G) (H) (N)} Exercise Price $0 Expiration Date 05/15/2018		1,265		—	^(I)

Total Warrant (Cost $—)				—	^(I)


	Principal		Value
REPURCHASE AGREEMENT - 2.9%
State Street Bank & Trust Co. 0.03%^(O), dated 06/30/2016, to be repurchased at $22,677,301 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.38%, due 02/29/2020, and with a value of $23,134,063.		$ 22,677,282		$ 22,677,282

Total Repurchase Agreement (Cost $22,677,282)				22,677,282

Total Investments (Cost $832,169,997) ^(P)				782,606,035
Net Other Assets (Liabilities) - 1.3%				9,924,803


Net Assets - 100.0%				$ 792,530,838

SECURITY VALUATION:

Valuation Inputs ^(Q)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs^(R)			Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	744,084,810	$	—	^(I)	$	744,084,810
Loan Assignments		—		7,126,818		—			7,126,818
Common Stock		—		—		185,250			185,250
Preferred Stock		8,531,875		—		—			8,531,875
Warrant		—		—		—	^(I)		—	^(I)
Repurchase Agreement		—		22,677,282		—			22,677,282

Total Investments	$	8,531,875	$	773,888,910	$	185,250		$	782,606,035

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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, 2016, the total value of 144A securities is $293,151,352, representing 37.0% of the Portfolio’s net assets.

^(B)	Floating or variable rate securities. The rates disclosed are as of June 30, 2016.

^(C)	Perpetual maturity. The date displayed is the next call date.

^(D)	Securities in default.

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

^(F)	Fair valued as determined in good faith in accordance with procedures established by the Board. At June 30, 2016, total value of securities is $195,975, representing less than 0.1% of the Portfolio’s net assets.

^(G)	Securities are Level 3 of the fair value hierarchy.

^(H)	Illiquid securities. At June 30, 2016, total value of illiquid securities is $199,075, representing less than 0.1% of the Portfolio’s net assets.

^(I)	Securities deemed worthless.

^(J)	Escrow positions. Positions represents remaining escrow balances expected to be received upon finalization of restructuring.

^(K)	Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after June 30, 2016.

^(L)	All or a portion of the security represents unsettled loan commitments at June 30, 2016, where the rate will be determined at time of settlement.

^(M)	Percentage rounds to less than 0.1% or (0.1)%.

^(N)	Non-income producing securities.

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 34

Transamerica Partners High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(O)	Rate disclosed reflects the yield at June 30, 2016.

^(P)	Aggregate cost for federal income tax purposes is $832,169,997. Aggregate gross unrealized appreciation and depreciation for all securities is $13,422,475 and $62,986,437, respectively. Net unrealized depreciation for tax purposes is $49,563,962.

^(Q)

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

PORTFOLIO ABBREVIATIONS:


MTN		Medium Term Note
TBD		To Be Determined

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 35

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 58.2%
Aerospace & Defense - 1.8%
General Dynamics Corp.		356		$ 49,569
Honeywell International, Inc.		8,513		990,232
L-3 Communications Holdings, Inc.		2,709		397,383
Northrop Grumman Corp.		1,474		327,641
Textron, Inc.		1,177		43,031
United Technologies Corp.		8,772		899,569

				2,707,425

Air Freight & Logistics - 0.1%
United Parcel Service, Inc., Class B		810		87,253

Airlines - 0.3%
Delta Air Lines, Inc.		5,894		214,719
United Continental Holdings, Inc. ^(A)		7,156		293,682

				508,401

Auto Components - 0.1%
Delphi Automotive PLC, Class A		1,672		104,667
Johnson Controls, Inc. ^(B)		1,125		49,793
Magna International, Inc., Class A		913		32,019

				186,479

Automobiles - 0.2%
Ford Motor Co.		13,568		170,550
General Motors Co.		4,322		122,312

				292,862

Banks - 2.7%
Bank of America Corp.		73,721		978,278
BB&T Corp.		1,915		68,193
Citigroup, Inc.		26,107		1,106,676
Citizens Financial Group, Inc.		2,870		57,342
Comerica, Inc., Class A ^(B)		1,401		57,623
KeyCorp		11,816		130,567
Regions Financial Corp.		4,497		38,269
SVB Financial Group ^{(A) (B)}		725		68,991
Wells Fargo & Co.		33,055		1,564,493
Zions Bancorporation		1,567		39,379

				4,109,811

Beverages - 2.1%
Boston Beer Co., Inc., Class A ^{(A) (B)}		533		91,159
Coca-Cola Co.		15,570		705,788
Constellation Brands, Inc., Class A		2,466		407,876
Dr. Pepper Snapple Group, Inc.		888		85,808
Molson Coors Brewing Co., Class B ^(B)		6,008		607,589
PepsiCo, Inc.		12,324		1,305,605

				3,203,825

Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc. ^(A)		1,995		232,936
Amgen, Inc.		280		42,602
Biogen, Inc. ^(A)		1,989		480,980
BioMarin Pharmaceutical, Inc. ^(A)		489		38,044
Celgene Corp. ^(A)		7,483		738,048
Gilead Sciences, Inc.		10,586		883,084
Vertex Pharmaceuticals, Inc. ^(A)		2,722		234,147

				2,649,841

Building Products - 0.3%
Allegion PLC		3,032		210,512
Masco Corp.		8,122		251,294

				461,806


	Shares		Value
COMMON STOCKS (continued)
Capital Markets - 1.5%
Ameriprise Financial, Inc.		338		$ 30,369
Bank of New York Mellon Corp.		3,323		129,099
BlackRock, Inc., Class A		1,525		522,358
Charles Schwab Corp.		15,448		390,989
Goldman Sachs Group, Inc.		1,318		195,828
Invesco, Ltd.		3,281		83,797
Morgan Stanley		21,836		567,299
State Street Corp. ^(B)		5,642		304,217
TD Ameritrade Holding Corp. ^(B)		2,871		81,752

				2,305,708

Chemicals - 1.2%
Dow Chemical Co.		7,981		396,735
E.I. du Pont de Nemours & Co.		7,904		512,179
Eastman Chemical Co.		5,317		361,024
Monsanto Co.		1,270		131,331
Mosaic Co. ^(B)		12,804		335,209

				1,736,478

Communications Equipment - 0.3%
Cisco Systems, Inc.		14,497		415,919

Construction & Engineering - 0.1%
Fluor Corp. ^(B)		4,456		219,592

Construction Materials - 0.1%
Martin Marietta Materials, Inc. ^(B)		670		128,640

Consumer Finance - 0.5%
American Express Co.		1,071		65,074
Capital One Financial Corp.		4,848		307,896
Discover Financial Services		4,563		244,531
Synchrony Financial ^(A)		3,442		87,014

				704,515

Containers & Packaging - 0.3%
Crown Holdings, Inc. ^(A)		5,685		288,059
Sealed Air Corp., Class A		955		43,901
WestRock Co. ^(B)		3,653		141,992

				473,952

Diversified Financial Services - 1.1%
Berkshire Hathaway, Inc., Class B ^(A)		8,455		1,224,199
Intercontinental Exchange, Inc.		1,205		308,432
S&P Global, Inc.		400		42,904
Voya Financial, Inc.		2,820		69,823

				1,645,358

Diversified Telecommunication Services - 1.1%
AT&T, Inc.		26,762		1,156,386
Verizon Communications, Inc.		7,702		430,080

				1,586,466

Electric Utilities - 1.3%
Edison International		6,502		505,010
Exelon Corp.		1,230		44,723
NextEra Energy, Inc.		5,860		764,144
PG&E Corp.		1,520		97,158
Xcel Energy, Inc.		13,087		586,036

				1,997,071

Electrical Equipment - 0.4%
Eaton Corp. PLC		8,715		520,547
Emerson Electric Co. ^(B)		1,006		52,473

				573,020

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 36

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components - 0.4%
Amphenol Corp., Class A		810		$ 46,438
TE Connectivity, Ltd. ^(B)		8,420		480,866

				527,304

Energy Equipment & Services - 0.5%
Baker Hughes, Inc.		2,142		96,668
Halliburton Co.		7,302		330,708
National Oilwell Varco, Inc. ^(B)		1,188		39,976
Schlumberger, Ltd.		2,712		214,465

				681,817

Food & Staples Retailing - 0.8%
Costco Wholesale Corp.		3,590		563,774
Kroger Co.		10,805		397,516
Wal-Mart Stores, Inc.		150		10,953
Walgreens Boots Alliance, Inc.		3,554		295,941

				1,268,184

Food Products - 0.9%
Archer-Daniels-Midland Co.		1,685		72,270
Hershey Co. ^(B)		3,049		346,031
Mondelez International, Inc., Class A		18,937		861,823

				1,280,124

Gas Utilities - 0.1%
UGI Corp.		2,590		117,198

Health Care Equipment & Supplies - 1.0%
Abbott Laboratories ^(B)		16,245		638,591
Boston Scientific Corp. ^(A)		25,893		605,120
Medtronic PLC		530		45,988
Stryker Corp. ^(B)		2,011		240,978

				1,530,677

Health Care Providers & Services - 2.1%
Aetna, Inc.		4,347		530,899
Anthem, Inc.		530		69,610
Cigna Corp.		1,240		158,708
HCA Holdings, Inc. ^(A)		638		49,132
Humana, Inc., Class A		2,030		365,156
McKesson Corp.		4,656		869,042
Quest Diagnostics, Inc. ^(B)		856		69,687
UnitedHealth Group, Inc.		7,057		996,449

				3,108,683

Hotels, Restaurants & Leisure - 0.7%
Royal Caribbean Cruises, Ltd., Class A		5,105		342,801
Starbucks Corp.		8,623		492,546
Yum! Brands, Inc.		3,288		272,641

				1,107,988

Household Durables - 0.5%
D.R. Horton, Inc.		5,977		188,156
Harman International Industries, Inc. ^(B)		2,888		207,416
Mohawk Industries, Inc. ^(A)		270		51,235
Newell Brands, Inc.		1,075		52,213
PulteGroup, Inc.		8,664		168,862
Toll Brothers, Inc. ^{(A) (B)}		2,519		67,786

				735,668

Household Products - 1.2%
Kimberly-Clark Corp.		5,984		822,680
Procter & Gamble Co.		10,942		926,459

				1,749,139


	Shares		Value
COMMON STOCKS (continued)
Industrial Conglomerates - 0.7%
3M Co.		261		$ 45,706
Danaher Corp.		1,445		145,945
General Electric Co.		26,798		843,601

				1,035,252

Insurance - 1.5%
American International Group, Inc.		7,763		410,585
Arthur J. Gallagher & Co.		3,223		153,415
Chubb, Ltd.		5,726		748,445
Everest RE Group, Ltd.		367		67,040
MetLife, Inc.		15,695		625,132
Prudential Financial, Inc.		563		40,164
XL Group PLC, Class A		5,157		171,780

				2,216,561

Internet & Catalog Retail - 1.0%
Amazon.com, Inc. ^(A)		2,031		1,453,424

Internet Software & Services - 2.6%
Alphabet, Inc., Class A ^(A)		1,716		1,207,257
Alphabet, Inc., Class C ^(A)		1,729		1,196,641
Facebook, Inc., Class A ^(A)		13,561		1,549,751

				3,953,649

IT Services - 2.1%
Accenture PLC, Class A		10,365		1,174,251
Automatic Data Processing, Inc.		549		50,437
Cognizant Technology Solutions Corp., Class A ^(A)		6,998		400,566
Fidelity National Information Services, Inc.		5,946		438,101
Global Payments, Inc.		686		48,967
MasterCard, Inc., Class A		873		76,876
PayPal Holdings, Inc. ^(A)		2,290		83,608
Vantiv, Inc., Class A ^(A)		2,082		117,841
Visa, Inc., Class A ^(B)		10,867		806,005

				3,196,652

Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		1,530		67,871
Illumina, Inc. ^(A)		1,495		209,868
Thermo Fisher Scientific, Inc.		2,132		315,024

				592,763

Machinery - 1.1%
Caterpillar, Inc. ^(B)		581		44,046
Cummins, Inc. ^(B)		3,068		344,966
Deere & Co. ^(B)		624		50,569
Ingersoll-Rand PLC		1,930		122,902
PACCAR, Inc. ^(B)		8,709		451,736
Parker-Hannifin Corp. ^(B)		820		88,601
Pentair PLC		850		49,546
Snap-on, Inc.		830		130,991
Stanley Black & Decker, Inc.		3,686		409,957

				1,693,314

Media - 2.5%
CBS Corp., Class B		2,020		109,969
Charter Communications, Inc., Class A ^(A)		1,919		438,760
Comcast Corp., Class A		16,362		1,066,639
DISH Network Corp., Class A ^(A)		3,964		207,714
Sirius XM Holdings, Inc. ^{(A) (B)}		21,809		86,146
Time Warner, Inc.		13,082		962,050

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 37

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Media (continued)
Twenty-First Century Fox, Inc., Class A		30,188		$ 816,585

				3,687,863

Metals & Mining - 0.1%
Newmont Mining Corp.		2,343		91,658
U.S. Steel Corp. ^(B)		600		10,116

				101,774

Multi-Utilities - 0.7%
CMS Energy Corp.		7,181		329,321
Public Service Enterprise Group, Inc. ^(B)		8,427		392,782
Sempra Energy		2,502		285,278

				1,007,381

Multiline Retail - 0.4%
Dollar General Corp.		4,605		432,870
Target Corp.		1,999		139,570

				572,440

Oil, Gas & Consumable Fuels - 3.8%
Cabot Oil & Gas Corp.		10,155		261,390
Chevron Corp.		10,880		1,140,550
Concho Resources, Inc. ^(A)		1,196		142,647
ConocoPhillips		6,870		299,532
Diamondback Energy, Inc. ^{(A) (B)}		2,146		195,737
EOG Resources, Inc. ^(B)		4,367		364,295
EQT Corp.		3,928		304,145
Exxon Mobil Corp.		15,906		1,491,028
Kinder Morgan, Inc.		6,305		118,030
Marathon Petroleum Corp.		1,530		58,079
Occidental Petroleum Corp.		8,474		640,295
Pioneer Natural Resources Co.		3,269		494,306
Valero Energy Corp.		4,466		227,766

				5,737,800

Pharmaceuticals - 3.7%
Allergan PLC ^(A)		2,644		611,002
Bristol-Myers Squibb Co.		16,773		1,233,654
Eli Lilly & Co.		11,382		896,333
Johnson & Johnson		8,070		978,891
Merck & Co., Inc.		5,071		292,140
Mylan NV ^(A)		1,842		79,648
Pfizer, Inc.		40,692		1,432,765

				5,524,433

Professional Services - 0.0% ^(C)
Equifax, Inc.		337		43,271

Real Estate Investment Trusts - 1.7%
American Tower Corp., Class A		1,618		183,821
Apartment Investment & Management Co., Class A		1,030		45,485
AvalonBay Communities, Inc.		1,995		359,878
Boston Properties, Inc.		492		64,895
DiamondRock Hospitality Co. ^(B)		5,086		45,927
Equinix, Inc.		563		218,292
Essex Property Trust, Inc.		388		88,499
HCP, Inc.		4,940		174,777
Kimco Realty Corp. ^(B)		7,408		232,463
LaSalle Hotel Properties ^(B)		3,346		78,899
Liberty Property Trust, Series C		2,471		98,148
Macerich Co., Class A		569		48,587


	Shares		Value
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Prologis, Inc., Class A		4,288		$ 210,283
Public Storage		413		105,559
Simon Property Group, Inc.		1,808		392,155
SL Green Realty Corp. ^(B)		1,258		133,939
STORE Capital Corp. ^(B)		1,460		42,997

				2,524,604

Road & Rail - 0.8%
Canadian Pacific Railway, Ltd.		2,101		270,588
CSX Corp.		4,562		118,977
Union Pacific Corp.		9,530		831,492

				1,221,057

Semiconductors & Semiconductor Equipment - 1.9%
Broadcom, Ltd.		6,480		1,006,992
KLA-Tencor Corp.		736		53,912
Lam Research Corp.		8,605		723,337
NXP Semiconductors NV ^(A)		2,827		221,467
Qorvo, Inc. ^(A)		573		31,664
Texas Instruments, Inc.		11,991		751,236

				2,788,608

Software - 2.3%
Adobe Systems, Inc. ^(A)		8,804		843,335
Microsoft Corp.		49,356		2,525,547
Oracle Corp.		3,280		134,250

				3,503,132

Specialty Retail - 2.1%
AutoNation, Inc. ^{(A) (B)}		670		31,477
Best Buy Co., Inc. ^(B)		5,190		158,814
Home Depot, Inc.		8,191		1,045,909
Lowe’s Cos., Inc.		11,999		949,961
O’Reilly Automotive, Inc. ^(A)		911		246,972
Ross Stores, Inc. ^(B)		840		47,620
Signet Jewelers, Ltd. ^(B)		241		19,861
Tiffany & Co. ^(B)		1,213		73,556
TJX Cos., Inc.		7,028		542,772

				3,116,942

Technology Hardware, Storage & Peripherals - 2.1%
Apple, Inc.		27,246		2,604,718
Hewlett Packard Enterprise Co.		2,172		39,682
HP, Inc.		21,191		265,947
Western Digital Corp. ^(B)		4,108		194,144

				3,104,491

Textiles, Apparel & Luxury Goods - 0.4%
lululemon athletica, Inc. ^{(A) (B)}		522		38,555
PVH Corp.		393		37,033
Ralph Lauren Corp., Class A ^(B)		1,476		132,279
VF Corp.		5,378		330,693

				538,560

Tobacco - 0.7%
Philip Morris International, Inc.		10,511		1,069,179

Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. ^{(A) (B)}		3,177		137,469

Total Common Stocks (Cost $76,016,043)				86,921,823

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 38

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
PREFERRED STOCKS - 0.2%
Banks - 0.1%
Citigroup Capital XIII 7.01% ^(D)		3,392		$ 88,430

Capital Markets - 0.0% ^(C)
State Street Corp. Series D, 5.90% ^(D)		1,536		43,300

Electric Utilities - 0.0% ^(C)
SCE Trust III Series H, 5.75% ^(D)		320		9,280

Thrifts & Mortgage Finance - 0.1%
Federal Home Loan Mortgage Corp. Series Z, 8.38% ^{(D) (A) (B)}		14,925		66,416
Federal National Mortgage Association
Series O, 0.00% ^{(A) (D)}		600		4,410
Series S, 8.25% ^{(A) (D)}		10,800		48,276

				119,102

Total Preferred Stocks (Cost $814,042)				260,112


	Principal		Value
ASSET-BACKED SECURITIES - 2.5%
American Tower Trust I Series 2013-1A, Class 1A, 1.55%, 03/15/2043^(E)		$ 200,000		200,424
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 2.06% ^(D), 07/18/2027 ^(E)		235,000		233,206
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 ^(E)		118,900		120,319
HSBC Home Equity Loan Trust Series 2006-3, Class M1, 0.71% ^(D), 03/20/2036		235,000		231,527
ICG US CLO, Ltd. Series 2014-1A, Class A1, 1.78% ^(D), 04/20/2026 ^(E)		235,000		230,015
JGWPT XXVI LLC Series 2012-2A, Class A, 3.84%, 10/15/2059 ^(E)		196,422		205,526
MVW Owner Trust Series 2014-1A, Class A, 2.25%, 09/22/2031 ^(E)		96,194		94,675
NRZ Advance Receivables Trust Advance Receivables Backed Series 2015-T4, Class AT4, 3.20%, 11/15/2047 ^(E)		280,000		281,311
OCP CLO, Ltd. Series 2015-8A, Class A1, 2.16%^(D), 04/17/2027 ^(E)		220,000		217,230
Ocwen Master Advance Receivables Trust Series 2015-T3, Class AT3, 3.21%, 11/15/2047 ^(E)		290,000		291,230
Palmer Square CLO, Ltd. Series 2015-2A, Class A1A, 2.13% ^(D), 07/20/2027 ^(E)		250,000		247,986
SBA Tower Trust Series 2014-1A, Class C, 2.90% ^(D), 10/15/2044 ^(E)		380,000		385,276


	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B,
2.70%, 10/20/2030 ^(E)		$ 32,640		$ 32,580
Series 2014-1A, Class A,
2.07%, 03/20/2030 ^(E)		77,193		77,022
Series 2014-2A, Class A,
2.05%, 06/20/2031 ^(E)		67,891		67,753
Series 2014-3A, Class A,
2.30%, 10/20/2031 ^(E)		97,891		98,187
Series 2015-1A, Class A,
2.40%, 03/22/2032 ^(E)		55,308		55,434
Series 2015-1A, Class B,
3.05%, 03/22/2032 ^(E)		57,713		57,853
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027 ^(E)		71,976		71,786
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 ^(E)		145,819		140,985
SpringCastle America Funding LLC Series 2014-AA, Class A, 2.70%, 05/25/2023 ^(E)		57,690		57,886
Trafigura Securitisation Finance PLC Series 2014-1A, Class A, 1.39% ^(D), 10/15/2018 ^(E)		290,000		286,957

Total Asset-Backed Securities (Cost $3,691,166)				3,685,168


CORPORATE DEBT SECURITIES - 15.5%
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		54,000		61,292
5.10%, 01/15/2044		49,000		57,095

				118,387

Airlines - 0.6%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		130,183		134,599
3.70%, 04/01/2028		164,411		170,987
Delta Air Lines Pass-Through Trust 6.82%, 02/10/2024		277,221		322,130
United Airlines Pass-Through Trust 3.75%, 03/03/2028		291,271		308,019

				935,735

Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025 ^(B)		105,000		107,364

Automobiles - 0.1%
BMW US Capital LLC 2.80%, 04/11/2026 ^{(B) (E)}		82,857		84,988
General Motors Co.
4.88%, 10/02/2023		30,000		31,936
6.25%, 10/02/2043		20,000		22,217

				139,141

Banks - 2.5%
Bank of America Corp.
4.10%, 07/24/2023		60,000		64,280
4.45%, 03/03/2026, MTN		45,000		47,067
5.42%, 03/15/2017		100,000		102,810
5.75%, 12/01/2017		75,000		79,383

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 39

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Bank One Corp. 8.00%, 04/29/2027		$ 65,000		$ 88,092
Barclays Bank PLC 10.18%, 06/12/2021 ^(E)		390,000		491,019
Branch Banking & Trust Co. 3.80%, 10/30/2026		110,000		121,146
Citigroup, Inc.
1.70%, 04/27/2018		203,000		203,326
4.95%, 11/07/2043		20,000		22,668
6.68%, 09/13/2043		20,000		25,677
Commerzbank AG 8.13%, 09/19/2023 ^(E)		255,000		297,631
Cooperatieve Rabobank UA 11.00% ^(D), 06/30/2019 ^{(E) (F)}		405,000		482,963
First Horizon National Corp. 3.50%, 12/15/2020		110,000		111,007
Intesa Sanpaolo SpA 5.02%, 06/26/2024 ^(E)		65,000		59,507
JPMorgan Chase & Co.
2.00%, 08/15/2017		250,000		252,329
3.25%, 09/23/2022		239,000		249,857
4.85%, 02/01/2044 ^(B)		20,000		23,994
6.75% ^(D), 02/01/2024^{(B) (F)}		13,000		14,316
Macquarie Bank, Ltd. 1.65%, 03/24/2017 ^(E)		85,000		85,189
Nordea Bank AB 4.25%, 09/21/2022^(E)		470,000		496,728
Royal Bank of Scotland Group PLC
6.00%, 12/19/2023		65,000		66,049
6.40%, 10/21/2019		60,000		66,200
Wells Fargo & Co.
2.15%, 01/15/2019		10,000		10,209
4.13%, 08/15/2023		92,000		99,047
5.38%, 11/02/2043		67,000		78,053
5.90% ^(D), 06/15/2024 ^(F)		43,000		44,236

				3,682,783

Beverages - 0.2%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		50,000		53,562
Anheuser-Busch InBev Worldwide, Inc. 2.50%, 07/15/2022		100,000		101,736
Molson Coors Brewing Co. 2.10%, 07/15/2021 ^(G)		130,000		130,395

				285,693

Biotechnology - 0.5%
Celgene Corp.
3.63%, 05/15/2024		110,000		114,560
3.88%, 08/15/2025		175,000		186,666
5.00%, 08/15/2045		200,000		220,268
Gilead Sciences, Inc.
3.65%, 03/01/2026		105,000		114,258
4.75%, 03/01/2046		155,000		176,251

				812,003

Capital Markets - 1.5%
Ameriprise Financial, Inc. 3.70%, 10/15/2024		205,000		218,361


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Bank of New York Mellon Corp. 2.10%, 01/15/2019, MTN		$ 50,000		$ 51,117
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, 06/09/2023 ^(E)		80,000		79,795
Deutsche Bank AG
1.95% ^(D), 08/20/2020		70,000		68,334
6.00%, 09/01/2017		55,000		57,385
Goldman Sachs Group, Inc.
4.25%, 10/21/2025		220,000		227,411
5.75%, 01/24/2022		155,000		179,949
6.25%, 02/01/2041		20,000		25,882
6.75%, 10/01/2037		75,000		92,515
Macquarie Group, Ltd. 6.25%, 01/14/2021 ^(E)		230,000		262,872
Morgan Stanley
5.00%, 11/24/2025		96,000		105,100
5.75%, 01/25/2021		380,000		433,255
Oaktree Capital Management, LP 6.75%, 12/02/2019 ^(E)		175,000		200,641
State Street Capital Trust IV 1.65% ^(D), 06/01/2077		11,000		9,188
UBS AG 7.63%, 08/17/2022		250,000		283,125

				2,294,930

Chemicals - 0.1%
LyondellBasell Industries NV 5.00%, 04/15/2019		60,000		64,943
Monsanto Co. 4.40%, 07/15/2044		110,000		107,861

				172,804

Commercial Services & Supplies - 0.2%
ERAC USA Finance LLC 3.85%, 11/15/2024 ^(E)		140,000		150,491
Hutchison Whampoa International 14, Ltd. 1.63%, 10/31/2017 ^(E)		200,000		200,912

				351,403

Communications Equipment - 0.2%
Cisco Systems, Inc. 2.13%, 03/01/2019		50,000		51,353
Harris Corp. 5.55%, 10/01/2021		205,000		232,562

				283,915

Construction & Engineering - 0.0% ^(C)
SBA Tower Trust 2.88%, 07/15/2046 ^{(E) (G)}		58,000		57,983

Construction Materials - 0.1%
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		200,000		213,026

Consumer Finance - 0.2%
Discover Financial Services 3.85%, 11/21/2022		183,000		185,854
Ford Motor Credit Co. LLC 4.38%, 08/06/2023		100,000		108,684

				294,538

Containers & Packaging - 0.1%
International Paper Co. 4.75%, 02/15/2022		96,000		106,654

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 40

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services - 0.0% ^(C)
Kaupthing ehf 7.63%, 02/28/2020 ^{(E) (H) (I)} ^(J)		$ 710,000		$—	^(K)

Diversified Telecommunication Services - 0.8%
AT&T, Inc.
2.45%, 06/30/2020		255,000		260,345
3.40%, 05/15/2025		130,000		132,978
4.35%, 06/15/2045		70,000		67,828
4.60%, 02/15/2021		67,000		73,317
5.00%, 03/01/2021		34,000		38,071
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 ^(E)		40,000		39,914
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		54,000		39,420
Sprint Capital Corp. 6.88%, 11/15/2028		24,000		18,840
Verizon Communications, Inc.
3.45%, 03/15/2021		70,000		75,000
4.50%, 09/15/2020		42,000		46,618
5.15%, 09/15/2023		155,000		180,517
6.55%, 09/15/2043		137,000		184,592

				1,157,440

Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025		110,000		116,735
CenterPoint Energy Houston Electric LLC 4.50%, 04/01/2044		65,000		76,685
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		43,000		47,332
8.88%, 11/15/2018		9,000		10,487
Commonwealth Edison Co. 4.70%, 01/15/2044		42,000		50,541
Duke Energy Carolinas LLC 4.25%, 12/15/2041		58,000		64,991
Duke Energy Corp. 3.75%, 04/15/2024		11,000		11,812
Entergy Arkansas, Inc. 3.70%, 06/01/2024		61,000		66,866
Jersey Central Power & Light Co. 7.35%, 02/01/2019		35,000		39,473
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 ^(E)		65,000		71,161
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		12,000		13,303
5.30%, 06/01/2042		25,000		31,154
Pacific Gas & Electric Co. 4.75%, 02/15/2044		17,000		20,083
PacifiCorp
3.60%, 04/01/2024 ^(B)		130,000		142,793
5.75%, 04/01/2037		25,000		32,697
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		140,000		149,590

				945,703

Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 ^(E)		100,000		104,296
Schlumberger Investment SA 3.65%, 12/01/2023		33,000		35,424


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Weatherford International, Ltd. 5.95%, 04/15/2042		$ 35,000		$ 24,850

				164,570

Food & Staples Retailing - 0.2%
CVS Health Corp.
2.25%, 08/12/2019		70,000		71,888
5.30%, 12/05/2043		14,000		17,477
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		41,000		45,510
4.30%, 04/22/2044		60,000		70,015
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		135,000		141,566

				346,456

Food Products - 0.1%
Kraft Heinz Foods Co. 2.80%, 07/02/2020 ^(E)		85,000		88,268
Mondelez International, Inc. 2.25%, 02/01/2019		60,000		61,308

				149,576

Health Care Equipment & Supplies - 0.1%
Becton Dickinson and Co. 2.68%, 12/15/2019		80,000		82,283
Boston Scientific Corp. 2.65%, 10/01/2018		56,000		57,242

				139,525

Health Care Providers & Services - 0.4%
Aetna, Inc. 4.75%, 03/15/2044		14,000		15,382
Anthem, Inc.
1.88%, 01/15/2018		76,000		76,430
2.30%, 07/15/2018		104,000		105,496
3.30%, 01/15/2023		25,000		25,823
3.70%, 08/15/2021		8,000		8,552
Coventry Health Care, Inc. 5.45%, 06/15/2021		66,000		75,318
Express Scripts Holding Co.
3.40%, 03/01/2027 ^(G)		120,000		119,847
4.75%, 11/15/2021		60,000		67,299
4.80%, 07/15/2046 ^(G)		30,000		29,960
Tenet Healthcare Corp. 6.25%, 11/01/2018		55,000		58,025
UnitedHealth Group, Inc. 3.38%, 11/15/2021		19,000		20,507

				602,639

Household Products - 0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 6.88%, 02/15/2021		100,000		103,000

Industrial Conglomerates - 0.4%
General Electric Co.
5.00% ^(D), 01/21/2021 ^(F)		555,000		588,855
6.88%, 01/10/2039, MTN		20,000		30,189

				619,044

Insurance - 1.0%
American International Group, Inc.
4.13%, 02/15/2024		41,000		43,252
8.18% ^(D), 05/15/2068		41,000		51,534

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 41

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Fidelity National Financial, Inc. 5.50%, 09/01/2022		$ 60,000		$ 66,152
Genworth Holdings, Inc. 7.63%, 09/24/2021		45,000		38,306
Lincoln National Corp. 8.75%, 07/01/2019		150,000		177,438
Metropolitan Life Global Funding I 1.30%, 04/10/2017 ^(E)		195,000		195,609
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		80,000		81,359
Pacific Life Insurance Co. 9.25%, 06/15/2039 ^(E)		220,000		333,565
Principal Financial Group, Inc. 8.88%, 05/15/2019		85,000		100,862
Prudential Financial, Inc.
5.38%, 06/21/2020, MTN		51,000		57,496
7.38%, 06/15/2019, MTN		80,000		92,813
Reinsurance Group of America, Inc. 3.32% ^(D), 12/15/2065		441,000		320,828

				1,559,214

IT Services - 0.1%
MasterCard, Inc.
2.00%, 04/01/2019		53,000		54,348
3.38%, 04/01/2024		33,000		35,759

				90,107

Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		133,000		135,313

Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 ^(E)		200,000		201,261

Media - 0.4%
CBS Corp.
4.63%, 05/15/2018		23,000		24,268
5.75%, 04/15/2020		20,000		22,885
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		100,000		100,000
Comcast Corp. 5.88%, 02/15/2018		116,000		124,930
NBCUniversal Media LLC
4.38%, 04/01/2021		209,000		234,199
4.45%, 01/15/2043		47,000		52,618

				558,900

Metals & Mining - 0.2%
BHP Billiton Finance USA, Ltd. 3.85%, 09/30/2023 ^(B)		44,000		47,879
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		45,000		39,375
Novelis, Inc. 8.75%, 12/15/2020		110,000		114,675
Rio Tinto Finance USA PLC 2.88%, 08/21/2022		18,000		18,275

				220,204

Multi-Utilities - 0.0% ^(C)
CMS Energy Corp.
3.88%, 03/01/2024		22,000		23,926


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
CMS Energy Corp. (continued)
4.88%, 03/01/2044		$ 33,000		$ 37,833

				61,759

Oil, Gas & Consumable Fuels - 1.1%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 ^(B)		68,000		75,091
Apache Corp.
4.25%, 01/15/2044		15,000		14,521
4.75%, 04/15/2043		22,000		22,617
BP Capital Markets PLC 3.12%, 05/04/2026		150,000		153,220
Energy Transfer Partners, LP 5.95%, 10/01/2043		35,000		33,822
EOG Resources, Inc. 2.45%, 04/01/2020		88,000		89,238
Exxon Mobil Corp.
1.82%, 03/15/2019		150,000		152,847
3.04%, 03/01/2026		60,000		63,691
Husky Energy, Inc. 4.00%, 04/15/2024 ^(B)		45,000		45,714
Kerr-McGee Corp. 6.95%, 07/01/2024		50,000		57,811
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		117,000		117,601
Laredo Petroleum, Inc. 7.38%, 05/01/2022 ^(B)		60,000		60,150
MEG Energy Corp. 6.50%, 03/15/2021 ^(E)		50,000		38,750
Murphy Oil Corp. 3.50%, 12/01/2017		61,000		60,821
Nexen Energy ULC 5.88%, 03/10/2035		10,000		11,705
Noble Energy, Inc.
6.00%, 03/01/2041		22,000		23,660
8.25%, 03/01/2019		47,000		53,830
Peabody Energy Corp. 6.25%, 11/15/2021 ^(L)		45,000		5,962
Petrobras Global Finance BV 6.25%, 03/17/2024		70,000		62,125
Petroleos Mexicanos 3.50%, 07/18/2018 - 01/30/2023		100,000		98,054
Range Resources Corp. 5.75%, 06/01/2021		10,000		9,775
Shell International Finance BV 2.00%, 11/15/2018		86,000		87,462
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		37,000		39,611
4.63%, 03/01/2034		35,000		36,799
Western Gas Partners, LP 5.38%, 06/01/2021		76,000		80,130
Williams Cos., Inc.
3.70%, 01/15/2023		13,000		11,505
7.88%, 09/01/2021		33,000		35,475
Williams Partners, LP 5.40%, 03/04/2044		35,000		31,137

				1,573,124

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 42

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 0.3%
Actavis Funding SCS 4.55%, 03/15/2035		$ 130,000		$ 133,604
Mylan NV 3.15%, 06/15/2021 ^(E)		139,000		140,994
Perrigo Co. PLC 2.30%, 11/08/2018		200,000		201,722
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		12,000		12,717

				489,037

Real Estate Investment Trusts - 0.9%
CBL & Associates, LP 5.25%, 12/01/2023		144,000		136,619
EPR Properties 4.50%, 04/01/2025		225,000		223,135
HCP, Inc. 3.40%, 02/01/2025		85,000		82,189
Kilroy Realty, LP 4.25%, 08/15/2029		265,000		280,327
Realty Income Corp. 3.88%, 07/15/2024		190,000		199,555
Simon Property Group, LP 3.38%, 10/01/2024		280,000		300,336
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		20,000		20,411
Vereit Operating Partnership, LP
2.00%, 02/06/2017		95,000		95,570
3.00%, 02/06/2019		60,000		60,075

				1,398,217

Road & Rail - 0.1%
Aviation Capital Group Corp. 7.13%, 10/15/2020 ^(E)		153,000		173,655
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		18,000		18,930
3.75%, 04/01/2024		12,000		13,259

				205,844

Semiconductors & Semiconductor Equipment - 0.3%
Intel Corp. 2.45%, 07/29/2020		190,000		197,586
KLA-Tencor Corp. 4.13%, 11/01/2021		155,000		165,019
LAM Research Corp. 3.90%, 06/15/2026		40,000		42,111

				404,716

Software - 0.1%
Microsoft Corp. 2.70%, 02/12/2025		140,000		144,734

Technology Hardware, Storage & Peripherals - 0.4%
Apple, Inc. 2.85%, 02/23/2023		240,000		252,196
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.02%, 06/15/2026 ^(E)		60,000		62,549
Hewlett Packard Enterprise Co. 3.60%, 10/15/2020 ^(E)		185,000		193,100
HP, Inc. 3.75%, 12/01/2020		11,000		11,619

				519,464


	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Tobacco - 0.2%
Altria Group, Inc. 4.00%, 01/31/2024		$ 33,000		$ 36,919
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		175,000		207,480

				244,399

Trading Companies & Distributors - 0.2%
International Lease Finance Corp. 6.75%, 09/01/2016 ^(E)		215,000		216,075

Wireless Telecommunication Services - 0.7%
America Movil SAB de CV 3.13%, 07/16/2022		200,000		205,204
Crown Castle Towers LLC
4.88%, 08/15/2040 ^(E)		155,000		168,971
6.11%, 01/15/2040 ^(E)		335,000		372,641
SBA Tower Trust 2.24%, 04/15/2043 ^(E)		65,000		65,178
Sprint Communications, Inc. 9.00%, 11/15/2018 ^(E)		95,000		101,175
Sprint Corp. 7.88%, 09/15/2023		45,000		36,787
T-Mobile USA, Inc.
6.46%, 04/28/2019		5,000		5,081
6.63%, 04/28/2021		15,000		15,675
6.73%, 04/28/2022		15,000		15,773
6.84%, 04/28/2023		5,000		5,281

				991,766

Total Corporate Debt Securities (Cost $22,674,129)				23,098,446


FOREIGN GOVERNMENT OBLIGATIONS - 0.6%
Indonesia - 0.1%
Indonesia Government International Bond 5.38%, 10/17/2023 ^(E)		225,000		253,193

Mexico - 0.1%
Mexico Government International Bond 4.00%, 10/02/2023		110,000		118,421

Peru - 0.1%
Peru Government International Bond 7.35%, 07/21/2025 ^(B)		100,000		136,000

Republic of Korea - 0.3%
Export-Import Bank of Korea 4.00%, 01/11/2017		200,000		202,980
Korea Development Bank 3.50%, 08/22/2017		200,000		205,123

				408,103

Total Foreign Government Obligations (Cost $874,473)				915,717


MORTGAGE-BACKED SECURITIES - 5.1%
Adjustable Rate Mortgage Trust Series 2004-2, Class 7A2, 1.29% ^(D), 02/25/2035		11,006		10,975
Alternative Loan Trust Series 2007-22, Class 2A16, 6.50%, 09/25/2037		228,198		164,284

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 43

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Commercial Mortgage Trust Series 2007-3, Class A1A, 5.72% ^(D), 06/10/2049		$ 75,966		$ 77,894
Banc of America Re-REMIC Trust Series 2010-UB3, Class A4B1, 5.72% ^(D), 06/15/2049 ^(E)		102,250		103,683
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 ^(E)		140,000		143,417
Series 2012-TFT, Class C,
3.58% ^(D), 06/05/2030 ^(E)		315,000		310,375
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 ^(E)		245,000		260,470
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A,
5.19%, 12/11/2038		85,509		86,039
Series 2007-PW15, Class A1A,
5.32%, 02/11/2044		58,382		59,443
Series 2007-PW17, Class A1A,
5.65% ^(D), 06/11/2050		52,703		54,655
Bear Stearns Mortgage Funding Trust Series 2006-AR5, Class 1A2, 0.66% ^(D), 12/25/2046		100,656		58,472
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		45,000		49,349
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		65,000		72,433
Series 2015-GC27, Class B,
3.77%, 02/10/2048		157,700		164,225
Citigroup Commercial Mortgage Trust, Interest Only STRIPS Series 2013-SMP, Class XA, 0.90% ^(D), 01/12/2030 ^(E)		1,185,614		11,402
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% ^(D), 06/25/2058 ^(E)		256,496		263,826
COMM Mortgage Trust
Series 2010-RR1, Class GEB,
5.54% ^(D), 12/11/2049 ^(E)		160,000		162,225
Series 2013-CR11, Class AM,
4.72% ^(D), 10/10/2046		20,000		22,792
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 ^(E)		100,000		104,985
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		45,000		49,574
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 ^(E)		132,000		138,550
Commercial Mortgage Trust Series 2007-GG11, Class AM, 5.87% ^(D), 12/10/2049		35,000		36,206
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 ^(E)		225,000		233,776


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 4.04% ^(D), 08/26/2036 ^(E)		$ 177,606		$ 173,744
CSMC Trust
Series 2010-1R, Class 28A1,
5.00%, 02/27/2047 ^(E)		57,176		56,732
Series 2010-RR1, Class 2A,
5.70% ^(D), 09/15/2040 ^(E)		56,963		57,921
Series 2010-RR2, Class 2A,
6.14% ^(D), 09/15/2039 ^(E)		62,469		63,725
Series 2014-4R, Class 21A1,
0.78% ^(D), 12/27/2035 ^(E)		244,398		222,790
GMACM Mortgage Loan Trust Series 2005-AR1, Class 3A, 3.27% ^(D), 03/18/2035		164,176		159,679
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.55% ^(D), 12/10/2027 ^(E)		100,000		95,711
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% ^(D), 04/10/2031 ^(E)		285,000		296,162
Hilton USA Trust, Interest Only STRIPS Series 2013-HLT, Class X1FX, 0.00% ^(D), 11/05/2030 ^(E)		4,500,000		45
Impac CMB Trust Series 2004-6, Class 1A1, 1.25%^(D), 10/25/2034		89,256		81,825
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2007-AR15, Class 2A1, 4.07% ^(D), 08/25/2037		196,100		148,350
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A1A,
5.43% ^(D), 06/12/2047		123,160		124,613
Series 2007-LD12, Class A1A,
5.85% ^(D), 02/15/2051		109,661		113,533
Series 2007-LDPX, Class A1A,
5.44%, 01/15/2049		71,436		72,699
Series 2008-C2, Class ASB,
6.13%^(D), 02/12/2051		43,810		44,668
JPMorgan Re-REMIC Trust Series 2014-2, Class 6A1, 2.92% ^(D), 05/26/2037 ^(E)		218,552		218,318
LB Commercial Mortgage Trust Series 2007-C3, Class A1A, 6.07% ^(D), 07/15/2044		27,435		28,422
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM, 6.36% ^(D), 09/15/2045		30,000		31,685
Merrill Lynch Mortgage Investors Trust Series 2003-F, Class A1, 1.09% ^(D), 10/25/2028		50,486		49,203
Merrill Lynch Mortgage Trust Series 2007-C1, Class A1A, 6.02% ^(D), 06/12/2050		34,964		35,840
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM,
5.90% ^(D), 04/12/2049		85,000		85,589

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 44

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust (continued)
Series 2007-IQ13, Class A1A,
5.31%, 03/15/2044		$ 117,017		$ 118,791
Series 2007-IQ13, Class AM,
5.41%, 03/15/2044		30,000		30,576
Series 2007-IQ14, Class A1A,
5.67% ^(D), 04/15/2049		33,619		34,502
Series 2007-IQ15, Class AM,
6.10% ^(D), 06/11/2049		55,000		56,705
Morgan Stanley Re-REMIC Trust
Series 2012-XA, Class A,
2.00%, 07/27/2049 ^(E)		14,954		14,839
Series 2014-R3, Class 2A,
3.00% ^(D), 07/26/2048 ^(E)		287,249		292,918
Motel 6 Trust Series 2015-MTL6, Class C, 3.64%, 02/05/2030 ^(E)		545,000		542,100
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% ^(D), 12/25/2052 ^(E)		164,995		171,389
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% ^(D), 01/25/2054 ^(E)		70,489		73,079
Series 2014-2A, Class A3,
3.75% ^(D), 05/25/2054 ^(E)		194,661		202,114
Series 2014-3A, Class AFX3,
3.75% ^(D), 11/25/2054 ^(E)		134,492		140,356
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.59% ^(D), 01/11/2037 ^(E)		130,000		122,454
SCG Trust Series 2013-SRP1, Class A, 1.84% ^(D), 11/15/2026 ^(E)		100,000		99,850
STRIPS, Ltd. Series 2012-1A, Class A, 1.50%, 12/25/2044 ^(E)		8,516		8,506
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 1.15% ^(D), 01/19/2034		111,883		107,487
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% ^(D), 03/25/2054 ^(E)		158,564		161,654
Series 2015-5, Class A1B,
2.75% ^(D), 05/25/2055 ^(E)		191,878		194,260
Series 2016-1, Class A1B,
2.75% ^(D), 02/25/2055 ^(E)		190,275		192,787
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 ^(E)		225,000		238,677

Total Mortgage-Backed Securities (Cost $7,708,631)				7,603,348


MUNICIPAL GOVERNMENT OBLIGATIONS - 0.2%
California - 0.1%
Los Angeles Community College District, General Obligation Unlimited 6.60%, 08/01/2042		15,000		22,915


	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
State of California, General Obligation Unlimited 7.60%, 11/01/2040		$ 60,000		$ 97,056
University of California, Revenue Bonds Series AD, 4.86%, 05/15/2112		10,000		11,149

				131,120

Georgia - 0.0% ^(C)
Municipal Electric Authority of Georgia, Revenue Bonds Series A, 6.64%, 04/01/2057		10,000		13,168

Illinois - 0.0% ^(C)
State of Illinois, General Obligation Unlimited 5.10%, 06/01/2033		55,000		52,797

New Jersey - 0.0% ^(C)
New Jersey Turnpike Authority, Revenue Bonds Series F, 7.41%, 01/01/2040		16,000		25,045

New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds Series E, 6.81%, 11/15/2040		15,000		21,856
New York City Water & Sewer System, Revenue Bonds Series CC, 5.88%, 06/15/2044		15,000		21,561
New York State Dormitory Authority, Revenue Bonds Series H, 5.39%, 03/15/2040		10,000		13,257
Port Authority of New York & New Jersey, Revenue Bonds Series 181, 4.96%, 08/01/2046		20,000		24,854

				81,528

Total Municipal Government Obligations (Cost $266,541)				303,658


U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.9%
Federal Home Loan Mortgage Corp.
3.00% ^(D), 02/01/2041		22,707		24,083
5.50%, 06/01/2041		41,341		46,373
Federal National Mortgage Association
Zero Coupon, 10/09/2019		190,000		182,515
2.50%, TBA ^(G)		433,000		447,977
2.82% ^(D), 03/01/2041		16,174		17,130
2.95% ^(D), 03/01/2041		13,996		14,792
3.00%, TBA ^(G)		2,962,000		3,073,884
3.33% ^(D), 10/25/2023		55,000		60,074
3.50%, 11/01/2028 - 01/01/2029		148,218		158,913
3.50%, TBA ^(G)		3,197,000		3,374,536
4.00%, 10/01/2025 - 07/01/2026		50,401		53,608
4.00%, TBA ^(G)		985,000		1,056,076
4.50%, 02/01/2025 - 06/01/2026		156,997		168,661

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 45

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
5.00%, 04/01/2039 - 11/01/2039		$ 333,279		$ 376,068
5.00%, TBA ^(G)		96,000		106,662
5.50%, 09/01/2036 - 08/01/2037		298,016		341,642
6.00%, 02/01/2038 - 02/01/2041		361,125		415,539
6.50%, 05/01/2040		77,972		90,584
Government National Mortgage Association 4.46%, 06/20/2062		342,801		364,985
Government National Mortgage Association, Interest Only STRIPS 0.90% ^(D), 02/16/2053		270,589		16,525

Total U.S. Government Agency Obligations (Cost $10,290,769)				10,390,627


U.S. GOVERNMENT OBLIGATIONS - 9.5%
U.S. Treasury Bond
2.50%, 02/15/2045		464,000		483,086
2.75%, 08/15/2042		584,500		644,000
3.50%, 02/15/2039		160,000		201,925
3.63%, 02/15/2044		1,907,300		2,459,225
4.50%, 02/15/2036		599,000		862,794
4.75%, 02/15/2037		63,000		93,717
5.25%, 02/15/2029		511,000		722,546
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		82,217		96,118
2.50%, 01/15/2029		303,848		384,985
U.S. Treasury Inflation Indexed Note 0.63%, 01/15/2024		883,774		925,236
U.S. Treasury Note
0.38%, 10/31/2016		485,000		485,033
0.50%, 09/30/2016		532,000		532,198
0.88%, 04/15/2017 - 04/30/2017		1,308,400		1,312,368
1.00%, 11/30/2019		351,400		353,692
1.25%, 11/30/2018		1,442,300		1,462,864
1.63%, 03/31/2019 - 02/15/2026		1,962,000		2,009,687
1.63%, 05/15/2026 ^(B)		20,000		20,245
1.88%, 11/30/2021		155,000		161,406
2.00%, 02/15/2025		756,000		790,965
2.25%, 11/15/2024		155,400		165,768
2.50%, 05/15/2024		56,300		61,149

Total U.S. Government Obligations (Cost $13,281,946)				14,229,007


	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.6%
Federal Home Loan Bank Discount Notes
0.33% ^(M), 08/01/2016		$ 1,810,000		$ 1,809,611
0.34% ^(M), 08/12/2016 - 10/03/2016		1,766,000		1,765,047
0.35% ^(M), 07/08/2016 - 07/29/2016		1,320,000		1,319,912
0.40% ^(M), 09/07/2016 - 09/16/2016		1,925,000		1,923,923

Total Short-Term U.S. Government Agency Obligations (Cost $6,817,793)				6,818,493


SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.9%
U.S. Treasury Bill
0.20% ^(M), 08/11/2016 ^(B)		697,000		696,838
0.27% ^(M), 08/11/2016 ^(B)		173,000		172,960
0.29% ^(M), 10/06/2016		360,000		359,752
0.49% ^(M), 03/30/2017 ^(N)		115,000		114,657

Total Short-Term U.S. Government Obligations (Cost $1,344,095)				1,344,207


	Shares		Value
SECURITIES LENDING COLLATERAL - 6.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(M)		9,742,705		9,742,705

Total Securities Lending Collateral (Cost $9,742,705)				9,742,705


	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.03% ^(M), dated 06/30/2016, to be repurchased at $2,241,244 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.38%, due 02/29/2020, and with a value of $2,290,400.		$ 2,241,242		2,241,242

Total Repurchase Agreement (Cost $2,241,242)				2,241,242

Total Investments (Cost $155,763,575) ^(O)				167,554,553
Net Other Assets (Liabilities) - (12.2)%				(18,166,553	)


Net Assets - 100.0%				$ 149,388,000

FUTURES CONTRACTS:

Description

Long/Short

Number of
Contracts

Expiration
Date

Unrealized
Appreciation

Unrealized
Depreciation

S&P 500^® E-Mini

Long

09/16/2016

13,248

—

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 46

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(P)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs^(Q)			Value
ASSETS
Investments
Common Stocks	$	86,921,823	$	—	$	—		$	86,921,823
Preferred Stocks		260,112		—		—			260,112
Asset-Backed Securities		—		3,685,168		—			3,685,168
Corporate Debt Securities		—		23,098,446		—	^(K)		23,098,446
Foreign Government Obligations		—		915,717		—			915,717
Mortgage-Backed Securities		—		7,603,348		—			7,603,348
Municipal Government Obligations		—		303,658		—			303,658
U.S. Government Agency Obligations		—		10,390,627		—			10,390,627
U.S. Government Obligations		—		14,229,007		—			14,229,007
Short-Term U.S. Government Agency Obligations		—		6,818,493		—			6,818,493
Short-Term U.S. Government Obligations		—		1,344,207		—			1,344,207
Securities Lending Collateral		9,742,705		—		—			9,742,705
Repurchase Agreement		—		2,241,242		—			2,241,242

Total Investments	$	96,924,640	$	70,629,913	$	—	^(K)	$	167,554,553

Other Financial Instruments
Futures Contracts ^(R)	$	13,248	$	—	$	—		$	13,248

Total Other Financial Instruments	$	13,248	$	—	$	—		$	13,248

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $9,524,432. 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)	Percentage rounds to less than 0.1% or (0.1)%.

^(D)	Floating or variable rate securities. The rates disclosed are as of June 30, 2016.

^(E)

Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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, 2016, the total value of 144A securities is $14,597,555, representing 9.8% of the Portfolio’s net assets.

^(F)	Perpetual maturity. The date displayed is the next call date.

^(G)	Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after June 30, 2016.

^(H)	Fair valued as determined in good faith in accordance with procedures established by the Board. At June 30, 2016, value of the security is $0, representing less than 0.1% of the Portfolio’s net assets.

^(I)	Illiquid security. At June 30, 2016, value of the illiquid security is $0, representing less than 0.1% of the Portfolio’s net assets.

^(J)	Security is Level 3 of the fair value hierarchy.

^(K)	Security deemed worthless.

^(L)	Security in default.

^(M)	Rates disclosed reflect the yields at June 30, 2016.

^(N)	All or a portion of the security has been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The value of the security segregated as collateral to cover margin requirements for open futures contracts is $115,000.

^(O)	Aggregate cost for federal income tax purposes is $155,763,575. Aggregate gross unrealized appreciation and depreciation for all securities is $16,140,735 and $4,349,757, respectively. Net unrealized appreciation for tax purposes is $11,790,978.

^(P)

^(Q)	Level 3 securities were not considered significant to the Portfolio.

^(R)	Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 47

Transamerica Partners Balanced Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

PORTFOLIO ABBREVIATIONS:


MTN		Medium Term Note
STRIPS		Separate Trading of Registered Interest and Principal of Securities
TBA		To Be Announced

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 48

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 98.7%
Aerospace & Defense - 3.4%
General Dynamics Corp.		36,608		$ 5,097,298
Huntington Ingalls Industries, Inc.		27,059		4,546,724
Northrop Grumman Corp.		43,849		9,746,755
Spirit Aerosystems Holdings, Inc., Class A ^(A)		140,870		6,057,410

				25,448,187

Air Freight & Logistics - 0.5%
FedEx Corp.		23,732		3,602,043

Airlines - 5.4%
Alaska Air Group, Inc.		123,847		7,219,042
American Airlines Group, Inc.		146,592		4,150,019
Delta Air Lines, Inc.		209,006		7,614,089
Hawaiian Holdings, Inc. ^(A)		139,967		5,313,147
Southwest Airlines Co.		211,800		8,304,678
United Continental Holdings, Inc. ^(A)		194,172		7,968,819

				40,569,794

Auto Components - 2.1%
Cooper Tire & Rubber Co.		43,047		1,283,662
Dana Holding Corp. ^(B)		77,731		820,839
Goodyear Tire & Rubber Co.		280,001		7,184,826
Lear Corp.		60,340		6,140,198

				15,429,525

Automobiles - 0.7%
General Motors Co.		180,000		5,094,000

Banks - 11.2%
Bank of America Corp.		1,511,980		20,063,975
Bank of Montreal		22,973		1,456,258
Citigroup, Inc.		443,750		18,810,562
JPMorgan Chase & Co.		450,826		28,014,328
Regions Financial Corp.		507,651		4,320,110
SunTrust Banks, Inc.		273,351		11,229,259

				83,894,492

Beverages - 1.9%
Dr. Pepper Snapple Group, Inc.		37,300		3,604,299
PepsiCo, Inc.		100,278		10,623,451

				14,227,750

Biotechnology - 3.4%
Amgen, Inc.		27,384		4,166,476
Gilead Sciences, Inc.		109,454		9,130,653
Ligand Pharmaceuticals, Inc., Class B ^{(A) (B)}		31,201		3,721,343
United Therapeutics Corp. ^{(A) (B)}		83,285		8,821,547

				25,840,019

Building Products - 0.3%
Owens Corning		40,834		2,103,768

Capital Markets - 0.3%
T. Rowe Price Group, Inc.		30,490		2,224,855

Chemicals - 1.1%
LyondellBasell Industries NV, Class A		110,937		8,255,932

Construction & Engineering - 0.1%
Quanta Services, Inc. ^(A)		19,004		439,372

Consumer Finance - 1.7%
Ally Financial, Inc. ^(A)		443,588		7,572,047
Capital One Financial Corp.		78,920		5,012,209

				12,584,256


	Shares		Value
COMMON STOCKS (continued)
Containers & Packaging - 0.7%
Avery Dennison Corp.		9,031		$ 675,067
International Paper Co.		115,172		4,880,990

				5,556,057

Diversified Financial Services - 1.0%
Voya Financial, Inc.		318,984		7,898,044

Diversified Telecommunication Services - 4.1%
AT&T, Inc.		335,185		14,483,344
Verizon Communications, Inc.		291,892		16,299,249

				30,782,593

Electric Utilities - 4.4%
American Electric Power Co., Inc.		177,472		12,439,013
Edison International		125,234		9,726,925
Entergy Corp., Class B		134,041		10,904,235

				33,070,173

Energy Equipment & Services - 6.4%
Dril-Quip, Inc., Class A ^{(A) (B)}		25,226		1,473,955
Ensco PLC, Class A		813,029		7,894,512
FMC Technologies, Inc. ^(A)		173,666		4,631,672
Helmerich & Payne, Inc. ^(B)		29,144		1,956,437
Nabors Industries, Ltd.		324,000		3,256,200
National Oilwell Varco, Inc. ^(B)		41,170		1,385,371
Noble Corp. PLC		498,088		4,104,245
Oceaneering International, Inc. ^(B)		285,635		8,529,061
Oil States International, Inc. ^(A)		197,472		6,492,879
Rowan Cos. PLC, Class A ^(B)		430,177		7,596,926
Transocean, Ltd. ^(B)		50,996		606,342

				47,927,600

Food & Staples Retailing - 1.2%
Sysco Corp.		179,579		9,111,838

Food Products - 3.3%
Dean Foods Co. ^(B)		248,606		4,497,283
Ingredion, Inc.		39,655		5,131,754
Sanderson Farms, Inc.		61,935		5,366,048
Tyson Foods, Inc., Class A		148,533		9,920,519

				24,915,604

Health Care Providers & Services - 0.4%
Quest Diagnostics, Inc.		33,495		2,726,828

Independent Power & Renewable Electricity Producers - 1.4%
AES Corp.		601,494		7,506,645
NRG Energy, Inc.		179,936		2,697,241

				10,203,886

Insurance - 9.6%
Allstate Corp.		169,850		11,881,007
American International Group, Inc.		268,364		14,193,772
Assurant, Inc.		16,865		1,455,618
Assured Guaranty, Ltd.		124,444		3,157,144
Axis Capital Holdings, Ltd.		59,080		3,249,400
Everest RE Group, Ltd.		30,104		5,499,098
Genworth Financial, Inc., Class A ^{(A) (B)}		735,332		1,897,157
Hartford Financial Services Group, Inc.		71,220		3,160,744
Lincoln National Corp.		86,400		3,349,728
Prudential Financial, Inc.		74,685		5,328,028
Reinsurance Group of America, Inc., Class A		16,201		1,571,335
Travelers Cos., Inc.		106,395		12,665,261
Unum Group		153,880		4,891,845

				72,300,137

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 49

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Internet Software & Services - 2.4%
eBay, Inc. ^(A)		391,870		$ 9,173,677
VeriSign, Inc. ^{(A) (B)}		104,376		9,024,349

				18,198,026

IT Services - 0.3%
Xerox Corp.		202,342		1,920,226

Metals & Mining - 0.8%
Reliance Steel & Aluminum Co.		55,267		4,250,032
Steel Dynamics, Inc.		58,774		1,439,963

				5,689,995

Multi-Utilities - 1.4%
Public Service Enterprise Group, Inc.		224,300		10,454,623

Multiline Retail - 0.1%
Big Lots, Inc. ^(B)		21,841		1,094,452

Oil, Gas & Consumable Fuels - 6.4%
Chevron Corp.		43,431		4,552,872
Exxon Mobil Corp.		192,886		18,081,134
Marathon Petroleum Corp.		108,072		4,102,413
Murphy Oil Corp. ^(B)		63,304		2,009,902
Tesoro Corp.		122,674		9,190,736
Valero Energy Corp.		200,684		10,234,884

				48,171,941

Paper & Forest Products - 0.3%
Domtar Corp.		72,243		2,529,227

Personal Products - 1.0%
Herbalife, Ltd. ^{(A) (B)}		86,956		5,089,535
Nu Skin Enterprises, Inc., Class A		58,114		2,684,285

				7,773,820

Pharmaceuticals - 7.9%
Johnson & Johnson		262,184		31,802,919
Merck & Co., Inc.		35,600		2,050,916
Pfizer, Inc.		722,800		25,449,788

				59,303,623

Real Estate Investment Trusts - 2.2%
Brandywine Realty Trust		70,702		1,187,794
CBL & Associates Properties, Inc. ^(B)		190,769		1,776,059
Gaming and Leisure Properties, Inc.		42,882		1,478,571
Host Hotels & Resorts, Inc. ^(B)		257,937		4,181,159
Mack-Cali Realty Corp. ^(B)		137,116		3,702,132
Public Storage		3,749		958,207
RLJ Lodging Trust ^(B)		84,060		1,803,087
Taubman Centers, Inc. ^(B)		16,260		1,206,492

				16,293,501

Real Estate Management & Development - 0.6%
CBRE Group, Inc., Class A ^(A)		179,172		4,744,475

Semiconductors & Semiconductor Equipment - 2.0%
Intel Corp.		453,521		14,875,489

Software - 5.3%
Aspen Technology, Inc. ^{(A) (B)}		68,674		2,763,442
CA, Inc.		106,904		3,509,658
Cadence Design Systems, Inc. ^(A)		55,536		1,349,525
Citrix Systems, Inc. ^(A)		59,452		4,761,511
Microsoft Corp.		191,689		9,808,726
Symantec Corp.		515,516		10,588,698
Take-Two Interactive Software, Inc. ^{(A) (B)}		185,150		7,020,888

				39,802,448


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 0.7%
Bed Bath & Beyond, Inc. ^(B)		109,391		$ 4,727,879
Best Buy Co., Inc. ^(B)		25,324		774,914

				5,502,793

Textiles, Apparel & Luxury Goods - 1.3%
Michael Kors Holdings, Ltd. ^{(A) (B)}		193,949		9,596,597

Tobacco - 1.4%
Philip Morris International, Inc.		107,209		10,905,299

Total Common Stocks (Cost $729,298,141)				741,063,288


SECURITIES LENDING COLLATERAL - 11.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		87,778,706		87,778,706

Total Securities Lending Collateral (Cost $87,778,706)				87,778,706


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.03%^(C), dated 06/30/2016, to be repurchased at $5,419,509 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.38%, due 02/29/2020, and with a value of $5,531,725.		$ 5,419,504		5,419,504

Total Repurchase Agreement (Cost $5,419,504)				5,419,504

Total Investments (Cost $822,496,351) ^(D)				834,261,498
Net Other Assets (Liabilities) - (11.1)%				(83,050,450	)


Net Assets - 100.0%				$ 751,211,048

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 50

Transamerica Partners Large Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	741,063,288	$	—	$	—	$	741,063,288
Securities Lending Collateral		87,778,706		—		—		87,778,706
Repurchase Agreement		—		5,419,504		—		5,419,504

Total Investments	$	828,841,994	$	5,419,504	$	—	$	834,261,498

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $85,675,670. 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)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $822,496,351. Aggregate gross unrealized appreciation and depreciation for all securities is $74,176,775 and $62,411,628, respectively. Net unrealized appreciation for tax purposes is $11,765,147.

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 51

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 98.5%
Aerospace & Defense - 2.2%
General Dynamics Corp.		15,969		$ 2,223,524
Northrop Grumman Corp.		17,327		3,851,445

				6,074,969

Air Freight & Logistics - 1.2%
FedEx Corp.		22,146		3,361,320

Airlines - 5.0%
Alaska Air Group, Inc. ^(A)		33,677		1,963,032
American Airlines Group, Inc.		85,394		2,417,504
Delta Air Lines, Inc.		83,508		3,042,197
Southwest Airlines Co.		83,283		3,265,526
United Continental Holdings, Inc. ^(B)		74,786		3,069,218

				13,757,477

Auto Components - 1.0%
Goodyear Tire & Rubber Co.		109,104		2,799,609

Automobiles - 1.7%
Fiat Chrysler Automobiles NV		167,403		1,024,506
General Motors Co.		125,522		3,552,273

				4,576,779

Banks - 7.7%
Bank of America Corp.		384,727		5,105,327
Bank of Montreal		5,356		339,517
Citigroup, Inc.		114,036		4,833,986
Credicorp, Ltd.		1,836		283,350
JPMorgan Chase & Co.		107,804		6,698,941
Regions Financial Corp.		62,078		528,284
SunTrust Banks, Inc.		84,244		3,460,743

				21,250,148

Beverages - 4.1%
Coca-Cola European Partners PLC		62,060		2,214,921
Dr. Pepper Snapple Group, Inc.		36,134		3,491,629
PepsiCo, Inc.		52,646		5,577,317

				11,283,867

Biotechnology - 4.4%
Amgen, Inc.		32,668		4,970,436
Biogen, Inc. ^(B)		10,408		2,516,862
Gilead Sciences, Inc.		56,202		4,688,371

				12,175,669

Chemicals - 1.6%
Eastman Chemical Co.		17,730		1,203,867
LyondellBasell Industries NV, Class A		44,093		3,281,401

				4,485,268

Communications Equipment - 0.6%
Cisco Systems, Inc.		55,813		1,601,275

Construction & Engineering - 1.2%
Jacobs Engineering Group, Inc. ^(B)		11,810		588,256
Quanta Services, Inc. ^(B)		116,615		2,696,139

				3,284,395

Containers & Packaging - 1.1%
Avery Dennison Corp.		30,279		2,263,355
International Paper Co.		21,199		898,414

				3,161,769

Diversified Telecommunication Services - 3.4%
AT&T, Inc.		66,837		2,888,027
Verizon Communications, Inc.		118,917		6,640,325

				9,528,352


	Shares		Value
COMMON STOCKS (continued)
Electric Utilities - 1.8%
American Electric Power Co., Inc.		7,222		$ 506,190
Edison International		11,298		877,516
Entergy Corp., Class B		42,593		3,464,940
Exelon Corp.		6,913		251,357

				5,100,003

Energy Equipment & Services - 2.7%
Diamond Offshore Drilling, Inc.		48,093		1,170,103
Ensco PLC, Class A		222,576		2,161,213
FMC Technologies, Inc. ^(B)		67,655		1,804,359
Helmerich & Payne, Inc. ^(A)		34,678		2,327,934

				7,463,609

Food & Staples Retailing - 1.3%
Sysco Corp.		71,355		3,620,553

Food Products - 1.3%
Tyson Foods, Inc., Class A		53,715		3,587,625

Health Care Providers & Services - 3.2%
Anthem, Inc.		6,073		797,628
Cardinal Health, Inc.		41,431		3,232,032
HCA Holdings, Inc. ^(B)		16,487		1,269,664
McKesson Corp.		2,686		501,342
Quest Diagnostics, Inc.		38,471		3,131,924

				8,932,590

Hotels, Restaurants & Leisure - 1.7%
McDonald’s Corp.		39,062		4,700,721

Independent Power & Renewable Electricity Producers - 1.3%
AES Corp.		217,214		2,710,831
NRG Energy, Inc.		60,937		913,445

				3,624,276

Insurance - 5.7%
Allstate Corp.		52,263		3,655,797
American International Group, Inc.		62,226		3,291,133
Hartford Financial Services Group, Inc.		22,191		984,836
Lincoln National Corp.		25,556		990,806
Prudential Financial, Inc.		28,158		2,008,792
Travelers Cos., Inc.		32,071		3,817,732
Unum Group		37,620		1,195,940

				15,945,036

Internet & Catalog Retail - 1.0%
Priceline Group, Inc. ^(B)		2,269		2,832,642

Internet Software & Services - 2.5%
eBay, Inc. ^(B)		147,910		3,462,573
VeriSign, Inc. ^{(A) (B)}		39,522		3,417,072

				6,879,645

IT Services - 2.0%
Teradata Corp. ^{(A) (B)}		103,119		2,585,193
Xerox Corp.		323,951		3,074,295

				5,659,488

Media - 1.1%
Discovery Communications, Inc., Series A ^{(A) (B)}		82,322		2,076,984
Scripps Networks Interactive, Inc., Class A ^(A)		14,959		931,497

				3,008,481

Multi-Utilities - 0.5%
NiSource, Inc., Class B		17,805		472,188
Public Service Enterprise Group, Inc.		19,554		911,412

				1,383,600

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 52

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels - 4.1%
Canadian Natural Resources, Ltd. ^(A)		15,621		$ 481,596
Chevron Corp.		4,810		504,232
Marathon Petroleum Corp.		76,642		2,909,330
Murphy Oil Corp. ^(A)		35,331		1,121,759
Tesoro Corp.		39,995		2,996,426
Valero Energy Corp.		66,124		3,372,324

				11,385,667

Pharmaceuticals - 7.3%
Johnson & Johnson		68,082		8,258,347
Merck & Co., Inc.		98,457		5,672,108
Pfizer, Inc.		182,921		6,440,648

				20,371,103

Professional Services - 0.4%
Robert Half International, Inc.		28,579		1,090,575

Real Estate Investment Trusts - 0.3%
Host Hotels & Resorts, Inc. ^(A)		53,522		867,592

Real Estate Management & Development - 0.8%
CBRE Group, Inc., Class A ^(B)		87,904		2,327,698

Semiconductors & Semiconductor Equipment - 2.7%
Intel Corp.		172,283		5,650,882
Micron Technology, Inc. ^(B)		137,339		1,889,785

				7,540,667

Software - 9.2%
CA, Inc.		104,958		3,445,771
Citrix Systems, Inc. ^(B)		40,657		3,256,219
Intuit, Inc.		32,104		3,583,127
Microsoft Corp.		182,099		9,318,006
Oracle Corp.		63,206		2,587,022
Symantec Corp.		167,329		3,436,938

				25,627,083

Specialty Retail - 3.3%
Bed Bath & Beyond, Inc. ^(A)		68,161		2,945,918
Best Buy Co., Inc. ^(A)		103,404		3,164,162
Staples, Inc.		89,611		772,447
Urban Outfitters, Inc. ^{(A) (B)}		86,011		2,365,303

				9,247,830


	Shares		Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals - 3.0%
Apple, Inc.		67,281		$ 6,432,064
HP, Inc.		60,942		764,822
NetApp, Inc.		47,404		1,165,664

				8,362,550

Textiles, Apparel & Luxury Goods - 2.4%
Coach, Inc., Class A ^(A)		81,243		3,309,840
Michael Kors Holdings, Ltd. ^{(A) (B)}		67,926		3,360,978

				6,670,818

Tobacco - 3.7%
Altria Group, Inc.		65,448		4,513,294
Philip Morris International, Inc.		55,382		5,633,457

				10,146,751

Total Common Stocks (Cost $260,695,536)				273,717,500


SECURITIES LENDING COLLATERAL - 10.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		29,150,005		29,150,005

Total Securities Lending Collateral (Cost $29,150,005)				29,150,005


	Principal		Value
REPURCHASE AGREEMENT - 0.7%
State Street Bank & Trust Co. 0.03%^(C), dated 06/30/2016, to be repurchased at $1,979,449 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.38%, due 02/29/2020, and with a value of $2,019,438.		$ 1,979,447		1,979,447

Total Repurchase Agreement (Cost $1,979,447)				1,979,447

Total Investments (Cost $291,824,988) ^(D)				304,846,952
Net Other Assets (Liabilities) - (9.7)%				(26,978,298	)


Net Assets - 100.0%				$ 277,868,654

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	273,717,500	$	—	$	—	$	273,717,500
Securities Lending Collateral		29,150,005		—		—		29,150,005
Repurchase Agreement		—		1,979,447		—		1,979,447

Total Investments	$	302,867,505	$	1,979,447	$	—	$	304,846,952

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 53

Transamerica Partners Large Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $28,489,039. 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 securities.

^(C)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $291,824,988. Aggregate gross unrealized appreciation and depreciation for all securities is $28,537,314 and $15,515,350, respectively. Net unrealized appreciation for tax purposes is $13,021,964.

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 54

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 98.3%
Aerospace & Defense - 1.9%
Boeing Co. ^(A)		50,943		$ 6,615,967
Honeywell International, Inc.		56,661		6,590,808
TransDigm Group, Inc. ^{(A) (B)}		12,250		3,230,203

				16,436,978

Automobiles - 0.5%
Tesla Motors, Inc. ^{(A) (B)}		21,659		4,597,773

Beverages - 2.3%
Constellation Brands, Inc., Class A		19,522		3,228,939
Molson Coors Brewing Co., Class B		37,429		3,785,195
Monster Beverage Corp. ^(B)		79,283		12,741,571

				19,755,705

Biotechnology - 5.6%
Alexion Pharmaceuticals, Inc. ^(B)		44,217		5,162,777
Alkermes PLC ^(B)		43,813		1,893,598
Biogen, Inc. ^(B)		19,069		4,611,266
BioMarin Pharmaceutical, Inc. ^(B)		25,119		1,954,258
Celgene Corp. ^(B)		83,641		8,249,512
Gilead Sciences, Inc.		29,716		2,478,909
Incyte Corp. ^(B)		48,305		3,863,434
Regeneron Pharmaceuticals, Inc., Class A ^(B)		26,630		9,299,995
Shire PLC, Class B, ADR		45,030		8,289,122
Vertex Pharmaceuticals, Inc. ^(B)		18,524		1,593,434

				47,396,305

Building Products - 0.5%
Fortune Brands Home & Security, Inc. ^(A)		77,960		4,519,341

Capital Markets - 1.0%
BlackRock, Inc., Class A		17,130		5,867,539
Morgan Stanley		92,563		2,404,787

				8,272,326

Chemicals - 1.2%
Albemarle Corp.		11,154		884,624
PPG Industries, Inc.		39,570		4,121,216
Sherwin-Williams Co.		18,447		5,417,330

				10,423,170

Communications Equipment - 0.5%
Palo Alto Networks, Inc. ^{(A) (B)}		31,748		3,893,575

Consumer Finance - 0.2%
OneMain Holdings, Inc. ^{(A) (B)}		58,620		1,337,708

Containers & Packaging - 0.6%
Crown Holdings, Inc. ^(B)		94,688		4,797,841

Diversified Financial Services - 1.6%
Intercontinental Exchange, Inc.		15,410		3,944,344
S&P Global, Inc.		94,150		10,098,529

				14,042,873

Electrical Equipment - 0.3%
Eaton Corp. PLC		45,500		2,717,715

Energy Equipment & Services - 0.8%
Baker Hughes, Inc.		71,250		3,215,512
Halliburton Co.		33,738		1,527,994
Schlumberger, Ltd.		27,461		2,171,616

				6,915,122

Food & Staples Retailing - 3.8%
Costco Wholesale Corp.		97,834		15,363,851
CVS Health Corp.		58,359		5,587,291


	Shares		Value
COMMON STOCKS (continued)
Food & Staples Retailing (continued)
Kroger Co.		183,648		$ 6,756,410
Walgreens Boots Alliance, Inc.		57,183		4,761,628

				32,469,180

Food Products - 0.7%
Mondelez International, Inc., Class A		138,465		6,301,542

Health Care Equipment & Supplies - 0.5%
Medtronic PLC		49,530		4,297,718

Health Care Providers & Services - 2.7%
Aetna, Inc.		27,217		3,324,012
Envision Healthcare Holdings, Inc. ^(B)		73,382		1,861,701
HCA Holdings, Inc. ^(B)		51,400		3,958,314
McKesson Corp.		23,458		4,378,436
UnitedHealth Group, Inc.		67,413		9,518,716

				23,041,179

Health Care Technology - 0.6%
Cerner Corp. ^{(A) (B)}		82,487		4,833,738

Hotels, Restaurants & Leisure - 3.8%
Hilton Worldwide Holdings, Inc.		220,610		4,970,343
Marriott International, Inc., Class A ^(A)		110,944		7,373,338
McDonald’s Corp.		40,808		4,910,835
Starbucks Corp.		265,442		15,162,047

				32,416,563

Household Durables - 0.6%
Mohawk Industries, Inc. ^(B)		25,558		4,849,886

Household Products - 1.0%
Colgate-Palmolive Co.		111,753		8,180,320

Industrial Conglomerates - 0.3%
General Electric Co.		82,900		2,609,692

Insurance - 0.7%
Marsh & McLennan Cos., Inc.		87,990		6,023,795

Internet & Catalog Retail - 6.7%
Amazon.com, Inc. ^(B)		58,220		41,663,396
Netflix, Inc. ^(B)		83,428		7,631,993
Priceline Group, Inc. ^(B)		5,945		7,421,798

				56,717,187

Internet Software & Services - 11.1%
Alibaba Group Holding, Ltd., ADR ^(B)		104,162		8,284,004
Alphabet, Inc., Class A ^(B)		32,898		23,144,730
Alphabet, Inc., Class C ^(B)		26,870		18,596,727
Facebook, Inc., Class A ^(B)		260,635		29,785,368
Tencent Holdings, Ltd.		503,481		11,562,805
Zillow Group, Inc., Class A ^(B)		34,610		1,268,456
Zillow Group, Inc., Class C ^(B)		64,460		2,338,609

				94,980,699

IT Services - 7.7%
Accenture PLC, Class A		46,208		5,234,904
Alliance Data Systems Corp. ^(B)		11,730		2,298,142
Automatic Data Processing, Inc.		65,041		5,975,317
Cognizant Technology Solutions Corp., Class A ^(B)		79,754		4,565,119
FleetCor Technologies, Inc. ^(B)		35,703		5,110,170
Genpact, Ltd. ^(B)		119,743		3,213,902
Global Payments, Inc.		48,800		3,483,344
Jack Henry & Associates, Inc.		38,746		3,381,363
MasterCard, Inc., Class A		203,217		17,895,289

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 55

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Visa, Inc., Class A ^(A)		191,158		$ 14,178,189

				65,335,739

Life Sciences Tools & Services - 0.4%
Illumina, Inc. ^(B)		23,398		3,284,611

Machinery - 1.7%
Illinois Tool Works, Inc., Class A		57,735		6,013,677
Middleby Corp. ^{(A) (B)}		42,600		4,909,650
Snap-on, Inc.		24,440		3,857,121

				14,780,448

Media - 3.3%
Comcast Corp., Class A		163,280		10,644,223
Time Warner, Inc.		68,659		5,049,183
Twenty-First Century Fox, Inc., Class A		186,571		5,046,745
Walt Disney Co.		74,379		7,275,754

				28,015,905

Multiline Retail - 0.7%
Dollar Tree, Inc. ^(B)		60,699		5,720,274

Oil, Gas & Consumable Fuels - 0.6%
Concho Resources, Inc. ^(B)		44,126		5,262,908

Personal Products - 0.7%
Estee Lauder Cos., Inc., Class A		69,782		6,351,558

Pharmaceuticals - 5.7%
Allergan PLC ^(B)		67,770		15,660,969
Bristol-Myers Squibb Co.		279,618		20,565,904
Merck & Co., Inc.		103,052		5,936,826
Novo Nordisk A/S, ADR		120,913		6,502,701

				48,666,400

Professional Services - 1.6%
Equifax, Inc.		36,800		4,725,120
Nielsen Holdings PLC		90,946		4,726,463
Verisk Analytics, Inc., Class A ^(B)		49,010		3,973,731

				13,425,314

Real Estate Investment Trusts - 0.7%
American Tower Corp., Class A		55,762		6,335,121

Road & Rail - 0.4%
JB Hunt Transport Services, Inc. ^(A)		44,310		3,586,008

Semiconductors & Semiconductor Equipment -��2.1%
Broadcom, Ltd.		26,540		4,124,316
NVIDIA Corp. ^(A)		74,710		3,512,117
NXP Semiconductors NV ^(B)		58,497		4,582,655
QUALCOMM, Inc.		54,242		2,905,744
Skyworks Solutions, Inc. ^(A)		43,114		2,728,254

				17,853,086

Software - 8.3%
Adobe Systems, Inc. ^(B)		146,179		14,002,486
Atlassian Corp. PLC, Class A ^(B)		6,476		167,728
Intuit, Inc.		27,050		3,019,051
Microsoft Corp.		424,274		21,710,101
Red Hat, Inc. ^(B)		90,735		6,587,361
salesforce.com, Inc. ^(B)		169,341		13,447,369
ServiceNow, Inc. ^{(A) (B)}		46,074		3,059,314
Splunk, Inc. ^{(A) (B)}		72,480		3,926,966
Workday, Inc., Class A ^{(A) (B)}		62,937		4,699,506

				70,619,882


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 7.1%
Advance Auto Parts, Inc.		37,227		$ 6,017,000
Home Depot, Inc.		51,301		6,550,625
Industria de Diseno Textil SA		289,004		9,708,785
Lowe’s Cos., Inc.		101,291		8,019,209
Michaels Cos., Inc. ^(B)		125,060		3,556,706
O’Reilly Automotive, Inc. ^(B)		31,689		8,590,888
Ross Stores, Inc.		86,586		4,908,560
TJX Cos., Inc.		170,618		13,176,828

				60,528,601

Technology Hardware, Storage & Peripherals - 3.8%
Apple, Inc.		336,280		32,148,368

Textiles, Apparel & Luxury Goods - 2.8%
adidas AG		23,485		3,371,253
lululemon athletica, Inc. ^(B)		44,078		3,255,601
NIKE, Inc., Class B		307,900		16,996,080

				23,622,934

Tobacco - 1.2%
Altria Group, Inc.		147,597		10,178,289

Total Common Stocks (Cost $673,600,019)				837,543,377


SECURITIES LENDING COLLATERAL - 6.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		55,265,579		55,265,579

Total Securities Lending Collateral (Cost $55,265,579)				55,265,579


	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.03% ^(C), dated 06/30/2016, to be repurchased at $10,038,864 on 07/01/2016. Collateralized by U.S. Government Obligations, 1.38%, due 02/29/2020, and with a total value of $10,245,450.		$ 10,038,855		10,038,855

Total Repurchase Agreement (Cost $10,038,855)				10,038,855

Total Investments (Cost $738,904,453) ^(D)				902,847,811
Net Other Assets (Liabilities) - (6.0)%				(50,901,943	)


Net Assets - 100.0%				$ 851,945,868

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 56

Transamerica Partners Large Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	812,900,534	$	24,642,843	$	—	$	837,543,377
Securities Lending Collateral		55,265,579		—		—		55,265,579
Repurchase Agreement		—		10,038,855		—		10,038,855

Total Investments	$	868,166,113	$	34,681,698	$	—	$	902,847,811

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $54,076,009. 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 securities.

^(C)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $738,904,453. Aggregate gross unrealized appreciation and depreciation for all securities is $184,317,078 and $20,373,720, respectively. Net unrealized appreciation for tax purposes is $163,943,358.

^(E)

PORTFOLIO ABBREVIATION:


ADR		American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 57

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 96.1%
Aerospace & Defense - 0.3%
BWX Technologies, Inc.		61,800		$ 2,210,586

Airlines - 0.7%
Alaska Air Group, Inc.		53,600		3,124,344
Copa Holdings SA, Class A ^(A)		45,300		2,367,378

				5,491,722

Banks - 4.8%
CIT Group, Inc.		282,500		9,014,575
Citizens Financial Group, Inc.		148,336		2,963,753
Fifth Third Bancorp		281,010		4,942,966
First Republic Bank, Class A		118,606		8,301,234
Huntington Bancshares, Inc., Class A		185,819		1,661,222
M&T Bank Corp. ^(A)		56,935		6,731,425
SunTrust Banks, Inc.		138,385		5,684,856
Zions Bancorporation		42,640		1,071,543

				40,371,574

Beverages - 1.3%
Constellation Brands, Inc., Class A		23,696		3,919,318
Dr. Pepper Snapple Group, Inc.		49,117		4,746,176
Molson Coors Brewing Co., Class B		22,200		2,245,086

				10,910,580

Biotechnology - 0.8%
United Therapeutics Corp. ^{(A) (B)}		62,200		6,588,224

Building Products - 0.5%
Fortune Brands Home & Security, Inc.		68,721		3,983,756

Capital Markets - 2.0%
Ameriprise Financial, Inc.		25,710		2,310,044
Invesco, Ltd.		111,062		2,836,523
Legg Mason, Inc.		47,279		1,394,258
Northern Trust Corp.		50,362		3,336,986
Raymond James Financial, Inc.		47,960		2,364,428
T. Rowe Price Group, Inc.		63,572		4,638,849

				16,881,088

Chemicals - 0.3%
Sherwin-Williams Co.		9,318		2,736,417

Communications Equipment - 1.8%
ARRIS International PLC ^(B)		328,900		6,893,744
CommScope Holding Co., Inc. ^(B)		101,341		3,144,611
EchoStar Corp., Class A ^(B)		137,824		5,471,613

				15,509,968

Consumer Finance - 0.3%
Ally Financial, Inc. ^(B)		137,604		2,348,900

Containers & Packaging - 3.1%
Ball Corp. ^(A)		90,771		6,561,836
Bemis Co., Inc.		83,600		4,304,564
Rexam PLC, ADR ^(A)		138,488		5,958,446
Silgan Holdings, Inc.		89,912		4,626,871
WestRock Co.		123,508		4,800,756

				26,252,473

Distributors - 0.5%
Genuine Parts Co.		45,542		4,611,127

Diversified Consumer Services - 0.6%
H&R Block, Inc. ^(A)		236,000		5,428,000

Electric Utilities - 5.9%
Alliant Energy Corp.		278,400		11,052,480


	Shares		Value
COMMON STOCKS (continued)
Electric Utilities (continued)
Edison International		75,363		$ 5,853,444
FirstEnergy Corp.		129,300		4,513,863
PPL Corp.		309,400		11,679,850
Westar Energy, Inc., Class A		67,559		3,789,385
Xcel Energy, Inc.		286,454		12,827,410

				49,716,432

Electrical Equipment - 1.5%
AMETEK, Inc., Class A		87,708		4,054,741
Hubbell, Inc.		44,272		4,669,368
Regal Beloit Corp.		64,906		3,573,075

				12,297,184

Electronic Equipment, Instruments & Components - 2.4%
Amphenol Corp., Class A		71,221		4,083,100
Arrow Electronics, Inc. ^(B)		98,611		6,104,021
Avnet, Inc.		157,900		6,396,529
CDW Corp.		32,731		1,311,858
Keysight Technologies, Inc. ^(B)		81,172		2,361,294

				20,256,802

Energy Equipment & Services - 0.2%
Nabors Industries, Ltd.		195,600		1,965,780

Food & Staples Retailing - 2.5%
Casey’s General Stores, Inc.		19,500		2,564,445
Kroger Co.		152,435		5,608,084
Rite Aid Corp. ^(B)		142,559		1,067,767
Sysco Corp.		62,100		3,150,954
Whole Foods Market, Inc. ^(A)		277,100		8,872,742

				21,263,992

Food Products - 1.6%
ConAgra Foods, Inc.		95,600		4,570,636
Kellogg Co.		83,300		6,801,445
TreeHouse Foods, Inc. ^(B)		17,000		1,745,050

				13,117,131

Gas Utilities - 0.8%
National Fuel Gas Co. ^(A)		71,630		4,074,314
Questar Corp.		112,211		2,846,793

				6,921,107

Health Care Equipment & Supplies - 0.6%
DENTSPLY SIRONA, Inc.		86,402		5,360,380

Health Care Providers & Services - 5.2%
AmerisourceBergen Corp., Class A		53,347		4,231,484
Cardinal Health, Inc.		112,200		8,752,722
Cigna Corp.		22,083		2,826,403
Henry Schein, Inc. ^(B)		19,346		3,420,373
Humana, Inc., Class A		22,576		4,060,971
Laboratory Corp. of America Holdings ^(B)		83,200		10,838,464
MEDNAX, Inc. ^(B)		87,500		6,337,625
Universal Health Services, Inc., Class B		23,117		3,099,990

				43,568,032

Hotels, Restaurants & Leisure - 1.3%
Aramark		125,900		4,207,578
Hilton Worldwide Holdings, Inc.		182,036		4,101,271
Marriott International, Inc., Class A ^(A)		40,786		2,710,638

				11,019,487

Household Durables - 1.5%
Mohawk Industries, Inc. ^(B)		38,864		7,374,833

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 58

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
Newell Brands, Inc.		114,927		$ 5,582,004

				12,956,837

Household Products - 0.3%
Energizer Holdings, Inc.		41,126		2,117,578

Industrial Conglomerates - 0.6%
Carlisle Cos., Inc.		50,491		5,335,889

Insurance - 12.8%
Alleghany Corp. ^(B)		21,425		11,774,751
Allstate Corp.		153,000		10,702,350
Assured Guaranty, Ltd.		165,700		4,203,809
Brown & Brown, Inc.		92,300		3,458,481
Chubb, Ltd.		16,713		2,184,556
Fairfax Financial Holdings, Ltd.		15,500		8,354,810
FNF Group		280,600		10,522,500
Hartford Financial Services Group, Inc.		109,642		4,865,912
Loews Corp.		409,631		16,831,738
Marsh & McLennan Cos., Inc.		86,905		5,949,516
Progressive Corp.		344,395		11,537,232
Unum Group		111,290		3,537,909
Willis Towers Watson PLC ^(A)		64,747		8,048,700
WR Berkley Corp.		25,813		1,546,715
XL Group PLC, Class A		125,876		4,192,930

				107,711,909

Internet & Catalog Retail - 1.6%
Expedia, Inc. ^(A)		48,040		5,106,652
Liberty Ventures, Series A ^(B)		234,900		8,707,743

				13,814,395

Internet Software & Services - 0.2%
Match Group, Inc. ^{(A) (B)}		90,622		1,366,127

IT Services - 1.9%
Amdocs, Ltd.		108,500		6,262,620
Jack Henry & Associates, Inc.		58,393		5,095,957
Western Union Co. ^(A)		263,800		5,059,684

				16,418,261

Life Sciences Tools & Services - 0.8%
Bio-Rad Laboratories, Inc., Class A ^(B)		45,444		6,499,401

Machinery - 1.2%
IDEX Corp.		49,418		4,057,218
Rexnord Corp. ^(B)		120,601		2,367,397
Snap-on, Inc.		25,262		3,986,849

				10,411,464

Media - 6.5%
AMC Networks, Inc., Class A ^(B)		71,200		4,301,904
CBS Corp., Class B		49,901		2,716,611
Discovery Communications, Inc., Class C ^(B)		314,900		7,510,365
DISH Network Corp., Class A ^(B)		74,155		3,885,722
Liberty Braves Group, Class C ^{(A) (B)}		58,455		856,950
Liberty Media Group, Class C ^(B)		116,900		2,217,593
Liberty SiriusXM Group, Class C ^(B)		213,200		6,581,484
Madison Square Garden Co., Class A ^(B)		51,933		8,958,962
MSG Networks, Inc., Class A ^(B)		328,600		5,040,724
News Corp., Class A		274,800		3,118,980
News Corp., Class B ^(A)		479,500		5,595,765
TEGNA, Inc.		122,361		2,835,104
Time, Inc.		66,565		1,095,660

				54,715,824


	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 5.0%
CenterPoint Energy, Inc.		234,907		$ 5,637,768
CMS Energy Corp.		267,126		12,250,398
SCANA Corp. ^(A)		76,200		5,765,292
Sempra Energy		48,060		5,479,801
WEC Energy Group, Inc. ^(A)		197,912		12,923,654

				42,056,913

Multiline Retail - 0.8%
Kohl’s Corp. ^(A)		124,626		4,725,818
Nordstrom, Inc. ^(A)		63,339		2,410,049

				7,135,867

Oil, Gas & Consumable Fuels - 4.1%
Columbia Pipeline Group, Inc.		251,918		6,421,390
Energen Corp.		171,482		8,267,147
EQT Corp.		110,938		8,589,929
Marathon Petroleum Corp.		190,400		7,227,584
PBF Energy, Inc., Class A		86,963		2,067,980
Southwestern Energy Co. ^(B)		187,239		2,355,467

				34,929,497

Personal Products - 0.4%
Edgewell Personal Care Co. ^(B)		43,386		3,662,212

Professional Services - 0.2%
Equifax, Inc.		13,138		1,686,919

Real Estate Investment Trusts - 7.6%
American Campus Communities, Inc.		54,268		2,869,149
American Homes 4 Rent, Class A		110,161		2,256,097
Annaly Capital Management, Inc. ^(A)		1,263,000		13,981,410
AvalonBay Communities, Inc.		22,981		4,145,543
Boston Properties, Inc.		30,528		4,026,643
Brixmor Property Group, Inc.		133,445		3,530,955
Crown Castle International Corp.		55,300		5,609,079
Essex Property Trust, Inc.		9,257		2,111,429
General Growth Properties, Inc.		73,017		2,177,367
HCP, Inc.		45,775		1,619,520
Kimco Realty Corp.		143,999		4,518,689
Outfront Media, Inc.		107,858		2,606,928
Rayonier, Inc.		100,031		2,624,813
Regency Centers Corp.		35,450		2,968,228
Vornado Realty Trust, Class A		45,384		4,543,846
Weyerhaeuser Co.		97,125		2,891,411
WP Carey, Inc. ^(A)		19,249		1,336,266

				63,817,373

Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc., Class A		66,741		3,780,210
KLA-Tencor Corp.		75,305		5,516,092
Lam Research Corp.		38,700		3,253,122
Micron Technology, Inc. ^(B)		352,000		4,843,520
Xilinx, Inc.		30,878		1,424,402

				18,817,346

Software - 2.7%
CA, Inc.		198,100		6,503,623
Citrix Systems, Inc. ^(B)		37,500		3,003,375
Synopsys, Inc. ^(B)		241,642		13,067,999

				22,574,997

Specialty Retail - 2.9%
AutoZone, Inc. ^(B)		5,796		4,601,097

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 59

Transamerica Partners Mid Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Bed Bath & Beyond, Inc. ^(A)		226,025		$ 9,768,800
Best Buy Co., Inc. ^(A)		122,932		3,761,719
Gap, Inc., Class A		163,999		3,480,059
Tiffany & Co. ^(A)		53,081		3,218,832

				24,830,507

Technology Hardware, Storage & Peripherals - 1.5%
NetApp, Inc.		316,912		7,792,866
Western Digital Corp.		109,950		5,196,237

				12,989,103

Textiles, Apparel & Luxury Goods - 1.7%
Fossil Group, Inc. ^(B)		148,900		4,248,117
Michael Kors Holdings, Ltd. ^{(A) (B)}		85,600		4,235,488
PVH Corp.		40,599		3,825,644
VF Corp.		28,318		1,741,274

				14,050,523

Thrifts & Mortgage Finance - 0.1%
Ocwen Financial Corp., Class B ^(B)		495,051		846,537

Trading Companies & Distributors - 0.5%
MSC Industrial Direct Co., Inc., Class A		54,835		3,869,158

Total Common Stocks (Cost $705,951,099)				811,425,379


	Shares		Value
SECURITIES LENDING COLLATERAL - 12.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		101,585,922		$ 101,585,922

Total Securities Lending Collateral (Cost $101,585,922)				101,585,922


	Principal		Value
REPURCHASE AGREEMENT - 3.6%
State Street Bank & Trust Co. 0.03%^(C), dated 06/30/2016, to be repurchased at $30,157,639 on 07/01/2016. Collateralized by U.S. Government Obligations, 1.38% - 8.50%, due 11/15/2019 - 02/29/2020, and with a total value of $30,769,832.		$ 30,157,614		30,157,614

Total Repurchase Agreement (Cost $30,157,614)				30,157,614

Total Investments (Cost $837,694,635) ^(D)				943,168,915
Net Other Assets (Liabilities) - (11.7)%				(99,078,222	)


Net Assets - 100.0%				$ 844,090,693

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	811,425,379	$	—	$	—	$	811,425,379
Securities Lending Collateral		101,585,922		—		—		101,585,922
Repurchase Agreement		—		30,157,614		—		30,157,614

Total Investments	$	913,011,301	$	30,157,614	$	—	$	943,168,915

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $99,214,860. 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 securities.

^(C)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $837,694,635. Aggregate gross unrealized appreciation and depreciation for all securities is $144,328,598 and $38,854,318, respectively. Net unrealized appreciation for tax purposes is $105,474,280.

^(E)

PORTFOLIO ABBREVIATION:


ADR		American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 60

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 98.8%
Aerospace & Defense - 3.9%
B/E Aerospace, Inc. ^(A)		39,159		$ 1,808,167
Spirit Aerosystems Holdings, Inc., Class A ^(B)		46,963		2,019,409

				3,827,576

Airlines - 2.0%
JetBlue Airways Corp. ^(B)		117,541		1,946,479

Banks - 5.6%
CIT Group, Inc.		74,412		2,374,487
First Republic Bank, Class A		22,307		1,561,267
SVB Financial Group ^(B)		15,614		1,485,828

				5,421,582

Biotechnology - 2.1%
BioMarin Pharmaceutical, Inc. ^(B)		26,307		2,046,685

Chemicals - 2.3%
RPM International, Inc.		44,528		2,224,174

Communications Equipment - 5.1%
F5 Networks, Inc., Class B ^(B)		24,507		2,789,877
Motorola Solutions, Inc.		32,388		2,136,636

				4,926,513

Construction Materials - 2.2%
Eagle Materials, Inc.		28,031		2,162,592

Consumer Finance - 4.6%
Ally Financial, Inc. ^(B)		115,570		1,972,780
Discover Financial Services		46,545		2,494,346

				4,467,126

Diversified Consumer Services - 3.0%
ServiceMaster Global Holdings, Inc. ^(B)		73,928		2,942,334

Diversified Telecommunication Services - 1.8%
Level 3 Communications, Inc. ^(B)		34,777		1,790,668

Food Products - 3.5%
WhiteWave Foods Co., Class A ^(B)		73,065		3,429,671

Health Care Equipment & Supplies - 6.3%
Align Technology, Inc. ^(B)		31,287		2,520,168
Boston Scientific Corp. ^(B)		102,126		2,386,684
DexCom, Inc. ^{(A) (B)}		15,736		1,248,337

				6,155,189

Health Care Providers & Services - 9.5%
Cardinal Health, Inc.		21,681		1,691,335
Laboratory Corp. of America Holdings ^(B)		20,214		2,633,278
Team Health Holdings, Inc. ^{(A) (B)}		54,507		2,216,799
Universal Health Services, Inc., Class B		20,312		2,723,839

				9,265,251

Hotels, Restaurants & Leisure - 3.1%
Wyndham Worldwide Corp.		41,676		2,968,581

Household Durables - 1.8%
Whirlpool Corp.		10,718		1,786,048

Insurance - 2.1%
Hartford Financial Services Group, Inc.		47,092		2,089,943

Internet Software & Services - 3.1%
IAC/InterActiveCorp		53,815		3,029,784

IT Services - 3.0%
Sabre Corp.		108,597		2,909,314

Life Sciences Tools & Services - 3.1%
Bio-Techne Corp.		26,791		3,021,221


	Shares		Value
COMMON STOCKS (continued)
Machinery - 2.0%
Ingersoll-Rand PLC		29,867		$ 1,901,931

Media - 2.3%
Starz, Class A ^(B)		74,627		2,232,840

Multiline Retail - 3.8%
Dollar General Corp.		39,296		3,693,824

Oil, Gas & Consumable Fuels - 4.1%
EQT Corp.		52,076		4,032,245

Pharmaceuticals - 3.2%
Mylan NV ^(B)		72,991		3,156,131

Professional Services - 2.6%
Equifax, Inc.		19,886		2,553,362

Semiconductors & Semiconductor Equipment - 3.8%
NXP Semiconductors NV ^(B)		27,519		2,155,838
Skyworks Solutions, Inc. ^(A)		24,527		1,552,069

				3,707,907

Software - 2.4%
Fortinet, Inc. ^(B)		73,882		2,333,932

Specialty Retail - 3.4%
Foot Locker, Inc. ^(A)		43,337		2,377,468
Signet Jewelers, Ltd.		11,729		966,587

				3,344,055

Trading Companies & Distributors - 3.1%
Air Lease Corp., Class A ^(A)		111,475		2,985,301

Total Common Stocks (Cost $92,887,502)				96,352,259


SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		6,606,709		6,606,709

Total Securities Lending Collateral (Cost $6,606,709)				6,606,709

Total Investments (Cost $99,494,211) ^(D)				102,958,968
Net Other Assets (Liabilities) - (5.6)%				(5,445,496	)


Net Assets - 100.0%				$ 97,513,472

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 61

Transamerica Partners Mid Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	96,352,259	$	—	$	—	$	96,352,259
Securities Lending Collateral		6,606,709		—		—		6,606,709

Total Investments	$	102,958,968	$	—	$	—	$	102,958,968

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $6,458,330. 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 securities.

^(C)	Rate disclosed reflects the yield at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $99,494,211. Aggregate gross unrealized appreciation and depreciation for all securities is $9,881,378 and $6,416,621, respectively. Net unrealized appreciation for tax purposes is $3,464,757.

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 62

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 96.8%
Airlines - 0.7%
Hawaiian Holdings, Inc. ^(A)		12,110		$ 459,696

Auto Components - 1.2%
American Axle & Manufacturing Holdings, Inc. ^(A)		54,147		784,049

Banks - 15.1%
1st Source Corp.		17,970		582,048
Banc of California, Inc. ^(B)		15,480		280,188
Banner Corp.		17,920		762,317
Cardinal Financial Corp.		38,460		843,812
Cathay General Bancorp		23,070		650,574
Customers Bancorp, Inc. ^{(A) (B)}		41,050		1,031,587
First Merchants Corp.		22,270		555,191
Glacier Bancorp, Inc.		40,390		1,073,566
Great Southern Bancorp, Inc. ^(B)		14,152		523,200
Hanmi Financial Corp., Class B		39,470		927,150
Investors Bancorp, Inc. ^(B)		87,530		969,832
Popular, Inc.		28,830		844,719
TriCo Bancshares		28,053		774,263

				9,818,447

Building Products - 1.0%
Griffon Corp. ^(B)		38,650		651,639

Capital Markets - 1.1%
Evercore Partners, Inc., Class A		16,360		722,948

Chemicals - 2.3%
Cabot Corp.		19,430		887,174
Rayonier Advanced Materials, Inc.		46,610		633,430

				1,520,604

Commercial Services & Supplies - 3.1%
Deluxe Corp. ^(B)		19,050		1,264,349
Multi-Color Corp. ^(B)		11,400		722,760

				1,987,109

Construction & Engineering - 1.9%
EMCOR Group, Inc.		24,740		1,218,692

Containers & Packaging - 1.5%
Owens-Illinois, Inc. ^(A)		52,760		950,208

Electric Utilities - 1.9%
PNM Resources, Inc. ^(B)		34,120		1,209,213

Electronic Equipment, Instruments & Components - 3.7%
ePlus, Inc. ^(A)		11,329		926,599
Orbotech, Ltd. ^(A)		33,840		864,612
Vishay Intertechnology, Inc. ^(B)		49,360		611,570

				2,402,781

Energy Equipment & Services - 2.8%
Dril-Quip, Inc., Class A ^{(A) (B)}		10,910		637,471
Oceaneering International, Inc.		16,800		501,648
Rowan Cos. PLC, Class A		37,650		664,899

				1,804,018

Food Products - 0.4%
John B Sanfilippo & Son, Inc.		5,870		250,238

Gas Utilities - 3.9%
ONE Gas, Inc. ^(B)		18,372		1,223,391
Southwest Gas Corp.		16,950		1,334,135

				2,557,526

Health Care Equipment & Supplies - 1.4%
Merit Medical Systems, Inc. ^(A)		46,110		914,361


	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services - 3.3%
HealthSouth Corp.		17,440		$ 677,021
LHC Group, Inc. ^(A)		18,920		818,857
Molina Healthcare, Inc. ^{(A) (B)}		13,290		663,171

				2,159,049

Hotels, Restaurants & Leisure - 2.7%
Bloomin’ Brands, Inc.		52,250		933,707
Ruth’s Hospitality Group, Inc.		52,250		833,388

				1,767,095

Household Durables - 1.6%
Helen of Troy, Ltd. ^(A)		9,820		1,009,889

Household Products - 1.2%
Central Garden & Pet Co., Class A ^(A)		36,319		788,486

Insurance - 5.2%
American Equity Investment Life Holding Co. ^(B)		56,590		806,407
Employers Holdings, Inc.		40,581		1,177,661
Federated National Holding Co.		20,050		381,752
Selective Insurance Group, Inc.		27,043		1,033,313

				3,399,133

Internet Software & Services - 1.4%
j2 Global, Inc.		14,050		887,539

IT Services - 1.3%
Convergys Corp. ^(B)		33,590		839,750

Leisure Products - 1.3%
Nautilus, Inc., Class A ^(A)		48,498		865,204

Life Sciences Tools & Services - 1.2%
INC Research Holdings, Inc., Class A ^(A)		20,300		774,039

Machinery - 2.1%
Timken Co.		24,960		765,274
Wabash National Corp. ^{(A) (B)}		46,480		590,296

				1,355,570

Multi-Utilities - 1.9%
Black Hills Corp. ^(B)		19,630		1,237,475

Multiline Retail - 1.1%
Big Lots, Inc. ^(B)		14,110		707,052

Paper & Forest Products - 1.3%
Neenah Paper, Inc.		11,580		838,045

Pharmaceuticals - 1.2%
Prestige Brands Holdings, Inc. ^{(A) (B)}		14,080		780,032

Real Estate Investment Trusts - 14.2%
DCT Industrial Trust, Inc.		24,980		1,200,039
First Industrial Realty Trust, Inc. ^(B)		35,810		996,234
Monogram Residential Trust, Inc.		94,611		965,978
Ryman Hospitality Properties, Inc.		12,880		652,372
Starwood Property Trust, Inc.		45,120		934,886
STORE Capital Corp.		40,590		1,195,376
Sun Communities, Inc.		17,150		1,314,376
Urban Edge Properties		38,240		1,141,847
Xenia Hotels & Resorts, Inc. ^(B)		48,280		810,138

				9,211,246

Road & Rail - 1.0%
Swift Transportation Co., Class A ^{(A) (B)}		39,990		616,246

Semiconductors & Semiconductor Equipment - 1.5%
Rudolph Technologies, Inc. ^{(A) (B)}		61,147		949,613

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 63

Transamerica Partners Small Value Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Software - 1.4%
VASCO Data Security International, Inc. ^(A) (B)		57,160		$ 936,852

Specialty Retail - 2.2%
Caleres, Inc.		29,988		726,010
Urban Outfitters, Inc. ^{(A) (B)}		25,560		702,900

				1,428,910

Thrifts & Mortgage Finance - 3.7%
Dime Community Bancshares, Inc.		33,770		574,428
First Defiance Financial Corp., Class A		16,733		650,077
Washington Federal, Inc.		47,140		1,143,616

				2,368,121

Trading Companies & Distributors - 4.0%
Aircastle, Ltd. ^(B)		43,999		860,620
H&E Equipment Services, Inc.		46,430		883,563
MRC Global, Inc. ^(A)		61,500		873,915

				2,618,098

Total Common Stocks (Cost $59,997,340)				62,788,973


MASTER LIMITED PARTNERSHIP - 1.1%
Oil, Gas & Consumable Fuels - 1.1%
Tallgrass Energy Partners, LP		15,210		699,964

Total Master Limited Partnership (Cost $586,601)				699,964


	Shares		Value
SECURITIES LENDING COLLATERAL - 24.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		15,660,316		$ 15,660,316

Total Securities Lending Collateral (Cost $15,660,316)				15,660,316


	Principal		Value
REPURCHASE AGREEMENT - 0.6%
State Street Bank & Trust Co. 0.03%^(C), dated 06/30/2016, to be repurchased at $414,592 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.38%, due 02/29/2020, and with a value of $424,338.		$ 414,591		414,591

Total Repurchase Agreement (Cost $414,591)				414,591

Total Investments (Cost $76,658,848) ^(D)				79,563,844
Net Other Assets (Liabilities) - (22.6)%				(14,679,696	)


Net Assets - 100.0%				$ 64,884,148

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	62,788,973	$	—	$	—	$	62,788,973
Master Limited Partnership		699,964		—		—		699,964
Securities Lending Collateral		15,660,316		—		—		15,660,316
Repurchase Agreement		—		414,591		—		414,591

Total Investments	$	79,149,253	$	414,591	$	—	$	79,563,844

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $15,284,664. 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)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $76,658,848. Aggregate gross unrealized appreciation and depreciation for all securities is $5,679,158 and $2,774,162, respectively. Net unrealized appreciation for tax purposes is $2,904,996.

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 64

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 98.5%
Aerospace & Defense - 0.2%
Ducommun, Inc. ^(A)		27,990		$ 553,642

Air Freight & Logistics - 0.7%
Atlas Air Worldwide Holdings, Inc. ^(A)		19,125		792,157
Hub Group, Inc., Class A ^(A)		20,367		781,482

				1,573,639

Auto Components - 1.3%
Cooper Tire & Rubber Co.		25,950		773,829
Dana Holding Corp. ^(B)		65,360		690,202
Superior Industries International, Inc.		29,905		800,856
Tower International, Inc.		37,580		773,396

				3,038,283

Banks - 6.2%
Banc of California, Inc.		42,050		761,105
Bryn Mawr Bank Corp.		19,694		575,065
Cathay General Bancorp		27,805		784,101
Central Pacific Financial Corp.		33,585		792,606
Customers Bancorp, Inc. ^(A)		32,045		805,291
Enterprise Financial Services Corp.		18,485		515,547
Franklin Financial Network, Inc. ^(A)		17,935		562,442
Great Western Bancorp, Inc.		24,990		788,184
Hanmi Financial Corp., Class B		29,110		683,794
Heartland Financial USA, Inc.		17,270		609,458
Heritage Financial Corp.		29,795		523,796
Independent Bank Group, Inc.		16,310		699,862
LegacyTexas Financial Group, Inc.		29,320		789,001
Pacific Premier Bancorp, Inc. ^(A)		27,930		670,320
PacWest Bancorp		20,735		824,838
Preferred Bank		18,535		535,198
PrivateBancorp, Inc., Class A		20,030		881,921
State Bank Financial Corp.		27,800		565,730
SVB Financial Group ^(A)		7,855		747,482
TCF Financial Corp.		62,435		789,803

				13,905,544

Biotechnology - 1.7%
AMAG Pharmaceuticals, Inc. ^{(A) (B)}		33,110		791,991
Emergent BioSolutions, Inc. ^(A)		26,305		739,697
Myriad Genetics, Inc. ^{(A) (B)}		23,715		725,679
PDL Biopharma, Inc.		266,725		837,516
United Therapeutics Corp. ^(A)		7,975		844,712

				3,939,595

Capital Markets - 0.7%
Legg Mason, Inc.		25,520		752,585
Waddell & Reed Financial, Inc., Class A ^(B)		43,545		749,845

				1,502,430

Chemicals - 1.7%
Cabot Corp.		16,920		772,567
HB Fuller Co.		17,620		775,104
Koppers Holdings, Inc. ^(A)		27,005		829,863
Minerals Technologies, Inc.		13,645		775,036
Stepan Co.		13,405		798,000

				3,950,570

Commercial Services & Supplies - 3.9%
ACCO Brands Corp. ^(A)		77,170		797,166
Brady Corp., Class A		26,380		806,173
Brink’s Co.		27,285		777,350


	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies (continued)
Ennis, Inc.		37,220		$ 713,879
Essendant, Inc.		25,950		793,032
Herman Miller, Inc.		25,765		770,116
Pitney Bowes, Inc.		46,000		818,800
Quad/Graphics, Inc.		36,725		855,325
R.R. Donnelley & Sons Co. ^(B)		49,525		837,963
Steelcase, Inc., Class A		57,705		783,057
Tetra Tech, Inc.		26,270		807,671

				8,760,532

Communications Equipment - 1.9%
Brocade Communications Systems, Inc.		86,301		792,243
Digi International, Inc. ^(A)		53,555		574,645
Extreme Networks, Inc. ^(A)		161,755		548,350
Ixia ^(A)		80,485		790,363
NETGEAR, Inc. ^(A)		16,910		803,901
Polycom, Inc. ^(A)		70,000		787,500

				4,297,002

Construction & Engineering - 2.7%
AECOM ^(A)		24,285		771,535
Aegion Corp., Class A ^(A)		35,420		691,044
Chicago Bridge & Iron Co. NV, Class Y		22,540		780,560
EMCOR Group, Inc.		16,255		800,722
KBR, Inc.		54,775		725,221
MYR Group, Inc. ^(A)		33,125		797,650
Quanta Services, Inc. ^{(A) (B)}		34,185		790,357
Tutor Perini Corp. ^{(A) (B)}		34,115		803,408

				6,160,497

Consumer Finance - 0.7%
Navient Corp.		66,735		797,483
Nelnet, Inc., Class A		19,835		689,266

				1,486,749

Containers & Packaging - 0.7%
Greif, Inc., Class A		20,585		767,203
Sonoco Products Co.		16,890		838,757

				1,605,960

Diversified Consumer Services - 1.9%
American Public Education, Inc. ^(A)		24,670		693,227
Capella Education Co.		16,158		850,557
DeVry Education Group, Inc. ^(B)		39,190		699,150
K12, Inc. ^(A)		48,427		604,853
Regis Corp. ^(A)		53,455		665,515
Strayer Education, Inc. ^{(A) (B)}		16,784		824,598

				4,337,900

Diversified Telecommunication Services - 0.7%
Inteliquent, Inc.		38,950		774,715
Vonage Holdings Corp. ^(A)		141,370		862,357

				1,637,072

Electric Utilities - 0.4%
ALLETE, Inc. ^(B)		13,340		862,164

Electrical Equipment - 0.7%
General Cable Corp. ^(B)		58,030		737,562
Regal Beloit Corp. ^(B)		14,045		773,177

				1,510,739

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 65

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components - 5.8%
AVX Corp.		40,985		$ 556,576
Benchmark Electronics, Inc. ^(A)		36,795		778,214
Celestica, Inc. ^(A)		67,865		631,145
Coherent, Inc. ^(A)		8,945		820,972
Insight Enterprises, Inc. ^(A)		30,070		781,820
Methode Electronics, Inc.		25,770		882,107
MTS Systems Corp. ^(B)		17,145		751,637
Orbotech, Ltd. ^(A)		31,300		799,715
Plexus Corp. ^(A)		18,300		790,560
Rogers Corp. ^(A)		13,310		813,241
Sanmina Corp. ^(A)		29,265		784,595
ScanSource, Inc. ^(A)		21,320		791,185
SYNNEX Corp.		8,765		831,097
Tech Data Corp. ^(A)		9,870		709,160
TTM Technologies, Inc. ^{(A) (B)}		102,039		768,354
VeriFone Systems, Inc. ^(A)		42,265		783,593
Vishay Intertechnology, Inc. ^(B)		62,555		775,056

				13,049,027

Energy Equipment & Services - 2.7%
Diamond Offshore Drilling, Inc.		31,870		775,397
Ensco PLC, Class A		76,450		742,330
Matrix Service Co. ^(A)		43,910		724,076
McDermott International, Inc. ^(A)		160,660		793,660
Nabors Industries, Ltd.		76,385		767,669
Noble Corp. PLC		89,780		739,787
Rowan Cos. PLC, Class A ^(B)		42,155		744,457
Transocean, Ltd.		72,295		859,588

				6,146,964

Food & Staples Retailing - 1.1%
SpartanNash Co.		27,240		832,999
SUPERVALU, Inc. ^(A)		175,195		826,921
United Natural Foods, Inc. ^(A)		18,020		843,336

				2,503,256

Food Products - 1.5%
Dean Foods Co. ^(B)		44,675		808,171
Fresh Del Monte Produce, Inc.		14,975		815,089
Lancaster Colony Corp.		6,550		835,845
Sanderson Farms, Inc.		9,940		861,202

				3,320,307

Gas Utilities - 0.4%
Southwest Gas Corp.		11,025		867,778

Health Care Equipment & Supplies - 3.6%
Analogic Corp. ^(B)		9,465		751,900
AngioDynamics, Inc. ^(A)		41,480		596,068
Anika Therapeutics, Inc. ^(A)		16,130		865,374
Haemonetics Corp. ^(A)		27,315		791,862
ICU Medical, Inc., Class B ^(A)		7,620		859,155
LeMaitre Vascular, Inc.		35,235		502,803
Meridian Bioscience, Inc. ^(B)		43,480		847,860
Merit Medical Systems, Inc. ^(A)		40,485		802,817
Natus Medical, Inc. ^(A)		22,550		852,390
OraSure Technologies, Inc. ^(A)		120,085		709,702
SurModics, Inc. ^(A)		24,070		565,164

				8,145,095

Health Care Providers & Services - 6.7%
Aceto Corp.		35,845		784,647


	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services (continued)
Almost Family, Inc. ^(A)		16,160		$ 688,578
Amedisys, Inc. ^{(A) (B)}		16,190		817,271
Amsurg Corp., Class A ^(A)		10,090		782,379
Chemed Corp. ^(B)		5,932		808,591
Community Health Systems, Inc. ^(A)		59,335		714,987
HealthSouth Corp.		20,190		783,776
Healthways, Inc. ^{(A) (B)}		46,930		542,041
Kindred Healthcare, Inc. ^(B)		61,135		690,214
Landauer, Inc. ^(B)		14,265		587,147
LHC Group, Inc. ^(A)		19,210		831,409
LifePoint Health, Inc. ^(A)		11,950		781,171
Magellan Health, Inc. ^(A)		11,885		781,676
Molina Healthcare, Inc. ^{(A) (B)}		16,095		803,140
Owens & Minor, Inc. ^(B)		21,750		813,015
PharMerica Corp. ^(A)		33,880		835,481
Triple-S Management Corp., Class B ^{(A) (B)}		27,997		683,967
US Physical Therapy, Inc.		13,855		834,210
VCA, Inc. ^(A)		12,175		823,152
WellCare Health Plans, Inc. ^(A)		7,705		826,592

				15,213,444

Health Care Technology - 1.0%
Allscripts Healthcare Solutions, Inc. ^(A)		60,520		768,604
HMS Holdings Corp. ^(A)		44,840		789,632
Quality Systems, Inc. ^(B)		68,225		812,560

				2,370,796

Hotels, Restaurants & Leisure - 1.0%
Bob Evans Farms, Inc. ^(B)		20,765		788,032
Brinker International, Inc. ^(B)		16,500		751,245
Cheesecake Factory, Inc. ^(B)		16,700		803,938

				2,343,215

Household Durables - 1.1%
Ethan Allen Interiors, Inc. ^(B)		24,975		825,174
iRobot Corp. ^{(A) (B)}		22,785		799,298
La-Z-Boy, Inc.		29,405		818,047

				2,442,519

Independent Power & Renewable Electricity Producers - 0.3%
NRG Energy, Inc.		52,805		791,547

Insurance - 1.7%
Aspen Insurance Holdings, Ltd.		16,850		781,503
Employers Holdings, Inc.		27,030		784,411
Hanover Insurance Group, Inc.		9,610		813,198
Old Republic International Corp.		42,970		828,891
United Fire Group, Inc.		16,438		697,464

				3,905,467

Internet & Catalog Retail - 0.3%
Blue Nile, Inc.		25,805		706,541

Internet Software & Services - 1.7%
Bankrate, Inc., Class A ^(A)		105,935		792,394
DHI Group, Inc. ^(A)		99,560		620,259
EarthLink Holdings Corp.		125,635		804,064
MeetMe, Inc. ^(A)		173,510		924,808
Monster Worldwide, Inc. ^(A)		258,335		617,421

				3,758,946

IT Services - 2.4%
Convergys Corp. ^(B)		28,925		723,125

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 66

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
CSG Systems International, Inc. ^(B)		19,593		$ 789,794
Hackett Group, Inc.		49,745		689,963
Leidos Holdings, Inc.		17,385		832,220
ManTech International Corp., Class A		22,230		840,738
Sykes Enterprises, Inc. ^(A)		25,633		742,332
Teradata Corp. ^{(A) (B)}		28,855		723,395

				5,341,567

Life Sciences Tools & Services - 2.6%
Bio-Rad Laboratories, Inc., Class A ^(A)		5,740		820,935
Bruker Corp.		33,775		768,043
Cambrex Corp. ^(A)		16,645		861,046
Charles River Laboratories International, Inc. ^(A)		9,155		754,738
ICON PLC ^(A)		12,225		855,872
Luminex Corp. ^{(A) (B)}		41,755		844,704
PAREXEL International Corp. ^(A)		13,620		856,426

				5,761,764

Machinery - 2.8%
AGCO Corp.		15,155		714,255
Alamo Group, Inc.		12,860		848,374
Altra Industrial Motion Corp.		29,175		787,142
Briggs & Stratton Corp. ^(B)		39,030		826,655
Joy Global, Inc.		36,210		765,479
Kennametal, Inc.		33,410		738,695
Timken Co.		24,900		763,434
Wabash National Corp. ^{(A) (B)}		63,335		804,355

				6,248,389

Metals & Mining - 3.2%
Carpenter Technology Corp.		24,037		791,538
Commercial Metals Co. ^(B)		49,800		841,620
Haynes International, Inc. ^(B)		20,895		670,312
Kaiser Aluminum Corp.		8,940		808,265
Materion Corp. ^(B)		31,980		791,825
Olympic Steel, Inc.		32,900		898,499
Reliance Steel & Aluminum Co.		10,525		809,373
Schnitzer Steel Industries, Inc., Class A		48,000		844,800
Worthington Industries, Inc.		20,700		875,610

				7,331,842

Multi-Utilities - 0.8%
Avista Corp. ^(B)		19,715		883,232
MDU Resources Group, Inc. ^(B)		34,730		833,520

				1,716,752

Multiline Retail - 1.0%
Big Lots, Inc. ^(B)		16,730		838,341
Dillard’s, Inc., Class A ^(B)		13,725		831,735
Fred’s, Inc., Class A		37,975		611,777

				2,281,853

Oil, Gas & Consumable Fuels - 2.3%
Aegean Marine Petroleum Network, Inc.		119,195		655,572
Alon USA Energy, Inc. ^(B)		120,495		780,808
CVR Energy, Inc. ^(B)		40,675		630,463
DHT Holdings, Inc. ^(B)		148,340		746,150
Renewable Energy Group, Inc. ^{(A) (B)}		96,055		848,166
Tsakos Energy Navigation, Ltd.		154,630		725,215
World Fuel Services Corp.		17,450		828,700

				5,215,074


	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products - 0.9%
Domtar Corp.		22,090		$ 773,371
Mercer International, Inc.		64,395		513,872
P.H. Glatfelter Co.		32,870		642,937

				1,930,180

Personal Products - 0.7%
Medifast, Inc.		25,105		835,243
Nu Skin Enterprises, Inc., Class A		17,335		800,704

				1,635,947

Pharmaceuticals - 0.7%
Impax Laboratories, Inc. ^(A)		27,175		783,184
SciClone Pharmaceuticals, Inc. ^(A)		61,370		801,492

				1,584,676

Professional Services - 1.8%
FTI Consulting, Inc. ^(A)		19,640		798,955
ICF International, Inc. ^(A)		16,780		686,302
Insperity, Inc.		10,910		842,579
Kelly Services, Inc., Class A		35,010		664,140
Kforce, Inc.		33,705		569,277
Resources Connection, Inc.		38,325		566,444

				4,127,697

Real Estate Investment Trusts - 10.3%
Agree Realty Corp.		18,330		884,239
Anworth Mortgage Asset Corp.		149,445		702,391
ARMOUR Residential REIT, Inc. ^(B)		38,900		778,000
Ashford Hospitality Trust, Inc.		120,805		648,723
Capstead Mortgage Corp.		83,890		813,733
CBL & Associates Properties, Inc.		75,380		701,788
Chesapeake Lodging Trust		35,130		816,772
Corporate Office Properties Trust		29,465		871,280
DiamondRock Hospitality Co.		82,190		742,176
Dynex Capital, Inc. ^(B)		85,180		591,149
EPR Properties		10,980		885,866
First Potomac Realty Trust		61,735		567,962
Geo Group, Inc.		24,335		831,770
Getty Realty Corp.		33,220		712,569
Gladstone Commercial Corp. ^(B)		34,225		578,060
Hersha Hospitality Trust, Class A ^(B)		44,595		764,804
Invesco Mortgage Capital, Inc.		58,520		801,139
Investors Real Estate Trust		111,365		720,532
LaSalle Hotel Properties		33,860		798,419
Medical Properties Trust, Inc. ^(B)		54,470		828,489
MFA Financial, Inc.		110,835		805,770
National Health Investors, Inc.		11,565		868,416
Piedmont Office Realty Trust, Inc., Class A		40,440		871,078
Resource Capital Corp. ^(B)		54,335		698,748
RLJ Lodging Trust ^(B)		35,300		757,185
Select Income REIT		32,640		848,314
Summit Hotel Properties, Inc.		63,990		847,228
Sunstone Hotel Investors, Inc.		66,250		799,637
Tanger Factory Outlet Centers, Inc.		21,665		870,500
Two Harbors Investment Corp.		96,050		822,188

				23,228,925

Road & Rail - 0.7%
ArcBest Corp.		41,411		672,929
Swift Transportation Co., Class A ^{(A) (B)}		51,930		800,241

				1,473,170

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 67

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 2.6%
Alpha & Omega Semiconductor, Ltd. ^(A)		39,235		$ 546,544
Cirrus Logic, Inc. ^(A)		20,110		780,067
FormFactor, Inc., Class A ^(A)		76,450		687,285
Kulicke & Soffa Industries, Inc. ^(A)		58,695		714,318
MaxLinear, Inc., Class A ^(A)		42,485		763,880
MKS Instruments, Inc.		19,240		828,474
Silicon Laboratories, Inc. ^(A)		16,255		792,269
Teradyne, Inc. ^(B)		40,640		800,202

				5,913,039

Software - 0.7%
Mentor Graphics Corp.		38,055		809,049
Nuance Communications, Inc. ^(A)		50,780		793,692

				1,602,741

Specialty Retail - 6.9%
Abercrombie & Fitch Co., Class A		42,635		759,329
American Eagle Outfitters, Inc.		53,655		854,724
Caleres, Inc.		34,850		843,719
Chico’s FAS, Inc.		74,300		795,753
Children’s Place, Inc. ^(B)		10,740		861,133
Citi Trends, Inc.		30,440		472,733
DSW, Inc., Class A ^(B)		37,945		803,675
Express, Inc. ^(A)		50,525		733,118
Finish Line, Inc., Class A		49,085		991,026
Genesco, Inc. ^{(A) (B)}		12,535		806,126
Guess?, Inc. ^(B)		53,866		810,683
Hibbett Sports, Inc. ^{(A) (B)}		23,210		807,476
Kirkland’s, Inc. ^(A)		36,030		528,920
Pier 1 Imports, Inc. ^(B)		141,125		725,383
Rent-A-Center, Inc. ^(B)		65,785		807,840
Shoe Carnival, Inc.		27,750		695,415
Urban Outfitters, Inc. ^{(A) (B)}		30,640		842,600
Vitamin Shoppe, Inc. ^{(A) (B)}		26,990		825,084
Williams-Sonoma, Inc., Class A ^(B)		15,150		789,770
Zumiez, Inc. ^{(A) (B)}		55,460		793,633

				15,548,140

Technology Hardware, Storage & Peripherals - 0.3%
Cray, Inc. ^(A)		26,410		790,187

Textiles, Apparel & Luxury Goods - 0.6%
Movado Group, Inc.		33,940		735,819
Perry Ellis International, Inc. ^(A)		27,895		561,248

				1,297,067

Thrifts & Mortgage Finance - 0.8%
First Defiance Financial Corp., Class A		13,725		533,216
HomeStreet, Inc. ^(A)		31,100		619,512
Meta Financial Group, Inc.		11,513		586,703

				1,739,431

Trading Companies & Distributors - 1.0%
Applied Industrial Technologies, Inc.		17,730		800,332
DXP Enterprises, Inc. ^{(A) (B)}		48,753		727,882
WESCO International, Inc. ^{(A) (B)}		14,195		730,901

				2,259,115

Wireless Telecommunication Services - 0.4%
Shenandoah Telecommunications Co.		23,220		906,973

Total Common Stocks (Cost $217,726,617)				222,621,749


	Shares		Value
MASTER LIMITED PARTNERSHIP - 0.3%
Capital Markets - 0.3%
Lazard, Ltd., Class A		22,060		$ 656,947

Total Master Limited Partnership (Cost $782,369)				656,947


SECURITIES LENDING COLLATERAL - 17.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		39,688,822		39,688,822

Total Securities Lending Collateral (Cost $39,688,822)				39,688,822


	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.03%^(C), dated 06/30/2016, to be repurchased at $2,625,398 on 07/01/2016. Collateralized by a U.S. Government Obligation, 1.38%, due 02/29/2020, and with a value of $2,678,950.		$ 2,625,396		2,625,396

Total Repurchase Agreement (Cost $2,625,396)				2,625,396

Total Investments (Cost $260,823,204) ^(D)				265,592,914
Net Other Assets (Liabilities) - (17.6)%				(39,703,180	)


Net Assets - 100.0%				$ 225,889,734

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 68

Transamerica Partners Small Core Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	222,621,749	$	—	$	—	$	222,621,749
Master Limited Partnership		656,947		—		—		656,947
Securities Lending Collateral		39,688,822		—		—		39,688,822
Repurchase Agreement		—		2,625,396		—		2,625,396

Total Investments	$	262,967,518	$	2,625,396	$	—	$	265,592,914

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	All or a portion of the securities are on loan. The total value of all securities on loan is $38,705,043. 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)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $260,823,204. Aggregate gross unrealized appreciation and depreciation for all securities is $18,972,784 and $14,203,074, respectively. Net unrealized appreciation for tax purposes is $4,769,710.

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 69

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 97.5%
Auto Components - 5.0%
Dorman Products, Inc. ^{(A) (B)}		18,010		$ 1,030,172
Drew Industries, Inc.		15,310		1,298,900
Motorcar Parts of America, Inc. ^{(A) (B)}		35,550		966,249

				3,295,321

Banks - 10.4%
BancorpSouth, Inc. ^(A)		27,440		622,614
LegacyTexas Financial Group, Inc.		24,385		656,201
Pinnacle Financial Partners, Inc. ^(A)		33,560		1,639,406
PrivateBancorp, Inc., Class A ^(A)		45,540		2,005,126
South State Corp.		20,443		1,391,146
Texas Capital Bancshares, Inc. ^(B)		12,395		579,590

				6,894,083

Biotechnology - 2.2%
Eagle Pharmaceuticals, Inc. ^{(A) (B)}		15,880		615,985
Repligen Corp. ^{(A) (B)}		31,290		856,095

				1,472,080

Building Products - 2.9%
Advanced Drainage Systems, Inc. ^(A)		30,910		846,007
Trex Co., Inc. ^{(A) (B)}		23,460		1,053,823

				1,899,830

Commercial Services & Supplies - 1.5%
Knoll, Inc.		40,290		978,241

Diversified Financial Services - 1.5%
MarketAxess Holdings, Inc.		6,880		1,000,352

Diversified Telecommunication Services - 1.9%
Cogent Communications Holdings, Inc. ^(A)		31,720		1,270,703

Food Products - 7.5%
B&G Foods, Inc. ^(A)		27,090		1,305,738
Calavo Growers, Inc. ^(A)		21,810		1,461,270
J&J Snack Foods Corp. ^(A)		9,391		1,120,065
TreeHouse Foods, Inc. ^{(A) (B)}		10,710		1,099,381

				4,986,454

Health Care Equipment & Supplies - 4.6%
Cantel Medical Corp.		17,420		1,197,277
Neogen Corp. ^(B)		22,180		1,247,625
Vascular Solutions, Inc. ^(B)		14,269		594,446

				3,039,348

Health Care Providers & Services - 2.8%
Aceto Corp. ^(A)		45,289		991,376
Providence Service Corp. ^{(A) (B)}		19,281		865,332

				1,856,708

Health Care Technology - 2.1%
Medidata Solutions, Inc. ^{(A) (B)}		29,599		1,387,305

Hotels, Restaurants & Leisure - 3.8%
Popeyes Louisiana Kitchen, Inc. ^{(A) (B)}		21,648		1,182,847
Sonic Corp. ^(A)		50,342		1,361,751

				2,544,598

Internet Software & Services - 3.4%
LogMeIn, Inc. ^{(A) (B)}		18,680		1,184,872
SPS Commerce, Inc. ^{(A) (B)}		18,170		1,101,102

				2,285,974


	Shares		Value
COMMON STOCKS (continued)
IT Services - 4.0%
Luxoft Holding, Inc., Class A ^{(A) (B)}		10,428		$ 542,465
MAXIMUS, Inc., Class A ^(A)		38,800		2,148,356

				2,690,821

Life Sciences Tools & Services - 6.7%
Cambrex Corp. ^{(A) (B)}		37,079		1,918,096
ICON PLC ^{(A) (B)}		14,590		1,021,446
PRA Health Sciences, Inc. ^(B)		35,530		1,483,733

				4,423,275

Oil, Gas & Consumable Fuels - 4.3%
Callon Petroleum Co. ^{(A) (B)}		58,309		654,810
Matador Resources Co. ^{(A) (B)}		31,040		614,592
Memorial Resource Development Corp. ^(B)		41,240		654,891
Oasis Petroleum, Inc. ^{(A) (B)}		32,710		305,511
PDC Energy, Inc. ^{(A) (B)}		10,850		625,069

				2,854,873

Personal Products - 1.2%
Inter Parfums, Inc. ^(A)		27,150		775,676

Pharmaceuticals - 6.0%
Prestige Brands Holdings, Inc. ^{(A) (B)}		36,605		2,027,917
Supernus Pharmaceuticals, Inc. ^{(A) (B)}		95,983		1,955,174

				3,983,091

Professional Services - 4.7%
CEB, Inc.		15,604		962,455
WageWorks, Inc. ^{(A) (B)}		35,720		2,136,413

				3,098,868

Road & Rail - 2.4%
Knight Transportation, Inc. ^(A)		38,909		1,034,201
Saia, Inc. ^{(A) (B)}		22,710		570,930

				1,605,131

Semiconductors & Semiconductor Equipment - 2.5%
CEVA, Inc. ^{(A) (B)}		22,871		621,405
Silicon Laboratories, Inc. ^{(A) (B)}		20,960		1,021,590

				1,642,995

Software - 8.9%
BroadSoft, Inc. ^{(A) (B)}		19,891		816,128
Callidus Software, Inc. ^{(A) (B)}		59,000		1,178,820
Ellie Mae, Inc. ^{(A) (B)}		22,250		2,039,212
Pegasystems, Inc. ^(A)		35,250		949,987
Qualys, Inc. ^{(A) (B)}		31,760		946,766

				5,930,913

Specialty Retail - 2.1%
Monro Muffler Brake, Inc. ^(A)		21,574		1,371,243

Textiles, Apparel & Luxury Goods - 5.1%
G-III Apparel Group, Ltd. ^{(A) (B)}		38,330		1,752,448
Steven Madden, Ltd., Class B ^{(A) (B)}		47,740		1,631,753

				3,384,201

Total Common Stocks (Cost $57,910,910)				64,672,084


SECURITIES LENDING COLLATERAL - 28.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(C)		19,055,166		19,055,166

Total Securities Lending Collateral (Cost $19,055,166)				19,055,166

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 70

Transamerica Partners Small Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co. 0.03%^(C), dated 06/30/2016, to be repurchased at $1,073,113 on 07/01/2016. Collateralized by a U.S. Government Obligation, 3.38%, due 11/15/2019, and with a value of $1,095,765.		$ 1,073,112		$ 1,073,112

Total Repurchase Agreement (Cost $1,073,112)				1,073,112

Total Investments (Cost $78,039,188) ^(D)				84,800,362
Net Other Assets (Liabilities) - (27.8)%				(18,462,427	)


Net Assets - 100.0%				$ 66,337,935

SECURITY VALUATION:

Valuation Inputs ^(E)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	64,672,084	$	—	$	—	$	64,672,084
Securities Lending Collateral		19,055,166		—		—		19,055,166
Repurchase Agreement		—		1,073,112		—		1,073,112

Total Investments	$	83,727,250	$	1,073,112	$	—	$	84,800,362

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	All or a portion of the securities are on loan. The total value of all securities on loan is $18,624,241. 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 securities.

^(C)	Rates disclosed reflect the yields at June 30, 2016.

^(D)	Aggregate cost for federal income tax purposes is $78,039,188. Aggregate gross unrealized appreciation and depreciation for all securities is $8,176,655 and $1,415,481, respectively. Net unrealized appreciation for tax purposes is $6,761,174.

^(E)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 71

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS - 95.8%
Argentina - 0.7%
Arcos Dorados Holdings, Inc., Class A ^(A)		487,900		$ 2,327,283

Australia - 2.7%
Asciano, Ltd.		108,313		718,634
BHP Billiton PLC, ADR		84,700		2,149,686
Challenger, Ltd.		615,639		4,022,111
Sonic Healthcare, Ltd.		164,400		2,666,094

				9,556,525

Brazil - 1.5%
Localiza Rent a Car SA ^(B)		179,300		1,925,676
Marfrig Global Foods SA ^{(A) (B)}		2,060,000		3,604,022

				5,529,698

Canada - 5.3%
Canadian Imperial Bank of Commerce, Class B		17,700		1,329,469
Canadian National Railway Co.		73,300		4,328,385
Fairfax Financial Holdings, Ltd.		7,600		4,093,276
Hudson’s Bay Co. ^(C)		290,300		3,503,059
Newalta Corp.		178,300		296,718
Suncor Energy, Inc.		201,300		5,584,266

				19,135,173

Chile - 0.7%
Banco Santander Chile, ADR		137,000		2,653,690

China - 3.0%
Fosun International, Ltd.		3,028,536		3,930,597
Minth Group, Ltd.		600,000		1,941,197
PICC Property & Casualty Co., Ltd., Class H		900,000		1,421,321
Shenzhen Expressway Co., Ltd., Class H		2,226,000		2,036,921
Sinotrans, Ltd., Class H		3,050,000		1,361,711

				10,691,747

Czech Republic - 0.5%
Komercni Banka AS		45,000		1,687,233

Denmark - 0.3%
TDC A/S, Class B		188,800		925,209

France - 7.2%
Arkema SA		46,495		3,554,667
Bollore SA ^(C)		826,900		2,783,772
Engie SA		305,800		4,910,126
Rexel SA		190,024		2,389,056
Sanofi		63,201		5,250,908
Veolia Environnement SA		200,070		4,320,431
Vivendi SA		151,200		2,828,757

				26,037,717

Germany - 6.2%
Allianz SE, Class A		19,302		2,753,573
Bayer AG		8,231		826,679
Deutsche Boerse AG		27,700		2,275,685
Merck KGaA		36,000		3,659,145
METRO AG		100,524		3,091,724
SAP SE		50,900		3,822,851
Siemens AG, Class A		41,787		4,288,230
TUI AG		137,400		1,560,734

				22,278,621

Greece - 0.5%
OPAP SA		263,500		1,836,468


	Shares		Value
COMMON STOCKS (continued)
Hong Kong - 5.5%
Cheung Kong Property Holdings, Ltd.		437,000		$ 2,759,071
China Mobile, Ltd.		340,000		3,932,863
China Resources Beer Holdings Co., Ltd.		1,260,000		2,747,517
CK Hutchison Holdings, Ltd.		308,000		3,388,141
First Pacific Co., Ltd.		2,650,000		1,913,613
Guangdong Investment, Ltd.		2,322,000		3,562,775
Noble Group, Ltd. ^{(A) (C)}		6,990,500		1,058,564
Shun Tak Holdings, Ltd.		1,526,000		482,748

				19,845,292

India - 1.3%
Cairn India, Ltd.		1,617,457		3,389,542
Hindustan Zinc, Ltd.		500,000		1,344,532

				4,734,074

Indonesia - 0.4%
AKR Corporindo Tbk PT		3,250,000		1,578,141

Ireland - 2.4%
DCC PLC		21,000		1,847,991
Ryanair Holdings PLC, ADR		34,860		2,424,165
Smurfit Kappa Group PLC, Class B		195,215		4,298,313

				8,570,469

Israel - 1.3%
Teva Pharmaceutical Industries, Ltd., ADR ^(C)		91,700		4,606,091

Italy - 3.3%
Azimut Holding SpA		58,700		957,740
Eni SpA, Class B		324,215		5,222,186
Mediobanca SpA		428,500		2,468,929
Prysmian SpA		147,638		3,240,528

				11,889,383

Japan - 20.1%
Aisin Seiki Co., Ltd.		92,700		3,775,974
Astellas Pharma, Inc.		203,100		3,185,083
Bridgestone Corp.		61,500		1,976,421
Daiwa Securities Group, Inc.		620,000		3,266,389
Electric Power Development Co., Ltd.		62,200		1,449,153
FANUC Corp.		22,500		3,660,148
FUJIFILM Holdings Corp.		124,200		4,819,012
Hitachi, Ltd.		833,800		3,493,501
Japan Airlines Co., Ltd.		99,500		3,201,173
Komatsu, Ltd.		128,900		2,239,208
Kuraray Co., Ltd. ^(C)		334,700		3,993,464
Mitsubishi Heavy Industries, Ltd.		615,000		2,473,051
MS&AD Insurance Group Holdings, Inc.		168,700		4,371,036
NEC Corp.		1,533,000		3,571,681
Nippon Telegraph & Telephone Corp.		108,400		5,083,405
ORIX Corp.		374,200		4,842,323
Resona Holdings, Inc.		928,400		3,393,221
SoftBank Group Corp.		81,900		4,631,611
Sony Corp.		189,900		5,594,829
Sumitomo Mitsui Financial Group, Inc.		109,500		3,161,817

				72,182,500

Macau - 0.5%
MGM China Holdings, Ltd. ^(C)		1,359,572		1,771,670

Mexico - 2.0%
Alpek SAB de CV, Class A		1,133,400		1,859,186

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 72

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)


	Shares		Value
COMMON STOCKS (continued)
Mexico (continued)
Credito Real SAB de CV SOFOM ENR		808,773		$ 1,548,310
Fomento Economico Mexicano SAB de CV, ADR		20,000		1,849,800
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		51,320		305,828
Grupo Televisa SAB, ADR		68,000		1,770,720

				7,333,844

Netherlands - 3.7%
Boskalis Westminster		63,294		2,159,757
Delta Lloyd NV		296,668		1,042,398
Heineken Holding NV, Class A		40,044		3,244,430
Koninklijke Philips NV		175,571		4,360,529
Steinhoff International Holdings NV		452,600		2,605,892

				13,413,006

Nigeria - 0.4%
Guaranty Trust Bank PLC		16,340,000		1,351,753

Panama - 0.1%
Copa Holdings SA, Class A ^(C)		8,900		465,114

Republic of Korea - 1.4%
Korean Reinsurance Co.		134,102		1,426,681
SK Telecom Co., Ltd.		18,600		3,494,322

				4,921,003

Russian Federation - 0.9%
Lukoil PJSC, ADR		74,980		3,128,915

Singapore - 1.0%
DBS Group Holdings, Ltd.		317,000		3,737,720

Spain - 1.1%
Aena SA ^(D)		28,700		3,804,197

Sweden - 3.2%
Investor AB, Class B		164,281		5,519,149
Svenska Cellulosa AB SCA, Class B		75,297		2,419,342
Telefonaktiebolaget LM Ericsson, Class B		458,800		3,524,755

				11,463,246

Switzerland - 4.3%
GAM Holding AG ^(A)		231,177		2,467,897
Nestle SA		60,764		4,707,892
Novartis AG		55,815		4,606,886
UBS Group AG		291,474		3,782,046

				15,564,721

Taiwan - 2.3%
ChipMOS TECHNOLOGIES Bermuda, Ltd.		176,100		3,189,171
Mega Financial Holding Co., Ltd.		3,200,000		2,420,388
Realtek Semiconductor Corp.		700,000		2,183,212
Yuanta Financial Holding Co., Ltd.		1,865,510		605,762

				8,398,533

Thailand - 0.7%
Thai Union Group PCL, F Shares		4,285,000		2,682,698

Turkey - 0.8%
Tofas Turk Otomobil Fabrikasi AS		331,535		2,726,010

United Kingdom - 9.4%
Aviva PLC		626,375		3,301,801
Barclays PLC		879,600		1,635,955
GKN PLC		971,300		3,511,688
HSBC Holdings PLC ^(C)		597,200		3,661,305


	Shares		��	Value
COMMON STOCKS (continued)
United Kingdom (continued)
Imperial Brands PLC		62,694			$ 3,400,065
Inchcape PLC		272,188			2,288,645
Johnson Matthey PLC		73,224			2,746,428
Kingfisher PLC		781,120			3,354,975
National Grid PLC, Class B		211,784			3,114,352
Sky PLC		324,060			3,682,435
Unilever PLC		68,758			3,294,549

					33,992,198

United States - 1.1%
Flextronics International, Ltd. ^(A)		348,100			4,107,580

Total Common Stocks (Cost $388,262,037)					344,927,522


PREFERRED STOCKS - 2.9%
Brazil - 0.4%
Itausa - Investimentos Itau SA 4.43%^(B) (E)		615,722			1,454,824

Germany - 0.5%
Porsche Automobil Holding SE 2.36%^(E)		38,900			1,798,029

Republic of Korea - 2.0%
Hyundai Motor Co. 3.31%^(E)		34,900			2,875,553
Samsung Electronics Co., Ltd. 1.76%^(E)		4,186			4,318,223

					7,193,776

Total Preferred Stocks (Cost $13,058,585)					10,446,629


RIGHT - 0.1%
Hong Kong - 0.1%
Noble Group, Ltd. ^(A)		6,990,500			487,747

Total Right (Cost $1,328,513)					487,747


SECURITIES LENDING COLLATERAL - 4.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.51% ^(E)		14,566,658			14,566,658

Total Securities Lending Collateral (Cost $14,566,658)					14,566,658


	Principal			Value
REPURCHASE AGREEMENT - 0.8%
State Street Bank & Trust Co. 0.03%^(E), dated 06/30/2016, to be repurchased at $3,020,238 on 07/01/2016. Collateralized by a U.S. Government Obligation, 8.50%, due 2/15/2020, and with a value of $3,081,738.		$ 3,020,235			3,020,235

Total Repurchase Agreement (Cost $3,020,235)					3,020,235

Total Investments (Cost $420,236,028) ^(F)					373,448,791
Net Other Assets (Liabilities) - (3.7)%					(13,395,143	)


Net Assets - 100.0%					$ 360,053,648

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 73

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

INVESTMENTS BY INDUSTRY:


Industry	Percentage of Total Investments			Value
Banks		7.1	%	$	26,487,375
Pharmaceuticals		5.9			22,134,792
Diversified Financial Services		5.0			18,572,881
Insurance		4.9			18,410,086
Industrial Conglomerates		4.9			18,298,236
Oil, Gas & Consumable Fuels		4.6			17,324,909
Capital Markets		3.6			13,548,763
Technology Hardware, Storage & Peripherals		3.4			12,708,916
Multi-Utilities		3.3			12,344,909
Chemicals		3.3			12,153,745
Wireless Telecommunication Services		3.2			12,058,796
Auto Components		3.0			11,205,280
Food Products		3.0			10,994,612
Machinery		2.2			8,372,407
Media		2.2			8,281,912
Household Durables		2.2			8,200,721
Beverages		2.1			7,841,747
Electronic Equipment, Instruments & Components		2.0			7,601,081
Hotels, Restaurants & Leisure		2.0			7,496,155
Automobiles		2.0			7,399,592
Road & Rail		1.9			6,972,695
Transportation Infrastructure		1.7			6,146,946
Airlines		1.6			6,090,452
Diversified Telecommunication Services		1.6			6,008,614
Trading Companies & Distributors		1.5			5,513,508
Semiconductors & Semiconductor Equipment		1.4			5,372,383
Containers & Packaging		1.2			4,298,313
Air Freight & Logistics		1.1			4,145,483
Software		1.0			3,822,851
Water Utilities		1.0			3,562,775
Communications Equipment		1.0			3,524,755
Multiline Retail		0.9			3,503,059
Metals & Mining		0.9			3,494,218
Tobacco		0.9			3,400,065
Specialty Retail		0.9			3,354,975
Personal Products		0.9			3,294,549
Electrical Equipment		0.9			3,240,528
Food & Staples Retailing		0.8			3,091,724
Real Estate Management & Development		0.7			2,759,071
Health Care Providers & Services		0.7			2,666,094
Household Products		0.7			2,419,342
Distributors		0.6			2,288,645
Construction & Engineering		0.6			2,159,757
Consumer Finance		0.4			1,548,310
Independent Power & Renewable Electricity Producers		0.4			1,449,153
Energy Equipment & Services		0.1			296,718

Investments, at Value		95.3			355,861,898
Short-Term Investments		4.7			17,586,893

Total Investments		100.0	%	$	373,448,791

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 74

Transamerica Partners International Equity Portfolio

SCHEDULE OF INVESTMENTS (continued)

At June 30, 2016

(unaudited)

SECURITY VALUATION:

Valuation Inputs ^(G)


	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	57,050,410	$	287,877,112	$	—	$	344,927,522
Preferred Stocks		1,454,824		8,991,805		—		10,446,629
Right		—		487,747		—		487,747
Securities Lending Collateral		14,566,658		—		—		14,566,658
Repurchase Agreement		—		3,020,235		—		3,020,235

Total Investments	$	73,071,892	$	300,376,899	$	—	$	373,448,791

Transfers ^(G)


Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Common Stocks ^(B)	$	—	$	5,529,698	$	—	$	—
Preferred Stocks ^(B)		—		1,454,824		—		—

Total	$	—	$	6,984,522	$	—	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)	Non-income producing securities.

^(B)	Transferred from Level 2 to 1 due to utilizing quoted market prices in active markets, which were not available on December 31, 2015.

^(C)	All or a portion of the securities are on loan. The total value of all securities on loan is $13,564,877. 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.

^(D)

Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the value of the 144A security is $3,804,197, representing 1.1% of the Portfolio’s net assets.

^(E)	Rates disclosed reflect the yields at June 30, 2016.

^(F)	Aggregate cost for federal income tax purposes is $420,236,028. Aggregate gross unrealized appreciation and depreciation for all securities is $29,283,853 and $76,071,090, respectively. Net unrealized depreciation for tax purposes is $46,787,237.

^(G)	The Portfolio recognizes transfers between Levels at the end of the reporting period. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:


ADR		American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 75

STATEMENTS OF ASSETS AND LIABILITIES

At June 30, 2016

(unaudited)


	Money Market		High Quality Bond		Inflation- Protected Securities			Core Bond		High Yield Bond
Assets:
Investments, at value ^{(A) (B)}	$	520,058,301	$	339,108,963	$	293,365,581		$	1,497,616,074	$	759,928,753
Repurchase agreements, at value ^(C)		374,885,031		4,492,352		—			23,956,669		22,677,282
Cash		—		286,534		—			—		75,220
Cash on deposit with broker		—		—		321,220			—		—
Foreign currency, at value ^(D)		—		—		730,800			—		—
Receivables:
Investments sold		—		3,969		1,138,543			1,890,756		2,652,248
Interest		109,018		1,395,127		957,796			8,016,744		13,333,482
Net income from securities lending		—		1,387		2,043			18,088		—
Variation margin receivable		—		—		14,473			—		—
Prepaid expenses		3,300		1,215		946			4,369		2,426
OTC swap agreements, at value		—		—		108,360			—		—
Unrealized appreciation on forward foreign currency contracts		—		—		953,141			—		—
Total assets		895,055,650		345,289,547		297,592,903			1,531,502,700		798,669,411

Liabilities:
Due to custodian		—		—		—			12,860,424		—
Cash deposit due to broker		—		—		580,000			—		—
Payables and other liabilities:
Investments purchased		—		4,032,740		1,232,930			6,233,310		2,145,964
When-issued, delayed-delivery, and forward commitment securities purchased		—		—		—			169,737,326		3,568,938
Investment advisory fees		179,432		95,488		71,136			360,509		356,014
Trustees, CCO and deferred compensation fees		1,944		724		527			2,483		1,268
Audit and tax fees		11,943		9,953		13,405			13,813		12,115
Custody and accounting fees		13,973		13,274		37,230			41,823		29,993
Legal fees		12,037		5,723		4,450			21,057		13,869
Printing and shareholder reports fees		4,991		2,167		1,710			8,169		5,278
Other		4,905		2,214		1,701			8,102		5,134
Variation margin payable		—		—		—			353,000		—
Collateral for securities on loan		—		8,377,052		27,618,546			86,070,228		—
Written options and swaptions, at value ^(E)		—		—		708,372			—		—
OTC swap agreements, at value		—		—		62,139			—		—
Unrealized depreciation on forward foreign currency contracts		—		—		1,027,051			—		—
Total liabilities		229,225		12,539,335		31,359,197			275,710,244		6,138,573
Net assets	$	894,826,425	$	332,750,212	$	266,233,706		$	1,255,792,456	$	792,530,838

^(A) Investments, at cost	$	520,058,301	$	340,879,709	$	286,321,293		$	1,470,226,142	$	809,492,715
^(B) Securities on loan, at value	$	—	$	8,201,181	$	27,063,104		$	84,321,136	$	—
^(C) Repurchase agreements, at cost	$	374,885,031	$	4,492,352	$	—		$	23,956,669	$	22,677,282
^(D) Foreign currency, at cost	$	—	$	—	$	723,647		$	—	$	—
^(E) Premium received on written options and swaptions	$	—	$	—	$	(1,041,800	)	$	—	$	—

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 76

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2016

(unaudited)


	Balanced		Large Value		Large Core		Large Growth		Mid Value
Assets:
Investments, at value ^(A) (B)	$	165,313,311	$	828,841,994	$	302,867,505	$	892,808,956	$	913,011,301
Repurchase agreements, at value ^(C)		2,241,242		5,419,504		1,979,447		10,038,855		30,157,614
Cash		—		—		—		—		201
Receivables:
Investments sold		422,038		6,564,553		3,765,550		11,551,119		3,744,816
Interest		382,359		5		2		9		25
Dividends		98,062		667,135		388,692		460,524		1,508,934
Tax reclaims		—		—		739		168,998		—
Net income from securities lending		2,413		21,870		6,964		24,902		42,692
Variation margin receivable		11,768		—		—		—		—
Prepaid expenses		500		2,341		979		2,768		2,727
Total assets		168,471,693		841,517,402		309,009,878		915,056,131		948,468,310

Liabilities:
Due to custodian		674,396		—		—		—		—
Payables and other liabilities:
Investments purchased		217,893		2,187,494		1,820,133		7,341,672		2,274,932
When-issued, delayed-delivery, and forward commitment securities purchased		8,346,783		—		—		—		—
Investment advisory fees		56,688		278,749		137,532		437,444		459,543
Trustees, CCO and deferred compensation fees		291		1,758		774		2,186		1,416
Audit and tax fees		9,558		12,490		12,968		13,043		12,068
Custody and accounting fees		30,313		21,367		8,128		24,186		18,303
Legal fees		2,438		14,491		5,390		14,672		13,839
Printing and shareholder reports fees		876		5,584		2,107		5,655		5,694
Other		1,752		5,715		4,187		5,826		5,900
Collateral for securities on loan		9,742,705		87,778,706		29,150,005		55,265,579		101,585,922
Total liabilities		19,083,693		90,306,354		31,141,224		63,110,263		104,377,617
Net assets	$	149,388,000	$	751,211,048	$	277,868,654	$	851,945,868	$	844,090,693

^(A)Investments, at cost	$	153,522,333	$	817,076,847	$	289,845,541	$	728,865,598	$	807,537,021
^(B) Securities on loan, at value	$	9,524,432	$	85,675,670	$	28,489,039	$	54,076,009	$	99,214,860
^(C)Repurchase agreements, at cost	$	2,241,242	$	5,419,504	$	1,979,447	$	10,038,855	$	30,157,614

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 77

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At June 30, 2016

(unaudited)


	Mid Growth		Small Value		Small Core		Small Growth		International Equity
Assets:
Investments, at value ^{(A) (B)}	$	102,958,968	$	79,149,253	$	262,967,518	$	83,727,250	$	370,428,556
Repurchase agreements, at value ^(C)		—		414,591		2,625,396		1,073,112		3,020,235
Foreign currency, at value ^(D)		—		—		—		—		361,851
Receivables:
Investments sold		2,228,701		1,229,125		1,509,998		879,962		533,551
Interest		—		—		2		1		2
Dividends		41,882		107,944		427,589		23,171		640,469
Tax reclaims		—		—		—		—		841,355
Net income from securities lending		3,633		6,589		10,233		4,810		15,209
Prepaid expenses		286		200		652		205		1,146
Total assets		105,233,470		80,907,702		267,541,388		85,708,511		375,842,374

Liabilities:
Due to custodian		1,036,516		—		—		—		—
Payables and other liabilities:
Investments purchased		—		297,934		1,780,433		253,303		910,985
Investment advisory fees		57,633		42,097		149,501		44,885		222,294
Trustees, CCO and deferred compensation fees		208		121		422		130		852
Audit and tax fees		11,936		11,928		12,012		11,926		20,048
Custody and accounting fees		2,992		8,830		11,268		3,119		53,028
Legal fees		2,106		851		4,742		1,087		7,780
Printing and shareholder reports fees		782		454		1,846		395		3,127
Other		1,116		1,023		2,608		565		3,954
Collateral for securities on loan		6,606,709		15,660,316		39,688,822		19,055,166		14,566,658
Total liabilities		7,719,998		16,023,554		41,651,654		19,370,576		15,788,726
Net assets	$	97,513,472	$	64,884,148	$	225,889,734	$	66,337,935	$	360,053,648

^(A) Investments, at cost	$	99,494,211	$	76,244,257	$	258,197,808	$	76,966,076	$	417,215,793
^(B) Securities on loan, at value	$	6,458,330	$	15,284,664	$	38,705,043	$	18,624,241	$	13,564,877
^(C) Repurchase agreements, at cost	$	—	$	414,591	$	2,625,396	$	1,073,112	$	3,020,235
^(D) Foreign currency, at cost	$	—	$	—	$	—	$	—	$	396,021

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 78

STATEMENTS OF OPERATIONS

For the period ended June 30, 2016

(unaudited)


	Money Market		High Quality Bond			Inflation- Protected Securities			Core Bond		High Yield Bond
Investment Income:
Dividend income	$	—	$	—		$	—		$	75,042	$	237,401
Interest income		2,025,572		3,356,487			1,744,788			18,192,482		25,740,751
Net income (loss) from securities lending		—		13,222			10,644			67,739		—
Withholding taxes on foreign income		—		(5	)		—			—		—
Total investment income		2,025,572		3,369,704			1,755,432			18,335,263		25,978,152

Expenses:
Investment advisory fees		1,086,089		593,157			464,092			2,194,810		2,075,031
Trustees, CCO and deferred compensation fees		7,274		2,977			2,358			11,096		6,725
Audit and tax fees		9,797		11,736			11,137			16,566		13,787
Custody and accounting fees		69,860		22,649			89,843			66,522		42,431
Legal fees		15,123		6,545			5,052			23,953		14,926
Printing and shareholder reports fees		1,327		573			450			2,138		1,377
Other		6,141		2,640			2,243			10,045		5,930
Total expenses before waiver and/or reimbursement		1,195,611		640,277			575,175			2,325,130		2,160,207
Expenses waived and/or reimbursed		—		—			(44,550	)		—		—
Net expenses		1,195,611		640,277			530,625			2,325,130		2,160,207
Net investment income (loss)		829,961		2,729,427			1,224,807			16,010,133		23,817,945

Net realized gain (loss) on:
Investments		24,824		(522,620	)		(303,650	)		7,107,857		(9,996,772	)
Written options and swaptions		—		—			664,344			—		—
Swap agreements		—		—			(829,960	)		—		—
Futures contracts		—		—			(393,516	)		—		—
Foreign currency transactions		—		—			(292,546	)		—		—
Net realized gain (loss)		24,824		(522,620	)		(1,155,328	)		7,107,857		(9,996,772	)

Net change in unrealized appreciation (depreciation) on:
Investments		—		2,768,072			14,624,024			41,265,254		39,738,615
Written options and swaptions		—		—			(170,951	)		—		—
Swap agreements		—		—			(44,196	)		—		—
Futures contracts		—		—			(446,560	)		—		—
Translation of assets and liabilities denominated in foreign currencies		—		—			276,846			—		—
Net change in unrealized appreciation (depreciation)		—		2,768,072			14,239,163			41,265,254		39,738,615
Net realized and change in unrealized gain (loss)		24,824		2,245,452			13,083,835			48,373,111		29,741,843
Net increase (decrease) in net assets resulting from operations	$	854,785	$	4,974,879		$	14,308,642		$	64,383,244	$	53,559,788

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 79

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2016

(unaudited)


	Balanced			Large Value			Large Core			Large Growth			Mid Value
Investment Income:
Dividend income	$	881,652		$	10,469,661		$	4,100,827		$	4,257,104		$	8,300,367
Interest income		791,929			1,031			396			843			5,657
Net income (loss) from securities lending		10,756			345,655			37,039			225,472			284,564
Withholding taxes on foreign income		(7,436	)		—			(386	)		(42,369	)		(69,963	)
Total investment income		1,676,901			10,816,347			4,137,876			4,441,050			8,520,625

Expenses:
Investment advisory fees		329,602			1,696,153			873,278			2,635,251			2,721,577
Trustees, CCO and deferred compensation fees		1,302			6,973			2,732			7,555			7,308
Audit and tax fees		12,338			10,328			10,797			10,908			9,875
Custody and accounting fees		34,526			40,103			19,184			53,333			43,708
Legal fees		2,814			15,720			6,042			16,808			16,781
Printing and shareholder reports fees		237			1,441			542			1,478			1,467
Other		1,121			6,261			2,421			6,749			6,115
Total expenses before waiver and/or reimbursement		381,940			1,776,979			914,996			2,732,082			2,806,831
Expenses waived and/or reimbursed		(15,715	)		—			—			—			—
Net expenses		366,225			1,776,979			914,996			2,732,082			2,806,831
Net investment income (loss)		1,310,676			9,039,368			3,222,880			1,708,968			5,713,794

Net realized gain (loss) on:
Investments		1,332,012			(10,325,220	)		500,174			20,653,597			21,457,406
Futures contracts		(6,771	)		—			—			—			—
Foreign currency transactions		1			—			—			26			(101	)
Net realized gain (loss)		1,325,242			(10,325,220	)		500,174			20,653,623			21,457,305

Net change in unrealized appreciation (depreciation) on:
Investments		2,409,459			(34,319,166	)		(11,543,732	)		(49,455,941	)		32,294,681
Futures contracts		4,280			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		(5	)		—			49			4,020			—
Net change in unrealized appreciation (depreciation)		2,413,734			(34,319,166	)		(11,543,683	)		(49,451,921	)		32,294,681
Net realized and change in unrealized gain (loss)		3,738,976			(44,644,386	)		(11,043,509	)		(28,798,298	)		53,751,986
Net increase (decrease) in net assets resulting from operations	$	5,049,652		$	(35,605,018	)	$	(7,820,629	)	$	(27,089,330	)	$	59,465,780

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 80

STATEMENTS OF OPERATIONS (continued)

For the period ended June 30, 2016

(unaudited)


	Mid Growth			Small Value			Small Core			Small Growth			International Equity
Investment Income:
Dividend income	$	359,368		$	598,475		$	2,332,325		$	150,925		$	8,365,544
Interest income		43			194			382			281			6,636
Net income (loss) from securities lending		17,792			35,640			48,644			27,409			223,700
Withholding taxes on foreign income		(3,409	)		(432	)		(237	)		—			(877,058	)
Total investment income		373,794			633,877			2,381,114			178,615			7,718,822

Expenses:
Investment advisory fees		351,326			261,436			887,341			262,219			1,378,367
Trustees, CCO and deferred compensation fees		905			582			2,044			557			3,480
Audit and tax fees		9,754			9,748			9,823			9,748			12,970
Custody and accounting fees		9,531			12,957			23,302			10,073			133,963
Legal fees		2,167			1,523			4,809			1,236			8,069
Printing and shareholder reports fees		196			119			469			105			792
Other		855			529			1,891			496			9,723
Total expenses before waiver and/or reimbursement		374,734			286,894			929,679			284,434			1,547,364
Expenses waived and/or reimbursed		(8,771	)		(15,894	)		—			(3,485	)		—
Net expenses		365,963			271,000			929,679			280,949			1,547,364
Net investment income (loss)		7,831			362,877			1,451,435			(102,334	)		6,171,458

Net realized gain (loss) on:
Investments		(4,043,634	)		(1,427,693	)		(8,255,528	)		5,370,686			(8,818,063	)
Foreign currency transactions		—			—			—			—			(7,755	)
Net realized gain (loss)		(4,043,634	)		(1,427,693	)		(8,255,528	)		5,370,686			(8,825,818	)

Net change in unrealized appreciation (depreciation) on:
Investments		3,094,873			1,635,901			16,124,104			(1,746,689	)		(11,531,253	)
Translation of assets and liabilities denominated in foreign currencies		—			—			—			—			(32,601	)
Net change in unrealized appreciation (depreciation)		3,094,873			1,635,901			16,124,104			(1,746,689	)		(11,563,854	)
Net realized and change in unrealized gain (loss)		(948,761	)		208,208			7,868,576			3,623,997			(20,389,672	)
Net increase (decrease) in net assets resulting from operations	$	(940,930	)	$	571,085		$	9,320,011		$	3,521,663		$	(14,218,214	)

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 81

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:


	Money Market						High Quality Bond						Inflation-Protected Securities
	June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015
From operations:
Net investment income (loss)	$	829,961		$	122,920		$	2,729,427		$	4,722,092		$	1,224,807		$	590,888
Net realized gain (loss)		24,824			3,909			(522,620	)		(836,409	)		(1,155,328	)		(836,980	)
Net change in unrealized appreciation (depreciation)		—			—			2,768,072			(1,252,420	)		14,239,163			(5,260,333	)
Net increase (decrease) in net assets resulting from operations		854,785			126,829			4,974,879			2,633,263			14,308,642			(5,506,425	)

From transactions in investors’ beneficial interests:
Contributions		271,059,563			681,666,419			64,247,229			178,165,153			9,559,722			41,488,372
Withdrawals		(250,144,659	)		(671,104,556	)		(86,981,566	)		(201,443,124	)		(25,740,072	)		(50,802,329	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		20,914,904			10,561,863			(22,734,337	)		(23,277,971	)		(16,180,350	)		(9,313,957	)
Net increase (decrease) in net assets		21,769,689			10,688,692			(17,759,458	)		(20,644,708	)		(1,871,708	)		(14,820,382	)

Net assets:
Beginning of period/year		873,056,736			862,368,044			350,509,670			371,154,378			268,105,414			282,925,796
End of period/year	$	894,826,425		$	873,056,736		$	332,750,212		$	350,509,670		$	266,233,706		$	268,105,414


	Core Bond						High Yield Bond						Balanced
	June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015
From operations:
Net investment income (loss)	$	16,010,133		$	30,744,309		$	23,817,945		$	48,392,946		$	1,310,676		$	2,541,177
Net realized gain (loss)		7,107,857			2,912,066			(9,996,772	)		(13,293,618	)		1,325,242			7,637,138
Net change in unrealized appreciation (depreciation)		41,265,254			(26,836,815	)		39,738,615			(67,991,992	)		2,413,734			(9,520,478	)
Net increase (decrease) in net assets resulting from operations		64,383,244			6,819,560			53,559,788			(32,892,664	)		5,049,652			657,837

From transactions in investors’ beneficial interests:
Contributions		80,201,771			206,524,514			36,955,158			88,025,013			5,263,482			31,301,309
Withdrawals		(171,740,728	)		(284,871,593	)		(46,970,987	)		(182,920,525	)		(12,517,637	)		(27,931,083	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(91,538,957	)		(78,347,079	)		(10,015,829	)		(94,895,512	)		(7,254,155	)		3,370,226
Net increase (decrease) in net assets		(27,155,713	)		(71,527,519	)		43,543,959			(127,788,176	)		(2,204,503	)		4,028,063

Net assets:
Beginning of period/year		1,282,948,169			1,354,475,688			748,986,879			876,775,055			151,592,503			147,564,440
End of period/year	$	1,255,792,456		$	1,282,948,169		$	792,530,838		$	748,986,879		$	149,388,000		$	151,592,503

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 82

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:


	Large Value						Large Core						Large Growth
	June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015
From operations:
Net investment income (loss)	$	9,039,368		$	13,256,969		$	3,222,880		$	4,376,578		$	1,708,968		$	3,158,645
Net realized gain (loss)		(10,325,220	)		88,003,967			500,174			37,746,692			20,653,623			57,294,575
Net change in unrealized appreciation (depreciation)		(34,319,166	)		(103,060,022	)		(11,543,683	)		(44,445,300	)		(49,451,921	)		22,395,409
Net increase (decrease) in net assets resulting from operations		(35,605,018	)		(1,799,086	)		(7,820,629	)		(2,322,030	)		(27,089,330	)		82,848,629

From transactions in investors’ beneficial interests:
Contributions		22,808,991			75,369,693			9,623,752			30,264,680			21,398,968			75,723,926
Withdrawals		(62,415,007	)		(167,401,036	)		(47,303,677	)		(51,955,709	)		(67,821,375	)		(159,696,818	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(39,606,016	)		(92,031,343	)		(37,679,925	)		(21,691,029	)		(46,422,407	)		(83,972,892	)
Net increase (decrease) in net assets		(75,211,034	)		(93,830,429	)		(45,500,554	)		(24,013,059	)		(73,511,737	)		(1,124,263	)

Net assets:
Beginning of period/year		826,422,082			920,252,511			323,369,208			347,382,267			925,457,605			926,581,868
End of period/year	$	751,211,048		$	826,422,082		$	277,868,654		$	323,369,208		$	851,945,868		$	925,457,605


	Mid Value						Mid Growth						Small Value
	June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015
From operations:
Net investment income (loss)	$	5,713,794		$	11,079,019		$	7,831		$	(147,804	)	$	362,877		$	738,234
Net realized gain (loss)		21,457,305			60,079,786			(4,043,634	)		18,401,108			(1,427,693	)		16,642,277
Net change in unrealized appreciation (depreciation)		32,294,681			(73,933,778	)		3,094,873			(18,808,529	)		1,635,901			(21,880,090	)
Net increase (decrease) in net assets resulting from operations		59,465,780			(2,774,973	)		(940,930	)		(555,225	)		571,085			(4,499,579	)
From transactions in investors’ beneficial interests:
Contributions		68,314,848			78,244,993			3,445,872			16,866,894			2,154,286			7,541,849
Withdrawals		(85,543,627	)		(142,550,405	)		(12,736,137	)		(34,696,316	)		(5,662,661	)		(11,813,901	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(17,228,779	)		(64,305,412	)		(9,290,265	)		(17,829,422	)		(3,508,375	)		(4,272,052	)
Net increase (decrease) in net assets		42,237,001			(67,080,385	)		(10,231,195	)		(18,384,647	)		(2,937,290	)		(8,771,631	)

Net assets:
Beginning of period/year		801,853,692			868,934,077			107,744,667			126,129,314			67,821,438			76,593,069
End of period/year	$	844,090,693		$	801,853,692		$	97,513,472		$	107,744,667		$	64,884,148		$	67,821,438

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 83

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:


	Small Core						Small Growth						International Equity
	June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015			June 30, 2016 (unaudited)			December 31, 2015
From operations:
Net investment income (loss)	$	1,451,435		$	2,973,127		$	(102,334	)	$	10,467		$	6,171,458		$	10,541,686
Net realized gain (loss)		(8,255,528	)		2,718,783			5,370,686			3,668,577			(8,825,818	)		(11,755,775	)
Net change in unrealized appreciation (depreciation)		16,124,104			(31,373,612	)		(1,746,689	)		(1,411,721	)		(11,563,854	)		(5,916,289	)
Net increase (decrease) in net assets resulting from operations		9,320,011			(25,681,702	)		3,521,663			2,267,323			(14,218,214	)		(7,130,378	)

From transactions in investors’ beneficial interests:
Contributions		5,013,309			25,637,900			2,309,536			10,940,976			16,070,191			58,103,998
Withdrawals		(20,062,353	)		(74,628,736	)		(6,435,419	)		(12,727,271	)		(46,073,976	)		(145,878,162	)
Net increase (decrease) in net assets resulting from transactions in investors’ beneficial interests		(15,049,044	)		(48,990,836	)		(4,125,883	)		(1,786,295	)		(30,003,785	)		(87,774,164	)
Net increase (decrease) in net assets		(5,729,033	)		(74,672,538	)		(604,220	)		481,028			(44,221,999	)		(94,904,542	)

Net assets:
Beginning of period/year		231,618,767			306,291,305			66,942,155			66,461,127			404,275,647			499,180,189
End of period/year	$	225,889,734		$	231,618,767		$	66,337,935		$	66,942,155		$	360,053,648		$	404,275,647

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 84

FINANCIAL HIGHLIGHTS

For the period and years ended:


	Money Market
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		0.10	%^(B)		0.01	%		(0.05	)%		(0.07	)%		(0.11	)%		(0.04	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	894,826		$	873,057		$	862,368		$	986,862		$	948,358		$	995,629
Expenses to average net assets		0.28	%^(C)		0.28	%		0.28	%		0.29	%		0.28	%		0.28	%
Net investment income (loss) to average net assets		0.19	%^(C)		0.01	%		(0.05	)%		(0.07	)%		(0.11	)%		(0.04	)%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	High Quality Bond
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		1.47	%^(B)		0.69	%		0.81	%		0.41	%		2.95	%		2.16	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	332,750		$	350,510		$	371,154		$	399,858		$	386,046		$	458,228
Expenses to average net assets		0.38	%^(C)		0.38	%		0.38	%		0.39	%		0.38	%		0.38	%
Net investment income (loss) to average net assets		1.61	%^(C)		1.29	%		1.47	%		1.81	%		2.10	%		2.43	%
Portfolio turnover rate		51	%^(B)		70	%		92	%		77	%		68	%		84	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	Inflation-Protected Securities
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		6.74	%^(B)		(1.94	)%		3.00	%		(8.26	)%		7.06	%		12.33	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	266,234		$	268,105		$	282,926		$	274,788		$	341,136		$	358,544
Expenses to average net assets
Excluding waiver and/or reimbursement		0.43	%^(C)		0.43	%		0.42	%		0.41	%		0.40	%		0.40	%
Including waiver and/or reimbursement		0.40	%^(C)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss) to average net assets		0.92	%^(C)		0.21	%		1.17	%		0.48	%		1.43	%		3.30	%
Portfolio turnover rate		38	%^(B)		54	%		81	%		99	%		103	%		134	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	Core Bond
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		5.08	%^(B)		0.46	%		6.32	%		(0.96	)%		8.28	%		6.20	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,255,792		$	1,282,948		$	1,354,476		$	1,336,211		$	1,470,033		$	1,588,591
Expenses to average net assets		0.37	%^(C)		0.37	%		0.38	%		0.39	%		0.39	%		0.39	%
Net investment income (loss) to average net assets		2.55	%^(C)		2.27	%		2.58	%		2.64	%		3.03	%		3.54	%
Portfolio turnover rate		19	%^(B)		46	%		184	%		200	%		297	%		406	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 85

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:


	High Yield Bond
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		8.11	%^(B)		(4.13	)%		3.16	%		7.48	%		15.14	%		4.93	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	792,531		$	748,987		$	876,775		$	856,906		$	819,993		$	729,276
Expenses to average net assets		0.57	%^(C)		0.58	%		0.58	%^(D)		0.59	%^(D)		0.59	%^(D)		0.59	%^(D)
Net investment income (loss) to average net assets		6.31	%^(C)		5.72	%		5.87	%^(E)		6.37	%^(E)		7.23	%^(E)		8.04	%^(E)
Portfolio turnover rate		19	%^(B)		44	%		97	%^(F)		51	%^(F)		102	%^(F)		81	%^(F)

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

^(D)	Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(E)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

^(F)	Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests.


	Balanced
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		3.72	%^(B)		0.57	%		10.99	%		18.33	%		13.47	%		3.60	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	149,388		$	151,593		$	147,564		$	123,270		$	109,602		$	104,111
Expenses to average net assets
Excluding waiver and/or reimbursement		0.52	%^(C)		0.54	%		0.58	%		0.63	%		0.61	%		0.62	%
Including waiver and/or reimbursement		0.50	%^(C)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss) to average net assets		1.79	%^(C)		1.60	%		1.69	%		1.44	%		1.82	%		2.26	%
Portfolio turnover rate		15	%^(B)		50	%		92	%		123	%		150	%		245	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	Large Value
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		(4.22	)%^(B)		(0.36	)%		9.82	%		38.08	%		17.39	%		2.32	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	751,211		$	826,422		$	920,253		$	924,277		$	785,039		$	877,766
Expenses to average net assets		0.47	%^(C)		0.47	%^(D)		0.47	%^(D)		0.48	%^(D)		0.48	%^(D)		0.47	%^(D)
Net investment income (loss) to average net assets		2.40	%^(C)		1.48	%^(E)		1.24	%^(E)		1.69	%^(E)		2.08	%^{(E) (F)}		1.70	%^(E)
Portfolio turnover rate		24	%^(B)		65	%^(G)		69	%^(G)		99	%^(G)		48	%^(G)		55	%^(G)

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

^(D)	Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(E)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

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

^(G)	Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests.


	Large Core
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		(4.56	)%^(B)		(0.78	)%		15.16	%		37.28	%		17.30	%		3.51	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	277,869		$	323,369		$	347,382		$	309,735		$	244,984		$	235,204
Expenses to average net assets		0.63	%^(C)		0.63	%		0.63	%		0.64	%		0.64	%		0.63	%
Net investment income (loss) to average net assets		2.21	%^(C)		1.27	%		1.02	%		1.41	%		1.68	%		1.37	%
Portfolio turnover rate		24	%^(B)		64	%		70	%		116	%		54	%		63	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 86

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:


	Large Growth
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		(3.55	)%^(B)		9.17	%		10.75	%		35.32	%		14.91	%		(1.78	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	851,946		$	925,458		$	926,582		$	942,018		$	825,014		$	1,016,307
Expenses to average net assets ^(C)
Excluding waiver and/or reimbursement		0.64	%^(D)		0.64	%		0.65	%		0.66	%		0.66	%		0.65	%
Including waiver and/or reimbursement		0.64	%^(D)		0.64	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets ^(E)		0.40	%^(D)		0.33	%		0.42	%		0.57	%		0.75	%		0.34	%
Portfolio turnover rate		14	%^(B)		33	%		73	%		49	%		53	%		53	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(D)	Annualized.

^(E)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.


	Mid Value
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		7.71	%^(B)		(0.46	)%		12.97	%		32.99	%		19.50	%		(2.19	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	844,091		$	801,854		$	868,934		$	975,081		$	777,964		$	748,835
Expenses to average net assets
Excluding waiver and/or reimbursement		0.69	%^(C)		0.69	%		0.70	%		0.70	%		0.70	%		0.70	%
Including waiver and/or reimbursement		0.69	%^(C)		0.69	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income (loss) to average net assets		1.41	%^(C)		1.28	%		1.32	%		0.93	%		1.36	%		1.08	%
Portfolio turnover rate		24	%^(B)		37	%		92	%		53	%		71	%		69	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	Mid Growth
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		(0.47	)%^(B)		(1.37	)%		8.04	%		30.35	%		13.93	%		(6.90	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	97,513		$	107,745		$	126,129		$	150,143		$	164,933		$	206,602
Expenses to average net assets
Excluding waiver and/or reimbursement		0.77	%^(C)		0.76	%		0.76	%		0.77	%		0.76	%		0.75	%
Including waiver and/or reimbursement		0.75	%^(C)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss) to average net assets		0.02	%^(C)		(0.12	)%		0.60	%		(0.00	)%^(D)		0.10	%		(0.33	)%
Portfolio turnover rate		27	%^(B)		70	%		60	%		234	%		178	%		135	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

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


	Small Value
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		0.34	%^(B)		(6.12	)%		7.38	%		34.10	%		16.11	%		1.35	%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	64,884		$	67,821		$	76,593		$	82,298		$	70,183		$	103,958
Expenses to average net assets
Excluding waiver and/or reimbursement		0.90	%^(C)		0.90	%		0.88	%		0.88	%		0.88	%		0.87	%
Including waiver and/or reimbursement		0.85	%^(C)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income (loss) to average net assets		1.14	%^(C)		0.97	%		0.99	%		0.57	%		1.41	%		0.63	%
Portfolio turnover rate		42	%^(B)		133	%		18	%		16	%		15	%		16	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

The Notes to Financial Statements are an integral part of this report.


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Page 87

FINANCIAL HIGHLIGHTS (continued)

For the period and years ended:


	Small Core
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		3.63	%^(B)		(9.47	)%		4.21	%		33.62	%		15.04	%		(2.19	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	225,890		$	231,619		$	306,291		$	334,182		$	296,936		$	296,060
Expenses to average net assets		0.84	%^(C)		0.84	%		0.83	%		0.84	%		0.84	%		0.84	%
Net investment income (loss) to average net assets		1.31	%^(C)		1.08	%		1.05	%		0.74	%		1.07	%		0.32	%
Portfolio turnover rate		72	%^(B)		132	%		148	%		195	%		59	%		59	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	Small Growth
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		5.98	%^(B)		3.55	%		3.13	%		37.97	%		1.30	%		(6.45	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	66,338		$	66,942		$	66,461		$	73,064		$	58,300		$	108,124
Expenses to average net assets
Excluding waiver and/or reimbursement		0.91	%^(C)		0.91	%		0.91	%		0.93	%		0.94	%		0.94	%
Including waiver and/or reimbursement		0.90	%^(C)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets		(0.33	)%^(C)		0.01	%		(0.37	)%		(0.46	)%		(0.20	)%		(0.37	)%
Portfolio turnover rate		50	%^(B)		53	%		78	%		72	%		209	%		120	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.


	International Equity
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return ^(A)		(3.66	)%^(B)		(2.47	)%		(7.74	)%		13.92	%		17.35	%		(13.51	)%
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	360,054		$	404,276		$	499,180		$	612,105		$	614,432		$	680,170
Expenses to average net assets		0.83	%^(C)		0.82	%		0.83	%		0.85	%		0.82	%		0.82	%
Net investment income (loss) to average net assets		3.31	%^(C)		2.32	%		2.80	%		1.31	%		1.65	%		1.70	%
Portfolio turnover rate		13	%^(B)		23	%		28	%		116	%		23	%		24	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

The Notes to Financial Statements are an integral part of this report.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 88

NOTES TO FINANCIAL STATEMENTS

At June 30, 2016

(unaudited)

1. ORGANIZATION

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 applies investment company accounting and reporting guidance. The Series Portfolio is composed of fifteen different series that are, in effect, separate investment funds. The portfolios (each, a “Portfolio” and collectively, the “Portfolios”) are listed below. 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.

Portfolio

Transamerica Partners Government Money Market Portfolio (“Money Market”) ^(A)

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”)

Transamerica Partners International Equity Portfolio (“International Equity”)

^(A)

Formerly, Transamerica Partners Money Market Portfolio. The Portfolio transitioned from a “prime” money market portfolio to a “government” money market portfolio on May 1, 2016.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Portfolios. TAM provides continuous and regular investment management services to the Portfolios.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide the day-to-day management of a Portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Portfolios and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Portfolios 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 Portfolio combinations and liquidations where it believes appropriate or advisable; regular supervision of the Portfolios’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Portfolios; regular review of 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 process; 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 (the “Board”), 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 regulatory filings for the Portfolios; oversight of other service providers to the Portfolios, such as the custodian, the transfer agent, the Portfolios’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Portfolios; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM’s investment management services include the provision of supervisory and administrative services to the Portfolios. TAM, not the Portfolios, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Portfolios’ financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America, 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.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and 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.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out 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.

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. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Portfolios with broker/dealers with which other Funds or Portfolios advised by TAM have established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the Portfolios. In no event will commissions paid by the Portfolios be used to pay expenses that would otherwise be borne by any other Funds or Portfolios advised by TAM, or by any other party.

Commissions recaptured are included in Net realized gain (loss) within the Statements of Operations. For the period ended June 30, 2016, commissions recaptured are listed below. Portfolios not listed in the below table do not have any commissions recaptured during the period ended June 30, 2016.


Portfolio	Commissions Recaptured
Large Growth	$	10,350
Mid Value		19,158
Small Growth		5,813
International Equity		8,624

Indemnification: 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 their affiliates that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss to be remote.


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Page 90

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Portfolios value their investments at the official close of the New York Stock Exchange (“NYSE”) 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.

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. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Portfolios’ investments, at June 30, 2016, is disclosed in the Security Valuation section of each Portfolio’s Schedule of Investments.

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 Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

3. SECURITY VALUATION (continued)

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

Equity securities (common and preferred stocks): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, in which 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 (“ETF”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

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

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the underlying portfolios. These securities are actively traded and no valuation adjustments are applied. ETFs 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. Investment companies and ETFs 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.

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

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.

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.

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.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. 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 are categorized in Level 3.

Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. 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 are categorized in Level 3.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

3. SECURITY VALUATION (continued)

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Rights and warrants: Rights and warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights or warrants are priced at zero. Rights or warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Short-term notes: The Portfolios, with the exception of Money Market, normally value short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Commercial paper is valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally 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 pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, 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. The 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.

4. SECURITIES AND OTHER 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.

Each Portfolio, based on its ability to invest in Loan Participations and Assignments, 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.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

4. SECURITIES AND OTHER INVESTMENTS (continued)

The Portfolios held no unsecured loan participations at June 30, 2016. Open secured loan participations and assignments at June 30, 2016, if any, are included within the Schedule of Investments.

Payment in-kind (“PIK”) securities: 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 Net unrealized appreciation (depreciation) on investments to Interest receivable in the Statements of Assets and Liabilities.

PIKs held at June 30, 2016, if any, are identified in the Schedule of Investments.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Dividend income related to a REIT is recorded at management’s estimate of the income and capital gains 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.

REITs held at June 30, 2016, if any, are identified in the Schedule of Investments.

Restricted and illiquid securities: The Portfolios may invest in unregulated restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Restricted and illiquid securities held at June 30, 2016, if any, are identified in the Schedule of Investments.

To be announced (“TBA”) commitments: TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs 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.

TBA commitments held at June 30, 2016, if any, are identified in the Schedule of Investments. Open balances at June 30, 2016, if any, are included in When-issued, delayed-delivery, and forward commitment purchased or sold in the Statements of Assets and Liabilities.

Treasury inflation-protected securities (“TIPS”): Certain Portfolios may invest in TIPS, which 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. 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.

TIPS held at June 30, 2016, if any, are included within the Schedule of Investments. The adjustments, if any, 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.

When-issued, delayed-delivery, and forward commitment transactions: The Portfolios may purchase or sell securities on a when-issued, delayed-delivery, and forward commitment basis. When-issued and forward commitment 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 and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Portfolios engage in when-issued and forward commitment 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.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

4. SECURITIES AND OTHER INVESTMENTS (continued)

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 their 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.

When-issued, delayed-delivery, and forward commitment transactions held at June 30, 2016, if any, are identified in the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, and forward commitment securities purchased or sold in the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolios may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Portfolios invest borrowing proceeds in other securities, the Portfolios will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. The Portfolios may borrow on a secured or on an unsecured basis. If the Portfolios enter into a secured borrowing arrangement, a portion of the Portfolios’ assets will be used as collateral. The 1940 Act requires the Portfolios to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Portfolios’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the Portfolios may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

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 borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Portfolios may experience delays in recovery of the loaned securities or delays in access to collateral, or 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, a money market mutual fund registered under the 1940 Act. By lending securities, the Portfolios seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately in the Statements of Operations. Net income from securities lending 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, 2016, if any, are shown on a gross basis in the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements: In a repurchase agreement, the Portfolios purchase a security and simultaneously commit 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.

Repurchase agreements are subject to netting agreements, which are agreements between the Portfolios and their counterparties that provide for the net settlement of all transactions and collateral with the Portfolios, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected in the Schedule of Investments, exceeds the value of each repurchase agreement at June 30, 2016.

Open repurchase agreements at June 30, 2016, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2016.


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Transamerica Partners High Quality Bond Portfolio
Securities Lending Transactions
Asset-Backed Securities	$	2,043,646	$	—	$	—	$	—	$	2,043,646
Corporate Debt Securities		6,331,346		—		—		—		6,331,346
U.S. Government Obligations		2,060		—		—		—		2,060
Total Securities Lending Transactions	$	8,377,052	$	—	$	—	$	—	$	8,377,052
Total Borrowings	$	8,377,052	$	—	$	—	$	—	$	8,377,052
Gross amount of recognized liabilities for securities lending transactions									$	8,377,052


Transamerica Partners Inflation-Protected Securities Portfolio
Securities Lending Transactions
U.S. Government Obligations	$	27,618,546	$	—	$	—	$	—	$	27,618,546
Total Borrowings	$	27,618,546	$	—	$	—	$	—	$	27,618,546
Gross amount of recognized liabilities for securities lending transactions									$	27,618,546


Transamerica Partners Core Bond Portfolio
Securities Lending Transactions
Corporate Debt Securities	$	30,865,339	$	—	$	—	$	—	$	30,865,339
Foreign Government Obligations		4,310,940		—		—		—		4,310,940
U.S. Government Obligations		48,443,907		—		—		—		48,443,907
Preferred Stocks		688,632		—		—		—		688,632
Short-Term U.S. Government Obligations		1,761,410		—		—		—		1,761,410
Total Securities Lending Transactions	$	86,070,228	$	—	$	—	$	—	$	86,070,228
Total Borrowings	$	86,070,228	$	—	$	—	$	—	$	86,070,228
Gross amount of recognized liabilities for securities lending transactions									$	86,070,228


Transamerica Partners Balanced Portfolio
Securities Lending Transactions
Common Stocks	$	8,010,580	$	—	$	—	$	—	$	8,010,580
Preferred Stocks		67,968		—		—		—		67,968
Corporate Debt Securities		613,545		—		—		—		613,545
Foreign Government Obligations		139,253		—		—		—		139,253
U.S. Government Obligations		20,730		—		—		—		20,730
Short-Term U.S. Government Obligations		890,629		—		—		—		890,629
Total Securities Lending Transactions	$	9,742,705	$	—	$	—	$	—	$	9,742,705
Total Borrowings	$	9,742,705	$	—	$	—	$	—	$	9,742,705
Gross amount of recognized liabilities for securities lending transactions									$	9,742,705


Transamerica Partners Large Value Portfolio
Securities Lending Transactions
Common Stocks	$	87,778,706	$	—	$	—	$	—	$	87,778,706
Total Borrowings	$	87,778,706	$	—	$	—	$	—	$	87,778,706
Gross amount of recognized liabilities for securities lending transactions									$	87,778,706


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Transamerica Partners Large Core Portfolio
Securities Lending Transactions
Common Stocks	$	29,150,005	$	—	$	—	$	—	$	29,150,005
Total Borrowings	$	29,150,005	$	—	$	—	$	—	$	29,150,005
Gross amount of recognized liabilities for securities lending transactions									$	29,150,005


Transamerica Partners Large Growth Portfolio
Securities Lending Transactions
Common Stocks	$	55,265,579	$	—	$	—	$	—	$	55,265,579
Total Borrowings	$	55,265,579	$	—	$	—	$	—	$	55,265,579
Gross amount of recognized liabilities for securities lending transactions									$	55,265,579


Transamerica Partners Mid Value Portfolio
Securities Lending Transactions
Common Stocks	$	101,585,922	$	—	$	—	$	—	$	101,585,922
Total Borrowings	$	101,585,922	$	—	$	—	$	—	$	101,585,922
Gross amount of recognized liabilities for securities lending transactions									$	101,585,922


Transamerica Partners Mid Growth Portfolio
Securities Lending Transactions
Common Stocks	$	6,606,709	$	—	$	—	$	—	$	6,606,709
Total Borrowings	$	6,606,709	$	—	$	—	$	—	$	6,606,709
Gross amount of recognized liabilities for securities lending transactions									$	6,606,709


Transamerica Partners Small Value Portfolio
Securities Lending Transactions
Common Stocks	$	15,660,316	$	—	$	—	$	—	$	15,660,316
Total Borrowings	$	15,660,316	$	—	$	—	$	—	$	15,660,316
Gross amount of recognized liabilities for securities lending transactions									$	15,660,316


Transamerica Partners Small Core Portfolio
Securities Lending Transactions
Common Stocks	$	39,688,822	$	—	$	—	$	—	$	39,688,822
Total Borrowings	$	39,688,822	$	—	$	—	$	—	$	39,688,822
Gross amount of recognized liabilities for securities lending transactions									$	39,688,822


Transamerica Partners Small Growth Portfolio
Securities Lending Transactions
Common Stocks	$	19,055,166	$	—	$	—	$	—	$	19,055,166
Total Borrowings	$	19,055,166	$	—	$	—	$	—	$	19,055,166
Gross amount of recognized liabilities for securities lending transactions									$	19,055,166


Transamerica Partners International Equity Portfolio
Securities Lending Transactions
Common Stocks	$	14,566,658	$	—	$	—	$	—	$	14,566,658
Total Borrowings	$	14,566,658	$	—	$	—	$	—	$	14,566,658
Gross amount of recognized liabilities for securities lending transactions									$	14,566,658

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Portfolios’ investment objectives allow the Portfolios to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Market Risk Factors: In pursuit of the Portfolios’ investment objectives, the Portfolios may seek to use derivatives to increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Portfolios.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Portfolios are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Portfolios will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Portfolios. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Portfolios’ exposure to market risk factors and other associated risks are discussed by derivative type as follows:

Option contracts: The Portfolios are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Portfolios may purchase or write call and put options on securities and derivative instruments in which each Portfolio owns or may invest. Options are valued at the average of the bid and ask price 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. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on futures: The Portfolios may purchase or write options on futures. Purchasing or writing options on futures gives the Portfolios the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

Inflation-capped options: The Portfolios may purchase or write inflation-capped options. Purchasing or writing inflation-capped options gives the Portfolios the right, but not the obligation to buy or sell an option which applies a cap to protect the Portfolios 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.

Options on foreign currency: The Portfolios may purchase or write foreign currency options. Purchasing or writing options on foreign currency 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.

Interest rate swaptions: The Portfolios may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

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


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

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 instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Portfolios write 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 which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Portfolios bear 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 the Portfolios could result in the Portfolios selling or buying a security or currency at a price different from the current market value.

As of June 30, 2016, transactions in written options are as follows:


	Call Options						Put Options
Inflation-Protected Securities	Amount of Premiums			Number of Contracts			Amount of Premiums			Number of Contracts
Balance at December 31, 2015	$	—			—		$	—			—
Options written		72,649			515			80,785			646
Options closed		(25,838	)		(83	)		(25,195	)		(81	)
Options expired		(46,811	)		(432	)		—			—
Options exercised		—			—			—			—
Balance at June 30, 2016	$	—			—		$	55,590			565

As of June 30, 2016, transactions in written foreign exchange options, inflation-capped options, and swaptions are as follows:


	Call Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2015	$	724,955		AUD	—		CHF	2,950,000		EUR	3,545,000		GBP	1,820,000		NZD	4,105,000		USD	53,140,000
Options written		757,159			17,895,000			—			14,690,000			5,005,000			7,860,000			64,120,000
Options closed		(424,499	)		(14,270,000	)		—			(4,895,000	)		(3,640,000	)		—			(29,270,000	)
Options expired		(348,810	)		(3,625,000	)		(2,950,000	)		(9,890,000	)		(3,185,000	)		(11,965,000	)		(17,530,000	)
Options exercised		(249,296	)		—			—			—			—			—			(33,120,000	)
Balance at June 30, 2016	$	459,509		AUD	—		CHF	—		EUR	3,450,000		GBP	—		NZD	—		USD	37,340,000


	Put Options
Inflation-Protected Securities	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at December 31, 2015	$	681,358		AUD	—		CAD	21,675,000		EUR	5,675,000		GBP	—		NZD	—		USD	20,020,000
Options written		1,025,204			3,625,000			13,995,000			15,315,000			16,840,000			3,930,000			51,275,000
Options closed		(561,221	)		(3,625,000	)		(7,225,000	)		—			(8,300,000	)		—			(15,895,000	)
Options expired		(371,502	)		—			(28,445,000	)		(2,475,000	)		(4,550,000	)		(3,930,000	)		(2,725,000	)
Options exercised		(247,138	)		—			—			—			—			—			(21,610,000	)
Balance at June 30, 2016	$	526,701		AUD	—		CAD	—		EUR	18,515,000		GBP	3,990,000		NZD	—		USD	31,065,000

Open option contracts at June 30, 2016, if any, are included within the Schedule of Investments.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Portfolios and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap


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6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements 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, may enter into credit default, cross-currency, interest rate, total return, 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. Swap agreements 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 Net realized gain (loss) 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 Net realized gain (loss) in the Statements of Operations. Net periodic payments received or paid by the Portfolios are included as part of Net realized gain (loss) in the Statements of Operations.

Interest rate swap agreements: The Portfolios are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because the Portfolios hold 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. Under an interest rate swap agreement, two parties will 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 swap agreements 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.

Open centrally cleared swap agreements at June 30, 2016, if any, are listed in the Schedule of Investments. Centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded, if applicable, and is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities.

Open OTC swap agreements at June 30, 2016, if any, are listed in the Schedule of Investments. The value, as applicable, is shown in OTC Swap agreements, at value within the Statements of Assets and Liabilities.

Futures contracts: The Portfolios are subject to equity and commodity risk, interest rate risk, and foreign 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. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at June 30, 2016, if any, are listed in the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Portfolios are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Portfolios, with the exception of Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Forward foreign


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At June 30, 2016

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

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. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at June 30, 2016, if any, are listed in the Schedule of Investments.

The following is a summary of the location and each Portfolio’s fair values of derivative investments disclosed, if any, in the Statements of Assets and Liabilities, categorized by primary market risk exposure as of June 30, 2016. Portfolios not listed in the subsequent tables do not have any derivative investments during the period ended June 30, 2016.


Asset Derivatives
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions^{(A) (B)}	$	814,554		$	686,916		$	—	$	—	$	—	$	1,501,470
OTC swap agreements, at value		108,360			—			—		—		—		108,360
Net unrealized appreciation on futures contracts^{(B) (C)}		281,674			—			—		—		—		281,674
Unrealized appreciation on forward foreign currency contracts		—			953,141			—		—		—		953,141
Total	$	1,204,588		$	1,640,057		$	—	$	—	$	—	$	2,844,645

Balanced
Net unrealized appreciation on futures contracts^(B) (C)	$	—		$	—		$	13,248	$	—	$	—	$	13,248
Total	$	—		$	—		$	13,248	$	—	$	—	$	13,248


Liability Derivatives
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Written options and swaptions, at value^(B)	$	(171,656	)	$	(536,716	)	$	—	$	—	$	—	$	(708,372	)
Centrally cleared swap agreements, at value^(B) (D)		(402,563	)		—			—		—		—		(402,563	)
OTC swap agreements, at value		(62,139	)		—			—		—		—		(62,139	)
Net unrealized depreciation on futures contracts^{(B) (C)}		(706,128	)		—			—		—		—		(706,128	)
Unrealized depreciation on forward foreign currency contracts		—			(1,027,051	)		—		—		—		(1,027,051	)
Total	$	(1,342,486	)	$	(1,563,767	)	$	—	$	—	$	—	$	(2,906,253	)

^(A)	Included within Investments, at value on the Statements of Assets and Liabilities.

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

^(C)	Included within 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)	Included within fair value of centrally cleared swap agreements as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The following is a summary of the location and the effect of derivative investments, if any, on the Statements of Operations, categorized by primary market risk exposure as of June 30, 2016.


Realized Gain (Loss) on Derivative Instruments
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions^(A)	$	(660,751	)	$	(789,440	)	$	—		$	—	$	—	$	(1,450,191	)
Written options and swaptions		96,281			568,063			—			—		—		664,344
Swap agreements		(829,960	)		—			—			—		—		(829,960	)
Futures contracts		(393,516	)		—			—			—		—		(393,516	)
Forward foreign currency contracts^(B)		—			(851,774	)		—			—		—		(851,774	)
Total	$	(1,787,946	)	$	(1,073,151	)	$	—		$	—	$	—	$	(2,861,097	)

Balanced
Futures contracts	$	—		$	—		$	(6,771	)	$	—	$	—	$	(6,771	)
Total	$	—		$	—		$	(6,771)		$	—	$	—	$	(6,771	)


Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Portfolio/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts		Credit Contracts		Commodity Contracts		Total
Inflation-Protected Securities
Purchased options and swaptions ^(C)	$	1,106		$	(47,231	)	$	—	$	—	$	—	$	(46,125	)
Written options and swaptions		(49,628	)		(121,323	)		—		—		—		(170,951	)
Swap agreements		(44,196	)		—			—		—		—		(44,196	)
Futures contracts		(446,560	)		—			—		—		—		(446,560	)
Forward foreign currency contracts ^(D)		—			273,006			—		—		—		273,006
Total	$	(539,278	)	$	104,452		$	—	$	—	$	—	$	(434,826	)

Balanced
Futures contracts	$	—		$	—		$	4,280	$	—	$	—	$	4,280
Total	$	—		$	—		$	4,280	$	—	$	—	$	4,280

^(A)	Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations.

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

^(C)	Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations.

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

The following is a summary of the ending monthly average volume on derivative activity during the period ended June 30, 2016.


	Purchased Options and Swaptions at value		Written Options and Swaptions at value		Swap Agreements at Notional Amount	Futures Contracts at Notional Amount		Forward Foreign Currency Contracts at Contract Amount
Portfolio	Calls	Puts	Calls	Puts		Long	Short	Purchased	Sold	Cross Currency
Inflation- Protected Securities	$ 658,457	$ 938,610	$(518,615)	$(603,362)	$ 28,253,329	30,357,143	(298,200,000)	$ 14,223,468	$ 29,013,570	$ 13,228,761
Balanced	—	—	—	—	—	507	—	—	—	—

The Portfolios typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolios typically may offset with the counterparty certain OTC derivative financial


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolios and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Portfolios exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Portfolios’ net liability may be delayed or denied.

Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives (futures contracts, exchange traded options, and exchange traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Portfolios may be required to post collateral on derivatives if the Portfolios are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Portfolios fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

The following is a summary of the Portfolios’ OTC 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 Portfolios as of June 30, 2016. For financial reporting purposes, the Portfolios do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. See the Repurchase agreement section within the notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Portfolios not listed in the subsequent tables do not have any master netting agreements for open derivative positions.


	Gross Amounts of Assets Presented in Statements of Assets and Liabilities^(A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities								Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities^(A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received^(B)			Net Amount				Financial Instruments			Collateral Pledged^(B)		Net Amount
	Assets										Liabilities
Inflation-Protected Securities
Bank of America, N.A.	$	9,662	$	(9,662	)	$	—		$	—	$	264,288	$	(9,662	)	$	—	$	254,626
Barclays Bank PLC		569,918		(409,496	)		—			160,422		409,496		(409,496	)		—		—
BNP Paribas		199,564		(76,151	)		—			123,413		76,151		(76,151	)		—		—
Citibank N.A.		41,540		(41,540	)		—			—		66,213		(41,540	)		—		24,673
Commonwealth Bank of Australia		9,696		—			—			9,696		—		—			—		—
Deutsche Bank AG		1,190,347		(539,523	)		(580,000	)		70,824		539,523		(539,523	)		—		—
Goldman Sachs Bank		70,253		(50,413	)		—			19,840		50,413		(50,413	)		—		—
HSBC Bank USA		109,349		(86,422	)		—			22,927		86,422		(86,422	)		—		—
JPMorgan Chase Bank, N.A.		24,754		—			—			24,754		—		—			—		—
Morgan Stanley Captial Services, Inc.		55,101		(55,101	)		—			—		87,456		(55,101	)		—		32,355
Royal Bank of Scotland PLC		50,504		—			—			50,504		—		—			—		—
Standard Chartered Bank		114,374		(114,374	)		—			—		177,193		(114,374	)		—		62,819
UBS AG		—		—			—			—		14,024		—			—		14,024
Westpac Banking Corp.		—		—			—			—		22,852		—			—		22,852
Other Derivatives^(C)		399,583		—			—			399,583		1,112,222		—			—		1,112,222

Total	$	2,844,645	$	(1,382,682	)	$	(580,000	)	$	881,963	$	2,906,253	$	(1,382,682	)	$	—	$	1,523,571

^(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.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

7. RISK FACTORS

Investing in the Portfolios may involve certain risks, as discussed in the Portfolios’ prospectuses, including but not limited to the following:

Fixed income risk: The market prices of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments may decline because of factors affecting a particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

High-yield debt risk: High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

Inflation-protected security risk: Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

Money market risk: There is no assurance a money market fund will avoid principal losses if its holdings default or are downgraded or if interest rates rise sharply in an unusually short period. In addition, a money market fund’s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of an investment, it is possible to lose money by investing in it.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions than large capitalization companies. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate, and may offer greater potential for losses.

8. AFFILIATES AND AFFILIATED TRANSACTIONS

TAM, the Portfolios’ investment adviser, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly 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.

TAM and AUIM are affiliates of Aegon NV.


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

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, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Series Portfolio or from the entities that invest in the Series Portfolio.

As of June 30, 2016, the percentage of each Portfolio owned by an affiliated investment company or subsidiary are reflected in the following tables.

Transamerica Partners Funds Group (“TPFG”) is an open-end management investment company. As of June 30, 2016, the percentage of each Portfolio that is owned by TPFG is as follows:


TPFG	Investments in Portfolio
Money Market		61.95	%
High Quality Bond		31.32
Inflation-Protected Securities		44.80
Core Bond		30.44
High Yield Bond		14.78
Balanced		59.57
Large Value		29.07
Stock Index		3.61
Large Core		27.90
Large Growth		28.10
Mid Value		15.29
Mid Growth		49.91
Small Value		53.13
Small Core		27.48
Small Growth		58.05
International Equity		38.40

Transamerica Partners Funds Group II (“TPFG II”) is an open-end management investment company. As of June 30, 2016, the percentage of each Portfolio that is owned by TPFG II is as follows:


TPFG II	Investments in Portfolio
Money Market		25.56	%
High Quality Bond		16.86
Inflation-Protected Securities		30.57
Core Bond		29.86
High Yield Bond		42.46
Balanced		3.61
Large Value		12.52
Stock Index		7.85
Large Core		3.65
Large Growth		11.99
Mid Value		51.49
Mid Growth		16.17
Small Value		10.11
Small Core		5.39
Small Growth		16.09
International Equity		11.21


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

Transamerica Financial Life Insurance Company (“TFLIC”) is a wholly-owned subsidiary of Aegon USA. As of June 30, 2016, the percentage of each Portfolio that is owned by TFLIC sub-accounts is as follows:


TFLIC Sub-accounts	Investments in Portfolio
Money Market		3.15	%
High Quality Bond		15.07
Inflation-Protected Securities		9.91
Core Bond		13.00
High Yield Bond		5.44
Balanced		35.60
Large Value		40.17
Large Core		58.30
Large Growth		43.82
Mid Value		7.65
Mid Growth		0.65
Small Value		0.82
Small Core		57.16
Small Growth		0.85
International Equity		29.63

Diversified Investment Advisors Collective Investment Trust (“CIT”) is managed by Massachusetts Fidelity Trust Company, which is a wholly-owned subsidiary of Aegon USA. As of June 30, 2016, the percentage of each Portfolio that is owned by CIT sub-accounts is as follows:


CIT Sub-accounts	Investments in Portfolio
Money Market		9.31	%
High Quality Bond		27.98
Inflation-Protected Securities		10.03
Core Bond		21.71
High Yield Bond		19.02
Balanced		0.97
Large Value		13.57
Large Core		5.58
Large Growth		13.55
Mid Value		3.99
Mid Growth		17.63
Small Value		28.57
Small Core		8.59
Small Growth		17.62
International Equity		14.86


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)

TAM Collective Trust Funds (“CTF”) is managed by Massachusetts Fidelity Trust Company, which is a wholly-owned subsidiary of Aegon USA. As of June 30, 2016, the percentage of each Portfolio that is owned by CTF sub-accounts is as follows:


CTF Sub-accounts	Investments in Portfolio
Money Market		0.03	%
High Quality Bond		8.77
Inflation-Protected Securities		4.68
Core Bond		4.99
High Yield Bond		18.30
Large Value		4.51
Large Core		4.57
Large Growth		2.47
Mid Value		21.57
Mid Growth		15.64
Small Value		7.37
Small Core		1.38
Small Growth		7.39
International Equity		5.90

Investment advisory fees: TAM manages the assets of each Portfolio of the Series Portfolio pursuant to the investment advisory agreement with the Series Portfolio.

Each Portfolio pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following annual breakpoints and rates:


Portfolio	Rate
Money Market
Effective May 2, 2016
First $1 billion		0.2500	%
Over $1 billion up to $3 billion		0.2400
Over $3 billion		0.2300
Prior to May 2, 2016		0.2500
High Quality Bond		0.3500
Inflation-Protected Securities		0.3500
Core Bond
First $2 billion		0.3500
Over $2 billion		0.3350
High Yield Bond
First $1.25 billion		0.5500
Over $1.25 billion up to $2 billion		0.5250
Over $2 billion		0.5000
Balanced		0.4500
Large Value		0.4500
Large Core		0.6000
Large Growth
First $2 billion		0.6200
Over $2 billion up to $3 billion		0.6100
Over $3 billion up to $4 billion		0.6000
Over $4 billion		0.5800
Mid Value
First $750 million		0.6700
Over $750 million up to $1.5 billion		0.6650
Over $1.5 billion up to $2 billion		0.6550
Over $2 billion		0.6475
Mid Growth		0.7200


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NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

8. AFFILIATES AND AFFILIATED TRANSACTIONS (continued)


Portfolio	Rate
Small Value
First $250 Million		0.8200	%
Over $250 million up to $500 million		0.7800
Over $500 million up to $750 million		0.7500
Over $750 million		0.7250
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 up to $1 billion		0.7200
Over $1 billion up to $2 billion		0.6900
Over $2 billion		0.6600

TAM has voluntarily agreed to waive and/or reimburse Portfolio expenses to the extent that the total operating expenses based on daily ANAs exceed the following stated annual operating expense limits. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations. Fee waivers and/or reimbursements are not subject to recapture by TAM in future years.


Portfolio	Operating Expense Limit			Operating Expense Limit Effective Through
Money Market		0.30	%	May 1, 2017
High Quality Bond		0.40		May 1, 2017
Inflation-Protected Securities		0.40		May 1, 2017
Core Bond		0.40		May 1, 2017
High Yield Bond		0.60		May 1, 2017
Balanced		0.50		May 1, 2017
Large Value		0.50		May 1, 2017
Large Core		0.65		May 1, 2017
Large Growth		0.65		May 1, 2017
Mid Value		0.70		May 1, 2017
Mid Growth		0.75		May 1, 2017
Small Value		0.85		May 1, 2017
Small Core		0.85		May 1, 2017
Small Growth		0.90		May 1, 2017
International Equity		0.90		May 1, 2017

TAM also may waive and/or reimburse additional fees from time to time to help maintain competitive expense ratios. These arrangements are voluntary and may be terminated at any time. Expenses waived and/or reimbursed that are unsettled at year end are included in Due from adviser within the Statements of Assets and Liabilities.

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 2008, as amended and restated January 1, 2010, available to the trustees, compensation 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 the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the period ended June 30, 2016, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Portfolios incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the period ended June 30, 2016.


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Page 108

NOTES TO FINANCIAL STATEMENTS (continued)

At June 30, 2016

(unaudited)

9. PURCHASES AND SALES OF SECURITIES

For the period ended June 30, 2016, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:


	Purchases of Securities				Sales/Maturities of Securities
Portfolio	Long-Term		U.S. Government		Long-Term		U.S. Government
High Quality Bond	$	104,294,688	$	64,874,805	$	105,731,918	$	76,700,004
Inflation-Protected Securities		7,146,037		93,856,644		7,777,779		116,057,414
Core Bond		95,353,335		109,895,743		158,653,155		113,927,370
High Yield Bond		155,735,925		—		138,260,882		—
Balanced		17,414,063		3,777,505		24,686,374		3,227,284
Large Value		178,770,618		—		205,319,324		—
Large Core		70,444,044		—		103,551,565		—
Large Growth		121,101,302		—		170,970,881		—
Mid Value		192,088,503		—		206,856,761		—
Mid Growth		27,111,039		—		36,922,716		—
Small Value		26,634,258		—		29,894,410		—
Small Core		160,156,249		—		173,622,569		—
Small Growth		31,463,156		—		34,790,820		—
International Equity		46,421,147		—		66,698,768		—

10. FEDERAL INCOME TAXES

The Series Portfolio has received rulings from the Internal Revenue Service that each Portfolio will be treated as a separate partnership for federal income tax purposes. Income taxes are not provided for by the Portfolios because taxable income/(loss) of each Portfolio is included in the income tax returns of the investors. It is intended that the Portfolios’ assets will be managed so an investor in the Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code. The Portfolios recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Portfolios’ federal tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Portfolios’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Portfolios’ financial statements. If applicable, the Portfolios recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Portfolios identify their major tax jurisdictions as U.S. Federal, the states of Colorado and New York, and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. For tax purposes, each component of the Portfolios’ net assets are reported at the investor level; therefore, the Statements of Assets and Liabilities do not present the components of net assets. Each investor in the Portfolio will be subject to taxation on its share of the Portfolio’s ordinary income and capital gains; which may differ from GAAP.


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At a meeting of the Board of Trustees of Transamerica Partners Portfolios (the “Trustees” or the “Board”) held on June 8-9, 2016, the Board considered the renewal of the investment advisory agreements (each an “Investment Advisory Agreement” and collectively the “Investment Advisory Agreements”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Partners Portfolios, on behalf of each of the following funds (each a “Portfolio” and collectively the “Portfolios”):


Transamerica Partners Balanced Portfolio		Transamerica Partners Large Growth Portfolio
Transamerica Partners Core Bond Portfolio		Transamerica Partners Large Value Portfolio
Transamerica Partners Government Money Market Portfolio (f/k/a Transamerica Partners Money Market 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 Small Core Portfolio
Transamerica Partners Inflation-Protected Securities Portfolio		Transamerica Partners Small Growth Portfolio
Transamerica Partners International Equity Portfolio		Transamerica Partners Small Value Portfolio
Transamerica Partners Large Core Portfolio

For the Portfolios listed in the left column below, 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”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).


Portfolio		Sub-Adviser(s)
Transamerica Partners Balanced Portfolio		Aegon USA Investment Management, LLC J.P. Morgan Investment Management Inc.
Transamerica Partners Core Bond Portfolio		Aegon USA Investment Management, LLC
Transamerica Partners Government Money Market Portfolio (f/k/a Transamerica Partners Money Market Portfolio)		Aegon USA Investment Management, LLC
Transamerica Partners High Quality Bond Portfolio		Merganser Capital Management LLC
Transamerica Partners High Yield Bond Portfolio		Aegon USA Investment Management, LLC
Transamerica Partners Inflation-Protected Securities Portfolio		BlackRock Financial Management, Inc.
Transamerica Partners International Equity Portfolio		Thompson, Siegel & Walmsley LLC
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. Thompson, Siegel & Walmsley LLC
Transamerica Partners Small Core Portfolio		Systematic Financial Management, LP
Transamerica Partners Small Growth Portfolio		Ranger Investment Management, L.P.

Following its review and consideration, the Board determined that the terms of each Investment Advisory Agreement and Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Portfolio and its investors. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2017. Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Portfolio. The Trustees considered comparative fee, expense and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees also considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser. 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 investors 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 met 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 to be relevant in light of the legal advice furnished to them by


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counsel, including independent legal counsel, and/or their own business judgment. 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.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and, as applicable, 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; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment advisory and other services provided by TAM for the portion of the investment advisory fee it retains from each Portfolio after payment of the sub-advisory fees. With respect to each Portfolio, the Board noted that the investment advisory and other services provided by TAM include the design, development and ongoing review and evaluation of the Portfolio and its investment strategy; 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 exercise of 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 services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, 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, 2015.

Transamerica Partners Balanced Portfolio. The Board noted that the performance of the Transamerica Partners Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was 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 with TAM the reasons for the underperformance of the fixed income sleeve of the Fund and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Portfolio’s equity sub-adviser, J.P. Morgan Investment Management Inc., had commenced subadvising that portion of the Portfolio on July 9, 2010 pursuant to its current equity investment strategies. The Board also noted that the Portfolio’s fixed-income sub-adviser, Aegon USA Investment Management, LLC (“AUIM”), had commenced subadvising that portion of the Portfolio on May 1, 2014 pursuant to its current fixed-income investment strategies. The Trustees also noted recent changes in the portfolio management team at AUIM. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Trustees also noted that the Fund changed its primary benchmark on May 1, 2016.

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 3- and 5-year periods and in line with 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 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 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 Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on May 1, 2014. 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.


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Transamerica Partners Government Money Market Portfolio (f/k/a 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 above its benchmark for the past 10-year period and below its benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on March 1, 2013 pursuant to investment strategies that differed from the previous ones. The Trustees noted that the Portfolio transitioned from a “prime” money market portfolio to a “government” money market portfolio on May 1, 2016.

Transamerica Partners High Quality Bond Portfolio. The Board noted that the performance of the Transamerica Partners Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was in line with the median for its peer universe for the past 1- and 10-year periods and below the median for the past 3- and 5-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 5- and 10-year periods and below its benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance and observed that the performance of the Fund had improved during 2016.

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 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 above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the past 10-year period. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on May 1, 2014 pursuant to its current investment strategies.

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 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 above the median for its peer universe for the past 5- and 10-year periods and in line with the median for the past 1- and 3-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on May 1, 2007 pursuant to its current investment objective and investment strategies.

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 above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on December 15, 2013 pursuant to its current investment objective and investment strategies.

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 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its primary benchmark for the past 3- and 5-year periods and below its primary benchmark for the past 1- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its primary benchmark for the past 3- and 5-year periods and below its primary benchmark for the past 1- and 10-year periods. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on September 16, 2009.

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- and 3-year periods, in line with the median for the past 5-year period and below the median for the past 10-year period and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and 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


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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 Jennison Associates LLC had commenced subadvising a portion of the Portfolio on September 16, 2009 and Wellington Management Company LLP (“Wellington”) had commenced subadvising a portion of the Portfolio on November 17, 2010. The Board also noted that Wellington had commenced subadvising its portion of the Portfolio using its current investment strategies on July 1, 2014.

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-, 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-, 3- and 5-year periods and below its primary benchmark for the past 10-year period 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 sub-adviser had commenced subadvising the Portfolio on December 31, 2008. The Trustees discussed the reasons for the more recent underperformance of the Fund and noted that TAM agreed to monitor and report to the Board on the performance of the Fund.

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 in line with the median for its peer universe for the past 1-year period and below the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on June 28, 2013 pursuant to its current investment objective and investment strategies.

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 1-, 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1- and 3-year periods and below its benchmark for the past 5- and 10-year periods 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 noted that J.P. Morgan Investment Management Inc. had commenced subadvising a portion of the Portfolio on September 16, 2009 and Thompson, Siegel & Walmsley LLC had commenced subadvising a portion of the Portfolio on May 1, 2014.

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 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 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 TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on June 28, 2013 pursuant to its current investment objective and investment strategies. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Partners Small 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-year period and below the median for the past 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5- and 10-year periods. The Board also noted that the performance of the Transamerica Partners Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods and that the performance of the Transamerica Partners Institutional Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-, 5- and 10-year periods. The Board noted that the Portfolio’s sub-adviser had commenced subadvising the Portfolio on August 31, 2012 pursuant to its current investment objective and investment strategies.

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 5-year period, in line with the median for the past 1- and 3-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 5-year period, in line with the median for the past 1- and 3-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 benchmark for the past 1-, 3- and


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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- and 5-year periods and below its benchmark for the past 10-year period. The Board also noted that it had approved a change in sub-adviser and related changes to the Portfolio’s investment objective and principal investment strategies during the past year and that performance included periods when the Portfolio was subadvised by previous sub-advisers in accordance with prior objectives and prior strategies. The Trustees noted that the Portfolio’s current sub-adviser had commenced subadvising the Portfolio on September 28, 2015 pursuant to its current investment objective and investment strategies.

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 investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs.

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 comparable investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of a Portfolio’s 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 Strategic Insight and/or Lipper, as applicable, each an independent provider of information.

Transamerica Partners Balanced 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees also considered 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 investors.

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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Government Money Market Portfolio (f/k/a Transamerica Partners Money Market 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 in line with the median for its peer group and above the median for its peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were above the medians for its peer group and peer universe. The Trustees also considered 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 investors.

Transamerica Partners High Quality 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered 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 investors.

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


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contractual investment advisory fee was below the medians for its peer group and peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Inflation-Protected Securities 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered 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 investors.

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 median for its peer group and in line with the median for its peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Large Core 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Large Growth 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Large Value Portfolio. The Board noted that the Transamerica Partners Fund’s contractual investment advisory fee was in line with the median for its peer group and above 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were below the median for its peer group and above the median for its peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees also considered 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 investors.

Transamerica Partners Mid Growth 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were in line with the median for its peer group and above the median for its peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees also considered 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 investors.


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Page 115

TRANSAMERICA PARTNERS PORTFOLIOS

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

Transamerica Partners Mid Value 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the medians for its peer group and peer universe. The Trustees also considered 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 investors.

Transamerica Partners Small Core 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 Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Small Growth 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 median for its peer group and in line with the median for its peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and above the median for its peer universe. The Trustees also considered 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 investors.

Transamerica Partners Small Value 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 median for its peer group and in line with the median for its peer universe. The Board also noted that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of the Transamerica Partners Fund were above the medians for its peer group and peer universe and that the actual total expenses of the Transamerica Partners Institutional Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered 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 investors.

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 Portfolio, 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 Portfolio, 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 in all material respects.

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, which is not affiliated with TAM (with the exception of those fees paid to AUIM, which is affiliated with TAM), and are paid by TAM and not the applicable Portfolio. As a result, for those Funds not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Portfolio. For each Portfolio sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Portfolio. As a result, the Board focused on profitability information for TAM and AUIM in the aggregate.


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TRANSAMERICA PARTNERS PORTFOLIOS

INVESTMENT ADVISORY AND SUB-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 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 future 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 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 in light of any economies of scale experienced in the future.

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

The Board considered other benefits derived by TAM, its affiliates, and/or 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 investors, 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 investors. 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 was in the best interests of the applicable Portfolio and its investors and voted to approve the renewal of each of the Agreements.


Transamerica Partners Portfolios		Semi-Annual Report 2016

Page 117

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.

(a)(2)

Separate certifications for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.

(a)(3)

Not applicable.

(b)

A certification for Registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference.

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 1, 2016

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 1, 2016

By:		/s/ Vincent J. Toner
		Vincent J. Toner
		Treasurer
		(Principal Financial Officer)
Date:		September 1, 2016

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

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